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financial
The
rontrie
°111111 rrial
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
.
VOL 110.
Electric Railway Sectiop
State and City Section
NO. 2856
SATURDAY, MARCH 20, 1920
The Thranicle
Week ending March 13.
Clearings al
-
PUBLISHED WEEKLY.
1920.
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CHICAGO OFFICE
-39 South La Salle Street,Telephone Majestic 7306.
LONDON OFFICE-Edwards & Smit ,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publisher/I,
Front, rine and Dapoyster Ste., New York.
Published every Saturday morning b WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Tr.asure ; Arnold G. Dana. Vice-President and
Seeretary. Addresses of both, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, .tc., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $9,564,314,536, against $8,782,587.0 7 last week and $7,688,818,410
the corresponding week last year.
Per
Cent.
1919.
$4,442,019,644
599,751,018
469,607,608
346,934381
235,153,010
169,527,269
*155,704,324
155,216,062
136,606,237
78,815,020
67,524,119
53,623,580,033
438,182,968
387,787,683
295,842,000
167,694,947
149,703,489
127,229,266
134,587.603
108,303,899
72,274,679
57,714,551
Eleven cities, 5 days
Other cities, 5 days
$6,856,858,692
1,254,766,940
$5,562,901,118
941,076,918
+23.2
+33.3
$6,503,978,036
1,184,840,374
+24.7
+22.6
NO..b.CDMM ,
00Qh
1920.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
+++++++++
Clearings--Returns by Telegraph.
Week ending March 20.
1919.
Inc. or
Dec.
1918.
1917.
$
719,289,007
75,427,810
115,649,926
112,339,921
38,450,010
19,276,000
14,356,000
16,391,930
6,759,699
6,602,823
4,895,020
4,539,120
3,247,246
2,028,739
2,400,000
4,436,091
3,309,343
2,929,815
2,873,515
10,915,000
5,151,549
2,009,685
2,035,543
2,244,335
2,104,113
1,305,389
713,092
2,115,664
745,930
1,000,000
552,225
463,449
$
%
517,343,958 +39.0
64,442,968 +17.0
83,471,711 +38.5
85,000,000 +32.2
32,470,880 +18.4
13,344,000 +44.5
11,094,500 +29.4
11,111,572 +47.6
5,138,362 +31.7
4,463,587 +47.9
3.320,854 +47.3
3,836,816 +18.3
2,351,771 +38.1
1,306,231 +55.3
2,000,000 +20.0
4,780,404 -7.2
2,224,186 +48.8
1,676,261 +74.8
1,731,536 +66.0
7,257,000 +50.4
3,170,872 +62.5
1,153,113 +74.2
1,301,764 +66.4
1,225,792 +81.5
1,196,255 +75.9
811,589 +60.9
589,540 +25.3
988,316 +114.1
1,228,461 -39.3
822,894 +21.5
344,499 +60.4
100,000 +363.4
$
526,135,957
51,213,101
67,599,537
49,237,261
31,464,944
14,001,000
9,687,400
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
4,863,000
3,300.000
1,159,396
1,366,743
1,090,003
1,433,153
700,000
632,119
810,000
1,205,678
760,000
313,050
134,989
$
481,062,338
38,105,874
60,867,732
55,971,898
27,304,616
12,038,000
10,300,700
12,341,930
6,090,000
4,564,933
3,871,705
2,732,253
2,200,000
1,853,371
974,992
2,960,289
1,629,459
- 1,239,901
1,416,555
5,666,000
3,338,099
868,126
1,127,512
1,129,038
996,059
716,680
448,979
900,000
731,073
733,612
368,743
107,043
Tot. Mid. Wes 1.186,531,989
871,279,692 +36.2
744,660,510
589,719,938
San Francisco... 145,718,362 116,353,513 +25.2
97,337,522
73,059,000
Los Angeles
36,373,000 +100.9
28,720,000
47,730.096
Seattle
32,109,026
33,915,077 +40.7
37,819,063
Portland
30,506,895 +23.9
23,153,448
18,294,325
Salt Lake City_12,634,145
12,718,198 +43.8
14,199,078
Spokane
8,263,559 +71.8
8,536,838
5,839,937
Tacoma
4,793,670 +21.2
4,594,677
10,563,427
Oakland
8,029,304 +31.5
5,725,522
5,453,495
3,341,267
Sacramento
4,192,978 +30.1
San Diego
3,553,144
2,308,136 +53.9
2,188,917
2,451,091
Pasadena
1,382,526 +77.3
1,133,237
4,796,281
Fresno
2,541,363 +88.7
1,874,284
6,001,400
1,583,500 +279.0
2,076,545
Stockton
1,972,067
Yakima
802,239
1,120,707 +76.0
2,032,796
San Jose
1,062,340 +91.3
1,055,684
925,704
Reno
632,679 +47.9
536,659
3,284.717
1,435.086 +128.9
Long Beach
951,156
383,693,586 267,152,531 +43.6 226,771,166
Total Pacific
82,645,881
31,515,000
21,090,043
14,500,000
11,322,227
6,917,375
3,612,969
5,130,641
2,251,485
2,415,102
1,700,524
1,724,865
1,547,642
781,871
750,000
411,477
796.977
189,114,079
Chicago
.
Cincinnati
.
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
•
Toledo
Peoria
•
Grand Rapids_ .
Dayton
•
Evansville
•
Springfield, Ill__
•
Fort Wayne
•
Lexington
Youngstown ___ •
Rockford
Bloomington _
Quincy
Akron
Canton
Decatur
Springfield, Ohio
South Bend
Mansfield
Danville
Jacksonville, Ill
Lansing
Owensboro
Lima
Ann Arbor
Adrian
268,097,242 186,774,159 +43.5 215,359,099 126,166,725
Kansas City
47,000,000
37,221,306 +26.3
Minneapolis
28,142,718
33,397,068
Omaha
97,328,183
68,022,024 +43.1
63,868,199
36,028,727
23,292,230
16,278,157 +43.1
St. Paul
14,998,551
15,259,980
Total all cities for week
SO RA4 R14 RRA
Class RIR 41A
4-95•a
24,122,919
Denver
17,344,449 +39.1
13,957,804
21,990,339
29,369,588
St. Joseph
19,996,373 +46.9
23,553,999
16,671.979
The full details for the week covered by the above wil be given next Saturlay. Des Moines.
23,381,291
11,939,218 +95.8
9,020,413
11,718,666
We cannot furnish them to-clay, clearings being made up by the clearing houses Sioux City
, .
at noon on Saturday, and hence in the above the last day of the week has to be in Wichita
13,305,098
5,755,447
11,489,074 +15.8
9,276,834
all cases estimated, as we go to press Friday- night.
5,866,233
Duluth
4,492,920 +30.8
4,756,380
4,349,217
Detailed figures for the week ending March 13 show:
10,234,687
4,134,115
Lincoln
6,108,409 +67.5
5,318,815
4,444,734
Topeka
2,392,078
2,677,948 +66.4
4,122,763
3,165,290
Waterloo
2,029.689 +56.0
2,649,000
2,157,278
Week ending March 13.
2,141,878
1,809,794
Helena
2,310,326 ---7.3
2,031,879
Clearings al
2,718,756
Fargo
3,391,355 --49.8
1,661,700
2,636,749
Inc. or
5,337,148
2,557,113 +108.7
2,921,596
Cedar Rapids _
2,352,246
1920.
1919.
Dec.
1918.
1917.
1,486,917
Colorado Springs
793,498 +87.3
919,862
918,713
Pueblo
1,025,063
743,827 +37.8
785,801
782,733
$
$
1,394,321
Fremont
1,104,825 +26.2
742,493
1,160,769
4,765,894,086 3,709,698,416 +28.5 3,120,750,659 3,102,914,50
Now York
1,500,000
824,341
1,209,582 +24.0
976,700
Philadelphia -.- 452,945,551 384,011,174 +17.9 330,986,232 311,783,621 Billings
1,800,000
640,441 +181.3
.548,994
763,844
158,654,396 120,311,862 +31.8
Pittsburgh
62,028,078
73,712,588 Hastings
1,805.839
1,259.702 +43.3
722,726
1,101.252
98,782,713
Baltimore
71,848,389 +37.5
47,812,404
41,324,378 Aberdeen
38,679,121
Buffalo
19,383,275 +99.6
19,323,682
15,075,039
Total 0th. West 586,547.417 411,093,327 +42.7 433,791,956 282,239,082
17,094,584
14,519,092 +17.7
Washington
13,526,175
9,900,000
4,874,841
Albany
3,615,215 +21.1
4,277,744
5,188.701 St. Louis
177,426,634 145,739,213 +21.1 157,782,338 131,791,261
Rochester
8,882,882 +20.0
10,656,771
7,205,276
6,871,28.3 New Orleans
64,074,426
55,017,986 +16.5
51,828,349
32,350,398
Scranton
4,124,434
3,664,786 +12.6
3,757,016
2,968,549 Louisville
14,746,093
20,340,789
18,825,330 -21.7
26,968,633
Syracuse
3,011,705 +42.1
4,280,007
4,010,137
3,713,507 liouston
26,259.586
11,300,000
16,152,486 +62.6
16,000,000
Reading
2,427,737 +23.6
2,952,259
3,000,000
2,645,619 Galveston
8,000,000
4,601,775 +78.8
4,123,541
5,000,000
Wilmington
'
3,644,613
2,955,601 +23.3
2,986,528
3,122,724 Richmond
60,234,893
48,404,867 +24.4
21,527,375
36,569,939
Wilkes-Barre _ _
2,6:13,064
2,038,477 +29.3
1,948,636
1,848,579 Fort Worth
19,613,238
13,169,519 +48.9
14,488,111
11,957,817
Wheeling
5,346,619
4,370,276 +22.3
3,847,188
3,612,380 Memphis
26,829,930
14,189,241
13,611,634 +52.3
10,593,548
Lancaster
2,500,000
2,334,543
+7.1
3,173,899
2,180,776 Atlanta
66,671,030
49,458,782 +34.8
46,719,652
24,928,304
Trenton
3,378,102
2,336,615
2,779,335 +21.6
2,134,734 Savannah
6,555,991 +74.1
11,418,805
5,302,323
7,808,295
York
1,408,045
1,201,381 +17.2
1,281,675
1,206,733 Nashville
23,166,532
15,250,795 +51.9
12,514,632
10,342,574
Erie
2,250,000
1,823,013
1,833,818 +22.7
1,842,900 Norfolk.
10,753,102
7,334,504 +46.6
5,430,772
9,276,365
993,000
Binghamton
939,700
854,800 +16.3
914,200 Birmingham
18,937.055
12,644,633 +49.8
3,322,896
6,015,840
904,885
Greensburg
1,015,729 -10.9
900,000
875,000 Augusta ..
5,697,621
2,625,290 +115.1
4,711,976
2,129,513
1,562,489
Chester
1,141,405 +36.9
1,315,196
1,369,068 Jacksonville..
12.200,000
8,094,154 +50.7
4,176,200
4,993,737
905,436
774,531 +16.9
Altoona
742,908
610,406 Mobile
2,200,000
1,546,667 +42.2
1,508,741
1,179,150
442.136
325,954 +35.9
Montclair
558,047
461,411 Knoxville
3,550,000
2,666,931
2,900,280 +22.4
2,859,503
12,646,975
4,594,320 +177.7
3,568,387
5,708,538
Total Middle._ 5,584,458,793 4,363,058,383 +28.0 3,638,483,067 3,597,178,697 Little Rock ..
7,976,840
5,391,683
5,051,837 +57.9
Chattanooga ___
3,237,746
331,515,339 300,893,182
4,100,000
Boston
3,062,442
2,332,416
2,7001000 +I51.9
+8.0 254,899,211 221,114,491 Charleston
12,956,300
14,193,130
Providence
10,591,738 +34.0
9,097,700 +42.4
6,431,281
10,033,290
12,538,200
11,451,400 Oklahoma
Hartford
8,759,041
7,512,510 +16.6
7,200.000
2,278,249
1,600,000 +287.5
7,586,569
1,376,425
8,833,936 Macon
6,352.503 -70.1
5,600,523
New haven
4,831,185 +13.8
1,900,000
4,800,000
5,000,000
6,118,273
4,791,594 Austin
Springfield
4,403,764
4,621,268
2,327,599 +98.6
3,425,418 +28.6
1,614,881
3,134,507
3,456,059
4,026,326 Muskogee
Portland
9,563,935 +41.6
2,295,263
13,543,000
2,400,000
7,015,474
2,300,000
8,259,012
+4.6
2,600,000 Tulsa
3,300,552 +21.2
575,000
3,700,818
Worcester
505,444 +13.8
3,687,745
609,086
461,087
3,915,667 Jackson
2,543,163
396,384 +14.4
1,612,088 +57.8
453,171
Fall River
543,209
2,963,335
260,214
1,768,536 Vicksburg
41 044,037
23,995,118 +71.1
1,440,712 +38.4
1,093,740
New Bedford....._
13,262,822
1,876,303
12,562,170
1,816,657 Dallas
2.637,885 +89.6
700,000
633,249 +10.5
5.000.000
Holyoke,
1,632,785
2,526,673
646,558
857,632 Shreveport
1,180,914
Lowell
1,014,275 +16.4
1,140,000
1,166,724
Total Southern 665.033.666 496,250,657 +81.0 478,844.863 348,956,258
590,708 +13.1
Bangor
688,480
067,975
639,839
8.782.587.037 6,751,481,522 +30.1 5,884,844,494 5,424,582.428
Total all
Total New Eng. 376,321,586 342.641,932 +9.8 206,900.733 262,982.802
Ontalde N.Y.... 4.016.892 951 3.041,783.106 +32.1 2,794.093,835 2,321,667,927
Total all cities, 5 days
All cities, 1 day
$8,111,625,632
1,452,688,004
1116
THE CHBONICLE
THE FINANCIAL SITUATION.
The new Secretary of the Treasury, David F.
Houston, has struck a popular chord in suggesting
to the Ways and Means Committee of the House of
Representatives the simplification and radical modification of the income and excess profits taxes. His
proposal—we print his letter at length in a subsequent
part of our paper—would mean the virtual doing
away of the excess profits tax on corporations, with
some paring down of the surtaxes on individuals.
The recommendation regarding the excess profits
tax served to give a further stimulus to the speculation for a rise on the Stock Exchange, the industrial
shares being again the leaders with prices advancing
by leaps and bounds. The industrial shares would
unquestionably benefit greatly from the elimination
of the excess profits tax, but the pyrotechnics in these
industrial shares is to be greatly regretted. These
stocks are behaving once more just as they did before the great collapse which began last November
and continued for several months,working great havoc
with prices: Speculative cliques are repeating the
tactics indulged in during the spring and summer of
last year. Prices are being boosted upward in very
spectacular fashion, the advances running from 5 to
20 points a day and in special instances even higher.
Last week the Supreme Court decision holding that
stock dividends cannot be taxed as income fitted in
well with the plans of the manipulators, while this
week Secretary Houston's recommendation was made
to do duty in the same way and the upward reaction
in sterling exchange—to the best figures of the year
thus far—acting further to promote the speculative
furore. The railroad shares have been comparatively neglected,though firm. The performances in
the industrial list are not only harmful per se, but
they are to be deprecated because this recrudscence
of Stock Exchange speculation is certain to make
new demands upon the credit facilities of the banks,
already strained close to the breaking point.
What the Secretary says regarding the excess
profits tax is to be.commended, and it is gratifying
to find the subject dealt with so sanely in high
quarters. The only criticism we would make is
that the Secretary does not go far enough in his
suggestion. Instead of merely modifying the tax
and relieving it of its most glaring features, we
would do away with it altogether, and instead of
deferring revision until 1922, as proposed, we would
provide for its going into immediate effect.
The Secretary argues that "it would be manifestly unsafe to reduce now the income and profits
taxes to be collected in 1920 and 1921," but says he
"can see nothing in the financial prospects for 1922
and thereafter which would make impossible, or
unwise, the very modest reduction involved in the
plan of simplification."
As regards the excess profits tax we do not think
that action looking to its repeal should be deferred
a single day. The tax is wholly wrong in principle,
and, besides, operates most unfairly in its application to the smaller corporations, being almost
confiscatory. The law proceeds upon the theory
that the business man is entitled to only an exceedingly moderate return on the actual cash capital
invested. Of course, the entire income is in the
first instance subject to the normal tax, which is
now 10%, and which, at that figure, ought to be
[vol.. no.
sufficient for all needs now that the country is back
on a peace basis.
The excess profits tax is super-imposed on the
normal income tax and the law undertakes heavily to
penalize the shareholders in small corporations where
the income runs above 8% on the "invested capital,"
by which is meant simply cash and other tangible
assets. On everything above 8% the Government
begins by taking one-fifth or 20%. The 20% rate
applies up to the point where the income itself
amounts to 20% of the "invested capital," then the
Government takes 40%. In the case of the larger
companies the application of the 40% rate is not
so serious a matter because of the extent of the capital
investment, but in the case of the smaller corporations it is little short of destructive.
Very few persons outside of those who suffer
through it and who thus know from practical
experience how it operates have any conception of
its really destructive nature. Our attention has
been called to the case of a corporation with a nominal capital of $400,000, but possessing cash and
tangible assets aggregating no more than $75,000.
This concern before the war had a net income of
$60,000 equal to 15% upon the nominal capital of
$400,000. Upon an invested capital of only $75,000
the 8% allowed represents merely $6,000 and the
$3,000 exemption allowed to corporations increases
this only to $9,000. On all income above this $9,000
the Government proceeds at once to levy a tax at
the rate of 20% and 40% respectively as already
pointed out. Altogether a surtax of $19,200 has to
be paid by this little concern, besides the normal tax
of 10% which adds $4,080, making a total of $23,280
to be paid in income and excess profits tax. The
following is the showing in tabular form:
INCOME AND EXCESS PROFITS TAX OF A CORPORATION
EARNING $60,000 ON $400,000 STOCK, BUT WITH ONLY
$75,000 INVESTED CAPITAL.
Net income or profits for year
$60,000
Calculation of Tax—
Excess Profits Tax--20% on $15,000 after
deducting allowance of $6,000 (8% on
$75,000) and exemption of $3,000
$1,200
40% on $45,000
18,000
Total
$19,200
Normal Income Tax-10% (calculated on
$60,000, less Excess Profits Credit of
$19,200)
4,080
23,280
Leaving for the shareholders
$36,720
The worst of it is that after having paid over
$23,280 to the Government this item .in the next
year's return is again treated as profits (as though
it was still on hand) and the Collector proceeds to levy another 40% upon the $23,280
already paid over to the Government. This 40%
on $23,280 amounts to $9,312 and so the process
continues year after year. Secretary Houston points
out that partnerships and personal service corporations are altogether exempt from the operation
of the excess profits tax. This being so, this tax
is open to the further objection that it operates
unfairly as between business of the same kind conducted through different forms of organization. Is
there any reason why a tax which by reason of its
magnitude is practically confiscatory and which
operates so unevenly as between the same classes of
business should be tolerated a single day longer than
the time necessary for its instant repeal ?I
MAR. 20 1920.]
THE CHRONICLE
There is still another aspect in which the excess
profits tax is exceedingly harmful in its operations.
We refer to the fact that it must be considered an
important factor in the rise in prices of all articles
and commodities. Mention of this has been made
by others but in the example above of the case of a
small corporation which by reason of its meagre
invested capital is obliged to pay over so large a
portion of its net income to the Government in taxes
we have a capital illustration to show just how such an
excessive tax works in raising the selling price of
goods.
This little concern, which earned $60,000 net, but
had only $36,720 of it left after paying the enormous
taxes assessed against it, will, of course, seek to so
increase profits that it will have the old amount of
$60,000 left after the payment of the taxes. This
involves, however, increasing profit to an enormous
extent, since as profits rise the Government's
rake-off also rises. In the case under consideration the profits would have to be nearly doubled—
would have to be increased to $104,000 as against
the previous $60,000, in order that $60,000 might
still be left to those engaged in the business after
deducting the Government's tax levies. That this
is true will appear from the following:
Not income or profits for year
$104,000
Calculalion of Tax—
Excess Profits Tax-20% on $15,000 after
deducting allowance of $6,000 (8% on
$75,000) and exemption of $3,000._ $1,200
40% on $89,000
35,600
Total
$36,800
Normal Income Tax-10% (calculated on
$104,000, less Excess Profits Credit of
$36,800)
6,720
--- 43,520
Leaving for the shareholders
$60,480
Thus we have a practical illustration going to
show how it is necessary to earn $104,000 net now
in order to leave the same $60,000 net income that
this little corporation earned before "this process of
tax collection was applied. It may well be doubted
whether so long as this particular tax remains on the
statute books any substantial lowering of prices can
be brought about. There is, therefore, all the more
reason why the tax should be repealed without a
moment's delay. And Congress should immediately
address itself to the task of expediting the repeal.
The foreign export total for the United States for
Feb. 1920, announced officially last evening, is
merely one in an extended series of phenomenally
heavy aggregates. This latest total, it is true, is
not as large as that for the preceding month, with
its 31 days against 29 in February, but is the heaviest
on record for the particular month covered and, in
fact, has been exceeded only five times in our history.
Specifically, the merchandise exports for Feb. 1920
covered a value of $646,000,000, a total contrasting
with $585,097,012 in 1919 and $411,361,970 in 1918.
For the eight months since July 1 1919 the aggregate
records an augmentation of 849 million dollars over
the preceding year, comparison being between $5,231,000 and $4,382,510,730, and there is a gain of
1,370 million dollars over 1917-18. A decidedly
interesting fact is that the total is 898 million dollars
in excess of that for the full fiscal year 1915-16 and
nearly double that of 1914-15.
1117
Merchandise imports in Feb. 1920, at $467,000,000,
also exceed all previous records for the particular
period covered, exhibiting a gain of 232 million dollars
over 1919 and 260 millions over 1918, and are only
7 millions less than the record monthly total established in January. For the elapsed portion of the
fiscal year 1918-19 the aggregate is $3,235,000,000,
or no less than 1,302 millions more than for the similar
period of 1918-19 and 1,394 millions larger than for
1917-18. The net result of the February foreign
trade this year is an export balance of $179,000,000,
this contrasting with $349,972,738 a year ago and
$203,646,430 in 1918, while for the eight months our
net credit abroad stands at $1,996,000,000, against
$2,449,185,036 and $2,020,334,947, respectively.
The gold movement of the month shows a net loss
of $38,633,851. Exports reached $43,107,211, of
which about 23 million dollars went to Argentina
and relatively important amounts to China and Hong
Kong. Against this there were imports of only
$4,473,360. For the eight months the net outflow
of gold has been $319,462,061, against $8,096,518
in 1918-19 and $96,936,876 in 1917-18.
Current activity in the building industry of a
country-wide nature holds out a promise that within
a not very lengthy period there will be at least some
relief from the existing acute housing situation in
the United States. The extent to which relief will
be experienced, however, is dependent upon the
ability of those in interest to bring about conditions
in the labor, material and loan markets that will
permit the work of construction to proceed with as
little obstruction or delay as possible. From all sections there come reports that there is a dearth of
structures, especially for dwelling purposes, and,
coincidently, complaints of rent profiteering are
loud and persistent. It is to relieve this latter
feature of the situation that builders are urged to get
work speedily under way, and those upon whom they
rely largely for financial aid in carrying on their
projects are taking steps to offer all possible assistance.
We have had an illustration of this locally within
the last week in the conference held, at the instance
of the Mayor, in the Board of Estimate room at the
City Hall. The outcome of the conference was the
appointment of a Stabilization Committee to smooth
out the differences between capital and labor, and
between rival labor unions, which have been a serious
hindrance to active resumption of building operations, and to offer assistance in any other manner
that may be required. Attention was drawn at
the conference to the fact that the tax upon income
from mortgages under Federal and State laws has
been a factor of extreme importance in reducing
funds available to finance construction work, as
large holders are replacing that class of investments
with non-taxable securities. To make this money
available, these taxes will have to be removed, it was
contended, and it was urged that steps be taken to
secure their repeal. The definite outcome of the
conference was the assurance given by large investment interests that with labor conditions and material
prices stabilized and the heavy taxation of mortgages
removed, there would be money enough, quickly
available, to meet every legitimate building need,
thereby ameliorating if not ending the housing
shortage and rent profiteering. One of the large
insurance companies specifically made a pledge of
$15,000,000 to $25,000,000 of loanable funds.
1118
THE CHRONICLE
[voL. 110.
Prompt action on the mortgage question was indi- same time an extensive building program
has been
cated by the introducti on of a bill at Albany to outlined, especially in the West, which
only awaits
exempt from taxation income from mortgages up the coming of spring to
be vigorously prosecuted.
to $40,000.
As regards the month of February and the two months
Our February compilation of projected building of 1920 only a limited number of
returns have come
operations, covering 171 cities in various sections of to hand, but they disclose
a volume of contemplated
the country, fittingly supplements that for January construction work very much
greater than in either
in furnishing an aggregate of contemplated expendi- of the three preceding years,
with Toronto the special
tures of truly notable magnitude for the season of centre of activity.
the year. It is, of course, and by an appreciable
sum,a new high mark for the particular month. The
Needless to say, the developments in Germany,
total of intended outlay, in fact, foots up no less than beginning a week ago to-day,
have overtopped every
$112,633,266 against only $34,330,503 in 1919, or other happening in all Europe.
During the first
an increase of 228.1% and the gain over 1918 is few days the rumors were so numerous
, and so coneven greater-275%. The result for Greater New flicting as well, and the censorship was
said to have
York—needless to say—is decidedly better than a been so rigid, that it was not only extremel
y difficult,
year ago, an outcome due to a marked acceleration but altogether impossible, to form definite
opinions
of operations in all boroughs except Richmond. The as to all that actually had happened
, and as to the
current aggregate is $24,577,129 against $8,125,613, probable effect of those events upon
domestic affairs
and compares with but $4,328,691 two years ago. in Germany,and also upon its internati
onal relations,
Outside of this city the estimated expenditures pro- just beginning to take new form.
vided for under the contracts entered into at $88,056,The first real intimation that trouble was brewing
137, contrasts with $26,204,810 in 1919 and 253 was conveyed in cablegrams from Berlin
,
that were
million dollars in 1918, and of the 170 cities all but made public here in some of the papers
on Saturday
23 exhibit increases over last year. With gains so morning. In one such dispatch
it was claimed that
general specific reference to individual cities would "the German Government has discovere
d a revoseem to be superfluous except to mention that at lutionary plot, organized by a reactiona
ry clique,
such important centres as Cleveland, Indianapolis, which also has been endeavoring to corrupt
the
Los Angeles, Washington, Omaha, Minneapolis, troops." According to the "Freihei
t" "Geheral
Portland, Ore., San -Francisco, Springfield, Mass., von Luettwitz, commander of the first Reichswe
hr
St. Louis, Newark, Detroit, Philadelphia and Chica- group, is implicated in the plot." The dispatch
go the increases are from 300% to over 600% as com- contained the further report that Minister
of Defense
pared with 1919. Decreases where shown are inconse- Noske had arrested several supposed instigators
of
quential. As arranged by us in groups, the cities of the movement, one of whom, Dr. Wolfgang
von
New England record an augmentation in expendi- Kapp, was destined to come into prominence very
tures of 33/ million dollars over last year, the middle shortly as its real leader.
division (exclusive of Greater New York) shows a
During the greater part of the forenoon Saturday
gain of about 14 millions, the Middle West 213j numerous rumors were received from London,
Paris
million, the Pacific Coast a little under 7 millions, and other European centres to the effect
that the
the "other'Western" 6 millions and the South 103i troops had mutinied, taking possession of Berlin,
millions.
and that Dr. von Kapp had declared himself ChanFor the two months of 1920 the estimated outlay cellor and issued a proclamation to the people.
at the identical 171 cities reaches the enormous total Shortly before noon it became known pretty definitely
of $245,661,592—an aggregate far in excess of the through cablegrams direct from Berlin that this
figures for these two months in any earlier year. report was substantially correct, and that the revolt
It is, moreover, nearly half that for the full year had been effected without shedding of blood. The
1918 at 285 cities when operations were reduced to a members of the Ebert Government apparently were
minimum in an effort to employ all the resources of taken completely by surprise, knowing nothing of
the country in the winning of the war. The result what was going on until the plot among the soldiers
for the two months of 1919 was $58,223,189 and of was discovered late Friday night. Then it was too
1918 barely 59 millions. Greater New York's shares late to defend themselves and there was nothing to
of this year's aggregate is $55,150,224 against 13 do but to surrender and flee for personal safety.
millions and 93/ millions one and two years ago, and According to the proclamation of Dr. von
Kapp, the
the outside cities account for $190,511,368 and 45 National Assembly of the former Government
was
millions and 49 millions, respectively. New Eng- declared dissolved and the people were
promised
land's total of $15,735,008 for 25 cities is nearly freedom and new elections. On the
other hand, the
11% millions more than a year ago, and that of leaders of the late Government issued
an appeal to
$36,046,047 for 44 municipalities in the middle the people "claiming their support
against the
group (Greater New York excluded) overtops 1919 reactionaries and calling upon them
to organize and
by 27 millions. The Middle West aggregate(30 cities) declare strikes."
at $63,827,765 compares with $14,484,518, the
According to the early messages from Berlin
Pacific Coast (14 cities) shows an increase of 199( Saturday, President Ebert and his Cabinet
offered
millions, and the "other Western" (24 cities) over no armed resistance to the revolutio
nary troops and
16 millions. At the South (33 cities) the contrast were reported to have gone to Dresden and
to have
is between $26,935,153 and $5,500,722.
established the seat of their Government in that city.
Advices from Canada indicate that, as in the Monday afternoon's advices stated that
the Ebert
United States, the necessity for housing accommoda- Cabinet would be rallied together at
Stuttgart and
tions is very urgent,but that the scarcity of materials that the National Assembly would
be convened there
and the high wages demanded by labor have served the next day. A dispatch purportin
g to come direct
to retard preparations for construction work. At the from that centre, and dated the 16th, and
which was
MAR. 20 1920.]
THE CHRONICLE
1119
made public here Tuesday evening, claimed that the following were the more important and more
"Konstantin Fehrenbach, President of the National striking: "A Cabinet will be formed of professional
Assembly, signed a decree convoking the Assembly." Ministers, including professional Ministers of the
No date for the session was mentioned. Another old Government; a second Chamber will be formed
Berlin cablegram stated that the appointed time was by the extension of the Economic Ministry and of the
4 o'clock Wednesday afternoon. Evidently up to Economic Councils." "Briefly," it was further set
that time only the Ebert Cabinet, and not the forth, that "Chancellor von Kapp is agreeing to the
continuance in office of the present Imperial PresiNational Assembly, had met.
Dr. Wolfgang von Kapp, the self-appointed Chan- dent, who is Friederich Ebert, until an election for
cellor of the new Berlin Government, and who is said Imperial President by the people is held." A clause
to have been born in New York City, in his pro- in the pronunciamento that was said to have atclamation, declared in the very first sentence that tracted special attention was this: "The new and
"the overthrow of the German Government must not old Governments shall issue a joint declaration that
be taken as reactionary." In the next sentence he under present conditions a general strike is a crime
said that,"on the contrary,it is a progressive measure against the German people." The explanation was
of patriotic Germans of all parties, with a view to offered in the dispatch also that "until a decision is
re-establishing law, order, discipline and honest taken on these proposals the Imperial Chancellor
Government in Germany." With a view apparently renounces the formation of a new Ministry and
to setting forth the desire of his party to protect the charges the senior State Under Secretaries with the
people's interest, the Chancellor said that "the new direction of affairs."
At first thought the foregoing seemed to constiGovernment invites heartily the acceptance and
co-operation of the Independents for the creation tute a program on which the two contesting factions.
and elaboration of laws for the betterment of the for control of the Government could join forces.
working classes." On Saturday morning the Major- Here in New York there was general expression of
ity Socialists (President Ebert's party) also issued a the hope that the seemingly serious situation in
proclamation in which the assertion was made that Germany would work out this way. The sugges"we refuse to bow to this military party." The tion was made by some of our international bankers
people were urged to "strike" and to "cease to work." that a coalition of the best elements among the
The manifesto closed as follows: "Let there be a militarists, with their experience in conducting the
general strike along the entire line. Let the prole- affairs of the country, with the idealism of the Socialtariat act as a unit." The document was signed by ists, who represent the people pretty generally,
President Ebert and the other Social Democrat would make the resultant party and Government the
best that could be hoped for under present conditions.
members of the Government.
The advices from Berlin and Stuttgart during the
advices from Berlin and other points
Monday's
that it was pretty much an even race day Tuesday did not hold out much hope that such
indicated
between Dr. von Kapp and his immediate followers, a political union would or could be brought about.
and President Ebert and his Ministry, to get and President Ebert was quoted as having refused point
maintain control of things in Germany. The As- blank to negotiate with Dr. von Kapp or with any
sociated Press dispatch from Berlin that morning, in one representing him and to have demanded his unwhich an account of the situation there was given, conditional surrender. Paris was more optimistic,
began as follows: "The two Governments of Ger- judging from the advices from that centre. It was
many are now matching wits and forces to gain con- still maintained there that the two groups were
trol of the Republic." The dispatch added that negotiating and that an agreement practically had
"Dr. von Kapp is employing all his efforts to assure been reached. On the other hand, the Berlin correthe German people that the Government under him spondent of a London news agency cabled to his
and those he selects to administer affairs will mean home office that "Dr. Wolfgang von Kapp, leader of
true democracy, increased production and conserva- the new German revolution, has offered to resign as
tion of the rights of the working people." President Chancellor, thus opening the way for negotiations
Ebert, on the other hand, was reported to be depend- with the Ebert Government." On Wednesday
ing chiefly on the strike' weapon to overthrow the new morning the assertion was made in an Associated
Government. It was stated that "in response to the Press dispatch from Berlin that he had actually
appeal a general strike has been proclaimed in many resigned. In his demand for the surrender of the
places, but in other parts of Germany the call for a Chancellor, President Ebert was said to have had
strike has not met with favor." There was said to the hearty support and co-operation of his Cabinet.
be some apprehension even then of coming blood- Serious fighting was reported on Tuesday in Hamshed, although up to that time none had bene re- burg and in Berlin suburbs, in Leipzig and other
places.
ported at any important centre.
Monday evening reports reached here from Berlin,
The foregoing gives a rough outline of the principal
Paris and London that an agreement had been
reached between Dr. von Kapp and President Ebert, events in Germany in the revolutionary movement
which had practically brought the revolution to an during the first four days. Well nigh countless
end. According to one of the messages, the agree- details might be gone into, but time and space forbid.
ment was made by the Chancellor and by Gustave It will be interesting to turn back for a moment and
Noske, Minister of Defense in the Ebert Govern- glance at the attitude of Great Britain, France and
ment. While it appeared from the cablegrams the the United States toward the whole affair. In
next morning that the report of an agreement actually London the first reports of the overthrow of the
having been reached was at least premature, the Ebert Government came as a genuine surprise,
statement was made that a definite proposal had according to dispatches from the British capital.
been submitted by Chancellor von Kapp to the They stated that no one was more surprised than the
Ebert Government. Among its many provisions Secretary of the German Legation, who was quoted
1120
THE CHRONICLE
EvoL. nu.
as saying that "not a word has been received from did the advices from Berlin state that official anBerlin." "How far the movement is a Monarchist nouncement had been made of the resignation of
one it is not possible to say. We never dreamed of Chancellor von Kapp. Even then it was not set
anything of the kind and are unable to understand forth that he had actually filed his resignation. What
it." British Government officials were not inclined was said was this: "It is officially announced that
at first to credit the idea that "the revolutionary Chancellor von Kapp, at 1 o'clock this afternoon,
movement is monarchical in tendency." In Paris decided to resign." Thursday morning word came
the attitude toward the whole affair was said to have from Berlin that not only he but General von Luettbeen quite different. Marshal Foch was spoken of as witz had actually resigned. An official statement
"the hero of the hour," because he had foreseen the was issued which set forth that the two men gave up
event, it was claimed. A Paris correspondent of the because of "the extreme necessity of the Fatherland,
New York "Times" cabled that "the general demand which demands solid union of all against the anniis that the Allies take a firm stand at once." The hilating dangers of Bolshevism." It was stated
opinion was said to prevail that "the Berlin coup does that "the Vice-Chancellor, in the name of the Imnot mean that all Germany will follow the revolu- perial President, has accepted the resignations and
tionary leaders." On the contrary, it was asserted has entrusted Major-General von Seecht with the
that Bavaria and the Rhineland will not submit to provisional conduct of affairs as Commander-inPrussian military dictation. In Washington the first Chief." According to the semi-official news agency,
news of the German revolt was declared to have "an agreement has been reached between the members
"caused deep concern in Government circles, where of the majority, parties, the German National Party
the feeling prevails that the situation may compel the and the German Peoples' Party, on the following
Allied Powers to undertake forcible measures to points: First, Reichstag elections to be held in June
require Germany to carry out the terms of the Treaty at the latest. Second, an Imperial President to be
of Versailles."
elected in accordance with the Constitution, by the
On Monday the British political leaders appeared people. Third, thorough reorganization of the
to have more definite views regarding the German Imperial Government." The Berlin advices stated
situation. They were reported as doubting that the that "the real circumstances of von Kapp's retirevon Kapp movement would be successfal, "largely ment are still shrouded in mystery."
because of a lack of popularity on the part of its
News agency dispatches received in London from
leaders with the people." The London corre- Berlin Wednesday quoted Gustave Noske, Minister
spondent of the "Sun and New York Herald" said of National Defense, as being confident of his ability
that "the British Government, it may be said to "restore normal conditions in Germany within a
authoritatively, has adopted a watchful waiting comparatively short time." Through a cablegram
attitude toward the revolution across the Rhine." direct from Stuttgart, the temporary seat of the
Premier Lloyd George announced in the House of Ebert Government, it was reported that, because of
Commons Monday afternoon that "the German the railroad strike, many members of the National
counter-revolutionists are in possession of 35 towns," Assembly might not be able to reach that city in time
and also stated that "the new Government appears for its first meeting since the beginning of the revolt.
to be gaining strength." He counseled against The session was scheduled for 4 o'clock in the afterhasty action and even said that "it is well to await noon. Later advices stated that as a matter of fact
developments before taking any definite action."
nearly 200 members of the National Assembly arrived
French opinion, according to one correspondent, during the forenoon and held a meeting in the Art
was divided. He stated that "on the one side the Hall at the appointed time. It was added that
French see the danger of a recrudescence of German "military forces occupied the great open space before
militarism, refusal to disarm and consequent even- the hall."
tual danger to France." He added that "on the
With the apparent partial or complete collapse
other side they see the complete surrender to the of the revolutionary movement, so far as the leaderFrench view that the only safe policy toward Ger- ship of Dr. von Kapp and General Luettwitz was
many is one of firmness and force, if need be." concerned, reports were received in London of upMarshal Foch, it was stated, promptly made what- risings by the Independent Socialists, Communists
ever preparations in a military way he thought and Spartacides in Berlin and other large centres in
might be necessary to cope with the situation. The Germany. It was claimed in those advices:that "the
"Petit Parisien" said on Monday that "France con- Independent Socialists and Communists in Berlin
templates sending three more army corps to Weis- have proclaimed a Republic and delivered an ultibaden, Neustadt and Bonn, thus doubling her matum to Dr. von Kapp, head of the revolutionary
forces along the Rhine." The French were reported government." (Up to that time word had not been
to be in favor of aiding the Ebert Government received of his resignation.) According to the rerather than the von Kapp revolutionary movement ports also, Dr. von Kapp replied "by establishing
during the existing crisis. Washington authorities, martial law." The "Frankfurter Zeitung" was said
upon second thought, were declared in advices from to have published a statement to the effect that "after
that centre to have decided upon a hands-off policy, the Independent Socialists and Communists delivered
or, in other words, to treat the revolution as a Ger- their ultimatum, von Kapp and Luettwitz announced
man domestic affair, until compelled to consider their readiness to retire and to hand over the authority
it as having distinct and serious international aspects. to Vice-Chencellor von Bulser." In another telegram
As a matter of fact, it was said that the authorities received in London from a Berlin correspondent of
there looked for an early collapse of the revolution- a news agency "the Independent Socialists and Comary movement.
munists in Germany have begun a violent agitation
in favor of a Soviet Republic and an alliance with
Taking up again the outline of events in Germany, Soviet Russia." "Sanguinary clashes" were reported
it may be noted that not unti Wednesday afternoon to have taken place Tuesday night at EssenVort-
MAR. 20 1920.]
THE CHRONICLE
mund, Leipzig, Mannheim, Frankfort and Brunswick." According to one report 59 were killed at
Treves in the American zone and 100 in Dresden. A
dispatch received in Copenhagen from Kiel on Tuesday stated that the town had been "bombarded by
the cruiser Eckenfoerde, which was at the disposal of
the revolutionary Government." It was even claimed that "the cruiser fired through the streets from
the harbor killing some 500 persons and demolishing
a number of buildings."
1121
hensive of the international complications that might
develop as a result of their continued harboring of the
former Kaiser, particularly if the greatly disturbed
political conditions in Germany should last for some
little time and should result in victory for the von
Kapp movement. They were said to have obtained
a promise from the former monarch to bar all political
activity while in the limits of Holland. The further
assertion was made that he would be restricted to
Doom, Amerongen, and their surroundings. The
former Kaiser was spoken of as being in a highly
nervous state, while the von Kapp revolutionary
movement was in progress, and in a dispatch from
Berlin yesterday morning the assertion was made
that he had contributed 8,000,000 marks for that
•
undertaking.
With the passing of the direction of the military
government from von Kapp and Luettwitz, the
opinion was expressed in an Associated Press cablegram from Berlin Thursday morning that Gustave
Noske would come back soon to the capital from
Stuttgart,and that power would be returned to him.
Official announcement was made early in the week
One of the most persistent rumors all that day was
of the partial formation of the new Italian Cabinet.
that Dr. von Kapp had committed suicide, but
verification was not forthcoming then and has not Signor Nitti continues as Premier, and for a while
been since. One dispatch dated "Berlin, March 17 it was stated that he will take over the portfolio
(night)" and received here Thursday afternoon, of the Minister of the Colonies as well. While,
stated that "following the resignation of Chancellor according to a dispatch from Rome, "the Italian
von Kapp and General von Luettwitz, Eugene Cabinet does not contain any members of the
Schiffer, Vice-Chancellor under President Ebert, Catholic Party, it was reported that the Premier
took over the Government at 6 P. M.(Wednesday, had received a semi-official Catholic promise to
the 17th). "Simultaneously," it was added, "the stand by the Ministry." A cablegram from Rome
red, white and black flag was hoisted over the Thursday morning stated that "the new Cabinet is
Government buildings as a symbol of the defeat of the holding daily council to discuss the program which
Monarchist movement." "The Ebert Government," the Government will submit to Parliament."
it was reported, "restorea to power, has ordered the
Finland is another country in which a new Cabinet
arrest of von Kapp, von Luettwitz, Police Chief von
has been appointed within the last week. Dr. Rafael
Jagow, and others prominent in the Monarchist
movement." Gustave Noske, Hermann Mueller Erich formed it, and, of course, is the Prime Minister.
and other members of the Ebert Cabinet, were This Ministry succeeds that of Signor Venola, which
quoted in the Cologne "Gazette" as having denied resigned on March 3.
that they had negotiated with General von LuettIn an interview with a Paris correspondent of the
witz "for the purpose of organizing a countercampaign to prevent the spread of Bolshevism in Associated Press, Premier Millerand of France gave
Germany." The latter development appeared to a most frank and illuminating view of the financial
be feared more than any other, not only by the position of his country and of her intentions with
Ebert Government, but also by the Government respect to the payment of her foreign obligations.
authorities in London, Paris and Washington. In With respect to the relations that should exist beseveral dispatches from the French capital that came tween France and the United States, he said that
to hand,it was asserted that the German Peace Dele- "France and the United States must continue the
gation there continued loyal to the Ebert Govern- close friendship which always has been maintained
ment. The advices from Berlin yesterday morning between the two countries." He added that "France
stated that that Government was again in control in is not asking for charity. The greater part of the
the German capital. It was added that "Gustave money France borrowed abroad was spent in the
Noske, Minister of Defense, and Vice-Chancellor common interest of all. We don't request cancellaSchiffer, in whose hands the sudden retirement of tion of our debts. We only ask time to recover our
Dr. Wolfgang von Kapp temporarily placed the strength after 43/ years of exhausting war." The
administrative power, are engaged in bringing about Premier pointed out also that "if France is obliged
order in the city and restoring activities to their to meet her obligations abroad at the present rate of
normal basis." President Ebert and the full Cabinet exchange, she would be forced to pay 23/b times what
she owes." Continuing, he exclaimed: "We have
were expected to arrive in Berlin yesterday.
dispatches regarding the German situation, given our blood; we have given our money. To ask
The
received during the day yesterday and last evening, us now to give more than double our debt is an
indicated the continuance of disorder in Berlin and anomaly that cannot fail to strike the most impartial
other important cities and a continuance of the judges." Discussing ways in which the foreign
strikes at some centres. They contained reports obligations of France might be paid in part the Prealso of the resignation of Gustave Noske as Minister mier said: "We ask nothing better than increased
of National Defense, and of a rather comprehensive exports. We must first, however, manufacture, and
recasting of the Ebert Cabinet. It was rumored we can't make things for foreign trade until we have
that/some of the changes would be in compliance factories in which to manufacture." He asserted,
with/demands made by Dr. von Kapp before he furthermore, that "the war cost us 600,000 industrial
workers; 600,000 of our buildings were destroyed;
resigned.
regions were entirely ruined which in 1913 gave us
week indicated- 94% of our wool, 90% of our linen, 90% of our
The dispatches from Holland all
thatIthe Dutch authorities were more or less appred minerals, 83% of our pig iron, 70% of our sugar an
1122
THE CHRONICLE
53% of our coal." Continuing he said: "The war
wasted our railroads to an unimaginable extent;
30% of our merchant fleet was sunk and our wheat
production was reduced two-thirds, involving a
deficit of 2,000,000,000 francs." "These catastrophal changes," the Premier declared,"were a blow
to the very base of the economic and financial situation of France." He asserted that if France were to
ship her gold "it would bring on a financial crisis
coinciding with the period during which the effects
of the war would be unrepaired."
[VoL 110.
Announcement was made, however, in a cablegram
from Constantinople, dated the 16th, and made
public here Thursday morning, that the city was
occupied Wednesday morning"by Allied forces under
General Sir George F. Milne, of the British Army,
which occupied the Ministries of War and Marine,
and assumed control of the ports, telegraphs and
telephones." It was stated also that all the public
services had been suspended temporarily, as had been
the shipping. The correspondent added that "this
long-looked-for military demonstration by the Allies
against Turkey was carried out with only one
It would be interesting in the extreme toknow untoward happening, a serious clash at the War
definitely what Great Britain's naval program for Office, where the Turks resisted the Allied troops."
1920 and 1921 actually is. The advices from London Another message from the Turkish capital Thursday
regarding the matter have been conflicting in the afternoon stated that the Turkish police were coextreme. In a communication received early in the operating with the Allied authorities in maintaining
week it appeared that the Government intends to order. The ferry and telephone service had been
cut down its naval expenditures for this year and resumed, and it was added that "only small detachnext by a very large amount. The revised naval ments of Allied soldiers are visible in the streets and
estimates for the two years, it was stated, "provide about the buildings." The British, French and
for the expenditure of £84,372,300, as against £157,- Italian High Commissioners issued a proclamation
528,800 for the previous year." It was stated also in which they claimed that their occupation of
that "the estimate calls for a total personnel of 136,- Turkey would be only provisional and that they did
000 men, against 280,000 last year." As against the not intend to deprive the Turks of Constantinople.
foregoing came the following dispatch from London London heard yesterday afternoon that General
a few days later: Walter Hume Long, First Lord of Milne "virtually has been given blanket power to
the Admiralty,in introducing the naval estimates in administer affairs in the Sultan's empire until the
the House of Commons, said that "the Government treaty of peace between the Allies and Turkey is
is firmly adhering to the traditional policy that the completed." The "Morning Post," of London, reBritish navy should not be inferior to the navies of ceived a message from its Constantinople correspondother Powers." He added, however, that "the idea ent last evening saying that "the Turkish Governof competition in armaments between the United ment is on the point of falling as a result of Allied
States and Great Britain was repugnant." Previ- occupation."
ously in his address he had admitted that "the United
States is the only country whose navy approaches
All week the advices from London have contained
that of Great Britain in strength." Washington rather well defined reports that Lloyd George has
dispatches last evening told of a statement said to decided to form a new political party. The "Obhave been made during the day at the British server" of that city, which is regarded as being parEmbassy in that city. According to the announce- ticularly close to the Premier, said that "Lloyd
ment, "British naval estimates for 1920-21 provide George is determined to resign his old allegiances to
for no new warship construction. Provision is made the Liberal Party and form a new party from the
for a post-war fleet in full commission of only 16 present Coalition." Continuing, the paper said:
battleships, 4 battle cruisers, 38 light cruisers, with "Mr. Lloyd George has crossed the Rubicon,
and
destroyers and submarines in proportion."
will announce his decision this week." The "Daily
Mail" said that "a joint manifesto, which will be
In order to husband its gold reserve as fully as signed by Premier Lloyd George and Andrew Bonar
possible and at the same time to obtain money for Law, will be issued in a few days stating the princicurrent needs, it is apparent that Great Britain in- ples of a new party led by the Premier." According
tends to dispose of its surplus war equipment wherever to that paper also, "it will be accompanied by an
such action seems advisable. With this apparent important recasting of the Ministry." It was added
end in view announcement was made that the British that, "according to the present intentions, the name
Government had decided to sell its entire surplus of the new party will be the National Democratic."
supply of aircraft material. It was even stated that It was said that the Unionist leaders who have been
such a sale had been made to a syndicate. The value adherents of Premier Lloyd George "have decided
of the material was placed at £100,000,000 and it was to support him, but that a revolt under the leaderreported to include "10,000.airplanes, 3,000 new air- ship of the Marquis of Salisbury and Sir Robert Cecil
plane engines and an immense quantity of engine is expected." A special correspondent of the New
and airplane spares and hangars."
York "Tribune" declared in a dispatch to his paper
Thursday morning that "a new party will be formed,
Although the assertion was made in a London and whatever happens
there will be real opposition
cablegram that Earl Curzon's speech in the House of in Parliament hereafter."
Lords and unofficial statements on the subject,
indicated that the Near East tangle was regarded as
British Treasury returns for the latest week show
serious by the Allied authorities, apparently they were an increase in the Exchequer
balance of £120,000,
giving very little consideration to it, or to any other which compares with a debit
of £982,000 the week
matter outside of the political situation in Germany. preceding. Expenditures were
£41,515,000, against
The Paris correspondent of the New York "Times" £50,249,000 for the week ended
March 6, while the
declared that "all pending problems were forgotten total outflow, including Treasury
bills, advances,
in the face of the new and startling developments." Exchequer bonds and other
items repaid, amounted
•••
MAR. 20 1920.]
1123
THE CHRONICLE
to £107,773,000, against £132,175,000 the previous
week. Receipts from all sources totaled £107,893,000, in comparison with £131,193,000 the week before. Of this amount revenues contributed £57,145,000, against £56,441,000 and savings certificates
£1,200,000, against a like sum last week. Sundries
brought in £586,000, against nothing in the week
preceding. From advances a total of £5,000,000 was
received, against £14,500,000. New issues of Treasury bills aggregated £43,437,000, in contrast with
£46,054,000 a week ago, while Exchequer bills were
sold to the amount of £525,000, against £12,850,000
last week. In the case of Treasury bills, repayments
were below the total sales, so that the volume of
Treasury bills outstanding was increased to £1,059,228,000, as against £1,056,662,000 the previous week;
Temporary advances outstanding are now £168,930,000, a reduction of £6,500,000 for the week. The
total floating debt continues to recede, and aggregates £1,228,158,000, against £1,232,092,000 last
week.
Official discount rates at leading European centres
continue to be quoted at 5% in Paris, Berlin, Vienna
and Switzerland; 5M% in Norway, 6% in London,
Sweden, Copenhagen and Petrograd, and 432% in
Holland. In London the private bank rates is now
4
slightly firmer at 53 % for sixty days and VA% for
4% a week ago.
8@59/
ninety days, against 5Y
Call money in London is still reported at 3/
2%.
So far as can be learned, no reports have been received
by cable of open market rates at other centres.
The Bank of France continues to report small
gains in its gold item, the increase this week being
402,325 francs. The Bank's total gold holdings,
therefore, now amount to 5,583,113,075 francs,
comparing with 5,540,015,815 francs last year and
with 5,372,264,210 francs the year before; of these
amounts 1,978,278,416 francs were held abroad in
1920, 1,978,308,484 francs in 1919 and 2,037,108,484
francs in 1918. During the week advances were
augmented to the extent of 1,429,443 francs; Treasury deposits gained 67,565,130 francs and general
deposits rose 232,392,077 francs. Silver, on the
other hand, decreased 1,429,443 francs and bills discounted fell off 4,888,315 francs. Note circulation
took a favorable turn, a contraction of 304,814,335
francs being recorded. The total outstanding now is
37,740,008,251 francs, which contrasts with 33,262,283,890 francs last year and with 24,824,969,040
francs in 1918. On July 30 1914, just prior to the
outbreak of war, the total outstanding was only
6,683,184,785 francs. Comparisons of the various
items in this week's return with the statement of last
week and corresponding dates in 1919 and 1918 are
as follows:
on hand has now been augmented to £118,270,077.
Last year it stood at £83,414,724 and in 1918 £60,605,025. The total reserve was increased £3,996,000,
note circulation having been reduced £1,715,000.
A further advance in the proportion of reserve to
liabilities has taken place, bringing it up to 23.50%,
which is the highest percentage touched thus far this
year, and compares with 21.62% last week and
19.90%a year ago. The lowest percentage during the
current year was recorded on Jan. 8, when it was
12.20%. Public deposits declined £136,000, but
other deposits expanded £5,692,000 and Government
securities £1,672,000. Loans (other securities) were
reduced £103,000, and now stand at £91,954,000, in
comparison with £79,477,023 in 1919 and £99,228,693 the year before. Reserves aggregate £35,548,000. Last year the total was £29,657,024 and
£31,606,130 in 1918. The total of circulation is
£101,171,000 and compares with a total of £72,207,000 last year and only £47,358,895 a year earlier.
Currency notes outstanding aggregate £298,498,000,
as contrasted with £300,010,000 the previous week.
The amount of gold as security against these notes is
now £29,774,000, comparing with £29,735,000 last
week. Clearings through the London banks for the
week totaled £767,470,000. A week ago the total
was £785,550,000 and £438,120,000 last year. We
append a tabular statement of comparison of the
different items of the Bank of England statement:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1917.
1918.
1916.
1919.
•
1920.
March 17. March 19. March 20. March 21. March 22.
101,171,000
Circulation
18,419,000
Public deposits
133,030,000
Other deposits
42,059,000
Govt. securities_
91,954,000
Other securities
Reserve notes .1c coin 35,548,000
Coln and bullion _118,270,077
Proportion of reserve
23.50%
to liabilities
6%
Bank rate
72,207,700
27,212,004
121,834.936
49,452,735
79,477,023
29,657,024
83,414,724
47,358,895
35,373,425
134,380,750
50,985,782
99,228,693
21,696,130
60,605,025
37,824,290
67,911,044
124,334,327
24,051,099
151,821,035
34,588,004
53,962,294
32,903,895
56,216,377
90,125,709
32,838,646
00,273,910
41,516,411
55,970,306
19.90%
5%
18.70%
5%
17.99%
%
28.37%
5%
Saturday's bank statement of New York associated members, which is given in more complete
form on a later page of this issue, was more favorable
than might have been expected, when the recent
strain of revenue collections is considered. Loans
were increased $27,052,000. There was a further
expansion in net demand deposits of $59,584,000
to $4,139,852,000 (Government deposits of $18,061,000 deducted), while net time deposits gained
$2,873,000 to $252,431,000. Cash in own vaults
of members of the Federal Reserve Bank declined
$503,000 to $97,535,000 (not counted as reserve),
but reserves of member banks with the Federal
Reserve Bank expanded $33,113,000 to $554,349,000.
Reserves of State banks and trust companies in own
vaults increased $64,000 to $13,139,000 and reserves
in other depositories (State banks and trust companies) showed a gain of $1,044,000 to $11,585,000.
The accession to the member bank reserve brought
BANK OF FRANCE'S COMPARATIVE STATEMENT.
about an expansion in aggregate reserve of $34,221,Status as of
Changes
Mar. 18 1920. Mar. 20 1919. Mar. 21 1918.
for Week.
000,so that the total held now stands at $579,073,000.
Francs.
Francs.
Francs.
Francs.
Cold Holdings—
402,325 3,604,834,659 3,561,707,330 3,335,155,725 Reserve requirements were expanded $7,879,640,
Inc.
In France
1,978,278,416 1,978,308,484 2,037,108,484
No change
Abroad
with the result that the gain in surplus was only
402,325 5,583,113,075 5,540,015,815 5,372,264,210
Inc.
Total
However, the total of excess reserves
248,521,325
255,768,196 $26,341,360.
314,197,177
Dec. 1,429,443
Silver
hills discounted_ _ _Dec. 4,888,315 1,558,234,652 1,029,401,107 1,039,774,552 on hand is $29,040,420.
The above figures for surAdvances
Inc. 4,730,587 1,597,740,761 1,230,469,952 1,152,762,615
Note circulation_ _Dec. 304,814,335 37,740,008,251 33,262,283,890 24,824,969,040 plus are based on legal reserve of 13% for member
55,184,426
110,012,888
105,201,195
Treasury deposits_Inc. 67,565.130
General deposits._Inc. 232,392,077 3,384,787,974 2,766,805,571 2,740,015,432 banks of the Federal Reserve, but not including cash
in vault to the amount of $97,535,000 held by these
Another substantial gain in gold holdings was an- banks on Saturday last. At the Federal Reserve
nounced by the Bank of England this week, in round Bank a further reduction of nearly $25,000,000 in renumbers £2,280,737, so that the Bank's stock of gold discounts was noted, though on the other hand
1124
THE CHRONICLE
there was an increase of $16,600,000 in the rediscounts placed with other Federal Reserve banks.
The New York Federal Reserve Bank also was able
to add nearly 18 million dollars to its gold holdings.
The reserve percentages were up and altogether the
statement was more encouraging than for some little
time past.
[voL. 110.
largely out of the market, believing that time money
should soon seek lower levels. As a result trading
was very dull and the market continues a nominal
affair with 8% quoted for all periods from sixty days
to six months on regular mixed collateral, and WA@
9% for all-industrial money, unchanged.
Commercial paper rates remain as heretofore at
63/2@6%% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
with names less well known still quoted at 6%@7%.
Transactions attained fairly large proportions, and a
brisk demand is reported from out-of-town institutions.
Banks' and bankers' acceptances continue quiet
and the daily turnover is still small, although brokers
assert that all indications point to a broadening
market. No material improvement, however, is
likely until there is a decided lowering in the interest
rates now charged. Rates have ruled firm and without quotable change. Loans on demand for bankers'
acceptances are still at 5%. Detailed rates follow:
The tendency of quotable rates for call money in
New York this week has been toward a lower level.
Stock Exchange houses did not seem to experience
special difficulty in filling their requirements at the
prevailing rates. The quotations for time funds
have softened fractionally and small amounts of
money, chiefly for the account of out-of-town institutions, were reported to have been offered from day
to day. Bankers at this centre say, however, that
until the reserve ratios of the Federal Reserve banks
are substantially higher than they have been for
several months, borrowers will not be justified in
looking for large offerings for the longer periods.
In discussing the general monetary position they
Spot Delivery
Delivery
Ninety
Sixty
Thirty
indicate that there cannot be much hope of a subwithin
Days.
Days.
Days.
30 Days.
stantial relaxation in the money market, chiefly Eligible bills of member banks
63106
6 0534 6 6534
634 bid
because of the heavy commercial and mercantile Eligible bills of non-member banks 634@534 634@53( 6340534 654 bid
Ineligible bills
76j634
70634
7 @OA
7 bid
demand for funds. It is pointed out that as soon
as money is released in one channel it is quickly
There have been no changes the present week in '
taken up in another. The further suggestion is made the discount rates of the Federal Reserve
banks.
that so long as business in this country continues at The following is the schedule of prevaili
ng rates
about the present level there cannot be much slacken- now in effect:
ing in the demand for loans and consequently not
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT MARCH 19 1920.
much increase in the supply of available funds. On
the other hand, bankers say that they are urging
Discounted bias maturing within 90
A'Moaner
gays (including member banks' 1
Bankers'
Trade
at and 1101•
reductions in loans, particularly when the money is
day collateral notes) 'cured b
Acceptances Acceptances stock pay,
Federal
discounted maturing maturing
sought for aid in the manufacture and handling of Reserve
Treasury
Liberty
Otherwise for member within
Silo 180
luxuries. Secretary of the Treasury Houston's Bank of-- certificate* bonds and secured banks. 90 days. days.
of indebtVictory
• and
minus,
notes.
unsecured.
recommendations for a modification of our taxation
Boston
5
8
534
5
8
New York
system were pretty well received and have been Philadelphia 5
a
534
5
0
.
5
0
534
a
8
Cleveland
5
given some consideration in Congress. The falling Richmond
a
5
534
8
5
8
534
5
a
Atlanta
5
off in our exports for February, as indicated by the Chicago
6
534
5
a
5
0
534
6
534
estimated figures made public yesterday afternoon, Bt. Louis - 5
a
534
5
a
Minneapolis
434
8
534
is
8
34
Kansas
5
8
8
were given more than passing attention by those Dallas City_ 5
534
8
6
534
5
6
514
a
6
who are making a close study of commodity prices, BanFrancIsco 5
a
Note.—Rate on paper secured by War Finance Corporation bonds 1%
and the foreign exchange and money markets. I rate on commercial paper shown in column 3 of figures above. higher titan
Needless to say, if the exports decrease and the
imports increase sufficiently, not only will comThe week in sterling exchange has been one of
modity prices come down, but the industrial and more or less
natural reaction from the phenomenal
mercantile demand for money in this country will strength and
activity
not be as heavy as at the present time, and as it has completion of recent of a week ago, and with the
extensive covering operations
been for several years. Offerings of securities are prices receded in
the initial transactions more than
being made in moderate amounts, but the demand at 5 cents in the pound.
Coincidental with this came
the moment for new issues is not particularly urgent. the news on Saturda
y last of the outbreak of revolutionary conditions in Germany and the overthrow
As regards money rates in detail, call loans ranged of the Ebert Governm
ent, which exercised a generally
during the week between 6 and 9%. This compares depressing effect
on all the exchanges. Rates ran
with 7@15% last week. On Monday there was no off to 3 65%
for demand bills, or a loss of 17 cents
range, 9% was the only rate quoted, being the high, from the high
point on last Thursday, while trading
low and ruling for the day. On Tuesday a slight for a time was
nervous and unsettled and of rather
recession was noted and the low declined to 7%; meagre proporti
ons. However, with the receipt of
renewals were made at 8%,although the high was still cable advices
on Wednesday indicating that the
at 9%. There was a further easing on Wednesday, von Kapp regime
had, to all intents and purposes,
with 8% the maximum and renewal rate, and the practically collapse
d, there was a sharp recovery
low 6%. Thursday's range was 6@7% and 7% the and quotations
advanced to 3 739, with a further
renewal basis. On Friday call loans were again rise to 3 833, a new
high on the current movement
renewed at 7%, which was the high as well as mini- at the close of
the week. Operators who had temmum rate. These figures are for mixed collateral porarily withdra from
wn
the market to await the
and all-industrial loans without differentiation. Offer- outcome of the German
political crisis, returned
ings continue in excess of the demand, which is still with substantial buying
orders, while cabled quotavery light. For fixed maturities the situation re- tions from London that
had declined precipitately
mains without important change. Borrowers are in the earlier days of the
week, rallied, and London
MAR. 20 1920.]
THE CHRONICLE
bankers figured in a new buying movement, which
in turn served to strengthen price levels here. In
the final dealings speculative interests who had not
expected so sharp a rally, hurried to cover, with
the result that prices bounded upward on Friday,
as above noted, though the closing figures were
slightly under the best.
Despite the variations just recorded, however,
the consensus of opinion in many quarters seems to
be that sterling rates have shown remarkable resisting
power in the face of adverse developments and bankers are pointing to this fact with a good deal of satisfaction as a further confirmation of their views that
the fundamental situation in foreign exchanges at
least so far as sterling is concerned, has undergone
a radical change for the better. Those less optimistically inclined cling to the belief that anything
like a return to normal is still a matter of the distant
future, that no material or permanent raising of
currency values should be looked for and that
further setbacks in the form of violent fluctuations
are likely to be witnessed occasionally for some little
time to come.
The question of gold shipments frdm Great Britain
and France to meet the approaching maturity of the
$500,000,000 Anglo-French bonds continues to arouse
the keenest interest in financial circles here and many
and varied were the rumors in circulation at different
times during the week. One report had it that the
British Government is in possession of invisible gold
supplies which will enable it to meet the loan payment by means of shipments amounting to $250,000,000 in gold; the precious metal to be used for this
purpose having been, it is said, received from Germany some time previously and not been included in
the statements of the Bank of England. Following
this it was reported that $25,000,000 gold was already
on its way here from Great Britain on warships, due
to arrive at Halifax some time this week. Subsequently, this was officially denied by J. P. Morgan
& Co., fiscal agents of the British Government in
the United States. On Thursday the British Admiralty was quoted as denying that "shipments of
gold are being made to New York by warships."
Secretary of the Treasury Houston yesterday issued
a statement disclaiming all knowledge of gold imports actual or impending. Another rumor which received attention for a while was that gold not held in
China as collateral for the 838,000,000 credit granted
the All-Russian Government by American and British
bankers may shortly find its way to this country.
This credit which was arranged in the latter part of
1919, was secured by about $40,000,000 in gold.
It is now stated that the precarious condition of the
All-Russian, or former so-called "Kolchak Government" may compel the Allies td demand the payment
of this collateral gold. Approximately $17,000,000
of this metal is said to belong to Great Britain and
$23,000,000 to American interests.
Advices from the American Chamber of Commerce
in London state that the Supreme Council in Paris
has invited the Moscow Narodny Bank to arrange
the details of a plan whereby it is proposed to extend
the trade of Western Europe from the non-Bolshevist
to the Soviet territories of Russia. It is claimed that
this Russian bank is run on co-operative lines, is in
no sense a political concern and is conducted in the
interests of the peasant farmers of Russia, doing
business with them largely on a system of barter.
The Chamber further reports that this is the only
1125
bank as yet not interfered with by the Soviet Government, but whether a scheme such as the one under
contemplation is practicable is somewhat doubtful.
A cablegram from Consul-General Skinner to Washington states that the extent to which British commercial interests are to be permitted to resume
trading relations with Russia is now being determined by the British authorities.
Dealing with the day-to-day rates, sterling exchange on Saturday of last week was easier and
losses of about 3c. were recorded, partly a reaction
from the too rapid rise of last week, and partly
because of the reported uprising against the Ebert
Government in Germany, which caused considerable
uneasiness in diplomatic circles abroad; demand
ranged at 3 67@3 683', cable transfers 3 67%@
3 693 and sixty days 3 64@4 653. Monday's
market was irregular and weak and there was a
further decline to 3 653@3 66 for demand, 3 66®
3 669 for cable transfers and 3 63@3 633 for sixty
%
days; lower quotations from London and freer offerings of bills featured in the day's trading. Indications that the attempted German revolution was
likely to prove a potential failure, resulted in a sharp
recovery on Tuesday and demand sterling advanced
more than 7c. to 3 733j; the low was 3 693, while
cable transfers ranged at 3 70@3 74 and sixty days
3 67@3 71; good domestic and foreign buying, also
higher cabled quotations from London, followed the
more favorable news from Berlin. On Wednesday
irregularity marked trading operations, although
prices moved within narrower limits than on the
day preceding; the range was 3 72@3 739' for
demand, 3 72%@3 7432 for cable transfers and
2
3 69%@3 713/ for sixty days. Further improvement was shown on Thursday and demand moved
2
up to 3 713/@3 75, cable transfers to 3 723.I@
%
3 753 and sixty days to 3 703@3 729; trading
was fairly active. Friday's market was strong and
more active, with a further sharp advance to 3 773
®3 833 for demand, 3 78@3 84 for cable transfers
and 3 7434@3 80 for sixty days. Closing quotations
were 3 773. for sixty days, 3 803/2 for demand and
3 813 for cable transfers. Commercial sight bills
finished at 3 79%, sixty days at 3 7432, ninety days
2
at 3 723/, documents for payment (sixty days) 3 74,
seven-day grain bills 3 7732. Cotton and grain
and
for payment closed at 3 79%. The week's gold
movement, which was all to Argentina, totaled $10,095,000 in gold coin, the bulk of which went forward
by Wednesday's boat. Argentine exchange is still at
the gold shipping point, being quoted at 1.0180 Argentine gold pesos to the American dollar, against a party of 1.0364. Some bankers are predicting that the
end of the gold movement from New York to Buenos
Aires may be in sight since the $50,000,000 Argentine
Republic 6% Treasury notes fall due shortly and
Argentine credits here may be exhausted.
Movements in the Continental exchanges were
somewhat less favorable than those in sterling and
considerable irregularity was shown, with declines
totaling in some instances more than 60 points.
Berlin exchange naturally responded to the sensational developments in Germany and on Tuesday
the quotation for marks broke precipitately to 1.05
for checks and 1.07 for cable transfers—a loss of 63
points from last week's high record. This was of
brief duration, however, and with the downfall of the
revolutionary leaders, good buying support was
1126
THE CHRONICLE
Piot,. 110.
tendered and the rate quickly rallied to 1.36; alThrough a dispatch from Washington recently
though later on heavy offerings brought about a received here, it is learned that the regulations to
partial recession downward. French and Belgian put into effect the Edge Act are likely to be anfrancs also fluctuated quite sharply and on some days nounced within a very few days. The Act was
losses of as much as 35 points were registered. Lire passed Dec. 24, and the Treasury Department has
ruled heavy practically throughout. Except for the since then been engaged in preparing regulations
dealings in marks, which again ran into the millions, to govern its enforcement. Regarding the ill-fated
trading was quiet, though at the close covering of Peace Treaty, while it is still in the hands of the
shorts brought about fractional recoveries in some Senate and under discussion, hopes of its ultimate
cases and a slight increase in activity.
ratification have dwindled to the vanishing point,
According to information received in Washington, and it now appears a foregone conclusion that the
it is learned that notwithstanding the recent improve- document is to form one of the issues of the coming
ment in mark quotations, German bankers are still national political campaign.
evincing serious uneasiness over the present foreign
The official London check rate in Paris finished
exchange outlook and it is stated that the low value at.51.95, as against 49.50 last week. In New York
of the German mark in the world's money markets is sight bills on the French centre closed at 13.61,against
still the chief obstacle to the resumption of German 13.44; cable transfers at 13.59, against 13.42; comforeign trade relations. In the opinion of certain mercial sight at 13.65, against 13.47, and commercial
German financiers one reason for the spectacular sixty days at 13.72, against 13.55 a week ago. Beldepreciation of the mark is the impossibility of bal- gian francs finished at 13.10 for checks, and 13.08
ancing Germany's revenue and expenditures, a con- for cable transfers. Last week the close was 12.87
dition which,it is alleged, has been aggravated by the and 12.85. German reichsmarks closed at 1.31 for
restrictions upon exports and imports imposed by the checks and 1.32 for cable remittances, which comPeace Treaty, and earnest appeals are being made to pares with 1.34 and 1.36 on Friday of a week ago.
the Allied Governments for the modification of cer- Closing quotations for Austrian kronen were 00.48
tain of these conditions.
for checks and 00.49 for cable transfers, against
In a report from the American Commercial Attache 00.41 and 00.43 last week. Exchange on Czechoat Rome, it is urged that sales of Italian securities in Slovakia finished at 1.45, against 1.20, on Bucharest
American markets be encouraged as a natural and at 1.70, against 1.75, on Poland at 76, against 70,
desirable means of correcting the present unfavor- and on Finland at 5.50, against 5.10 the previous
able balance of trade against Italy. It is pointed out week. Lire closed the week at 18.64 for bankers'
that with lire down to the basis of 14 to 1 in dollar sight bills and 18.62 for cable transfers. This comexchange, the American investor buying in dollars pares with 18.12 and 18.10 last week. Greek exwould pay only two-fifths of what the Italian pur- change was a shade firmer and finished at 8.78 for
chaser has to pay. The principal difficulty in the checks and 8.80 for cable transfers, against 8.86
investment of funds in Italian securities, however, and 8.88 a week ago.
lies in the need for adequate protection. This, the
Neutral exchange has been somewhat colorless and
official declared, could be overcome through the issue movements were irregular without definite trend in
of certificates by American bankers representing the either direction. No increase in activity was noted.
deposit of foreign securities, which is purely a matter Guilders and Swiss francs were firmer, and the same
of international banking, and that the fact to be is true of Spanish pesetas. Stockholm and Copenemphasized now is that the creation of an American hagen remittances were substantially higher, but
market for Italian securities would go far toward exchange on Norway ruled weak and closed at a
correcting present adverse exchange conditions.
further net decline.
Premier Millerand's recent statements to a repreBankers' sight on Amsterdam finished at 369,
sentative of the American press regarding conditions against 363'; cable transfersat 36%,against 36 31-42;
of international credit created a favorable impression. commercial sight at 36 11-16, against 36 1-16, and
His declaration that France if granted time would commercial sixty days at 36 3-8, against 35 11-16 a
pay all her debts in full and that no fleeting mis- week earlier. Swiss francs closed at 5 80 for bankers'
understandings must be allowed to interfere with the sight bills and 5 78 for cable remittances. A week
close friendship maintained for so long between ago the close was 5 90 and 5 88. Copenhagen checks
France and the United States was well received, as finished at 17.95 and cable transfers 18.10, against
also was his straightforward utterance to the effect 17.00 and 17.15. Checks on Sweden closed at 21.00
that France was not asking cancellation of her war and cable transfers 21.15, against 20.10 and 20.25,
debts, but only time to breathe and recover strength while checks on Norway finished at 17.90 and cable
after four years and a half of the most exhausting transfers 18.10, against 18.30 and 18.45 in the prewarfare ever endured by any civilized nation. A ceding week.
dispatch from Berne says that France and SwitzerAs to South American rates a firmer tone has been
land have arranged a commercial treaty under which noted and quotations for Argentina have been adFrance is to permit the shipment of 20,000 tons of vanced to 43.625 for checks, the closing figure, and
coal a month to Switzerland in exchange for electric 43.75 for cable transfers, against 43.20 and 43.35,
power, watches and embroideries. Recent statistics while for Brazil the check rate is now 27.125, against
of Franco-American trade for the month of January 25%,and cable transfers 27.25,against 26 a week ago.
show that there has been an increase of fully 500% Chilian exchange continues to be quoted at
233' and
in French exports to the United States as compared Peru at 4.75@4.80, unchanged.
with the same period last year. French tax collecFar Eastern rates are as follows: Hong Kong,
tions are also shown to be increasing encouragingly; 94%@95, against 94@95; Shanghai, 139@139,
revenue returns for the first two months in 1920 against 133@134; Yokohama, 47@48, against
being two or three times in excess of the amounts 473@47%; Manila, 493@51, against 483@483';
previously estimated.
Singapore, 433-@44, against 44@45; Bombay, 45@
MAR. 20 1920.]
THE CHRONICLE
1127
apprehension at that
47, against 47@48, and Calcutta, 45@47, against course of events proved the
time to be unfounded. But if the demobilized sold47@48.
iers did not follow an uprising against Government
e to expect them to follow
The New York Clearing House banks, in their then, it was not reasonabl
year later.
operations with interior banking institutions, have it a
Nevertheless, there must have been some such
gained $5,628,000 net in cash as a result of the curMarch 19 expectation in the minds of the ringleaders of the
rency movements for the week ending
has just ended its fiveTheir receipts from the interior have aggregated curious demonstration which
the indications are that
$8,928,000, while the shipments have reached day history at Berlin. All
Luettwitz and their
$3,300,000. Adding the Sub-Treasury and Federal the attempt of Kapp and Von
w the Ebert Government had
Reserve operations and the gold exports, which supporters to overthro
support. They could not
together occasioned a loss of $143,534,000, the com- reckoned on some such
for assistance from the business combined result of the flow of money into and out of have looked
What actual supthe New York banks for the week appears to have munity or from the Labor party.
port they had in the Junker class as a body is not
been a loss of $137,906,000, as follows:
clear. One of the oddest things about this very
Net Change in
Out of
Into
Week ending March 10.
Bank Holdings.
Banks.
Banks.
singular political incident is that nobody seemed at
The
$3,300,000 Gain $5,628.000 any time to know who was really back of it.
$8,928,000
Banks' interior movement
Sub-Treasury and Federal Reserve
172,843,000 Loss 143,534,000 Kaiser was the first thought in a good many minds
29,309,000
operations and gold exports
$38,237,000 $170,113,000 Less137,906,000
last Saturday; but no word or sign came from his
Total
Next there was open talk of
The following table indicates the amount of bullion refuge in Holland.
Hindenburg and Ludendorff. But Hindenburg pubin the principal European banks:
licly repudiated and discountenanced the Von
March 20 1919.
March 18 1020.
Luettwitz uprising, almost within a day of its capture
Banks of
Silver.
Gold.
Total.
Silver.
Gold.
of Berlin, and Ludendorff, though according to some
.£
83,414,724 accounts in personal touch with the leaders of the
118,270,077 83,414.72
118,270,077
England
France a 144,193,386 9,920,060 194,113,386 142,468,29 12,560.000 155,028,294
of anything
Germany _ 54,568,700 1,335,400 55,901,100 111,990,900 1,037,700 113,028,600 movement, gave no indication personally
Russia *_ 129,650,000 12,375,000 142,025,000 129,650,000 12,375.000 142,025,000
13,297,000 but passive indifference.
2,369,000 13,31:3,000 11,008,000 2.289,
Aus-flun.c 10,944,000
Spain _ _ 98,131,000 25,283,000 123,414,000 89,150,000 25,710,000 114,860,000
37.796,000
32,191.000 :1,001,000 35,193,000 34.710,000 3,086,
There are two possible theories to explain what
Italy
776,000 57,188.000
800,000 53,605,000 56,412,000
52,Y05.000
600.000 15,980,000 actually happened.
There may have been, in the
Nat.Bel. ii 10,657.000 1,074,000 11,731,000 15,380,000
18,950,000
Switx'land. 21.1,1,000 3,410,000 24,661,000 16,378,000 2,572,0
16,010,003
14,735,000 16,010,000
Sweden_ _ _ 14,7:15.000
minds of the militarist party as a whole, the purpose
10,536,000
186,000 12,783,000 10,400,000
Deniunrk _ 12,597,000
6,710,030
8,127,000 6,710,000,
Norway __ 8,127,000
of upsetting the new Government of Germany, and
Total week 708,023,163 59,756,400 761,770,563723,681,018 81,141,700784,823,618 the real leaders, feeling some doubt as to the real
Prey. week 705,728,683 59,035,750 764,664,433725,293,250 61,090,910 786,384,160
of such an undertaking, may have ena Gold holdings of the Bank of h'rance this year are exclusive of £79,131,137 prospects
held abroad.
couraged the not very eminent leaders of last week's
• No figures reported since October 29 1917.
7
c Figures for 1918 are those given by "British Board of Trade Journal" for Dee.
uprising to try the experiment. If it succeeded, if
1917.
h Figures for 1018 are those of August 6 1914.
the disbanded army or the people at large had come
to its support, then the important men of the faction
THE MILITARY REVOLT IN GERMANY. could have taken charge. If it failed, they could
Undoubtedly the majority of people, including wash their hands of it.
This theory would explain some things that have
those most familiar with European history and presconfident proclaiming of
ent conditions in Europe, have expected ever since occurred; for instance, the
certain well-known public men by Kapp as members
the present German Government was established,
absence of either
that some kind of attack on that Government by of his "ministry" and the seeming
ty of the acceptance or rejection of the honor by the persons
the military party was a strong probabili
plausible supsituation. It had not, to be sure, been possible for named. But on the whole, the more
leaders of the militarist
any one to say with certainty which political faction position is that the prudent
time—adwas favored by the disbanded army, taken as a faction had decided not to move at this
acquiescence or delay—and that secondwhole. Probably the demobilized soldiers, who had vising either
nation, had
been called into service from private citizenship, rate leaders, impatient at the procrasti
taken the reins in their hands. They had the small
were as much divided in such affiliation after the war
had returned from
as were the German people at large, and in substan- army of organized soldiery which
the Baltic frontier. They were incensed, and ben.
tially the same proportio
be similarly
There has never been any evidence that the Ger- lieved that all other army men would
compulsory trial of her own miliman private soldier as a class had even the strong angry, because the
ns preferred by
professional devotion to his military chiefs or his tary offenders, under the accusatio
Entente Governments, was about to begin.
sovereign which has sometimes distinguished the the
Furthermore, they probably believed that the
French army, and there is abundant reason not to
would Ebert Government was about to collapse in any event
believe that the instinct of military caste
ties
determine his political action. That motive was especially after the public exposure of irregulari
. "Last but not
left for his officers, who were a caste by themselves. on the part of one of its members
of SaturDuring the immediate period of disbandment after least," so concluded Kapp's proclamation
government whose chief spokesman is
defeat, when the private soldiers were returning to day, "a
of antihomes where hardship and privation were being en- Erzberger must be swept away." This bit
climax, which sounds rather more like the platform
dured and to communities where the authority of Gova
ernment was uncertain, it would have been natural of a political party on the eve of election than like
in a campaign of summons to military revolution, is pretty clear
enough to expect them to follow
leaders
organized violence. We know thatthis was the principal witness both to the intellectual quality of the
. If this theory of
fear in the mind of conservative German people dur- and to their idea of the situation
ing the "Spartacus" insurrection of a year ago. The the movement is accepted, it would go some distance
1128
THE CHRONICLE
[voL. llo.
toward accounting for the precipitate flight of the banks and trust compani
es, scattered all over the
Ebert Government from Berlin. One might assume country. Mr. Warfield recalls
that the first statethat Noske and hie colleagues had information as to ment made after the
Association started, in 1917,
just how much and how little the real Junker leaders noted that "a state of mind
hostile to carriers has
were doing or intended to do, and that the Govern- been created in nearly every
legislative relation,
ment was for that very reason taken completely off whether national or State; this
has resulted in a steady
its guard by a demonstration which it had not sus- encroachment upon the propert
y rights represented
pected and whose occurrence drove it to the hasty by bonds and stock." In adding
the admission that
conclusion that a far more serious blow must have this condition had come
about "largely from the
been secretly prepared.
railroads themselves in the public policy which had
Nevertheless, the result of the whole incident been pursued," the roads apparen
tly not recognizing
cannot fail to be to strengthen the new German "the stubborn fact that these
public service carriers
Government, and to increase the confidence, both of bore a relationship to the public
which demanded that
the German people and of other peoples, in the in their operation the first consider
ation should be
stability of the political institutions built up in Ger- the public interest," Mr. Warfiel
d perhaps lays a
many since the war. It is altogether probable that little too much stress upon the
sins of the carriers.
this abortive attempt at a military coup-d'etat will There were some; yet the time when no
offers were
do away with any real chance of a successful effort deemed excessive if construction into new
territory
of the kind. A revolutionary movement which ends could be induced thereby has too long
been forgotten.
in a cloud of absurdity is the most discouraging of all The pretended regulation has been
destructive, and
introductions to serious business of the same sort. when the Association, as its first
act, appeared in
Even Kapp and Von Luettwitz recognized the pre- the effort for a 15% rate increase Commiss
,
ioner
carious nature of their appeal to the people by Harlan put on record in his dissent from
the majority
beginning their first proclamation with the statement the testimony of officers of insuran
ce companies and
that "the overthrow of the Government must not savings banks to the shrinking in
the volume of their
be taken as reactionary." It is difficult to see what railway investments. The descent
has continued,
appeal could be made in another similar experiment. as all of us know, and now we are at a stage
when the
So far, then, the sequel to the whole incident is past should be remembered only to profit by
its
reassuring to the political future of Germany. Yet lesson of warning.
there was one phase of it which caused well-grounded
On behalf of the Association, Mr. Warfield claimed
misgiving at the time, and which may have very credit for originating the fixed rate of return on
the
mischievous after-consequences. When the Ebert fair aggregate value of railway property and
the
Government, on the eve of its withdrawal from Ber- division of excess above 6%. He proposed that
the
lin, deliberately and officially advised the Labor Association communicate to the directors of Class
.
1
leaders to resort to the expedient of a general strike, roads a suggestion that each board name one from
it was inviting political opponents and disaffected among themselves to form a "committee of railroad
adherents as well as actual supporters to unsheathe directors;" that this committee so formed name
a
a sword which was not unlikely to be used next smaller one of not over twenty, and that this body
against the very Government which this time sug- of twenty name a sub-committee of seven, the
memgested its use against some one else.
bers of all these committees to be selected geographiThis recourse was ill-judged in the extreme, cally. To this body of seven, composed of directors
especially when, as is now plainly enough evident, in touch with general business and financial condithe "counter-revolution" was morally certain all tions, should be referred "the questions of policy,
along to collapse of itself. It is not at all remark- both public and legislative, with which the railroads
able that the second stage of the episode, after the will have to deal, also matters of legislative and finanfailure of the military demonstration was ensured, cial policy in respect to the railroads as a whole."
should have been the attempt of "Communists" in He further proposed that the Association of Owners
one German city after another to seize power on their designate a committee to meet and discuss with the
own account. To appeal to such a force was an committee of seven, action reached jointly to be
evidence of personal weakness which the Ebert binding on both. Further, he proposed that the
Government can never explain away. The best larger shipping organizations be asked to name from
that one can hope for, as a sequal to such a blunder, among their own committees "a standing committee
that it may serve as a warning to the German to confer with a like committee to be appointed
pL ple themselves that, even while preservi
ng their by the Executive Committee of this Association to
new form of constitutional government, they must take up questions proper to be considered by the
mist on its being administered by men of sufficient owners of the properties with those upon whom their
dignity and strength to avoid such sacrifice of social business depends."
Drder, even when the purpose was to uphold political
These suggestions were adopted by the meeting,
order.
and while they can have no binding force they should
be capable of being of great advisory value. At
THE FUTURE OF THE RAILROADS—THE
least they represent, and embody also, an honest
PUBLIC'S RESPONSIBILITY.
effort to get together. The Association represents,
To a meeting of committees of the National says Mr. Warfield, an ownersh
ip of nearly 10,000
&ssociation of Owners of Railroad Securities the millions out of the total
railway securities outstandounder and head of the Association, Mr. S. Davies ing, "the largest single organiz
ed group of railway
Warfield, has submitted a resume of the labors of securities in existence;they come
nearer to an active
that body and some suggestions apropos at the pre- force, being the owners of the
roads, than any other
sent time. The meeting was attended by some 50 single organization."
persons, among whom were officers of a number of
It would be well if the men in the railway brotherthe largest insurance companies and of nearly thirty hoods could only get through
their heads the fac
•
MAR. 20 1920.]
THE CHRONICLE
1129
never quarrels with his
that not only as citizens have they a concern in rail- crop. The good workman
care of them, and so they,:render:thim
way life but as direct or indirect owners of savings tools; he takes
based upon railway securities they are themselves due service.
So it must once more be said that thefuture of
among the "owners;" if they would ascertain where
which they the roads and the success of the new law rests with
is kept the large emergency fund of
would be too much to exboasted, in Washington in 1916, they might see that the people. Perhaps it
a part of the attack upon pect that the brotherhoods, long encouraged by
their incessant demands are
will soon come to their senses;
their own property. If enacting this railroad law fear and surrender,
of a change in the public
would only suffice to effect the restoration as well as but there are evidences
the subject, and the existence and
the return of the properties, and if it would only be attitude to wards
s Association is evidence
self-operative and possessed some power of analyzing seriousness of Mr. Warfield'
Associ- of it. The people must now take this subject as
and smoothing out the difficulties, then the
seeing that the Comation, and the public as well, would have nothing theirs, and they must attend to
Americans have mission understandsitand represents their will. That
to do but to contentedly wait. We
justice, for the practical
grown into a lazy habit of imagining that problems will must be for honesty, for
to be characteristically
are disposed of when a law has been passed about sense which is supposed
can no more thrive
them; but we have slid down a terrible descent and American. As a country, we
healthy and efficient railroads than
now our good sense, our determination to honesty, our and grow without
is to win half
grit, and our patience will all be needed. Mr. War- we can without crops; to fully realize this
er too the battle before the tug begins.
field considers the questions at issue "altogeth
It will not be easy, it will not be smooth, it will
far-reaching and vital to the people as a whole to
t between the owners not be pleasant; but we should face it as sound men
permit of errors in judgmen
, yet salvatory.
and the operating executives." He thinks "the pub- face a surgical operation, not desirable
awaits us in such
If it fails? Time will show what
lic will not stand for any further mistakes on the
y
the'railroads, and a continuation of errors in event, yet that we should rush (or even helplessl
part of
ntal ownership after the lesson
policies will inevitably lead to public ownership." slide) into Governme
we have had of Governmental operation hardly seems
Says he:
Congress conceivable. Say, rather, that the effort to return
"Few statutes have been enacted by
American
upon the successful administration of which so much will not fail, because we, the awakened
far-reaching. Private people, have resolved not to let it fail.
depends and with results so
ownership and operation of the rail transportation
THE HOUSING PROBLEM CONTINUES.
system of the country is at stake. Whatever its
The housing problem continues unabated. At the
defects, no other country has prospered as this has
gov- conference on Monday definite assurances were given
under private operation of its railroads. Yet
construction during
ernment ownership may result, although the coun- that funds for a large amount of
from failure to the present year can be had, upon conditions: there
try is overwhelmingly opposed to it,
must be some stabilizing in the cost of materials and
carry out the intent and purposes of this law."
not overstate the gravity of labor, and some of the tax pressure on funds placed
Mr. Warfield does
tatives of
the situation, and that is attested by the attendance in mortgages must be relieved. Represen
companies and of the savings banks were
at the meeting of so many executives of the leading the loaning
ler of the Metroinsurance and banking institutions. The country agreed upon this, and the Comptrol
very best politan Life repeated his assurance that his company
is at a parting of the ways, and we need the
soon as the condithat is in us. Yet it is hardly felicitous or timely to will be ready with many millions as
for" any further tions warrant; the promises of from 50 to 1Q0 millions
say that "the public will not stand
conditioned
mistakes by the roads. There will be further mis- were sufficiently responsible and definite,
lighten the mortgage
takes. There are probably some in the law itself, upon legislation which shall
shall lighten costs
which has the imperfections of a compromise; they burden and upon agreement that
are to be discovered by experience, and are then to be otherwise.
There is an abundant supply of bills in the legisfirmly and hopefully corrected. Are we to keep in
r lative hopper, and on nine of them a special hearing
mind the "mistakes" of the past? .If so, remembe
would exempt from
that they have not been on one side only; the public is set for next Tuesday. One
share in them, for in State taxation income from mortgages up to $40,000,
must recognize the public's
substantially all the largest
the last dozen years at least the roads have been so and this is urged by
are in the familiar
confined, and so ground between the millstones of potential lenders. But others
They would empower the courts in the
increased expenses and of lowered or non-advanced direction.
es, if the tenant
rates, that they have not sinned more than a little, largest cities to stay eviction procedur
will pay such advance as the court may deem fair,
since freedom of action is necessary for sinful acts.
policy any waiver
Nor does it seem certain that a failure to realize also making void as against public
Another would estop
the intended salvatory purpose of this law is likely that may be inserted in a lease.
an increase in rent over that
to bring Government ownership. What is most eviction if there has been
if the increase in the
needed, as the "Chronicle" has lately said, is that in the last previous month or
is over 20%. Another, applicable to all
the people of this country recognize and in all its past year
proceedings to be conbearings and significance realize the fact that these cities, would allow eviction
deal tested because the demand is unreasonable and oprailroads are theirs. In dealing with them, they
may prove his own
with their own. The mistakes are theirs; not only pressive, and then the landlord
If the people "stand reasonableness, if he can. Another would apply a
in results but in responsibility.
excess profits per rents.
for" such an attitude as the regulative Commission smart and progressive tax on
at Forest Hills have
has hitherto taken and such treatment as it has dealt The tenants of a large apartment
an injunction (and have obtained a
out to the roads, nothing but disaster can be expected; joined in asking
their premises to others
as well might the farmer scald his seed and look for a temporary one) against letting
1130
THE CHRONICLE
[voL. 110.
and for protection against what they allege is (and which new building
is both needed and proposed;
may perhaps be)a harsh and unjust increase. Special it cannot do so,
the company said, because at the
trains are proposed, to carry throngs of excited present legal rate for
gas it is losing money and cannot
tenants to add to the pressure on the legislature.
afford to increase the loss; so it gave notice, it added,
The seriousness of the matter will not be denied, that builders might
understand the situation in
even by persons who have not yet had it brought to advance. The Public
Service Commission, however,
themselves. The average landlord will take all he has ordered the
company to go on and do what it
can get, and the stories told seem to indicate that protests it cannot
afford to dc and cannot borrow
the increases which horrify present tenants are the funds
to do; it also avers (and the present condiaccepted unhesitatingly by others; but there is a tion of the fuel
oil market seems to support the averlandlord's side in the case. The pressure is upon ment) that any
increased use of gas by present cuseverybody. The landlord's dollar is clipped. The tomers will inevitably
cause a lowering of pressure,
loudest cries come from the people who arrogate to a condition obviously hazardous
to health and even to
themselves the right to be deemed the only workers life. Can a corporation
be made to do what is
there are and to join increased pay with decreased financially impossible?
hours and service. They must progressively receive
And in this housing trouble shall we go on trying
more in exchange for less, and the immovable law coercion, or shall we calm
down and resort to reason,
of rising cost per scarcity runs through every kind agreement, and induceme
nt?
of material and every kind of labor, from the first
excavation to the finished building and then to the THE BOY SCOUT THE AMERICAN CITIZEN
maintenance. The employees in hotels and apartOF TOMORROW.
ments who rebelled, some weeks ago, and were enWe cannot too carefully keep alive in the public
treated by Health Commissioner Copeland did not mind the fact that the change which transform
ed the
care what happened to the sick and could not see— Germany of the first half of the 19th Century
into
or, if they saw, would not admit the deduction—that the Germany of 1914 which flew at the
throat of the
they were heightening their own living costs. The world was accomplished by a system
of public
chief obstacle now is likely to be the contumacy of the education shaped to that result.
unions, and at the meeting on Monday accusations
It is almost incredible that the Germany of poets
were bandied back and forth. Mayor Hylan, who and thinkers, of Goethe, Schiller and
Koerner, of
will not be suspected of sympathy with "capital" Kant and Leibnitz and Lessing, which
gave birth
in any form, says the worst hitch is between two to the Revolution of '48 which was crushed
by the
labor factions and that he is sure seven or eight men Prussian army of Frederick William, driving
out of
here could say the word that would usher in the great- Germany a hundred thousand of her elect young men,
est building boom ever known. This may be some- giving to America Carl Schurz the thinker,
Franz
what over-stated, but it has a foundation of truth. Sigel the soldier, Dr. Walters the theologian
and a
Organized labor may hang back, and demand and host of others, to the enrichment of our national
expect that employers and landlords and lenders will life, that this could be the Germany to
feel no shock
forego returns; but capital and labor may be consid- when the newly crowned Kaiser William
II proered to be a "double team," in this work of new claimed himself the Vice-regent of God and in his
construction, and hanging back by either can prevent address to his departing soldiers at Bremen exmovement.
horted them to make the German name so terrible in
If somebody offered a bill to repeal the law of China that the Chinese would for a thousand years
supply and demand, and put his proposition in pre- tremble at hearing it. With him the way opened
cisely th6se terms, even the dullest member of the for pushing to its fulfillment the masterful policy
of
dullest union might think the proposal unbalanced the Hohenzollerns for which Bismarck had laid the
or the proposition meant for a joke; yet legislatures foundations. Two generations were sufficient
to
are continually asked—and in this situation now are create a people trained from childhood to
obey the
asked—to virtually repeal or suspend that law. will of the State embodied in the Kaiser as supreme
Housing demand has risen and continues rising, and lord.
supply has fallen off; to lessen demand is impossible,
The war has taught the world many important
so how shall supply be increased? Everything has lessons, none more significant than this, that a
been done—or has been permitted—to discourage system of controlled education made to embrace the
new construction; yet excited persons apparently youth of a land in its entirety from the kindergarten
believe that it can be furthered by coercing to the university can in an incredibly short time
present owners. The value of a building is in its dominate the thought and change the character of a
rentals, and unless those attract funds they will not great people.
come. To storm over this proposition will not change
Theoretically we accepted public education as
it; building funds can be attracted but cannot be essential to Democracy, and the nations generally
driven, yet all attempts to lighten rentals by coercion aimed to adopt it, but we have carelessly come to
set up a barrier before the new construction that alone think that Democracy, as the coming political order,
can help the case. If statute had potency, it might would work itself, and we have trusted education to
better take the shortest cut to the end. The land- do the same. As a consequence, we have satisfied
lord might be ordered to reduce rents (just about what ourselves with a public education in large sections
of
some of the pending bills do professedly undertake) the country shamefully incomplete and ineffectiv
e.
and a refusal on his part might be made punishable Until, as a nation we have been awakened by
the
as a misdemeanor. If statute can lower prices, why war to find ourselves shockingly illiterate, and
that
not lower them and be out of trouble?
in ways that proved us distressingly unprepared.
One concrete case is raised already. A gas comWhen now we have forced upon us the task of
pany in Brooklyn lately announced that it cannot Americanizing the foreigners, and we
look to edupu down mains for supplying certain sections in cation as the chief means of doing this, we face the
MAR. 20 1920.]
THE CilliONICLZ
fact that our American system of education, as it
to-day exists, shows no very promising sufficiency.
In this emergency we find one large group of our
lads who are under a discipline that is producing
uniformly notable results, if not in specific scholarship, in all that develops manly character and fits
them for intelligent citizenship.
It is the army of Boy Scouts. An organization
that holds in regular and responsible attendance,
as it does to-day, 383,482 lads with no less than
106,544 fit men as their scout-masters and leaders,
whatever it may do with them, is to be reckoned
with by the nation in relation to its problems and its
future. When that organization is found to be
governed by the principles that lie at the base of the
Boy Scout Army, and is successfully training its
members in the life of active and helpful service of
others and of the country and maintaining them in
a steady and enthusiastic loyalty, it is deserving
of both study and praise. The question then cannot
be avoided, why the same principles taught in a
similarly effective way cannot be applied in connection with all the youth of the land and in all its
schools?
So we ask, what are those pr nciples, and by what
method are they taught?
The fundamental principle is that human nature,
even in boys, has inherent capacity for goodness,
and that, given the right influence, this can be developed. The leaders are men who accept this view
and hold it with such faith as leads them to devote
themselves to proving that boys can be made better
than boys habitually are.
The method then is simply to create the circumstances in which by some sort of challenge, usually
the natural challenge of surrounding circumstances,
the boy's nature will be evoked and his interest
awakened, or in which, if it is a crisis, the heroism
of the boy and his latent idealism will be appealed
to. A way is found for bringing him into touch with
nature, where he will master its difficulties, learn its
ways and bring it into service of his needs; in short,
a chance for him to be a normal man.
This quickly leads to the discovery that things
that can be done in co-operation with others and
also things that require on one's own part self discipline, give more pleasure than those which are
. done solely for pleasure.
This opens the way for that mental attitude towards others which we call chivalry, that lofty
spirit which rises above all questions of personal
advantage and leads one to act in a certain way
because it is right and unselfish.
The success of this method with our boys suggests
the treatment by which the adult alien may be
Americanized. When that seems peculiarly difficult,
and, as in some cases, impossible, as of late, with
isolated groups of Germans, it discloses the way
for uprooting hostility and prejudice through the
teaching of their children. These can readily be
drawn into the ranks of the Boy Scouts, and captured and made over by them. This accomplished,
the boys do the rest in their homes.
The boy to whom doing a good turn is a habit
and who tries to mark each day by some act helpful
to another person, while he is helpful and pleasant to
live with at home, requires no diploma to secure
influence, or make his family proud of him.
There are ten million boys in America yet unreached by the Scout Army because it has not suf
1131
ficient funds to provide proper leaders. These boys
should be reached without delay. There are half
a million graduate scouts and their influence with
that of the Army has already gone far to stem the
tide of Bolshevism that has been rolled in upon us
since the war.
The Scout is not training to be a soldier, but to be
a citizen "prepared" for daily service. The uniform
he Tears is simply a suit best fit for his task, inexpensive and durable. As a uniform it gives a
certain desirable and pleasurable distinction. But
it is not essential. The Scout's oath is to do his
best; to do his duty to God, to his country and to
the Scout law; to help other people at all times, and
to keep himself physically strong, mentally awake,
and morally straight. The Scout law is simply a series of injunctions as to his personal
conduct.
He is passed from grade to grade learning things
that will be necessary in his daily life whatever and
wherever he may chance to be, until he becomes a
specimen of the new type of boy, red-blooded, inured
to hardship, landing on his feet, not daunted by
difficulty, strong, helpful, enthusiastic, entirely
trustworthy, "mentally awake and morally strong."
He is a youth who knows the difference between the
real life of which he is so efficient a part and the false
life of the hero of the "movie" thriller, and the dime
novel.
Happily the country is awakening to the problem
it has in its boys. Two articles in the "Atlantic
Monthly" for March bear interesting testimony.
One is an analysis of boy character so searching and
true that no father can read it without wishing that
he were a boy again to be taught by teachers with
such understanding of what as a boy he was and
might become, or without regret that he had not
secured similar teaching for his own sons when they
were boys.
The other is an account of an existing school where
for some years what may be hopefully called modern
methods •are carried out with a success that will
make the dullest graduate of an ordinary fitting
school wish he could go back and begin over again
under such conditions.
Of course its methods are "already in use in a
number of schools." It could not be "hid under a
bushel." Such a headmaster may be hard to find
elsewhere, but the country is surely producing them.
The new education is in the air and will make its
way. The need is coming to be understood.
Here is the hope of the country, a universal recognition of the fact that the nation of tomorrow is in
the making in the boys of to-day; that boy nature
is intrinsically good, and under right training will
not go astray; and that right training means teaching
them to see and to think and to feel in ways to lay
hold of life, and to find their highest happiness in
modest mastery over difficulty, in helpful service
of others, in self discipline and in knowing how
much there is to be learned and how worth living
is life.
When parents begin to demand this teaching for
their boys the teachers will be found who can supply
it. We shall hear much less about one's rights, and
much more about our responsibilities and our duties,
less of what we are going to make out of life, and more
of what we may make of life itself; for that way lies
the truest success. Meanwhile, we would add,
support the Boy Scouts.
1132
THE CHRONICLE
[VOL. no.
escape his duty. He does not act after the fact of
THE PEACE COVENANT AND A SUPERsubmission to a so-called super-State, but before it.
STATE.
He does not assume to do what he believes the people
The great "solemn referendum" which presumably would have him do; he does, however, do not only
will soon be upon us, incidental to the main question, what he believes to be best as a personal opinion
will decide whether the Executive assumption "I but what is best for the whole people if they shall by
am doing what I feel you would have me do," was a majority coincide with his opinion. In this we
right or wrong. After the fact of the assumption it discern more clearly a pure democracy in action than
will be before the consummation of the fact involved, the functioning of a representative system. Whatand will at least preserve the protective power of ever power he exercised comes from below, not above.
the electorate and the consent of the governed. For, And while there may, or may not, be reflection upon
if the long Senate consideration has disclosed any- a servant of the people assuming to make for them
thing fundamental it is that the continuance of in- this huge commitment by thrusting a League into
herent sovereignty is at stake, the form of govern- a Treaty, no such charge lies at the door of the citizen
ment, as well as the weal and woe of the people and voter. He is face to face with tho fact of an entangall peoples. Two elements of the condition appear ling llliance, or none. And it should be remembered
which we may define in this way: the supineness of if it is right that the voters should decide whether
the citizen and the power of the Executive; qr, to put to "go in" or "stay out," the same rule should apply
it another way, the tendency of the people toward in the future as to whether we "stay in" or "go out."
abject dependence on representatives in office on the
In this matter the elector cannot cry out against
one hand, and the tendency of the representative "autocracy" in office, and shirk the responsibility
system, and the Executive branch of government, to of his present duty as voter. If he believes that no
assume and assert power through interpretation of four men are capable of forming an organism designed
duties of representation over and above the specific to "rule the whole world," he must now ask himself
and direct declarationof the Constitution as the fun- whether he is capable. The unfortunate part of
damental law of the land.
this appeal to the people is that it is only submitting
The incidence of the power of the Executive to the work of "four men" to the voters for approval
commit the nation to the League now shifts from the or rejection. It is passing upon the question of this
Executive to the citizen. And at once, the voter particular League, or nothing. It is not delegating
must answer this question: If it was beyond the power to representatives to frame a covenant or
capacity of one man in office to commit a great Constitution for world-union to be by them resubpeople to submission to a super-State, with all its mitted to the voters for adoption or rejection, it is
complications and engagements, is the individua confirming or opposing work done by men and not
citizen, by his personal vote, capable of assumingl definitely and originally by peoples or by their emthe same role? We might solve this difficulty by powered representatives. So that if the voter
drawing a distinction between egoism and egotism, doubts the ability of four men to "rule the whole
but it would not alter the condition. The citizen world," he must likewise doubt or affirm the ability
must be an egoist. He must act from within him- of his chosen representatives sitting in the council
self. He should be untrammeled in the exercise of of a League of Nations to "rule the whole world."
his personal judgment of the right. But he should And in this determination he must exercise his own
approach the polls with humility and devotion, ability. If he feels a doubt as to his own capacity
expressing only his personal estimate as to what in this regard, can he say or believe that democracies
will be best for the people and the State. This is by representatives can combine to so "rule the world"
not egotism. It will not do to say "we elect men to without creating an autocracy or super-State? Not
office in whom we repose confidence as to rectitude only is centralization ih home government involved,
and ability. / am not capable of deciding these but empire in and by government also is involved.
questions, let them do it." This is to surrender And it must be true, therefore, that our republic
personal liberty and its responsibility to a representa- cannot approach this question of a League of Nations
tive system. And on the basis of this surrender from the same standpoint and with the same feeling representatives cannot do otherwise than become held by an imperialistic government.
autocrats, and autocrats in their consequent role of
Democracy and Empire do not amalgamate,
interpretative power cannot become or be other than though Empire include all the world. If only some
egotists. In short they must think for a free people form of agreement, some solemn pledge looking to
the individuals of which will not think for themselves. perpetual peace, some combined treaty of all the
Concerning the Peace Council at Paris reference States of the world, were the issue (as might be the
was frequently made to the "Big Four." We shall case under a different form of covenant or contract
not here consider contradictions of provisions of the preferred in the way popular State constitutions are
Treaty with the principles of the League, or its alleged presented) simplified to disarmament and economic
inconsistencies with itself, or ideals vs. faces, or any liberty, the voter would be less perplexed. But to
of the fourteen points. The "dverage man" quickly consider this present League compels consideration
saw that four men were partitioning Europe, were con- of the province of human government to spread over
structing a League in the existence of which was, to a a whole world, centralized in some unit of power. If
varying extent (according to personal belief),vested one say "we have too many laws, too much governthe destiny of mankind.
ment, at home, here and now," how will he answer
Now, as we say, the incidence of power shifts, the question of setting up one government for all
and every citizen as a voter becomes a co-equal with races, peoples and States of that world? This issue
each man of the Big Four. He, by his vote, holds the voter cannot escape, no matter what he believes
in his hands the destinies of peoples and of States. ab3ut self-determination, democracy, ideals of State
But there is this marked difference, the citizen as- and human relations, and the abilities of men in
sumes no prerogative of interpretation nor can he office and out.
MAR. 201920.]
THE CHRONICLE
1133
world-trade. Modified as this is by the machinery
WORLD of overseas exchange it expresses the broad truth that
EDUCATIONAL PROPAGANDA IN
economics is a more controlling factor now in human
ECONOMICS.
The study of mankind is economics rather than progress than politics. Therefore the appeal must
politics. This we have maintained before, and assert be made to peoples direct and not restricted to the
again. If now, in what is so blithely called a "New legislative and executive departments of governEra," democracies are to function properly they are ments if trade is to flow freely throughout the earth.
to become the political agents of peoples for the And it is quite within bounds to say that "liberal"
purpose of guaranteeing the fairness and fullness governments being once accepted as a fact, if they
and freedom of production by safeguarding individual could (still functioning within the province of
initiative in enterprise and ownership of property protection to property), drop out of men's minds
free from governmental control. This purely minis- for a time and the possibilities and processes of trade
terial office performed, the aspirations and endeavors enter, the world would be sooner on the way to
of men will forward progress and bring order out of rehabilitation and the "normal." Trade however
confusion. Let us argue from a notable premise. implies commercial credit, and commercial credit
The New York Stock Exchange has recently found is affected by national credit. Yet it is still true
it advisable to publish anew the requirements for that if the latter could by some means become fixed,
listing securities. These are found to be soundly and remain fixed, trade would and could immediately
rigid and include a complete financial exposition of adjust itself to this burden, and successfully,if not
the company from which the security issues. Pro- easily, carry it. And, aside from a reasonable policy
ceeding from this it must be apparent that any foreign of asking future generations to pay a proportionate
securities issued or to be issued in this country must part for the establishment of the freedom and demoin some way undergo the same scrutiny. And it cracy they inherit as the result of world-war, there
follows that if individual investors are to be interested is here a profound reason for prolonging by refunding
great good would flow from wide-spread popular the present tremendous debts of the governments.
It is true these considerations are broad. But
education as to the resources and liabilities of countries (or States) over and above that ascertained they are far from being glittering generalities. Let
and promulgated by the financial houses engaged in us suppose universal acceptance of the present States
of the world with their present forms of government
stock and bond offerings in the United States.
political discussion has shown what the with the added understanding that only acceptable
When
soviet and syndicalism mean on the one hand and plebiscites shall change their forms or boundaries.
militaristic autocracy on the other, when it has been Let us further suppose that there is a League of
shown what "liberal" forms of government contain Nations, functioning, but quietly disposing of interand condition as a golden mean between these two, national political relations, as it ought to do if it is
when it has been shown what these democracies not to become a means of more turmoil. Then let
accomplish in freeing"business"into its natural estate us suppose the full resurgence of industry and enterwe may, reasonably, be done with politics—save and prise. What then would happen to commercial
only that in the present condition of disordered pro- credit, without which no production and exchange
duction and exchange a balance sheet of national can occur, domestic or foreign. In production, the
debts is a necessary antecedant. While the IIAw of peoples of the earth have got to proceed on the
trade is adventure for profit, and the seller seeks the assumption that there will be no more war for a long
buyer thereunder, the world-merchant gathering but time, if ever, else all above mere sustenance is useless
to scatter, at the same time no continental or regional since it would be immediately swallowed up in the
trade can be carried on successfully without knowing new besom of destruction.
Then with both foreign and domestic debts canwhat the possible tribute is that must or may be
levied on the products to be exchanged. We refer celed to the lowest point by offsets (not extinction by
to the domestic taxes incumbent rather than to repudiation) and funded into fixed forms (foreign
indebtedness on an equable rate of interest as near
tariff levies.
This is to say that the costs of political government as may be) trade is ready to proceed, knowing the
must be added to the productive costs of the articles political burden it must bear. And nations should
of exchange, and to that extent add a factor in deter- incur no new debts domestic or foreign (it being
mining the course of trade. If a world merchant understood that surplus capital in any one of them,
set out to exchange a native product for a foreign not used in trade, under these supposed conditions
one, of two countries one in debt and the other out would flow into securities according to need, tending
of debt, he would naturally bring back the larger to spread the weight of foreign debts throughout
product of exchange from the country out of debt. the world). Then, by means of honest rivalry
Hence this study of national indebtedness (as well (competition), harmoniouseffort(co-operation),could
as forms of government) is inevitable in international and would spring into being. Consolidated corporatrade. But once this is known, and democracies, tions would be formed to adventure in trade, using
if that may be, accepted as durable (or so-called merchant ships wherever existent and routing them
liberal governments), the intensive study of politics according to the inducements of mutual profits or
benefits in exchange—and in giving goods for goods,
may be dismissed for study of economics.
Speaking of the condition of the American merch- bringing not only equability of monetary exchange
ant marine one well informed in shipping matters but permanency and efficiency with stability to
has said that rather than the flag, or seamen's laws, production and trade.
or subsidies, or governmental operation, this new
This trading of goods for goods in the nature of
accession should be considered upon the type pre- things would not only reduce the volume of 3omsented by the tramp ship, free to touch at every mercial debt arising out of uneven balances but
port, carrying back and forth the products of every would tend to make commercial debts "good" bepeople, servant of every man or concern engaged in cause trade would go to customers who could pay
1134
THE CHRONICLE
And at once, in proportion as peoples are informed
of the resources and products of countries, or regions
of production, throughout the earth (albeit these be
covered by political forms of government reduced
to the smallest degree of interference) they could
and would back up commercial credit with a kno wlledge over and above that coming to them by the
mere announcement of the enterprises and industries engaged directly therein. Not Only would these
bills of exchange grow into international currency
but it would be increasingly possible to float industrial securities in markets far from their origin—
based on the confidence arising out of the knowledge
that a country in need of the products of another
can most surely pay if it possess products which that
country itself needs. And thus mutual benefits
would make commercial credit benignly efficient
everywhere.
Not politics then, but economics, is the world's
redeemer, not the science of government so much
as the science of commerce and credit. Not, then,
a League of Nations, concerning itself with theoretical
and Utopian ideals of political rights and national
relations, but an organism for the purpose of a
clearing house of commercial endeavor, and an
agency, serving all nations alike, for the promotion
of production and exchange, according to racial
capacities, and continental or regional resources.
And by this means promoting peace as a product of
prosperity. And this is indubitably true if it be
conceded that commerce is the world's great civilizer,
the thing carrying with it the thought that elevates
and enlightens; and it is true if it be conceded that
liberal governments are instituted to serve, not rule.
It must be said also that if a League of Nations is to
concern itself with purely political questions to the
extent now prevailing in national legislatures (to
say nothing of executive ambitions) it will not make
for that hoped-for peace, that, be it said, in its
idealism passeth understanding.
What are some of the paramount outstanding
facts of condition? Here are some of them: A "Supreme Council" partitioning and repartitioning the
earth's productive areas, prompted (can it be
doubted) by political rule if not interest, transferring
the governmental allegiance of peoples thereon, a
political basis that ofttimes does violence to the
economics of production both for domestic and
foreign need. A world with energies, dissipated,
confused, even lethargic, in turmoil, in -doubt, regardless of people or locality. Huge debts domestic
and foreign, laid down by governments, overlapping
each other, growing and spreading, regardless of
natural resources to a large extent. Penury, starvation, sporadic war, internal disorder, extravagant
and even despairing living, all waiting on the vain
hopes of political theories. Yet old forces of strength
and soil at work, and new dreams of foreign trade
conquests springing full-armed into being. Inevitably a settling process going on albeit unappreciated. But above all, a world in the throes of
political discussion—when peoples everywhere would
work and trade if freed from politics.
To bring order out of this conflict is it not apparent
there must be less of politics and more of economics?
Is it not imperative to "drive down a peg" and start
again? Can this be done without a balance sheet of
all national resources and liabilities as a basis of
world-trade—without each nation first clears its
decks for action—reduces debts, reduces inflated
[voL no.
credits, reduces expenditures, and thereby and
thereafter sets its people free? As an illustration of
an anomalous debt condition—the United States
borrowing at a lower than international interest
rate billions of dollars from the people (from and at
the expense of their expanding commerce) to loan
to foreign countries at a slightly higher rate on which
no interest can be (or is) collected. Foreign countries borrowing at a still higher rate from their own
peoples. This all contributes to the well-being of
foreign peoples so borrowing. They also become
free to borrow in a domestic way, thus, at lower
rates than would otherwise prevail, to promote
the very commerce our people hope to secure. And
more than this, compelling these Liberty Loan
patriots to pay higher home commercial rates.
Liberty bonds 43%; loans to Allies, say 5%; bonds
of Great Britain and Ireland at 53' 01
27
How vast the problem, and how intricate. But
how can finance-corporations for the promotion of
foreign trade by flotation of industrial securities
function while nations stagger under unknown and
undetermined debts? And how can they function
freely and fully until credit may follow commerce,
and industrial securities, based on the stability and
security of world-wanted products, themselves exchange by reason of the popular knowledge that
securities (as well as temporary bills) may by exchange cancel each other, because manufactured
products must, can, and will pay for raw materials
and the reverse. If the world is bankrupt it ought
first to go into voluntary liquidation, And this
will be ascertained by filing a schedule of assets and
liabilities, making proper allowances, and obtaining
discharge, that business may resume.
CANADIAN RESTRICTIONS UPON THE
IMPORATION OF SECURITIES.
Ottawa, Canada, March 19 1920.
Ca.niadia,n purchases of Canadian securities held
in Great Britain, it is estimated, have exceeded
$100,000,000 in the last 10 months. By agreement
between the Minister of Finance, the Canadian
banks and the Bond Dealers' Association, this
business of importation has officially come to an
end. It now develops that the reasons of the
Finance Department were based upon a desire to
"keep Canadian money in Canada," to lower the
exchange premium on United States funds, to bolster
up the domestic market for Victory bonds, and to
ease pressure upon the liquid banking resources of
the Dominion. This new form of financial restriction introduced by the Canadian Government has
not gone unchallenged; indeed, it is disputed in
every detail by some leading bond houses which
at the same time intend to abide faithfully by their
Association pact. The theory of "keeping Canadian
money in Canada" is thus ridiculed by a Montreal
bond firm of high repute.
"No money actually leaves this country in connection with our current purchases of Canadian
securities in Great Britain. In the last ten months
we sold Great Britain alone $357,500,000 more in
goods than we bought. For most of this Great
Britain was unable to pay cash. As a result, the
pound sterling is quoted in Montreal at approximately
$4.00 instead of $4.86. But we sold the goods to
Great Britain—we did not give them away. How
were the sales, not paid for in cash, financed as
MAR. 20 1920.]
THE CHRONICLE
between Great Britain and Canada? They were
financed directly by private and governmental
arrangements, indirectly by the selling of Canadian
securities held in Great Britain to Canada.
"Every Canadian dollar which has been invested
in Canadian securities held in England has made
possible the sale of the dollar's worth of goods to
Great Britain. The money involved in buying
these securities has not 'gone out of Canada at all.'
The proceeds have been spent in Canada to pay for
Canadian goods made by Canadian workmen, in
Canadian plants."
The only alternatives to the free movement of
securities, it is contended, are to finance Canadian
exports to Great Britain by loan flotations or to relieve
Canadian producers of further overseas orders.
To adopt the loan method would undoubtedly depreciate Victory bonds more dangerously than is
now the case with free and open trading.
That the premium on United States funds in
Canada may be cut down by the Finance Minister's
action is not disputed, because sterling exchange
transact ons are cleared through New York and
New York funds must first be purchased. Against
this, however, the argument is offered that lower
levels for sterling exchange in Montreal, which are
now apprehended, will only add further interference
with Canadian export business to the United Kingdom and elsewhere. There is also the important
consideration that the debarring of Canadian securities held abroad from sale within the Dominion may
impress investors as tantamount to temporary
repudiation.
(fitment goods and
piSCAISSIOITS
1135
ment also announced a further credit by the British Government of £26,000,000 for financing British goods sold to
European countries. The advices in the cablegram said:
The British Government has extended a credit of £300,000 to Poland
to defray transportation charges of part equivalent to about 48,000 of the
100,000 tons of flour for which credit was granted by the United States
Government to the Grain Corporation.
The 13ritish Government has granted a credit of £26,000,000 for the purpose of financing 80% of the value of British goods sold to various European
countries, but what part of this sum will be available for Poland is not
known.
The report that Great Britain has loaned £800,000 to the Polish Government for the purpose of buying British merchant tonnage cannot as yet be
confirmed, but if there is any truth in this it is probable that negotiations
are being conducted through private parties.
UNPAID INTEREST ON LOANS OF U. S. TO FOREIGN
GOVERNMENTS.
In answer to a resolution, Secretary of the Treasury
Houston informed the Senate on Mar. 16 that the unpaid
interest on loans to foreign governments, accruing up to November last, amounted to $236,240,114, while the estimated
interest for next year is $463,215,613. Belgium, he said,
owed ,370,381; France, $65,858,101; Great Britain, $105,503,126; Italy, $39,228,303, and Russia, $15,051,977 of the
unpaid interest. The interest falling due in 1920 includes:
Great Britain, $211,828,890; France, $139,094,272; Italy,
$79,595,569; Belgium, $16,822,078; Russia, $9,399,365, and
Czecho-Slovakia, $2,515,004.
BILL PASSED IN SWEDEN SUSPENDING GOLD
PAYMENTS IN PAPER CURRENCY.
Advices to the State Department at Washington, it was
announced yesterday, report that both houses of the Swedish
Parliament have passed a bill relieving the State Bank from
obligations to pay gold on Swedish paper currency. Regarding this measure "Financial America" yesterday said:
Bankers say, with reference to the report from Stockholm that the Riksdag had enacted a measure suspending gold payments upon currency presented at the National Bank of Sweden, that there continues considerable
unsettlement in most of the European countries and the developments in
Sweden mark the inevitable readjustment in that country's financial affairs.
In the first two years of the great war Sweden contributed to the financing
of Germany and sold a great deal of material to that country. As a result
of these operations there was a boom in Sweden and the Government, with
the view of preventing inflation at one time, debarred importations of gold.
In the third year of tho war it became evident that Germany was the
losing side and some unsettlement in Swedish business conditions followed.
A feature at one time was a great boom in Sweden in shipping securities.
In stating that gold has been going from Sweden to other
CONTINUED OFFERING OF BRITISH TREASURY
countries lately, the "Wall Street Journal" added:
Official British figures of total imports of gold bullion and coin during
BILLS.
The usual offering of ninety-day British Treasury bills January and February showed that out of £6,512.000 imported, £365,000
came from Sweden and £5,362,000 came from the Transvaal.
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%,the rate which has been in effect for some
SPAIN'S LOAN TO FRANCE.
weeks. The bills in this week's offering are dated March 15
In its issue of March113 the New York "Evening Post"
said:
CONTINUED OFFERING OF FRENCH TREASURY
This month, according to London advices, France begins repaying to
Spain, at the rate of 35,000,000 pesetas ($7,000,000) every four weeks, a
BILLS.
wartime loan Of 420,000,000 pesetas ($84,000,000). At the present rate
Another block of French Treasury bills was disposed of of Spanish exchange at Paris, payment of the whole sum will involve
by J. P. Morgan & Co. this week. They were again disposed nearly 1,000.000,000 francs, though nominally the franc and peseta have
of on a discount basis of 6%, the figure to which the rate the same value.
was advanced some time ago. The bills in this week's offer- BRAZIL TO ISSUE $75,000,000 SHORT
-TIME PAPER—
ing are dated March 19.
$25,000,000 CREDIT TO ITALY.
It was announced on March 18 in Rio Janeiro dispatches
HOUSE COMMITTEE TOLD OF TREASURY DEPART- that "the Brazilian Government is preparing a $75,000,000
MENT'S OPPOSITION TO COMPOUNDING INshort-time paper issue to relieve the money shortage, which
TEREST ON LOANS TO ALLIES.
is restricting business, particularly exports, according to
A statement to the effect that the Treasury Department reports current in financial circles." It was added that "the
opposes the compounding of interest on loans of the United issue, it is believed, also would be employed in handling a
States to the Allies was made yesterday (March 19) to the $25,000,000 food credit for Italy, as well as prospective
House Ways and Means Committee by Norman Davis, credits for other European countries. The extension of
in charge of foreign loans. According to Mr. Davis the credits of $25,000,000 to Italy by the Brazilian Government,
average interest on Government loans from which the ad- through the Bank of Brazil, was made known on the 16th,
vances wore made to the Allies is 4.26% and he is reported the credit, it was said, to be used in the purchase of Brazilian
as stating that under the plan which the Treasury Depart- products, including beef, cotton and sugar.
ment believes it has sufficient authority to follow, the return on foreign loans would approximate the same figure. PREMIER MILLERAND OF FRANCE APPEALS FOR
TIME TO PAY U. S. DEBTS.
The belief that the committee would approve the Treasury
Department plan is said to have been expressed by ChairIn appealing for time within which France might discharge
its obligations to the United States, Premier Millorand in an
man Fordnoy.
interview with a representative of the Associated Press on
BRITISH GOVERNMENT EXTENDS CREDITS TO PO- March 15 declared that it was not the intention of France
to request "cancellation of our debts" but only to "ask time
LAND FOR FLOUR SHIPMENTS FROM U. S.
It was announced on March 18 by the Department of to breathe and to recover our strength after four-and-a-half
Commerce at Washington that advices had been received years of exhausting war." He contended that if "France
from the American Legation at Warsaw reporting the ex- is obliged to meet her obligations abroad at the present rate
tension of credit of £300,000 to Poland to defray transporta- of exchange she would be forced to pay two and a half times
tion charges for flour for which credit was granted by the what she owes. We have," he said, "given our blood; we
Unitdd States. The cablegram received by the Depart- have given our money. To ask us now to give more than
1136
THE CHRONICLE
double our debt is an anomaly that cannot fail to strike the
most impartial judges." In its account of Premier Millerand's discussion of the relations between France the United
States and the conditions of international credit the Associated Press quotes him as follows:
France and the Unit_d States must continue the close friendship which
always has been maintained between the two countries. No fleeting misunderstandings must be allowed to trouble their relations. To that end
the sooner misconceptions are dissipated the better.
Without going into the purely political questions, it appears to me an
opportune time to recall now to our friend the United States that France
is not asking for charity. The greater part of the money France borrowed
abroad was spent in the common interest of all the civilized countries—a
fact which might form a basis of a claim for special consideration, but
such is not our intention.
We don't request cancellation of our debts. We only ask time to breathe
and to recover our strength after four and a half years of exhausting war.
Our propositions are those which any debtor would feel right in making in
the interest of both himself and his creditor.
• The Premier referred to the ruinous fluctuations in the rate of exchange,
which he held would be aggravated rather than palliated through measures
proposed to France by those not taking sufficient account of interior conditions.
If France is obligated to meet its obligations abroad at present rates of
exchange she would be forced to pay two and a Mil times what she owes,
continued the Premier. Thus, after spending for the common good 30,000,000,000 francs borrowed from her friends she would have to pay 75,000,000,000 francs as France's premium to these same friends. Of course,
that is not what they mean to require from us.
We have given our blood, we have given our money. To ask us now to
give more than double our debt is an anomaly that cannot fall to strike the
most impartial judges.
After mentioning the suggestion made by the United States that France
could raise the value of the franc by increasing exportations, Premier
Millerand said that the question appeared to be imperfectly understood
by the American people.
We ask nothing better than increased exports. We must first, however, manufacture, and we can't make the things for foreign trade until we
have factories in which to manufacture them. Do our American friends
, lose sight of the extent of the devastation of the richest part of our territory;
do they forget that we are still partly paralyzed, and that it will require
years to recuperate our wasted man power and restore the former flourishing manufacturing centres?
The war cost us 600.000 industrial workers,600,000 of our buildings were
destroyed, regions were entirely ruined which in 1913 gave us 94% of our
wool, 90% of our linen thread, 90% of our minerals, 33% of our pig iron
70% of our sugar and 53% of our coal.
The war wasted our railroads to an unimaginable extent. Thirty per
cent. of our merchant fleet was sunk, and wheat production was diminished
two-thirds,involving a deficit of 2,000,000,000 francs. These catastrophe I
changes were a blow to the very base of the economic and financial situation
of France."
The French Premier then took up the view of American financiers who
have urged France to ship her gold against an unfavorable trade balance.
He continued:
"If France were deprived of her gold it would bring on a financial crisis
coinciding with the period during which the effects of war would be unrepaired. It Would constitute perils of another order quite as great as those
we were under from 1914 to 1918.
"The reproaches of American financiers that France has been too slow in
imposing taxes sufficient to balance the budget are made without due consideration of the extent to which the paying power of the country has been
reduced, as shown by figures I have already given.
"Besides sapping our economic power, the German invasion reduced the
treasury resources 10%. Also while the United States mobilized about 17%
of her men of an age to serve, we sent to the colors 89% of all our mobilizable
men for an infinitely longer period.
"The paralysis of business as well as the prolonged absence of so many
taxpayers resulted in a diminution of 23% in the yield of *taxes in 1915,
as compared with 1913. In 1916, when it appeared no longer possible to
wait for the liberation of the invaded districts to increase the tax revenues,
new taxes were imposed and old ones increased, until during the present
Year the yield of those taxes in force will amount to 12,000,000,000 francs.
Further taxes now under discussion in the Chamber of Deputies will increase
our revenue to 20,000,000,000 francs, or four times greater than the prewar total.
"Could France.impoverished in man power, with her principal industries
wiped out, be asked to make greater or speedier effort?"
In conclusion the French Premier declared:
"France and the United States cannot afford to misunderstand each
other. Both countries must bear in mind that there are no dealings worth
while in which each does not find an advantage. France is determined to
rise from the ruins accumulated on her soil by the battle of nations. She
will be able to make the necessary fiscal effort, taking all the measures the
situation requires."
[VOL. no.
PROPOSED AMENDMENT TO WAR FINANCE
CORPORATION ACT EXTENDING $1,000,000,000
CREDITS TO GERMANY.
An amendment to the War Finance Corporation Act so as
to provide for advances of $1,000,000,000 to the German
Government for the purchase of food and raw materials is
proposed in a bill, introduced in the House of Representatives
at Washington on Mar. 16, by Representative Smith (Democrat), of New York. The advances in any one year would
be limited to $300,000,000. The bill proposes that "the
terms of payment of the said bonds, obligations and undertakings, the conditions of priority and the assets and revenue
of Germany, against which the said bonds, obligations or
undertakings shall be a charge, shall be fixed and established
by the Reparation Commission, appointed under and pursuant to said treaty subject to approval of the Corporation."
The following is the text of the bill:
Section 1. The War Finance Corporation Act is hereby amended by
adding to Title 1 thereof a new section to read as follows:
Section 22 (a). That the corporation shall be empowered and authorized
to pay to any person, firm, corporation or association engaged in business
in the United States the contract price of supplies of food and raw materials
hereafter purchased, or agreed to be purchased, by the German Government from any such person, firm, corporation or association, and to accept
in full payment of the moneys so advanced, the bonds, obligations, or other
evidence of indebtedness to be issued by Germany for payment of the
moneys so advanced, to bear interest at the rate of 6% per annum from
the date of such advance; provided,
That the said contract shall be approved by the corporation as to price,
quantity and subject matter; that the said contract shall be for such supplies
of food and raw materials as may be judged by the Governments of the
principal allied and associated Powers parties to the Treaty of Peace between the said Powers and Germany, to be essential to enaole Germany to
meet her obligation for reparation under the said treaty, and that the said
.t
bonds, obligations or undertakings by Germany shall be at fir. charge on
all the assets and revenue of the German Empire and its constituent States,
and shall be paid in priority to all other bonds, obligations and undertakings of Germany, except such as may be issued for the payment of the costs
and expenses of the armies of occupation subsequent to the armistice of
Nov. 11 1918.
(b) The total advances to be made by the corporation shall not exceed
$1,000,000,000, and shall not be in excess of $300,000,000 for any one year.
(c) The terms of payment of the said bonds, obligations and undertak
ings, the conditions of priority, and the assets and revenue of Germany,
against which the said bonds, obligations or undertakings shall be a charge,
shall be fixed and established by the Reparation Commission appointed
under and pursuant to said treaty, subject to approval of the corporation.
(d) Any such bona, ooligation or undertakings shall provide teat the payment thereof shall be a lien and charge against the property of Germany
or of any of her nationals in the custody of the Allen Property Custodian
after the payment of debts due to the nationals of the United States.
(e) There is hereby appropriated out of any money in the treasury not
otherwise appropriated the sum of $1,000.000,000 or so much thereof as
may be necessary, for the purpose of making payments by said corporation
as and when required under the provisions of this section.
Regarding his bill Representative Smith said:
The Treaty of Peace expressly contemplated that in the interest of tho
allied countries and to enable Germany to meet the demands of reparation,
Germany would have to be supplied with food and raw materials. Article
235 of the treaty, after providing for the payment of an amount approximately equivalent to $5,000,000,000 before May 211921, states as follows:
Out of this sum the expenses of the armies of occupation, subsequent to
the armistice of Nov. 111918, shall first be met, and such supplies of food
and raw materials as may be judged by the governments of the principal
allied and associated powers to be essential to enable Germany to meet her
obligations for reparation, may also, with the approval of the said governments, be paid out of the above sum."
Article 251 of the treaty provides that the payment for such supplies of
food and raw material for Germany as may be judged to bo essential to
enable Germany to meet her obligation in respect of reparation shall have
priority to the extent and upon the conditions which have been or may be
determined by the governments of the said powers.
In view of the express purpose for which food supplies and raw material
may be furnished to Germany, that is, to enable her to meet her treaty obligations, the payment of the contract price of such articles purchased in the
United States or the repayment to tho United States of any advances made,
should be a lien on the resources of Germany prior to the payment of reparations except the expenses of the armies of occupation. Since France and
England are the main recipients of the reparation due from Germany, it is
probable that they will be asked to guarantee the payment of the supplies
furnished to Germany. Another method by whist, paymen may be secured
prois to allocate to the United States a specific portion of raw materials
ducea in Germany and required for our manufactures.
FRENCH COMMITTEE TO CURB NATIONAL
Substantially, the bill is an extension of credit by the United States to
Germany. But this credit is extended only in connection with particular
EXPENDITURE.
commercial transactions. It is not a general credit which can he availed
The formation of a Committee on Economies, to be a part of by Germany as it sees fit. The War Finance Corporation is given control
to be purchased.
of the Finance Ministry, is announced in a cablegram from over the amount and kind of merchandise of merchandise excessive amount
the export to Germany of an
Paris, Mar. 18 (French Wireless Service), which states that This will enable it to prevent
of food supplies, thereby producing a shortage in this country, with a subsethe committee has been created for the purpose of curtailing quent increase in price. Germany is in vital and immediate need of cotton,
wheat, condensed milk, cattle feed, packing-house products, milch cows,
the national expenditure. It is also said:
horses, cattle and minerals. She needs $1,000,000,000 worth of chem. It
The committee has been instructed to conduct investigations and recomis, on the other hand, vital to the United States to maintain an export
mend measures for a reduction in the outlay of public money.
articles. Unless the farmer and producer is assured of an
the committee was formed gives it wide powers market for these
The decree under which
with tjhe
outlet for surplus, production in his country is bound to decrease
investigating the different governmental departments.
in
export
result that prices will be further enhanced. The truth is that the
The Attorney General of the army will head the committee, assisted by
past three months.
business of the United States had diminished 70% in the
an official from the Ministry of the Liberated Regions.
it is strongly felt that unless some measure
In business and financial &cies
is adopted whereby the United States can trade with Germany, our export
fall in English and French
CREDITORS TO SEEK RECOVERY OF PRE-WAR trade will soon become stagnant. In view of the take as
FRENCH
much raw material
exchange, both of these countries would naturally
DEBTS FROM HUNGARIANS AND AUSTRIANS.
and from Germany. On the other hand,
as possible from the colonies
Paris cablegrams of Mar. 13 state that French creditors if they are permitted to finance Germany,as contemplated by the Economic
be practically excluded from the German
Council, the United
are authorized to recover pre-war debts due them by Hun- trade. The measure States will in Congress is with the purpose of anticiintroduced
garian and Austrian subjects, according to an official an- pating the greatest depression in our export trade, with the consequent
nouncement. Money due Hungarians and Austrians, how- disturbance of industries and lack of employment that will ensue unless
the threatened condition is promptly met.
the time being.
ever, it is said, will remain sequestered for
MAR. 20 1020.]
THE CHRONICLE
GERMAN TRUST COMPANY FOR FINANCING
PURCHASE OF RAW MATERIAL.
A paraphrase of a cablegram from Berlin under date of
March 8 was published as follows in "Commerce Reports"
on March 15:
&
I The following bankers, M. Warburg & Co., Hamburg; Mendelssohn
Co., Berlin; Berenberg. Gossler & Co., Hamburg; Conrad Hinrichs Donner,
Hamburg; Munich, Meyer & Co., Hamburg; Schroder, Gebruder & Co..
SalopHamburg; Vorwerk, Gebruder & Co.. Hamburg; A. Leby, Cologne;
at
penheim Junior Compagnio, Cologne, have organized a trust company
ellHamburg along lines of the Deutsche Industrie Treuhand Aktien-Ges
is to
Schen, generally referred to as Ditag. The object of this company
particularly
secure credits for German firms for the purchase of merchandise,
on will act
raw material for re-export as manufactured goods; the corporati
0
as a trustee for these firms. The corporation's nominal capital is 10,000.00
corporation
marks. Connection has been established between this new
t companies.
and several very important American banking and investmen
Europe can expect little or nothing from private American
capital." This statement by Mr. Kahn of Kuhn, Loeb &
Co. was made in Paris on March 17, when in reply to a
question as to why America could not or would not come to
the financial aid of Europe he stated that this country is
burdened "with a war debt of over 850,000,000,000" and
"has a railway crisis which will need a largeesum than France
paid as indemnity after 1871 to settle." Mr. Kahn's views
were expressed to Stephane Lauzanne, editor of the "Matin'
and hiestatement is contained in a special cable to the New
York "Times," which gives Mr. Kahn's remarks as folows:
"Commerce Reports" adds the following note:
n of
On Feb. 17 1920, "Commerce Reports" published a full descriptio
referred
the Deutsche Industrie Treuhand Aktien Gesellschaft, generally
knitting industry,
to as "Ditag." The Ditag is backed by the German
manuembracing 16,000 mills and handicraft organizations. The German
of dollars
facturer. according to the plan, agrees to obligate himself in terms
e
for the credit on goods, by depositing with the Ditag certain socurities
rer must. a
In addition to his corporate security, the German manufactu
banking security. The yarns and manufac
far as possible, give the usual
property of
tured goods made of raw material imported will continue the
until an
the foreign financiers as represented in Germany by the Ditag
export draft in gold value has been extended.1
THE PROPOSED INTER-ALLIED LOAN TO GERMANY.
Sir Auckland Geddes, whose appointment as British Ambassador to the United States was referred to in our issue
of Saturday last, page 1048, in a speech in London March 2
is said to have disclosed the fact that the Allies were approving an international loan to Germany, the proceeds to be
used in stabilizing the economic situation in Germany, and
redemption of the loan to be placed ahead of Germany's
war indemnity. Whether the uprising against the Ebert
Government will have the effect of changing these plans
remains to be seen.
Advices to the effect that the policy of the Supreme
Council of the Peace Conference had undergone a change
and that it was regarded as probable that it would sanction
an international loan to Germany, came in cabled dispatches
to the daily papers from London on March 2. The question
of security, it was said, is a basic one, and some of the
other information contained in the cablegrams stated:
1137
e has come to
In high diplomatic circles it is asserted that the conferenc
and a dangerous
recognize that Germany ruined would mean a weak spot,
spot, in Europe.
are credited with
Great Britain, and personally Premier Lloyd George,
The French
being the chief forces in bringing about this new policy.
toward this point of view reluctantly
peace delegation is described Its moving
unbending
although it is moving. It is asserted that the French are less
than when M. Clemenceau was Premier.
the Council
How to set Germany on her feet is one of the largest questions
is now considering. •
will offer inducements
It is expected that a plan will be arranged which
to a loan. Even England,
to the rich smaller neutral countries to subscribe
officially or unofficially,
her representatives believe, will contribute,
sorts arising from the
although England's financial commitments of various
One of the conferees exwar are greater than those of any other nation.
in America might
pressed the opinion to-day that German sympathizers
come forward with subscriptions.
Germany's war indemnities at a specific
The question of finally fixing
that the German
sum is also being discussed. The belief is expressed
more efficiently if the
Government can organize its finances and industries
s and what they are
German people know exactly what are their obligation
by the Treaty to the
to be called upon to pay. This question was one left
the conference
Reparation Commission, but the present idea seems to be that
will take it out of the hands of the Commission.
The reasons are so apparent that I am surprised to have to explain them.
I might tell you that America has herself a war debt of over $50,000,000,000;
that she has a railway crisis which will need a larger sum than France paid
as indemnity after 1871 to settle; that America has no savings, no well
popufilled stocking, and that in 1914 there were only 400,000 out of a total
is secondary
lation of 110,000,000 who were bondholders. But all that
and open to discussion.
origin
What is, on the outer hand, indisputable and luminous, and is the
political
of the whole matter, is that the United States by its financial and
affairs and in
constitution is actually incapable of helping in the industrial
of
the national and international loans of Europe. It is not a question
sentiment; it is a question of arithmetic.
on capital is the inIn the United States the principal tax which weighs
. But this tercome tax, which reaches 76% of the income of taxpayers
considerably lightened by the constitutional
rible and exorbitant tax
bonds and
arrangement which stipulates that all municipal bonds, Federal
that would
farm loan bonds are exempt from ail taxation except a succession
exempt from inbring In only 3%. I prefer to buy Now York city bonds.
come tax, which beng me in 5% clear.
incomes which
The argument if: Irrefutable. I have drawn up a scale of
and have avermight interest American capitalists when they are taxable
any foreign inaged at these figures: If the American millionaire is to buy
t in Amer-vestment it must bring in at least 18%. If it does not, investmen
lean municipal loans at 43i% is more profitable.
The interviewer replied to this statement:
subscribed $15,000,,
"But during the war 20,00J,00C American citizens
from the income
000,000 in Liberty bonds which were only partially exempt
tax."
20,000,000 Americans were
•"Quite right," replied Mr. Kahn,"but those
patriotic action. The
not making an investment. They were doing a
came these very bonds
example yoa cite is a bad one because since peace
are not encouraged by
have fallen in price considerably, and their holders
that fact to invest in any others."
The interviewer again put forward an objection.
other loans have been
"Both during and since the war," he said, "several
them nave bad considlaunched on the American market, and some of
than the mice of omission."
erable success. Their present price is higher
were short-term loans
"Quite right again," said Mr. Kahn, "but they
of 50%. That was
which at the rate of exchange benefitted to the extent
not investment; it was speculation.
United States has its
"This is the truth of the situation: As long as the
be to change the Constitupresent income tax law, and to change it would
private American capital.
tion, Europe can expect little or nothing from
one reservoir from which
And I will add that there is in America only
is the reservoir of private
Europe can draw to relieve her distress. That
in the United States, this
fortunes. On account of the financial structure
reeervior is and will remain closed to Europe."
left on
Mr. Kahn. as noted in these columns at the time,
trip to:Europe during which he will visit Great
March 2 for a
Britain, France, Belgium and Italy.
MAGOLD SHIPMENTS TO ARGENTINA AND ITS
TURING LOANS.
ng to
This week's gold shipments to Argentina, amounti
,000, and conferences which have been held
over $10,000
g in May
in this city regarding the Argentina loan maturin
With
have been incidents in the financial developments.
to Argentina this week, altogether, it is
the gold shipped
stated the shipments of the metal to that country have
reached close to $60,000,000 since the first of the year.
r of FiThe return to Argentina of that country's Ministe
ces which he
York "Times" from nance, Dr. Domingo Salaberry, after conferen
A copyright cablegram to the New
bankers (generally known as the South AmerParis, March 4, reported a message to the "Echo de Paris" had with local
occurred
ican group), in the offices of J. P. Morgan & Co.
from "Pertinex" as saying:
y, as we announced in our issue
Germany has been acquiesced in by all the on March 17. Dr. Salaberr
The principle of a loan to
but the payment of indemnities of Feb. 14, page 610,came to the United States to participate
powers represented on the Supreme Council;
to Germany Is reon the same plane, but the extension of credits
Financial Conference in January, the
stands
in order to make reparation in the Pan-American
garded as a means to an end. In other words,
being generally supposed
money. Only in that sense can the pro- main object of his visit, is was said,
Germany must be helped to make
interest of Argentine's requirements for the sum
to take precedence over indemnity payments...L.
to be in the
posed loan be said
ion of short
of $300,000,000, to be applied to the liquidat P. Morgan
date loans. In his conferences at the offices of J.
GERMANY'S ALTERNATIVE PLAN FOR
rs
INTER-ALLIED LOAN.
& Co., Dr. Salaberry is said to have informed the financie
g that his Government would like to renew half or all of its
The New York "Sun" of March 10 printed the followin
that
$60,000,000 loan, which matures on May 15 next, but
from Berlin:
without a
German financial press as an Argentina would be willing to pay off the loan
A proposition which is advocated In the
that leading groups of inalternative scheme to an allied loan, Provides
ng operation if the bankers so recommended. The
of the Retells- refundi
authority for
dustry, agriculture, banking and trade, with the assistance
New York "Tribune" of March 17, which is
aft—this
bank, form a credit union—the Allgemeine Credit Gemeinsch
to 8% bonds for a long this, also says:
-6%
credit union to raise credits by fixed interest
is hoped,
term, guaranteed by the industries concerned. The bonds, it
for industries thereby
might be taken up by American banks and capital
secured.
OTTO H. KAHN ON CONDITIONS PREVENTING U. S.
FINANCIAL AID TO EUROPE.
is contended by Otto H. Kahn that "as long as the
It
United States has its present income tax law . .
a decision had yet been
Although leading members of the group denied
that the loan would be
reached, it was reported in the financial district
United States and Argentina
paid off. The balance of trade between the
gold has been shipped to
has been In favor of the latter. and 356,000,000 in
York since the first of the year.
the South American country from New
of Argentina still has a
Moreover, it is understood that the Government
of New York, which has
large credit balance at the Federal Reserve Bank
these facts, bankers realize
been estimated to be S70,000,000. In view of
loan, which consists of $25.that Argentina could easily pay off the entire
1138
THE CHRONICLE
000,000 and 5,000,000 pounds sterling of bonds, which were issued in 1915.
Practically all of the bonds are now held in this country.
Despite Argendna's favorable credit balance, the country has a large
floating indebtedness at home which was incurred during the war, and thus
far has not felt able to float an internal loan. if the dollar and sterling
loan could be renewed, instead of paid off, the funds thus held back could
be employed, it is pointed out, to reduce the indebtedness at home. It is
said that the Argentine Finance Minister at his conference with the South
American group on Monday declared that if the May 15 maturity were
paid off it would be necessary to float an internal loan, and that legislation
which would make sucn an operation possible would soon be passed. Some
bankers, however, said that wealthy citizens of Argentina were as a group
unsympathetic toward the present Government, which is considered somewhat radical, and, therefore, were not anxious to buy its bonds. During
the war, the Argentine Government financed itself mainly through loans
from the banks.
As a result of the conference with Dr. Salaberry, it became known that
the power of decision as to what would be done with the coming maturity
was seated in New York, and not in Buenos Aires.
CRITICISM OF CANADA'S EMBARGO ON TRADING
IN OUTSIDE SECURITIES.
That public opinion is by no means unanimous as to the
wisdom of the action of the Canadian Government in prohibiting trading in securities from outside of • Canada, is
evident from the discussion of the matter in the Canadian
papers. Here, for instance, is a letter that appeared in
The Kingston (Can.) "Standard" on March 12 from a
correspondent who signs himself "British Fair Play":
[VOL, iio
Greece—Canada advanced up to $25,000,000 for purchases in Canada
these carry interest at 5;i% and debentures will be duo on June 30 1920.
Belgium—Canada agreed to advance $25,000,000 at 5j4%, tho necessary debentures for which have been deposited in London to the order of
the Finance Minister.
Rumania-425.000,000 was advanced for purchases in Canada. The
total advances, including contracts entered into and still unpaid, amount
to $22,542,223.76. The Rumanian minister in London has deposited a
bond for $25,000,000 to cover the advance.
N. Y. SENATE PASSES BILL PERMITTING SAVINGS
BANKS TO ACCEPT DEPOSITS UP TO $5,000. .
The New York Senate passed on Mar. 16 the bill of
Senator N. M. Marshall, permitting savings banks to accept
deposits up to $5,000 instead of $3,000 as at present.
PROPOSED NEW BUILDING OF FEDERAL RESERVE
BANK OF ST. LOUIS.
The Federal Reserve Bank of St. Louis plans to erect on
Locust Street between Broadway and Fourth Street, a new
building at a cost of $2,000,000. Negotiations were concluded a month or so ago for the purchase of the ten-story
Commonwealth Trust Company Building at Broadway and
Locust Street and the four-story Pope building adjoining
on Locust Street. The purchase price of the Commonwealth Trust Building is $450,000 and the Pope Building
$60,000. The building and ground of the St. Louis Trust
Co., and an addition to the north had previously been acquired by the Federal Reserve Bank for $540,000. The
erection of the Federal Reserve Bank Building on the site
was conditional upon the alley running into Locust Street
being vacated. This the city has assented to. The new
building will have it frontage of the entire block on Locust
Street, which is 269 feet, a frontage of 65 feet on Broadway,
and 145 feet on Fourth Street. This land totals about
22,500 square feet. Plans for the new building have not
yet been completed.
The Editor, "The Standgrd"
Str:—There is one phase of the decision to prohibit trading In securities
from outside of Canada, that does not seem to have received the consideration and attention which It deserves, this, namely, the ultimate
effect upon Canada and Canadian securities. The immediate effect is
known, to wit, that it will stabilize prices and help, for the time being, to
relieve the adverse exchange situation.
But looking ahead, where In the end may the country be landed
such a policy? Take the English investor, for instance. Tie bought
securities in good faith and in the belief—as he had a perfect right to
believe—that if the time ever came when he should desire to sell these
securities he would find a ready and an open market for them, enabling
him to convert his securities into cash whenever he felt so disposed. Without the belief that such a market would be available to him, he probably
would not have invested his money; for one of the principal attractions
of a standard investment is ihat there is always a ready sale for it—always
an open market, 80 that in the event of the investor being at any time in DIRECTORS OF OKLAHOMA
BRANCH OF FEDERAL
urgent need of funds he could readily realize on his investment and by
RESERVE BANK OF KANSAS CITY.
using the cash thus obtained perhaps save himself from serious loss in
other directions.
The proposed Oklahoma branch of the Federal Reserve
For Canada now to say to this innocent British investor whose money
she was glad to get and who is now in possession of the security she was Bank of Kansas City plans to begin business on Apr. 1. An
equally glad to sell—for Canada now to say to him that he may not convert item respecting the establishment of the new branch aphis security into cash, may not by an honest, open, legitimate sale of his peared in our issue of Jan. 31, page 425.
As to the directors
stock or bonds get back his own money—is, it would certainly seem, a
gross breach of faith if not of implied contract, and one which in the end of the same, the Federal Reserve Bulletin for February says:
Announcement was made on Jan. 29 1920, of the appointment of the
will hurt the country immeasurably in the investment world. It is not,
to be sure, a repudiation of our obligations, but it is at least a temporary following directors of the Oklahoma City branch of the Federal Reserve
evasion of them; and if in the days to come when the present difficulty Is Bank of Kansas City: Mr. William Mee, Mr. IC. K. Thurmond, Mr. L. H.
over—as over it will be in time unless Canada becomes more foolish and Barham Mr. Dorset Carter, Mr. P. C. Dings.
The first two gentlemen have been appointed by the Federal Reserve
more panic-stricken—the Dominion shall seek again for money In Great
Britain, there need be no surprise if the present action be recalled.and Board, while the last three are the appointees of the Federal Reserve Bank
of Kansas City. Mr. William Mee is President of the Security National
Canada Is promptly told -neverjagain."
I at least, and probably many others who have studied the matter, do Bank of Oklahoma City. and Mr. E. K. Thurmond,also of Oklahoma City.
not believe that this restrictive order is a necessary one; but, necessary or Is prominently connected with banking interests in the State of Oklahoma.
unnecessary, it is a most unfortunate one. It will not help Canada in the Mr. L. H. Earhart. formerly Assistant Cashier of the Federal Reserve
days to come, and such temporary advantage as is gained now may be Bank of Kansas City, has been appointed Manager of the branch. Mr.
more than offset by ultimate loss. As things are now,the British investors' Dorset Carter is an Attorney and President of the(Mine Oil 0o.. and Mr.
"security" is now but a "scrap of paper," which because of its present non- P. C. Dings is President of the Guaranty State Bank of Ardmore, Okla.
saleability is probably not even good collateral. A nice position, surely,
for him—and for Canada.
As for "stabilizing" prices of securities it is an arbitrary and artificial STATE INSTITUTIONS ADMITTED TO FEDERAL
device that should be resorted to only when all other plans fail. It creates
RESERVE SYSTEM.
an unnatural and unhealthy situation and in the end may work more harm
The Federal Reserve Board at Washington makes publie
than good. Great Britain undertook to "stabilize" exchange for the first
several years of the war by "pegging" it, and buying up such excess offerings the following list of institutions which were admitted to the
as could not be absorbed in the natural market. What happened when the
Federal Reserve system in the week ending Mar. 12 1920:
"Peg" was removed is well known. The natural market restored—as it
District No. 2—
Capital. Surplus. Tsiol Resources.
has to be sooner or later—and artificial restrictions removed, the bottom
dropped out of exchange, and as a consequence individuals as well as the City Trust Company of Newark,
Newark, N. J.
$200.000 $100,0011
nation are the sufferers to-day, and there is exchange demoralization the
Vl.709,188
District No.4—
world over. Perhaps the game thing would have happened no matter what
Great Britain had done--"peg" or no "peg"—but there are some who doubt The Antwerp Exchange Bank Co.,
Antwerp, Ohio
this. In any event. Canada is apparently repeating only on a smaller scale
26,000
MOO
409,860
District No. 5—
what England tried to do with exchange, since she is now trying to "stabilize" her Victory Bond prices. The plan may succeed. It is to be hoped The Bank of Morehead City, Morehead City, N. C
45,025
that it will, but the experience in somewhat similar directions of other
1154,006
District No.9—
countries has been that in the end it would have been better to let the
stabilization come through the open sale of such securities in a free and Security Savings Bank, Jamestown,
N. D.
50,000
open market. The high interest rates which the lower prices of the securi61,000
District No. 12—
ties would yield would, through the greater demand for the securities,
Bank of Fountain Green, Fountain
automatically and naturally relieve the situation; and since in any event the
Green, Utah
25,000
investor is receiving his interest the temporary fall in the price would not
10,000
301,265
affect or injure him.
Conversion:
Tradesmens State Bank, Oklahoma City, Oklahoma, Into Tradosmons
Yours truly.
BRITISH FAIR PLAY, National Bank.
$154,000,000 OF TEMPORARY LIBERTY LOAN BONDS
CANADA'S CREDITS TO ALLIES.
EXCHANGED FOR PERMANENT BONDS IN
Regarding Canada's credits to the Allies the Montreal
NEW YORK RESERVE DISTRICT.
"Gazette" of March 11 in a Canadian press dispatch from
According to an announcement issued by the Federal
Ottawa said:
Reserve Bank of New York on March 15 exchanges of
Italy—Total advance, $6,003,301.20. Interest is payable half yearly
at 5% in Canadian dollars. The principal must be repaid by Dec. 31 1923. $154,000,000 of Third Liberty Loan temporary bonds for
France—Under agreement of May 15 1919 the Dominion agreed to ad- permanent bonds have already been effected. Over one
vance up to $25,000,000 for purchases in Canada of Canadian products billion of these bonds, it is estimated, are held
in this district,
during the period ended Dec. 31 1919. The total advances, including
contracts entered into and still unpaid, amount to $5,519,047.60. The says the statement of the Reserve Bank, which we quote
herewith:
bills carry interest at 53
,
6%, and are repayable Dec. 31 1924.
MAR. 20 1920.1
THE CHRONICLE
ry bonds for permanent bonds
Exchanges of Third Liberty Loan tempora
bonds may present them for exare now being made. Holders of these
in denominations of $50 or $100.
change at any bank or trust company or, if
Street.
at the Liberty Loan Association at 19 West 11th
made more speedily and with greater
Exchanges may, in this manner, he
by presenting them direct to the Federal
facility for bondholders than
make; the exchanges prinReserve Bank, which as the central institution
cipally in large volume for the banks.
of these Liberty Loan bonds
It is estimated that over one billion dollars
ly more than throe million
are held in this district. There wore original
y it was learned at the
subscribers, and at the close of business yesterda
ng to $151,000,009 had
Federal Reserve Bank that exchanges, amounti
thus far been effected.
and Second Loans, of
The exchanging of temporary bonds of the First
after April 1.
both the 4% and 4 % issues, will not begin until
1139
the surtax
come so assigned to any one year be subjected to
authrates prescribed by law for that year; an amendment
the Commissioner of Internal Revenue, with the
orizing
ary of
consent of the taxpayer and the approval of the Secret
settlement of
the Treasury to Inake a final determination and
for fraud;
any tax claim which shall not be set aside except t interment which would preven
the adoption of an amend
being retpretative regulations or Treasury decisions from
ary Houston's letter follows in part:
roactive. Secret
n dealing with this cubSimplification of the income and profits taxes—i
, its most vital aspect—
ject I may go at once to what is, in many respects
has not yet awakened to the
is the question of early action. Public opinion
to follow a failure to simplify
gravity of the consequences which are likely
the necessary amendments be
the tax law at this legislative session. Unless
understand until the aunow they will he delayed,in all probability, I
TREASURY HOUSTON RECOMMENDS passedor winter of the year 1921, with the result—unless they are to disrupt
SECRETARY OF
tumn
necessary calculation of the
OF INCOME AND PROFIT TAXES.
the
REVISION
the administrative procedure and confuse
tax taxpayer by being made retroactive—that income and profits taxes must
The simplification of the income and excess profits
the
d on the basis of the present law the close of
unin- continue to be collecte
taxpayers on the so-called
and the equalization of the tax upon corporate and
calendar year 1922, and in the case of some
ary of the Treasury fiscal year basis until the early months of the calendar year 1923. I cannot
corporated business is urged by Secret
Repre- contemplate such delay without the gravest apprehension.
Houston in a communication addressed this week to
future even more adversely
An imperfect and uncertain tax affects the
House Ways and Means Comunwise to make a
sentative Fordney of the
and for similar reasons it is costly and
letter that "public than the present, tion of the tax law retroactive or even to delay its
mittee. Secretary Houston states in his
beneficient modifica
It
conse- adoption and announcement until the time at which it is to take effect. and
opinion has not yet awakened to the gravity of the
in my opinion, to reduce now the income
follow a failure to simplify the would be manifestly unsafe,in the Calendar years 1920 and 1921, but I can
quences which are likely to
profits taxes to be collected
says, see nothing in the financial prospects for the calendar year 1922 and theretax law at this legislative session." It would, he
the after which would make impossible or unwise the very modest reduction
"be manifestly unsafe in my opinion to reduce now
hereinafter presented. and it should
collected in the calendar involved in the plan of simplification itself is one of the most powerful
income and profits taxes to be
the tax system
never
financial casualbe forgotten that public expenditures. A tax system yielding or
factors affecting
years 1920 and 1921, but I can see nothing in the
over expenditures, is
ter which likely to yield in the future, a surplus of revenue announced resolution an
to
prospects for the calendar year 1922 and thereaf
gance, whereas
to
very modest reduction open invitation thepublic extrava called them forth recedes into the past,
occasion which
would make impossible or unwise the
as
ed." reduce taxesmost potent moans of ensuring economy in public expenditures.
involved in the plan of simplification hereinafter propos
is one of the
as
e, consumers as well as producers, indirect as well
Secretary Houston proposes that a flat tax on profits in The people, therefor fairly ask to be told now, the earliest future date at
taxpayers, may
be substituted for the present direct the most obsolete features of the tax law are to be repaid.
excess of distributed earnings
be which
fundamental canon of taxation
Complexity In tax laws violate the most
graduated rates of 20 and 40%. It would, he says,
definite. It is not merely a source
be certain
declining rate, say of 25% for the first that the liability shall expense to and tax payer, but when conjoined, as t
possible to adopt a
the
of irritation, labor and
has
year in which the suggested amendment is in operation, 20% is in the present law, withthe heavy rates of Laxattion which war exigency but
is menace, threatening enterprise with heavy
for the second year and 15% thereafter. It is, he adds, forced upon ua, it becomesons,generating a cloud of old claims and potential
future obligati
"only necessary that the rate should be fixed at one figure indefinablewhich fill the taxpayer with dread, creating to be sure an attracback-taxes
for a particular year." A reduction (by one-fourth) in tive source of additional revenue, but clogging the administrative machine. y
is and threatening indeed its breakdown.
surtaxes attributable to that part of net income which
nt of tax claims and asseasmonts-1
1. Final determination and settleme
is also recommended by Secretary
measures of
saved and re-invested
as the most urgent anti important of the
an amendment, could, recommend therefore could advantageously be put into effect at once, an
Houston. The revenue lost by such
cation which
simplifi
ioner of Internal Revenue, with the
he says, "be made up by increasing the normal tax or that amendment authorizing tho Commiss
approval of the Secretary of the Treasattributable to income spent for consent of the taxpayer and the
ds as the Congress may prefer), to
portion of the surtaxes
ury (or under such other public safeguar
or assessment,
purposes of consumption." According to Mr. Houston's make a final determination and settlement of any tax claim modified or set,
Government or
losses to the Government as a result of the Supreme which shall not thereafter be reopened by the United States, except upon a
letter the
court of the
aside by any officer, employee or
Court decision in which stock dividends are held non-taxable showing of fraud, malfeasance, or misrepresentation of fact materially affected
are estimated at $105,000,000, but the net loss it is expect
ing the determination thus made.
importance. A.; present the taxpayer
This recommendation is of major
by
will be only $25,000,000, since much of the original loss
through. Every time an old ruling is changed
sale of stocks and subsequent never knows when he isof the Attorney General or reconsideration by the
would be regained through the
court decision, opinion
the now ruling to past
to apply
taxes on them.
department, the department feels bound
and settlenecessity of constantly corrected old returns
The aggregate loss for the two years 1918 and 1919 under transactions. Theing to the department as it is obnoxious to the taxpayer.
would probably, ments is as distress
y decisions not to be retroactive
exemption to personal service corporations
2. Interpretive regulations or Treasur
and for reasons
he says, be between $10,000,000 and $12,000,000, involving --as a desirable concomitant of the preceding suggestion adoption of an
end the
on,
he says the need for legislation to stated in explaining that suggestithat1 recomm a regulation or Treasury
2,500 corporations, and
in case of
amendment providing In substance
meet this situation arises "not so much from the possible decision made by the Commissioner or the Secretary or by the Commissioner
the subsequent issue of a
y is reversed
loss of revenue as from the obvious undersirability of per- with the approval of the Secretarsuch reversal bynot immediately caused by
is
and
their stockholders to escape similar regulation or decision,the Attorney General or a decision of a court
mitting 2,500 corporations 'and
or based upon an opinion of
both the taxes upon- the corporations and those imposed of competent jurisdiction, such new regulation or decision may be made
approval.
upon individuals. Fortunately," he says "it is possible to effective from the date ofon time for bringing suit for collection of taxes—
3. Five-year limitation
place personal service corporations and their stockholders Section 250 of the Revenue Act of 1910 now provides, in sub-division (di
after
be
in nearly the same position that they now occupy—in a that no suit or proceedings for the collection of any tax shallwasbegun was
due or
tent with the spirit and letter of the the expiration of five years after the date when the return intent to evade
manner wholly consis
nt returns with
except In the case of false or fraudule
ruling of the Supreme Court—by applying to such corpora- made, This sub-division nits been hald to apply only to taxes due under
the Lax.
extended to
tions on and after January 1 1918 the tax on undistributed the revenue act of 1918. I recommend that this time limit be of Congress.
prior acts
for all corporations on and after all income and profits taxes duo either under presentor
profits recommended above
exemption. The exemptions from
4. Simplification of Liberty bond
highly
Jan. 1 1921. This tax would, of course, be in lieu of the war income surtaxes authorized by the several Liberty Bond Acts are of the
most intricate schedule
perhaps
profits and excess profits tax which because of its dependence complex and responsible for taxpayerthe required to fill out. My preis
individual
upon 'invested capital' cannot intelligently be applied to return which the has recommended a consolidation of these exemptions,
decessor in office
personal service corporations in which, by definition, 'capital which, while not breaking faith with the holders of Liberty bonds, would
hen the market standing
(whether invested or borrowed) is not a material income simplify their tax returns, and operate to strengt
reducing the public
also that the law should be of such bonds without in any appreciable amount detailed provisions
producing factor.' It is plain
recommendation, the
revenue. I heartily endorse this
so amended as to tax dividends received by the stockholders of which may be found on pages 99 and 100 of the annual report of the
of personal service corporations in the same manner as other Secretary of the Treasury for 1019. and gains from sales or dealings in
5. Compensation for personal service
dividends are taxed."
real hardships when income earned
property. The heavy surtaxes cause
further recommendations Secretary Houston pro- over a period of years is realized or received in one year and taxed as a lump
In his
therefore, that such extraordinary in
poses the extension to all income and profit tax laws of the sum in that year. I recommend,
gross income for that
on the come, when it constitutes a material part of the
five-year limitation contained only in the 1918 law
been received ratably during the years
year, be deemed to have accrued or
of
y hold,
time for bringing suit for collection of taxes; simplification in which the service was rendered or the propertyear beand the amount
subjected to the
to any
so
of the varying exemptions on the Liberty bond issues so the extraordinary income lawassigned year.
for that
rates prescribed by
the simplification and fundamental
as to strengthen the market standing of those securities; surtax
7. Excess profits tax provision for
possible future
y income as compensation from personal modification or repeal of the excess profits tax it the earliestthis conclusion
that extraordinar
now. In explaining
opinion, be
service and gains from sales or dealings in property for a date, should in my enter into a made on of controversial details. Two
discussi
sary to
t is
or
period of years be deemed to have accrued or been received factsunneces me as indisputable and conclusive: First, the application ina
impress
proved
in which the service was rendered calculation of the excess profits tax is so complex that it has and assessratably during the years
administrative work of auditing
or the property held, and the amount/of/extraordinary in- Possible to keep up to date the
1140
THE CHRONICLE
woL. 110.
meat. New returns are being made faster than old returns can be audited, ing taxable income and at
the same time to limit the total amount of such
resulting in an accumulation of claims and potential back taxes the dangers reduced surtaxes to the same percentage
(e. g. 20%) of the reinvested inof which have already been described. Second, the profits tax is confined come as the rate imposed upon the
undistributed profits of corporations,
to a small faction (In number) of the business concerns of the country. The maximum tax upon such
saved income would thus be approximatel
Personal-service corporations, partnerships, sole proprietors and most the same, whether
reinvested by the individual, the partnersnip or the
forms of trust organization are exempt from the tax. If tbe principle is corporation, and whether
reinvested personally by the stockholder: of a corsound, it should be extended to all forms of business organizations—a pro- poration or by such corporation for
its stockholders. If at any later date,
posalwhich administrative considerations alone stamp as impracticable either the profits of a corporation which had
paid the undistributed profits tax
in the present or any future period near enough to be worth consideration, came to be distributed a credit equal
to the tax already paid by the corporaThe general course or principle which simplification of this part of the tion could. if It were thought wise, be easily granted to the stockholders.
tax law should follow, Is I believe reasonably clear. The outstanding
The revenue lost by such an amendment could, if necessary, be made up
feature of the present system of income taxation in its most important by increasing the normal tax or that portion of the surtaxes attributable
application to business income, is the fact that we employ for this purpose to income spent for purposes ofconsumption. But the time is fast approachtwo systems of taxation which are incommensurate and irreconcilable. ing when the adoption of such an amendment would cause little real reCorporations pay the profits tax and normal income tax while their stock- duction of the revenue. We cannot long continue to collect surtaxes rising
holders pay surtaxes on dividends or distributed profits, but nothing in to 65% upon Income from ordinary business and investment while exempt
respect of the undistributed corporate profits. On the other hand, sole interest at a remunerative rate can easily be secured from tax free bonds.
proprietors and the members of partnerships pay full Income tax, normal We must take something less than 65%. or in the end take nothing. On
tax and surtaxes, upon the entire profits of their business whether ais- the other hand, no reduction is urged in respect to income spent for untributed or not, but are exempt from the profits tax The profit tax on cor- necessary or ostentatious consumption; income saved and invested in
porations Is evidently meant to be a rough equivalent for the surtaxes levied property or business yielding a taxable income should be taxed at a lower
upon the reinvested or undistributed profits of other forms of business. But rate; income spent for consumption or investea in tax exempt securities
no true equivalent is reached. In 1918 the members of a well known part- should pay at established rates, both the normal tax and
surtaxes. To the
nership paid nearly $1,125,000 more taxes than they would have paid had extent that it fails on savings the income tax should be reduced to
the extent
their business been organized as a corporation. And the contrary is quite that it is a tax on waste it should be maintained or even increased.
as frequently true.
Under the revenue act of 1918 peisonal service corporations are treated
There should be one system and not two systems of income taxation ap- substantially as partnerships, I. e. the corporation as such is exempt from inplicable to persons engaged in business. Substantial uniformity of treat- come. profits, and capital stock taxes, but smckholders ate subject to both
ment, or at least a nearer approach to uniformity of treatment, could be normal Income tax and surtaxes upon their full distributive shares In the net
achieved in a variety of ways, the details of which it is not necessary to dis- Income of the corporation whether such income Is actually distill:sited or not.
cuss here. I outline below one such plan whicn Otis many attractive features. The validity of this procedure is involved in the gravest doubt by the docthe detailed provisions of which I shal be glad to supply upon request. The trine enunciated in the stock dividend case, which apparently leads to the
technical details while important, are elastic and susceptible of modifica- conclusion that a stockholder of a corporation particularly a minority stocktion. The essential thing is to simplify the excess profits of corporations holder. cannot be taxed (without apportionment to population) upon a
at a time when such taxation represents simplification and relief, not further share of the corporation's income which he has not actually received. It is
complexity and heavier burdens. Equalization of the tax upon corporate possible notwithstanding the above reasoning that the present statutory
and unincorporated business can be accomplished now with benefit to the method of dealing with personal service corporations might be sustained on
corporations. the Government and the general public. We should grasp the ground that It represents in general, In its effect upon personal service
an opportunity which may never return. The principal features of the corporations and their stockholders as a class, a relief provision imposed In
lieu of the excess profits tax which is unsuited to personal service corporaplan referred to above are as follows:
(a) This plan is designed, first to eliminate from the war profits and ex- tions and if applied to them generally would in many cases work intolerable
cess profits tax law (except as it is applied to profits derived from the so- hardships. But this interesting question need not be discussed here. There
called "war contracts") all reference to or use of invested capital and sec- Is a grave possibility, if not probability, that the stock dividend decision
ond, to place the taxation of incorporated and unincorporated business practically exempts from all income and profits taxation a group of approxiconcerns, so far as may be. on substantially the same basis.
mately 2,500 corporations and their stockholders, who would pay under ex(h) The first object is accomplished by substituting for the present isting law—and should in fairness pay at least—from five to six million dolgraduated rates of 20% and 40%. a flat tax on profits In excess of dis- lars. This possibility with its consequent uncertainties should plainly be
tributed earnings. A rate of 20% has been used as the basis of certain removed by the passage of amendatory legislation.
estimates quoted below, but the adoption of the proper rate is of course
Fortunately it is possible to place personal service corporations and their
a matter whicn the committee will desire to settle for itself. It would be stockholders in nearly the same position that they now occupy—In a manpossible to adopt a declining rate, say of 25% for the first year In which ner wholly consistent with the spirit and letter of the ruling of the Supreme
the suggested amendment is in operation, 20% for the second year, and 15% Court—by applying to such corporations on and after Jan. 11918. the tax
thereafter. It is only necessary that the rate should be fixed at one figure on undistributed profits recommended above for all corporations on and
for a particular year.
after Jan. 1 1921. This tax would of course be in lieu of the war profits
(c) The second object could be accomplished (although the plan would be and excess profits tax which because of its dependence upon 'Invested
well worth while without this feature) oy making it explicit in the law that capital' cannot intelligently be applied to personal service corporations in
corporations have the right to pay dividends in bonds or promises to pay which, by definition, 'capital (whether invested or borrowed) is not a mabearing a fair rate of interest which are taxable to the stockholders as ordin- terial income producing factor.' It is plain also that the law should be so
ary dividends, or by authorizing corporations to receive back from their amended as to tax dividends received by the stockholders of personal serstockholders as paid in surplus,cash or other dividends recently distributed. vice corporations in the same manner as other dividends are taxed.
It would be desirable moreover, In my opinion, to permit personal serUnder these or analogous procedure a corporation could retain its profits for
use in the business and yet convert the profits tax into a genuine Income tax. vice corporations at their option to distribute during the year 1920 cash or
The excess profits tax would thus become a flat tax on undistributed earn- other taxable dividends to the full extent of their profits earned during 1918
ings:"Invested capital" would practically disappear and the corporation if It and 1919, but not yet distributed; and such retroactive distributions should
desired could place itself on substantially the same basis as the partnership, be made taxable by the stockholders at the surtax rates applicable to the
the personal service corporation, and the sole proprietor. The principal years in which the profits were accumulated by the corporation. By so
object of this suggested amendment is to simplify the tax by removing the doing personal service corporations could, It they desired, place themselves
greatest inequality and complexity now found in the tax laws, I. e., he use and their stockholders in nearly the same position that they now occupy,
I. a., they would pay no profits tax at all, while the entire corporate income
of "Invested capital."
(d) Revenue needs make it impracticable in my opinion, to apply the (having been distributed) would be taxable in the hands of the stockholders.
preceding amendment to profits for the calendar year 1920. the taxes upon Indeed so closely would the proposed plan resemble in effect the method of
which will be payable In the calendar year 1921. But it should be put into taxing personal service corporations prescribed in the revenue act of 1918
effect as soon thereafter as the diminishing expenditures of the Government that it would be eminently proper—and probably a source of great convenwill permit.' It is estimated that with a 20% rate and on the basis of ience to the taxpayers concerned—to authorize personal service corporaPresent corporate net income the suggested amendment would reduce the tions with the written consent of their stockholders to select voluntarily
tax revenue by approximately $430,000,000 a year. If. for instance, the to pay for the years 1918 and 1919 prescribed in the revenue act of 1918.
Estimates of probable loss in revenue resulting from the decision In
amendment were adopted and made to apply to income received on and
after Jan. 1 1921,the first reduction in the tax collections would occur in the Eisner vs. MacComber: the loss resulting from this decision falls into two
last half of the fiscal year 1922 and would amount to $215,000,000 for that principal classes, that.chargeable to the possible exemption of public service
corporations and their stockholders, and that chargeable to the complete
fiscal year.
(c) However, present corporate conditions can hardly be maintained; and exemption of the stock dividends. 'there are about 2,500 personal service
if corporate income declines and invested capital increases as rapidly as they Corporations having net income of approximately $30,000.000 Involved,
have done in the past twelve months the proposed amendment would prob- the taxes upon which under existing law, do not exceed $6,000,000 for the
ably causa no reduction in the future revenue. New schemes are con- year 1918 and a slightly smaller amount for the year 1919. The aggregate
stantly being devised for the purpose of increasing invested capital. It is loss for the two years 1918 and 1919 would probably be between $10,000,000
time to provide for a modification of the excess profits tax not only to relieve and $12,000,000. The need for legislation in this connection arises not so
the taxpayer, but because of an approaching decline in Its productivity.
much from the possible loss of revenue as from the obvious undesirability of
8. Reduction of surtaxes on income saved and reinvested. In connection permitting 2,500 corporations and their stockholders to escape both the taxes
with the suggested tax on the undistributed profits of corporations, attention upon corporations and those imposed upon individuals. The loss resulting
may appropriately be directed to a possible extension of its application, from the exemption of stock dividends is very difficult to estimate owing to
which would go far to rectify one of the most dangerous defects of the present the fact that such dividends have not In the past been separately shown on
income tax. Because of possible doubt about the effect of such a change the returns, while the losses from the exemptions of stock dividends as such
upon the revenue, and because the details of the proposal as they may now will be partially or wholly offset by the heavier taxes resulting from the
present themselves to my mind could not accurately be said to simplify the decision upon any gains realized from subsequent sales of the stock, and by
mere computation of the tax, I do not urge its adoption at this session of other offsetting factors which need not be mentioned in detail. After conCongress: but I have no hesitation in expressing my personal opinion that sideration of these factors the actuary of the Treasury Department estimates
this or some similar amendment embodying the same idea could advan- that the net loss of refund of taxes already paid, i.e., taxes for the period
tageously be adopted to take effect at the earliest future date at which in ending with the year 1918 will be in the neighborhood of $35,000,000 and
that taxes for the year 1919 (payable in the calendar year 1920) will be
the opinion of the Congress revenue needs and prospects permit.
While it is vitally important that saving and reinvestment effected through reduced approximately $70,000,000 on this account. These figures may be
the medium of the corporation should not be dealt with more leniently than regarded as maximum and most of the experts of the department are of the
similar savings made by the partnership or individual,it is equally Important opinion that the entire net loss resulting from the exemption of stock divithat methods of taxation employed should in all cases penalize saving and dends will amount to less than $25,000,000.
The suggestions made above do not comprehend all the changes in the
investment as little as possible. Our present surtaxes offend greatly in this
respect. We attempt to levy surtaxes rising to 65% upon ordinary in- present law, which in my opinion could be advantageously adopted at the
come, while there are thousands of millions of tax free securities in the present session of Congress. I have confined my suggestions to an irremarket,the income from which Is practically exemptfrom all taxation. The ducible minimum of measures looking largely to the simplification of the
result is to make Investment by wealthier taxpayers in the expansion of Income and profits taxes, for the consideration of which there still remains
Industry of foreign trade, unattractive and unprofitable. It is obvious that time and action upon which at this session of Congress may reasonably
be asked by the tax paying public. I shall be glad upon reouest to submit
this situation should be remedied.
The remedy which most commends itself to my judgment at the present drafts of amendments embodying the suggestions here presented and to
time, is to reduce (e. g. b7 one fourth) surtaxes attributable to that part of place at your disposal for the work of tax revision all of the personnel and
the net Income which is saved and reinvested In business or properly yield- acilities of the Treasury D.partment.
MAR. 20 1920.]
THE CHRONICLE
HOUSE PASSES BILL AUTHORIZING UNITED STATES
GRAIN CORPORATION TO SELL FLOUR FOR
RELIEF IN EUROPE.
The bill permitting the United States Grain Corporation
to sell 5,000,000 barrels of soft wheat flour for cash or on
credit to Austria, Poland and Armenia, was passed by the
House on March 15 by a vote of 283 to 12. Eleven Democrats and one Republican voted against the bill. They were
Representatives Bankhead, Alabama; Blackmon, Alabama;
Buchanan, Texas; Garner, Texas; Rayburn, Texas; Sisson,
Mississippi; Stephens, Mississippi; Thomas, Kentucky;
Wilson, Illinois; Johnson, Kentucky; Johnson, Mississippi,
Democrats; and Kraus, Indiana, Republican. The proposal to sell the flour on credit in Europe was referred to in
these columns last week, page 1040,and is in lieu of the earlier
plans to extend credits (originally $150,000,000 and later
reduced to $50,000,000) in behalf of the starving peoples of
Austria, Poland and Armenia. Representative Kitchin
during the debate on the bill on the 15th said in part:
that the suspension "was necessitathd,by a combination of
circumstances, some of which have tended to hamper the
banking credit of the firm."
"INCREASED PRODUCTION CONVENTION" OF U. S.
CHAMBER OF COMMERCE.
in increased production a means of restoring normal
Seeing
business and price conditions, the Chamber of Commerce
of the United States, it was announced on Mar. 15, will
make its eighth annual meeting, to be held at Atlantic City,
Apr. 27 to 29, an "Increased Production Convention."
The announcment of the Chamber says:
or
I do not think there is a man here who is so lacking in humanity
we
who has the courage to vote against this bill. I am going to see that
have a record vote on it so that every man can vote according to his judgment and conscience. But I cannot understand why a.tion has not been
taken earlier. A month and a half ago the Committee on Ways and
Means reported out a bill granting this same relief, only it was expressed
in dollars—$50,000,000--while this bill, according to Mr. Barnes, and
, or
according to other testimony, appropriates flour worth $53,000,000
$3,000,000 more than the original bill. This flour is worth 310 60 a barrel.
more than the bill which
so 5,000,000 barrels is $53,000,000. or $3,000,000
the Rules Committee refused to permit the House to consider.
The following is the bill as passed by the House on the 15th:
In. R. 12954.1
A BILL providing for the relief of populations in Europe and in countries
contiguous thereto suffering for want of food.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That, for the participation of the Governin
ment of the United States in the furnishing of foodstuffs to populations
food,
Europe and countries contiguous thereto suffering for the want of
the 'United States Grain Corporation is hereby authorized, with the appro% al of the Secretary of the Treasury, to sell or dispose of flour now in its
possession, not to exceed five million barrels, for cash or on credit at such
prices and on such terms or conditions as may be necessary to carry out the
purposes of this Act and to relieve populations in the countries of Europe
or countries contiguous thereto suffering for the want of food: Provided,
s of the
That an audited, itemized report of the receipts and expenditure
by this
United States Grain Corporation for the purposes authorized
Monday in
Act shall be submitted to Congress not later than the first
December 1920.
SUGAR EXPORTS FROM CANADA PROHIBITED.
The Canadian Trade Commission announced in a memorandum on March 18 that no licenses for exportation of
sugar would be issued until domestic needs were satisfied.
The Trade Commission now has full control over imports
and exports of sugar.
There is no likelihood of a reduction in sugar prices, the
Commission's memorandum said. It was pointed out sugar
consumption had increased 20%, due to "increase in population, higher wages and prohibition." Persons who formerly consumed liquor now eat sweets for stimulants, the
Commission said.
Canadian refiners, it was said, according to the Commission, could at this time export sugar to the United States
markets at an average price of $1 35 per hundred pounds
above Canadian prices if exports were permitted. The Commission has advised consumers to begin buying by a store
of sugar for the coming season.
DIFFERENCE IN EXCHANGE FACTOR IN SUSPENSION OF EXPORT FIRM OF GEORGE MOGENSEN.
"The heavy difference in exchange during the last few
months, taken in connection with the refusal of payment by
Rumanian merchants to the amount of over $400,000 of
invoices," is given as the immediate cause for the suspension of business on March 17 by the firm of George Mogensen, which had conducted a general export business at 50
Broad Street, this city, with branches in Paris and several
other European cities. A general assignment in favor of
William C. Fitts for the benefit of creditors was filed on the
17th inst. by the firm, consisting of George Mogensen and
Gerome S. Dumont. Following the assignment II. and J.J.
Lesser, attorneys for three creditors whose claims aggregate
$2,217, filed an involuntary petition in bankruptcy. The
petitioning creditors are the Western Union Telegraph Co.,
whose claim is for $2,000; Charles Viale & Co., Inc., $190,
and Morris S. German, $27. The assignee stated that,
although the liabilities will aggregate about $2,000,000,
the assets, if realized upon, will amount to consideably
more. In the statement giving the exchange situation as the
Immediate cause of the firm's difficulties, it was also said
1141
out a
This subject is considered of such importance that in working
program for the meeting every topic will be considered from this viewpoint.
of the high
Lack of production, it is pointed out, is one of the chief causes
the
cost of living, which cannot be reduced until more goods are put on
have
market. The present is a seller's and not a buyer's market. Prices
necessary
been forced up by competitive bidding. This in turn has made
prounusual wage increases, with a still further rise in manufacturing and
duction costa.
Even with the exchange situation as it is, with its threatened curtailment
long time
of exports to Europe, manufacturers generally believe It will be a
demand for
before production in the United States catches up with the
the task not only of
goods. In the meantime producers are faced with
producmeeting current demands, but with making up in some directions
purposes.
tion lost as a result of the diversion of manufactured goods for war
the pr
The general subject of increased production has been divided up in will
up
gram for the convention Into sub subjects. The first to be taken
heading will be
be the government in relation to production. Under this
every kind
considered anti-trust legislation and taxation. Business of
taxation.
is keenly interested at this time in the situation with respect to
there has been
especially in the subject of excess profits taxes, against which
general complaint.
ion in relaThe second general subject to be taken up will be transportat
transportation.
tion to production. This will include both land and water
it has been pointed
One of the chief causes of lack of production Just now,
estimates
out,is the general shortage of railroad equipment. One authority
Industry
that the country Is short at least 200,000 box cars and all lines of
have felt the shortage.
has a prominent
International finance and its relation to world production
the finanplace on the program. This subject will be discussed both from
has just excier's and the business man's point of view. The Chamber
financial dmpressed its willingness to name delegates to an international
Lack of
ference under limitations outlined by the Treasury Department.
factor in retarding
means of financing European industries is a decided
production in many of the countries of Europe.
agriculture in
One general session of the convention will be given over to
the part of
relation to production. Here will be presented for discussion
Secretary
the government, the farmer and the business man in agriculture.
of Agriculture Meredith will speak for the government.
to ProAnother important general subject will be the relation of labor viewemployee's
duction. This will be approached from botn sides, the
American Federation of
point being presented by a representative of the
Labor and the employer's by a business man.
divided
Besides the general sessions there will be hold group meetings, subject
as along the great divisions of industry. In those meetings the
topic
of increased production, as in the general meetings, will be the main
discussed.
JOHN BARTON PAYNE SWORN IN AS SECRETARY
OF INTERIOR.
John Barton Payne retired as Chairman'of the U. S.
Shipping Board on March 15, on which date he was sworn
in as Secretary of the Interior, succeeding Franklin K.Lane,
who retired on March 1. Reference to the appointment of
the latter as Mr. Lane's successor was made in the "Chronicle" of March 21, page 714. Mr. Payne's nomination as
Secretary of the Interior was confirmed by the Senate on
Feb.28. Before retiring as Chairman of the Shipping Board,
Mr. Payne created two new positions, that of General
Counsel and General Solicitor. Robert A. Dean, General
Counsel for the Emergency Fleet Corporation, was appointed
to the first office and Charles F. Dutch was made General
Solicitor.
NOMINATION OF REAR ADMIRALTBENSON AS
MEMBER OF U. S. SHIPPING BOARD
CONFIRMED.
The nomination of Rear Admiral William S. Benson to be
a member of the U. S. Shipping Board was confirmed by the
Senate on March 13. While Rear Admiral Benson replaces
John Barton Payne on the Shipping Board, he is appointed
only as a member; it is expected, however, that he will be
made Chairman of the Board. Mr. Payne relinquishes the
Chairmanship of the Board to become Secretary of the
Interior.
ASSOCIATION OF RAILROAD SECURITY OWNERS
PROPOSES COMMITTEES TO CONSIDER
NEW RAILROAD LAW.
There was made public last Monday(Mar.15)a report dealing with the activities of the National Association of Railroad
Securities, which was submitted by the President, S. Davies
Warfield, at a meeting of the Committees of the Association,
a resolution being unanimously adopted thereat, authorizing
the President and officers to carry out the suggestions there.
1142
THE CHRONICLE
[Vo . 110.
The fact cannot be concealed that this resulted largely from the railroads
in made. A resolution was also adopted authorizing the
themselves
President to arrange for representatives of the Association fact that in the public policy which had been pursued. The stubborn
these public service carriers bore a relationship to the puolic which
and Counsel to attend the hearing announced by the Inter- demanded that in their operation the first consideration should be the public
State Commerce Commission for Monday next (Mar. 22) in Interest, the railroads apparently would not recognize. They declined to
respect to the administration of the new railroad law. The accept the fact that the railroads were not any longer private enterprises
in the sense that they could be operated as a private business not required
report calls attention to the fact that the administration of to be conducted under a franchise right and as a public service.
this act affects not alone the owners of railroad securities,
Referring to the circumstances of the return of the railbut of every business enterprise. The creation of Commit- roads, the report states:
It was under circumstances such as these that the owners of the railroads
tees of railroad • directors, shippers organizations and the
to approach the questions involved in the return of their
National Association of Owners of Railroad Securities for were alone were matters incident to the physical condition andproperties.
operation
Not
the consideration of problems affecting their interests, is of the properties to be considered, but questions of far greater import.
recommended in the report, the suggestions of which, were What were to be the methods of regulation under which the railroads would
be operated. Were they to go back under the old conditions of uncertainty
adopted and authorized to be carried out as follows:
and turmoil. The roads were to be returned with some of them as the result
. (a) That we communicate with the directors of Class 1 railroads suggesting that the board of each road name a director from its number to serve
on a committee to be known as "Committee of Railroad Directors." This
Committee of directors to name a smaller committee coMposed of not more
than twenty directors. The committee of twenty to name a sub-committee
of say seven. The members of these committees to be selected geographically.
That there shall be referred to this committee the questions of policy,
both public and legislative, with which the railroads will have to deal, also
matters of legislative, financial policy in respect to the railroads as a whole.
The members of this committee should be composed of directors in touch
with general business and financial conditions.
. (b) That the National Association of Owners of Railroad Securities will
designate a committee to meet with the committee of directors and discuss
matters properly before the two bodies so constituted. Action jointly
taken to be binding on both.
(c) That the organization known as the American Railroad Association,
with headquarters at Chicago and now maintained by the railroads, presents the means of solving the technical problems that arise from time to
time and which affect all the railroads and in the disposition of which all
the railroads could concur, and such matters may be disposed of by that
Association. Mr. R. H. Aishton, among the abelest railroad executives in
the country, is President of.that Association.'
(d) That the larger shipping organizations of the country be asked to
name a conunittee from among their exectuive or other committees as a
standing committee to confer with a like committee to be appointed by
the Executive Committee of this Association to take up questions proper to
be considered by the owners of the properties with those upon whom their
business depends.
This Association, it is recalled, originated and urged before the committees of the two Houses of Congress the placing
In the Act of a fixed percentage return to be computed on the
fair value of the property of the railroads in the aggregate,
and with a division of earnings in excess of six per cent
on the fair property value of each individual railroad.
This regulation of excess earnings, it is pointed out, is
necessary to secure the fixed percentage return also to an
adjustment of rates sufficient to maintain transportation
as a whole.ffliThese provisions are both contained in the
"Transportation Act."
•
Mr. Warfield in his report leads through the negotiations
with the Government of the standard form of contract during
Federal control and the difficulties their representatives and
counsel experienced in securing changes therein recognized
as vital to the security owners through failure to secure cooperation from railroad sources. He gives in detail the
circumstances under which the owners approached the return
of their properties and the necessities for changing the organic
law to admit of rates sufficient to allow for great discrepancies in earnings between the various. railroads and to reestablish railroad credit. He asserts that many of these
necessities are not operating matters and shouldinot be left
to the decision of any organizations of purely operating
executives. It is pointed out that the questions at issue are
altogether too far-reaching and vital to the people as a whole
to permit of errors in judgment between the owners and operating executives.. They should have their proper place in
settlement. of these questions and, it is declared, that the
public will not stand for any further mistakes on the part of
the railroads. That a continuation of errors in policies will
inevitably lead to Government ownership. Mr. Warfield
says.
The responsibilities devolving upon the Association, growing out of the
enactment of this legislation, are very great, for it contains substan6ially
every fundamental for which the Association stood from the outsot. If the
enactment of this law could alone solve the problems of the railroads, the
Association's activities might end with its passage. But no law can function automatically. Few statutes have been enacted by Congress upon the
succersful administration of which so much depends and with results so
far-reaching. Private ownership and operation of the rail transportation
system of the country is a.; stake. Whatever its defects, no other country
has prospered as this has under private operation of its railroads. Yet
Government ownership may result, although the country is overwhelmingly
opposed to it, from failure to carry out the intent and purposes of this law.
of the war not making their operating expenses. Some of the great systems
were on an earning basis of only twenty to twenty-two per cent, of their
standard rental, while others were earning from 145% to 200% of their
standard rental. How were such disparities to be provided for. Wore
those to whom the owners of their securities were required to look preparing to profit by Past experience and find some constructive basis upon which
the Government,the public and the railroads could stand. Nosuch evidence
has yet been given in the proposals of legislation advanced by the Association of Executives.
The records show that the representatives of railroads had committed
themselves irrevocably to compulsory Federal incorporation and other disturbing measures as the basis of their past and present desires in Congressional legislation. It had been sufficiently proven to the satisfaction of your
Executive Committee that apart from its unpopularity with the public and
its dangers to the railroads compulsory Federal incorporation was unconstitutional. The Association secured as Advisory Counsel, in addition to its
General Counsel, Messrs. Elihu Root and John G. Milburn (Now York),
John S. Miller (Chicago), Hugh L. Bond, Jr. (Baltimore, Md.),and Forney
Johnston (Birmingham, Ala.). You are familiar with the unanimity with
which these lawyers as well as our General Counsel pronounced compulsory
Federal Incorporation unconstitutional, in addition it would lead to endless
litigation.
The report closes with the following:
The fact should not be lost sight of that the individual investor who takes
his case through an Association organized as this is, before the public,the
legislative and regulatory bodies and the shippers, has a standing far different from the railroad corporation, as such. He represents, through the
mutual institutions with which he is identified or in himself personally,
an individual interest; he is more responsive to the public interest and the
public will be more responsive to his attitude. No railroad corporation
can occupy a corresponding relation to the people. t
Eitik•Itt
A. M. SAKOLSKI ON THE PRESENT RAILROAD
SITUATION.
A comprehensive article on "The Present Railroad Situation" in which is reviewed the old conditions and the new
law has come from the pen of A. M.Saliolski, Ph. D.,author
of American Railroad Economics and a member of the bond
department of the Equitable Trust Company of this city.
The article was prepared for and is copyrighted by the
Bankers' Statistics Corporation and was made available
March 9. In his analysis of the new law Mr. Sokolski points
out that "in view of both the tremendously expanded functions of the Inter-State Commerce Commission and the
endless perplexities of official rate making, it is exceedingly
difficult to express any conclusions regarding the immediate
or ultimate effects of the now railroad legislation." He
also says:
The direct outcome on the exclusive rate determining powers of the Commission is problematical. Rate making of itself is such a delicate task than
when a scale of charges is once established, railroad managers will be loath
to make adjustments warranted by changes in competitive forces or its
traffic conditions. This rate rigidity is likely to be intensified under the
new powers of the Commission, since, in order to create conditions leading
to the acceptance of its theory of rate making, the Commission, in addition
to controlling without State interference every detail of railroad policy,
must provide a grouping of lines and systems that will tend to maintain
sectional economic differences. This of itself promises to involve sectional
controversies aside from its effect on the financial status of the companies.
The provisions of the now law establishing exclusive Federal supervision
of capitalization and a strict control of railroad financing, though probably
eliminating speculative features, may affect a much needed stability in the
value of railway securities. This is further fostered by prevention of excesslye competitive railroad building and of the economic wastes of transportation. Sectional controversies and political exigencies may be expected
to modify administration policies in these matters, but a national slacken
ing in the pace of transportation development and a gradual adjustment of
traffic routes to meet the needs of sectional economic conditions should tend
to eliminate unfavorable results.
In discussing the pre-war period Mr. Sokolski said:
The impending adverse financial situation of American railroads in general
at the outbreak of-the European war may be ascribed largely to the following causes:
(1) Small earning capacity of now branch mileage and non-income producing improvements.
(2) Reduced scale of operating economics.
(3) Higher standards of railroad service.
(4) Increasing wage costs.
(5) Increasing rates paid for capital.
(6) Adverse legislative enactments.
Allusion is made to the conditions obtaining at the time of
the organization of the Association and its first statement in
In enlarging further upon the above Mr. Sokolski in his
917 to the public calling attention that: •
treatise says as to item 6:
A "state of mind" hostile to carriers has been created in nearly every
leislative relation, whether National or State. This has resulted in a
steady encroachment upon the property ighte represented by boads
and stock.
The report continue under th 1heading "Pub! (Policy
the Railroads"
Restrictive and punitive railroad legislation both State and Federal,
during the decade prior to the war, had grown with such cumulative intensity that railroad officials in 1916 joined in a concerted movement to
appeal to Congress for an entire now scheme of railroad control whereby
all uncertainty of public policy would be removed and the companies relieved of the vexations State interference and political railroad baiting.
All told, between 1912 and 1915 it was computed that upward of 4,000 bills
MAR. 20 1920.]
THE CHRONICLE
1143
of rates
But it is freely acknoelwdged in all quarters that a higher level
the petitions
does not solve the problem satisfactorily to all interests. In
the settlement
for general rate increases prior to Government operation,
n of comof the cases were complicated by the unequal financial conditio
were always "up against it"
peting carriers. The so-called "weak roads"
For this reason
because of the good showing of the competing strong Ines.
for the carriers operating In a common territory to base
ans entrance in war, It was difficult higher compensation on their aggregate earnings. AccordAs to railroad conditions on Americ
their claims for
by certain railroad
ingly a theory was evolved and strongly advocated
Mr. Sakolski says:
the rail- Interests, particularly the National Association of Railway Security Hold1917
When the United States entered the war in the Spring of
equipment of ers, that operating income of the strong roads in excess of a fair return
road problem had become acute. There was a shortage of
g margin of upon the value of their railway property should be shared with their weak
all kinds, an insufficient and inefficient labor supply; a declinin
accepted the "weak roads" argument.
, and an impending demoralization of railroad credit. Added sisters. Congress has partially
net earnings
toward the rail- The new act provides that such carriers which under the rates prescribed
perplexities were found in the uncertain political attitude
Government by the Commission as "receive a net railway operating income substantially
roads. The conflicting regulations of the States and the Federal
tation system and and unreasonably in excess of a fair return upon the value of their railroad
prevented efficient co-ordination of the country's transpor
pre$100,000,000 property . . . shall hold such part of the excess, as hereinafter
with causing an annual loss to the companies estimated at over
policy scribed, as trustee for, and shall pay it to the United States."
. In the endeavor to have a fixed and uniform railroad
annually
"(which during
systems organized
As prescribed by the law, one-half of the "excess earnings
established throughout the Union, the leading railroad
a plan of the next two years is to be the amount in excess of 6% of the value of the
an Executives Advisory Committee, to place before Congress
shall be used by the
authority of the property held and used for transportation services)
control whereby the companies would be freed from the
or
assured a certain Commission in making loans to needy carriers for capital expenditures
various State Commissions and at the same time would be
nt
they could adjust to meet matruing securities, or "by purchasing transportation equipme
and fixed policy of Governmental administration to which
ional committee, and facilities and leasing the same to the carriers."
their schemes of operation and expansion. The Congress
kuaranteas no fixed rate of
ee)
s
Although Congress In the foregoing provisions
appointed to inquire Into this subject (known as the Newland Committ ed
not even assure any
return to any individual railroad company and does
of hearings during 1916 and 1917, but practically abandon
held a number
therefore, company against bankruptcy because of inability to refund maturing.secuts work with the declaration of the war. The whole matter,
nt means
the return to peace rities or to obtain necessary new capital: it does offer a convenie
was left In abeyance to be finally taken up again after
The arrangement whereby
of tiding the weak systems over bad times.
conditions.
without a
ent operation, the Government is to receive one-half of the "excess earnings"
During the nine months of the war preceding Governm
seems
ible centralized corresponding guarantee to each road of a fixed or minimum return,
the railroads of the country floundered in a sea of irrespons
on. In
l control. The Illogical and has no exact counterpart In any other national legislati
direction while under private and responsible financia
of the railroads, hut
and independ- France, the national Government shares in the profits
companies voluntarily surrendered their individual initiative
securito assure their in return it. guarantees a minimum rate to the holders of the railroad
ence as a war measure, but without any adequate relief
the French
the operating diffi- ties and protects the companies from competition. Moreover,
financial or corporate integrity. Under this system
Government,
ent operation not railroads rue operated under concessions from the national
culties multiplied to an extent that made direct Governm
ated under the State chart
whereas the United States railroads are incorpor
only a military but a financial necessity.
authorities.
of Government opera- ors and enjoy n• particular franchise from the Federal been aptly pointed
Whatever may be said of the policy
t, It has
In connection with the "weak roads" argumen
be
Pacific system, that no scale
tions of the railroads, Mr. Sakolski observes "there can
out by Judge Lovett, Chairman of the Union
"reward improviconsidering the circumstances the owners of transportation charges would be justified which would railroads, or poslittle doubt that
locating and building
ted thereby." He dence or mistakes or misfortunes inand operation." In answer to Judge
and managers of the lines were benefit
sible inefficiency in management
our present advanced incontinues:
Lovett. however, it may be stated that under
the United States that are
under military necessity could have hardly continued dustrial development, there are few railroads in
Private operation
It cannot, in not now economically justified and that no modern well populated nation
without general bankruptcy or financial demoralization.
operation by the can thrive with railroad linos merely covering the most economical location
fairness, be said, however, that the assumption of direct
n of traffic from from a construction viewpoint. To provide against future Improvidence
Government has not fostered serious evils. The diversio
ncy of labor and mistakes in railroad expansion, the new railroad act, as enacted, recustomary channels, the laxity of executive morale, the inefficie
the under- quires all new extensions and construction of new lines to be approved by
the resulting high operating costs, the impaired earnings,
and
ng progressive the Inter-State Commerce Commission. Abandonments, likewise aro not
maintenance and the general disorganization of competi
and operat- permitted unless official sanction is received from the Commission.
forces together with the loss of adaptation of each line to traffic
if a regime of
ing conditions are all matters which will require adjustment
Stabilization of Credit.
Before any predicprivate initiative and management is again to pi evail.
to individual railroads
systems of the country
In the absence of a fixed guarantee of net earnings
tion as to the future status of the transportation
immediately effect a comborne in mind that the railroads now It cannot be expected that the new legislation will
can be made, it should be clearly
railroad rates the
s 10 when taken over by plete stabilization of railroad credit. In pleas for higher
returned to their owners are not the same propertie
nt element in
physically complete, point has been made that the cost of capital was an importa
Government. The metamorphosis, though not
impairment of
the
railroad investment the adequate provision of railroad facilities. Because of the
marks a now stage in their life history. In judging
to obtain required
may offer little credit, the transportation companies have been unable
values or railroad possibilities for public service past history
this situation is manifest when
additional capital funds. The seriousness of
assistance.
will require
of the universal it is computed on good authority that the railroads as a whole
n to
When the railroads were taken over, freight cars, because
ra- during the nest three years $6,000,000,000 to place them in a conditio
labor shortage, were generally in poor condition. Under the Administ
Age,Jan.2 1920).
Railway
ment during Government control, there was no supply the country's transportation needs. (See
tion car pooling arrange
of the railroads
their cars in repair, For a decade before the war, the new capital investment
incentive on the part of the operating officials to keep
this amount
cars would remain on its amounted to more than a half billion dollars annually, and as
since only a small percentage of each company's
of placing
ent skilled car re- had to be obtained mainly from investors who have the free choice
own linos. This circumstance combined with insuffici
desirable, the
more
general freight and passenger car deterioration. their funds in other securities which they may deem
pairers contributed toward
investtaken of depreciated railroads must adjust their borrowing rates to meet the competitive
In addition to physical impairment, account must be
are avail- ment market.
earning capacity. When all the data bearing upon the subject
by Conwas considered
the Railroad AdministraThere is no doubt that this phase of the proolem
able, it will be found that the deficit incurred by
,000
been made. Sta- gress. The provision In the law creating a revolving fund of $300,000
tion will be larger than any estimate of its which has yet
of the Government's share
application
the Inter-State Commerce Commission show that in the year 1919 for new capital and the prescribed
tistics of
ting
of 234.000 of "excess profit" to needy lines for capital expenditure, though constitu
the net operating income of largo roads having a total mileage
of these roads a "half loaf" measure of relief, is better than no loaf at all.
miles was leas than $516,000,000. The net operating income
Oanamerce CornInter-State
return to the comThere is every reason to believe that the
in the three test years on whim the guaranteed standard
ation to
a deficit of about mission in adjusting the general rate levels will give full consider
pany is based was $950,000,000. This would indicate
,000 in 1918 railroad credit conditions.
$460,000,000 in 1919, which added to approximately $250,000
makes a total Government leas of more than $700.000,000.
n, the earnBecause of the exigencies of war time Governmental operatio
DID £0 THE
be used as a guage of WHAT GOVERNMENT OPERATION
ings statements of individual companies can hardly
the new rule
RAILWAYS.
future probabilities or even possibilities. Moreover, under
ments with the
ys in as good
of rate making together with the profit-sharing arrange
The Government did not return the railwa
likely that the former motives for profitable operations
Government, It is not
as they were in when it took them
condition in any respect
will again be present.
made by the "Railway
his "Analysis of the New Law" already referred to over, ocording to the contention
State legislaaffecting railroads were introduced into the National and
of these laws,
tures, of which 440 became laws. Whatever the purpose
g costs.
there was most always one certain result, viz., increase in operatin
in the most imThe full crew laws, which during this period were enacted
of the small State of New
portant States, were extremely costly, the law
0 annually.
Jersey adding an operating cost of something like $400,00
From
above, we take the following:
The Rule of Rate Making.
The sow railroad act provides:—
le
the
"In the exercise of its power to prescribe just and reasonab rates,
such rates so that carCommission shall intlate, modify, establish or adjust
or territories as the
riers as a whole (or as a whole in each of such groups
efficient
Commission may from time to time designate) will, under honest,
reasonable expenditures for maintenance
and economical management and
e annual not railway
of way, structures and equipment, earn an aggregat
return upon the aggreoperating income equal,as nearly as may be,to a fair
held for and used in the
gate value of the railway property of such carriers
service of transportation."
nt provision
This rate making provision, regarded as the most importa
in fact. Under the law as
In the whole law, adds nothing new in theory or
(in the Minnesota rate
Court
laid down by the United States Supreme
to "a fair return on
cases), public utilities including railroads are entitled
their property." The perpetual difficulty has been to clearly
the value of
under the valuation
define fair return and fair value. For almost a decade
ion has been endeavclauses of the Inter-State Commoree Act, the Commiss
No definite policy has been adopted.
oring to establish a basis of fair value.
until after years of
nor is one likely to be finally and conclusively adopted
litigation. In the meantime, the question of rates Is of paramount imported earnings
ance, since when the six months' period of()merriment guarante
s to
expires, the companies must depend on their own financial resource
y assumed that in the
keep out of general bankruptcy. hence it is generall
ion will establish
six months period, tho Inter-State Commerce Commiss
a now and higher level of freight rates.
commenting
Age" in an editorial in its current issue. In
r-General Hines to that effect
upon the statement of Directo
the "Railway Age" says:
the Gov-
r equipment, because
This is certainly not correct a.s to passenge
Government operation bought
ernment never in more than two years of
as to locomotives and freight
a single pas.senger car. It can hardly be true
and freight cars, because in
It can hardly be true as to locomotives
car.
ent bought only as many
two years of Government operation the Governm
to replace the number ordilocomotives and freight cars as were required
nt may be in as good condition in
narily retired in ono year. The equipme
years ago, but the amount of
as repairs can make it so as it was two
so far
and no repairs can make an
It is much more inadequate than it was then,
to track, the Cievernment has
old car as good as a new one. Wita regard
ties as the companies nornot laid anywhere near as many new rails and
did under private operation.
mally
in the official per
Covernment operation has caused numerous changes
before the roads will recover
sonnet of the railways. It will be a long time
their official organizations
from the effects of the ruthless disruption of
s and defenders
occurred under Government control. The advocate
which
the labor problem, but
of Government operation said that it had solved
ent operation it was conducted
from the first to the last moment of Governm
employees from private
in such a manner as to tend to alienate railway
ns of traffic from
operation as a policy. It resulted in wholesale diversio
it is restored to
normal channels, and it will be months and years before
those channels.
. Mr. Hines in
It resulted in enormous increases of operating expenses
ent operation had been as
a recent statement maintained that Govermn
1144
'TUE CHRONICLE
economical as, or more economical than, private management would have
been. That Is a matter of opinion. Under Government operation railway
expenses increased $1,600,000,000 a yaar. At any rate, Government operation has left to the companies a legacy of enormously increased expenses."
[VOL. 110.
of the United States to withdraw from the comity of nations
because it does not agree with the precise terms of the
Adriatic settlement." In conclusion, Premiers Lloyd George
'and Millerand said:
PRESIDENT WILSON'S OPPOSITION TO PLAN OF
The Governments of France and Great Britain cannot believe that it Is
the purpose of the American people to take a step so far-reaching and
ALLIED PREMIERS FOR SETTLEMENT OF
terrible in its effects on the ground which has the appearance of being so
ADRIATIC PROBLEM.
inadequate.
The State Department at Washington made public on
President Wilson sent another note to the Allied Premiers
March 7 the latest communication which President Wilson on Feb. 24 reiterating views expressed in his previous
comhad addressed to the French and British Premiers regarding munications. His attitude was set forth in
the note of
their proposals for disposition of the territory on the Adriatic Feb. 24 as follows:
The President's position is that the Powers associated against Germany
Sea in dispute between Italy and Jugo-Slavia. The President's note, dated March 4, was a reply to one from Premiers gave final and irrefutible proof of their sincerity In the war by writing into
the Treaty of Versailles Article X of the covenant of the League of Nations,
Lloyd George and Millerand, dated Feb. 26, and received which constitutes an assurance that all the great Powers
have done what
they have compelled Germany to do—have foregone all territorial aggresthe following day.
While expressing his concurrence in their view that a sion and all interference with the free peolitical self-determination of the
peoples of the world. With this principle lived up to,
speedy settlement of- the Adriatic question is of urgent im- secured and the supreme object of the recent conflict permanent peace is
has been achieved.
portance, the President, in his note of March 4, says: "He Justice and self-determination have been substituted for aggression and
political dictation Without it there is no security for any nation that concannot accept as just the implied suggestion of his responsi- scientiously
adheres to non-militaristic policy. The
war, as
bility for the failure to reach a solution." President the Government of theaUnited States understands it,object of the Europe
was to free
Wilson notes with satisfaction the desire of the Allied from that cloud of anxiety which had hung over it for generations because
Premiers to reach an equitable solution in conformity with of the constant threat of the use of military force by one of the most powerful
Governments of the continent, and the President feels it
"the principles of the Peace Conference," and of the "legiti- again that, in the opinion of the American Government,Important to say
the terms of the
mate though conflicting aspirations" of the Italian and Jugo- peace settlement must continue to be formulated upon the basis of the principles for which America entered the war. It is In a spirit of co-operation,
Slav peoples, but he refuses to consent to the withdrawal of therefore,
and of desire for mutual understanding that the President rethe joint memorandum of Dec. 9 in which England, France views the various considerations which the French and British Primo Minand the United States agreed on a plan for the settlement of isters have emphasized In their memorandum of Feb. 17. He is confident
that they will not mistake his motives in undertaking to make plain what he
the Adriatic problem.
feels to be the necessary conclusions from their statements.
He expresses the hope that the Allied Governments "will
The Allied Premiers' reply, dated Feb. 26, was made
not find it necessary to decide on a course which the Ameripublic by the State Department on March 5. It may be
can Government, in accordance with its reiterated statementioned here that some time elapsed before the decision
ment, will be unable to follow."
was reached to make public any of the correspondence beThe Dec. 9 memorandum was revised by the French and
tween the President and the Premiers. On Feb. 26 the
British Premiers, without the knowledge of the American
State Department took action in the matter and gave out
Government, and it was this revision, some of the provithe texts of the President's notes of Feb. 10 and Feb. 24
sions of which were considered by President Wilson to be
and those of Jan. 23 and Feb. 17 from the French and British
objectionable and consequently unacceptable to him, that
Premiers, as well as the texts of the Dec. 9 and Jan. 14
called forth a protest from this Government, followed by an
memorandums containing proposals for settlement of the
,exchange of notes on the subject between the United States
Adriatic question.
on the one hand, and France and Great Britain on the other.
The correspondence between the President and the Allied
For a long time the Adriatic dispute has been one of the
Premiers began with a short note sent on Jan. 19 by then
most perplexing problems of European politics. Nor has
the United States been a disinterested party to this dispute. Secretary of State Lansing, asking the point of view of the
French and British Governments in undertaking to dispose
Nearly a year ago,it was, that President Wilson issued from
of this and the Russian problem before ascertaining the views
Paris his • now famous pronouncement in which he firmly
of the American Government. The text of the first note
opposed Italy's claims to Fiume. The statement to which
follows:
we allude was made by the President on April 23 1919 in
Washington, Jan. 19 1920.
the course of the peace negotiations. It was published in
Please take up with Mr.Clemenceau and Mr. Lloyd George the question of
the way the Russian and the Italian problems have been handled and ascerthe "Chronicle" of April 26, pages 1687-1688.
tain their
view. The United States is being put in the
of
In September Fiume was entered and occupied by Italian having thepoint of disposed of before the American point of view positionexmatter
can be
military forces under the leadership of Gabrielle d'Annunzio- pressed, as apparently Mr. Clemencean and Mr. Lloyd George have sought
poet and aviator. This action, however, was not counten- only the views of the Italian and Jugoslav Governments before ascertaining
the views of the United States Government. Is it the intention of the Britanced by the Italian Government.
ish and French Governments in the future to dispose of the various questions
Negotiations looking toward settlement of the Adriatic pending in Europe and to communicate the results to tho Government of the
United States? There are features in connection with the proposed Flume
.
F
:21,alem continued for a period, but their results were settlement
which both Mr. Clemenceau and Mr. Lloyd George must realize
nebulous. Finally an agreement was reached by the prin- would not be acceptable to the President.
As it was pointed out by Mr.Polk before his departure,the Dalmatian and
cipal Allied Powers on Dec. 9 which promised to afford a
other
basis for a satisfactory and lasting settlement of the ques- and questions should be taken up through regular diplomatic channels
the fact that you are not charged with full powers could have
tion. But the matter was again complicated, when, five on the question. As no American officials could be sent to these no bearing
gatherings
weeks later, (Jan. 14), Georges Clemenceau, then Premier that could have the same authority as the Prime Ministers of the three
Governments in question. It is manifestly impossible for the United States
of France, presented to the Jugo-Slav peace delegates the Government to be represented at
the meetings of the Prime Ministers.
revised British-French proposals, to which we have already
LANSINCt.
referred. This settlement plan, President Wilson subseThe text of the reply of the British and French Prime
quently informed the Allied Premiers, he believed had "pro- Ministers to the above, under date of Jan. 23,read as follows:
foundly altered" the proposal of Dec. 9 "to the advantage
Parts.
Ills Britannic Majesty's Ambassador
of improper Italian objectives, to the serious injury of the Excellency the United States Ambassadorpresents his compliments to his
and has the honor to state that
Jugo-Slav people, and to the peril of world peace." The he has been charged by Mr. Lloyd George and M. Clemenceau to hand to
Italian Government having accepted the Jan. 14 agreement Mr. Wallace the inclosed telegram drawn up by Mr. Lloyd George and M.
Clemenceau before
(to which, it will be remembered, the United States was not Lansing, which Mr. their departure. toIn reply to the telegram from Mr.
Wallace handed
Mr. Lloyd George and M. Ciemena party), but rejected the one of Dec. 9, the President coati on the 20th inst., Lord Derby would be grateful if the telegram now
inclosed could be transmitted to Mr. Lansing at the earliest opportunity.
In a note to the Allied Premiers on Feb. 10 contended that
The telegram reads as follows:
this point naturally strengthened the view "that very posi"The French and British Primo Ministers have given their careful attentive advantages have been conceded to Italy." The note tion to the memorandum communicated to them by the American Ambassador in regard to the Russian and Italian negotiations. As to the Russian
concluded with this paragraph:
question, they had previously sent a
statement of their views for the conThe President desires to say that if it does not appear feasible to secure
acceptance of the just and generous concessions offered by the British. sideration of the United States Government, Inviting their consent and
French and American Governments to Italy in the joint memorandum of co-operation.
"As regards the Italian question, the absence of the United States has
those Powers of Dec. 9 1919, which the President has already clearly stated
to be the maximum concession that the Government of the United States never been regarded by the French and British Governments as more than
temporary, and they have never lost sight of the American point of view
can offer, the President desires to say that he must take under serious consideration the withdrawal of the treaty with Germany and the agreement on this question on the right solution of which the future of the world so
largely depends. The French, British and Japanese Governments have
between the United States and France of June 28 1919, which are now
never had the intention of making a definite settlement of the questions
before the Senate and permitting the terms of the European settlement to
raised without obtaining the views of the American Government. They
(independently established and enforced by the associated Governments.
therefore took up the Adriatic question at the
which it WAS left
On Feb. 17 the Prime Ministers of France and Great on the departui e of Mr. Polk for Washington. point at NMI transmitted
Signor
Britain replied to the President's note of Feb. 10. They certain p opcsals In modification of tho joint memorandum handed to Signor
Selaloja by the request from the
said the 3Governments "view with consternation the threat on Dec 9 1910. In the assenVily United States, France and Great Britain
of the conference in Paris a fortnight ago.
MAR. 20 1920.]
THE CHRONICLE
1145
d every form of Italian
The memorandum of Dec. 9 carefully exclude
Government cannot avoid the
sovereignty over Flume. The American
opens the way for Italian conconclusion that the memorandum of Jan. 14
cing a measure of Italian
trol of Flume's foreign affairs. thus introdu
in the only practicable port of
sovereignty over, and Italian intervention
tion with the extension of
a neighboring people; and, taken in conjunc
the way for possible future
Italian territory to the gates of Flume, paves
iction of compelling consideraannexation of the port by Italy, its contrad
tions of equity and right.
protection to the vital railThe memorandum of Dec. 9 afforded proper
interior. The memorandum
way connecting Fiume northward with the
y positions close to the railofJan. 14 establishes Italy in dominating militar
way at a number of critical points.
large measure the unity of
The memorandum of Dec. 9 maintained in
ons the Albanian people
the Albanian State. That of Jan. 14 partiti
different alien powers.
against their vehement protests, among three
ndum on Jan. 14, negotiated
These and other provisions of the memora
American Government, change
without the knowledge or approval of the
in the eyes of this Governthe whole face of the Adriatic settlement and,
the measure of justice which is
ment, render it unworkable and rob it of
ate in maintaining its terms.
essential if this Government is to co-oper
feel forced to accept, in
The fact that the Jugoslav representatives might
, a solution which apthe face of the alternative of the Treaty of London unworkable in pracprinciple.and so
pears to this Government so unfair in
ion of this Government that
tice, would not in any degree alter the convict
both in the terms of its proit cannot give ita assent to a settlement which
ment constitutes a positive denial
visions and in the methods of its enforce
the war.
of the principles for which America entered
if there were any real
The matter would wear a very different aspect
settlement of the Adriatic
nce of opinion as to what constitutes a just
diverge
opinions of the French.
issue. Happily no such divergence exists. The
le territorial arrangement at
British and Americans as to a just and equitab
harmonious. Italy's unjust
the head of' the Adriatic Sea were strikingly
and British Governments in
demands had been condemned by the French
the American Government.
terms no less severe than those employed by
ments will yield nothing to their
Certainly the French and British Govern
ness with which they have sought
American associate as regards the earnest
ent of its demands would
to convince the Italian Government that fulfillm
d to the spirit of justice
be contrary to Italy's own best interests, oppose
danger to the peace of Europe.
in international dealings and fraught with
ments have opposed Italy's
In particular, the French and British Govern
proposed to yield to her
s for specific advantages which it is now
demand
in informing the Italian
by the memorandum of Jan. 14, and have joined
full
previously made "afford to Italy
Government that the ,concessions
the desire to unite
historic national aspirations based on
satisfaction of her
c control of the Adriatic and
the Italian race, give her the absolute strategi
er aggressions she might fear
offer her complete guarantees against whatev
in the future from her Jugosia.v neighbors."
as to the injustice and inexWhile there is thus substantial agreement
of opinion as to how firmly
y of Italy's claims, there is a difference
pedienc
demands for alien territories
Italy's friends should resist her importunate
seemed to the President that
to which she can present no valid title. It has
an Government, in order to
the French and British associates of the Americ
ations in the Adriatic
development of possible dangerous complic
prevent the
to demands which
Feb. 10 there was dispatched to the region, have felt constrained to go very far in yielding ment, while no
Subsequently on
The American Govern
entatives at Paris, a note from they have long opposed as unjust. to Italy every advantage to which she
British and French repres
less generous in its desire to accord
e the principles
follows:
President Wilson, the text of which was as m addressed to could offer any proper claims, feels that it cannot sacrific ns of one of its
r ambitio
for which it entered the war to gratify the imprope calm in the Adriatic at
carefully considered the joint telegra
The President has
Prime Ministers and communi- associates, or to purchase a temporary appearance of
this Government by the French and British
ze either an unParis. in regard to the negotiations the price of a world conflagration. It is unwilling to recogni
cated by the American Ambassador in
terms of which are consistent
The President notes with satisfaction that the just settlement based on a secret treaty the
on the Adriatic question.
at by employments have never had the intention with the now world conditions, or an unjust settlement arrived
French, British and Japanese Govern
welcome any
this question except in consulta- ing that secret treaty as an instrument of coercion. it would
of proceeding to a definite settlement of
consideration of
The President was particularly solution of the problem based on a free and unprejudiced
tion with the American Government.
the disinterested great
ood that M. Clemenceau and the merits of the controversy, or on terms of which
happy to receive this assurance as he underst
repeatedly
NMI, had decided upon a powers agreed to be just and equitable. Italy, however, has
Mr. Lloyd Cleorgo, in agreemets; with Signor
settlement the
included provisions previously rejected such solutions. This Government cannot accept a
which
solution of the Adriatic question
but which
and had called upon the Jugo-Slav terms of which have been admitted to be unwise, and unjust,
rejected by the American Government,
persistent refusal to accept
of
this solution, on pain of having the Treaty
it is proposed to grant to Italy in view of her
representatives to accept
The President is glad to feel that the any wise and just solution.
London enforced in case of rejection.
The Adriatic issue as
consent to embarrass it by placing
It Ls a time to speak with the utmost frankness.
associates of this Government would not
n as to vvhetner the
adhesion to a settlement which in form would it now presents itsel rises the fundamental questio
it in the necessity of refusing
ate with its European
but which in fact
an Government can on any terms co-oper
both parties to the controversy,
Americ
be an agreement by
rewas forced to submit to ma- associates in the great work of maintaining the peace of the world by
would not have that great merit if one party
doubt
ies in default of submission. moving the primary causes of war. This Government does not
terial injustice by threats of still greatercalamIt
ted GovernFrench and British Govern- its ability to reach amicable understandings with the associa
The President fully shares the view of the
dealings,
s upon the right solution ments as to what constitutes equity and justice in international
es
ments that the future of the world largely depend
n containing provisions for differences of opinion as to the best methods of applying just principl
of this question, but he cannot believe that a solutio
Governments
condemnation of the French have never obscured the vital fact that in the main the several
which have already received the well merited
those prind as right. Neitner have entertained the same fundamental conception of what
and British Governments can in any sense be regarde
reasonable is
Governments that the
agreement on what is just and
can he share the opinion of the French and British ed to the Jugo Slav ciples are. But if substantial
country possessing the most
deliver
not to determine international issues, if the
proposals containted in their memorandum
with a
practically every important endurance in pressing its demands rather than the country armed
representatives on Jan. 14 leave untouched
seizure of coveted
of the French, British and American just cause, is to gain the support of the powers; if forcible
point of the joint memorandum
Justificatwo features undergo altera- areas Is to be permitted and condoned, and is to receive ultimate
Governments of Dec. 0 1919. and that "only
decision favorable to the agpositive advantage of Jugo
tion by creating a situation so difficult that
tions, and both these alterations are to the
n is.
opinion that the proposal gressor is deetned a practical necessity; if deliberately incited ambitio
elavia." On the contrary, the President is of the
expense of the
dly altered to the advantage of improper Italian tinder the name of national sentiment, to be rewarded at the
of Doe. 9 has been profoun
t so
v people, and to the peril small and the weak; if, in a word, the old order of things which brough
objectives, to toe serious injury of the Jugosla
when
advantages have been con- many evils on the world is still to prevail, then the time is not yet come
of world peace. The view that very positive
which
the fact that the Italian this Government can enter a concert of powers the very existence of
ceded to Italy would apear to be borne out by
order. The American people
accepted that of Jan. 14.
mutt depend upon a new spirit and a new
Government rejected the proposal of Dec.9 and
but many among them are
Flume with
ndum of Dec. 9 rejected the device of connecting
are willing to share in such high enterprise,
'rho memora
to
unworkable in practice fearful lost they become entangled in intesnatisnal policies and committed
Italy by a narrow strip of coast territory as quite
regards customs control, International obligations foreign alike to their ideals and their traditions.
and as involving extraordinary complexities as
latest Adriatic
territory of such unusual To commit them to such a policy as that embodied in the
coast guard services, and cognate matters in a
ments, In association with proposals, and to obligate them to maintain injustice as against the claims
configuration. The French and British Govern
that "the plan appears
solid ground for such fears. This
of justice, would be to provide the most
the American Government, expressed the opinion
hy, economics, and terri- Government can undertake no such grave responsibility.
to run counter to every consideration of geograp
feasible to secure
notes that this annexation
The President desires to say that if It does not appear
torial convenience." The American Government
to by the memoran- acceptance of the just and generous concessions offered by the British.
Jugo Slav territory by Italy is nevertheless agreed
of
in the joint memorandum
French and American Governments to Italy
dum of Jan. 14.
for tho annexation
President has already clearly
of those powers of Dec. 9 1919 which the
The memorandum of Doc. 9 rejected Italy's demand
strategic nor economic stated to he the maximum concession that the Government of the United
of all of Istria, on the solid ground that neither
must take under serious
remained
considerations could justify such annexation, and that there
States can offer, the President desires to say that he
more territory
Germany and the agrees
nothing in defense of the proposition save Italy's desire for
consideration the withdrawal of the treaty with
ments
Juno 28 1919, which are now
admittedly inhabited by Jugoslays. The French and British Govern
ment between the United states and France of
European settlement to
in which the President
before the Senate and permitting the terms of the
then expressed their cordial approval of the way
in Italy of
associated Governments.
absorption
be independently established and enforced by the
had mot every successive Italian demand for the
(Signed) LANSING.
not in favor of being abterritories inhabited by Peoples not Italian and
Minisjust nor expedient to
The text of the memorandum signed by the Prime Wilsorbed, and joined in the opinion that "it in neither
by an alien race. Yet this
Great Britain in reply to President
annex as the spoils of war" territories inhabited
in the ters of France and
d for
unjust and inexpedient annexation of all of Istria is provide
son's communication of Feb. 10, read as follows:
memorandum of Jan. 14.
immediately resumed negotiations
M.Clemenceau and Mr. Lloyd George
ntatives of Jugoslavia and
Italian Government and the represe
between the
an arrangement which was the best
finally arrived at what they considered
and Jugoslav points of view. The
available reconciliation of the Italian
The French and British Governdetails of this settlement are appended.
important point of the joint
glad to think that practically every
ments are
untouched and has now been indorsed
memorandum of Dec.9 1919 remains
two features undergo alterations,
by the l'rime Minister of Italy. Only
positive advantage of Jugoslavia:
and both these alterations are to the
would have separated 200,000 Jugo1. The free State of Flume, which
Three-quarters of these people are
slays from their fatherland, disappears.
via, a source of perpetual intrigue
at once and forever united with Jugosla
in return Jugoslavia has to agree to
and dispute is done away with, and if
Jugoslays in addition
of territory to Italy including some 18,000
the transfer
Wilson proposals, the balance is clearly
to those already included under the
becomes an independent State under
to the benefit of Jugo-Siavia. Fiume
, and the authority of the League
the guarantee of the League of Nations
e and immediate in the interests
of Nations over the port becomes absolut
of all concerned.
t has been made to afford satisfaction
2. As regards Albania, an attemp
concerned. The details of the
to the necessary requirements of all parties
and Greece have yet
of this country by Jugo-Slavia, Italy
administration
end sight will not be lost of the feelto be elaborated, but in working to this
n people and every endeavor will
ings and future interests of rho Albania
full consultation with them. The
be made to carry out the arrangements in
above is a fair settleBritish Governments consider that the
French and
n and have informed Italian and
ment of a difficult and dangerous questio
of its not being accepted they will
Jugoslav Governments that in the event
of the Treaty of London, which is
be driven to support the enforcement
satisfactory to nobody.
United States Government been
Had a plenipotentiary representing the
George would have cordially welIn Paris, M. Clemenceau and Mr. Lloyd
tion, but in the absence of any
comed his full co-operation in this negotia
and in view of the vital
speak on behalf of the United States
one who could
ent of a question which has inflamed
importance of arriving at the settlem
ly
a year and which, if it is not prompt
Southeastern Europe for snore than
recuperation and reconstruction of
composed, may not only impede the
lead to war itself.
but may
two countries 'meetly exhausted by the war,
Britain felt that no other course
the Prime Ministers of France and Great
diffito dispose as quickly as possible of
was open to them but to proceed
and continuous consultation with
culties between two of their allies in close
this they have not
In doing
both while they were all in Parts together.
to the United States Government
intended to show the slightest discourtesy
their action in any way from the latter.
nor have they wished to conceal
would not have desired them to
They are indeed sure that tho President
ily short stay of the Prime
settlement impossible during the necessar
make a
of the negotiations to be com•
Ministers in Paris by requiring every phase his consent to the proposals
obtain
municated to Washington in order to
not interview the principals
when he had not heard the arguments and could
to proceed with the negoed. In their judgment the only plan was
concern
the results to the United States
tiations as rapidly as possible and to submit
ion had been reached.
Government as soon as definite conclus
(Signed) WALLACE.
1146
THE CHRONICLE
[vol.. no.
London, Feb. 17 1920.
leave them no choice but to acknowledge the validity of the Treaty oe
The Prime Ministers of France and Great Britain have again given their London.
They would recall to the United States Government that th I
earnest attention to the communication made to them in regard to the Adri- Treaty of
London was entered into in the Spring of 1915, at a most critica
atic settlement on behalf of President Wilson. They are glad that the and
dangerous moment of the war. In thus entering the war on the side
Government of the United States has set forth its views so fully and with of human
freedom, Italy made a condition that the Allies should secure for
such complete frankness. They do not, however, find it altogether easy her, as against
Austria-Hungry, strategic frontiers which would guarantee
to understand the steps by which the Government of the United States
has her (?) retention by the Central Powers of the strategic command of
arrived at its present attitude.
the northern plains of Italy. Had the Austro-Hungarian Empire reIn the first place, they believe that there is no foundation for the
assump- mained in existence as the ally of Germany, the provisions of the Treaty
tion which underlies the American communication that the proposed settleof London would have been sound. Relying upon the word of her allies.
ment outlined in their telegram of Jan. 20 involves a capitulation to the Italy
endured the war to the end. She suffered a loss in killed of over
Italian point of view as opposed to the Jugo-slav, and therefore constitutes
500,000 men and in wounded of three times that number, while her people
a settlement with which the Government of the United States
can have are burdened by crushing debt.
nothing to do. The memorandum from the United States Government
It was clearly impossible for her allies to declare at the end of the war
criticises the proposed settlement on four grounds:
that their signature to the treaty meant nothing but a scrap of paper, and
Firstly, that it cedes to Italy the narrow strip of territory running along that
they did not intend to apply the time to renounce their bond. They
the coast as far as the corpus separatum of Flume.
agreed with President Wilson that these circumstances under which the
Secondly, that this strip of territory coupled with the constitution of
treaty of London was concluded had been transformed by the war itself.
Fiume as a free city, under the guarantees of the League of Nations, clearly
The Austro-Hungarian Empire had disappeared, and the menace to Italy
paves the way for its annexation to Italy.
against which the terms of the treaty were intended to provide had largely
Thirdly, that the modification of the Jugoslav-Italian frontier operates
to the detriment of Jugoslavia in its control of the northern railway ,rom diminished. They, therefore, entirely associated themselves with the
efforts of President Wilson to negotiate a settlement between Italy and
Fiume: and,
Jugoslavia, which would be consonant with the new conditions, and which
Fourthly, that it provides for the partition of Albania.
was acceptable to both sides. But throughout these proposals they never
The memorandum of the Government of the United States would appear
to have entirely ignored the great advantage conferred on Jugoslavia at the concealed from him the fact that they regarded themselves as bound be
the treaty of London, in the event of a voluntary agreement not being
same time.
The origin of the proposal of Jan. 20 lies in the fact that when the Prime arrived at. The fact, therefore, that when they made their proposals of
Jan. 20 they informed both the Italian and the Jugoslav Governments that,
Ministers of Great Britain and France came to deal directly, both with the
in the event of their not being accepted, they would have no option but to
representatives of Italy and Jugoslavia in Paris, they found that nobody
desired to protect the Free State of Flume, which had always been an allow the treaty of London to come into force, can have come as no surprise
and was, indeed, the obvious method of bringing this long controversy to a
essential part of the American proposals fos settlement. They discovered that Jugoslavia would prefer a settlement which did away with close.
They would point out that this declaration is not, as the American Govthe free State, including, as it does, a population of 200,000 Slays, and included as much as possible of its tertiory and population within its own bord- ernment appear to think, an ultimatum to Jugoslavia on behalf of Italy.
Under the treaty of London Italy has to abandon Flume altogether, and
ers. Accordingly the Governments of France and Great Britain, continuing the negotiations from the point at which they had been left on Dec. 9. hand it over to Jugoslavia.
This part of the treaty is as unacceptable to Italians as is the transfer
made the proposal, under discussion,including the rectification of the Wilson
line and the cession to Italy of a strip of territory running along the shore of Dalmatia and the islands to Jugoslavia.. The declaration, therefore, in
regard to the enforcement of the treaty was an attempt to promote a prompt
so as to connect it with the Free City of Flume, the net upshot of which
was that Jugoslavia was to gain, as compared with the American proposal, settlement of this dangerous controversy by pointing out to both sides that
an additional 150,000 Jugoslays, while agreeing to the inclusion within the if they could not agree upon a settlement, which after long negotiation
Italian frontier of a further 50,000 Jugoslays in addition to the 400,000 seemed to be a fair compromise between their conflicting views, the only
alternative was an arrangement which was leas palatable to both.
which President Wilson had already agreed to allot to that country.
Finally the Governments of France and Great Britain feel bound to reply
As regards the suggestion that the proposal of Jan. 20 clearly paved the
way for the annexation of the town of Fiume to Italy, the French and British to the general observations contained in the latter part of the United States'
Governments cannot possibly accept the implication that the guarantee of memorandum. They know well the sincerity of President Wilson's desire
the League of Nations is worthless and that the Italian Government has for the establishment of an order providing real guarantees against a repeno intention of abiding by a treaty which it enters into. As regards the tition of the terrible events of the last five years. They are reluctant to
railway, the proposal of Jan. 20 gives to the Jugoslav State the control of believe that the President can consider that the modifications which they
the whole line from the point where it leaves the Port of Fiume, which is have made in the memorandum of Dec. 9 can constitute in themselves a
under the control of the League of Nations. This railway is a commercial, justification for a withdrawal from all further co-operation with them in the
and not a strategic, railway. Under President Wilson's proposals it is attempt to adjust peaceably the world's affairs. They feel confident that
commanded by Italian guns. According to either plan, nothing could be the explanations contained in this reply will remove any misunderstandings
easier than for Italy to but it in the event of war. They do not, therefore as to the nature of the Adriatic proposals. At the same time they are
see that there is substance in this criticism, a proposal whose real effect is deeply concerned that the United States should even contemplate the acto transfer the whole railway to Jugoslavia instead of leaving it in the hands tion to which they refer.
One of the principal difficulties encountered by the heads of Governments
of the free city of Fiume, which no one aesires.
obligations
There remains the question of Albania. They are glad to receive the during the negotiations of peace was that of reconciling treaty
with national aspirations which had changed or come into being since the
criticism of the American Government on this part of their proposal.They
would point out, however, that their telegram of Jan. 20 states that "the date on which the treaties were signed. It was obviously impossible to
and
details of the administration of this country by Jugoslavia. Italy and Greece ignore these latter aspirations, many of them born during the war,
have yet to be elaborated, and in working in this end sight will not be lost formulated with unexameled clarity and elevation by the President of the
United States himself. It was equally clearly impossible to ignore treaties.
of the feeling and future interests of the Albanian people and every endeavor
will be made to carry out the arrangements in full consultation with them." In fact, the war began in order to enforce upon Germany respect for the
neuFurther, they would point out, that so far from this proposal being made solemn treaty she had made nearly eighty years before in regard to the
endeavor
In the interests of Italy it was made in the interests of Jugoslavia. The trality of Belgium. It is the task of the statesmen of the world to
to adjust national aspirations and ideals, many of which are only transitory
Jugoslays pointed out that though under the proposal of Jan. 20 the
northern part of their territory was guaranteed adequate access to the and ephemeral with one another and with international treaties.
The difficulty of the task, the patience required in order to effect it sucsea through the Port of Fiume, the southern part of Jugoslavia had no
such access and that the national outlet was to build a line down the cessfully, the uselessness of endeavoring to enforce preconceived ideas on
refractory material has been recognized by no one more clearly than the
I)rin River to the mouth of the Boyana River. The French and British Governments thought that there was force in this contention and President, and in his address at the opening session of the Peace Gonference
their proposal in regard to Albania was designed to enable Jugoslavia, he pointed out how impossible it was to expct imperfect human beings and
Inasmuch as Albania was unable to undertake the work fur itself, to imperfect nations to agree at once upon ideal solutions. lie made A clear
develop, under international guarantee, a railway. The Albanians that in his judgment the only course before the Peace Conference was to do
have never been able to establish a settled Government for themselves, the best it could in the circumstances and to create machinery whereby imand as the northern part of the population is overwhelmingly Christian provements and rectifications could he effected by reason and common 8011A0
and the southern part similarly Mohammedan they thought It best to in- under the authoi ity of tho League of Nations instead of by resort to war.
Accordingly not only was the League of Nations established by Article
trust the responsibility for Government and development to these two parts
to Jugoslavia and Italy, respectively. They have, however, agreed that IX was specially inserted in the covenant providing that the assemble
the whole of Albania should be brought under the mandatory system and may from time to time advise us of reconsideration by members of the
they believe that this will make it pssoible eventually to satisfy aspirations League of treaties which become inapplicable and the consideration of international conditions whose continuance might endanger the peace of the
of the Albanian people for unity and self-government.
constituThe Governments of Great Britain and France, therefore, must repeat world. Thus an essential part of the treaties of peace has neon the
themselves
that they find difficulty in understanding the present attitude of the United tion of machinery for modifying and correcting those treaties
States Government towards the proposals and they hope that in view of these where experience shows it to be necessary.
The Governments of France and Groat Britain therefore view with conexplanations that Government will see its way to reconsider its attitude.
In review, these proposals are the natural outcome of the policy of the sternation the threat of the United States Government to withdraw front
the
Joint memorandum of Dec. 9. With the consent of both parties concerned, the comity of nations because it does not agree with the precise terms of
other
the idea of the free State of Fiume was abandoned. In view of the absence Adriatic settlement. The difficulty of reconciling ethnographic with
of the American representatives they had no option but to attempt to settle considerations is certainly not greater in the Adriatic case and does not
genthe question by themselves. It is not, however, the desire of the two produce more anomalous results than in the case of other parts of the
Governments to force a settlement which is unacceptable to the President eral treaties of peace difficulties which were recognized by President Wilpracticable
of the United States and they will therefore not attempt to insist upon son and his colleagues where they agreed to the best settlement
its acceptance until they have heard the view of the United States Govern- at the time because their machinery for peaceful readjustment had come into
taken
ment on this dispatch. They have confined themselves, therefore to asking being. Also that ethnologic reasons cannot be the only ones to be
the Jugoslav Government to give a definite answer to their memorandum Into account is clearly shown by the inclusion of 3,000,000 Germane in
Matt*
of Jan. 20, since they must know what the attitude of that Government is. Czechoslovakia and the proposals so actively supported by the United
delegation for the inclusion within Poland of great Ruthenian majorities
They feel bound, however, to ask the United States Government to con-.
exceeding 3,500,000 in number under Polish rule.
sider the effect of their action. The proposal of Dec. 9 has fallen to the
Though the British representatives saw serious objections to this arrangeground because nobody wants to set up the artificial free State of Flume.
ment, the British Government have not thought themselves justlfiedein
The proposal of Jan. 20 is objected to by the United States, which had to
reconsidering on that account their membership in the League of Nations.
representative at the deliberations, and which cannot therefore be in close
The Government of France and Great Britain therefore earnestly trust
touch with the changes of opinion and circumstances which have taken that
whatever the final view of the United States Government as to the
place since its plenipotentiaries returned to America. They cannot help
Adriatic settlement may be, they will not wreck the whole machinery for
feeling that a large part of the misunderstanding is attributable to the diffidealing with internationa! disputes by withdrawing from the treaties of
culty of reaching a common understanding. In such circumstances, how
1919 because their view is not adopted in this particular case. That
does the United States Government, which, to the regret of the Allies, still
would be to destroy the hopes now entertained by countless millions of
has no plenipotentiaries at the conference, propose that this dispute, which
people all over the world that the most enduring and most beneficient
prevents the reconstruction and threatens the peace of Southeastern Europe part of
the treaty of peace was the constitution of machinery whereby
and whose settlement is urgently required, should ever be closed?
the defects of treaties could be ren,edied and that changing conditions and
Further, the British and French Governments must point out that the requirements of mankind could be adjusted by processes of reason and jusfailure to secure an agreed settlement between Italy and Jugoslavia must tice instead of by the balancing of
armaments and resort to war. The
MAR. 20 1920.]
THE CHRONICLE
1147
were made with the
is the pur- depart from the Treaty of London line, and which
basis.
Governments of France and Great Britain cannot believe that it
understanding that negotiations were proceeding on quite a now now
American people to take a stop so far-reaching and terrible
themselves
pose of the
e. It has been no secret that the parties to the treaty did not
In its effects on a ground which has the appearance of being so inadequat
its provisions
desire it and that they have thus far refrained from putting
D. LLOYD GEORGE MILLERAND DAVIS.
nts
into effect. In mutually disregarding their secret treaty commitme
to the above, his note the parties to the treaty have recognized the change in circumstances that
The text of President Wilson's reply
and
has taken place in the interval between the signing of the secret treaty
disof Feb. 24, follows:
its proposed execution at the present time. For nearly eight months a
Bra:thing:on, Feb. 24 1920.
problem has proceeded on the assumption that
Ministers of Prance and cussion of the Adriatic
The joint memorandum of Feb. 17 of the Prime
be found than those provided by
ion of the better basis for an understanding could
have
Groat Britain has received the careful and earnest considerat
the Treaty of London. The greater part of the resulting proposals
has no desire whatever to criticise the attitude of the Gov- already received Italy's assent. These proposals in some cases affected
President. Ile
settlement,
ernments of France and Great Britain concerning the Adriatic maintain territory beyond the Treaty of London lino, as in the Travis and Sexton
but to
but feels that in the present circumstances he has no choice
fell short of the Treaty of London line,
t. Ile believes Valleys. In others the territory
to mention
the position he has all along taken as regards that settlemen
as in the case of the Islands of Lussia, Unto, Lissa and Pelagosa,
principle fought for in the war that no Government or only a few of the many proposals upon which tentative agreements have
It to be the central
to deterof Governments has the right to dispose of the territory or
by an application of the treaty
group
be upset
great Powers, long been reached and which would
mine the political allegiance of any free people. The five
of thorn, have at this late day.
e to the
though the Government of the United States constitutes one
The coupling of the Treaty of London as an obligatory alternativ
Government. to discame as a surprise to the American
in his conviction no more right than had the Austrian
co-opera- Adriatic settlement proposed on Jan. 14
already by the agreement of
the free Jugo-Slavic peoples without the free consent and
had
pose of
associat- Government, because this Government
tion of those peoples. The President's position is that the Powers
understanding with the British and French
their sincerity in Dec. 9 entered into a distinct
ed against Germany gave final and irrefutable proof of
nt regarding the basis of a settlement of the question. By their
the Covenant Governme
the war by writing into the Treaty at Versailles Article X. of
nt of the United States was confronted
that all the great action of Jan. 14 the Governme
was added on Jan. 20 a threat to fall
of the League of Nations, which constitutes an assurance
fore- with a definitive solution, to which
to do—have
Powers have done what they have compelled Germany
terms of the Treaty of London. This course was followed
ce with the free political back upon the
gone all territorial aggression and all interferen
the views of this Government or to provide
principle lived without any attempt to seek
in many other matters
solf-deterinination of the peoples of the world. With this
recent such opportunity of discussion as was easily arranged
t peace is secured and the surperno object of the
up to, permanen
been sub- dealt with in the same period.
tion have
to the difficonflict has been achieved. Justice and self determina
The President notes that the memorandum of Feb. 17 refers
it, there is no sein making
stituted for aggression and political dictation. Without
culty of reconciling ethnographic with other considerations
conscientiously adheres to a nonmilitaristic policy. territorial adjustments, and cites the inclusion of 3,000,000 Germans in
curity for any nation that
underin Poland, as examples
of the war, as tho Government of the United States
The object
than 3,000,000 Ruthenes
which had hung Czechoslovakia and more
stands it, was to free Europe from that cloud of anxiety
ons of ethnographic frontiers. He feels compelled
of the use of military of necessary modificati
over it for generations because of the constant threat
that this is a line of reasoning which the Italian representatives
, and the to observe
force by one of the most powerful Governments of the ContinentAmerican have advanced during the course of negotiations, but which the British
n of the
themselves unable to accept. There
President feels it important to Say again, that in theopinio
formulated and French have hitherto found
to be
Government, terms of the peace settlement must cootinue
for sufficient geographical and economic reasons slight
entered the war.. It is in were cases where
upon the basis of the principles for which America
hical frontier were sanctioned by the conferundeistanding, deflections of the ethnograp
would consent
a spirit of co-operation, therefore, and of desire for mutual
ence, and the American Government believes that if Italy
reviews the various considerations which the French and to apply the same principles in Istria and Dalmatia the Adriatic question
that the President
Feb. 17.
of
British Prime Ministers have emphasized in their memorandum
undertaking to would not exist.
s exHe is confident,that they will not mistake his motives in
The American Government heartily subscribes to the sentiment
Italy's
the necessary conclusions from their statemake plain what he feels to be
pressed by the Governments of Great Britain and Franco regarding
es the vital consequences of
ments.
the war. It fully appreciat
and Jugoslays participation in
The President notes that the objections of the Italians
profoundly grateful for her heroic sacrifices. These
of Fiume. her participation and is
nt.
were made the basis for discarding the project of the free State
have been repeatedly expressed by the American governme
s
that the joint consent of these two powers sentiment considerations cannot be made the reason for unjust settlements
It would seem to follow, therefore,
Italy But such
thus determined would
been required for the substitute project. The consent of
wars. A course
should have
of
Jugoslays have which will be provocative future
has been obtained. He does not find, however, that the
not in accord with the terrible sacrifices of the entire
Are they to be be short-sighted and
also expressed a willingness to accept the substitute plan.
can be justified and ennobled only by leading finally to settletory because world, which
principles for which the war was fought.
required now to accept a proposal which is more unsatisfac
British, French ments in keeping with the
Britain and
they have raised objections to the solution proposed by the
The President asks that the Primo Ministers of Franco, Great
President
The
and American Government in the memorandum of Dec. 9?
determination in the Adriatic matter in the light of those
t mutually agreeable Italy will read his
ts,and will realize that standing upon such a foundawould, of course, make no objection to a settlemen
in the Fiume principles and settlemen of necessity maintain the position which he arrived
to Italy and Jugoslavia regarding their common frontier
com- tion of principle, he must
that such an agreement is not made on the basis of His at after months of earnest consideration. He confidently counts upon their
region, provided
a third power.
pensations elsewhere at the expense of nationals of
effort on his part to maintain for the Allied and assoof Italy and Jugo- co-operation in this
by the victory
willingness to accept such proposed joint agreement
ciated powers that direction of affairs which was initiated
fact that only their own nationals are involved. In
slavia Is based on the
over Germany and the Peace Conference at Paris.
POLK, Acting.
results of direct negotiations of the two interested powers
consequence the
mination. Felling
would fall within the scope of the principle of self-deter
Premiers Feb.
the GovernThe above note was received by the Allied
in this, both parties should be willing to accept a decision of
as follows:
ments of Great Britain, France and the United States.
s 26 and the same day they replied thereto
the President'
The British and French Governments appear to find in
London. Feb. 26 1920
the annexation
suggestion that the latest proposals would pave the way for
the communiThe Prime Ministers of France and Great Britain welcome
n that the guarantee of the League of
of the City of Plume, an implicatio
from the President of the United
received
and that the Italian Government does not intend to cation which they have to-day
Nations is worthless,
cannot but States in answer to their memorandum of Fob 17. They wish to record
abide by a treaty into which it has entered. The President
Wilson to
to his thought. their appreciation of the recognition given therein by. President
regard this implication as without basis and as contrary
strip the attitude of the French and British Governments concerning the Adriatic
Tn his view of the proposal, to connect Fiume with Italy by a narrow
it involves settlement.
of coast territory is quite impracticable. As he has already said,
repeat
services, and
The French and British Prime Ministers are glad, once again, to
they
extraordinary complexities in customs control, coast guard
the previous the assurance given by them in the memorandum of Jan. 22 that
from
other related matters, and he is unable to detach himself
t of the quesjointly with "have never had the intention of making a definite settlemen
views of the British and French Governments, as expressed
of the American Government."
9, that "the plan tions raised without obtaining the views
dum
the American Government in the memorandum of Dec.
, economics, A further explanation of these views, which is supplied in the memoran
appears to run counter to every consideration of geography
nts,a matter
under reply, is, therefore, for the French and British Governme
and territorial conveniences."
it shows that the
Fiume would be of very great interest and importance, all the more since
He further believes that to have Italian territory join
the gen, in under- United States Government does not wish to disinterest itself from
to invite strife, out of which annexation might issue. Therefore tho prineral question of peace.
shape the solution so as to prevent this, he is acting on
taking to
in practice, an
The absence of any American representative has proved,
upon the essenand to the
ciple that each part of the final settlement should be based
adopted almost insurmountable obstacle to the success of negotiations
tial justice of that particular case. This was one of the principles
of an equitable solution in conformity
concerned
powers as a basis for treaty-making. To it has acceptance by the particle
by the allied and associated
of the legitimate,
is has never been alike with the principles of the Peace Conference and
been added the provisions of the League of Nations, but
the League though conflicting, aspirations of the Italian and Jugoslav peoples. of the
the policy of either this Government or its associates to invoke
the President
They note as a fact of the greatest importance that
become worse.
t mutually
of Nations as a guarantee that a bad settlement shall not
League and United States expressed his willingness to accept any settlemen
in the
The sum of such actions would of necessity destroy faith in the
agreeable to Italy and Jugoslavia regarding their common frontier
y the League itself.
eventuall
the basis of
nts of Great Fiume region provided that such an agreement is not made on
, The President notes with satisfaction that the Governme
of a third power.
well-being compensations elsewhere at the expense of nationals
Britain and France will not lose sight of the future interests and
the ideal
understands This, the French and British Pilate Ministers agree, would be
of the Albanian peoples. The American Government quite
their utmost
agreement, way of settling the question at issue and they are willing to do
that tho three-fold division of Albania in the British-French
it is just as to roach a settlement by this road.
the promight be most accotable to the Jugoslav Government, but
benefit of
In order to facilitate this process they are ready to withdraw
vigorously opposed to Injurying the Albanian people for the
on the 9th of December and the 20th of January, for they
as it is opposed to injuring the Jugoslav people for the benefit posals made both
Jugoslavia
the various
and Mo- feel that if the two parties principally concerned believe that
any parof Italy. It believes that the differences i‘otween the Christian
under allied and associated powers are committed to supporting thorn in
hammedan populations will be increased by putting the two sections
a voucher for agreement
government, and economic ticular solution it will be more difficult to secure
join
the control of nations of unlike language,
Italian between them. The French and British Primo Ministers, therefore, in
them
strength. Moreover, ono part would be adininistered by the
other in a cordial invitation that President Wilson should take part with
Government, which Is represented on the Council of the League, the
them to
nts, urging
represontation. a formal proposal to the Italian and Jugoslav Governme
l of all previous
part of the Jugoslav Government, which has no such
time would negotiate a mutual agreement on the basis of a withdrawa
Therefore, to alter or withdraw the mandate at some future
proposals.
impossible.
French and
be well-nigh
If, however, this attempt should prove unsuccessful, the
Regarding the Treaty of London, the French and British Primo Ministers
United States, Great Britain and
nt must dositate to speak British Prime Ministers agree that the
will appreciate that the American Governme
common with a view to
Gov- Franco should once more consider the question in
with assurance, since it is a matter in which the French and British
Ministers
arriving at concrete proposals. The French and British Prime
ronmonts can alone judge their obligations and determine their politicos.
taken
further to record tho wording of appreciation of the interest
the President feels that it Is not improper to recall a few of the argu- desire
But
people, and they
namely, by the American Government in the future of the Albanian
ments which have already been advanced against this treaty,
respect for the principle
the Treaty, assure President Wilson that they share to the full
the dissolution of Austria-Hungary, the secret character of
what they said on
the basis for which he here enunciates. They would remind him of
and its opposition to the principles unanimously accepted as
that they are
the subject in their memorandum of Feb. 17, and would state
making peace.
settlement can be
ions. In the convinced that by a review of the Albanian question a
In addition he desires to submit certain further considerat
Albanian people for fu
which will satisfy the aspirations of the
Northern Italian frontier agreements have already been reached which reached
1148
THE CHRONICLE
[VOL. 110.
self-government, while taking into consideration the vital interests of al
negotiated without the knowledge or approval of the American Governother parties concerned, together with the necessity of assuring to Jugo- ment, which was unacceptable to one of the interested Governments and
slavia an outlet on the Adriatic in the region of Scutari. They are willing which, in his opinion, was in direct contradiction of the principles for the
to urge upon the Governments interested that they should bring their defense of which America entered the war.
desires into line with the American point of view.
These views he has fully explained in his note of Feb. 10, and he ventures
The French and British Prime Ministers must further refer to the obser- to express the earnest hope that the Allied Governments will not find it
vations of President Wilson on the character and applicability of the Treaty necessary to decide on a course which the American Government in acof London. With regard to this treaty they feel bound to insist that its cordance with its reiterated statement will be unable to follow.
POLK.
secret character, to which he objects, was due to the exigencies of military
strategy. The essence of all success in warfare is to prevent divulging to
The text of the memorandum subscribed to by France,
the enemy of important plans which are of a military or political character, Great Britain and the United States was made
public on
and the treaty, on the faith of which Italy entered the war, was not one Feb. 26 by the
State Department as follows:
which could be published during hostilities without detriment to the Allies'
Department of State. Feb. 20 1920.
Cause.
The text of the joint memorandum signed on Dec. 9 by Premier ClemenWith regard to their statement that in the event of an amicable settleceau for Franco, Sir Eyre Crowe for England, and Undersecretary Frank
ment not being arrived at between Italy and Jugoslavia, the Treaty of
London would have to come into force. So far as they are concerned, the L. Polk for the United States reads as follows:
Paris. Dec. 9 1019.
French and British Prime Ministers feel that they need add little to the exThe following memoranda were signed by Clemenceati, Crowe, and myself
planations they have already given in the memorandum of Feb. 17. The
at the close of the meeting of the Supreme Council at Qual d'Orsay this
Italian Government has co-operated most loyally and assiduously with the
French and British Governments in endeavoring to substitute for the ar- morning:
"At the moment when the Peace Conference is entering what it is hoped
rangements of the Treaty of London, a settlement which would be satisfactory alike to them and to Jugoslavia. Such an agreement would ob- may be the last stage of its labors for the conclusion of peace with Gerviously replace and annul the Treaty of London with the consent of Italy many, Austria, and Hungary, the territorial settlement still remains inherself. That such an agreement should be reached is the cordial hope of complete in respect of regions which the CO uncertainty is calculated to
all the Allied Governments, a hope which they know President Wilson effect gravely the vital interests of the countries directly involved and might
shares to the full, but they cannot disguise the fact that should no voluntary easily endanger the peace of Europe and of the world.
"Being persuaded that this danger could only grow in intensity if the
settlement of this kind be attained, the Treaty of London to which they set
their hand in 1915, would then become the only valid alternative so far as Peace Conference were to terminate before an agreement had been reached
among the Principal Allied and Associated Powers concerning the Adriatic
they were concerned.
In conclusion the French and English Prime Ministers venture to call question, the representatives of the Conference of America. Great Britain,
the attention of President Wilson to the urgent importance of a speedy and France desire to call the attention of their Italian colleague to the
settlement of the Adriatic dispute—a dispute which is now gravely threat- urgent necessity of finding a solution. They realize fully the difficulties
ening the peace and delaying the reconstruction of Southeastern Europe. with which the Italian Government is confronted in dealing with this
problem, but it is precisely for this reason that they believe that it would
President Wilson on March 4 replied to the Allied Premiers be unjust to all the parties concerned, and in the first place to Italy herself,
were they any longer to delay putting frankly before the Italian Government
as follows:
as they see it after many months of examThe President desires to express his sincere and cordial interest in the a statement of the potion such
and reflection. The friends of Italy therefore feel impelled to make
response of the French and British Prime Ministers received on Feb. 27. ination
He notes with satisfaction their unaltered desire to reach "an equitable a further effort to reach a settlement which would be the fulfillment of her
legitimate aims and aspirations with the equitable claims of the neighboring
solution, in conformity alike with the principles of the Peace Conference
and of the legitimate, though conflicting, aspirations of tho Italian and states as well as with the supreme interests of the peace of the world.
"The three representatives, accordingly, venture to invite the Italian
Jugoslav peoples." He further welcomes their expressed intention, regarding certain essential points, "to urge upon the Governments interested Government to proceed to a fresh survey of the field in the light of the statement which they have now the honor to make.
that they should bring their desires into line with the American point of
"The British and French representatives have followed with earnest and
view."
The President is surprised, however, that they should find in the state- sympathetic attention the negotiations which have passed between the
ment of his own willingness to leave to the joint agreement of Italy and Italian Government and the President of the United States. If they have
Jugoslavia the settlement of "their common frontiers in the Fiume region" hitherto refrained from tendering their direct advice to the Italian Governany ground for suggesting the withdrawal of the joint memorandum of ment in the matter,it was became they had hoped the Italian Government
Dec. 9. In this he could not possibly join. The memorandum represents would be able to reach an agreement with President Wilson to which the
deliberate and disinterested judgment after months of earnest discussion. British and French Governments could readily subscribe. It will be reIt constituted more than a mere exchange of views; it was a statement of membered that the British and French Governments have already, more
principles and a recapitulation of the chief points upon which agreement particularly by their note communicated to President Wilson on Sept. 10,
had been reached. There was thus afforded a summary review of these used their best efforts to promote such an agreement which the President's
points of agreement of the French, British and American Governments, answer to that note gave every reason to hope could be brought about.
and the memorandum should remain, as it was intended to be, the basis Though a complete agreement has not so far been arrived at, the points of
difference still outstanding have been so much reduced as to justify an exof reference representing the combined opinion of these Governments.
pectation that complete accord will now be reached.
In referring to the "common frontier in the Flume region," the President
"It is well, with this view, to place on record, in the first place, the
had in mind the express desire of the two interested Governments to abandon chief points on which agreement
has been reached. This is all the more
the project of the free State of Flume, as defined In tho memorandum of desirable, as it will appear from
recent official Italian statements that
Dec. 9. If, as he understands, the Government of Italy and the Govern- some misapprehension may exist in
regard to matters which can readily
ment of the Serb-Croat-Slovene State prefer to abandon the so-called buffer be cleared up,such,for instance, as
the exact description of what is generally
State, containing an overwhelming majority of Jugoslays, and desire to referred to as President
Wilson's line. The points of agreement are, in
limit the proposed free State to the corpus separatum of Fiume, placing the main, embodied in the
American memorandum communicated to the
the sovereignty in the League of Nations, without either Italian or Jugo- Italian Delegation in Paris
on Oct. 27.
slav control, then the Government of the United States is prepared to accept
"(I) With regard to Istria, President Wilson had from the first agreed
this proposal and is willing, under such circumstances, to leave the deter- to a frontier running from the
Arse River to the Karawankon Mountains,
mination of the common frontier to Italy and Jugoslavia.
which widely overstepped the recognized ethnical line between Italy and
In this connection the President desires to reiterate that he would gladly Jugo-Slavia and which
would have, as a result, to incorporate in Italy more
approve a mutual agreement between the Italian and Jugoslav Govern- than three hundred
thousand Jugo-Slavs. Italy's geographical position,
ments reached without prejudice to the territorial or other interests of any as well as her economic
requirements, was held to justify this serious
third nation. But Albanian questions should not be included in the propos- infringement of the
ethnic principle and President Wilson, anxious to give
ed joint discussion of Italy and Jugoslavia, and the President must reaffirm the fullest value to
those important considerations, went still further in
that he cannot possibly approve any plan which assigns to Jugo-slavia in agreeing to an extension
eastward in such a way as to give to Italy the
the northern districts of Albania territorial compensation for what she is region of Albona
in spite of the considerable additional number of Jugodeprived of elsewhere. Concerning the economic outlets for Jugoslav.a iii Slays thereby
incorporated.
the region of Scutari suggested in the note under reply, the President de"Moreover,to strengthen the strategic security of Italy, President Wilson,
sires to refer to the memorandum of Dec. 9 as making adequate provisions in agreement with the Italian
Government, has indorsed the creation of
Unmet the needs of Jugoslavia.
a buffer state between Italian territory in Istria and the Serb-Croat-Slovene
Regarding the character anti applicability of the Treaty of London the Kingdom in which some two hundred
thousand Jugo-Slava, as against less
President is led to speak with less reserve on account of the frank observa- than forty thousand Italians.
will be placed under the control of the League
tions of the French and British Prime Ministers. He is unable to find hi of Nations. Anxious to remove
any conceivable strategic menace that
the "exigencies of military strategy" sufficient warrant for exercising Italy might fear from the Serb-Croat
-Slovene state. President Wilson has
secrecy with a Government which was intimately associated with the agreed, and the British and
French Governments are glad to associate
signatories of the Treaty of London in thegigantic task of defending human themselves with this agreement,
that the so-called !tasting region shall be
freedom and which was being called upon for unlimited assistance and for permanently demilitarized.
The three representatives would be happy to
untold treasure. The definite and well-accepted policy of the American learn from the Italian
Government whether slight modification of the
Government throughout its participation in the deliberatons of the Peace demilitarized zone
between the Area River and Cape Promontore are doomed
Conference was that it did not consider itself bound by secret treaties of necessary to safeguard
the security of the defenses on Italian territory. •
which it had previously not known the existence. Where the provisions
"(2) There is complete agreement concerning the creation, in the interest
o fsuch treaties were just and reasonable, the United States was willing to of Italy,
of the buffer state to be known as the (free state of Flume') and
respect them. But the French and British Prime Ministers will, of course, its control by
the League of Nations. Ethnic considerations would demand
not expect the Government of the United States to approve the execution that this
state, containing two hundred thousand Jugo-Slavs, should be
of the terms of the Treaty of London, except in so far as that Government afforded an
opportunity by plebiscite to decide its own fate. In deference
may be convinced that those terms are intrinsically Just and are consistent to Italy's objection that the
incorporation of this region in the Serb-Croacwith the maintenance of peace and settled order in Southeastern Europe.
Slovene state by free act of the inhabitants might create a real menace,
Thu absence of an American representative with plenary power is to be it is now
agreed that the determination of the whole future of the state shall
regretted, and may have been a source of inconvenience, but the President be left to the
League of Nations, which, in conformity with Italian requirecan recall several instances where decisions in the Supreme Council were ments, shall not
fall to provide the full measure of autonomy which the
delayed while the British and French representatives sought the views of city of Fiume
enjoyed under Austro• Hungarian rule.
their Governments, and he is convinced that time would have been saved
"(3) The three representatives are glad to record their appreciation of
and many misunderstandings avoided if, before actual decisions had been the wisdom
and moderation which have marked the attitude of the Italian
reached and communicated to the Italian and Jugoslav delegations, this Government towards
the difficult question of Dalmatia. They feel that
Government had been given sufficient indication of the fact that the British the Italian Government
have acted on an enlightened view of tech. higher
end French Governments intended radically to depart from the memoran- interests in
officially withdrawing territorial claims to an area where, to
&lin of Dec. 9.
enforce them, would have meant permanent discord with the inhabitants
In conclusion the President desires to express his concurrence in the of the Serb-Croat-Slovene
state and prevented all possibility of friendly
view of the British and French Prime Ministers that a speedy settlement of relations with
them. In order, however, to safeguard every Italian racial
the Adriatic question is of urgent importance. But he cannot accept as and sentiment
slinterest it has been agree dthat the city of Zara shall enjoy
net the implied suggestion o fhb responsibility to the failure to reac a
specia Iregim
It !geographical position indicates Zara as a part of the
solution. He ha ,mere it adhered to the provision
/sett ement wh ch Jugo-Slavs stat but .provided the town is left within the Jugo-Slavs custhe Prone Ian (British Government recognized 51equltab
the 4otnt tom on on
Ito be given comp etc ovoreignty under the League of
memorandum
Dec.
an ha decline
approve
new settlemen
Nations an (freedom
contro es own affairs.
MAR. 20 19201
THE CHRONICLE
1149
of
but it would appear to rest on a misapprehension of the real position
Fiume. The creation of the buffer state—whicn is to be completely indeto
pendent of Jugo-Slavia—was, among other reasons, probably intended
as
safeguard the position of Fiume;and the free state, of which Fiume must.
is already in
indicated in the preceding paragraph, form an essential part,
not only by sea but by a long
direct contact with the Kingdom of Italy,
land frontier of approximately a hundred miles. Full effect, therefore
is already given to the sentimental considerations to which the Italian Govnot
ernment attach so much value. In fact, the new Italian plan would
would be
achieve this object so well, as in practice it is to be feared that it
interfere
quite unworkable. The Italian Government does not propose to
admit is
with the railway connecting Flume with the north, which they
to remain within the free state. This railway runs for a considerable disregion
tance along coast; and the Italian proposal amounts, so far as this
Italy
Is concerned,to cutting off from the free state and incorporating with
and the
the line of sandy and barren beach intervening between the railway
this eccentric
sea. Whilst the injury to the free state, which would in
ble
way be entirely cut off from its only seaboard,is obvious and unmeasura
it be
it is not easy to understand what would be the benefit to Italy unless
Nor
considered a benefit to her that the free state should be so crippled.
would
does it seem necessary to dwell on the extraordinary complexities that
and cognate matters
arise as regards customs control, coast-guard services,
In a territory of such unusual configuration.
,
"The plan appears to run counter to every consideration of geography
that
economics and territorial convenience, and it may perhaps be assumed
Government this
if these considerations were overlooked by the Italian
of annexwas due to their having connected it in their mind with the question
peninsula of
ing to Italy all that remains of the Jugo-Slav portion of the
Istria.
raised quite
"This question of further annexation of Jugo-Slav territory is
and by the
unambiguously both by the demand for the whole of Istria
consideraproposal to annex the Island of Lagosta.. In neither case do even
is already
tions of strategy arise, for the strategical command of the Adriatic
Pole, the islands
completely assured to Italy by the possession of Trieste,
afforded by
facing Fiume, Pelages, and Valona. Additional security is
together with
the proposed demilitarization of the whole free State of Fiume
of Istria rea large zone lying to the north of it and of the small portion
maining to the free (*) of Flume.
remains nothing
"Economic consideration being equally excluded there
are adbut a desire for further territory. Now the territories coveted
no Italian
mittedly inhabited by Jugo-Slavs. Tney contain practically
Italy in full sovereignty.
way in which Presiwhich, after elements. This being so it is necessary to refer to the
"The above six points in their general aspect are those on
France,has met
reached dent Wilson, with the cordial approval of Great Britain and
many months' negotiation, the Italian Government have happily
of territories
They afford to every successive Italian demand for the absorption in Italy
an agreement with the President of the United States.
absorbed. On
on the desire inhabited by peoples not Italian and not in favor of being
Italy full satisfaction of her historic national expirations, based
telegram addressed
of the this point the following passage may be quoted from a
to unite the Italian race; they give her the absolute stragetic control
12:
nal guarantees to Signor Tittoni by the Secretary of State at Washington on Nov.
Adriatic; they offer her complete guard against constitutio
Ameriher Jugo'Your excellency can not fail to recognize that the attitude of the
"
against whatever aggressions she might fear in the future from
sincere
on their can Government throu4hout the negotiations has been one of
Slav neighbors, an aggression which the three representatives
demands. Italy
settle- sympathy for Italy and of an earnest desire to meet her
part consider as most improbable if the lines of a just and lasting
granted in
security claimed a frontier on the Brenner Pass and the demand was
ment are reached. They have even carried their concern for Italian
waters order to assure to Italy th3 greatest possible protection on her northern
the point of neutralizing the Dalmatian Islands and adjacent
to
three front although it involved annexing to Italy a considerable region populated
from the northern border of the Ragusa region to Flume. The
eastern
on the Italian by alien inhabitants. Italy demanded further a strong geographic
representatives therefore venture very earnestly to urge
to assure her abundant profriendly spirit that they should reflect on the great frontier and this likewise was granted in order
Government in the most
further
which gave to tection although it involved incorporation with Italian boundaries of
advantages which the above settlement following on that
and territory populated by Alien inhabitants. Italy demands the redemption
Italy the frontiers of the Alps would bring her and the great moral
was made to
now provide of her brothers under foreign Sovereignty and every effort
material triumph with which its successful conclusions would
greater nummeet this 'slab even in certain cases where, by so doing, much
the Italian Government.
de,
ion to even
' bers of foreign races were brought within Italian Sovereignty. Italy
"Anxious, however, to give the most sympathetic considerat
by
have carefully manded complete naval control of the Adriatic and this was granted
Italian interest or sentiment, the three representatives
and a central
the Italian according her the three keys of the Adriatic: Pole, Valona,
examined in all their bearings certain further demands which
Italian claims there was added
Control Island base. When all this failed to satisfy
Government have presented under the following four heads: (A)
nt by which concession to concession at Beaten Valley, at Tarvis, at Albona,in the Lussin
by Italy of the diplomatic relations of Zara. (B) An arrangeme
our desire
) should be dissociated Islands, in the terms of the Flume free state and elsewhere. In
the city of Fiume the so-called (corpus separatum
nt though its to deal generously, even more than generously, we yielded Italy's demand
from the free State of Flume and made completely independe
hoping to meet from Italy's
connection for an Italian mandate over Albania, always
port and railway should be left to the free State. (C) Direct
annexation statesmen a generous response to our efforts at conciliation.'
of the city of Flume (with the?) Italian province of Istria by the
"To the considerations thus urged by Mr. Lansing the three representarunning along the coast from
to Italy of a long narrow strip of territory
Italian frontier tives desire to add another argument. In doing so they trust the Italian
Fiume to Volosca between the railway and the sea, the
with- Government will not credit them with any desire to give advice on questions
In Istria being pushed eastwards so as to include the whole peninsula
rightly claim
of Italian high policy on which the Italian Government will
in Italy (D) Annexation to Italy of the Island of Lagoista.
there ought to be the best judge. But an appeal to an historical argument may be
"With regard to the first point, the representation of Zara,
the liberation
this small permitted to the representatives of three countries to whom
to be no difficulty in satisfying the national Italian demand that
Its internal of Italian territories from foreign domination has been a matter of unwaverhistoric Italian town shall preserve the Italian character both in
conceded ing concern and sympathy through generations of noble and often terrible
administration and in its representation abroad. It is already
have by its struggles. Modern Italy won the place in the hearts of all liberty loving
that (beyond such connection with Jugo-Slavia as Zara shall
spirit of her patriotism,
-Slovene customs union) the city shall be peoples which she has never since lost by the pure
incorporation in the Serb-Croat
aim of uniting under the Italian
nt under the League of Nations. The city will there- which set before her people the generous
completely independe
the League of flag those extensive provinces formerly within the ancient Italian boundaries,
fore be entirely free to decide, subject to the approval of
If, as is which were and have remained essentially Italian territories in virtue of
Nations, how it shall be diplomatically represented abroad.
be made their compact Italian population. The sympathies of the world have
contended, the city is completely Italian. Its choice will naturally
that in this way accompanied Italy's advance to the outer borders of Italia Irridenta, in
in accordance with tno Italian claims; and it is hoped
Government. pursuit of the sacred principle, the self-determination of the peoples. This
entire satisfaction will be given to the desire of the Italian
its port, from principle is now invoked by other nations. Not invariably is it possible
The Italian proposal to withdraw the city of Flume, except
. The main owing to the complicated interaction of racial, geographical, economic and
the free state Is one which has been found seriously perplexing
was strategical factors to do complete justice to the ethnic principle. Small
creation of a buffer state between Italy and Jugo-Slavia
object of the
security and on the Isolated communities surrendered and outnumbered by populations of difprecisely to guarantee on the one hand Italian strategic
not understood how ferent race can not In most cases be attached to the territory of their own
other the prosperity and development of Fiume. It is
Fiume nation from which they are effectively separated. But the broad principle
it would he possible for the so-called buffer state to exist without
within the remains that it is neither just nor expedient to annex as the spoils of war
less how it would be possible for Fiume to exist except
and still
dependent one territories inhabitated by an alien race, anxious and capable to maintain
buffer state. Flume and the buffer state art absolutely
from the buffer a separate national state of irridentism exactly analogous in kind to that
on the °Hui% and any arrangement which removed Fiume
of its Hinter- which justified the demand of Italia Irridenta for union with the Italian State.
state would put an end to the prosperity alike of the city and
the opinqu.stion
"The three representatives venture with all deference to express
Mindful of the sentimental feeling aroused in Italy by the
land.
a practicable ion that in declining to agree to the incorporation of more Jugo-Slav terriof Flume, the three represCntatives have always believed that
the buffer state tory they are acting In the highest interest of the Italian nation itself.
plan could be devised whereby the city of Fiume within
they propose
Jugo-Slav
should enjoy a privileged position. With this object in view
"From this point of view the inclusion in Italy of purely
the city had under
for Fiume precisely the same degree of autonomy as
where neither security nor geographical or economical considerathe watchful territories
would
Austro-Hungarian rule. It is believed that this provision and
compel annexation is not in itself a commendable policy. It
guarantee to Italy tions
and sympathetic interest of the League of Nations will
be bound to create within the Italian borders a compact body.
ethnic and cultural elements at Flume. With
to the Italian
full protection for the Italian
"The three representatives would make an earnest appeal
with Italy reabsolute soveriegnty vested in the League of Nations and
of opportunities for arriving
will be fully Government to seize the present most favorable
presented in the council of the League every Italian interest
the immediate conclusion and perstate could at a friendly agreement with them for
safeguarded. Moreover, to separate Flume from the buffer
on lines which they venture to
of such a buffer manent guarantee of the definite settlement
not fall to lead to a protest against the very establishment
aspirations of Italy, and fully
by Jugo- think fully realize all the legitimate national
which under such conditions would be inhabited entirely
state,
Adriatic. A settlement based
annexation to safeguard her pre-eminent position in the
Slays. With respect to the new Italian proposal for the
n with her Allies, could thereby
of the city of on the foundations which Italy, In conjunctio
Italy of a long narrow strip of coast from Fisnona to the gates
interest at present divergent
reason for which lay would have given a means of reconciling
cordial and solid
Amann there are difficulties of a practical nature. The
l and of offering Italy an opportunity for rendering more
nt have made this demand is stated to be a purely sentimenta
and to whom she
Governme
from her relations with the new nations, who are her neighbors,
ono—namely,the desire that the city of Fiume should not be separated
economic support as_her reassistance and
doubt such a sentimental could furnish such valuable
Italy by any intervening foreign country. No
Government, sources and experience entitle her to offer.
reason may be of great importance in the eyes of the Italian
the
"(4.) The same wisdom and moderaaon as that which had marked
have
attitude of the Italian Government towards the Dalmatian question
The
characterized their attitude as regards the islands in the Adriatic.
in realizing
Italian Government appears to be at one with President Wilson
of the Dalmatian
the necessary racial, geographic, and political connection
the possession
coastal islands with the Jugo-Slav state. On the other hand,
ly
of certain outlying islands, though ethnically Jugo-Slav and economical
Government
connected with Jugo-Slavia, are considered by the Italian
and the reasonableness
necessary to Italy's strategic control of the Adriatic
to
of this claim has been accepted. The following islands being accorded
(b) Liasa
Italy on a demilitarized status, namely: (a) The Peiagosa group,
are
and the small Wands west of it, (c) Lussin and Unie. These islands
an agreement
to pass In full sovereignty to Italy who,on her part, is to make
providing for their complete local autowith the Slav population of Use
nomy.
of the Independ"(5) Italy is to receive a mandate for the administration
present
ent state of Albania under the League of Nations. Attached to the
which, in the opinion of the three
memorandum is an outline of the form
of Albania
representatives, such a mandate should take. The frontiers
conferon the north and east at present will be those fixed by the London
n. In order,
ence in 1913; the southern frontier is still a matter for negotiatio
of such negotiations, the followhowever, not to delay a general settlement
the
ing provisional arrangement could be adopted: Greece shall occupy
88 follows
territory west and south of a demarcation line which shall run
map): from
(reference one million two hundred thousand Austrian staff
ward along
Mount Tumba on the northern boundary of Greece northwest
down that
the crest of the Nemercha Ridge to the Vojusa River, thence
between the
river to Teleleni, Mirica to point 98, thence south, passing
points 1840 and
villages of Lopsi-Martolozit and Zemblan, thence through
passing
1225 to a point about two miles south by east 1225, thence westward
and northJust north of Poljana, thence southeast to point 1669, thence west
AsprIcywest to point 2025, thence southwestward to the coast just south of
River,
onruga. The triangle of territory from point 98 on the Vojusa
ard to Lake Malik and southward
between Baba and Sinanaj, northeastw
should be
to the Greek frontier and the demarcation line mentioned above
tives
the subject of later negotiation between the three Allied representa
Allied repreon the one hand and Italy and Greece on the other, the three
sentatives acting for Albania.
may be strictly
"(6) The city of Valonia,together with such Hinterland as
granted to
necessary to its defense and economic development, Is to be
1150
THE CHRONICLE
[VOL. 110
"The spirit of moderation which was characterized in the recent attitude
5. There shall be ass'gned to Italy the following island groups: Lussin,
of the Italian Government leads the three representatives to hope that this Lissa and Pelagosa. There shall be placed under the sovereignty of the
appeal from Italy's American, British, and French Allies will not pass Serb-Croat-Slovene State the remainder of the islands.
unheeded and that the Italian Government will, by assuring definite agreeEL All Adriatic islands shall be de-militarized.
ment with their Allies, place on firm foundations the groat moral and
7. There shall be special provisions permitting Italians in Dalmatia to
material triumphs to which Italy's efforts and sacrifices throughout the choose, without leaving the territory, Italian nationality.
war have so justly entitled her.
8. Economic enterprises now existing in Dalmatia shall, by an interna'The United States, British, and French Governments desire to recognize tional convention, have their security safeguarded.
the independence of the Albanian State. They consider that the State of
Great Britain in agreeing to the Dec. 9 settlement of the
Albania will require, to the extent indicated in paragraph 4 of Article 22
of the covenant of tho League of Nations, 'The Administrative advice and Adriatic question acceded to a request made by Italy that
assistance' of one of the Groat Powers. For this task Italy, by her geo- the other signatories consent
to withhold publication of the
graphical situation and economic capacity, is primarily indicated.
"The United States, British, and French Governments are anxious there- note so as to give Italy an opportunity to reply and that the
fore, to entrust to Italy a mandate over the state of Albania under the con- settlement be not regarded as final. This was disclosed in a
ditions implied in the covenant of the League of Nations. They consider telegram sent by
Lord Curzon, British Secretary of State
that these conditions should form the basis of Italy's acceptance of this
mandate and should be in a convention to be concluded between the Italian for Foreign Affairs, to Sir Eyre Crowe, British representative
Government and the Governments of the principal Allied and Associated on the Supreme Council.
•
Powers. The headings of such a convention would be the following:
A copy of the telegram, which was communicated to the
"Ono. Albania Is recognized as an independent State within the frontiers
American Government March 3 for the first time, was made
indicated in the body of the covering memorandum.
"Nothing in these stipulations shall, however, prevent the Albania public the following day by the State Department. The
State from negotiating with the Serb-Croat-Slovene state such region
rectifications as may be in accord with local ethnographic and economic conditions for signature, Lord Curzon said, were requested
by Signor Scialoia, Italian Foreign Minister, with whom
requirements.
"Two. The Sc.rb-Croat-Slovene Government shall have the right to Lord Curzon held a long conversation Dec.
8.
construct and operate railways through Northern Albania north of parallel
When informed of the terms of the French-British-Ameri41, degrees 15, and otherwise to enjoy full privileges of international purcan proposal Signor Scialoia raised two main objections,
port across Northern Albania.
"Three. Tho right to control the development of the Boyana river shall which Lord Curzon said in the
telegram were:
be vested in the Council of the League of Nations with power to delegate
That it was a mere reiteration of the Wilsonian position and made no
the work to either Italy or the Serb-Croat-Slovene State under proper restrictions. It is assumed for this purpose that Montenegro will form Part concession to the Italian point of view about Fiume, and that while safeguarding the strategical position of Italy north of the Adriatic, yet by leavof the Serb-Croat-Slovene State.
"Four. A commission shall forthwith be established consisting of a ing both Sobenico and °attar° in the hands of the Jugo-Slav State it exposed
representative of the Italian Government, a representative of the League to attack the entire central and southern Adriatic flank of Italy. Italy
of Nations, and a representative of the Albanian State who shall be desig- claimed neither of these ports for herself, but did claim that both, or at
nated by the Principal Allied and Associated Powers for the purpose of least Sebenico, be demilitarized.
elaborating (A) the terms of the mandate to be entrusted to Italy over
Albania, and (13) the organization of the future state of Albania. This
commission shall terminate its labors within five months from the signature THE TEXT OF THE LONDON TREATY CONCERNING
of this convention and will address a report thereon with the necessary
THE ADRIATIC.
recommendation, to the Council of the League of Nations. The final deThe text of the so-called Pact of London between Great
eision as to the terms of the mandate and the organization shall be made by
Britain, Russia, France and Italy (referred to above) wherethe Council of tho League, acting by a majority vote.
"Five. The Commission foreshadowed in the above paragraph shall base by Italy received assurances as to the disposal of Adriatic
Its deliberation not only on the considerations above outlined but also on
areas was published in the N. Y. "Times" of Feb. 22.
the following principles:
"(A) The freedom of conscience and the free and outward exercise of This is.the agreement presented to the Jugoslays as an alterall forms of worship; the complete liberty in education and linguistic matters native in case they rejected the Allies' proposal. The
of all the inhabitants of the State of Albania.
"(13) The organization in so far as may be compatible with the tradition version printed in the "Times" was that translated by
of the country and the exercise of efficient administration of legislative and "New Europe" from the Russian version of the French
administrative bodies representing all sections of the population.
original, found in the Russian archives and made public by
"(0) The prevention of the exploitation of the country or its colonization in a manner liable to militate against the interests of the native in- the Bolsheviki when they took control of,affairs in Russia.
habitants. Under this heading would be included any recommendations
The text of the treaty follows:
which the commission might make as to improvements in the existing system
The Italian Ambassador in London, Marchese Imperiall, on instructions
of land tenure.
from his Government, has the honor to communicate to the Secretary of
"(D) The eventual ovation of gendarmerie the senior officers of which State for Foreign Affairs, Sir Edward Grey; to the French Ambassador,
may be Nationals of the mandatory power. The mandatory power shall M Cambon, and to the Russian Ambassador, Count Benckendorft,
the
have the right for a period of two years from the date of which the mandate following memorandum:
Is conferred and pending the organization of the native gendarmerie the
I. The great powers of France, Great Britain. Russia and Italy shall,
request for armed forces in the country. After that period the State of without delay, draw up a military convention by which are to be determined
Albania shall be permanently demilitarized and no power shall be allowed the minimum of military forces which Russia will be bound to place against
to maintain regular forces in the country without the sanction of the Council Austria-Hungary in the event of the latter throwing all her forces against
of the League of Nations."
Italy. This military convention will also regulate the problems relating
possible armistice, in so
The following, according to the State Department, is a to a the competence of thefar as these do not by their very nature fall
supreme command.
within
paraphrase of the toxt of the British-French revised proII. Italy on her part undertakes to conduct the war with all means at
her disposal in agreement with France, Great Britain. and Russia, and
posals, as accepted by Premier Nitti and handed to the
against the States which are at war with them.
Jugoslav delegation by Premier Clemenceau on Jan. 14.
HI. The naval forces of France and Great Britain and Russia, and
The Adriatic Question—Revised proposals handed to the Jugo-Slav against co-operation until such time as the Austrian fleet shall be destroyed,
delegates by NI. Olomonceau on the afternoon of Jan. 14 1920.
or till the conclusion of peace. France, Great Britain and Italy shall in
I. There shall be an independent State, under the guarantee of the this connection conclude without delay a naval convention.
League of Nations, consisting of the Corpus Separattun of Flume. The
IV. By the future treaty of peace Italy shall receive the Trontino, the
right of this independent State to choose its own diplomatic represen- whole of Southern Tyrol, as far as its natural and geographical frontier, the
tation shall be accorded. The Serb-Croat-Slovene State shall be given Brenner; the City of Trieste and its surroundings, the County of Ooriza
the Town of Susak, it being understood that the railways terminating apd Gradisca, the whole of Istria as far as the Quarnero, including Volosca
there, together with all facilities for their development and the whole and the Istrian Islands, Cherso and Lussin, as also the lesser islands of
port as well, aro to be handed over and to belong to the League of Na- Plavnik, Unia, Canidoll, Palazzuola, S Pietro Nerovio. Asinollo and
tions, which will take into consideration the interests of the Serb-Croat- Gruica, with their neighboring islets.
Slovene State, Hungary , Transylvania, as well as the city itself, and will
Note 1—In carrying out what is said in Article IV.the frontier line shall
make arragements accordingly.
be drawn along the following points: From the summit of Umbrile north2. The free State (of the previous proposals) shall disappear and the ward to the Stelvio, then along the watershed of the Rhaetian Alps as far
boundary shall be so drawn between Italy and the Serb-Croat-Slovene as the sources of the Rivers Adige and Eisach, then across the Mounts of
State as to meet the following requirements:
Reschen and Brenner and the Etz and Ziller peaks. The frontier then turns
(a) To provide along the coast a connection by road within Italian terri- southward, touching Mount Toblach, in order to reach the present frontier
tory. This, however,shall be done in such a manner as to leave within the of Carniola, which is near the Alps. Along the frontier the lino will roach
Serb-Croat-Slovene State the whole of the railway from Fiume northward Mount Tarvis and will follow the watershed of the Julian Alps beyond the
through Adelsberg. Where the railway from Flume follows the coast, the crests of Prodil, Mangart and Trlcorno, and the passes of Podberdo.
boundary line shall Ile between the railroad and the corridor joining Fiume Porlansko and Idria. From hero the line will turn in a southeast direction
with Italy.
toward the Schneeberg in such a way as not to include the basin of the
(b) A readjustment of the Wilson line in the region of Senosecchia in order Save and its tributaries in Italian territory. From the Schneeberg the
to provide for the protection of Trieste.
frontier will descend toward the seacoast, including Castua, Matuglia and
(c) The boundary line to be further drawn as marked by the blue line on Volosca as Italian districts.
the map attached. This will leave in the Serb-Croat
-Slovene State purely
V. In the same way Italy shall receive the Province of Dalmatia in its
Jugo-Slav districts.
e.,
present extent, Including further to the north Limarilca and Trebenie
3. There shall be an independent State, under the -guarantee of the two small places in Southwestern Croatia), and to the south all places as
League of Nations, consisting of Zara, within the limits of the municipality. far as a line starting from the sea close to Cape Planka (between Trau and
The right of this independent State to choose its own diplomatic representa- Sebenico) and following the watershed eastward in such a way as to place
tion shall be accorded.
In Italian hands all the valleys whose rivers enter the sea near Sobenico—
4. Valona shall be retained by Italy, as provided for in the Treaty of namely. the Gikola, Krka and Butianiica, with their tributaries. To
London, and, in addition, the mandate over Albania shall be given to Italy. Italy also will belong all the islands north and west of the Dalmatian coast,
In Northern Albania the boundaries shall be readjusted as shown on the beginning with Promuda, Solve, Ulbo, Skerda, Maon, Pago and Puntadura,
attached map. Those districts of Albania which will thus go to the Serb- and further north and reaching to Melada southward, with the addition of
-Slovene State will enjoy a special regime as an autonomous province the islands of S. Andrea, Busi, Lissa, Losina, Torcola, Ourzoia. Cazza
Croat
similar to that which the treaty with the Czecho-Slovak Republic provides and Lagosta, and all the surrounding islets and rocks, and hence Pelagosa
for its autonomous provinces. The southern boundary of Albania shall also, but without the islands of Grande and Piccola Zirona, Buie. Solta
be the line which was proposed by the British and French delegations on the and Brazza.
Commission of Greek Affairs. This leaves Greece Koritza and ArgyroThe following shall be neutralized: (1) The whole cost from Cape Planks
kastron.
on the north to the southern point of the Peninsula of Sabbioncollo on the
MAR. 20 1920.1
south, this peninsula being included in the neutral zone. (2) Part of the
coast from a point ton kilometers south of Ragusavecchia as far as the River
Vojussa on the south, so as to include in the neutralized zone the whole
Gulf of Cattaro, with its ports, Antivari, Dulcigno, S. Giovanni di Modua
and Dumzzo, with the reservation that Montenegro rights are not to bo
infringed in so far as they are based on the declarations exchanged between
the contracting parties in April and May, 1909. Those rights being recognized solely for Montenegro's present possessions, they shall not be extended to such regions and ports as may in the future be assigned to Montenegro. Hence no part of the coast which to-day belongs to Montenegro
shall be subject to neutralization in future. But all legal restrictions regarding the port of Antivari—to which Montenegro herself gave her adhesion in 1909—remain in vigor. (3) All the islands not assigned to Italy.
Note 2—The following districts on the Adriatic shall by the work of the
Entente Powers be included in tno territory of Croatia, Serbia and Montenegro: To the north of the Adriatic the whole coast beginning at the Gulf of
Vo!ewe.. near the frontier of Italy, as far as the northern frontier of Dalmatia, including the whole coast to-day belonging to Hungary: the whole
coast of Croatia, the port of Fiume, and the small ports of Nevi and Carlopage,and in the same way the islands of Voglla, Perviclo, Gregorio, Kali
and Arbe. To the south of the Adriatic, where Serbia and Montenegro
are interested, the whole coast from Cape Planka to the River Drin, with
the very important ports of Spalato, Ragusa, Cattaro, Antivari. Dulcigno
and S. Giovanni di Medua, as also the Islands of Grande and Piccola Zirona,
Buja, Solta, Brazza, Cikijan and Calamotta.
The port of 1)urazzo can be assigned to the independent Mohammedan
State of Albania.
VI. Italy shall obtain In full ownership Valona, the island of Sawn() and
territory of sufficient extent to assure ner against dangers of a military
kind--approximately between the River Vojusa to the north and east,
and tne district of Sulmar to the south.
VII. flatting obtained Trentino and Istria by Article IV., Dalmatia and
the Adriatic Islands by Article V., and also the Gulf of Valona, Italy undertakes, In the event of a small autonomous and neutralized State being
formed in Albania, not to opp.)se the possible desire of Prance, Groat Britain
and Russia to partition the northern and southern districts of Albania
between Montenegro, Serbia and Greece. The southern coast of Albania,
from the frontier of the Italian territory of alona to Cape Stilos, is to be
neutralized.
To Italy will be conceded the right of conducting the foreign relations of
Albania; in any case Italy will be bound to secure for Albania a territory
.'suffielently extensive to enable its frontiers to join those of Greece and Se:bin to the east of the Lake of Ohrida.
VIII. Italy shall obtain full possession ef all the islands of the Dodecannose at present occupied by her.
IX. France, Great Britain and Russia recognize as an axiom the fact that
Italy is interested in maintaining the political balance of power in the
Mediterranean, and her right to take over, when Turkey Is broken up, a.
portion equal to theirs in the Mediterranean—namely, in that part which
borders on the Province of Adana, where Italy bad already acquired special
rights and interests laid down in the ltalo-liritish convention. The zone
to be assigned to Italy will. In duo course, be fixed in accordance with the
must
vital interests of France and Great Britain. In the same way regard
be had for the interests of hely, even in the event of the powers maintainand
ing for a further period of time the inviolability of Asiatic Turkey,
• In
merely proceeding to map out spheres of interest among themselves.
the present
the event of France, Great Britain and Russia occupying during
and
war districts of Asiatic Turkey, the whole districv bordering on Adana
defined above in greater detail, shall be reserved to Italy, who reserves the
right to occupy it.
X. In Libya Italy obtains recogniztion of all those rights and prerogatives
hitherto reserved to the Sultan by the Treaty of Lausanne.
XI. Italy shall receive a military conixibution corresponding to her
strength and sacrifices.
XII. Italy associates herself with the declaration made by France, Great
Britain and Russia, by which the Mohammedan holy places are to he left
In tho possession of an independent Mohammedan State.
XIII. In the event of an extension of the French and British colonial
Britain
possessions in Africa at the expense of Germany, France and Groat
certain
recognize to Italy in principle the right of demanding for herself
compensations in the form of an extension of her possessions in Eritrea.
and
Somaliland. Libya, and the colonial districts bordering on French
British colonies.
XIY. Great Britain undertakes to facilitate for Italy without delay and
on favorable conditions the conclusion of a loan in the London market,
amounting to not less than .C50,000,000.
XV. France, Great Britain and Russia undertake to support Italy in so
far as she does not permit the representatives of the Holy See to take dipof
lomatic action with regard to the conclusion of peace and tho regulation
questions connected with the war.
regards Italy's adherXVI. The present treaty is to be kept sectet. As
ence to the declaration of Sept. 5 1914 this shall only be published after tho
declaration of war by and upon Italy.
The representatives of Prance, Groat Britain and Russia, having taken
cognizance of this memorandum, and being furnished with powers for this
purpose, agreed as follows with the representative of Hely, who was also
authorized by his Government for this purpose:
with the
Franco. Great Britain and Russia declare their full agreement
With
Present memorandum presented to them by the Italian Government.
regard to Points I., II. and III. (relating to the co-ordination of the military
and naval operations of all four powers), Italy declares that she will enter
the war actively as soon as possible, and in any case not later than one month
after the signature of the present document on behalf of the contracting
Parties.
(Signed in four copies, April 26 1915.)
EDWARD GREY.
JULES CAMBON,
IMFERIALI,
BENOKENDORFP.
SUITE BECAUSE OF THE ERRONEOUS REPORTS
REGARDING TAXABILITY OF STOCK DIVIDENDS.
Erroneous reports through the Wall Street ticker service
that the United States Supremo Court in its decision of
March 8 had decided that stock dividends were taxable, has
resulted in the institution of proceedings by Gaston Jaillet,
a customer of Josophthal & Co.,this city to recover $2,218 75
alleged.to have boon lost through the erroneous information.
Thelaction, which is a test case, has been brought against
Joseph Cashman, Treasurer of Dow, Jones & Co., through
1151
THE CHRONICLE
Mr. Jaillet's attorney, Martin C. Ansorge. The complaint
recites that the Dow, Jones ticker service sent Out at 12:09
p. m. on March 8 a bulletin from Washington that the
Supreme Caurt had ruled that stock dividends are income,
and therefore taxable, and had sent out a second statement
in correction at 12:54 p. m. It is charged that the publication of the erroneous report was duo to the "negligence,
carelessness and recklessness;of the defendants, its servants,
agents and employees, and that for a long time afterward
Dow, Jones & Co. "negligently, carelessly and recklessly
failed to correct said false report with the knowledge that in
the meantime persons throughout the country, and particularly customers of brokerage houses, were relying upon and
acting upon the alleged information contained in the report."
The complaint also says:
The market prices of stocks, bonds and securities were violently precipitated downward as the result of said false report. The plaintiff was
present at said brokerage offices at the time of the publication of said
report and, believing the representations contained therein to be true, sold
stocks which he owned at the lower prices which resulted from the false
report and cold other stocks short at said lower prices, which stocks subsequently violently reacted and rapidly advanced upward before defendant
corrected its report and before plaintiff knew of she falsity thereof and was
able to net thereon.
The New York News Bureau, as well as Dow, Jones &
Co., sent out erroneous reports of the Supreme Court's
decision, these reports causing heavy selling on the Exchange
cf stock on the general list, the market, however,quickly
recovering with the later correction of the false reports.
On the 8th inst. Dow,Jones & Co.,in a statement regarding
the first and incorrect reports of the decision, said:
"Flash" bulletins from Washington, which are sent from the Capitol.
In which the Supremo Court sits, concerning the stock dividend tax de
cision were incorrect and directly contrary to the actual decision of tho
Supreme Court. Not only were the "flashes" to financial agencies wrong
but those sent out by news services were also incorrect. Because of the
apparent corroboration these dispatches gave the other reports, the incorrectness of the news was difficult to check. It was only when the
statement that the lower court was upheld, which appears several hundred
lines down in Justice Pitney's decision, came over the wires that it was
realized that the first "flash" was wrong and corrections were immediately
sent out by all services.
Mr. Cashman, of Dow, Jones & Co., in stating on the
8th inst. that his company made the correction on the
ticker within about ten minutes of the time when the erroneous report sent out, said:
We get our service through our own branch in Washington. As soon as
we got the correction we put It on the ticker, I think It was about ten or ten
other
and a half minutes after the first report went out. Some of the
services were very late in getting the correctiou on the ticker.
William H. Hurst, Treasurer of the New York News
Bureau, which also sent out the erroneous intelligence, was
reported by the New York "Times" of the 9th inst. to have
said:
I understand that the mistake was due to a misunderstanding of the
meaning of the decision by our representative and other news representatives, who sat in the Court room and heard the decision read.
this kind do not happen more often,
it is surprising that mistakes
because of the manner in which the Supreme Court decisions are rendered.
No copies are furnished. They are read in the Court room ,generally in a
low or mumbling tone. It is necessary to strain your ears to catch the
words, and under the circumstances mistakes In interpreting the meaning
are not surprising.
Of course, since this occurs in the Supreme Court of the United States,
,
there is no one to complain to and no way to bring about an improvement
going
as far as I know. I have heard uhat a committee of stock-brokers is
to investigate the occurrence. I wish they would. Such an investigation
might result in a better method of getting the Supremo Court decisions
or
before the public.
The Associated Press issued a statement on the 8th inst.
saying:
The service of the Associated Press was accurate in every particular. We
find it necessary to make this statement because the Dow-Jones Tielter
Co. after correcting its own erroneous statement declared: "Not only
were the flashes' to financial Agencies wrong, but those sent out by newspaper services also were incorrect."
in
As this statement contained the intimation that the Associated Press,
common with other news associations, had made the same error that was
the
made by the Dow-Jones Ticker Service, the Associated Press asked
Dow-Jones Co. to make a correction. The Dow-Jones Co. specifically
of
refused to do so, and therefore the Associated Press takes this means
presenting the facts.
An explanation from Washington, March 8, concerning
the erroneous report, was published as follows by the New
York "Times" of the 9th inst.:
According to the local representative of the Dow, Jones & Co. agency,
40 minutes elapsed between the time when he sons out the first erroneous
report and the time when he was able to correct it. This was when further
reading of the opinion showed that he had reached a wrong impression from
the early paragraphs of the decision.
"I think that it was fully 40 minutes before I was able to finally make a
the
correction to my earlier report," said Henry Eland, who represents
Dow, Jones & Co. agency.
for one of the ticker com'rho United Press, which furnishes news service
panies, also sent out an erroneous flash on the stock dividend decision.
Hugh Baillie, Washington manager for the United Press, said:
"The correction followed within two minutes after the first flash. I do
not think that the erroneous information carried in the first flash got into
any newspapers, but it was probably carried by one of the ticker companies."
Mr. Bantle said he did not know what ticker agency took the United
Press service.
1152
THE CHRONICLE
The act that the request had been made by President
Barron, of Dow,Jones & Co., that a committee be appointed
by the New York Stock Exchange to investigate the origin
of the false reports, was made known in a statement which
appeared in the Dow-Jones daily,"The Wall Street Journal,"
on March 11. A rep y that such an investigation was "out
of our province as a Stock Exchange organization," came
from the Exchange, according to Mr. Barron's statement,
which we publish herewith:
It Is not within the memory of the oldest employee that the Dow, Jones
& Co. organization ever made an error in transmitting a Supreme Court
decision before this week. It has at times stood alone and been found
correct when everybody also was wrong.
The Washington reporter of the organization who sat in the room of the
Supreme Court. Monday afternoon, had grown up with the service and for
several years had so admirably reported the Supreme Court decisions as to
hold an enviable reputation for accuracy as well as speed.
It has always been the fear within the Dow-Jones organization that
sometime there might be a slip in reporting a Supreme Court decision by
misinterpretation of the decision, by a hasty conclusion or by the sacrifice
of accuracy to speed. But nothing of this kind occurred Monday. It
was something against which no human provision could have been made.
The rule of procedure always is that if the decision is not clear, the exact
language of the court and no other must be transmitted. But, of course,
the "yes" or "no" of the decision, when clearly defined, must be flashed
without the delay of a second.
The storms have played havoc of late with the wires. The usual tele.s
graph wire between the capitol and the Dow, Jones & Co' Washington
office was put out by the storm and as luck should have it the Boston wire
was interrupted between 12 and 1 by an accident at the New York end.
Otherwise a correction of the Washington decision could have been had in
New York earlier, as the Associated Press when appealed to before 12.30
had in the public interest given the Boston office tile correct flash.
The reporter for Dow, Jones & Co. made his telephone connections and
messenger arrangements and carefully prepared his copy so that it could
be sent by inserting or leaving out the word "not" in the line "stock dividends are not taxable as income Supreme Court decides."
The first impression that the reporter and many others received was that
the lower court had been reversed and therefore stock dividends were
taxable and the word "not" was stricken out. Then the message was held
for confirmation and in a few minutes it became positive that the lower
court's decision had been affirmed.
By some mental aberration, which nobody on earth can explain,the reporter was confident, as be handed the bulletin to the messenger, that he
had put back the word "not."
He sat in the court room for more than 15 minutes with no suspicion but
that he had delivered the first flash and delivered it correctly.
Later than the Dow-Jones announcement other news organizations
flashed what it is fair to assume was their first incorrect interpretation of
the court decision.
When the brokers' Washington wires in about 15 minutes began to doubt
the correctness of all the previous Wall Street reports. the Washington
office was asked to confirm. It was a few minutes before the reporter
could be reached.
Of course the correction came promptly back and the reporter was nearly
crushed when he learned of the lapse he had committed.
This explanation would hale been given yesterday except for the desire
of Dow, Jones dr Co. to have an official investigation.
To the letter herewith annexed the President of the Stock Exchange personally replied that such investigation was "out of our province as a Stock
Exchange organization."
March 9 1920.
To the President of the New York Stock Exchange.
Dear Sir:—(f in consonance with New York Stock Exchange policy,
would you be willing to name immediately a committee to investigate the
origin of the erroneous reports that were circulated in Wall Street between
12 and 1 o'clock Monday in respect to the Supreme Court decision regarding
Federal taxes upon stock dividends?
Very truly yours,
DOW, JONES & CO.,
By C. W. BARRON,President.
In its issue of the 10th inst., n referring to the attitude of
the Association of Stock Exchange Firms toward the erroneous report, the New York "Times" quoted an official of that
organization as saying:
The Executive Committee of the Association can see no justification in
the circumstances for any official action. There is nothing to indicate
that there has been anything but an unfortunate error. If there was even
a suspicion of.irregular practices the Association would be the very first
to take up the matter in earnest.
According to Mr. Ansorge, attorney for Mr. Jaillet,
advices have been received by him from several other attorneys stating that they had clients who desired to participate
in the test case. One of these clients, Mr. Ansorge said, is
a resident of Washington, who because of the erroneous
reports, suffered a loss of $30,000.
OTTO H. KAHN ON TWO YEARS OF FAULTY
TAXATION—RECOMMENDATION FOR
TAX ON SALES.
In a pamphlet prepared by Otto H. Kahn, on "Two Years
of Faulty Taxation and the Results," made public on Feb.
29, Mr. Kahn states that "several factors are responsible
for the economic dislocation and resulting ills (including high
prices) which confront us," and among these factors he says
"none has been more potent for harm than our Federal taxation." Mr. Kahn continues:
The free flow of capital, the normal working of the investment market
are absolutely basic elements for every kind of trade and industry. The
effects of their disturbance to any serious degree for any length of time are
all-pervading.
llo.
We cannot have a return to a state approaching normal conditions of
trade, prices, &c., until our investment market will have come within
measurable distance, at least, of normal conditions.
And that is impossible as long as our present income tax remains in
force, even if the other elements which have operated to bring
about the
present abnormal situation were removed.
It is an old axiom of taxation that an excessive tax destroys its own
productivity.
Wrong economies, however well-intentioned, have been more fruitful
of harm to the people than almost any other single act of government.
No doubt the prevailing apportionment of monetary reward is not free
from defects (though less so in this country than anywhere else), but there
has been a steady and pronounced tendency and movement, especially
within this generation, toward mending .such defects and remodelling inequitable conditions. Evolution and the irristible powers which make for
progress, enlightenment and justice may be depended upon to continue and
advance that process. There can be no turning back. But improvident
measures of economic violence will not hasten that process; on the contrary,
they will impede it.
Mr. Kahn states that "A small committee of wellinformed men of different callings, approaching their task
free from political, social and sectional bias, would not find
it a formidable undertaking to evolve a measure which, while
fully responsive to the dictates of equity and social justice,
would produce no less revenue than the taxation now in
force, and yet would be far less burdensome upon the country,
less hampering to enterprise, and less productive of economic
disturbance." Continuing, he said:
It might recommend a radical revision of income taxation on the theory
that the emphasis of taxation be laid rather on expenditures than on incomes and that a sharply marked distinction be made between such portion
of a person's income as is used constructively in savings, investments, or
enterprises and such portion as is spent on his scale of living. A tax based on
that theory would no doubt exempt expenditures of a certain minimum sum
per annum,say, 2,50J for single and 4,000 for married persons, would be
applied moderately to moderate expenditures, and would be severely progressive on large expenditures.
Much can be said for such a tax from both the economic and moral points
of view. Among other desirable effects, it would reach those who, by
holding tax-exempt securities, escape the burden of income taxation, and
It would thus go a long way to eliminate the undue advantage now attaching
to tax-exempt securities and to correct the resulting evils which I have
pointed out before in discussing that phase of our tax problem.
While a tax of this nature involves certain complexities in its details and
working, they would by no means be insuperable; in fact, they would, I
think, be less formidable than tnose of the present income tax.
The committee might, I should think,reach the conclusion to recommend
the imposition of a small percentage tax, say 1%, on all sale of commodities and products and presumably of real estate. Such a measure would be
productive of an immense amount of revenue and would not be harmful to
any one,
The exact form which such a tax should take is debatable. It might be
imposed on the seller according to the aggregate sales effected, tho tax to be
computed quarterly, semi-annually or annually. Or, it might, on every
transaction, be paid by the purchaser, in which case it should not be included in the selling price, but specifically added to it as a separate item,
probably best in the shape of stamps. Or, it might be made applicable
to retail sales only.
In the latter case it might be found well to exempt from the tax single
purchases below 2. Also in that case, 1. e., in dealing with tile ultimate
purchaser, it might possibly be deemed appropriate to make the tax varying
in its scale, say from 1% to 10%, or even 20%, progressing according to
the value of the article purchased, so that, for instance, a person making
a $5 purchase would pay 1% tax, I. e., five cents, while a person making
a $5,000 purchase would pay 10% tax, i. e., $500. and so on.
While the progressive scale suggested would be attractive from the point
of view of equity, I realize, of course, the practical objections to which it
is open and the difficulty of its operation. Indeed, it may be found upon
due investigation that the complications involved would be such as to be
decisive against the adoption of that suggestion.
The simplest and most remunerative way, naturally, would be to impose
a very small tax on the turnover, computed quarterly or semi-annually, of
sales of commodities and products all along the line, from first to last.
At any rate, whatever may be the difference of opinion as to the various
ways of applying a sales tax, I feel confident that as far as the principle
of such a tax is concerned, a great majority of the men engaged in business
large or small, would welcome it.
It may be objected that such a tax is finally passed on to the consumer.
No doubt it is. Bo is the bulk of the excess profit tax. So, in the end, is
practically every business tax and, to a great extent, even individual taxes.
At present, apart from various minor taxes, corporate business pays 10%
income tax and, in addition, excess profit taxes up to 40%. Individuals
pay up to 73% in Federal income taxes alone.
A trifling sales tax on the huge volume of commodities changing hands
annually would yield so vast a revenue that it would enable the excess profit
tax and practically all other abnormal business taxes (except perhaps the
corporate income tax) to be eliminated, surtaxes on individual incomes to
be greatly reduced and Federal Taxation of Incomes up to say $4,000 to
be abolished altogether.
A similar recommendation by Mr. Kahn was referred to
in our issue of Jan. 24, page 318.
F. J. LISMAN SUGGESTS TAX ON PERSONAL
EXPENDITURES.
An article headed "Confiscating Capital and Incentive by
Taxation," prepared by F. J. Lisman, appeared in the Feb.
11 issue of "Commerce and Finance." Mr. Lismam avers
that "it is unquestionably a conservative statement that
ono-half of all surplus earnings of our large corporations and
the bulk of the smaller ones go into improvements, being
used to create additional facilities for production and employment. The profit tax is a strictly socialistic measure because
it confiscates new capital while it is being created." He also
says, among other things:
MAR. 20 1920.]
THE CHRONICLE
many years advocated a
Mr. Victor Morawetz in his writings has for
one should be taxed in
"habitation tax," that is, a system by which every
in proportion to the value
proportion to the amount of rent paid by him, or
The theory of this sysof the premises occupied for residential purposes.
for rent is a fair estimate of
tem of taxation is that personal expenditure
be levied accordingly.
the general standard of living and that the tax should
be taxed additionally. Mr.
A person with more than one dwelling should
Anyone employing one servant
Morawetz also suggests a tax on servants.
employing two servants should
can easily afford to pay *50 a year; anyone
possibly $200 for the third
pay an extra $100 for the second servant and
pay a heaNier tax on
servant People with more than one house should
Everything which amounts
the second and still a heavier one on tha third.
be discouraged in these
to wasteful consumption of goods or labor should
.
times and is a legitimate source of taxation
a system of taxation would
Unquestionably the best way to enforce such
expenditure of $1,000
be to allow each adult person an annual tax exempt
minor; expenditures above
percapita and allow $500 exemption for every
be 2t% per capita
this amoont to be taxed. Possibly a fair tax would
up to say $10.0b0 or $5,000.
for each additional $1,000 spent In any one year,
by 5% on every $1,000
respectively, and to increase this tax progressively
tax of 75% would be payable
above $10,000 up to $20,000, until finally a
utions to eleemosyby everyone spending over $20,000 per capita. Contrib
devised a very complinary or public purposes should be exempt. We have
of working out proper
cated system of taxing income; surely a method
ture tax should take
taxation on expenditures can be solved. This expendi
I believe a meticulous
the place of all Income, super and profit taxes.
because people would dislike
watch would then he kept on expenditures
expenditures.
giving up 75% for every $1,000 of additional
popular with Congress,
Such a system of taxation should certainly be
lightly on the majority of people. In most
because it would bear very
y less, than the precases this expenditure tax would be no greater, probabl
, wife and two children
sent income tax. To a family conisting of husband
that is they would
and spending $5,000 a year, the tax would be but $75,
on an expenditure of
be exempt to the extent of $3,000 and would pay $25
.1,000. If such a
the first $1,000 and $50 on an expenditure of the second
tame, which could
family were to spend $10,000 they would pay $720 in
hardly he considered burdensome.
it comes within the
Such a system of taxation is undoubtedly novel, but
should not meet with the
requirements of a proper system of taxation and
this, and put the
e,
resentment of anyone. Let Congress, therefor consider
cannot be evaded
experts to work for the purpose of enacting a law which
and which will have plenty of teeth in it.
of their expenditures
People who are in the habit of keeping close account
e, a law which compels peodo not spend their money thoughtlessly, therefor
al. The law might very
ple to keep accounts would certainly be benefici
that Is not properly
properly provide that any part of a person's income
to have been used
accounted for in the income statement should be deemed
payers might be payable
for personal expenditures. Taxes of the large tax
the end of the year. It
monthly or quarterly, with a final accounting at
ly floaters, would
might he found that thousands of working men, especial
of fact many of this class
escape such a system of taxation, but as a matter
is doubtful whether 1%
are now earning from $2,000 to $5,000 a year and It
of these people are paying any tax at present.
about $7,000,000, making $14,000,000 derived from this
source of taxation.
BILL AMENDING NEW YORK STATE INCOME TAX
LAW AS TO NON-RESIDENTS RECALLED FOR
FURTHER AMENDMENT.
16 the New York Senate adopted a resolution
On March
Joint
offered by Senator Davenport, Chairman of the
or
Legislative Taxation Committee, recalling from Govern
by the Legislature last week amending
Smith the bill passed
nonthe State ircome tax law relative to exemptions of
ts. It is pointed out that the bill as it went to the
residen
proGovernor allowed only partial exemption based on the
e
portion of income earned within the State to total incom
s, and it was withdrawn in order to change its
from all source
ions
provisions so as to grant to non-residents the full exempt
granted to residents.
&c.
ITEMS ABOUT BANKS, TRUST COMPANIES,
of bank or trust company stocks were made this
No sales
week at the Stock Exchange or at auction.
TAX AS
R. S. HA WEB DECLARES EXCESS PROFITS
FACTOR IN LIVING COST.
Attacking the excess profits tax as a contributing factor
to the high cost of living, Richard S. Hawes, of St. Louis,
speech
President of the American Bankers' Association, in a
that
at the LaSalle Hotel, Chicago, on March 10, declared
Revenue Law needed revision for the purmost. of the War
would
pose of bringing it back to sound principles which
in rectifying the present banking situation. Mr. Hawes
aid
of the
remarks on the subject were given at a luncheon
tChicago Association of Commerce on the question of presen
finances and the American Bankers' Association. Taxes
day
a
that can be passed on from one person to another with
to
profit, or are repressive or confiscatory, are a detriment
our economic existence, according to Mr. Hawes, who pointwith
ed out that it was only fair to suppose that, beginning
then
the producer, to the jobber, to the manufacturer, and
n
into the retail dealer's hands, each one in turn added thereo
it
his excess profits tax to the price, and by the time arrives
been
to the consumer five or six excess profits taxes have
Hawes added:
added thereon. Mr.
usefulness and now stands as a
The excess profit tax has outlived its
in the reconstructive period.
detriment to sane industrial development
a direct tax on profits. it Is
Although the excess profit tax is in the form of
ity tax. The manufacturer or
In effect a most unsatisfactory commod
to estimate in advance the amount
merchant subject to the tax is required
ity and in turn to
he Is compelled to add to the selling price of the commod
protect himself against
pass tuls on to the ultimate consumer in order to
concern is naturally more
the heavy imposition. Consequently, a business
liabilities. Thus the uncerapt to over estimate than under estimate its
burden to both the one taxed
tainty of the tax has made it an obnoxious
of primary production, it Is
and the ultimate consumer. In the matter
in a forest, or ore in a mine,
just and fair to expect a man who owns timber
a large percentage of what is
to cut that timber and give the Government
ly tends to deter both expanin fact his reserve capital? The law Indirect
credit. A corporation with good
sion and production because it penalizes
loans is given no credit for capital
credit that expands its business through
the borrowed capital.
so employed, no exception being made for
PROPOSED
INCREASE IN TAX ON STOCK TRANSFERS
IN BILL IN NEW YORK LEGISLATURE.
of
An addition tax of two cents on each $100 face value
,
stocks, raising the tax to four cents on all transfers issued
bill introduced this week in the New York
is suggested by a
State Legislature by Assemblyman Franklin Judson, Chairman of the Assembly Committee on Taxation. The meases
ure, it is stated, is designed to add to the State's revenu
1153
Plans for the proposed merger of two of the city's import
banking institutions, namely the Chemical National
ant
known
Bank and the Citizens National Bank, were made
this
in the following announcement issued on Thursday of
.
week:
and of the Citizens National
The directors of the Chemical National Bank
merge the institutions. The
Bank have unimously agreed on a plan to
under the name of the Chemical
consolidated institutions will be operated
l Bank's long established
National Bank and it will be located at the Chemica
quarters, 270 Broadway.
of $4,500,000, a surplus
The consolidated institution will have a capital
$1,000,000. It will
of $13,500,000 and undivided profits approximating
and total resources of $200,have gross deposits of about $140,000,000,
000,000.
l, Chairman of the board,
Its principal officers will be Herbert K. Twitchel
Schenck, First Vice-President,
Percy H. Johnston, President; Edwin S.
as Vice-President of the CitiMr. Gerard Comly retired from active duties
other officers of the respective
zens National Bank on Jan. 1st, last. All
those now held by them with the
institutions will hold similar positions to
consolidated bank.
Wednesday and recommended
The directors of the Chemical Bank met
plan. Similar action was taken
to the shareholders the ratification of the
their meeting Thursday morning.
by the Citizens National Bank directors at
through upon receipt of the
Consummation of the plan will be carried
y and after the shareholders of
approval of the Comptroller of the Currenc
voted on the question.
the respective institutions have formally
the snareholders of each institution
More than the requisite number of
will become effective about
have expressed their approval, and the merger
May 1st.
in 1824 and the Cit'zens in
The Chemical National Bank was founded
successful in every way.
1851, and both institutions have been
,000 and
The Chemical National has a capital of $3,000
issued under date of the Comptroller's call of
in statement
and
Feb. 28, it is reported surplus and profits of $10,004,251
ts of 1,625,946. The Citizens National which also
deposi
s
has a capital of $3,000,000, on the same date gave its surplu
defund as $3,000,000, undivided profits as $784,881 and
posits as $46,449,375.
tile
At a meeting of the Board of Directors of the Mercan
Americas, Arthur Jones was appointed AssistBank of the
ant Manager.
d to
A book containing the Federal Reserve Act, revise
issued by
include all amendments to Dec. 24 1919, has been
The volume
the National Bank of Commerce in New York.
ce purposes, being fully indexed and
is prepared for referen
the amendprovided with marginal annotations. Several of
particularly significant in connection with recent
ments are
banking,
international developments affecting American
ment
such as the Edge Act and sections relating to the invest abanks in foreign banking and financing corpor
by national
tions organized under Federal or State laws.
in conti"The end of an epoch is rapidly approaching
Guaranty Trust Company of this
nental affairs," says the
, "American
city in the latest issue of its fortnightly review
n Markets," adding: "In spite of surface
Goods and Foreig
deficonditions, it is now becoming possible to think more
of Europe as a whole rather than as several groups
nitely
be called a
of sharply conflicting interests. This might
countries
period of forced co-operation. Even the Allied
more clearly the necessity of a solvent Germany
are seeing
e the need of
as part of their own economic machine, likewis
ed neutral
closer union of action with countries that remain
"The continental system,"it adds,"will be
during the war."
of interest
controlled and unified by the very community
, of
from past community of disaster. It will remain
bred
1154
THE CHRONICLE
course, for manybrears a debtor tolboth Great Britain and
the United States. And herein lies a very important world
fact. Great Britain, as debtor to the United States and
creditor of Continental Europe, will be the essential link
between the American and the European systems. In
other words, she will be the financial moderator of a distinctly new order."
llo.
is approved, it is proposed to continue the office of the
Citizens Bank as a branch of the Union Trust Co., James
L. Hotchkiss, President of the Citizens Bank will become a
Vice-President of the Union Trust Co., John C. Frankland,
cashier of the Citizens' Bank will have charge of the Citizens'
branch and will be a Vice-President of the Union Trust,
and George G.Ford will also be a Vice-President in the latter.
The President of the consolidated bank will be Frederick
W.Zoller, now President of the Union Trust Co. The other
officers of the company who will continuo in their present
respective posts are Martin E. Well?, Allan B. Fraser, and
Edward P. Vollerstein, Vice-Presidents; Blake S. Raplee,
Vice-President and Secretary, and Delos M. Rose, M. G.
Palmateer and Carl R.Snider, Assistant Secretaries. Action
looking to the ratification of the merger plans and the inincrease in the capital of the Union Trust Co. will be taken by
the stockholders of the latter on April 10.
Group insurance has been provided for the employees of
the Colonial Bank of this city applicable to all employees
of the bank on the payroll on Feb. 17. Employees entering
in the service of the bank after that date will be permitted
to avail of the insurance plan after three months' service.
The amount of insurance to which each employee will be
entitled is to be determined by his salary, the minimum
amount of insurance being $500 and the maximum $3,000.
The policy, which covers death, as well as permanent disability when the latter occurs before the age of sixty, requires
no medical examination. The employees of the bank are
Charles E. Spencer, Jr., a Deputy Governor of the Federal
under the insurance plan, entitled to a visiting nursing service Reserve Bank of
Boston, has been elected a Vice-President
without expense.
of the First National Bank of Boston. Mr.Spencer, previous
-4--to becoming associated with the Federal Reserve Bank, had
At the regular meeting of the trustees of the Equitable been with the Colonial Trust Co. of Waterbury,
Conn.; he
Trust Co. of this city James L. De Rosset and General had previously been with the National Bank of
Commerce in
Mann were appointed assistant secretaries and Ar- New York, the
Wm. A.
National Bank of Commerce, Kansas City,
thur M. De Bebian, advertising manager.
and the Trust Company of America, before the merger of the
latter with the Equitable Trust Co. in New York.
General Stephen M. Weld, until 1916 head of tho cotton
firm of Stephen M. Weld & Co., and of Weld & Neville,
The new West Springfield Trust Co. of West Springfield,
a director of the Old Colony Trust Co. of Boston and the Mass., of which Clarence A. Boyce was recently elected
Bay State Trust Co. of that city, died suddenly on March 16 Treasurer, is to begin business about April 20. It has been
at Boca Grande, Fla., in his seventy-ninth year. General unanimously voted that each of the 20 directors is to bring in
Weld earned his title of General during the Civil War, hav- a quota of 10 deposits, making 200 deposits ($250,000)
ing been brevetted Brigadier-General for meritorious ser- pledged, at the opening of the bank. Reference to the
vice. General Weld was a native of Massachusetts.
election of Mr. Boyce was made in our columns Feb. 28.
The company is to have a capital of $100,000, in shares of
"Descent and Distribution of Decedents' Estates" is the $100; the stock is to be disposed of at 125 per share. H. A.
title of a new booklet which the Columbia Trust Company, Moses is President; W.B. Chandler, W.H.Pierce and F. H.
of this city, has ready for distribution. This booklet goes Sibley, Vice-Presidents.
into a full explanation of how the laws of the State of New
York affect the passing of property after death and includes
The Cholten Trust Co. of Philadelphia, Pa., has taken
a synopsis oUNew York Transfer Tax and Federal Estate action toward increasing its capital from $200,000 to $400,Tax Laws.
000 by the issuance of 2,000 additional shares of the par
value of $100 each. The stock, which is to be disposed of
Richard W. Saunders has resigned as Cashier of the to the stockholders at $125 per share, may be paid for in full
National Bank of Commerce in New York. The Bank on or before May 1 1920, or in five equal insbalments of 20%
announces that Roy H. Passmore, Assistant Cashier, has each, the first payable on or before May 1 1920, and the rebeen appointed by the Finance Committee of the Board of maining instalments at 3, 6, 9 and 12 months thereafter
directors to be Cashier. Mr.Passmore was formerly Cashier the increase in capital being effective May 1 1920.
of the National Bank of Chambersburg, Pennsylvania. He
Three new directors have been added to the board of the
came to the National Bank of Commerce in New York as
Phoenix Trust Co. of Philadelphia, namely, Charles M.
an Assistant Cashier in July 1918.
Town, Frederick C. Lehman, M. D., and Herman S. Zahn.
At a meeting of the trustees of the Central Union Trust The company began business on Jan. 5 with a capital of
city on March 16, George J. Corbett was elected $300,000,
Co. of this
following the issuance of a decree authorizing
a Vice-President of the institution.
the sale to it of the assets of the North Penn Bank which
The Passaic National Bank of Passaic, N. J., has in- closed its doors last July.
creased its capital from $200,000 to $500,000. The stockThe North Philadelphia National Bank of Philadelphia
holders ratified the plans on Feb. 16, and the new capital of is the name of an institution for
which a charter is sought.
half a million dollars became available Mar. 9. The addi- The application to the
Comptroller of the Currency gives
tional stock was disposed of to the shareholders at par, the capital as $250,000.
namely $100 per share.
James J. Flannery, President of the American Vanadium
At a meeting on March 9 the stockholders of the Exchange Co. and President of the Oakland Savings & Trust Co. of
Trust Co. of Boston, Mass., ratified the proposal to issue Pittsburgh since its organization 19 years ago, died
on
4,000 additional shares thus increasing the capital from March 6. Mr. Flannery was also chairman of the
board
$1,000,000. As indicated in these columns
$600,000 to
of directors of the Flannery Bolt Co., President of the Collier
March 6 the new stock is to be sold at $200 per $100 share, Land Co., the Keystone Nut Look Co. and the
Montour
the premium of $400,000 being added to the surplus, making & Lake Erie Coal Co.
the latter $1,000,000. The increased capital will become
effective April 3 1920.
Frank W.Jackson of Apollo, who has been identified with
the Pennsylvania State Banking Department has been apThe First National Bank of White Plains, N. Y., has pointed receiver
of the Park Bank of Pittsburgh, Pa., sucbeen placed in voluntary liquidation, following the consoli- ceeding the late
G. H. Getty.
dation of its business with the County Trust Company of
White Plains. Reference to the consolidation appeared in
At the annual meeting of the stockholders of the Mercantile
our issue of Feb. 7.
Trust & Deposit Co. of Baltimore on March 8, George
Weems Williams was elected a director, succeeding Charles
A merger is planned between two Rochester banks, namely A. Webb,
deceased. At a later directors' meeting all the
the the Union Trust and the Citizens' Bank. The Citizens' officers were re-elected
with the addition of J. R. Crunkloton
Bank has a capital of $250,000 and the Union Trust Co. and E. M. &hall,
who were made Assistant Secretaries and
(after a proposed increase of $250,000 has become effective) Assistant
Treasurers.
will have a capital of $1,250,000,1the additional $250,000
being distributed share for share for the $250,000 of capital
At a meeting of the directors of the Equitable Trust Co.
stock of the Citizens Bank. In the event that the merger of Baltimore on March 9 several new officers were elected.
MAR. 20 1920.]
THE CHRONICLE
They are as follows: Charles J. Hanzlik, Assistant Treasurer; William H. Busey, Assistant Secretary; Henry Stockbridge, 3d Assistant Trust Officer, and A. Lee Gough,
is
Assistant Secretary and Assistant Treasurer. Mr. Gough
has
Cashier of the American Bank, the stock of which bank
been purchased by the Equitable Trust Co.
1155
Dunham as managing executive. The resignation of Mr.
Couzens is due to his inability to give his various other interests the desired attention. Mr. Dunham resigns to become Vice-President of the Dime Savings Bank of Detroit.
The National Bank of the Republic of Chicago announces
the organization of a trust department to serve its patrons
in all business of a fiduciary character. By the provisions
of the Federal Reserve Act the bank is permitted to act as
trustee, executor, administrator, registrar of stocks and
bonds, guardian of estates, assignee, receiver and in any
other fiduciary capacity authorized by the laws of the United
States and the State of Illinois.
The liquidating committee of the old First National Bank
of Baltimore, of which Col. Henry B. Wilcox is the Chairman, on March 1 made a final distribution of the assets of
the institution to the stockholders. The dividend amounted
to $3 25 per share and was derived from collection of certain
unliquidated assets not included in the agreement of consolidation when in 1916 the First National Bank was merged
of
P. S. Hanna on March 1 became a Vice-President of the
with the Merchants-Mechanics' Bank under the title
American State Bank of Detroit, Mich., having resigned as
the Merchants-Mechanics First National Bank.
Chief Examiner of the Michigan Banking Department.
savings to a national institution of the
The change from a
the
Liberty Savings Bank of Washington, D. C., under
The firm of Ware & Leland, with offices in Chicago and
the Liberty National Bank has been effected. The New York, will be dissolved on May 1 when two new firms
name of
Comptroller of the Currency in his weekly bulletin issued will be established. The Chicago business of the firm, all
March 12, reports the issuance of a charter for the national- its branches and its leased wire system, will be taken over
ized bank, with a capital of $250,000. On March 11 the by E. F. Leland & Co. Mr. Leland will have as partners
bank opened in its new home at the Southeast corner of Harry B. Signor, John N. Weinand and Edward J. Schaack.
are
15th and I streets, N. W. The officers of the bank
J. Herbert Ware with Sefton Tranter will form a new firm
, President; Dr. Wm. L. Robins and Grant in New York under the name of Ware & Tranter and will
Geo. 0. Walson
and
W. Taylor, Vice-Presidents; E. J. McQuade, Cashier
serve as the eastern connection of E. F. Leland & Co. All
Skinner, Assistant Cashier. Items regarding the members of the two prospective firms are members of the
J. B.
these
proposed conversion of the savings bank appeared in
present firm of Ware & Leland. Messrs. Ware and Leland
columns June 14 and Dec. 20.
have been associated for fifty years. The firm is a member
•
of the New York, Chicago and Pittsburgh Stock Exchanges,
The Central Bank & Trust Co. of Youngstown, Ohio, has the New York Cotton Exchange and the Chicago Board of
to
taken action toward increasing its capital from $150,000
Trade. It deals in stooks, bonds, grain and cotton and
stock (par $100) will be disposed of at specializes in unlisted securities. The business, it is stated,
$200,000. The new
$110 per share. April 1 is the date when the enlarged has grown to large proportions, and the firm has branches,
capital is to become operative. The additional stook was linked by leased wires, in all the principal cities in the Central
authorized by the stockholders in January.
West,from the Alleghanies to the Rockies, with connections
in the eastern centres, all of which will be retained by E. F.
The City Trust & Savings Bank of Youngstown, Ohio, Leland & Co.
plans to increase its capital from $200,000 to $300,000.
nal
The trust department of the Continental and Commercial
The par value of the new stock is $100 and the additio
d of at $200 per share, the enlarged capital Banks, of Chicago, has issued a booklet entitled "The First
stook was dispose
d to
to become effective April 1 1920. The proposition was Step." This booklet presents information intende
simplify the making of a will. The pages are so arranged
ratified by the stockholders on Jan. 20 1920.
that they may be readily filled in by any one disposing of his
The wrecking of the historic Pontchartrain Hotel on effects, thus facilitating the work of the drawing of a will
Cadillac Square in Detroit, which for years was the loading by an attorney. Copies of the booklet may be obtained free
hotel in that city, began on March 10. The building, on request to the Continental and Commercial Trust and
which is 15 stories high and less than 15 years old, is to be Savings Bank, 208 South La Salle Street, Chicago, Illinois.
demolished in order to make way for the new bank and office
building of the First and Old Detroit National Bank, Emory
R. L. Hopkins, National Bank Examiner for the Southern
g
W. Clark, President. The new bank and office buildin Wisconsin District, has been elected President of the Bank
will be 24 stories, will cost about $8,000,000 and will be one of Wisconsin of Madison, Wis., succeeding Joseph M.
.of the most imposing structures in Detroit. Enough applica- Boyd, who has become chairman of the board of the bank.
tions for apace have already been made, it is stated, to fill Mr. Hopkins has represented the Comptroller in PennsylIn
two buildings the size of the contemplated structure.
vania, Michigan and Illinois districts.
quartering the First and Old Detroit National
addition to
•Bank, the new building will furnish a home for the Central
The opening of the Globe National Bank of Denver oc. Savings Bank and First National Co., a securities corpora curred on March 1, following the issuance of a charter for the
tion, both of which have recently been unified with the bank by the Comptroller of the Currency, to which reference
First and Old Detroit National Bank interests. The bank was made in these columns March 6. The bank represents
quarters in the now building will be between three and four a change from the State to the National system of the
times the size of the space at present occupied by the tWo Commerce State and Savings Bank of Denver. The Globe
banks. The First and Old Detroit National Bank has been National has a capital of $200,000 and surplus of $50,000.
expanding its organization rapidly during the past year. D. H. Staley is President and August Loching, Cashier.
Its stockholders now own the stock of the Central Savings
Bank, which has six branches, and also the stook of the First
At a meeting of the stockholders of the Georgia Savings
National Co., a now securities corporation which began the Bank & Trust Co. of Atlanta, Ga., the stockholders voted
year with capital and surplus of $1,200,000 fully paid up. to increase the capital from $200,000 to $500,000. The
The combined capital and surplus and undivided profits of new stook was authorized by the stockholders on March 1.
the First and Old Detroit National Bank and Central Sav- The additional stock (per $100) is offered to stockholders
ings Bank, according to the last statement, was $10,687,237; pro rata at $135 per share and $150 per share to the public.
the combined deposits were $98,684,309 and the combined The increased capital will become effective April 6.
resources, $125,408,941.
•
The thirty-first anniversary of the Security Trust & Savings
At a special meeting of the directors of the Highland Park
11 and one of the im24, the resig- Bank of Los Angeles occurred on Feb.
State Bank of Highland Park, Mich., on Feb.
features of the day commemorating the event was
portant
nations of Mayor James Couzens as President and director
y
the arrival of assents of the stockholders of the Securit
and Walter L. Dunham as Vice-President and director, were
Under the
nt National Bank to the absorption of the latter.
accepted. James T. Whitehead, previously a Vice-Preside
plans of the proposed merger the assets of the national bank,
has been elected President and Doctor George R. Andrews,
representing the
dent. Geo. the entire stook of which is held by trustees
a director of tho bank, has been made Vice-Presi
stockholders of the Security Trust and Savings Bank, will
H. Van Buren, Vice-President of the bank, and F. L. Klingincorporated with the assets of the State bank, bringing
ansmith, Vice-President and Treasurer of tho Ford Motor be
,000. The
ing Mr. Its total resources to the neighborhood of $90,000
.Co., were elected directors. Mr. Van Buren succeed
1156
THE CHRONICLE
Security Trust & Savings Bank on its anniversary day last
month had resources of a little less than $82,000,000 and
deposits of over $76,000,000. The Security Trust & Savings has become a member of the Federal Reserve system
and hence it is no longer considered necessary to continue
the operation of the national bank. The absorption, it is
expected, will be completed before May 1. The Security
Trust has purchased property at the corner of Hollywood
Boulevard and Cahuenga, Avenue in which will be housed
its Hollywood branch, now located diagonally opposite the
new site. This branch, which was formerly the Hollywood
National Bank, was absorbed by the Security Trust & Savings Bank last November. It is planned to erect a new
building on the newly-acquired site. Concerning other improvements contemplated the Los Angeles "Times" says:
A large force of workmen is engaged in tearing out the partitions and fixtures of the greater part of the second floor of the Security Building, above
the main bank. This will be occupied by the trust department, giving it
what the officers say are the largest quarters occupied by any trust department on the Pacific Coast. When this work is done and the Security
National is merged, the Security Trust and Savings Bank will occupy the
entire first floor and basement of the Security Building, and the Security
National Bank Building mezzanine, a large part of the second floor of the
Security Building, all the five floors of the Security National Building,
which, with the large branches at Seventh and Grand and at Hollywood and
the Equitable branch at First and Spring streets, will make it the largest
bank, in point of floor space, in any city west of Chicago, the bank officers
say.
llo.
participation in control by the P. &.0. Co.. Lloyds, the London
County &
Westminster Bank,and the National Provincial Bank,and a
preference will
be given to applications for shares from the P. & 0. stockholders.
A new book, entitled "Underwritings and Original Offerings," has just been published by the Financial Statistics
Service, 72 Trinity Place, New York. The book contains
a record of all underwritings and offerings of importance—
stocks, bonds, notes and equipment trusts—made during
the period from Jan. 1 1917 to Dec.311919. It particularly
features the numerous issues brought out during the year
1919, giving such information as the name of tho underwriting house, offering price, par value of shares, total
capitalization, transfer office, nature of business, &a. It
claims to be the only book published containing this information on all these new issues in quick reference form.
The book is intended for use by the trader, cashier, statistician, new securities department, &c., and should also be of
assistance to the individual investor. The publishers intend
to keep the record up-to-date by issuing cumulative quarterly
supplements.
r THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
It is interesting to note that J. F. Sartori, the President Feb. 19 1920:
of both the Security Trust & Savings Bank and Security
GOLD,
The Bank
National, was Cashier of the former when it started business a substantialof England gold reserve against its note issue is £107,736,620.
increase of £2,504,160. as compared with last week's return.
in 1889.
The price of gold has continued to move in some degree of
correspondence
with the fluctuations of the United States exchange, although
*—
the actual
death,early in February of Stoddard Jess, well known demand has not been from that country, but from India, South America,
The
the Straits Settlements and the Trade.
as the President of the First National Bank of Los Angeles,
The visible holding of gold in the British Empire before the outbreak of
has prompted the following meritorious comment in the war and that at the close of last year are worth contrasting. The policy
adopted lately of strengthening the Bank of England reserves against notes
"Pacific Banker," in recognition of his worth:
has carried
California bankers might dispute as to whether Stoddard Jess merited
the distinguished reputation which he bore as a banker, but they could not
dispute as to whether he merited his reputation as a man. It Is of course
easy to say that this or that man is not so good a credit man as somebody
else; that hundreds of others have mere executive ability, or to express
surprise at the position which some banker occupies in the eyes of his fellow
craftsmen. In the opinion of some the typical banker is the automaton—
a thing of life, but minus a nervous system.
Judged by this standard, Jess could not go very far, for he was at all
times a man of deep feeling, but he had a wrath against chicanery and low
dealing, which showed the strong fibre of his character and made hint as a
banker good for the community in which he lived as well as the institution
which he served.
Country bankers called upon Jess for advice and he always gave it with
a deep sense of responsibility. When California suffered the terrible freeze
of some years ago and a loss of 20 millions, Jess, the leading banker of the
section, was a voice of optimism. Then was no time for the banic to lose
faith in its customers. He recognized that there were lean years as well as
fat years in banking, and faced a coming stringency philosophically and
uncomplainly.
At conventions Jcss' remarks were usually—and he was sure to be called
upon, if present—along the line of raising his voice against bad practices in
banking. How he could appeal to young men to resist the doing of a thing
merely because the latter's competitor was doing it. He was the voice of
Emerson in banking:
"You men, you will hear on all s;des maxims of low prudence. Nevertheless, if God has given you to pursue the truth, be bold, be firm, be true."
It was because Jess was so pre-eminent as a man that there was a tendency
in certain quarters to dispute his pre-eminence as a banker. He was a man
of university training. Had he been without this, had Ile been a man of no
culturt: or fine feeling, no vision beyond the dollar involved in a single trade,
had he been one of your old-time money bags, and nothing more, his merits
as banker would have been more easily recognized, simply because the process of judging would have required less effort.
But, account for it as you will, Stoddard Jess in the prime of his powers
would have been named among the two first in any list of leading California
bankers which any person, capable of judging, could draw up. The passing
of such a man merits an attempt to portray his salient features. He was no
accident. His occupation did not engulf his character and the remembrance
of him will be a fragrant power for good in the world.
Because of ill health Mr. Jess had retired as President of
the First National toward the end of January the present year,
but remained with the institution as Chairman of the Advisory Board of the bank. At the time of his death he was
also director of the latter and the Los Angeles Trust &
Savings Bank and President of the Los Angeles Clearing
House Association. Mr. Jess was sixty-three years of age.
An application for a charter for the American Marine
National Bank of Los Angeles, Cal., with a capital of $200,000, has been filed with the Comptroller of the Currency.
The following from Consul-General Robert P. Skinner
at London, Jan. 29, is taken from "Commerce Reports"
March 9:
An announcement was made in London on Jan. 29 that the P. & 0.
Banking Corporation (Ltd.) will be launched in April next. This corporation is being set on foot by the Peninsular & Oriental Steam Navigation
Co., which has offices in many parts of the world. The new Corporation
will have an authorized capital of £5,000,000 ($24,332.500 at normal exchange), with £2,000,000 ($9,733,000) fully paid up. Lord Inchcape, who
Is the chairman of the P.& 0.Co., will be chairman of the banking corporation. It is Intended gradually to open up a banking business at the ports
where the P. & 0. steamers touch. Arrangements have been made for a
the total about seventeen and a half million pounds above that
of 1919, as given below:
1914.
1919.
Pan' of England,against notes July 30 £36,671,405 Dec. 29
r
£90,291,290
Treasury Note Reserve
28,500,000
Commonwealth Bank, against
notes
June 30 4,245,730 June 30 24.232,623
New Zealand Banks, cash and
reserve against notes
June 30
5,500,450 Sept,30 8,046,071
Dominion Government, as reserve against note issue and
savings bank deposits
July 31 20,034,388 Sept.30 25,100,000
Held by the Chartered Banks
of Canada
July 31 10,603,797 Sept.30 16,800,000
National Bank of Egypt.against
notes
July 31
1,100.000 Oct. 31
3,333.190
Indian note reserves—in India_July 31 12,240,000 Dec. 22 19,040,000
Indian note reserves—in London
July 31
6,100,000 Dec. 22 5,270,000
Straits Settlements note guarantee fund
July
1,398.686
1.100,000
Total
£97,894.456
£222.613,174
The following wore the United Kingdom gold imports and exports during
January 1920:
Imports.
Exports.
Netherlands
£178,800
Belgium
25,572
Franco
£160.318
Spain and Canaries
356,115
West Africa
86,873
16,930
United States of America
6,329
288,430
Argentine, Uruguay and Paraguay
336,713
Rhodesia
129,017
•
Cape Colony
100,000
Transvaal
3,103,774
British India
7,458.337
Straits Settlements
313,521
Other Countries
31.190
8,202
Total
L1.651,555 £9,037,566
Tho Transvaal gold output for January 1920 amounted to 670,503 fine
ounces, as compared with 650.191 fine ounces for December 1019 and 766,059 fine ounces for January 1919.
The West African gold output for December 1919 amounted to 23,253
fine ounces as compared with 22.557 fine ounces for November 1919 and
26,521 fine ounces for December 1918.
General Allenby has issued a decree permitting the private import
of gold Into Egypt. The reason for the step VMS thus described by the
Financial Adviser to the Egyptian Government:"Owing to the extravagant
premium on gold, which amounts to 80%.and which is'causing a reaction In
public confidence in the bank note currency, the restriction on the import
of gold into Egypt, which was imposed during the war for special reasons,
has been withdrawn."
The following information is from the "Times" of the 11th Inst.: "An
Omsk message, transmitted by Moscow, states that 150 boxes of Russian
gold to the value of £1,000,000 have been delivered to the °saki Bank in
Japan. According to the same message, gold ingots from Siberia worth
£2,300,000 have already been delivered to the same address."
SILVER.
The powerful influences at work have been demonstrated during the
week by very wide fluctuations in the price. The prices on the day following our last letter, that is to say, Feb. 13, were notable for the two fresh
records involved, namely, the forward quotation fell no less than 5 Yid,
from that of the day before, and the discount for forward delivery reached
5d. The actual cause of those remarkable quotations was the temporary
entry of China into the market as seller at a time when the Continent was
also freely operating in the same direction. The mark, however, was
overshot and a steady rally ensued, encouraged by an inquiry from China
MAR. 20 1920.1
1157
THE CHRONICLE
amongst other buyers. The substratum of strength in the silver position is
evidenced by this strong reaction, notwithstanding adverse influences connected with the approaching Chinese Now Year, the heavy sales of melted
coin from the Continent, and the free realization of plate, &c. So considerable is the latter that the trade is more than supplied from this source.
The cogent arguments of the Chancellor of the Exchequer in favor of
drastic dealing with the silver coinage of the United Kingdom seem to foreshadow that the proposed bill will be carried through probably in its
entirety.
Indian Currency Returns.
Feb. 7. Feb. 15.
Jan. 31.
(In Lacs of Rupees)18399
18329
18515
Notes in circulation
3888
3947
4033
Silver coin and bullion in India
Silver coin and bullion out of India
4121
3534
3510
Gold coin and bullion in India
580
1038
1162
Gold coin and bullion out of India
1560
1560
1560
Securities (Indian Government)
8250
8250
8250
Securities (British Government)
The coinage during the week ending 15th inst amounted to 73 lace of
rupees. The stock in Shanghai on the 7th inst. consisted of about 27,250,000 ounces in syceo, 11,600,000 dollars, and 10 lace of silver bars and
United States dollars, as compared with about 26,150.000 ounces in sycee.
11,000,000 dollars, and 40 lam of silver bars and United States dollars on
the 31st ultimo.
The Shanghai exchange is quoted at 8s. 8d. the tael.
Quotations for bar silver per ounce standard:
Cash. 2 Mos.
Cash. 2 Mos.
82nd.
83qd.
8431d. 79d. Feb. 19
Feb. 13
83.729d. 81.146d.
78 d. Average
82d.
" 14
6%
8350. 81d. Bank rate
" 16
-nom.
84 Md. 83gd. Bar gold per oz. fine_ _ _ _121s.
" 17
82d.
84d.
" 18
The quotations to-day for cash and for forward delivery are, respectively,
ad. and 35id. below those fixed a week ago.
finance this crop was naturally strong. Moreover the Government wheat
purchases were at that time paid for entirely with notes and the notes so
disbursed very soon found their way back to the Currency Office for encashment. The operation of these two factors threw a great strain on the
Currency Office. On the 20th May the drastic step was taken of prohibiting the carriage of specie by rail on private account. The immediate effect
of this measure was to cause at first an almost complete stoppage of large
issues at Lahore and Madras. A further restriction was shortly afterwards
introduced in the form of a prohibition on the transmission of specie by
post. This measure followed almost directly on the prohibition of the carriage by rail, for no sooner had the latter become known than Marwaris
and traders proceeded to dump parcels of 440 tolas of silver at the post
offices to be transmitted to destination. At one time at Bombay there
were actually no fewer than 8 tons of such parcels awaiting despatch.
Meanwhile large quantities of silver amounting to 9,66 lakhs were on their
way from America. Special measures were taken to expedite their transmission and a special ship, the R.I.M. "Northbrook" was despatched
to meet the arrivals across the Pacific. Further relief was also provided by
the issue of gold mohurs in part payment for the wheat purchases in the
Punjab. . . .Actually the lowest point reached in the silver coin balances
The
was in the first week of June, when those stood at 4,14 lakhs. . . .
position was saved by the splendid work of the Mints. Also the'fact was
general' known to the public that enormous shipments of silver were arriving and wide publicity had been given in the press to the arrival of these
reinforcements from America. The turn of the tide came in the third week
of June when the Currency coin balance rose to 4,74 lakhs, while the fourth
week actually saw a return of 16 lakhs bringing the closing coin balance on
the 30th of Juno up to 5,65 lakhs with silver under coinage at 2,78 lakhs and
in transit at 6,51 lakhs." The details below suggest many pregnant thoughts
and epitomise the difficulty faced by the Indian Government with regard
to currency:
Laths.
85,86
Net exports of merchandise
8
Net imports of treasure
85,78
Balance
The rupee coinage of the year amounted to 50,79 lakhs involving 190%
of standard silver. In addition to the silver obtained from
million ounces
America under the Pittman Act, there were purchased in America 59
million ounces, in Australia 9 million ounces and from the East 8 million
GOLD.
under arrangement
'rho Bank of England gold reserve against its note issue is £109,713,890, ounces. The Bawdwin mines, of which the output is,
Burma Mines Company, entirely
another substantial increase, on this occasion of £1,977,270. Gold has between the Secretary of State and the
2 million ounces.
not been available on some days, and was therefore quoted only "nominal" reserved for the use of the Government of India, supplied
of about 30,000,000
on those occasions. The demand has emanated almost entirely from the The stock in Shanghai on the 14th inst. consisted
of silver bars and U. S. dollars,
Straits Settlements and South America. It is reported from New York ounces in sycee, $11,000,000, and 63 lace
in syceo, $11,500,000 and 10
that $13,050,000 and $215,000 in gold have been shipped to South America as compared with about 27,250,000 ounces
Shanghai exchange
and Mexico respectively, while $7,000,000 in gold have been engaged for lace of silver bars and U. S. dollars on the 7th inst. The
per ounce standard.
shipment this week to the former. Further substantial amounts are also is quoted at 8s. 2d. the tael. Quotations for bar silver
2 Mos.
Cash.
2 Mos.
Cash.
reported to be engaged for export to South America in the near future. An
82Ysd.
80Xd. Feb. 26
A
821 d
Indian correspondent under date 30th Jan. informs us that the up-country Feb. 20
82.312d. 80.5d.
803id. Average
82%d.
" 21
6%
demand for gold was 50,000 to 60,000 toles a day, and that, in addition to
8034d. Bank rate
82d.
" 23
121s. 8d.
8034d. Bar gold per oz. fine
82d.
Government offerings, there was a supply of American gold dollars, sover- " 24
80%cl.
82%d.
" 25
eigns and English bar gold, believed to be smuggled. Reuter telegraphs
The quotation to-day for cash and for forward delivery are respectively
that a sovereign is worth 37 shillings in the Aden Bazaars, and it has been
Sovereigns in Mozambique. 1 lid. and 1 Xd. below those fixed a week ago
reported that there is a ready market for British
The Customs at Rangoon, in order to prevent illegal importation, seized
about 2,500 sovereigns and 3,000 American twenty-dollar pieces on the S. S.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
"Ilongmoh." When we remember that the mint value of gold before the
The daily closing quotations for securities, &c., at London,
war was 1,395 German marks the fine kilo, the statement of the Neue
Zurcher Zeitung that gold has changed hands in Germany at the rate of as reported by cable, have been as follows the past week:
67,000 marks the fine kilo is a powerful illustration of the financial collapse
Mar. 13. Mar.15. Mar. 16. Mar.17. Mar. 18. Mar. 19.
London,
of that country.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
Week ending March 19.
SILVER.
704
683'I
653
673
,
7031
d. 7034
Silver, per cm
On the whole, the market remained fairly steady, and faced undismayed
47X
47%
47
4834
Holiday 48 yi
Consols, 25-i per cents
yesterday the somewhat alarming drop in the Shanghai exchange of 6d. as British, 5 per cents
8834
8734
8734
8734
Holiday 8734
compared with the quotation before the Chinese New Year. Sellers British, 434 per cents
7934
7934
80
7934
Holiday 80
way the Chinese situation has changed. China
naturally ask in what
1103.2d. 103s.4d.
1128.1d. 1128.4d. 1118.6d. 110s.
Gold, per tine oz
commodities are likely to be still in excellent demand, the internal unrest French rentes (In Paris)___fr. Holiday 57.80
57.20
57
56.90 56.80
is not yet allayed, and the enquiry for silver from the heart of Asia cannot French War Loan(in Paris)fr. Holiday 88.10
88.15
88.15
88.10
88.10
be of a transitory nature for it is based on distrust of paper currency. The
has been:
The price of silver in New York on the same day
Indian Bazaars, beyond a desire to know the appearance of the market.
121
122
121
118
11734
have not yet celebrated the removal of import restrictions by orders in Silver in N.Y., per oz _ ___ets.117
this country of any importance. As regards the actual price of silver in
London, it is probable that the extent of the premium on the currency
pound is of more importance than the relation between supply and demand
of the metal because the price of gold is an index of the American exchange
which establishes the par between the price of silver in New York and Lon-The clearings for the week
Canadian Bank Clearings.
don. A Boston periodical states as follows: "For some time past, the
comparison with
Japanese authorities in Shantung have been engaged in a systematic ex- ending March 11 at Canadian cities, in
portation of the Chinese coinage from the peninsula, melting it down, the same week in 1919, show an increase in the aggregate
sending it to Japan or elsewhere as bullion, and replacing it by paper money. of 31.6%.
. . . Tho tremendous flood of paper money, without the backing of any
Week ending March 11.
metal currency, has effectively broken the exchange. The value of the
Clearings al
Shantung coinage has dropped to a level where trade with any other country,
Inc. or
with the single exception of Japan, is practically impossible."
1917.
1918.
Dec.
1919.
1920.
A cursory glance at the official report of Indian currency for 1918-1919
$
$
$
it are not content with a
$
Canada-reveals that the able statisticians who compile
70,775,566
70,642,097
87,672,570
118,967,117
bare recital of facts, for they do not hesitate to colour them with pictur- Montreal
50,840,452
57,020,370
75,210,871
90,770,671
Toronto
37,496,810
esque details in apt and forceful phrase. Evidently they regard their Winnipeg
40,875,20
31,665,793
40,362,045
6,400,824
8,757,291
10,042,344
15,804,836
duties, in like manner with all of our nation who-administer that fascinating Vancouver
4,447,102
5,172,38
6,644,666
9,189,415
for instance. The coinage of rupees Ottawa
land, as a labor of love. Take figures
3,882,728
3,616,01
4,888,122
5,964,025
since 1835 has amounted to the prodigious total of 6,e57,192,554. if put Quebec
2,776,371
3,151,886
4,074,786
4,685,549
Halifax
4,180,287
4,668,03
ide by side, the coins would form a ribbon long enough to girdle the earth Hamilton
4,503,665
6,372,559
2,057,324
2,142,42
2,901,548
3,177,079
nearly four times round. Turn to the note circulation, one index of the St. John
2,090,890
2,096,47
2,470,337
3,662,898
activity of trade. In 1918-1019 the average active note circulation is London
5,703,857
• 6,222,921
4,712,981
8,271,410
given as 1,138,400.000 rupees as compared with 212,700,000 in 1899-1900, Calgary
1,404,825
1,807,195
2,131,825
2,630,867
-a record of Victoria
2,413,831
2,864,764
3,397,821
more than a five-fold increase. Note the absorption of coin
5,178,354
Edmonton
2,402,520
2,747,93C
Bombay engulfed 53 lace Regina
2,804,717
3,819,586
-in the course of which
Oh croroi in December
456,343
581,53C
525,125
687,751
in one day alone. Glance at the vagaries connected with the _value of the Brandon
657,073
698,78
582,720
679,993
-quoted at the Lethbridge
1,458,211
sovereign-legal tender, be it remembered, for 15 rupees
1,503,011
1,409,182
2,089,014
Saskatoon
699,323
808,609
831,529
1,211,352
end of March 1918 at Rs. 16.7 and on 30th May Rs. 20.4, but back to Brantford.
967,209
1,030,053
1,181,379
1,532,242
Its. 18.12 at the end of June; subsequently sought to be stabilized officially Moose Jaw
371,868
603,351
555,217
698,404
prohibiting transaction in King Em- Fort William
by the notification, since rescinded,
215,330
374,59
502,183
588,515
New Westminster
572,867
403,92
peror's coin otherwise than as currency.
291,632
435,429
Medicine Hat
553,136
626,491
709,005
860,826
It is interesting to be told that the new mohurs changed hands at prices Peterborough
618,930
678,157
1,181,875
1,050,718
weight and assay Sherbrooke
-though of course
slightly below those for sovereigns
642,103
588,031
1,088,313
1,214,382
that these mohurs began to be struck in Kitchener
were identical. Also to learn
1,046,738
3,003,606
Windsor
193,634
April, because the delay in the receipt of sovereign dies from England would Prince Albert
366,108
495,933
have prevented the relief afforded by the emission of gold coin in the cur914 n•r oQn
1
o 1• 1V7
L 31.0
AK.)
I
A
...
m v•.. a
kM
worth quoting
rency crisis; in connection with which the following extract is
n full, for it bristles with striking details:
in May the position remained critical at all points and there was some
-The following information regarding
National Banks.
deterioration at Calcutta which had hitherto shown no evidence of any national banks is from the office of the Comptroller of the
The
panic. The demand in this month was most intense at Lahore.
Currency, Treasury Department:
a
Punjab wheat season was then in full swing and- thedemandifor currency to
We have also received this week the circular written under
date of Feb. 26 1920:
co
elm tc! ev 1
oo
ct. oo
es, r. Nref.,:t c?.1,4
,
.o6r4Zoir3.0.-.60,,Cote4cCOeCaCte3eiwitZei.e4.- c6.ci
ekl •-•a.°
er,ev cgs ke c,
++++++++ ++++++++++++++ '
gommerciat andAltscenaneousBatTE
. V 1
003
0IV.
../
,293,
/
•,
•5,0••
•
,
1158
THE CHRONICLE
Including the 12 national banks chartered this week there are now
exactly 8,000 national bank in the United States. There are also under
the supervision of the Comptroller of the Currency 29 State banks and
trust companies located in the District of Columbia.
CHARTERS ISSUED.
Conversion of State Banks and Trust Companies:
Capital.
New York National Irving Bank, New York, N. Y
$3,000,000
Conversion of the Irving Trust Co., New York, with 8
branches located within the limits of the City of New York.
President Frederic G. Lee; Cashier, Geo. W. Berry.
The First National Bank of Strasburg, Colo
Conversion of Strasburg State Bank. President, Gordon
Hollis; Cashier, Grover E. Totten.
The National Bank of Fairmount N. Dak.
25,000
Conversion of the Bank of Fairmount. President, G. E.
Ballard; Cashier, W. H. Cox.
Original organizations:
The Picture Rocks National Banks, Picture Rocks, Pa
Prnsident, M. I. Sprout; Cashier, H. W. Burrows.
The First National Bank of Ashton. Iowa
President, Matthias Staudacher; Cashier, C. E. Honkomp.
The First National Bank of Pocahontas. Ark
50,000
President, J. 0. Sallee; Caahier, J. G. Sallee.
The Oneida National Bank of Ruinelander, Wis
100,000
President, J. .1. Reardon; Cashier, R. J. Laselle.
The First National Bank of White Deer, Texas
President, T. A. Horn; Cashier, R. M. Horn.
The First National Bank in Teal, Okla
rr
25,000
President, J. W. Colburn; Cashier, R. M. Hunt.
The First National Bank of Milton. N. Y
President, R. M. Rownd; Cashier. P. T. Tracy.
First National Bank of Oak Grove, La
President, L. L. Dever; Cashier. R. A. Brown.
The Granger National Bank, Granger, Texas
President, A. C. Mussil; Cashier Ivan C.Parma. Succeeds
The Grangers' New Bank, Unincorporated, Granger, Tex.
INCREASES OF CAPITAL.
Amount Of Cap. when
Increase. Increased.
The First National Bank of Wilmot, So. Dak
$15,000
$40,000
The Interstate National Bank of Helena, Ark
300,000
500,000
American National Bank of Roswell, N. Mex
50,000
100,000
The First National Bank of Drayton, No. Dak
25,000
50,000
The Exchange National Bank of Shreveport. La..
100.000
200,000
The First National Bank of Killdeer, No. Dak
25,000
50,000
The First National Bank of Athens,Tenn
25,000
100,000
The First National Bank of Dillon, S.
75,000
100,000
The National Bank of Maintowoc, Wis
100,000
200,000
The First National Bank of Batesburg, S. 0
45,000
125,000
The American National Bank of Beaumont,Texas..150,000
250,000
The First National Bank of Stronghurst,
25,000
75,000
The First National Bank of Norman, Okla
50.000
100,000
The National Bank of Rocky Mount, N.0
200,000
300,000
The Farmers & Merchants National Bank of Tyrone. Pa
50,000
150,000
The Washington Park National Bank of Chicago. III. 100,000
300,000
The Anglo & London Parks National Bank of San
Francisco, Cal
1,000,000 5,000,000
The Utah State National Bank of Salt Lake City,
Utah_
400,000 1,000,000
25,000
25,000
25,000
45,000
25,000
50,000
35,000
Total
$2,735,000
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
The First. National Bank of Lincoln, Ark
Correspondent: J. David Nowlin, Hulbert, Okla.
The First National Bank of Okawville, Ill
Correspondent: W. G. Frank, Okawville.
.The First National Bank of Buffalo, Kan
Correspondent: John K. States, Buffalo, Kan.
The First National Bank of Blissfield. Mich
60,000
Correspondent: Otto Tagsold, Blissfield.
The Citizens National Bank of Ridgewood, N. J
100,000
Correspondent: F. V. Watson, Ridgewood, N. J.
The Near East National Bank of New York, N.
Correspondent: A. J. Sadallah,60 Washington St., New York.
The First National Bank of Slick, Okla
Correspondent: Clyde Coon, Miami, Okla.
The Security National Bank of Weleetka, Okla
Corrspondent: J. R. Autry, Weleetka, Okla.
Total
$485,000
CHANGE OF TITLE.
The Antlers National Bank. Antlers. Okla., to "The First National Bank
of Antlers."
$25,000
25,000
25,000
Y
200,000
25,000
25,000
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent. Shares. Stocks.
Per cent.
194 Chateauguay Ore & Iron,
1 New York Law Institute__ _$180
1st pref
2034 Bonds.
Percent.
37;4 Chateauguay Ore & Iron,
$3,000 Indiana Lighting 1st 4s;1958 45
2d pref
6
$2,000 The Pinewald Co. 1st 55,
5 3-5 Denver Union Water, corn.
1915, Nov. 1909 coupons on... _525 lot
three payments made
$10 lot $3,000 Pitts. Wheel. & L. E Coal
1 2-5 Denver Union Water, pref.
45, 1931,Jan. 1921 coupons on _ $175 lot
three payments made_ _ _ _56 lot $3.000 Peoria Ry. Term. let 4s,'37 37
2 Green Bay & Western RR _ 57
$4,000 Western N. Y. Farms 1st 6s
7 International Pulp
5
1926, Nov. 1916 coupons on..__ 11
1 Interborough Rapid Transit_ 56
$1,000 Manhat. Beach Hotel & Ld.,
7 Int. Postal Supply of N.Y__ _ 153i
Ltd., gen. 45, 1940, 1903 coupon
6 New Central Coal
1234
on
$11 lot
7 The Yaryan Co
$20 lot $10,000 U. S. & M Petroleum 7%
20 Fidelity Bond dr Mtge. of
notes, 1927
40
New York
$1.2 lot $1,800 New Orleans Ry.& Lt. gen.
1.000 U. S. dr M. Petroleum, $10
5s, 1949, Series 13, May 1919 coueach
50c. per sh.
pons on
23
8,935 Alaska United Gold Mining,
.3877644% of $8,000 Sultepec Elec.
$5 each
10c. per sh.
Light Jr Pow. 1st cons. 6s, 10584250
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
35 National Union Bank_ _ _ 2283(-229
10 Am. Water-Works, panic. pref. 834
9 First Nat. Dank, Greenfield_ _.2064
1 Amer. Water-Works, corn_ .... _ 234
4 Acadia Mills
•
150
5 Public Light & Power, pref.._ _$1 lot
6 Massachusetts Cotton Mills_160X
1 Public Light & Power, corn__ _ 1
6 U.S. Envelope, preferred
10134 10 Pa. Gasoline, pref., $10 each__ 4
40 Puget Sound 'Frac., L.dr P., pt. 50
6 Denholm & McKay Realty,pf. 49
2 Saco Lowell Shops, pref
9934
5 United Gas & Electric, pref.__ 20
5 Worcester Textile
1 Boston Atheneum, $300 par__ _500
$134 lot
5 Plymouth Cons. Cranb., pi_ _$134 lot
5 Plymouth Cons. Cran., corn.,
Bonds.
Per cent.
$10 each
$13.6 lot $1,000 Boston & Maine RR.4s 1926 70
5 United Marble, pref
$1341 lot 105 Pow.Sec. Corp. coll. 6s, 1041L.15150
5 United Marble. corn
$14 lot 510 Pow.Sec. Corp.Income, 1949._
lot
4 Amer. Water-Works, 1st pref._ 464 24 she. Pow. Sec. Corp. 2d pref. _ _
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
11 rights 4th Atlantic Nat. Bank__ 24
1 Boston Atheneum, $300 par_ _ _502
24 rights First Nat. Bank,Boston _ 254
1 right Boston Woven Hose & R. 33
35 Wamsutta Mills
185
14 Merrimac Chemical,350 each__ 92
10 Merrimack Mfg., com____11934-120 26 Mass. Cremation Society
5-534
21 rights Great Falls Mfg
74 13 Warren Chambers Trust
1034
3 Newport & F. R.St. Ry
204 25 Hood Rubber, preferred.. _10034-101
23 Boston Railroad Holding, pref. 35
1 Hood Rubber, corn
180
2 Nantasket Beach Steamboat_ _103
10 rights Quincy Mkt. C.S.& W. 1334
33 Quincy Mkt. C. S.& W pref. 82
10 Crowell dr Thurlow SS.,310 ea- 8535
95 Emmons Bros. Co. corn. tr. etL 20
5 Fairhaven Mills,corn
203
140 Union Twist Drill, coin.. $5 ea_ 27
50 Draper Corporation
142
[VOL. 110.
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
2 First National Bank
25234 10 De Long Hook & Eye
55
19 Philadelphia Nat. Bank__ _3644-385 15 Int. Educational Pub., pref.__ 934
20 Ninth National Bank
3774
714 Int. Educational Pub., corn_
34
4 Fourth Street National Bank-320
1 Penn. Academy of Fine Arts__ 364
.
20 Northern National Bank
18034 200 Fidelity Storage & Warehouse. 75
8 Quaker City National Bank_...125
200 American Pipe & Construction. 8
27 Drovers dr Mech. Nat. Bank,
5 Phila.& Grays Ferry PIL9S, Ry.. 6034
$50 each
60-604 12 5th & 6th Streets Pass. fly....270
4 Kensington Nat. Bank,$50 ea _150
34 Union Passenger Ry
108
2 Aldine Trust
160
18 Phila. City Passenger Ry
106
36 Commonwealth T. I. & T...229-233
1 Germantown Pass. Ry
8434
9 Logan Trust
111-120
4 Continental Passenger Ry
74
10 Peoples Trust, $50 each
45
Bonds.
Percent.
1 John B. Stetson, common
328
15,000 Empire Ref. 1st dr coll. 0s,'27 8714
2 Phila. & Cam. Ferry. 350 each 10114 $5.000 Cities Fuel & Pow.is. f. 69.'22 8954
STOCK OF MONEY IN THE COUNTRY.
-The following table shows the general stook of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-Stock of Monty Mar.1'20- -Money in Circulation
in U. S. &Held in Treas. Afar. 11020. Mar, 1 1919.
$
$
$
$
Gold coin (including bullion
in Treasury)
2,720,767,608 369,324,662 b919,564,330 981,924,231
Gold certificates
387,203,974 630,738,364
Standard silver dollars
270,217,520 8,800./14 131,158,991
81,165,206
Silver certificates
128,511,523 210,103,387
Subsidiary silver
252,956,833 6,700,805 246,258,028 231,455,148
Treasury Notes of 18901,686,292
1,779,240
United States Notes
340,681,01(1 18,107,739 328,573,277 333,814,578
Federal Reserve Notes_ _ _ c3,255,213,250 39,633,048 2,999,690,207 2,475,284,532
Fed. Reserve Bank Notes
237,834,400 39,080,688 198,753,714 136,043,850
National Bank Notes
722,641,255 65,313,090 657,328,165 801,139,198
Total
7,806,311,880 546,960,744 5.998,786,501 5,753,047,734
Population of continental United States estimated at 106,819,000 (revised figures).
Circulation per capita, 356 16.
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 111 national
banks and special depositaries to the credit of the Treasurer of the United States
amounting to $265,012,262 38.
b Includes $392,734,808 10 Federal Reserve Gold Settlement Fund deposited
with Treasurer of the United States.
5 Includes own Federal Reserve notes held by Federal Reserve banks.
•
Note.
-On Mar. 1 1920 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $811,926,360 gold coin and bullion, $232,748,280
gold certificates and $215,889,995 Federal Reserve notes, a total of $1,263,504,635.
against $1.287,556,245 on Mar. 1 1919.
DIVIDENDS.
_The following shows all the dividends announced for
future by large or important corporations:
the
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Beech Creek (guar.)
Buffalo & Susquehanna, corn.(quar.)...
Canadian Pacific. common (quar.)
Chicago Burlington & Quincy (guar.)
Clev. CM. Chic. & St. Louts, pref. (qu.)
tDelaware & Hudson Co.(quar.)
Kanawha & Michigan (quar.)
.
tKansas nig Southern, preferred (guar.).
Lackawanna RR. of N. J. (quar.)
tLehigh Valley, common (quar.)
Preferred (quar.)
Manhattan Ry. (guar.)
1\!inn.St.P.& S.S.Marie,com.& pref _
Leased lines
Newark dr Bloomfield
New York Central RR.(guar.)
N. Y. Lackawanna dc Western (guar.)._
New York Ontario & Western
Northern Pacific (quar.)
Pittsburgh Bessemer & Lake Erie, corn
Pittsb. Ft. Wayne & Chic., cons (guar.)._
r referred (guar.)
Reading Company, common (guar.)
Si. Louis-San Francisco Ry.K.C. Ft. S. & Mem. pref. tr. Ws.(qu.)
Southern Pacific Co. (quar.)
Southern Ry., M.& 0.stock trust ctfs
Union Pacific, common (quar.)
Preferred
United N. J. RR.& Canal Cos. (guar.) _ _
Warren RR
.
West Jersey & Seashore
Wisconsin Central, preferred
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
50c. knril 1 Polders of rec. Mar. 16a
134 Mar. 81 Mar. 16 to Mar.31
234 Apr. 1 Holders of roe. Mar. la
Mar, 25 Holders of rec. Mar. 111a
2
*134 April 20 *Holders of roe. Mar. 30a
ag Mar. 20 Holders of ree. feeb.:26a
*114 Mar. 31 *Holders of roe. Mar. 24a
April 15 Holders of rec. Mar. 31 1
1
$1.25 April 3 Holders of ree.Mar.:13a
1
April 1 Holders of roe. Mar. 8a
8734c April 3 Holders of ree.Mar.I113a
131 April 1 Holders of roc. Mar. 22a
33-4 April 15 Holders'of reo. Mar. 22a
2
April 1 Holders of tee. Mar.200
3
A prIl 1 Holders of rec. Mar. 244
131 May 1 Holders of reo. April la
134 April 1 Holders of rec. Mar. 155
Aprl. 12 Holders of roe. Mar. 27a
1
May 1 Mar. 20 to
April 13
14 April 1 Holders of.reo. Mar. 15
131 April 1 Holders of rec. Mar. 10a
134 April E Holders of roe. Mar. 10a
May V, Holders of roe. April 20a
$1
134
1
13.4
2
24
2
234
334
$1.21
*2
April 1 Mar. 26 to
April. 1
April 1 Holders of rec. Feb. 28a
April 1 Holders of reo. Mar. lie
April 1 Mar. 14 to April 13
April 1 Mar. 14 to Apr1113
April 10 Mar. 21 to Mar. 31
April 15 Holders of roe. April 54
Apr. 1 Hollers of rec. Mar. 15a
April 1 •Holders offee. Mar.22o
10110241 ..41asetai
,. .-4...
,
Street and Electric Railways.
Asheville Power & Light, pref. (guar.)._
154 April 1 Holders-of ieO7Mar.e.18
Bangor Iv.& Electric, pref.(auar.)____
134 April 1 Holder" of rec. Mar.20
Boston Elevated My.,common (guar.)
131 April 1 Holders of rec. Mar. 18
Brazilian Trac., Lt. & Pow., pf. (qu.)
134 Apr. 1 Holders of rec. Mar. 15
lYi April 1 Holders of roe. Mar. 18
Carolina Power & Light, pref.(ouar.)_
Chicago City Ry. (guar.)
134 Mar. 31 Mar. 26 to Mar. 30
1
April 1 Mar. 21 to Mar. 31
Cin. & Hamilton Tract., common (quar.)_
Preferred (guar.)
114 April 1 Mar. 21 to
Mar. 31
Cincinnati Street Ry.(quar.)
114 Aprli 1 Mar. 17 to
Mar. 31
Citizens Traction
$1.50 Mar. 24 Holders of rec. Mar. 16
• 1)( April 1 Holders of roe. Mar. 13a
Clevekind Ry.(guar.)
Duluth-Superior Tree., pref.(quer.)_ _ _ _
1
April; 1 Holders of roc. Mar. 15a
Duquesne Light, preferred (guar.)
134 May 1 Holders of rye. April 1
Eastern Texas Electric Co., corn. (guar.) 2
April. 1 Holders of reo. Mar. 171
Frankford & Southwark Pass. AY. (qu.) 34.50 Apr. 1 Holders of rec. Mar. la
Illinois Traction, preferred (guar.)._
134 Apr. I Holders of rec. Mar. 15
Iowa Ry.& Light, preferred (quar.)
134 Mar. 31 Holders of roe. Mar. 20
Manila Elec. RR.& Ltg. Corp.(guar.)._
1 4 April 1 Holders of rec. Marl8a
Monongahea Valley Traction, pref. (guar.) 3734c. April 7 Holders of rec. Mar. 31a
Montreal Tramways (quar.)
24 Mar. 30 Holders of rec. Mar. 22
Northern Ohio Tract. & Light, pref.(quar.)
14 April 1 holders of ree. Mar. 10
Ottawa Traction (quar.)
1
Apr. 1 Holders of roe. Mar. 15
Pacific Gas & Electric, common (guar.)._
1X April 16 Holders of rec. Mar. 31a
Philadelphia Co., common (guar.) _ _ _ ...75c. April 30 Holders of rec. April 1
Sic per cent preferred
$1.50 May 1 holders of rec. April 1
Philadelphia Traction
Apr. 1 Holders of rec. Mar. 100
$2
Philadelphia & 1Vestern Ry., pref.(quar.). '6234c April IC *Holders of reg. Mar. 31
Public Service Corp. of N. .1., common__ .1
Mar. 31 *Holders of rec. Mar. 26
Preferred (guar.)
*2
Mar. 31 'Holders of rec. Mar. 22
Republic Ry. & Light, preferred (guar.).
14 April 15 Holders of rec. Mar. 31
Ridge Ave. Pass. Ry., Phila. (guar.)
$3
April 1 Mar. 16 to April 1
Second & Third Sts. Pass., Phila.(quar.) $3 Apr. 1 Holders of rec. Mar. la
Springfield Ry. & Lt., pref. (quar.)._.. 134 Apr. 1 Holders of roe. Mar. 150
Springfield & Xenia fly,, preferred (guar.)
131 Mar. 31 Holders of rec. Mar. la
Tr -City Ry. & Light, pref. (quar.)
134 April i Holders of reo. Mar. 200
Twin City Rap. Tr., Minneap., pf.(qu.) 134 April 1 Holders of rec. Mar. 15a
United Light dc Railways, pref.(guar.)._
13.5 Apr. 1 Holders of rec. Mar. 15a
Wash. Bait.& Annap. El. RR.,com.(qu)
50c. Apr. 1 holders of rec. Mar. 200
Preferred (quar.)
75c. Apr. 1 Holders of roe, Mar. 20a
West End Street Ry., Boston, corn...... 411.75 Apr. 1 *Mar.23 to Apr. 1
Yadkin River Power, preferred (quar.)134 April 1 Holders of roe. Mar. 18
Youngstown & Ohio River, pref. (guar.)._
lYi Mar. 31 Holders of rec. Mar. is
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Banks.
Atlantic National (guar.)
,
115
Extra
4
Chase National (guar.)
4
Chatham & Phenix National(guar.).— '1
Citizens' National (guar.)
3
Coal & Iron National (guar.)
3
Colonial Bank (guar.)
21.4
Commerce, National Bank of (guar.)._
6
Fifth Avenue (guar.)
5
First National (guar.)
5
First Security Co.(guar.)
*3
Gotham National (guar.)
4
Greenwich (gnat.)
8
Hanover National (guar.)
3
Irving National (guar.)
5
Mechanics de Metals National (guar.)
3
Merchants
Metropolitan (guar.)
4
New Netherland Bank
1
Extra
5
New York, Bank of, N. B. A.(guar.).
New York National Irving (guar.)
6
Park, National (guar.)
3
Seaboard National (guar.)
United States, Bunk of the (gust.). - -- 2%
5
Yorkville (guar.)
April 1 Holders of rec. Mar. 27
April 1 Holders of rec. Mar. 27
April 1 Holders of rect. Mar.234
Apr. 1 Mar. 21 to Mar. 31
April 1 Holders of rec. Mar. 25
April 1 Holders of rec. Mar. be
mar. 31 Holders of rec. Mar. 20a
April 1 Holders of rec. Mar. 2Ut1
April 1 Holders of rec. Mar. 31a
April 1 Holders of rec. Mar.81a
April 1 Holders of rec. Mar. 31a
April 1 'Holders of rec. Mar. 31
April 1 Holders of rec. Mar. 20
April 1 Mar. 21 to Mar. 31
April 1 Holders of rec. Mar. 26
April 1 Holders of rec. Mar. 20
Mar.27 Holders of rec. Mar. 27
April 1 Holders of rec. Mar. 19a
April 1 Holders of rec. Mar.d24
April) Holders of reo.Mar.d24
April 1 Holders of rec. Mar. 22
April 1 Holders of rec. Mar. 26
April 1 Holders of rec. Mar. 22
April 1 Holders of rec. Mar. 24
Apr. 1 Holders of rec. Mar. 27
Mar.31 Holders of rec. Mar. 21
Trust Companies.
Bankers (guar.)
Brooklyn (guar.)
Central Union (guar.)
Columbia (guar.)
Empire (gust.)
Equitable (guar.)
Fidelity (guar.)
Guaranty (guar.)
Lawyers Title insurance & Trust (guar.)
Mercantile (guar.) (No. 1)
Metropolitan (guar.)
New York (guar.)
Peop:es (Brooklyn) (guar.)
Tide Guarantee et 7'rust (guar.)
April 1
April 1
April 1
Mar. 31
Mar. 30
Mar. 31
Mar. 31
Mar. 31
April 1
pr. 1
Mar. 31
Mar.31
Mar.3)
Mar.31
21.5
254
2
5
5
554
4
3
4
23i
5
1(i
2
4
8
4
5
Holders of rec. Mar. 20a
Holders of rec. Mar. 22
Holders of rec. Mar. 20a
Holders of rec. Mar. 22a
holders of rec Mar. 20a
Holders of rec. Mar. 26
Mar. 25 to Mar. 31
Holders of rec. Mar. 19
Mar. 14 to April 1
Holders of rec Mar. 15a
Holders of rec Mar. 20
Mar. 21 to Mar. 31
Holders of rec. Mar.30:
Holders of rec. Mar.23
Miscellaneous
Abitibi Power & Paper, preferred (guar.) _
1% April 1 Holders of rec. Mar. 20
2
April 1 Holders of rec. Mar. 25
Advance Candy Mfg. Corp., pref. (gear.)
to Apr. 12
1% April 1 Mar. 16
Advance-Rumely, prof. (guar.)
Aeolian Company, preferred (guar.)
1% Mar. 31 Holders of rec Mar. 20
Aeolian, Weber Piano db Pianola, p1.(go.) 1% Mar. 31 Holdera of rec Mar. 20
AhMeek Mining (gnat.)
50c. Mar. 31 Illoders of rec Mar. IS
Air Reduction (guar,)
April 11 Ilolders of rec. Mar. 31
al
131 Apr. 15 Holders of rec. Mar. 3Ia
Allis-Chalmers Mfg., pref. (guar.)
April 1 Holders of rec. Mar. 20
Amalgamated Leather Cos.,Ino.cm.(gu.) $1
1;1 April 1 Holders of roe. Mar. 20
Preferred (guar.)
1M Apr. 15 Holders of rec Mar. 26
Amalgamated Oil (guar.)
American Agric. Chem., coin. (guar.). _
2
Apr. It Holders of roe. Mar. 22a
Apr. 15 Holders of tea. Mar. 22a
Preferred (guar.)
Atnerlean Bank Note, pref. (guar.)1% April 1 Holders of rec. Mar. 15a
American Beet Sugar, pref. (quar.3-....- 114 Apr. 1 Holders of rec. Mar. 13a
2% Apr. 1 Holders of rec. Mar. 15a
Amer. 13osch Magneto (guar.).
Amer. Brake Shoe & Fdy., corn. (guar.) if
Mar. 31 Holders of reo. Mar. 19a
3
Mar.31 Holders of tea. Mar, 19a
Preferred (guar.)
Amer. ,t British Mfg., pre/. (guar.)
*154 April 1 'Holders of rec. Mar. 20
American Can, preferred (guar.)
1;1 Apr. 1 Holders of rec. Mar. 17a
Amer. Car & Foundry, corn. (guar.)
April 1 Holders of rec. Mar. 154
3
April 1 Holders of me Mar. 15a
Preferred (guar.)
Holders of tea. Mar. 20
American Chicle, preferred (guar.)
American Cigar. pref. (guar.)
134 April 1 Holders of rec. Mar. 15a
1% April 1 Ifoldera of rec. Mar. 22
American Cyanamid, preferred (guar.). __
Apr. 1 Holders of tea Mar. 20
Amer. Exchange &cur. Corp., Clans A
2
American Express (guar.)
51.50 April 1 Holders of rec. Feb. 28
American Gas & Electric, c 0
2% Apr. 1 Holders of rec. Mar. 18
Preferred (omit.)
1% May 1 Holders of rec. Apr. 17
Amerlean Ride & Leather. pref.(guar.)
IN Apr. 1 Holders of tee. Mar. 13a
A riot. International Corp.comalrpf.(ou.)
11.5 Mar. 31 Holders of rec. Mar. lea
Amer. La France Fire Engine, coin. (qu.).
231 May 15 Holders of rec. May Sri
1% April 1 Holders of rec. Mar. 22a
Preferred (guar.)
American Locomotive, common (guar.)
134 Mar. 31 Holders of rec. Mar. 12a
131 Mar. 31 Holders of roe. Mar. 12n
Preferred (guar.)
Ija Mar. 31 Mar. 16 to Mar.33
Amer. Manufacturing, common (guar.)
5
Mar. 31 Mar. 16 to Mar. 39
Common (extra)
1
Mar. 31 Mar. 16 to Mar. 30
Preferred (ouar.)
Amer. Public Service, pref. (quar.)--- ln April 1 Holders of rec. Mar. 15
3
American Radiator, common (gnarl —
Mar. 31 Mar. 22 to Mar. 31
4
Mar.31 Mar. 22 to Mar. 31
Common (extra)
Amer. Smelters Securities, pf. A (qu ). 114 April 1 Mar.18
to Mar. 21
April 1 Mar. 18
Preferred 11 (guar.)
to Mar. 21
3
American Snuff, corn. (guar.)
April 1 Holders of rec. Mar. 12a
115 April 1 Holders of rec. Mar. 12a
Preferred (guar.)
Amer. Steel Foundries, corn. (guar.).750. Apr. 15 Hollers of rec. Apr. la
I% Mar. 31 Holders of rec. Mar. 15a
Preferred (guar.)
Amer. Storm, 1st & 2d pref. (guar.).-April 1 Mar. 21 to Apr. 1
American Stores, common (No. 1)
April I *fielders of rec. Mar. 20
*Sl
American Sugar, common (guar.)
131 Apr. 2 Holders of reo. Mar. la
Common OM m)
k Apr. 2 Holders of reo. Mar. la
Preferred (guar.)
131 Apr. 2 Holders of rec. Mar. In
American Surety (guar.)
$1.25 Mar. 31 holders of rec. Mar. 20a
2
April 15 Mar. 20 to Mar.30
Amer. Telephone & Telegraph (guar.)..
American Thermos Bottle
$6
Apr. 15 Holders of rec. Apr. 5
1% Apr. 1 Feb. 15 to Mar. 15
American Tobacco, preferred (guar.).—
American Typo Founders, corn, ((muar.)_ *1
Apr. 15 *Holders of rec. Apr. 10
Preferred (guar.)
131
' Apr. 15 *Holders of rco. Apr. 10
Amer. Wholesale Corp. pref. (guar.)
*131 April 1 "Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 12
American Window Glass Machine, com- 8
1)1 Apr. 1 Holders of tee. Mar. 12
Preferred (gtiar.)
13-4 April 15 Mar. 19 to April 1
Amer. Woolen, coin. & prof. (guar.).— Apr. 1 Ifelders of rec. Mar. 19
Ames, Hoiden, McCready, Ltd., pf.(gu.)
Sc. Mar. 25 Holders of rec. Mar. 10
Argonaut Consolidated Mining (guar.). _
Arkansan Natural Gas—
Apr. 24 Apr. 16 to Apr. 20
Preferred (account accum. dividen(ls). h7
May 25 May 16 to May 19
Preferred (account aecum. divldends). h7
April 1 *Holders of rec. Mar. 16
Arlington .111111s (guar.)
'2
Extra
"2
April I 'Holders of rec. Mar. 16
1s4 April 1 'Holders of rec. Mar. 15
Armour & Co., preferred (guar.)
Armour Leather, preferred (No. 1)
(u) Apr. 1 Mar. 16 to Mar 31
Asbestos Corp. of Canada, Ltd., cont. (Tu.) 111 April 15 Holders of rec. April 1
115 April IL Holders of roe. April 1
Preferred (gear.)
May 1 Holders of rec. Apr. 3n
Associated Dry Goods, common (No. 1)
I
mire 1 Holders of rec. May So
First preferred (guar.)
1
Second preferred (guar.)
1i1 June 1 Holders of rec. May Sa
13-4 April 15 Hoidens of rec. Mar. 26a
Associated Oil (guar.)
'214 Mar. 31 *Holders of rec. Mar. 23
Allergic Coast Co. (guar.)
Allan. Gulf & W. I. SS. Lines,pf. (qui 1 311 %pill 1 Holden] of rec. Mar. lOn
Atlantic Sugar, preferred (guar.)
131 \ pr. 1 Holden.; of rec. Mar. 19
.
%pr. 1 Holders of rec. Mar. 19
Preferred (account accum,(l ividends)
Autosales Corporation. pref. (guar.).- 75c. Mar. 31 Holders of rec. Mar. 15a
Avery Company, preferred (rifler.). _ — *151 Apr. 1 'Holdere of ree. Mar. 22
131 AOril 1 Holders of rec. Mar. 20
Baltimore Tube, pref. (guar.)
Barnhart Bros. & Spindler—
First and second preferred ((mar.) _ _ '13 May 1 *Holders of reo. Apr. 26
April 15 "Holdem of rec. Mar. 31
Hamadan Corporation (guar.)
Apr. I Holders of rec. Mar. 15a
Barrett Company, common (guar.)
2
Apr. It Holders of rec. Mar. 22n
Preferred (guar.)
April 1 Holders of rec. Mar. 25
Barrel leather, pref. (guar.)
April 1 'Holders of rec. Mar. 20
*4
Beatrice Creamery, common (guar.)
1 Holders of rec. Mar. 20
April '
Preferred (gnat.)
Apr. I Holders of rec. Mar. 15
SI
Deaver Board Cos., corn. (guar.)
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Apr. 115 Holders of ree. Mar. 31
2
Ilell Telephone of Canada (guar.)
$1.25 April 1 Holders of rec. Mar. 15
BOHM/ & SPe"cer Co. (guar.)
1159
THE CHRONICLE
MAR. 20 1920.]
11.5
131
1)4 Apr, 1
114
131
134
131
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
13( Apr. 1 Holders of rect. Mar. 16a
Bethlehem Steel, corn. A & B (gust.)
Apr. 1 Holders of reo. Mar. 16a
2
Eight per cent preferred (guar.)—
Eleven per cent preferred (gunr.)---- 1)( Apr. 1 Holders of reo. Mar. 160
1% April 1 Holders of rec. Mar. 13a
Booth Fisheries, pref. (guar.)
Mar. 31 Holders of coup. No.77r
British-American Tob., ord. (interim)... 6
Apr. 1 *Holders of ree. Mar.20
Brunswick-Balke Collender, pref. (guar.)
1% Apr. 1 Holders of roe. Ma:.20
Co., preferred (guar.)
Bucyrus
Apr. 1 Holders of rec. Mar.20
Preferred (extra account accum. diva.) Al
Mar. 31 Holders of roe. Mar.20
2
Buffalo General Electric (guar.)
1,4 Apr. 1 Holders of roe. Mar. 15a
California Petroleum, preferred (gar._
$1
Mar. 22 Holdora of rec. Mar. 5a
Calumet & Arizona Mining (gear.)
April 1 Holders of rec. Mar. 15
$l
Cambria Iron
134 April 16 Holders of rec. Mar. 31
Canada Cement, common (gnat.)
2
April 21 Hollers of rec. Mar. 31
Canada Iron ,t Foundries, pref
134 April 1 Holders of rec. Mar, 15
Canada Steamship Eines, pref. (guar.) .._
Canadian Car & Foundry, pref. (guar.)- 134 Apr1110 Holders of rec. Mar.26
Apr. 1 Holders of tee. Mar.20
Canadian-Connec. Cot. Mills, pref.(gu.) 2
134 Mar.31
Can. Crocker Wheeler Co., corn. (guar.
April 1 Holders of rec. Mar. 13
Canadian General Electric Corn.(guar.) 2
2
April 1 Holders of rec. Mar. 13
Bonus
314 April 1 Holders of rec. Mar. 13
Preferred
2
Apr. 1 Holders of roc. Mar.20
Canadian Locomotive, common (guar.)_
1S4 Apr. 1 Holders of tee. Mar.20
Preferred (guar.)
154 April 5 Holders of rec. Mar. 25
Canadian CoUons, common (gear.)
I% April 5 Holders of rec. Mar. 25
Preferred (pat.)
Mar.20
Carbo Hydrogen Co. of Amer., pref.(qu.) 83.4c. Mar.31 Holders of rea. Mar.26a
at
Mar. 30 Holders of tee.
Carbon Eireel, first preferred
July 30 Holders of rec. Jar 250
6
Seoonl ^referred
134 April 1 Holders of reo. Mar. 15a
Thresh. Mach. pf. (qu.) .
Case (J.
13.4 Mar.31 'Holders of rec. Mar. 16
Case (J. I.) Plow Works, IsiA2dpf.(qu.)
134 Apr. 1 Holders of rec. Mar.15
Cass & Daley Shoe, preferred (guar.).
2
Apr. 1 Holders of roe. Mar.20
Castle Kid Co., Inc., preferred (guar.)
2
Mar.31 Mar. 10 to Mar.30
Celluloid Company (gear.)
2
Mar.31 Mar. 10 to Mar.80
Extra
Aprll 1 'Holders of rec. Mar. 25
Central Aguirre Sugar new stock (guar.)._ *S2
111 Mar. 31 Holders of roe. Mar. 15
Ce, tral Bond dc Mortgage, pref.(guar J.
•1A
April 1L *Holders of rec. Mar.31
Ce,tral Coal de Coke,common (guar.)
4.1NE
April It *Holders of rec. Mar.31
Preferred (guar.)
131 Apr. 1 Holders of res. Mar. 106
Central Leather, preferred (guar.)
231 Apr. 1 Holders of re3. Mar. 10
Central Petroleum, preferred
Mar. 10
Central States Elec. Corp., pref. (guar.) 134 April 1 Holders of rec. Mar,15
2
Apr. 1 Holders of rect._
Central Teresa Sugar, pref. (guar.)._
1
Li
Certain-teed Products Corporation—
131 Apr. 1 Holders of rec. Mar. 19a
First and second preferred (guar.) _ _
231 Apr, I Holders of roe. Mar. 19a
Chandler Motor Car (guar.)
reo. Mar. 10a
chwebrough Mfg. Co., common (guar.) 334 Mar. 31 Holders of roe. Mar. 10
134 Mar. 31 Holders of
Preferred (guar.) (No. 1)
*2
Mar. 31 "Holders of rec. Mar. 20
Chicago Railway Equipment (guar.)
"2
Mar. 31 *Holders of roe. Mar.30
Chicago Telephone (guar.)
3714c Mar. 31 Holders of rec. Mar. 12a
Chino Copper Co. (guar.)
2
April 1 Mar. 24 to Mar.30
Bell Telep. (guar.)
CM. & Suburban
Cities Service—
•14 April 1 'Holders of rec. Mar. 15
Common and preferred (monthly)
"Holders of rec. Mar. 15
Common (payable in common stock).. "f114 April I 'Holders of rec. Mar. 15
*14 April i
Preferred B (monthly)
'14 May 1 'Holders of rec. April 15
and preferred mionlhly)
Common
April 15
Common (payable in common stock). _ 41131 May 1 'Holders of rec. April 15
"14 May I *Holders of roe.
Preferred B (moidhly)
50.25, April 1 Holders of roe. Mar. 15
Cities Service, Bankers' Shares (mthly.)
51.25 Mar.29 Mar.13 to Mar.29
Citizens Gas of Indianapolis
131 April 1 Holders of rec. Mar. 27
City Investing, preferred (guar.)
131 Mar. 31 Holders of rec. Mar.2()
Cleveland-Akron Bag (guar.)
20a
131 April I Holders of rec. Mar. Ifia
Ckrelarut Automatic Mach., pref. (guar.)_
2
Mar,30 holders of rec. Mar.
Mills (guar.)
Cleveland Worsted
1 Holders of rec. Mar. 20a
Cluett, Peabody it Co., Inc., pf. (qu.). 134 Apr.
April 2 Mar. 14 to Apr. 1
Si
Coca-Cola Co.(No. 1)
13( Mar. it Holders of roc. Feb. 28
Colorado Power, pref. (guar.)
of roc. Mar. 15a
Columbia Graphophone, corn. (gust.).. 325e. April 1 Holders of rec. Mar 15a
131 April 1 Holders
Preferred (guar.)
"3
April 1 'Holders of rec. Mar.20
Columbia Sugar (oust.)
April lt, Holders of rec. Mar. 31
1
Commonwealth Finance Corp.,common _ _ _
1-31 April it Holders of rec. Mar.31
Preferred (goat.)
Apr. 1() Holders of rec. Mar. 25a
1
Computing-Tabulating-Recording (qui _
la
13-4 April It Holders of roe. April 15a
Consolidated Cigar Co.,Common(No. 1) _
April 1 Holders of rec. Mar.
(guar.). 2
Consolidated E. L. it P., Balt.
Holders of rec. Mar. 15a
Cons. Interstate Callahan Mining(quar.) 50c1 Mar,30
134 Mar. 31 Mar. 11 to Mar. 31
Consumers El. Lt.& Pow., N.O., pf. (qu.).
Mar.
13-1 Apr. I Holders of rec. Mar. 19a
Continental Can,common (guar.)
19a
131 Apr. i Holders'of 'es. Mar.29a
Preferred (guar.)
(guar.) _ 25e. Apr. 20 Holders of reo.
Continental Candy Corporation
April 15
•1% April 15 'April 7 to
Continental Motors Corp.. pref. (guar.) •13,‘
April 10 'Holders of rec. April 1
Creamery Package Mfg., Cam. (guar.). _
April 10 *Holders of rec. April 1
Preferred (guar.)
*2 Mar. 31 'Holders of rec. Mar.20
Crowell & Thurlow Steamship (quar.)_ _
3
April 30 Holders of roe. April 154
Crucible Steel, Common (guar.)
April 30 *Holders of rec. April 15
- *AO
Common (payable in Common stock)131 Mar. 31 Holders of rec. Mar. 16a
Crucible Steel, preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 1541
Cuba Cane Sugar. preferred (guar.)__ _ _
tee. Mar.154
Cuban-American Sugar.common (guar.) 231 April 1 Holden of rec. Mar.15a
14 4.col Ii Holders of
Preferred (guar.)
Apr. 4
to
Mar. 27
131 Apr, 8
Cudahy Packing,common (guar.)
25e. Mar,30 Holders of reo. Mar. 10
1)avia-1)aly Copper Co
April 1 Holders of tea. Mar.20
pref. (guar.)
1
Dayton Power et Light,
134 April 10 Holders of rec. Mar.20
Dearborn Truck, preferred (gear.)
April 1 Holders of rec. Mar. 20
2
Dc/ton Tire & Rubber, pref.(guar.)
Apr. 1 Holders of rec. Mar. tha
Detroit & Cleveland Navigation (guar.)_ 81
kpr4I5 Holders of rec. Mar.d8la
2
Detroit Edison (guar.)
"214 April 15 *Holders of rao. April 5
(guar.)
Detroit Iron & Steel, corn.
.114 April 15 *Holders of rec. April 5
Preferred (guar.)
April 15 Holders of rec. Mar.31
2
Dictograph Products, pref. (oar.)
115 Apr. 1 Holders of roe. Mar. 27
Dodge Mfg., corn. (guar.)
Apr. 1 Holders of rec. Mar. 27
1
Common (extra)
11.4 Apr. 1 Mar. 21 to Mar. 31
Preferred (guar.)
20
154 April 1 Holders of rec. Mar. 15
Dominion (linnets, pref. (guar.)
Apr. 1 Holders of rec. Mar.
Dominion Glass, Ltd., common (guar.). 1
151 Apr. 1 Holders of me. Mar. 15
Preferred (guar.)
131 April 1 Holders of roc. Mar. 13
Dominion Iron it Steel, pref.(gust,)....
loc. Apr. 1 Holders of rec. Mar. 15
Dominion 011 (monthly)
115 April 1 Holders of rec. Mar. 15
Dominion Steel Corp.(guar.)
Apr. 1 Holders of rec. Mar. 15
2
Dominion Textile Corn. (guar.)
Apr. 1 Holders of rec. Mar. 6
3
Draper Corporation (guar.)
Apr. 1 Mar.22 to Apr. 1
Driver-Harris Co., common (gnat.).... 2
1)( Apr. 1 Mar.22 to Apr. 1
Preferred (guar.)
20
114 April 1 Holders of rec. Mar. 10
Duluth Edison Elec., pref. (guar.)
Apr.
duPont(E.I.)de Nem.&Co., deb. (guar.)
134 Apr. 26 Holders of rec. Apr. 20
,com.(qu.)_ •114 May 1 'Holders of roe.
duPont(E.I.) de Nem.Pow.
Apr. 20
•
131 May 1 *Holders of rec. Mar. 20a
Preferred (guar.)
IN April 1 Holders of reo.
Durham Hosiery Mills, corn A it B(qua
h April I Holders of rec. Mar.20a
A it B (extra)
Common
Apr. 1 Holders of rec. Mar.27
1
East Coast Fisheries, common (guar.) _ _
134 Apr. 1 Hollers of rec. Mar. 27
Preferred (guar.)
134 Apr. I Holders of rec. Mar. 27
East Coast Fisheries Products, pf. (gu.)
*50c. April 1 *Holders of too. Mar. 20
Ea,
tern Manufacturing, common (goat.)
Mar. 31 *Holders of rec. Mar. 19
Eastern Steamship, pref. (gnarl (No. 1) *18
1
Eaetern Steel,cow.(go.)(In L.L. bonds) f214 Apr. 15 Holders of ree. Apr. 2fa
214 April 1 Holders of reo. Feb.
Eastman Kodak,common (guar.)
714 April 1 Holders of tee. Feb. 284
Common (extra)
114 April 1 IIolders of tee. Feb. 2841
Preferred (gear.)
Edmund & Jones Corp.,common (goat.) _ _ '50c. April 1 'Holders of rec. Mar. 21
.1u
April 1 'Holders of rec. Mar. 21
Preferred (guar.)
131 April 1 Holders of rec. Mar. 20a
Elaenlohr (Otto) it Bros., pref.(gnat.)..
Flee. Storage Battery. cm. it pt. (go.). 254 Apr. 1 Holders of rec. Mar. 15
Holders of rec. Mar. 15
10
Electric Welding of America, common_
Holders of roe. Mar. 15
Common stock (payable in comma :1k.) Plb
Holders of rec. Mar. 15
it
Preferred
Holders of rec. Mar. 15
6
Electric Welding of Boston, Common
Holders of rec. June 30
/50
Common (payable in common stock) _
Holders of rec. Mar. 15
3%
Preferred
Endicott Johnson Corp., corn. (gear.).. 81.25 Apr. 1 Holders of rec. Mar. 18a
Apr. 1 Holders of rec. Mar. 16a
Preferred (guar.)
.
Name,!Company.
When
Per
Cent. Payable.
Books Cloaca.
Days Inclusive
Miscellaneous (Continued)
lea Apr. 1 Holders of reo. Mar. 15
Erie Lighting, preferred (guar.)
50e. April 10 Holders of rec. Mar. 31
Everett, Heaney & Co., Inc. (guar.)
2
April 1 Holders of rec. Mar. 25a
Fairbanks Company, pref. (guar.)
Fairbanks, Morse & Co., new cm.(No.1) $1.25 Mar. 30 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 16a
Famous Players-Lasky Corp., cm. (qu.) $2
Farrell (Wm.)& Son, Inc., pref. (quar.)
154 Apr. 1 Holders of reo. Mar.20
Mar. 20 Holders of rec. Mar. 10
Firestone Tire & Rubber, common (quar.) $2
75e Apr. 1 Holders of rec. Mar. 15a
Flak Rubber, common (quar.)
Second preferred (guar.)
154 June 16 Holders of reo. May 31
2
Apr. 1 Holders of rec. Mar. 20
Fry Rubber, pref. (quar.)
*2
Mar. 31 "Holders of rec. Feb. 28
Galena-Signal, old and new (quar.)
General Baking, preferred (guar.)
154 Apr. 1 Holders of rec Mar. 20
hea Apr. 1 Holders of rec. Mar. 20
Preferred (account accum. dividends)_
May 1 Holders of rec. Mar. 31
Gen. Chemical, corn. (pay. in corn. stock) _ 120
134 April I Holders of rec. Mar. 18a
General Chemical, pref. (guar.)
General Cigar, debenture pref.(war.). lea Apr. 1 Holders of reo. Mar. 24a
2
Apr. 15 Holders of rec. Mar. 20a
General Electric (guar.)
154 April 1 Holders of rec. Mar. 20
General Railway Signal, coin. & pf.(qu.)_ _
154 April 1 Holders of rec. Mar.20
General Tire az Rubber. pref. (guar.)_
Goodrich (B.F.) Co.,common (quar.)„ 154 May 15 Holders of reo. May 5a
h April 1 Holders of reo. Mar. 22a
Preferred ((Mar.)
154 July 1 Holders of ree. June 21a
Preferred (guar.)
134 tpril 1 Holders of rec. Mar. 15
Goodyear Tire & Rubber, lst pref. (quar.)_
Goulds Manufacturing, corn. (guar.)_ _ _
114 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20
154 Mar. 31 Holders of reo. Mar. 15
Grasseill Chemical, common (guar.)._
% Mar. 31 Holders of rec. Mar. 15
Common (extra)
154 Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
Great Lakes Towi zit, common (guar.)
134 Mar. 3a Mar. 16 to. Mar. 31
Preferred (guar.)
134 teal I Mar. 16 to April 1
Atall IL 'holders of rec. Mar. 20
'$2
Great Northern Iron Ore Properties
$1.25 Apr. 1 Holders of reo. Mar. 17a
Guantanamo Sugar (quar.)
ih& Apr. 1 Holders of rec. Mar. 15a
Gulf States Steel, Mat preferred (guar.)
13-i, Apr. 1 Holders of rec. Mar. 15a
Second preferred (guar.)
131 Apr. 20 Holders of reo. Ain. 10
Harbison-Walker Refrac., pref. (guar.).
Hart, Schaffner & Marx, pref. (guar.) *13% .azar. al holders of reo. Mar. 20
21
Apr. 1 Holders of reo. Mar. 15a
Haskell & Barker Car (uuar.)
134 april 1 holders of rec. Mar. 25
Heath (D. C.) & Co., pref. (guar.)
254 Apr. 1 Holders of rec. Mar. 13a
Helme (Geo. W.) Co., corn. (guar.)-154 Apr. 1 Holders of rec. Mar. 13a
Preferred (guar.)
134 tpril 1 Hollers of rec. Mar. 22
Hendee Mfg., pref. (guar.)
2
Mar. 25 Mar. 16 to Mar. 25
Hercules Powder, corn. (guar.)
2
Mar. 25 Mar. 16 to Mar. 25
Common (extra)
134 tpril 1 Mar. 21 to Mar. 31
Herring-Hall
-Marvin, common (quar.) _ _ _
154 Apr. 15 Holders of rec. Mar. 31a
Hillcreet Collieries, corn. (guar.)
134 Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
5c.
pril L Holders of rec. Mar. 31
Howe Sound Co. (guar.)
154 Apr.
Holders of rec. Mar. 20
Hupp Motor Car, pref. (guar.)
75c. %pril 1 Hollers of rec. Mar. 20
Hydraulic Steel, new stock (guar.)
(w) Apr. 1 Holders of reo. Mar.15a
Ide (Geo. P.) & Co., Inc., preferred__
Imperial Tobac. of Can., corn. (interim) 4,154 Mar.30 •
*3
Mar.31 "
Preferred
*3
ter. 1 'Holders of rec. Mar. 20
Independent Pneumatic Tool (guar.)_ _ _
*5
xpr. 1 'Holders of rec. Mar. 20
Extra
25c. quit 1
Holders of rec. Mar.30
Indian Packing (guar.)
'Sc. kpril 1 'Holders of rec. Mar. 21
Indiahonza Refini.ng (monthly)
*10c. 1pril 1 Holders of rec. Mar. 21
Extra
May If Holders of rec. Apr. 24
Indiana Pipe Line (guar.)
$2
Water Works Securities, pref
354 Writ 1 Mar. 21 to Mar. 31
liter-Crest Steams? ip (guar.)(No.1)_ _
2
kern 1 Holders of rec. Mar. 23
2
April 1 Holders of roe. Mar. 20
Interlake Steamship (guar.)
Extra
2
April 1 Holders of reo. Mar. 20
Apr. 1 Holders of rec. Mar. 20
Inter. Abrasive Corp., 1st & 2d pf. (guar ; 2
134 Apr. It Holders of rec. Mar. 31a
Internat. Agricultural Corp., pref. (guar
International Banking Corporation
*3
• pr. I IT Piers of rec. Mar. 20
Internat. Buttonhole Sew. Mach.(guar.)
15o. Apr. 1 Holders of rec. Mar. 15
pal I 'feelers of rec. Mar. 22
Internat. Fur Exchange, pref. (guar.)...
+1%
International Harvester, corn. (quara_ _
154 Apr. 16 Holders of reo. Mar.25a
International Salt (guar.)
ter. I (holders of rec. Mar. 15e
International Silver, preferred (guar.).
1% ter. 1 Feb. 25 to Mar. 1
Jordan Motor, corn. (guar.)
at ar. 31 Holders of rec. Mar. 13
$2
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 13
Kansas Gas & Elec., pref. (guar.)
134 1pr. 1 Holders of rec. Mar.2C
Kaufmann Dept. Stores, pref. (guar.) _ _
134 fan. 2 Healers of rec. Dec. 20
Kayser (Julius) & Co., common (guar.)_.
2
%pril 1 Holders of rec. Mar. 20
First and Second preferred (quar---- 4.1 h May 1 'Holders of rec. April 20
_
Kelly-Springfield Tire, pref. (guar.)._
13-4 ter. 1 Holders of rec. Mar. 15a
25e. Mar. 31 Holders of rec. Mar. la
Kennecott Copper Corp. (guar.)
Capital distribution
25e Mar. 31 Holders of lea. Mar. la
3
k pr. 1 Holders of rec. Mar. 15a
Keystone Tire & Rubber,cont. (guar.)_
Kolb Bakery, preferred (quar.)....
134 1pr. 1 Holders of rec. Mar. 20
Kresge (S. S.) Co., preferred (quar.)_
154 1pr. I Holders of reo. Mar. 15a
Kress (S. H.) & Co., corn. (guar.)-I
May I Holders of rec. Apr. 20a
Preferred (quar.)
154 k pr. 1 Holders of rec. Mar. 20a
154 klar. 31 Holders of rec. Mar. Ina
Lackawanna Steel, common (quar.)__Laurentkle Co., new stock
154 Apr. 2 Holders of roe. Mar. 23
Lawyers Mortgaoe Co.(quar.)
23.4 1pril 1 Elul 'era of rec. Mar. 24
$2
ker. 1 Holders of rec. Mar. 18
Lehigh Valley Coal Sales (guar.)
Liberty Motors, common
*254 ter. 1 'Holders of rec. Mar. 20
*2
kpr. I "Holders of rec. Mar.2)
Preferred (guar.)
Library Bureau, corn. (guar.)
*154 1pr. I 'Holders of rec. Mar. 20
*2
Preferred (guar.)
Apr. 1 'Holders of rec. Mar. 20
Liggett & Myers Tobacco, pref. (guar.)
154 ter. 1 Ffolders of rec. Mar. 15a
"134 Mar. 31 'Holders of rec. Feb. 28a
Lindsay Light, preferred (guar.)
Lone Star Gas, new stock (No. 1)
*5 c klar. 31 "Fialaers of rec. Mar. IS
Loose-Wiles Biscuit, first pref. (guar.)_ _
134 Apr. 1 Holders of rec. Mar. 18a
3
Apr. 1 Holders of rec. Mar. 15a
Lorillard (P.) Co., corn. (guar.)
Preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 15a
MacAndrews & Forbes, corn. (guar.).
+254 kpr. It 'Holders of rec. Mar. 31
ena 1pr. It "Holders of rec. Mar. 31
Preferred (guar.)
Mackay Companies, corn.(guar.)
154 April 1 Holders of rec. Mar. 6
April 1 Holders of rec. Mar. 6a
1
Preferred (quar.)
Magor Car Corp., cont. (guar.)
Mar. 31 Holders of rec. Mar. 25
$1
Common (extra)
Mar. 31 Holders of rec. Mar. 25
$2
Preferred (quar.)
154 Mar. 31 Holders of rec. Mar. 25
Mallinson (H. P..) & Co.. Inc., pf. (qu.
154 1pr. 1 Holders of rec. Mar. 22
134 'pr. 1 Healers of reo. Mar. 15a
Menet! Sugar, pref. (quar)
1
Apr. 1 Mar. 16 to Mar.30
Manhattan Electrical Supply, corn.(qua
First and second preferred (guar.) _ _
154 Apr. 1 Mar. 16 to Mar.30
Manhattan Shirt, preferred (guar.)
134 Apr. 1 Holders of reo. Mar.221
Ma, ning Maxuell & Moore (guar.)
134 Mar. 31 Heelers of rec. Mar. 31
Extra
134 Mar. 31 [folders of rec. Mar. 31
Mason Tire & Rubber, pref. (guar.).- - Mar. 11 to Mar. 31
154
Massachusetts Lighting Cos., pf. (quar.) .$1.50 Apr. If *Holders of rec. Mar. 25
Mathieson Alkali Works, pref.(quar.)__ _ _
134 1prli I Hollers of rec. Mar. 20a
May Department Stores, pref. (quar.)-134 1pr. 1 Holders of rec. Mar. 15a
McSherry Manufacturing, pref. (guar.)_ _
Mull 11 Hollers of rec. April 1
2
Merck & Co.,(guar.)
april 1 Hollers of rec. Mar. 17
2
Mergenthaler Linotype (quar.)
254 Mar. 31 Holders of rec. Mar. 3a
Merrimac Chemical(par.)
$1.25 Mar. 31 Holders of rec. Mar. 20
Metrorolitan 5c.tor.Oc. Stores,Inc.,pf.(qu.'
131 1pr. 1 Holders of rec. Mar. 20
Mexican Petroleum, corn. (guar.)
23.4 &pr. 10 Holders of rec. Mar. lla
2
Apr. I Holders of rec. Mar. 13a
Preferred (guar.)
Michigai Sugar (quar.)
lie. Mar. 15 Holders of reo. Mar. 1
Middle States Oil (monthly)
10c Apr. 1 Holders of rec. Mar. 20a
Mill Factors Corp., Clam A (quar.)__ _ _
2
Apr. 1 Holders of rec. Mar. 20
Montana Power. common (guar.)
% Apr. I Holders of rec. Mar. 13a
Preferred (Quer.)
134 Apr. 1 Holders of reo. Mar. 13a
Montgomery, Ward & Co., pf. & Clam A *13% Apr. 1 *Holders of rec. Mar. 20
Mortgage-Bond Co. (guar.)
134 Mar. 31 Holders of rec. Mar. 22
Narragansett Electric Liohting (guar.)_ _ _ _ Si
kpril 1 Holders of rec. Mar. 13a
National Aniline & Chemical, pref. (qu.) 154 A prh 1 Holders of roe. Mar. 15
National Biscuit, common (quar.)
154 A ern 15 Holders of reo. Mar. 31a
National Breweries (Canada) (guar.)._ $1
Apr. 1 Holders of rec. Mar. 15
National Casket (quar.)
"134 Mar. 30 'Feb. 16 to Feb. 10
Extra
*I
Mar. 30 "Feb. 6 to Feb. 10
Extra (payable in stook)
l'e5
Mar. 30 *Feb. 6 to Feb. 10
National Cloak & Suit, common (guar.) _
13-4 Apr. 15 Holders of rec. Apr. 8a
Nat. Enameling & Stamping, coin.(qu ) Him Mar.20 Holders of rec. Feb. 28a
154m Mar.31 Heelers of rec. Mar Ila
Preferred (onara
[voi,. no.
THE CHRONICLE
1160
Name of Company.
Per When.
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
+254 April 15 *Holders of rec. Mar. 31
National Fuel Gas (guar.)
+2
Mar. 31 *Holders of rec. Mar. 21
National Grocer, coin. (guar.)
National Lead, common (guar.)
134 Mar.31 Holders of rec. Mar. 12a
National Licorice, preferred (guar.)_ _ _
134 Mar.31 Holders of rec. Mar.25
20c. April 15 Holders of reo. April la
National Oil, pref. (guar.)
National Refining, preferred (quar.)
2
April 1 Holders of rec. Mar. 15a
National Sugar (guar.)
134 April 2 Holders of rec. Mar. 8
Nevada Consolidated Copper Co.(guar.)
25c. Mar,31 Holders of reo. Mar. 12a
New England Telep. & Teleg. (quar.)_ _
134 Mar. 31 Holders of rec. Mar. 17
hl 3a Mar,30 Holders of reo. Mar. 20
New River Co., preferred
234 Mar. 24 Holders of rec. Mar. 2a
New York Air Brake (quar.)
2
April 1 Holders of rec. Mar.22
N. Y. Title & Mortgage (guar.)
New York Transit (guar.)
4
Apr. 15 Holders of rec. Mar. 22
134 Apr. 15 Holders of rec. Mar. 31a
Niagara Falls Power, preferred (quara_ _
Mar. 20 Holders of rec. Mar. la
NUes-Bement-Pond. common (Guar.)-. 2
+25c. April 20 *Holders of rec. Mar. 31
Nipissing Mines Co.(guar.)
154 Apr. I Holders of rec. Mar. 18
North American Co. (guar.)
O'Bannon Corporation, preferred
*334 Apr. 1 *Holders of rec. Mar. 25
3
Apr. 1 Holders of rec. Mar. 22
Ogilvie Flour Mills (guar.)
56234c Apr. 10 "Holders of rec. Apr. 1
Ohio Body & Blower (N0.1)
154 Apr. 1 Holders of rec. Mar. 31
Ohio Brass, pref. (guar.)
13-4 Apr. 1 Holders of rec. Mar. 15
Ohio Cities Gas, pref. (guar.)
+$1 25 Mar.31 *Holders of rec. Feb. 28
Ohio Oil (guar-)
112 75 Mar.31 "Holders of reo. Feb 28
Extra
Ohio State Telephone, pref.(guar.)
134 April 1 Holders of rec. Mar. 19
(qu.) 10o.
Apr. 1 Holders of rec. Mar. 15a
Oklahoma Produce& Refining, cm.
2
Apr. 1 Holders of rec. Mar. 23a
Old Colony Woolen Mills, corn. (quar.)- -Preferred (guar.).
134 Apr. 1 Holders of rec. Mar. 23a
50c. Apr. 1 Mar. 16 to Apr. 1
Orpheum Circuit, Inc., common
2
Apr. 1 Mar. 16 to Apr. 1
Preferred (guar.)
5
Apr. It Holders of rec. Apr. 1
Osage Oil & Refining (guar.)
50c. Mar. 31 Holders of rec. Mar. 18
Osceola Consolidated Mining (guar.)
2
Apr. 15 Holders of reo. Mar. 31a
Otis Elevator, common (quar.)
Preferred (quar.)
134 Apr. 15 Holders of roc. Mar. 31a
Otis Steel, preferred (guar.)
134 Apr. 1 Mar.21 to Apr. 1
1
apr. 1 Holders of rec. Mar. 15
Ottawa Car (guar.)
Ottawa Light, Heat & Power (guar.)
134 1.prll 1 Holders of rec. Mar. 20
Owens Bottle Co., common (guar.).
_
75o. Apr. 1 Holders of rec. Mar. 22a
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar.22a
Pacific Tel. & Tel., pref. (quar.)
*134 Apr. 15 *Holders of rec. Mar. 31
Packard Motor Car, common (quar.)*20c. -1pr. 36 *Holders of rec. Apr. 15
131 April 1 Holders of rec. Mar. 18
Panama Power & Li)ht,p-ef.(guar.)
Pan-Amer. Petrol. & Transp., cm. (qu. $1.50 Apr. 10 Holders of rec. Mar. 13a
$1.50 Apr. 10 Holders of rec. Mar. 13a
Common, Clam B (guar.)
134 Apr. 1 Holders of reo. Mar. 13a
Preferred (guar.)
2
% pr. 1 Holders of rec. Mar. 20a
Panhandle Produc. & Ref., pref. (guar.)
April 1 'Mar. 23 to Mar.31
'$1
Parke Davis & Co.(guar.)
134 .1 prll 1 Holders of reo. Mar. la
Peerless Truck & Motor (guar.)
% April 1 Holders of rec. Mar. la
Extra
2
May 16 Holders of reo. May a
Penmans, Ltd., common (quar.)
34 May 1 Holders of reo. Apr. 21
Preferred (quar.)
134 Mar.31 Holders of rec. Mar.20a
Penney (J. C.) Co., preferred (guar.) _ _
Pennsylvania Rubber, corn. (guar.) _ '13-4 Mar. 31 -Holders of rec. Mar. 15
'134 Mar. 31 - Holdars of rec. Mar. 15
Preferred (guar.)
154 %pr. 1 Holders of rec. Mar. 19a
Pennsylvania Water & Power (gnarl_ _
Pettibone-Mulliken Co.. 1st & 2d pf.(ou
13-4 Ur. I Ilolders of reo. Mar. 20a
Phelps Dodge Corporation (guar.)
23-4 kpr. 2 Holders of rec. Mar. 22a
*131 Apr. 1 'Holders of rec. Mar. 25
Pick (Albert) & Co., pref. (quar.)
2
Apr. 1 Holders of roe. Mar. 15a
Pierce-Arrow Motor Car, pref. (quar.)_.
2
Apr. I Holders of rec. Mar. 200
Pierce 011 Corporation, pref. (guar.)
Pittsburgh Rolls Corp., pref.(guar.)
154 turn 1 Holders of rec. Mar. 25a
*3
Mall 31 'Holders of reo. Mar. 31
Prairie Oil & Gas (guar.)
+5
April 31 'Holders of rec. Mar. 31
Extra
*3
1pril 3( 'Holders of tee. Mar. 31
Puzzle Pipe Line (guar.)
2
kpril I Holders of reo. Mar. 24
Price Bros. (guar.)
*2
Apr. la Holders of rec. Mar. 25
Procter & Gamble, 8% pref. (quar.)_ _
50o.
pal 1 Holders of rec. Mar. 20a
Providence Gas (guar.)
(guar.
154 April 1 Holders of rec. Mar. 15
Provincial Paper Mills,Ltd.,corn.
154 April 1 Holders of roe. Mar. 15
Preferred (guar.)
mil 1 Holders of rec. Mar. 15a
Public Utilities Corp., pref.(guar.)
134
*3
April It 'Heelers of roe. April 1
Quaker Oats, common (quar.)
+154 May 21 'Holders of roc. May 1
Preferred (guar.)
$1
Mar. 23 Holders of rec. Mar. 6a
Quincy Mining (guar.)
Mar. 31 Holders of rec. Mar. 17a
Railway Steel-Spring, common (quar.)_. 2
,
Preferred (guar.)
134 Mar. 20 Holder of rec. Mar. Ba
25e Mar. 31 Holders of ree. Mar. 12a
Ray Consolidated Copper Co. (guar.).
30c. Apr. 1 Holders of reo. Mar. 15
Reece Button-Hole Machine (guar.).- _ _
10c. Apr. 1 Holders of reo. Mar. 15
Reece Folding Machine (guar.)
Regal Shoe, pref. (guar.)
134 pril I M .r. 21 to Mar.31
Reis (Robert) & Co., preferred (quar.)-134 Apr. 1 Holders of rec. Mar. 15
Remington Typewriter, 1st pf. (guar.) • 13% Apr. 1 Hoidens of ree. Mar. 10a
2
Apr. 1 Holders of rec. Mar. 10a
Second preferred (guar.)
"25c. Apr. 1 "Holders of rec. Mar. 15
Reo Motor Car (quar.)
13e May 1 Holders of rec. AprIl 24a
Republic Iron & Steel, common (quar.)
Preferred (guar.)
134 April I Holders of roc. Mar. 15a
3
Apr. 1 Holders of roe. Mar. 20
Reyn olds(R.J.) Tobacco, corn.(guar.)
3
Apr. 1 Holders of rec. Mar.20
Common, Clam B (guar.)
Preferred (guar.)
134 Apr. 1 Holders of ree. Mar. 20
134 Mar.31 Holders of reo. Mar. 22
Riordon Pulp & Paper, pref.(guar.)
April 1 *Holders of roe. Mar. 25
Root & Van Dervoort Corp., Class A (qu.) *$1
2
Mar. 31 Holders of rec. Mar. 15
Royal Baking Powder, corn. (guar.)
Preferred (guar.)
154 Mar. 31 Holders of rec. Mar. 15
25e. Mar. 20 Mar. 10 to Mar. 21
St. Joseph Lead (quar.)
25c. Mar. 20 Mar. 10 to Mar. 21
Extra
2
Mar. 31 Mar. 21 to Mir. 31
St. Joseph Stock Yards (guar.)
St. L. Rocky Mt.& Pac. Co., pref.(qu..
134 Mar. 31 Holders of rec. Mar.200
5
Apr. 30 Holders of reo. Mar. la
Savage Arms Corp., common (extra)- _ _
15c. Mar. 25 litaderl of rec. Mar. ltia
Savoy Oil (quar.)
5
Mar. 31 Holders of rec. Mar. 15
Scamans Oil (guar.)
134 Apr, 1 Holders of rec. Mar. 15a
Sears, Roebuck & Co., pref. (quar.)-Sherwin-Williams Co.of Can.. pref.(qu.)
154 Mar. 31 Holders of rec. Mar. 15
Shawnigan Water & Power (guar.)
134 Apr. 10 Holders of rec. Mar. 27
lea Apr. 1 Holders of rec. Mar. 20a
Sloss-Sheffield Steel & Iron, pref.(guar.)
5
Mar. 31 Mar. 13 to
Mar.81
South Penn 011 (guar.)
April 1 Holders of rec. Mar. 10a
South Porto Rico Sugar,common (guar ) 5
Preferred (guar.)
April 1 Holders of roc. Mar. 10a
2
Apr. 1 Holders of rec. Mar. 15
South West Penn. Pipe Lines (guar.)...
2
20e. Mar. 26 Holders of reo. Mar. 15a
Spencer Petroleum (monthly)
Apr. 1 Mar. 16 to Apr. 1
Standard 011 (Kentucky) (guar.)
3
Apr. 1 Holders ot rec. Feb. 27a
Standard 011 (Ohio) (guar.)
3
1
Apr. 1 Holders of roe. Feb. 27a
Extra
23.4 Mar.30 Holders of rec. Mar. 264
Standard Safe Deposit Co. (guar.)
+6
Apr. 1 'Hollers of rm. Mar. 15a
Standard Screw, common (guar.)
April 1 Holders of reo. Mar. 15a
2
Standard Tank Car, pref. (suer.)
April 1 Holders of ree. Mar. 15
Standard Textile Products,comma I (guar.) 2
13% 1pril 1 Hoidens of rec. Mar. 15
Preferred Classes A & B (guar.)
3
-1pr. 20 Holders of rec. Apr. 5a
Steel Products, corn. (guar.)
Steel & Tube Co. of America, pref. (guar.) 134 Apr. 1 Mar. 21 to
Apr. 1
Stevens-Duryea, Inc., pref. (guar.)
154 Apr. 1 Holders of roe. Mar. 15
Apr. 15 Holders of ree. Mar.31
Stewart Mfg., corn. (guar.)
$1
2
May 1 Holders of rec. Apr. 15a
Preferred (guar.)
Stover Mfg. & Engine Co., corn. (guar.) *1
kpr. 1 *Holders of roc. Mar. 15
Common (extra)
*I
kpr. 1 *Holders of rec. Mar. 15
Stromberg Carburetor (guar.)
Apr. 1 Holders of rec. Mar. 15a
$1
1 % ,1pr. 1 Holders of reo. Mar. 16a
Stutz Motor Car (guar.)
(y) Apr. 15 Holders of rec. Apr. 15a
Stock dividend
*114 %pal 16 'Holders of rec. April 1
Sullivan Machinery (guar.)
+1
Mail 15 *Holders of rec. April 1
Extra
2
Apr. 1 Holders of rec. Mar. 10
Swift & Co. (quar.)
231 Apr. 15 Holders of rec. Apr. 1
Symington (T. H.) Co., corn. (guar.).
2
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 15
254 Mar. Si Holders of rec. Mar. 16
Texas Company (guar.)
Texas Pacific Coal & Oil (guar.)
13-4 Mar. 31 Holders of ree Mar. 20
.
Special
534 Mar. 31 Holders of rec. Mar. 20
Thompson (John R.) Co.,commo z (guar.)_
13-4 April 1 Holders of reo. Mar. 27
Preferred (quar.)
13.4 April 1 Holders of tee. Mar. 27
Thompson-Starrett Co.. preferred
4
Apr. 1 Holders of reo. Mar.20
Tide Water Oil (guar.)
2
Mar. 31 Holders of roc. Mar. 204
Mar, 31 Holders of reo. Mar. 20a
Extra
2
Tobacco Products Corp.,fret.(inn r.)
154 April 1 Holders of roe. Marla°
1161
THE CHRONICLE
MAR. 20 1920
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days inclusive.
Miscellaneous (Concluded).
Todd Shipyards Corporation (quar.)__ -- $1.75 Mar. 20 Holders of rec. Mar. 6
$1.25 Mar. 20 Holders of rec. Mar. 8
Extra
'Sc. Apr. 1 •Holders of rec. Mar. 11
Tonopah Extension Mining (guar.)
750. Apr. 1 Holders of rec. Mar. 19a
Torrington Co., common (guar.)
250. Apr. 1 Holders of rec. Mar. 19a
Common (extra)
314 Apr. 1 Mar. 21 to Mar. 31
Mills, Inc., preferred
Tower Cotton
Transue & Williams Steel Forg. (guar.) _ $1.25 Apr. 15 Holders of rec. dMar.31/
Underwood Computing Machine, pl.(qu.). 151 April 1 Holders of re:). Mar. 20
Apr. 1 Holders of rec. Mar. 5a
Underwood Typewriter, common (guar.) 2
114 Apr. 1 Holders of rec. Mar. Sc
Preferred (guar.)
$1.25 Apr. 1 Mar. 7 to Mar. 16
Union Carbide & Carbon (guar.)
Mar. 31
114 Apr. 1 Mar. 22 to
Union Stock Yards of Omaha (guar.). _ _
Apr. 1 Holders of roe. Mar. 15a
United Cigar Stores of America, corn /10
Apr. 1 Holders of rec. Mar.20a
2
UnitedDrug,common (guar.)
874c. May 1 Holders of rec. April 15a
First preferred (guar.)
114 Juno 1 Holders of rec. May 15a
Secord preferred (guar.)
1)4 Apr. 1 Holders of rec. Mar. 15a
United Dyewood, common (guar.)
Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
Apr. 15 Holders of roe. Mar.20a
.United Fruit (guar.)
Apr. 15 Holders of rec. Mar.31
2
United Gas Improvement (guar.)
*1%
A nril 15 *Holders of rec. April 1
United Paperboard, pref. (guar.)
Apr. 5 Holders of rec. Mar. 16
United Shoe Machinery, corn. (guar.).3734c Apr. 5 Holders of rec. Mar. 18
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 18
United Theatre Fgulp, pref. (gnat.).-14 Mar. 31 Holders of rec. Mar 10a
U. S. Bobbin & Shuttle, corn. (guava_ _ _
1% Mar. 31 Holders of rec. Mar. 10a
Preferred (guar.)
4.1% Apr. 1( *Holders of rec. Apr. 2
U. S. Food Products Corp., corn. (quar.)
Mar. 31
Mar. 31 Mar. la to
1
U. S. Gypsum, common (guar.)
Mar. 31 Mar. 16 to Mar. 31
1
Preferred (guar.)
1)4 Apr. lf Holders of rec. Mar. 31a
U. S. Industrial Alcohol, pref.(quar.)_ _
3
Apr. 1 lloiders of rec. Mar. 200
U.'S. Playing Caret (quar.)
15i April 1 Holders of rec. Mar. 200
,
U.S.Prirti g & Lithographing ist pf.(qu.)
55i April 1 Holders of rec. Mar. 20a
First pref.(am atom. dividends)
United States Steel Corp., corn. (quar.) 1)4 Mar.30 Feb. 28 to Mar. 1
Hol•,ers of me. Mar. 20
$1.67 April
U. S. Trucki,g Corp., pref
1•Yi April If April 8 to April 15
U. S. Worsted, 1st pref. (guar.)
erg 1 Mar. 16 to Mar. 31
2
Unirersal Leaf Tobacco, pref.(guar.)
51.5( Mar. 31 Holders of rec. Mar. 12a
Utah Copper Co. (guar.)
Mar. 31 *Holders of rec. Mar. 18
•2
Utah-Idaho Sugar (guar.)
151 april 1 Holders of rec. Mar. 16
Utah Potter t Light, pref. (guar.)
1 51 Mar. 27 Holders of rec. Mar. 17
Utilities Securities Corp., pref. (guar.)
Anr. 1 Mar. 18 to Mar.81
2
Valvoline Oil, treferred (guar.)
Vanadium Corparation of America (qu.)._ El 50 April II Holders of rec. April 1
Ventura Co,solidated Oil Fields (quar.) _ 50c. May 1 Holders of rec. April 1.1
April It April 1 to April 5
Victor Talking Macht.e, common (guar.). 25
Preferred (guar.)
11; April If April 1 to April 5
50c 'Pr. 1 HoPers of rec. Mar. 15
V.'Minion, Inc.(guar.)
Holders of rec. Mar. 16
2
Atorll
Waimea° Cotton (guar.)
'Sc (mil 1 Holders of rec. Mar. 2.)
Waldorf System, common (guar.)
May 1 II( Perm of rec. April 20
,
Comm° (payable It common stock
,
Icl ers of rec. Mar. 20
20c. A nril
Preferred (guar.)
1)4 Mar. 31 Holders of rec. Mar. 10
Walworth Manufacturing, pref. (guar.) _
1 te., April 1 Holders of rec. Mar. 20a
Warren Bros. Co., 1st pref.(guar.)
prIl 1 HolOcra of rec. Mar. 20a
1)4
' Second preferred (guar.)
50e April 1 Holders of rec. Mar. 15
Weber & flelibroner, common
1)4 June 1 Holders of rec. May 15
Preferred (otiar.)
1)4 Mar. 3' Holders of rec. Mar. 2'1
Weber Pica, ire. (guar.)
$2.5 Mar. 31 Holders of roe. Mar.241
Western Flectric, common (guar.)
to Anr. I
Western Union Telerraph (guar.)
1)4 Apr. 15 Mar. 21
West Coast Oil (quar.)
1)4 Apr. 15 Holders of rec. Mar. 28
$1 25 April 1 Mar. 17 to April 1
Westmorele.'d Coal (guar.)
234 Apr. 1 Holders of rec. Mar. 15a
Wey man-Bruton Co., coin. (guar.)1,1 Apr. 1 Holders of rec. Mar. 1.5a
Preferred (guar.)
%mil r Mar. 21 to Antal 1
2
tt Iron (guar.)
lultetlino
Mar. 31 Holders of rec. Mar. 17a
$1
White Motor (quar.)
Will & Balmer Candle, common (guar ) •6211c Apr. 1 *Holders of rec. Mar. 15
Apr. 1 'Holders of rec. Mar. 15
•2
Preferred (guar.)
,1
1 4 lpr. 1 Holders of rec. Mar. 21
WIllys Corporation, 2d pref. (guar.)... _
15/ Apr. 1 Holders of-rec. Mar.25a
WIllys-Overland Co., pref. (guar.)
15/ May I Holders of rec. Apr. 21a
Wilson & Co. common (quar.)
1 5i AIM 1 Holders of rec. Mar. 22a
Preferred (guar.)
Woods Manufacturing, pref. (gtiar.)-.
1)4 (pr. 1 HiP ters of rec. Mar. 17
Ire«Ilurn Oil Corp
30c. Apr. 11 Holders of rec. Mar. 25
Woolworth (F. W.)Co., preferred
151 April 1 Holders of rec. Mar. 100
Worthington Pump & Mach., cm (qu.1
1)4 1pr. 1 Ift Piers of rec. Mar. 20a
156 Apr. 15 Holders of rec. Apr. 154
Preferred A
1)4 %pr. I Holders of rec. Mar.20n
Preferred B (guar.)
Apr. 1 Holders of rec. Mar. 17
5
Yale & Towne Manufaettrintg (quar.)
2)4 Apr. 1 Mar. 20 to Mar. 25
Young (.1. S.) Co., corn. (quar.)
1)4 Apr. 1 Mar. 20 to Mar. 25
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 20a
3
Youngstown Sheet & Tube, corn. (guar.)
1)4 Mar. 31 'folders of rec. Mar. 201
Preferred (guar.)
Mar. 31 Mar. 6 to Mar. 7
Yukon-Alaska Trust (mar.)
$1
Statement of New York City Clearing House Banks
-The following detailed statement
and Trust Companies.
shows the condition of the New York City Clearing House
members for the week ending Mar.13. The figures forf,the
separate banks are the averages of the daily results. InIthe
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
-that is, three ciphers 1,000) omitted.)
(Staled in thousands of dollars
Loans,
Net
CLEARING
Capital'Profits Discount, Cash
HOUSE
in
Invest
MEMBERS
(,000 omitted.) Nat% Feb. 2F Mats, Vault,
&c.
Week ending State, Feb. 28
Mar. 13 1920. Tr.Cos.,Feb. 28
Reserve
Net
Time
with
De
Legal Demand
Deport Deposits. posits.
tortes.
Nat'l
Ban*
arcsration.
Average. Arerage Arerage Arerage. Average A opt.
$
$
$
15
36.51
773
4,82
762 5,338
54,066
6,866
73,480 8,57.
10,179 100,098 2,682 10.963
23,709 1,047
750 3,225
29,748
3,523
137,78
4,12 1.000
12,652 156,691 9.420 18,972
28,18
7,281' 31,725 1,073 4,122
1211
-57,025 572,393 14,901 69,020 *804.529 41,01 10
74,727 1,66
425
10,001 102,904 1,143 10,120
144
17,37
83
455 2,312
20,752
1,059
4,003
288
124
358
6,291
152
93,531 6,08 4,770
7,128 129,953 1,739 12,987
_30,328 352,339 2,764 35,939 273,951 5,72
25,091
71
29,098 1,910 3,745
1,697
101,115 12,261 4,386
7,238 120,810 5,042 15,518
100
135,636
19,389 131.304 5,496 19,898
39,409
416 992
57,183 1,122 5,865
3,784
6
33,693
2,910 31,972 2,021 5,589
152,834 7,672 -.8,776 147,224 7,436 20,923
51
18
29,456
741 3,871
37,725
8,468
182,198 3,243 4,953
21,073 213,142 1,459 21,258
50
676
10,889
385 1,461
695
11,068
648
19,878
920 2,885
23.891
4,417
165,534 2,43" 8,304
33,347 278,192 1,218 21,800
122,325 8,483 2,310
9,121 130,955 3,453 16,777
13,199 1,005
198
15,158
776 1,700
351
7,113
8,274
176 1,424
731
21,735 384,185 5,621 39,913 286,597 18,737 1,105
20,940
2,348
20,219 1,021 3,088
8,504
967
397 1,083
9,354
9,705
795
481 1,290
9,480
7 210
18,496
789 2,855
18,341
2,109
233 397
14,755
478 2,477
1,000 1,437 14,756
495 247
12,195
535
279 1,601
17,111
1.000
69
540
48,939
48,628 1,022 • 6,492
1 000 4,701
70,458 3,727 1,977
648 9,288
88,467
5.000 7,116
604 411
13.607
345 2,036
23.172
1.300 1,519
424
Loon 1,464 18,171 603 2,119 18,528 5,099 398
1.con 2,501 42,018 642 4,240 30,585 13,733
929 31,936 238,938
20.000 18,547 288,092
50,750 2,968
893 8,987
56,028
2 000 4,101
2.5,000 31,757 553,520 2,97 54,920 *489,529 35,973
11,210
358
1,523
32
12,913
1.000 1,367
77,468 6,452
83.784 1,120 10,577
5.000 7,45"
32,646 1,973
1.200 1,600 33,908 1,064 3,380
83,077 2,978
588 9,081
83,985
3.000 11,256
22,332 1,689
25,583
689 3,035
1.000 1,204
971
24,638
461 4,058
23,150
925
1 on
37.087 1,160
618 3,687
41,541
2 Oen
12,861 1,062 --lo
499 1,333
17,702
1 000 1,120
NRASIIIN,Bklyn
900
64,663
65,903 2.004 8,944
Irving Trust co. 3.000 1,642
*128,026 13.293
Farm Loan & Tr 5 non 10.631 118,886 4,240 14,179
171
20,186
584 2,605
23,539
Columbia Bank. k2.000 k1,5re
112,971 4,922,168 97,585548,331 c3,961,943 218,621,35.701
213.099
Average
Members of
Fed. Res. Bank
Bk of NY, NBA
Manhattan Co.
Merchants' Nat
Mech & Metals.
Bank of America
National City__
Chemical Nat_
Atlantic Nat_ __
Nat Butch & Dr
Amer Exch Nat
NatBkof Comm
Pacific Bank___
Chath & Phenix
Hanover Nat __
Citizens' Nat __
Metropolitan _ _
Corn Exchange_
Imp & Trad Nat
National Park_
East River Nat.
Second National
First National__
Irving Nat Bk..
N Y CountyNat
Continental....
Chase Nat Bank
Fifth Avenue _.
Commercial Ex.
Commonwealth
T.Incoln Nat
Garfield Nat...
Fifth National
Seaboard Nat..
Liberty Nat_
Coal Ac Iron Nat
Union Exch....
Brooklyn Trust
Bankers Trust.
S Mtge & Tr.
Guaranty Trust
Fidelity Trust..
Columbia Trust
Peoples Trust..
New York Trust
Franklin Trust.
Lincoln Trust_
Metropolitan Tr
2,000
2,879
3,000
8,000
1,500
25,000
3.000
1,000
300
5,000
25,000
500
7,0
3,000
3.000
2,000
4,620
1,50
5,000
1.000
1.000
10 000
8.000
1,000
1.00
15,000
500
2
400
1.000
Totals, actual co ado too Mar.!? 4,942,791 97,535 554.349.4,004,503 218,12836,188
65235,284
Totals. Ret tiftl CO ndlttnn Mar. r4,917,548 98 038521,236 3,947,039 215
Totals,actual condition Feb. 214,915,001 98,061 551,626 3,929,238213,81336,002
State Banks. Vat Mc Nbersaf Federal Re serve Ba .k1,409
19,799
19,395 2,512
500 1,878
Greenwich Bank
5,566
334
689
5,600
s.lo
'291
flowery Bank.
118
29,535
26,844 3,585 1,751
N V Prod Exch. 1.000 1,45e
31,427 32,827
1,50S
65.200 4,213 2,081
2.000
State Bank-
86,327 32,945 ---3,750 5.632 117,125 10,979 5,575
Average-- • From unofficial sources. t Declared subject to the approval of Director-Genera
88,700 33,041
Totals. aetnal Co Tontine Mar.13 117,037 11,278 5,966
of Railroads. j The New York Stock Exchange has ruled that stock will not be
36,132 32.734
actual co ndition Mar. 6 118,599 11,040 5,473
quoted ex-dividend on this date and not until further notice. a Transfer books not Totals. actual co rulltIon Feb. 2$ 118,310 10.808 5,562
88,982 32,375
Totals,
closed for this dividend. b Less British income tax. d Correction. e Payable In
-On account of accumustook 1 Payable In common stock. g Payable in scrip.
Trust Compan es. A at Men; bets -1Fed eral Res erve Bo k
lated dividends. d Payable In Liberty Loan bonds.
911
31,038
45,258 1,018 3,883
s on 12,003
Title Guar & Tr
k Payable to holders of record Jan. 31.
333
16,780
910 1,656
25,885
5,994
& Tr 4.00
I Declared $2 payable In quarterly installments on /March 30, June 30,Sept. 30 Lawyers T
and Doe. 30 to holders of record on March 15. June 15, Sept. 15 and Dec. 15,
47,818 1,244 ---71,121 1,926 5,319
18,901
90
Average
respectively.
m Declared 8% payable in quarterly installments on March 20, May 31, Aug. 31
48,649 1,262 -- -, 71,641 1,861 5,610
Mani:
actual co
and Nov. 30 to bottlers of record on Feb. 28, May 11, Aug. 11 and Nov. 10, re- Totals,actual co nattion Mar 6
47 097 1,172 ---70,270 2,035 5,068
Totals,
spectively
50,415 1,211
72,512 1,889 5,762
Feb. 28
n Declared 7% payable in quarterly installments on March 31, June 30. Sept. 30 Totals,actual co nclition
and Dee. 31 to holders of record on March 11. June 10, Sept. 10 and De,. 11.
Ord aggr, avge 21584"' 1.17,5566,110,414 110,470559,225 d4,098,088 250,81035,701
0 Declared 7% payable In gliarterly Installments.
+3,444 +1,975, +677
+15,937 +1,111 +8,163
Comparison, pre v. went,
5% payable In quarterly installments.
p Declared
r Transfer received In order In London on or before March 10 will be in time to (lel. ;mgr. acV1 cond'n Mar. 13 5,131,469 110,674565,934.4,139,852 252,431 38,158
be passed for payment of dividend to transferee.
+27,052 -439 +34157 +59,584 +2,873, +872
,
Comparison. pre v. went
s Also declared one-taventleth of a share In common stock.
Dociarnd 7% payable in qua( terly installments of 1 % each on April 1. July 1, Gr'd agar, act'l return Mar. 6 0,104,417 111,113 531,777 4,080,268 249,558 35,284
Oct. 1 1920 and .fan. 1 1921 to holders of record of March 15, June 15, Sept. 15 and (led aggi nen
eond'n Feb. 28 5,103,823 110,738562,960 4,066,635 247,399 36,002
Dec. 15, respectively.
Or'd acct, nal ennern Feb. 21 5,092,864 109,736 534,933 4,059,328 248,49038,992
u At rate of 7% per annum for period from March 1 to April 1.
Feb. 14,5,125,602 112,440558,263 4,120,064 249,407 30,901
I Declared 3% payable 4% as above and 4% Sept. 30 to holders of rec. Sept. 25. Gr'd aggr, actleond'n
to At rate of 8% per mutton for period beginning Feb. 10 and ending April 1.
Payable March 1 1920.
• Includes deposits in foreign branches not included In total footings, as follows
y One-flfth of a share.
National City Bank. 5133,565,000, Guaranty Trust Co.,$77,680,000, Farmera' Loan
& Trust Co., $24,065 000. Balances carried in hanks In foreign countrica as reserve
s At rate of 8% per annum from data of Issue. Oct.6 1919.
or such denosits were: National City Bank. $41,158,000. Guaranty Trust Co.,
811,417,000, Farmers' Loatilk Trust Co.,$4,251,000. c Deposits in foreign branches
not inctiototi. d U. S. deposits deducted, $18,081,000. r U. S. deposits deducted,
-We give below a sum- $18,061,000. Pills payable. rediacounts, acceptances ant. other liabilities,
Boston Clearing House Banks.
mary showing the totals for all the items in the Boston $1,122,202,000. k As of March 4 1920.
Clearing House weekly statement for a series of weeks:
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
BOSTON CLEARING HOUSE MEMBERS.
Mar. 13
1920.
Changes from
previous week.
Circulation
3,228,000 Inc.
Loans, dIsets & Investments 588,611,000 Inc.
Individual deposits. incl. U.8 136,136,000 Inc.
Due to banks
111,685,000 Dec.
Time deposits
17,726,000 Inc.
United State( deposita. ____• 1,639,000 Dec.
Exchanges for Clearing House 18,678,000 Dec.
50,651,000 Dee
Due front other banks
Cash in bank & In F. R. Bank 70,3112,000 Dec.
Reserve excess In bank and
,
le,10 11 f? parrve Itsok
21.071 000
•Foemerly Included under
March
1920.
Feb. 28
1920.
5,000 3,223,000 3,214,000
4,595,000 584 019.000 587.482,000
4,105,000 432,011,000 43:3,385,000
3,224,000 114,909,000 114,899.000
609,000 17,117,000 10,752.000
16,000 1,855,000 1,967,000
2,298,000 20,97E1,000 18,734.000
1,479,000 52,130,000 53,247.000
1,050,000 69,302,000 73,465,000
grin 000 21 aril ono 25.332 0430
Its bead of :'Individual Deposits."
Averages.
cam
Reserve
in Vault.
neserte
in
DeposUaries
Total
Reserre.
a
Reserve
Required.
Surplus
Reserve.
$
$
$
$
$
Members Federal
548,331,00( 548,331,039 521,551.220 26,779,780
Reserve banks__ _ _
5,575,1)09 16,554.000 15,538,861) 1,015,140
10,979,301
State banks.
72,300
7,172,700
5,319,090 7,245,000
Trust companies',. 1,926,001
Total
Total
Total
Total
Mar. 13,-.
Mar. 6.-Feb. 28--Feb. 21_.....
12,905,00. 859,225,00( .572,13)010 544,262,780
12,894,000 551.062.000 563,956.000 543,773,530
12,774,000 551,973,000 584,747,000 539,174,710
12.403.000 553.869.000 586.272,000 544.476.760
27,367,220
20.128,470
25,572,290
21,795,240
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
Members Federal
S
,2
$
$
$
Reserve banks_
554,340,000 554,349,500 527,129,230 27,219,770
State banks.
11,278,000 5,966.000 17,244,000 15,606,000 1,638,000
Trust companies'_. 1,861,000 5,619,000 7,480,000 7,297,350
182,650
Total
Total
Total
Total
Mar. 13---Mar. 6......
Feb. 28__ - _
Feb. 21__-_
13,139,000 565.934,000 579,073,000 550,032.580 29,040,420
13.075,000 331,777,000 544,852,000 542,152,940 2,699,060
12,677,000 562,950,000 575,627,000 540,434,340 35,192,660
12.625.000 534.933.000 547.558.000 539.486.580 8.071.420
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
Mar. 13,$6,498,630, Mar.6.86,449,940,Feb.28,$6,426,420, Feb. 21,$6,505,710.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Mar. 13,86,543,840, Mar.0.80,409,560, Feb.28, 86,414,390. Feb. 21,$6,453,120.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Slate Banking Department.)
Differences from
March 13.
previous week.
Loans and investments
5780,309,400 Inc. 3,130,400
Specie
58,600
8,239,900 Dec.
Currency and bank notes
18,584,900 Inc.
518,900
Deposits with Federal Reserve Bank of New York
75,273,100 Dec.
803,800
Total deposits
833,752,600 Dee. 3,088,800
Deposits, eliminating amounts duo from reserve depositaries, and from other banks and trust companies In N.Y. City,exchanges and U.S.deposits 787,832,600 Dec.
776,100
Reserve on deposits
140,220,200 Dee 1,592,500
Percentage of reserve. 20.0%.
RESERVE.
Slate Banks- -2'rust Companies
Cash In vaults
$25,734,800 15.34%
$76,363,100 14.37%
Deposits In banks and trust cos
5.29%
10,015,400 5.97%
28,106,900
835,750,290 21.21%
$104.470,000
19.63%
Banks and Trust 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 City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedNov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dec.13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13
llo.
.
THE CHRONICLE
1162
Loans and
Investments.
Demand
Deposits.
*Total Cash
In Vault.
Reserve in
Depositaries.
$
6,196,334,100
6,106,291,800
6,033,287,000
5.965.254,400
5.965.254,400
5,911.523,100
5,977,547,400
6.002,477.800
6,085,367.900
6,190,304,500
6,148,908,100
6,091,136.800
6.027.329,800
6,009,316,400
5,932,509,000
5,887.539,200
5,871,844.300
5,871,656,000
5.890.723.400
$
5,056,029,200
5,032,629,900
4,998.912.400
4.957.903,600
4.957.003.600
4.393,718.700
4,977,633.400
4.874.397.000
4.978,225,000
4,997,475,100
4,946,748,500
4,979,339.100
4,930.832,900
4.959,253,200
4,922,639.900
4,883,820,600
4.837,357,300
4,881,252,700
4.883.920.600
$
134.385,200
141,456.700
139.286,400
139,471,300
142,616.300
146,126,200
144,328.500
152.867,900
147,113.100
150,510,400
136,692,800
135.734.500
130.482,500
134,336,100
138,651,200
135,817.600
136,837,300
137.477.500
137,498.800
719.908,100
708,102,100
696.738,000
698.932,400
698,288,400
673,870,700
700.844.200
656,641.800
729.999,100
664,736,800
703,777,800
671,113.200
675.721.600
682.179.300
667,361,800
642,654,000
673,921,100
647.225,300
679.329.400
3
•This item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.Iu addition to the returns of "State banks and trust companies in New York City not in the Clearing House,"furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in the
computation of the reserves wore given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
State Banks.
Week Ended
March 13 1920.
March 13
1920.
Capital as of Nov. 12
Surplus as of Nov. 12
Loans &investments_
Specie
Currency & bk. notes
Deposits with the F.
It. Bank of N. Y
Deposits
Reserve on deposits_ _
P.C.reserve to dep._
Trust Companies.
Differences from
previous week.
March 13
1920.
Difference-, from
previous week.
27,400,000
104,700,000
50.520,000
179,330,000
735,734,100 Inc. 35,532,000 2,062,615,500 Dec. 4,366,000
6,526,800 Dec.
73,000
11,270,900 Inc.
1,500
35,190,500 Inc. 1,641,200
254,900
21,115,500 Inc.
72,287,600 Inc. 4,719,000 221,449,800 Dec.
550,500
856,396,600 Inc. 28,557,100 2,099,414,600 Dec. 21,213,300
131,765,200 Inc. 6,724,700 298,316,000 Dec. 2,729,000
0.1%
0.2%
20.4%
17.0% Dec.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000 omitted.)
Net Loans,
CLEARING
Reserve
Capital]Profits. DUNet
Net
Nat'l
with Doman
NON-MEMBERS
counts, Cash
Time Bank
Legal
Nat.bks.Deo. 31 incest- in
DeDe- CircaWeek ending Stateblcs Nov12 meals, Vault. Depart- posits. Posits, latlos.
Mar. 13 1920. Tr.cos.Nov. 12 dtc.
tortes.
Members of
Fed'i Res. Bank.
Battery Park Na tMutual Bank
New Netherland_
W R Grace &lc Co's
Yorkville Bank
First Nat,Jer City
Total
State Banks
Not Members ol the
Feti'l Reserve Bank
Bank of Wash Ills.
Colonial Bank
International Bank
North Side, Bklyn
Total
•
Average Average Average Average JAveragc Average
1,50
20(
600
500
20
400
1,516
1;30
. 663
1,038
723
1,332
17,717
12,730
11,243
4,987
13,277
8,828
253
241
231
18
385
572
3,400
5.90: 68,782
1,700
100
600
500
200
440 3,319
1,217 15,011
289 6,691
267 6,948
405
2,020
835
570
1,400
2,214 31,969
3,830
9,389
8,289
584
316
Trust Companies
Not Member* of the
Fed'I Reserve Bank
Hamilton Tr.Bkln.
Meets Tr, Bayonn
1,048
465
Total
1,513 17,678
2,059
1,782
1,269
869
1,269
752
13,057
12,56
8,76
4,09
7,779
7,119
90
329
159
986
6,115 _
188
389
200
1,207
571
404
000
Grand aggregate__ 5,500
Comparison previous week
9,633 118,429
-1,893
6,430 10,967 a97,66
+413 +475
14,047
577
--13
Gr'd aggr. Mar. 6
Ged agar, Feb. 28
Cled agar, Feb. 21
Gr'd aggr. Feb. 14
0.633120,322
9.633120,711
9.834120.358
9.836120,869
6,017
6,012
0,086
6,046
16,660
10,000
16,017
16,860
500
588
575
592
5,500
5,50:
5,600
5,50
10,402
11,293
11,116
10,060
95,90
96,94
96,15
06,07
* U. S. clepoelta leducted, 3341,000
Bills payable, rediscounts. acceptances and other liabilities, 810,202,000.
Excess reserve, 81,175.070 Increase.
-The Philadelphia Clearing House
Philadelphia Banks.
statement for the week ending March 13 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."
Wk. ending March 13 1920.
Two ciphers (00) omitted
Members of
F.R.System
Trust
Co.
March 6
1920.
Feb. 28
1920.
Total.
Capital
$32,975,0 34,000,0 $36,975,0
Surplus and profits
81,534,0 11.094,0 98 628,0
Loans.
& investnets 780.968,0 34,256,0 815,224,0
Exchanges for(tear. House 26,798,0
591,0 27,389.0
Due from banks
12,0 118,382,0
118,370,0
Batik deposits
257,0 138,141,0
137,884,0
512,899,0 20,370,0 553,269,0
IndiN !dust deposks.
6,400,0
7,413.0
1,013.0
Time depeeks
647,183,0 21,640,0 698.8'3.0
Total deposits
099,0
U.S.deposits(notincluded)
52.881,0
52,881,0
Ree've with Fed.Ilea. Bank
2,535,0
2,535.0
Res'yr with legal deposit's
13,254,0
Carh In vault*
932,0 14,186,0
Total reserve & cash held_
66,135,0
3,467,0 69,602,0
Reserve required
3,053,0 53,806,0
50.753,0
Excess res. & cash In vault.
15,382,0
414,0 15,796,0
• Cash in vault Is not counted as reserve for Federal Reserve
$36,875.0 $36,875,0
98.561.0 97,407,0
809.074,0 801,634,0
26,930.0 28,648,0
114,439,0 119,767,0
138,628,0 137,113,0
623,723.0 522,139,0
7,569,0
8,307,0
609,020.0 667,559,0
817,0
1,105,0
53.853.0 50,731,9
2,391.0
2,476,0
14,277.0 14,241,0
70,521,0 67,448,0
53.334,0 52,350,0
17.187.0 15,098,0
bank members.
Member Banks of the Federal Reserve System.
-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in the statement of Dec. 14, 1917, published in the "Chronicle" Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS Al CLOSE OF BUSINESS MARCH 5 1920
Substantial additions to loan and investment account notwithstanding
further reduction in the holdings of United States war secttrities, accompanied by commensurate increases in demand and time deposits aro indicated in the Federal Reserve Board's weekly statement of condition on
Mar. 5 of 807 member banks in leading cities.
Treasury certificate holdings show a decline for the week of 31.6 millions,
of which 25.2 millions represents the reduction in the holdings of the Now
York City member banks. Victory notes fell off about 3 millions and
United States bonds about 1 million. War paper on hand, exclusive 6f
rediscounts, shows an increase of 12.7 millions for all reporting banks. and
8.1 millions for the banks in New York City. Loans secured by stocks
and bonds declined 14.2 millions at all reporting banks, and slightly more
at the Now York City banks. On the other hand, all other loans and investments. including ordinary commercial loans, but exclusive of redis-
counts, went tip 119.1 millions, of which 31.2 millions represents the in,
crease for the New York City banks. As the result of the above changestotal loans and investments of all reporting banks (exclusive of rediscounts)
show an increase-or the week of about 82 millions, whileloans and investments (exclusive of rediscounts) of the New York City banks show a decline
of 5.6 millions.
Rediscounted customers' paper held for reporting banks by Federal
Reserve banks increased by 6.3 millions only, so that the above detailed
figures give a fairly accurate picture of aggregate loan operations of the
reporting banks during the week under review. These detailed figures
are inclusive of bills payable discounted with Federal Reserve banks, which
show a decline for the week of about 65 millions for all reporting banks,
and of 35.3 millions for the banks in New York City. War paper held
under discount for all reporting banks shows a reduction from 1,341.4 to
1163
THE CHRONICLE
MAR. 20 1920.]
1,284.2 millions, while other paper held under rediscount by Federal Reserve
banks for all reporting banks declined but slightly from 801.4 to 799.9
millions.
Government deposits are given as 39.1 millions, a reduction of about3
millions for the week and marking a new low level for this item. For the
Now York banks the total of 18.9 millions shows no change since the week
1.
Data for all reporting banks In each district. Three ciphers (000) omitted.
Boston. New York Philad& Cleteland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan. City
Three ciphers (000) omitted.
46
$13,011
14,635
7,492
27,539
Number of reporting banks
U. S. bonds to secure circulation
Other U. S., Incl. Liberty bonds
U. S. Victory notes
U. S. certificates of indebtedness_
114
$48,202
237,240
81,504
257,244
$62,677 $624,190
Total U. S. securities
Loans and investments, exclusive of
bills rediscounted with F. It.
and other banks:
34,943 431,817
Loans see. by U.S. war obligat'n_
196,986 1,337,386
Loans see. by stocks and bonds_
All other loans and investments_ 682,163 3,543,903
81,024 649,995
Reserve balances with F. R. Flank.
24,976 126,635
Cash In vault
792,310 5,130,183
Net demand deposits
136,700 395,776
Time deposits
19,337
2,101
Government deposits
Bills payable with F. It. Bank:
30,006 409,913
See. by U. S. war obligations
All other
Bills rediscounted with F. It. Bank:
43,776 152,353
Sec. by U. 8. war obligations___ _
67.190 267.239
All other
1.
before. Time deposits show a further gain of 32.7 millions, largely outside
Federal Reserve bank cities. Reserve 'balances (with the Federal Reserve
banks) of all reporting banks fell 5.3 millions. For the New York City
banks a reduction of this item by 22.6 millions is shown, while the Chicago
banks report an increase under this head of 15.2 millions. Cash in vault
shows an increase of 3.5 millions.
Total.
Dallas. San Fran.
807
$268,798
596,059
205,495
641.210
66
$34,605
63,134
13,155
36,958
92
$41,842
61,803
23,193
50,705
82
$26,551
34,474
9,084
20,427
47
$14,015
28,332
6,695
25,079
107
$20,928
63,925
38,807
113,283
35
$17,177
14,126
3,655
18,372
35
$7,170
10,506
1,907
11,469
33
$14,627
22,197
5,146
11,273
41
$19,573
13,232
3,937
23,163
$94,667 $177,516
$90,536
$74,621 $236,943
$53,330
$31,052
$53,243
$64,905 $147,852 $1,711,562
78.724
204,817
545,861
65,360
17,759
664,440
25,731
1,568
81,574
335,875
843,048
92,228
32,689
859,096
356,029
3,285
33,157
108,210
351,559
37,418
18,061
364,418
100,314
496
22,804 102,447
63,340 481,534
364,317 1,537,125
35,071 121,077
68,520
13,101
294,506 1,511,835
141,323 601,834
5,146
936
28,018
159,868
340,201
43,282
10,403
365,371
119,951
1,036
16,558
29,187
267,278
28,541
7,885
258,577
62,479
152
20,446
80,222
484,894
55,837
15,655
481,019
95,158
808
6,745
34,484
233,435
28,197
10,471
253,069
44,01(1
1,234
77,739
78,109
44,347
290
40,984
144,019
34,584
368
12,674
127
23,074
2,070
24,866
36,407
83
956,772
2,940
77,134
36.827
9,317
43.643
8,829
21.375
3,328
30.338
13,078
149.322
9,891
34.143
3,341
31.366
3,673
51.195
120
11.052
2,024
52.353
327,369
797.048
56
$11,097
26,955
10,917
45,698
889,325
31,192
142,148 3,171,057
842,601 10.041,435
75,432 1,403,512
373.875
27,715
602,037 11,546,861
477,833 2,557,143
39,078
2,979
Data for Banks In Federal Reserve Hank and Branch Cities and All Other Reporting Ranks.
Mar. 5.
Number of reporting banks
U. S. bonds to secure circulation_
Other U.S. 1)0005, incl. Lib. Isis_
U. S. Victory notes
U. S. certificates of Indebtedness_
72
$38,505
203,923
70,108
239,856
Feb. 27.
Afar. 5, Feb. 27.
72
$38,675
206,311
70,823
265,140
50
$1,430
28,748
14,535
45,499
$552,392 $580,949 $90,221
Total U. S. securities
Loans and investments, excl. of
bills rediscounted with F. It.
and other banks:
70,573
Loans see. by U. S. war MAW_ 402,419 394,266
Loans see. by stocks and bonds_ 1,176,350 1,192,689 364,390
All other loans awl Investments 3,110,984 3,079,763 897,002
Reserve balances with F. It. bank 605,308 627,893 149,065
38,130
112,425 112,250
Cash In vault
4,602,182 4,567,219 1,036,310
Net demand deposits
293,014 294,819 269,516
Time deposits
2,543
18,894
18,81)4
Government deposits
Bills payable with F. It. Bank:
63,227
Secured by U.S. war obl)gat'ns 362,026 397,259
All other
Bills rediscounted with F. It. 11'k:
6,816
Secured by U.S. war obligat'ne 148,7117 143,126
251,139 244,020 122,432
All other
Ratio of U. S. war securities and
war paper to total loans and
Intynat manta. nnn Ann,.
17
All F.R.Bank Cities. F. R. Branch Cities.
Chicago.
New York.
Thtee ciphers (000) omitted.
7,
1
11 '
Mar. 5.
Mar. 5.
Feb. 27.
277
277
50
$1,439 $100,836 $101,008
28,389 326,863 329,905
14,466 107,249 109,146
40,134 413,179 443,534
195
$70,804
146,548
54,193
152,822
Feb. 27.
195
$70,804
145,293
54,223
150,913
All Other
Reporting Banks.
Mar. 5.
335
$97,158
122,648
44,053
75,209
Feb. 27.
335
$97,159
121,713
45,081
73,384
Total.
Mar.5'20 Feb. 27 '20 Mar. 719.
807
$268,798
596,059
205,495
641,210
771
807
$268,069 $264,375
596,911 . 675,632
208,450
672,831 1,994,256
$84,427 $948,127 $083.591 $424,367 $421,233 $339,063 $342,337 $1,711,562 $1,747,162 $2,934,263
839,325
09.166
99,855
68.626 665,335 654,766 124,135 122,702
360,418 2,267,680 2,284,739 483,859 480,772 419,518 419,770 3,171,057
0,201,250 0,182,218 2,029,775 2,018,659 1,750,410 1,721,418 10,041,435
869,134
133,852 1.023,318 1,023,588 23.8,552 211,369 174,642 173,335 1,4(13,512
373,875
80,851
33,017
74,459
75,166
38,473 215,692 215,121
994,088 8,008,194 7,934,509 1,772,714 1,782,475 1,765,953 1,740,481 11,543,861
268.119 1,157,567 1,153,433 842,199 815,716 557,377 555,241 2,557,143
39,078
4,010
3,457
7,005
5,948
31,)82
29,67:3
3,816
876,634
3,185,281
9,922,293
1,408,792
37(1,431
11.457,465
2,524,393
42,097
1,1:33,193
110067975
I
1,262,249
346,035
10,035,620
1,646,620
546,190
956,772 1,022,520 11,188.026
2,225 f
2,940
56,701
625.034
1,695
671,328
500
231,802
928
243,929
1,385
99,936
317
107,264
340
6,833
122,343
293,680
626,044
283,350
632,311
19,321
106,252
19,159
103,166
17,368
64,752
16,421
73,705
:327,309
797,1148
11 1
14 0
ma"
1C fl
is C
ii 1
1
15 .
14 7
318,030 k
799,182 1
15.0
292,831
28.9
-Following Is the weekly statement Issued by the Federal Reserve Board on March 12:
The Federal Reserve Banks.
Cleveland Atlanta, Chicago
Aggregate additions of 5.1 millions to the total of discounted and purchased bills on hand, accompanied by increases of 5.7 millions in net deposits and of 9.7 millions in Federal Reserve note circulation are indicated
In the Federal Reserve Board's weekly bank statement issued as at close of
business on Mar. 12 1920. Total cash reserves show a gain of 2.1 millions,
though gold reserves show a further decline of about 0.7 million. As the
result of these changes the banks' reserve ratio shows a nominal decline for
Urn week from 42.6% to 42.5%.
report
in
re, As against a decline of 4.5 millionsthe war paper on hand the banks paper.
holdings of other discounted
a further increase of 10.3 millions in
Acceptances on hand fell off 9.7 millions, while Treasury certificate holdings
increased 0.9 million. Total earning assets of the Reserve banks are given
as 3,221.9 millions. an increase of about 6 millions for the week. Of the
total of about 1,516 millions of war paper held, 730.5 million, or 48.2%,
were secured by Liberty bonds: 264.2 millions, or 17.4%, by Victory notes,
and;521.3 millions, (Sr 34.4%, by Treasury certificates, as against 49, 15.9
and 35.1% of a total of 1,520.5 millions of war paper held the week before.
COMBINED REsouncEs AND
RESOURCES.
Gold oohs and certificates
Gold oetclernent fowl, F. It. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
Total gold reserves
Legal tender notes, sliver, he
Total reserves
13111s discounted:
secured by Govt. war obligations
All other
Hills bought In open market
Total bills on hand
U. S. Government bonds
U. H. Victory Notes
U. S. certificates of indebtedness
All other earning assets
LIABILITIES OP
THE FEDERAL
Discounted paper held by the Boston,
Minneapolis. hansas City and Dallas banks are inclusive of 110.8 millions
of paper discounted for the New York and Philadelphia banks, as agains
06.6 millions the week before, while acceptance holdings of tho Boston,
Cleveland, Atlanta, Kansas City and San Francisco banks comprise 12.6
millions of bills (as against 17.6 millions) purchased from the Now York and
Boston banks, the week before.
Government deposits show a decline for the week of 28.6 millions, while
members' reserve deposits increased 28.7 millions, and all other deposits
-6.8 millions. The "float" carried
(including foreign government credits)
by the Reserve banks (treated as a deduction from gross deposits) shows an
millions. The result of these changes is seen
increase for the week of 1.2
in an increase of net deposits by 5.7 millions. Federal Reserve note circulation shows a further expansion for the week of 9.7 millions, the Cleveland
bank reporting the largest increase. This increase is largely offsett by a
reduction in the banks' liabilities on Federal Reserve bank note circulation
from 229.2 to 220.7 millions.
RFSERVE
BANKS
AT THE CLOSE OF
BUSINESS MARCH 12 1920.
Jan. 23 1920 Mar, 14 1919.
Mar. 12 1920. Mch. 6 1920. Feb. 27 192(1. Feb. 20 1920. Feb 13 1920 Feb. 6 1920. Jan. 30 1920.
$
$
X
$
$
$
$
$
$
220.347,000 332,749,000
169,978,000 130,162.000 206,877,000 $200,973,000 202,425,000 205,393,000 225,156,000 441.499.000 501,078,000
335,591,000 396,138,000 424,832,000 434,180,000 139,524,000
391,649,000 389,332.000
5,820,000
112,781,000 112,822,000 112,822,000 112,822,000 112,322,000 114,321,00(1 114,321,000 117,322,900
779,163.000 839,656,000
674,408,000 682,316.000 705.293,000 703,933,000 740,079.000 753.874,000 779,001.000 1.126.261.000 1,170,601,000
1 142 576 000 1,138,690,000 1,145.470,000 1,150.798,000 1,121.757,000 1,116.427,000 1.119,426.000 121,221.000 119,277,000
380,000 116,071,000 116.064,00(1 109,083,000 128,544,000 121.259,000 114,229,000
119
2,026.650,000 2,129,534,000
1,930,3(14,030 1,937,077.000 1.966.830.00)) 1.900,314.000 1,938,380,000 1,991,560,000 2,012.656.000
67,203,000
61,246,000
61,277,000
63,096,000
64,133,000
65,626,000
120,366,000 117,553,000 110.379,000
2,196,737,000
2,356,731,000 2 054,630 000 2,083.215,000 2,035.440,000 2,052,513,000 2,054,656,000 2,073,933.000 2,087,896.000
1,702,351,000
1,515,959,000 1 520,491,000 1,572.980.00(1 1,525.203,000 1.469,562,000 1,451.657,000 1,457,892,000 1,3313,348,000 181,012,000
907,437,00 838 191 000 880,531.000 83:3,321,000 823,873,000 751,982,000 716,465.000 767,110.000 262,139,000
532.703,00(1 542.600.000 554.750,000 501,313,000 575,789.000
504,172,000 513,854,000 531.367.000
2,148.502,000
2,927,618,000 2.922.512.000 2,984.878.000 2.890,227.000 2.835,035,000 2,758,289,000 2,735,670,000 2,729,247,000
27,223,000
27,036.000
27.036,000
26,776,0(10
20,775,000
26.775.00(1
26.775.000
26,775.000
26,775,000
64,000
64,000
63,000
63,000
63,000
08,000
68,000
68,000
200,5(17,000 267,511,000 268,010,000 290,317.000 276,064,000 270,421,000 276,765.00(1 168,348,000
267,461,000
4,000
2,341,077,000
3,221,922,000 3.215 052.000 3,279.232,000 3,185,675.000 3,153,100,0(8)3,001,192,1)00 3,039.191.000 3,033,112,000
Total earning assets.
9,720,000
10,493,000
10,559,000
10,586.000
11,103,000
11,144.000
11,226.000
11 771 000
11,791,000
Sank premises
and other deductions
Uneolliveen Items
1.029.653,000 1,052,333,000 896,971,000 933,128,000 1,022,033,000 633,017,000
817,926,000 859.701,000 1,026.726.000
from gross deposits
6,745,000
12,130,000
12,232,000
12,200.000
12,114,000
12,724,000
12,276.000
16.226.000
13,851,400
8% redentp fund nest. F. It. bank notes
7.507,000
5,483,000
5,341,000
6,048,000
4,122.000
3,851,000
3.031.000
4.174.000
5,485,000
All other resources
5,247,803,000
6,127,735,009 0,162,457,000 6.416,356.0)81 6.278.487,000 6,285,375,000 6.040,685,000 6,074,412,000 6,171,747,000
resources
Total
1.1A BISITIIL8.
81,562,000
87,589,000
87,892,000
89,119,000
89,e74,000
90.531.000
10.702,000
90,9611,000
00,871,000
Capital paid in
49,466,000
120,120,000
120,121,000 120.120.000 120,120,000 120,120,000 120,120.000 120,120,000 120,120,000
Surplus
90,948.000 150,783,000
72.074.000
42.446,000
24,218.000
75.587,000
83 879 000 133,913,000
55,324,000
Government deposits
1.859,140,000 1,675.045,000
1,886,929,000 1 853,134.000 1.871,961,000 1.328,391,000 1.837,865.000 1.869,438,000 1.850.712,000 795,782.000 509,112,000
Due to members, reserve account
575,497,000 018,509,000 810,402.0(X1 815.606.000 830.451,000 654,735,000 720,520,000
Deferred ay tglabllity Items
95,097,000 117,522,000
95,418.000
95,876,000
97,044,00(1
95.366.'00
95,026,000
91,525,000
98,286,000
Other (Weenies, Wei. for. Govt. credits__
2,840,476,000 2,452,462,000
2,616,036,000 2,652,097.000 2,911,302,000 2.815,450,000 2.830,578.000 2,662.495,000 2,739,624.000
Total gross deposits
2,503,095,000
3,039,753,300 3 030 010.000 3,019.994.000 2.977.124.000 2,959,087,000 2,891.775.000 2.850.044.000 2.844,227.000 139,479,000
V. It. notes in actual circulation
229.167,000 237,131,000 240,853,000 245,810,000 248,780,000 250,530.000 254,843,000
notes in circulation-net nab. 220,738,08
If H. bank
21,739,000
25.302.000
24.492.000
28,306,000
31.106.000
34.404,000
37,117,000
40 097 (100
40,190,000
All other liablittlen
5.247.803.000
0.127.705.000 0.162.4T,7.000 3.413.35(1 000 41.278.487.000 0.285.375.000 6.040.683.000 6.074.412,000 6.171.747.000
Total liablIttles
1164
THE CHRONICLE
WoL. 1
Mar. 12 1920. March 61920 Feb. 27 1920. Feb. 20 1920. Feb 13 1920 Feb. 6 1920. Jan. 30 1919. Jan. 23 1020 Mar. 14 1919.
Ratio of gold reserves to net deposit and
F. R. note liabilities oombined
40.1%
40.2%
41.9%
40.3%
41.3%
43.2%
43.5%
42.8%
48.9%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
43.2%
42.5%
42.5%
42.6%
44.5%
44 8%
44.1%
51,4%
42.7%
Ratio of total reserves to F. B.. notes in
.
circulation after setting aside 35%
against net deposit liabilities
47.1%
47.1%
48.2%
49.7%
47.0%
47.4%
63.0%
50.5%
51.0%
—
— _
Distribution by Maturities-$
3
$
$
$
$
$
$
$
1-15 days bills bought In open market_. 133,499,030 126.422,000 135,779,000 139.153.000 137,611,000 123.716,000 115,267,000 122,411,000
99,651,000
1-15 days bills discounted
1,499,923,000 1,523,738 000 1,570,405,000 1,511,016,000 1,457,971.000 1,432,954,000 1,385,117,000 1,328,917,000 1,525,076,000
1-15 days U.S.certif. of indebtedness—
13,143.000
14,472,000
8,881,000
10,131,000
5,772,000
24,053,000
13,061.000
23,503,000
11,293.000
1-15 days municipal warrants
1,000
16-30 days bills bought in open market... 102,348,300 121 985,000 113,915,000 117,033,000 127,339,000 136,158,000 127,669,000 116,004,000
68,850,000
16-30 days bills discounted
207,339,000 194,746.000 205,442,000 219,421,000 223,711,000 172.123.000 206.267,000 217,142,000
55,292,000
10-30 days U.S.certif. of indebtedness_
2,000,000
2,600.000
6,000,000
11,570,000
7,568,000
4,500,000
4.586,000
5,136,000
16-30 days municipal warrants
3,000
51-60 days bills bought in open market_. 180,533,000 170.589,000 197,400,000 197,367,000 207,592.000 222.786.000 249.208.000 229,157,000
76,312,000
11-80 days bills discounted
453,624,000 433.193,000 433,705,000 425,383,000 357,350,000 320,861,000 309.576,000 298,901,000 225,629,000
51-60 days U.S. certif. of indebtedness...
6,500
10,853,000
6,500,000
19,337,000
11.179,000
7,000,000
28.524.000
202,000
10,868,000
51-60 days municipal warrants
51-90 days bills bought in open market-78.150,000
94.858,000
70.058,000
84,273,000
72,090,000
87,792,000
69,169,000 108,217,000
17,326,000
51-90 days bills discounted
246,527,000 241,654,000 228,496,000 188,067,000 239.269,000 261,197,000 255.093,000 288.043,000
59,319,000
51-90 days U.S.certif. of indebtedness._
5,500,000
4,010
4,000,000
4,000,000
6,000,000
3,540,300
46,152.000
2,815,000
6,100,000
51-90 days municipal warrants
Over 90 days bills bought in open market
16,333,000
Over 90 days bills discounted
14,637,000
15,357,000
15.074.000
15,463,000
16,404,000
20.455.000
18,304,000
21,047,000
Over 90 days certif of indebtedness
244,793,000 240,284 000 240,562,000 227.931,000 243,911,000 239,913,000 184,098.000 243,368,000 141,828,000
Over 90 days municipal warrants
Federal Reserve Notes—
3,281,343,00 1 270 721,000 3,254,806,000 3,221,789,000 3,187,974.000 3,139.652,000 3,130,783,000 '3.146,156,000 1,679,024,000
Outstanding
0
Held by banks
241,593,000 240.711,000 234,822,000 244,665,000 228,887,000 247.877.000 279,839,000 301,929,000 175,926,000
In actual circulation
led. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller.
3,039,750,030 3,030,010,000 3.019,984,000 2.977,124,000 2.959.087,000 2,891,775,000 2,850,944,000 2.844,227,000 1,503,095,000
1.535,360,000 1,484,940,000 6,399,320,000 6,372,900,000 6,300,000,000 6.222,280,000 6,187,120.000 6,172,260,000 1,117,600,000
1,868,248,000 2,841 910 000 2,814,520,000 2,791,937,000 2,766,147,000 2,732,255.000 2,689.869,000 2,645.496,000 1,023,629,000
Amount chargeable to Fed. Res. agent 3,667,112,000 3.643,030.000 3.584,800,000 3,580,963,000 3.533,853.000 3,490,025,000 3,497.251.000 3,526.764,000 1,093,971,000
In hands of Federal Reserve Agent
385,769,000 372,309,000 329,994,000 359,174,000 345,879,000 350,373,000 366,468.000 380,608,000 41.4.950,000
Issued to Federal Reserve banks
How Secured—
By gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
3,281,343.000 3,270,721,000 3,254,806,000 3,221,789.000 3,187.974,000 3,139,652,000 3.130,783,000 3,146,156,000 1,679,021,000
250,151,000
255,151,000
246,148,000
241,148,000
244,148,000
240.148,000
240,148,000
246,148.000
240,146,000
2,138,767,000 2,132,011,000 2,109,327,000 2,070.991,000 2.066.217.000 2,023.225.000 2,011,357.000 2,019,895,00(1 1,508,420.000
97.579,000 102,742,000
97,804,000 102,890,000
99,672,90'
93.167.000
97 788 000
91.979.000
78,718,000
792,753,000 785 751,000 801,527,000 806,760,000 780,030,000 737.537.000 786.111,000 788,134,000 851,737,000
Total
Eligible.!inner delivered tn Te TS _ Agent
3.281.343,000 3,270,721,000 3,254,806,000 3,221,789,000 3.187,974,000 3.139,652.000 3,130,783,000 3,146,156,000 1,679,021,000
—
1 517.5 q(lef. flAr,
QRA dc I nnn '2.4)30.572.000 1.5434.158010 2.761,176. 00 2.090.261.000 2.647,947,000 2,667.810,000 3 nss 990.000
0
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OP EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR 12 1920.
Two ciphers (00) omitted.
Boston. New York
RESOURCES.
$
Glold coin and certificates
10,338,0
Gold Settlement Fund, F. R.B'd 39,512,0
Gold with Foreign Agencies
8,233,0
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran
s
$
$
$
s
11
$
$
1
$
$
83,577,0
928,0 10,175.0 2,362,0 8,717,0 24,165,0 3,371,0 7,251,0
413,0 7,135,0 11,546,0
48,093.0 36,410.0 35,112.0 31,268,0 19,569.0 58,825.0 16,534,0 20,018,0 34,445.0 15,592,0 36,271,0
41,390.0 9,023,0 9,248,0 5.526,0 4,060,0 13,421,0 5,301,0 3,045,0 5,413,0 2,933,0 5,188,0
Total.
1
169,978,0
391,649,0
112,781,0
Total gold held by banks
58,083,0
Gold with Federal Reserve agents 92,710,0
Gold redemption fund
13,462,0
173,060.0 46,361,0 54,535,0 39,156,0 32,346,0 96,411.0 25,201,0 30,314,0 40,271,0 25,660.0 53,005.0 674,408,0
308,338,0 86,371.0 132.109.0 28,646,0 66,086.0 192.407.0 51,920.0 33,566,0 37,508,0 30,790.0 02,1250 1,142,576,0
58,0 4,034,0 3,591,0 9,115,0 119.380,0
442,0 7,143,0 6,307.0 27,790,0 6,695,0
26,988,0 12,855,0
Total gold reserves
164,255,0
Legal tender notes. silver. &cm. 6,698,0
508,386 0 145,587,0 187,086,0 74,945.0 94,739.0 316,608,0 83.821,0 63,938,0 82,713,0 60,041,0 154,245.0 1,036,364,0
75,0
320,0 1,999,0 2,395,0 3,910,0
101,746,0
667,0
815,0
361.0
946,0
401,0 120,366,0
Total reserves
Bills discounted: Secured by Government war obligations (a)
All other
13111s bought In open market (b)
170,953,0
610,132,0 145,948,0 187,733,0 75,265,0 96,738,0 319,003,0 87,761,0 64,013,0 83,528,0 60,987,0 154,649,0 1,056,"30,0
128,917,0
63,898,0
17,062.0
553,050.0 162,449.0 123,450.0 80,752,0 57,925.0 183,282,0 55,493,0 34,295,0 39,779,0 43,4107.0 52,051.0 1,515,959,0
234,639.0 45,123.0 51.740,0 27,235.0 44,767,0 213,332,0 48,173,0 32,935,0 61,209,0 21,184,0 63,252,0 4)07,487,0
225,988,0 5,693,0 66,737,0 9.428,0 10,873,0 65,392,0 10.509,0 5,884,0 4,376,0 1,350,0 80,880.0 501,172,0
Total bills on hand.._... ___. 209,877,0 1,013,686.0 213,265.0 241,027,0 117,415,0 113,565,0 462,006.0 114,175,0 73,114,0 105,364,0 66,141,0 107,083,0 2,927,618,0
U. B. Government bonds
539,0
114,0 4,477,0 1,153,0
833.0 1,235,0
1,457.0 1,385,0
116,0 8,868,0 3,966,0 2,632,0
26,775,0
U. S. Government Victory bonds
3,0
5,0
10,0
500
08,0
U. B. certificates of indebtedness 21.818,0
62,317,0 30,965,0 23,926,0 12,260,0 15,665,0 39,692,0 17,261,0 8,480,0 15,896,0 8,300,0 10,881,0 267,461,0
—
Total earning assets
232,239,0 1,077,510,0 245,615,0 266,696,0 130,910,0 129,347,0 506.175,0 132,589,0 81,710,0 130,128, 78,407,0 210,596,0 3,221,022,0
1
Bank premises
1,141,0
866,0
532,0 2,116,0
3,094,0
580,0
500,0 1,156,0
231,0
462,0 ' 598,0
515,0
11,791,0
Uncollected items and other deductions from gross deposits.. 30,118,0 155,196,0 63,342,0 66,626,0 51,026,0 33,409,0 130,844,0 55,185,0 33,552,0 84,001,0 65,407,0 52,220,0 817,926,0
6% redemption fund against
Federal Reserve bank note?
1,072,0
722.0 1,323.n
3,642,0 1,300,0
451,0
562,0 1,465,0
995,0
490,0
880,3
949,0
13,851,0
ill other resources
295,4
358.0
133,0
785,0
129,0
303,0
884,0
91,0
375,0
942,0
879,0
311,1
5,485,0
,
Total resources
435,881,0 1,851,516,0 457,584,0 523.555,0 259,017,0 260,881,0 960,345,0 277,584,0 177,371,0 299,409,0 206,090,0 119,472,0 3,127,705,0
LIABILITIES.
Capital paid in
7,205,0
23,856f 8,196,
, 9,943.0 4,544,0 3,536,0 12 670,0 4,129,0 3,144,0 4,163,0 3,483,0 5,996,0
90,871,0
9urplus
,.
8,359,0
45,082,0 8,805,1) 0,080.0 5,820,0 4,695,0 14.292,0 3.724,0 3,569,0 6,116,0 3,030,0 7,539,0 120,120,0
Government deposits
5,285,0
5,979,0 4,866,0 3,283,0 1,9261 3,672,0 6.665,0 4772,0 2,294,0 5,261,0 3,561,0 1,760,0
55,324.0
Due to members, reserve account 114,778,0 729,681,0 1n4.103,0 131,927,0 61,917,0 54.896,0 278,385,0 71,530,0 59,755,0 90,665.0 69.058,0 120,234,0 1,886,929,0
Deferred avallabilit) items
15,372,0 107,959,0 54,651,0 53,793,0 42,159,0 27,974,0 85,198,0 38.733,0 16,299,0 67,098,0 35,993,0 30,268,0 575,497,0
&II other deposits
5,505,0
1,084,0 9,270,0
43,048,0 6.933,0 6,055,0 3,590,0 2,654,0 9,671,0 3,694,0 2,232,0 3,563,0
98,286,0
Total gross deposits
141,030,0
r. R. notes In actual circulation. 260,873,0
r. R. bank notes In circulation
—net liability
Ill other liabilities
15,720,0
2,694,0
880,6671 170,550,0 195,058,0 109,592,0 89,196,1 179,919,1 118,729,0 80,580,0 166,587,0 110,596,0 167,532J 1,616,036,0
830,531,0 244,544,1 288,006,0 127,100,0 149,145,0 513,656,0 137,061,0 82,119,0 102,784,0 79,126,0 224,805,( 1,039,750,0
49.605,0 22.557,0 18.541.0 10,593,0 12,892,1 33,763,0 12,382,0
14,775,0 2,932,0 2,918,0 1,371,0 1,417,0 6,039,0 1,559,0
6,861,0 18,128,0
1,098,0 1,631,0
8,889,0 10,810,0
066,0 2,790,0
220,738,0
40,190,0
Total lianilltlea
435,881,0 1,850,516,0 457,584,0 523.555,0 259,017,0 260,881,0 960.345,0 277,584,0 177,371,0 299,409,0 206,090,0 419,472,0 6,127,705,0
Ifemoranda—Contingent liability as endors er on:
Discounted paper rediscounted
with otuer F. R. banks
84,550,0 31,215,0
115,765,0
Bankers' acceptances sold to
other F. R. banks
8,307,0
8,307,0
ta) Includes bills discounted for
other F R. banks, via
30,000,0
26,415,0
11,415,0 4,300,0 14,000,0
9,500,0 20,135,0
115,765,0
;8) Includes bankers' acceptances bought fr om other F. R.. banks:
With their endorsement
2,794,0
3,726,0
1,787,0
8,307,0
Withnnt their endnreatment
AAR fl
3,4418;
4,276,0
F FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAR. 12 1920.
Two ciphers (00) omitted.
Boston
New
York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve notes:
s
$
$
s
$
$
s
$
$
$
Received from Comptroller-- 531,520,0 2,091,4 0,0 549,760,0 538.740,0 311,620,0 321,049,0 929,400,0 311,200,0 156,080,0 215,920,0
,
Returned to Comptroller__ _ 217,704,0 1,033,265,0 272,621,0 206,724,0 151,120,0 113,395,3 355,818,C 138,086,0 65,508,0 101,316,0
—
Chargeable to F. R. Agent
313,816,0 1,058,135,0 277,139,0 332.016,0 160,510,0 207,645,0 573,582,0 173,114,0 90.572,0 114,604,0
In hands of F. R. Agent
43,020,1) 124,400,0 24,360,0 32,060,0 27,554,0 54,275,0 29,400,0 17,340,0 7,110,0 6,010,0
Issued to F. R. bank, less amt.
returned to F. Ti. Agent for
redemption:
270,796,0
3ollat'l security for outet'g notes:
Gold coin and ctn. on hand_
Gold redemption fund
15,710,0
Gold Serm't Fund, I. R. B'd. 77,1)00,0
Eligible paper. mln'm required 178,086,0
$
$
Total.
$
151,780,0 426,000,0 6,535,360,0
57,020,0 155,671,0 2,868,248,0
94,760,0 271,220,0 3,667,112,0
12,130,0 8,110,0 385,769,0
933,735,0 252,770,0 299,956,0 132,946,0 153,370,0 544,182,0 155,774,0 83,462,0 108,504,0 82,630,0 263,119,0 3,281,343,0
189,743,0
32,025,0
2,500,0
4,000,0 13,052,0
250,151,0
8,831,0
13,595,0 13,482,0 15,084,0 1,646,0 4,586,0 8,262,0 1,989,0
714,0 3,648,0 4,975,0 15,981,0
09,672,0
105,000,0 72,889,0 85,000,0 27,000,0 49,000,0 184,145,0 45,931,0 19,80(1,0 33,860,0 16,984,0 76,144,0 792,753,0
625,397,0 166,408,0 167,847,0 104,300,0 97,284,0 351,775,1) 103,854,0 49,896,0 71,080,0 51,840,0 170,094,0 2,138,767,0
Total
270,796,0 933,735.0 252,779,0 299,956,0 132,946,0 153,370,0 544,182,0 155,774,0 83,462,0 108,594,0 82,630,0 263,119,0 3,281,343,0
'mount of eligible paper deliv
ered to F. R. Agent.
209.877,0 1,011,448,0 189,271,0 240,067,0 113,890,0 113,565,0 461,837,0 114,175,0 60,982,0 105,232,0 66,141,0 186,909,0 2,873,394.0
P. R. notes outstanding
270,796,0 933,735,0 252,779,0 299,956,0 132,946,0 153,370,0 544,182,0 155,774,0 83,462,0 108,594,0 82,630,0 263,119,0 3,281,343,0
V. R. notes held by bank
9,923,0 103,204,0 8,235,0 11.953,0 5,846,0 4,225,0 30,526,0 18,713,0 1,343,0 5,810,0 3,504,0 38,314,0 241,593,0
ii R. notes In actual cireulation 260.873.0
,
830.531,0 244,544.0288,1)06.0 127,130,0 149.145.0 513.656.0 137.061.0 82.119,0 102,784.0 70,126.0224.84)5,1) 3.030,750,0
anittrs' Oazette.
Wall Street, Friday Night, March 19, 1920.
-Although there is
Railroad and Miscellaneous Stocks.
practically nothing new in the general situation the stock
market has again this week been very active and, with
interest shifted from railway to miscellaneous issues, the
advance in prices has continued. These characteristics of
the market are the result of increasing ease in the money
market, of a substantial advance in sterling exchange rates
and reports that a largo shipment of gold is in transit from
London to New York. The latter is regarded in some
quarters as the beginning of a heavy movement of the
metal, but this is, of course, only conjecture.
Sterling bills which sold around $3 65 on Monday were
quoted at $3 83 to-day and it now seems highly improbable
that the low figures of last month will not again be reached.
Call loan rates declined from 9% on Monday to 6%, as the
ruling rate, on Thursday, showing that normal conditions
are approaching in this department also.
The transactions aggregated 1,900,000 shares, on Thursday and nearly 1,500,000 to-day. Not one of a list of the
30 most active stocks shows even a fractional net decline,
as a result of the week's operations although Ches. & Ohio
On
and St. Paul of the railway list close without change. 53%
the other hand, Texas & Pacific shows an advance of
/
points, Reading 23,So. Pac.27 i and Union Pac., No. Pao.,
New Haven and Gr. Nor. are between 1 and 2 points higher
than last week.
Crucible Steel advanced 27 points, Bald. Loc. 22, Gen.
Motors 21, Republic I .& S. and Mex. Pet. 14, Studebaker
and At. Gulf & W.I. 12, Am. Sumatra 13 and Am. Loc. 11.
Naturally there have been some slight reaction from the
highest quotations recorded.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
for
Week
STOCKS.
Week ending March 19.
1165
THE CHRONICLE
MAR. 20 1920.]
Range since Jan. 1.
Range for Week.
Highest.
Lowest.
3
Lowest.
Highest.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore
Philadelphia
Boston
Week ending
Shares Bond Sales Shares Bond Bolts Shares Bond Saks
March 19 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday-Friday
Total
13.301
24,410
,27,079
19,208
35,693
33,337
$25,950
206,750
65,550
44,700
36,250
1,000
5,604
6,452
6,628
5,949
15,751
6,974
$19.600
27,500
129.350
111,760
85,000
8,000
3.238
6.935
5 046
5,090
3,815
5,489
$44,000
13.000
26 700
36,400
49.600
44.000
153,028
$360,200
47,358
$361,200
29,613
$213.700
-No sales of State bonds
State and Railroad Bonds.
have been reported at the Stock Exchange this week.
The market for railway and industrial bonds has been
more active than usual, owing to heavy transactions in a few
issues, notably the local tractions. These were the weak
features of a list of 25 relatively active bonds. Inter. R.P.
5s show a loss of 2 points within the week, B. R. T. 7s
2 points, and Inter.-Mets. 1%. Conspicuous among the
bonds which have made a different record are Ches. & Ohio
43/25, up 23/2 points; Burlington joint 4s, PA points higher,
and So. Pac. 5s, up point. Other changes are less important, although somewhat more than half are to a lower level.
-Sales of Government bonds at
United States Bonds.
the Board are limited to $500 4s coup. at 107, and unusually
heavy transactions in the various Liberty La3,11 issues.
I
Daily Record of Liberty Loan Prices. Mar.12 Mar.15,Mar.16kfar.17 Mar.! Mar.19
(High
First Liberty Loan
330,15-30 year, 1932-47 (Low
(Close
Total sales in $1,000 units
(fig
Second Liberty Loan
4s, 10-25 year cony, 1942 (Low(Clo •
Total sales in $1.000 units
( High
Second Liberty Loan
4s, convertible, 193247 (Low.
(Cl
Total sales in $1,000 units
I High
Third Liberty Loan
(Low_
434s of 1928
(Close
Total sales in 11.000 units__ .
(High
Third Liberty Loan
4q a of let L Loonv.'311:47;Low(Close
Total sales in $1,000 units
( High
Third Liberty Loan
A x e of 2d L L conv.'27-'42(Low.
(Close
Total sales In $1,000 units
(High
Fourth Liberty Loan
434s of 1933-38
(Low(Close
Total sales In 31,000 units
(High
Fourth Liberty Loan
4348.1st LL 28 conv,'32-47(Low
Lao
Total sales in $1,000 units
(High
Victory Liberty Loan
434s cony gold notes,'22-233 Low.
(Clo
Total sales in $1,000 units
( High
Victory Liberty Loan
334s.conv gold notes.'22-23 (Low.
(Close
Total sales In 31.000 unite
97.
97.00
96 90 96.60
97.2
96.90
402
306
89.50 89.48
89.40 89.30
89.48 89.40
118
151
90.80 90.50
90 40 90.40
90 60 90.50
56
53
92.88 92.72
92.60 92.48
92.58
92.6
1,317 2.283
91.04 90.90
90 90 90.76
90.98 90.66
150
67
89.92 89.90
89.56
89.7
89.8
89.60
1,218
1,23
10.0
90.00
89.8
89.68
89.76
89.9
3,762 4,861
97.00
97.00
97.00
2
97.60
97.70 97.62 97.6
97.50 97.50 97.52 97.50
97.54
97.51 97.80 97.5
1,420
1,069 1,819 1,36
97.60
97.66 97.64 97.6
97.52
97.50 97.50 97.5
97.56
97.60 97.621 97.6
620 1,108
461
442
96.161 96.24
96.2
96.04 95.861 96 10
96.06 96.10 96.10,
4921
5191
177
89.50 89.58, 89.50
89.40 89.40 89.481
89.40 89.60 89.441
121
311
60
90.60
90.70 90.6
90.50 90.60 90.50
90.66 90.60
90.5
34
25
29
93.10 93.18 93.06
93.00 93.00 92.74
.04 92.84
93.06 03
611 1,427 1,534
91.10 91.10 91.10
90.90 90.90 90.90
90.90 0094 90.90
132
56
66
89.90 89.96 89.90
89.74 89.72 89.78
89.78 89.86 89.90
472 1,506 1,040
90.16 90.14 90.10
90.08 90.00 90.00
90.12 90.04 90.08
824 2,000 2,229
96.90,
96 121
96.90
1,0571
89.50,
89.40,
89.50
1911
90.60,
90.50
90.56
50
92.88
92.58
92.86
1,835
91.00
90.90
91.00
96
89.94
89.82
89.86
914
90.06
90.00
93.04
1,768
per share. 3 per share S per share.
Par Share.. I per share.
Mar
Jar 102
100 09 Mar 13 99 Mar 11 39
Am Brake Shoe S & F 100
Mar
300z222 Mar 19 225 Mar it 1703.4 Jar 227
10
Preferred
Mar
Fel 118
American Exprem.....100 4,300 105 Mar 1( 112 Mar 17 95
Amer La France F E__10 1,400 1234 Mar it 1334 Mar It 1234 Fel 144 Jan
Jan
100 5034 Mar lt 5034 Mar 13 5014 Mar 2)2
Am Teleg & Cable-100
Fel 2714 Feb
100
100 254 Mar If 2534 Mar It 23
Ann Arbor prof
13 1540 Mar 19 1570 Mar If 1350 Mar 1570 Mar
Atlantic Refining__ _100
Feb
10
400 113 Mar 1( 114 Mar If 1124 Feb 114
Preferred
700 100 Mar If 100 Mar lf 984 Feb 10234 Jan
Baldwin Loeomo prof 100
Jan
Mar 93
Barnet Leather...no par 2,200 62 Mar It 82 Mar 11, 62
Jan
100 734 Marl' 73.4 Mar 19 15)( Feb 8
Brunswick Terminal_l
Feb 10834 Mar
100
100 1084 Mar 11 10834 Mar it 98
Burns Bros prof
Mar
Jar 206
97.42 97.70
100 205 Mar If 205 Marl! 175
Central RR of N J _._100
Mar
Mar 90
97.34 97.32
100 90 Mar 17 90 Mar 17 90
Cert-Teeri Prod let pf 100
Fel 11% Mar
3,300 8 Mar 17 1134 Mar 13 4
97.40 97.60
Chic & East Ills tr recta_
Mar
689 1,711
5,000 834 Mar 1? 11 Mar If 44 Jar 11
Prof trust recta
Jan
Fel 104
200 z10204 Mar 19 102 Mar 17 101
97.42 97.60
Cluett, Peabody prof 100
Jan
Feb 66
100 62 Mar lf 52 Mar It 44
Computing-Tab-Roc-100
97.36 97.36
Jan
25 77 Mar r 77 Mar r 71% Feb 82
Continental Insur.---25
97.36 97.60
Feb 62% Mar
300 58 Mar If 6234 Mar lt 55
100
229
954
Crex Carpet
Jan
Feb 106
300 102 Mar 11 102 Mar 17 100
Cuban-Am Sugar pf 100
Feb
Feb 101
200 9934 Mar 17 100 Mar I: 99
10
Deere & Co prof
Foreign Exchange.
-The market for sterling exchange
61 10434 Mar 1.1 107 Mar 17 1044 Mar 10734 Mar
100
Detroit Edison
Fisher Body Corp pf _100 1.100 104 Mar it 1084 Mar 1( 974 Feb 1064 Mar displayed some irregularity, but after early weakness, rallied
Mar and closed steady.
Mat 192
100 1,31f 189 Mar 17 1914 Mar 1, 175
General Chemical
Feb 0434 Jan
700 37 Mar IF 3734 Marl' 85
Exchange at Paris on London, 51.95 fr.: week's range, 49.74 fr. high and
Gen Clear deb pref.._100
Jan 51.95 fr. low. The range for foreign exchange for the week follows:
Preferred
10
10 9534 Mar 19 9534 Mar 19 9534 Mar 100
2,200 334 Mar 19 334 Mar 19 34 Mar 334 Mar
Gen Electric rights
.Sterling ActualCables.
Sixty Days.
Checks.
34 Mar
34 Mar 19
Mar 19
3-4 Mar High for the week
60
Goodrich (D F) rights-384
3 80
38334
Jan Low for the week
COO 103 Mar 1711134 mar 13 1024 Mal 127
Internat. Mot Trk.no par
366
363
3653-j
Jan
Mar 84
17 7534 Mar 19 72
1st preferred
300 724 Mar
100
Paris Bankers' Francs
Feb 6934 Jan Hitch for the week
600 804 Mar 17 644 Mar It' 60
2nd preferred
100
13.33
13.46
13.35
Feb Low for the week
300 85 Mar 15 8734 Mar 19 8334 Mar 88
100
Int Nickel prof
13.63
13.61
13.84
Jar 18
Jan
Liggett & Myers rights._ 1.100 16 Mar 16 164 Mar If 144
Germany Bankers' Marks
Feb 13634 Jan High for the week
80011434 Mar If 115 Mar 1( 108
100
Manati Sugar
1.36
1.38
Feb Low for the week
Feb 63
200 60 Mar 13 604 Mar r 60
Marlin Rock v t ono par
1.05
1.07
Maxwell Motors_ -100 2,600 30 Mar 13 32 Mar If 1834 Feb 3534 Jan
Amsterdam Bankers' Guilders
500 27 Mar 13 29 Mar 19 18
Feb 3534 Jan High for the week
Certfs of deposit
3634
3634
36 11-16
100
000 57 Mar 15 5934 Mar It 474 Feb 634 Jan Low for the week
1st preferred
3634
36%
3513-16
600 52 Mar IR 5434 Mar 11 4734 Feb 62% Jan
let prof MO;(lop
Domestic Exchange.
-Chicago, par. St. Louis, 15025c. per $1,000
Fe. 30% Jan discount. Boston, par. San Francisco, par. Montreal, $105 00 per
ii 28 Mar 1. 28 Mar 19 20
10
2d preferred
Mar It 8934 Feb 94
Feb $1,000 premium. Cincinnati, par.
100 934 Mar 18 9334
M St P & SS M pref-100
Jan
Feb 60
600 54 Mar 13 56 Mar If 50
Leased line stock 100
Feb 10034 Jan
100 9934 Mar 16 9934 Mar If 99
-A generally firm tone prevailed in
Outside Market.
Montana Power pref 100
Feb 29
Mar "curb" securities
900 22 Mar 13 254 Mar 1? 10
Norfolk Southern_ __100
throughout the week though the trend
Feb 94
Jan
100 004 Mar 16 904 Mar It 00
Penney (J C) pref___100
Mar of values was somewhat irregular. Business has been only
Feb 16
600 14 Mar 17 1534 Mar If 11
Peoria & Eastern__ _100
Mar 943.4 Jan fair, the principal activity as usual being in oils. Former
100 38 Mar 16 88 Marl!' 87
100
Pitts Steel pref
Feb 4434 Feb
900 42 Mar 16 43 Mar 19 39
Stewart War Speed no par
Mar Standard Oil subsidiaries were conspicuous for activity and
Texas Co recta 30% paid
30020134 Mar 13 204 Mar 17 15834 Feb 204
Mar strength. Standard Oil of N. J. was actively traded in,
Feb 207
720 MO Mar 13 207 Mar If 156
Full paid receipts
Mar
Jan 229
600 209 Mar 16 229 Mar If 205
100
Tidewater Oil
Mar jumped in the beginning of the week from 795 to 905, but
Mar 130
106 130 Mar If 130 Mar If 130
United Cigar Stores_100
140 65 Mar IF 65 Mar 13 84
Feb 654 Jan reacted and ends the week at 845. Standard Oil of N. Y.
Werit'h'seE&M Ist pf.50
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
mocie.
Week ending
March 19 1920.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Blares.
Par Value.
Haureaa,
cto..
Bonds.
489,925
1,054,960
1,278,950
1,048,331
1,899,150
1,446,636
342,360,675
97,155,000
111,595,000
01,334,600
171,829.500
130,965,860
$1,406,000
2,983,000
2,418.000
1,923.000
2,118,000
2,271,000
mate. or un
& Foreign
Bonds.
unuea
States
Bonds.
$786.500 $3,151,000
1,321,000 8.169.500
865.000 7,213,000
618.000 8,528,000
734,000 10,857.000
965.000 10,604,000
7,218,002 $645,260,625 113,119.000 15.289.300 348.422.500
Bales at
New York Stock
Exchange.
Week ending March 19.
1920.
1919.
Jan. 1 to March 19.
1920.
1919.
69,865,099
-No. shares__
Stocks
5,819,139
7,218,002
36,632,977
Par value
$645,260,625 1561,025,900 15,320,742,425 $3,850,940,305
Bank shares, par
$28,700
Rands.
Government bonds
$669,916,900
$481,662,000
$48,422,500 $46,472,000
5,350,000
122,199.000
State, rnun.,&o.,bonds
112,821,000
5,289,500
RR,and misc. bonds
9,506,000
138,316,000
96,400,000
13,119,000
111 Total bonds
106,831,000 $61,328,500
$930,431,900
1690.883,000
moved up from 465 to 480. South Penn Oil gained about
22 points to 355 and closed to-day at 342. Internat.
Petroleum, new stock, sold up from 37 to 45% and at 41_
finally. Texas Company was heavily bought, the price advancing from 49% to 55 with the final transaction to-day
at 54. Texas Pacific Coal & Oil ran up from 94 to 111%
and reacted to 106. White Oil after a fractional advance
to 30%, sank to 28 and closed to-day at 28%. Business
in industrials was somewhat small though as the week advanced the market broadened considerably. General Asphalt corn. advanced from 101 to 1103, sold back to 101 and
ends the week at 105%. Amer. Safety Razor gained about
a point to 103. Indian Packing improved over a point to
15%. Swifts Internat. sold down from 46 to 44 and back
to 46% with the close to-day at 45%. Submarine Boat
after a gain to 18 moved down to 16. Tobacco Prod. Exports advanced from 19 to 23% and sold finally at 22.
Mining shares active. Bonds inactive. Russian Government bonds showed weakness the 6%5 after loss of about
2% points to 32% during the week broke to-day to 27%,
the 53/9s dropping almost five points to 28.
1166
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW BALE PRICES-PIM WARE, NOT PRE CENT.
Saturday
Mar. 13
Monday
Mar. 15
Tuesday
Mar. 16
Wednesday
Afar. 17
Thursday
Mar. 18
Friday
Mar. 19
Sales
for
the
Week
STOOKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads
Par
8,600 Atoh Topeka & Santa Fe._ 100
1,000 Do pref
100
100 Atlanta Birm & Atiando_100
1,700 Atlantic Coast Line RR__100
21,700 Baltimore & Ohio
100
1,600 Do pref
100
9,300 Brooklyn Rapid Transit_100
4,500 Certificates of deposit
8,700 Canadian Pacific
100
4,300 Chesapeake dr Ohio
100
3,300 Chicago Great Western. 100
1,300 Do pref
100
11,500 Chicago Maw & St Paul..100
6,900 Do pref
100
1,900 Chicago & Northwestern_100
500 Do pref
100
72,800 Chic Rook Isl & Pao
100
900 7% preferred
100
1,800 6% preferred
100
100 Chic St P Minn & Omaha_ _100
-Lo- DoCinre hio & St Louts_100
ev
p Ct
66200
0
--____ " Cl
100
___
3_00 Colorado
.
---- .
radistprei
o&Southern
100
Do
---. ---100
_
Do 2d prof
100
993
4
.14 - 1- -66- 116- -64 - - .- ---LOO Delaware & Hudson
911
foil- ;66- 100
-96
-9812
914
100
4
100 Delaware Lack & Western_50
4
*190 194 '185 194 *185 19313 1933 1934 *180 1923 2,800 Denver & Rio Grande
7% 7%
712 73
4 *712 8
100
74 8 2
3
73
4 818
74 712
1414 14% 144 153
4 1412 1412 1412 1412 1412 1478 1412 1434 8,700 Do pref
100
147
8 1434 15
5,000 Erie
1434 154 15
1514 1412 144 1414 1412 14
100
2414 2334 24
2412 2334 244 235 24
24
2312 2312 24
1,800 Do lst pre
100
17
*1612 174 3116
174 *1612 1712 *16
*16
17
Do 26 pref
1714 *16
100
8334 22,900 Great Northern pref
100
2 8212 8318 8212 8378 83
82
848
4 824 8412 8212 843
3814 384 3814 3834 387 4012 3958 4012 4034 4138 41
413; 25,200 Iron Ore properties.-No par
.
0814 10
.7
814 814
10
*I
10
*814 10
*7
10
100 Gulf Mob & Nor tr elfs....100
28
28
28
028
400 Preferred
33
*28
33
2812 2812 2812 2812 28
100
91
93
93
913 913
4
4 1,600 Illinois Central
92
92
9114 92
904 92
*90
100
418 414
412 484
418 418 9,400 lnterboro Cons Corp__No Par
414 434
438 45
8
418 4%
1612 1412 1412 11,700 Do pref
1514 1534 151e 1612 15
16
100
153 153
4
4 16
*1714 18
177 1818 18
8
1813 1,100 Kansas City Southern__100
*17
817
18
18
1714 1714
*46
49 .46
4812
48
48
*46
49
48 48
*46
48
300 Do
pref
100
8
12
12
*107 1212
8
1114 12
*1078 1212 *107 1212 *107 12
8
300 Lake Erie & Western
100
223 *1612 2212
4
*1512 2212 4120
20 .16
2252 2212 2212 20
600 Preferred
100
4618 4658 46
46l2 1,700 Lehigh Valley
4634 47
47
4718 46
47
*46
47
50
10612 107
1067 107
8
1073 10738 105 8 105 8 *10512 107
8
1067 10712 1,100 Louisville & Naah•Ille___100
8
5
5
4778 52
4714 48
.45
48
46
46
47
1,700 Manhattan Ry guar
47
100
17
18
17
17
174 17
17
4
2,900 Mittman & St L (neto)
15 4 17
1
173 *17
100
*78
81
*78
82
77
784 80 80
*77
80
700 Minn St P & S 8 M
100
934 104
9 4 10
8
9 4 10
3
93 1014
4
98 98
5
7
9 4 1014 4,600 Missouri Kansas & Texas-100
3
*1412 17
*1412 163 *1418 17
1512 1512
*14
17
100 Do prof
4
_100
2878 30
2912 3014 13,825 Missouri Pacific trust etfs_100
29
36
29 4 29
2834 2914
3
2914 4612 47
4638 47
47
4712 46
454 46
47
46
47
3,800 Do pre/ trust ctfs
100
*5
6
4
5s 458
5
5
400 Nat Rys of Mex 2d pref_100
*5 2 Oh
3
54 .014 -*46
47
*40
47
*46
*46
47
4712 46
4712 47
47
400 New On Tex & Mex•t o 100
75
763
4 754 7678 7412 763
4 7514 764 7512 7712 21,400 New York Central
4 7514 753
100
24
34
*32
34
*32
3412
33
34
*33
35
*3212 34
300 N Y Chicago dc St Louts_100
*al
*60
65
*61
66
68
*60
65
*60
65
60
100 First preferred
60
100
*47
50
*4912 5112 •49
*4912 52
*47
50
50
5112 *47
100
Second preferred
344 3534 354 364 35% 364 3478 35; 354 3618 3512 3634 53,000 N Y N H & Hartford----100
3
214 21
21
*2034 2114 21
21
21
214
*204 211s *20
400 N Y Ontario & Western..
.100
97
ST
97
96 4 92
3
98
96
963 97
4
96 4 963
3
4 96
1,800 Norfolk & Western
100
8212 84
4
1312 34
3312 8434 8312 8414 8312 8458 3833 84
13,300 Northern Pacific
100
4314 4318 4334 0,230 Pennsylvania
423 43% 42 8 434 4278 4313 4278 434 43
7
4
so
2912 2972 2914 3018 10,900 Pere Marquette v t a
2858 297
2912
8 2918 29 4 294 2978 29
3
100
65
66
66 66
65
65
65
65
600 Do prior pref v t(L-100
2
474 4718 -iii2 48148
48
300 Do prat v t o
100
74
7512 75
74
75
75
7
/617534 5,200 Pitts On Chic & St Louis_ _100
75 iii- -7 5 1 2 75
2912 2912 2858 2
2834 2918 2814 283
3,000 Pittsburgh & West Va.... 100
4 2814 2812 2838 29
*73
*73
79
79
*73
78
*73
78
*73
*73
79
79
Do pref
100
8812 8658 883 237,200 Reading
8
8414 8812 864 8838 85
ao
8818 8414 8612 86
3414 343 343 *33
344 *33
4
2
344
3312 3312 *33
3412 *33
200 Do 181 pre
so
3512 35 4 35 a 357
35
354 35
7
8 353 36
4
3514
1,200 Do 2d pref
5
3
2318 2418 2312 2413 13,700 St Louis-San Fran tr 008_100
-2334 lee 24
244 2312 2414 2312 24
34
34
34
33
33
3212 3212 *32
400 Preferred A trust 003..100
16
16
*15
-fiCe ;i6- 17
*16
1614
*1612 18
17
100 St Louis Southweetern____100
29
*28
2912 2912 *29
30
29
2934
400 Do prof
294 *28
2912 29
100
*812 9
4
.812 9
812 812
*812 9
100 Seaboard Air Line
100
*1712 1812 1718 18
*1712 18
0173 184
4
700 Do pref
100
10212 1037 154,100 Southern Pacific Co
8
9918 1003 -664 f61 4 1001 16f
4
8
, 12 993 1003 10034 103
4
100
-12412 25
25
24% 25% 244 2514 244 25
2458 255 20,500 Southern Railway
2418
8
100
5834 5812 583
5714 5712 574 5812 58
4 3,300 Do prof ,_
100
5812 5814 5814 58
43
44
4612 141,700 Texas & Pacific
403 4212 4114 4334 41
4
4358 40% 4214 41
100
15
15
144 1418 1614 17
- ____
1,800 Third Avenue
1514 1514
100
011
15
_ _ __ ...... Tol St L & W trust receipts__
-*18
23
Preferred certificates dep..
33
33
*30
*30
-31- 31 - ;56- • 16- ;ail ii- ;56i66 Twin City Rapid Transit_100
121% 122
12134 123
12218 1235 17,800 Union Pacific
121 12212 1214 1223 12112 123
2
8
100
67
66% 67
6612 6612 *613
700 Do prat
*66
67
66
66
100
12 8 133 -1212 13 - 9,700 United Railways Invest-100
7
8
114 12% 1214 123
4 123 134 13
13
8
28
28
25
*2712 28
9,200 Do prof
263
4 26
28
2712 2812 2714 28
100
93
938 912
9
14 912
952 952
912 EN
98 2,000 Wabash
100
273 2838 273 2814 6,500 Do pref A
4
28
4
28% 2814 28 4 28
3
100
2814 2758 28
Do pref B
100
-lois - 1- -iii2 163- -1,666 Western Maryland (n40_100
11
ff 2
11134 -ii- 114 -4
4
lois -1114 "i03 11
15
16
*17
20
1614 174 1,300 Do 2d pref
100
2518 2514 -25- 2514 243 - - - 241 2534 257 27
2678 2734 10,150 Western Pacific
4 26
100
63
65
*62
64
63 .611e 63
*6112 63
6212 63
65
800 Do prof
100
12% 12 8 1218 123
5
4 123 123
8
4 1214 1212 1212 123
4 1214 123
4 3,700 Wheeling & Lake Erie RY-100
_
____ _.
500 Do pref
100
204 204
- -- ---- 2018 21
Wisoonsin Central
;iV 32
100
---Industrial & Miscellaneous
3412 33
34
324 3218 3214 344 33
*33
100
34
1,300 Adams Express
343 *33
4
4012 4418 4212 4314 5,400 Advance Rumely
4014 4014 404 4018 *40
100
404 40 40
*67
6718 69
70
70
69 .67
69
69
800 Do pref
69
067
70
100
7414 77
74
74
7412 7412 7418 7412
7514 80
50
3,700 Ajax Rubber Ina
17
2
2
178
178
2
178 2
17
8
2
10
134 2
1,400 Alaska Gold Mines
218 218
218 218
24 214
218 214 3,000 Alaska Juneau Gold Min'g_10
214 214
24 214
4134 424 4114 4234 425 44
42
4312 4312 46
4334 45
100
22,500 Allis-Chalmers Mfg
*81
85
*81
85
83
8312 8312 8312 8312
500 Do pref
83
83
83
100
*85
90
93
90
9112 893 93 4 93
93
944 9314 9314 2,500 Amer Agricultural Ohem 100
4
3
*91
96
*9114 96
93 93
*93
96
*93
96 .93
300 Do prof
100
9412
43 43
4212 4212 42
42
_ _ ---800 American Bank Note
ao
rred
_
ao
Preferred
-i1118 Ili- -8712 IA - 8234 ii1- -8212 84 - -8412 86'- 85
2
88
100
11,600 American Beet Sugar
*82
*80
91
*8012 91
*8012 91
91
*82
Do pref
91
100
88012 91
1144 11612 116 116
11512 117
113 116
11612 119
118 121
8,500 Amer Bosch Magneto _No par
4434 48
4534 4714 47
494 4834 50 4 5012 5241 51
3
523 74,300 American Can
100
8
98
198
97 8 977
7
150 Do pref
100
8
13812 143 2139 4 142
3
i5512 141
138 fif1- iii- ad
2
.- iiii 114-5; 31,900 American Car & Foundry-100
2
11214 11214
100 Do pref
100
46 - - 7 . - .1- 4538 46
1814 4 2
46
47
48
7
141 16- -ii- li- 2,600 American Cotton Oil
100
85
85
100
100 Do pref
1338 -ii-ii- I31- 16,100 Amer Druggists Syndleate_10
4
-i6i2 fit; 1212 1284 1284 133* 13
2214 2214 22 8 2314 2338 24% 23 4 2414 2414 2814 2714 2812 20,500 American Hide & Leather_100
5
3
103 10414 104 108
10812 112
115 118
110 113
100
1164 11812 25,500 Do prof
45
*45
45
4614 4534 46
46
483
4 5014 525
8 517 5312 7,400 American Ice
100
k
*62
65
64
65
*6212 65
65
6518 6618 67
100
663 663
4
4 1,100 Do pref
9612 9713 973 993
8
9912 97% 99
8 97
9814 10514 1033 10614 86,600 Amer International Corp. 100
4
8212 84
843
4 83
845
8 8312 843
4 84
8734 20,900 American Linseed
100
82 843
,
7
4 83
96
9612 x9512 9612 92
94
94
96
9614 9614 1,500 Do pref
9414 95
100
99
98 4 10114 9912 102
97
3
993 10512 10512 10814 10412 108
4
92,300 American Locomotive
100
*104 107 *104 106 *104 106 *104 106
106 106 *105 108
100 Do pref
100
*3212 36
34
*3212 34
*30
*30
38
40
Amer Malt & Grain- _No par
*30
25% 257
4
-51- -if- 2434 2512 31,000 Am Ship & Comm Corp_no par
8 253 2612 26
26% 2514 26
*8012 82
*80
8012 *80
82
8112 8112 8112 8112
200 Am Smelt Seaur prof ger A.100
8012 *80
6514 66
6518 6712 673 7014 68% 693
4
8
8 685 703 31,000 Amer Smelting & Refining-100
4 683 697
8
8
*9418 95
9412 94% 95
900 Do pref
95
*9512 96
9512 9512 9512 9512
100
per share
8412 854
7912 7912
*814 9
8914 90
3658 384
484 487
8
1512 16
1178 1178
12334 125
5734 59
938 9 8
3
2538 253
8
40
40 4
3
58% 5934
893 90 8
4
7
*115 120
374 3812
774 773
4
66
66
8 per share
8414 8518
7844 79
*814 8 4
3
883 897
4
374 3778
48
4814
1538 17
114 1314
123 124
58 8 584
3
94 93;
2614 2614
4018 4118
5813 5934
88
893
4
11612 11612
374 39
*764 78
66
6612
$ per share $ per share $ per share
8378 8414 837 85
8418 847
79
7912 *78
79
79
79
' 814 8 4
1
.
838 832 *8
812
3
8934 8978 *88
4
8912 893 90
377
37
3634 37
363 378
4
4734 484 *4734 4812 48
48
1578 16
157 157
8
8
1512 17
11
12
12
124 115 12
12312 12478 123 12312 1233 12412
4
577 5818 57
5712 573 58
4
914 63
4
914 914
94 914
2512
*253 263
4
2534 25
4 25
393 40 2 3914 4018 3934 4034
4
5
5812 5918 5814 58% 5834 5978
8934 8978
893 893 *8978 90
4
4
11612 11612 *116 118 *115 118
2
37
39
37
37% 3714 383
7712 7712
7612 7612 77
77
66
66
664 6514 6512 66
66
66
5454
55 55
53 14
- ;;IT 55
*50
5012
4
4
*65
68
644 644 '654 6714 673 673 *6514 68
2512 2512 - --.
2518 2518
---- ----
$ per share
8434 853
7878 79
812
*8
894 904
37
378
473 48
4
153 15 8
8
5
1218 124
12418 12534
58 58
914
9
2578 2578
40
4114
5812 5912
88
90
117 117
377 3834
8
7612 77
653 (16
4
-iai,
is- ---
134
Pall SHARE
Range since Jan. 1.
On basis of 100
-share lots
Lowest
Highest
LOOM
How
vet share $ per share
1 per share
$ per share
8012 Dec 104 May
76 Feb 11 8612 Mar10
767 Dec 89 Jan
8
76 Feb 18 82 Jan 3
614 Feb 4
6 Mar 1512 July
87 Feb 24
8712 Dec 107 May
84 Feb 11 93 Jan 7
2834 Dec 5514 May
2758 Feb 13 3878 Feb 24
42 Feb 13 4978 Feb 24
3812 Dec 5912 May
10 Dec 3318 July
105 Feb 10 17 Mar15
8
7 Jan 31 1314 Mar15
5 Dec 2814 July
11514 Feb 11 131 Jan 3 12618 Dec 1707 July
8
47 Feb 18 5912 Mar10
51124Dee 6812 May
7 Feb 13 107 Feb 20
8
21 Feb 13 2718 Feb 28
21 Dec 32 8 MaT
7 jan 107 july
3014 Feb 6 4212 Marl 1
3118 Dec 623 July
4
4534 Feb 13 6112 Marti
487 Dec 76 July
;
75 Feb 13 9112 Mar10
85 Nov 105 May
113 Feb 13 120 Jan 6 116 Dec 183 Jan
2312 Feb 13 41 Mar 8
2218 Jan 8214 July
6412Feb 13 78 Feb 21
68 Dec 84 June
5514 Aug 73 July
54 Feb 11 6612 Mar 1
5812 Jan 2 66 Mar10
57 Dec 82 Jan
32 Feb 5478 June
42 Feb 6 55 Mar15
63 Sept 74 July
68 Feb 11 68 Feb 24
19 Dec 3134May
20 Feb 11 27 Feb 19
48 Dec 5811 July
4714 Feb 16 51 Mar10
45 Feb 511k May
42 Mar 8 43 Jan 16
8Feb 13 991 Mar13
0112 Deo 116 May
4
893
165 Feb 10 195 Mar10 173211:Mar 21512 Ma
17 Jul
9 Jan 3
Apr
6 Feb 13
618 Feb 24 July
9 Feb 11 1634 Feb 24
912 Feb 13 1558 Feb 24
1238 Dec 20'., May
1738 Feb 13 25 Feb 24
1812 Deo 33 July
7333 Dec 10344 may
1514 ee 2
0 July
121; Feb 9 1712 Feb 24
681; Feb 11 8434 Mar13
314 Jan 5234 July
33 Feb 13 4178 Marti)
7 Sept 1278 July
7 Jan 24
9 Marl
30 Dec 4012 July
28 Jan 24 33 Feb 24
8578 Dec 104 May
807 Fob 13 933 Marl()
,
4
33, Feb 13
318 Mar
434 Mar13
918 Jun.
10 Dec 3114 June
94 Feb 13 1612 Mari5
1378Feb 13 1912 Feb 24
13 Nov 2514 May
4312Jan 9 4812 Mar 1
40 Dec 57 May
7 Feb 14 July
818 Feb 13 1214 Marti
13 Dec 25 May
16 Feb 11 2212 Mar16
4012 Dec 603
8June
4012 Feb 18 4714 Marl()
4
4
98 Feb 11 11212Jan 5 1047 Aug 1223 May
375 Doe 88 Jan
8
3934 Feb 6 52 Mar19
912 Jan 2412 July
9 Feb 18 1812 Mar 9
70 Dec 0814 May
68 Feb 13 80 Mar15
44 Feb 165 July
8
6 Feb 13 11 Feb 21
812 Jan 2518 July
83 Feb 11 18 Feb 19
4
2218 Nov 387s July
21 Feb 11 314 Feb 28
3712 Dec 5334 June
38 Feb 11 4934 Feb 24
14ar
44 Feb 13
Doc
67
8Jan 8
24834 Apr 54 Sept
10
912 Feb 11 4712 Feb 20
644 Feb 13 7712 Mar10
6634 Dec 833 June
4
2334 Sept 8314 July
2334 Feb 13 3612 Marl 1
6012 Dec 70 Apr
55 Feb 9 62 Marll
43 Feb 16 50 Mar12
40 Nov 581 July
;
2518 Dec 407 July
,
2312 Fob 11 3634 Mar10
16 Feb 6 2173 Mar10
;
161 Nov 2414 July
1314 May
7957
13272 54ar
88 Feb 18 10018 Mar10
6814 Feb 11 8458 Mar18
Dee
397 Dec 4812 May
8
40 Feb 11 4312 Mar10
1218 Jan 8312 Dee
2312 Feb 13 32 Feb 19
56 Mar 70 Dec
62 Feb 10 68 Feb 27
39 Apr 5318 Dec
4612 Mar 8 51 Jan 5
44 Apr 72 Sept
50 Feb 11 8014 Marll
2112 Feb 11 8014 Mar10
24 Dec 4434 June
3 53 June
83 11 une
4
70 Feb 11 79';Jan 7
75 8 Dpeo"
737
644 Feb 11 8812 Marla
33 Dec 8812 Feb
327 Mar 9 36 Jan 13
3314 Mar 9 36 Mar19
333 Dec 391;May
4
103 Jan 273 July
1514 Feb 13 2534 Feb 24
4
4
2312Jan 14 34 Feb 20
20 Dec 87 May
11 Feb 11 18 Feb 24
107 Dec 2338 June
8
7
21 Feb 11 30 Feb 21
23 Dec 87 s June
612 Feb 11
65 Dec 12 July
8
98 Feb 19
1234 Feb 13 1812 Mar 1
12 Dec 2314 July
8818 Feb 13 105.34 Jan 3
917 Nov 118 June
8
18 Feb 13 203 Mar 1
8
2014 Dec 88 May
80 Feb 13 5834 Mar18
7
0
2%2
228 Deo 7 May
5 83 jan
77
25 Feb 13 4612 Mar19
12 Feb 9 17 Mar15
11 Dec 2558 31117
107 Feb 19 153 Feb 28
,
July
4
May
21 Feb 20 24 Jan 3
10 M r 2
5
July13
y
284 Feb 11 35 Jan 26 12314 Asg
1983 Deo
110 Feb 18 12512 Mar10
18812june
65 MaY
704 Mar
16 6914 Jan 3
65 Feb
63 Dec
43
4
83 Feb 5 1338 marls
4
15 8 July
1714 Jan 3 7 3uly
5
203 Feb 13 2934 Jan 27
4
714 Dec 1338 July
71s Feb 11 1012 Feb 24
201; Feb 11 31 Feb 24
2014 Dee 88 Ma).
;
144 Feb 11 2012 Feb 19
14 Dee 2414 3ta y
3% Apr 157 J ulr
813 Feb 13 1278 Feb 24
16 Dec 301; July
143 Feb 18 2012 Feb 19
201s Feb 13 2734 Mar10
Feb
uly
26
b 6112 Jan
5412 Fob 5 65 Mar18
81271s
1814 Sent
914 Feb 13 1418 Feb 20
71 Ma
4
4
16 Feb 11 2212 Feb 20
17 Jan 283 Sent
8
,
25 D... 417 Mai
26 Feb 6 33 Feb 24
25 Feb 11
3414 Feb 6
65 Feb 13
6514 Feb 13
14 Feb 11
158 Feb 4
3614 Feb 26
804 Mar 1
82 Feb 11
89 Feb 11
39 Feb 13
45 Jan 7
743 Feb 13
4
90 Jan 20
105 Feb 13
3834 Feb 25
05 Feb 5
12418 Feb 25
11218 Feb 26
397 Mar 1
3
85 Mar17
1134Jan 9
181; Mar 1
901 Mar 2
;
38 Feb 6
53 Feb 13
87 Fab 13
74 Feb 13
921s Feb 25
82 Feb 13
104 Feb 13
303 Feb 13
4
163 Feb 13
4
80 Feb 14
664 Feb 13
39384 Fob 13
2958 Ap
64 May
30 Marll
21
Jan 54 July
4512Jan 5
561s Jan 76 June
72 Jan 12
66 Jan 113 July
8834 Jan 5
2 Jan 3
414Jan
112 Dec
13 Jan
4
314 July
212 Mar 8
30 Jan 5134 001
5378 Jan 3
92 Jan 3
817; Jan 97 Seinl
95 Jan 28
87 Sept 11184 May
9012 Jan 10 392 Dec 103 Mar
33 Jan 55 July
4614Jan 5
Oct
4513 Jan 28
42 Jan 49
62 Jan 10134 Oct
9618 Jan 8
95 May
93 Jan 5
843 Jan
4
8413 May 1437 Nov
8
4Jan 2
1283
8
6134Jan 3
4278 Feb 685 Sent
101 Jan 3 388 Dec 107118June
8412 Feb 14838 Nov
146 Mar18
11612 Feb- 4 113 Jan 119 July
5438Jan 3
3934 Jan 6712 July
88 Jan 93 Apr
85 Mar17
1414 Mar
15'; Jan 14
1014 Nov
131; Jan 4318 July
303 Jan 3
8
7114 Jan 1423; Oct
122 Jan 3
871; Aug 761;June
5312 Mar10
88 Jan 2
543 Jan 7614 June
4
6238 Feb 18214 Oct
12012Jan 3
441s Mar 89 Nov
4
873 Marti)
$
8Jan 27
88 Mar 983 Apr
995
88 Jan 11712 Oct
10814 Mar18
4
107 Mar 9 100 Jan 1093 July
44 Jan 2
393 Dec 63 Aug
4
;
26 Dec 471 Oet
3012Jan 5
7936 Dec 944 JUMP
82 Jan 14
4
6112 Doc 893 July
72 Jan 3
/1
10014 Jan 13
94 Dec 1095 July
•Bid and asked prime no sales on this day. 1 Ex-rights. I Less than 100 shares. a Ex-div, and rights. x Ex-dividend. •Full paid.
PER SHARE
Ranee for Pf1010010
Year 1919
1167
New York Stock Record-Continued-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Mar. 13
Monday
Mar. 15
Tuesday
Mar. 16
Wednesday
Mar. 17
Thursday
Mar. 18
Friday
Mar. 19
Saes
for
the
Week
STOCKS
NEW YORK sTocK
EXCHANGli
PtOm SR Atte
Range since Jan. 1
On Oasts of 100-share iota
Lowest
Highest
highest
?SR SHAi(a
Range for Previous
Year 1919
Lowest
per gaar•
$ per share
per share
8 per share $ per share $ per share $ per share S per share $ per share Shires Indus. & Misesil.(Coo; Par 8 per share
J00 86 Feb 13 11.5%Jan 5 101% Dec 140 Sept
50 American Snuff
1123 1123 .100 11212
8
8
• .109 117 .104 117 .110 117 .105 117
3314 Ma) 47 July
4614 4912 4812 4938 36,650 Am Steel Found tool ctf...3318 39 Feb 2.5 49% Mar19
4538 4538 .1514 46
4 4512 4614
4514 153
91
Dec 9612 Aug
No par 90 Mar 1 0312 Jan 19
100 Prof temp °Us
,..„...
_.,
..„....
92
92
- 2
32 2 - 2
4
129 4 13112 131- 1 -7- 12113 12 -3- iiii- 1- -1 171. - 11'11- jaU2 1:311- 10,600 American Sugar Reflulne...100 123l Feb 13 14112Jan 7 11114 Ja 148% Oct
9
3
-31 8
4 -- 4
110 May
100 11412 M tr 8 1143 Jan 20 113% Ja
4
Do prof
.114 118 *114 118 .114 117 .114 118 .114 116 .11.4 116
73 Au 12012 June
9818 9712 10114 10114 10314 53 000 Amer Sumatra Tobacco. _L00 77 Feb 13 103% Mar19
96
9034 9734 9512 99
90% 91
100 84 Feb 16 9212 Jan 3
90% De 100 May
103 Do preferred
.8612 8912 *4612 4912 8912 8912
*8312 8912 *8812 8912 1
95 De 108% Mar
4
- iiiiis -9-912 9914 9978 9958 9978 9938 1003s 10014 1003 x9818 9858 7,900 Amer Telephone & Teleg_1.00 96's Jan 13 10034 Mar18
100 z225 . Feb 13 233 Jan 5 191% Fe 314% Oct
2,300 American Tobacco
260 260 .260 275 .250 270
26412 208
267 267
267 271
4
93% De 106
Jan
100 9212 Mar 3 973 Jan 7
601) Do pref (new)
3
•
94
9512 •9418 9512 9514 9512 95 8 9512 9512 9512 .9512 96
4514 Jai 16912 Dec
100 11212 Mar 3 10512 Jan 2
13314 1373 118,200 Amer Woolen of Mass
4
4
12412 12712 12612 13012 1273 13334 13012 13512 z13514 140
100 10112 Feb 13 105'! Jan 29
4
943g FeL 1103 June
403 Do pref
1035 10334 10312 10312
•10312 104
10234 10234
8
27% Ja
Oct
3
69
1,300 Amer Writing Paper pref 10035 4 Feb 23 6134 Jan 3
4
49" - 6 8 -Lii2 "di- 513 52
. 14
.45
47
48
493 4931 47
Jai
29 July
11
5,800 Amer Zinc Lead & Smelt .25 15% Feb 13 2112Jan 9
1834 1912 19
20
1814 18% 19
193
4 1812 2012 1824 19
J
25 50 Feb 13 591. Jan 9
40
65 July
400 Do pref
57
56
56
58 .51
.54
*54
56
58
56
5612 57
8
777 July
54% No
8 61
6218 6214 6312 41,900 Anaconda Copper Mluing 50 51 Feb 13 85,4 Jan 5
,
587 5934 5812 5934 5918 617, 00 (107
6% Jan 3
10
1
318 Feb 10
Jar
9% Nov
500 Assets Realisation
___ __ __
4% 418
41s 418
418 438
1714 Ja
43
443 7 ; "i- 457 4618 2,200 Associated Dry Clowis_-_100 43 Mar17 6714 Jan 3
6512 Dec
;iiis WC; 4612 4712 4538 46
100 613 Mar 5 74% Jan 17
81 Mar 82 Aug
4
300 Do 1st preferred
67 - ---- -----6514 6514
_
.65
70 .65
70
85
8634 .65
4
100 7012 Feb 10 753 Jan7
5818 Fe
8014 May
Do 2d preferred
.. .___ ____
70
.84
70
70 .60
_ .60
__
142 Nov
68 Ja
100 107 Feb 11 125 Jan 8
Associated Oil
116% 1 4
116 116
-161; 1133 11334 .113 11512 1154 1-1-61-2
92 Fe
1923 Oct
8
H14- 16i- 17, 63 All Gulf & W I SS Ltue.-100 137 Feb 26 17012 Jan 5
162 16514 16138 167
-4 5
8
155 156
0
155 157% 15714 165
Ja
100 63 Feb 26 75 Jan 7
76's May
64
67 .65
.6.5
100 Do prof
*65
67
67
.64
66
66
67 .85
60
8512 Dec
-110 par 54% Feb 26 74% Jan 3
753 Dee
8
6714 94,300 AT Securities Corp.
6418 66
65
0734 6534 6778 8434 6634 6534 0878 06
14% Nov 20 4 Dee
60 13 Mar 1
3
1914 Jan 8
14
500 Autosalea Corporatioa
*12
14 .1334 14
13
13
1312 1312 137 1378 .12
541 25 Feb 14 3038Jan 15
29
Oo
3512 Dec
'28
200 6% prof temp centre
8
8
*28
8
2812 .253 2512 253 2534 .2514 2612 .2512 265 .24
817 Ja
8
156% Oct
133 14012 1331 13712 548,300 Baldwin Locomotive Wks.100 10312 Feb 13 14012 Mar18
1173 11934 1183 125
4
4
12134 12614 12312 135
145 July
100 114 Mar 3 1347g Jan 3 103 Ja
2.600 Barrett Co (The)
12512 126
12414 126
12312 12312r123 123
4
12234 1243 123 123
119 May
100 105 Feb 18 111I2Jan 6 110 Fe
100 Do preferred
_ ___- ____ ____
10534 10534
20
1 Feb 9
2% May
138 Jan 5
114 Ja
100 Batoplia.s Mining
114 .1
114 - -- - --1-1;
114 *1
1
4
14
-- jig -1-1- -;i- --Ile .1
26 Sep
17'! Feb 11 31% Jan 2
Oct
._NO par
45
2458 26
4
2578 281
s 293 3114 2812 3058 65,503 Bethlehem Motors.
281 307
30
f
10734 July
5512 Ja
89
1,300 Bethlehem Steel Corp..,.100 7712 Feb 27 9514 Jan 30
88
- ------------- --_
87 87_ -88 90
55% Jan 112
Oct
92
923 97
9
-99i, liii-4 92
951 9718 103,700 Do Class B common-100 8112 Feb 26 1021* Jan 3
2
931
1 1
100 97 Jan 14 10214 Feb 24
90 Dec 108 July
Do preferred
--- 102 102
- - -- ------------------------------------10011238
8
116 Sept
11 403 Do cum cony 8% preflOO 108 Feb 13 114 Jan 5 1016 Ja
s
;
itt 11 3
25 July
10 Feb 13 15 Jan 9
11 De
'1113 -11- - 116 -11* - His -11i 117 117
12
1214 3.200 Bo•th Fisheries___No par
8
8 1134 12
- - -2
-7
4
8512 D
102 Aug
100 91 Jan 13 951 Feb 27
Brooklyn Edison, Inc
92 May
41 De
100 4912 Feb 5 58 Mar15
151- . ii- - - ;:ii- 14 ---io5 Brooklyn Union Gas
; 2- -. 3
6.
51i
55 -- -601-2 - - ;11i- - ii - .4a- 51i
11212 July
100 93 Feb 27 105% Jan 2
71 Fe
98
- *95 100
93
100 Brown Shoo, Inc
93
- *03
.
97 Au
101 May
100 96 Feb 18 100 Jan 12
-4/ 98
if .97
303 Do preferrel
-_--- - -..-- .9512 98
4
/
1-6 2
-151 1.3 -3- 1- *953 97
115 Dec 166
Apr
100 93 Feb 4 120 Jan
107 107
10534 1057 105 103
5,200 Burns Bros
10714 103
8
105- 106106% 107
17 Oot
5% Fe
1112Jan 9
912 954
912 93
4
8
97
910 97
Ole 1018
934
93
4 9 4 1,900 Butte Copper & Zino v t c
3
5 'el 1 26 Jan 6
's b
Ja
iiiil 17 Fe)1t16
1912 1934 197 20
•1812 19% .1812 19
3934 July
20
21
1,500 Butteriek
20
19
3712 July
167 Fe
8
2612 261* 2618 27
Ms 2712 5,600 Butte & StIperior MinIng_10 22 Feb 5 2914 Jan 12
2014 267k
MA 273
8 2612 27
22
1914 D
8 2312 2.114 2314 2412 2314 2118 12,900 Caddo Central 011 & Ref 100 17 Feb 6 2814 Jan 6
2212 2212 2331 2310 245
5414 May
87% Dec
823
8 8134 82
4814 Ja
8112 81
79
79
11,800 California Packing___No par 874 Feb 27 8512 Jan 28
803* 8384 81% 844 81
4038 4018 41
41
2038 Ja
42
4
567g Oct
100 273 Feb 13 46 Jan 3
18,500 California Petroleum
39% 4114 39
3634 3612 3712 40
100 85 Feb 10 751* Jan (3
71
71
•68
71% 68 68
6418 Jan 86% Sept
.6712 71
7014 7014 .70
72
300 Do prat
58% Mar 8634 July
59
62 62
03
*0012 63
*61
6418 6118
Mil
700 Calumet & Arizona Mln1ng..10 6312 Feb 13 68 Jan 2
64
6112 03
9712
973
Feb
9112 Jan 101 Aug
200
-gy _ 88,, 97% 90 4 9734 41,700 Case (.1 1) Thresh M pt ett.100 72 Feb 13 101 Jan 24 5613 Feb 116% July
90%
100
10454 Jan 5
9212
Central Leather
.
-51 2 /5 -ii iiit; "iiii4 141- -iiiii,
6
2
3
;
100 103 Mar12 10812 Jan 5 10413 Jan 114 July
•10218 103
103 103 *10218 103 *10218 103
103 103
400 Do pref
103 103
.4914 50
67% July
' 5334 51
52
43114 5012 50
5114 523
4 52
5312 20,600 Cerro do Paseo Cop-_No pa 45% Feb 28 6138Jan 3 31 J
47 Feb 6 62 Jan 7
_o
.
51
__
_
3014 AP
5214 5'214 53
51,400 Certaln-Teed ProductsN pa
600
6512 Nov
iii" 1514 Ka- al" iiiie 1-53 - 146 15012 15014 153 z150- 1-5i 90 No 141% Nov
,
Chandler Motor Car__ _No per 117 2 Feb 26 164 Mar15
68 Ap 11312 Nov
95 101
993 102
4
7,200
1812 1812 16,103 Chicago Pneumatic Tool 100 78 Feb 26 10613 Jan 3
163 D
4
2914 July
25 1518 Feb 11 2114 Jan 3
Chile Copper
"Fri, 114 "II -114 "hi" -CC 13 18%
32% Fe
33114 34
5078 July
5 31% Feb 26 4158Jan 3
3018 5,500 Chino Copper
34
33% 3352 36
3434 34% 3178 35
35
98
60 8 Fe 108 Dec
3
*90
98 .91
93
08 .91
P91
6
100 Cluett, Peabody ,i3 Co_ __ _100 87 Feb 11 108 Jan 3
4
993 9 3
4
357 10.500 Coca Cola.
No par 33% Jan 19 4034 Jan 2
x3518 30
37 Nov 4352 Nov
12
3534 30
,
35% 35 2 -Ws Id- 34
We 36
3912 40
3768 38% 3814 397
40
3,000 Colorado Fuel & Iron __100 3614 Feb 11 4414 Jan 3 3434 Feb 56 July
40% 3818 39
8
39
39
58
3914 Feb 69 Oct
59
59
100 53 Feb 13 67 Jan 9
59
59% 60
597 6012 60
6114 5,100 Columbia Gas & Elee
8
5910 592.
48% 4938 24510 4712' 437 4534 4112 437
503 Oct 7514 Oct
4
8
437 4412 4414 4534 25,600 Columbia Graphophone No par 3612 Feb 5 65'z Jan 5
9113 De
9512 Oct
8 9034 903
9112 9078 907
100 874 Marll 9214 Jan 14
*89
4
00
18714 90
403 Do pref
90
54 Aug 75 June
69 69
._No par 5512 Feb 10 70 Mar17
70
88
6.5
0712 67
68
683
4 4,900 Consolidated Cigar..
61
88
87
8
83
8 12 82
7
87;2 .82
2
8012 8 34 .82
t
6
30
8286 82 .712 83 .8212 8712 3,300 Com u" ferred (N y) 100 x7614 Feb 13 8212 Jan 30 878 Aug 86% July
0 Do preed Gas
8
2
86
75 Feb 11 8334 Mar15
78% Dec 10683 July
-41 - Id 0
-8
4
5% Al)
23 Oct
19
19
19
p/878 19
18
1818 18
187 1912 6.503 Cond Inter-State Call Mg-10 163 Feb 1
s
1834 1878
203 Jan 5
s
3042 Dec 37% Nov
.
2712 2814 28% 2958 2954 3114 31
31% 3014 313
* 30% 307 12.500 Consolidated Textile-No par 25 Feb 27 3158 Mar17
8
89% 1,600 Continental Can, Inc
88
£88
6512 Feb 103% June
'
85
80
87
80
7834.J 1l
b
8452 841
100 100 F: 13 933 Jan 3
*
--------'100
10234 Jan 22 10012 Oct 110 June
*101 103
•100 108
Do preferred
i
,i.61-0 If
1034 Sept 15 8 Oct
1034 10 4 "jai's 165; not 10% 102 078 1n3 --- 2 - 73
3
-- 4 191 75,500 Continental Candy Corp No par 1012 Mar 0 1312 Jan 3
- --- 3,505
91
92
91.
0.1 tg 9215 9412 9214 93 8 NIS 95,
b 16
46
Jan 99
Oct
100
7
2
9314 9412
Corn Products Refining__100 1076114 n 23 9512 Mar18
Jan
Jan 109% July
106 100
10614 10614 106 106
100% 10612 .10512 107
107 Jsn 9 102
107 107
700 Do preferred
4222 25512 Mar15
5218 Feb 281
'22212 241
0
23312 237
Oct
243 25512 231 252
231 .242
2283 235 1.20,000 Crucible Steel of Americal0 IL Fab
4
Jan 105 July
91
.9614 99 .9614 9814
98
100 Jan 7
x(18
33.3
200 Do preferred
00
44% 447
4412 45% 44% .1511 4514 4714 4738 4874 -871-2 - - ;
8012 803
20% Ja
8 41
55 Dec
8fi3411
703 Cuba Cane SugarNo par 3912 Feb 26 54 Jan 7
8212 82%
100 7912 Feb 13 85% Jan 21
69% Mar 877 Dec
8
410 410 *ioo" ali" *466- 416 ;"14-- 415 - 1125 425 .425 445
Jan 410 Oct
520 Cuban-AmerIcan Sugar_100 400 Jan 9 450 Jan 26 150
*1134 12
1218 1218 1134 12 .113 1214 12
103 Jan
8
1614 May
10 1012 Feb 13 13 Jan 3
4
12
1178 117
8
700 Dome Mines, Ltd
2312 2312 2312 2312 .21
50 2018 Feb 26 28 Jan 2
23% Dec 43 July
23
24
24
233g 2334 23
23
7 Elk Horn Coal Corp
403
00
•33
39 Dec 49 July
42
*33
42
50 33 Feb 17 44 Mar18
42 .37
44
4,37
42
41
Do preferred
.37
4712
25
.21
*21
25 .21
24% Dec 43 June
.21
25
25
21
23
24
23
300 Emerson-Brantingbam..-100 20 Feb 6 29 Jan 2
*8212 83
100 8212Jan 21 91 Jan 3
*82% 80
88 Dec 101 June
.8'212 83
*8212 83
8212 8234 83 83
11. 00 Do preferred
400
3
10534 107
107 108 z107 1083 10634 10812 11512 118
50 99 Mar 3 147 Jan 6
8
Endicott-Johnson
80 Jun 150 Dee
1173 12134
4
100 10018 Feb 27 104 Jan 3 101' Aug 1074 Dec
102 102 . 10212 1021
,
225 Do preferred
-- 11021s 1021s
--78
78% 79
83 Dec 123 July
801 27714 - -1 - 1
700 Famous Players Lasky No par 0518 Feb 11 05 Jan 5
7 ,
8
'
- -3 '
-t •
88
89
--- - --------- ---- -------200 Do preferred (8%) 100 85 Feb 11 9O4 Feb2
88
89% 8912 8912 - ---.11
16
13
*1312 1512 *13
151- ii8
- 2
13
O"
ll
i32 512
300 Federal Mining & Smelting 100 10 Jan 6 1512 Marl I -.. 'Fe; 23': July
25 Dec 4814 July
100 2614Jan 2 3(3 Mar16
3 4 35
43
3512 3512 3512 3512 35
3512 3512 35
36
3534 1,700 Do preferred
•120 127
3814 Jan 173
124 125
12918 12912 .125 135
130 130
Oct
No par 100% Feb 13 131 Mar19
13212 134
1,300 Fleher Body Corp
3712 3734 3038 3718 3614 3712 3638 37
25 33 Feb 6 48 Jan 3
3918 Nov
363 3734 3634 373 12,700 Fisk Rubber
4
55 0o1
2512 28
2634 2831 2614 27
317 D • 4. 64% July
8
2534 20
263 27
8
2612 10,700 Freeport Texas Co
No par 201a Feb 10 3612 Jan 5
26
1534 1618 15
151A 153
1514 1534
8 1514 16
157
8
Feb
15 Dec 3834 July
1911 Jan 5
_.__
2,500 Gaston W & W.Ino-NO
.67
6912 6912 701 *68
707
8 6712 6712 683 ir)
47
Jan 9578 July
152, Feb 27 75% Jan 3
181s Fe 11
5 a
70
70
8
1,700 General Cigar, Inc
•163 165
16313 165111 103 165
168 103
164 187 z162 1627
Oct
too
172 Jan 2 14412 Feb 178
4,300 General Electric
321 333
316 327
320 330
318 324
32718 33714 336 343
100 22512 Feb 17 345 Jan 5 11812 Jan 406% Nov
97,000 General Motors Corn
4
3114 317
4 31% 3314
8 313 323
3158 323
.4 3234 334 33% 3414 91,300 Do temporary ctfs__no par 2412 Mar 5 3414 Mar19 --100 731z Fob 13 893
82 Jan 95 June
8112 81%
4Jan 3
200 Do Preferred
- 74i2 - -34 "ii4 "i5" "i4i2 lii- "iir4 -iii 8812 813 -iiit ISI; 3 700 Do Deb stock (6%)-100 69'* Feb 13 8514 Jan 6
82% Feb 943 Apr
i4 4
. 8712 8712 88 83 74 73 4 894 8912 2:500
8012 8612
-.-100 84 Feb 13 90 Feb 7
)
216dhebceon B F (7%)
tock
5612 Jan - - 1;Oct
933
713 72
77;78
4
- 72- - - 7112 72% '71118 '713
100 6434 Feb 25 851 Jan 5
4 7218 7312 27212 74
(B
9.500 Good
pe
s
05
95
100 92 Mar 3 10234 Jan 3 102 Aug 10912 Apr
400 Do preferred
1
40 4 40
3
34 iio- -4-2-1-2 4014 4012 -49C2 - - 1- .5
4
4 2 11'2 934 .
6
4713 Dee 80 Jan
:1i- -4-1--800 Granby Cons M 8 & P
100 36 Feb 25 55'2 Jan 3
4
4638 Dec
3312 3312 34% 34%
34
53% Nov
25 3114 Mar 5 493 Jan 5
3412 3410 34
200 Gray & Davie, Inc
;34 - 6- -31% Wif - *34
. 3
*33
35
37
*33
3212 Dec 47% July
4
35
600 Greene Cananea Copper-100 293 Feb 13 3818 Jan 3
6612 118
11714 6814 66% 70
4
4912 Feb 8918 Oct
6912 707
7314 -iii2 -71- 6,800 Gulf States Steel tr ctfs_100 573 Feb 25 8478 Jan
3 71
.
8812 0012 .88% 90% .8812 9012 .8812 9012 883 883 .8812 9012
100 86 Feb 16 108 Jan 19
5414 Jan 100% Dee
4
4
100 Hartman Corporation
02
63
z(11
62
6012 62
6012 6212 6212 1357A 61
40 Feb 7138 July
631 4 21,200 Haskel & Barker Car.- No Dar 50 Feb 13 6612 Mar19
403
2
39
39
.35
39
3912 .35
39
311
3912 41
4314
14,00 Hendee Manufacturing -100 30 Mar 2 433i Mar19
1484 1512
143 1.17g
153g 157A
16
171 %
1738 187g
1758 1812 38.100 Hupp Motor Car Corp
10 13 Feb 13 1878 Mar18
5412 5514 54
551: 5512 57
5512 56
5618 57
4212 Feb 687 July
563.1 58
14,900 InatairatIon Cons Copper ..20 5018 Feb 13 6134 Jan 3
*
.21
22
2112 2312 2312 21
'24
2414 25
2634 2512 26
10i2 Jan 37% July
4,900 Internet Agrieul Corp....100 13'! Feb 13 2634 Mar18
7712 7712 80
80
31
30
8138 8112 82
8312 .80
100 69 Feb 11 8312 Mar18
Jan 917 July
48
82
2,100 Do preferred
127% 128% 1283 12014 125 12834 128 12934 12878 1337 132 13412 11,100 Inter Harvester (new).--100 1I21s Feb 17 135 Jan 5 11018 Jan 14934 July
8
111 In
4
100 1103 Mar 1 115 Jan 24 111 Deo 120 June
200 Do Preferred, neto
-iLi2 161- "iii- - 8 -994 Ii1- -iiiCI - . "iiiiii -iici 37
a
3172
:ca.
2114 Jan ON July
3914 27,500 Int Mercantile Marine____100 2712 Feb 11 5178Jan 3
8934 913
90
92
91
93
9012 9214 92
93% 94
92:4 Feb 12812 May
11I%Jan 5
987 28,100 Do preferred
8
22
22
22
22
2212 2218 22% 13,200 International Nickel (Thel_25 7936'4 Feb 13 26)4 Jan 7
3
2212 2112 2212 2134 22
2058 Dec 337 June
100 1 2 F
7912 80 8 79
8412 8412 8734 87
3
8831 8814 913
3014 Jan 82 Nov
4 88
100 70% Feb 26 91 Mar19
91
94,300 International Paper
7514 7514 75
75
78
76
7612 76% 7812 7612
100 70 Feb 16 79% Jan 3
62
Jan 80 July
800 Do stamped pref
4334 44
44
44
.4:178 447g 4418 4534 45
-433t 11 - 1
I )ee 65 Nov
34
4512 3,500 Iron Products Corp.
par 3618 Mar 1 5112Jan 27
18
1812 .._
13
1531 1534
17
1712 1
100 14 Feb 11 2134Jan 9
'
15 1)ec 43 Mar
17
1 Jewel Tea, Inc
4112 4214 -4012 -, 1 4514 Jan 10
401N 401? 40
f40
387 Deo 91 Mar
2
100 3934 Feb 11
preferred
.
24
2712 *24
*24
-----------------------Do2f .24
2712 *24
27
271? .24
100 2312 Feb 11
2434 Dec 44 July
30 Jan 5
Jones Bros Tea, Inn
27
121 1211, 12212 127
127 129
123 12634 12634 13212 13112 1347 14,500 Kelly-13prIngfield Tire
Jan 164 Nov
68
25 108 Feb 25 152'!Jan 5
9934 0934 100 100
100 100 .9934 105
*9934 105
96 Feb 13 105 Jan 21 10112 Dec 11014 Oct
100 100
•
70
82 .70
80
.70
79 .71
80
*70
79 .71
70
Jan 1148 Oct
64)° Keise yperer y 8% breferred 12 66 Mar 4 90 Jan 5
34
Tenl Whee1, 1ne
30
30
30
313
8 3012 3178 3012 303
8 30% 3114 3111 32 118,800 Kennecott Copper._ __No par 273 Feb 13 333 Jan 5
3
2734 Nov 43 July
*
363 3818 x371 1 38% 3(134 3812 353 37% 303 3712 3434 37
4
8
3834 Dec 126% July
19,500 Keystone Tire & Rubber__10 24% Feb 13 481* Jan 5
7312 7234 7414 73
73
741 1 7212 71
75% 8112 7813 8154 31,190 Lackawanna Steel
8212 Jan 1073 Nov
4
100 63 Feb 26 9134Jan 5
_ ._
43
_
43
100 38 Jan 8 43 Mar15
33 Dec 83 Jan
100 Laclede GM
"3"4 la" 3378 35 -3434 -34-3-4 -iii- -35 - -i- is -3534 -5;08 -4614 3,600 Lee Rubber (S1 I.01610
l
- 21
Jan 40 Oct
& Tire--No Par 28 Feb 11 38% Jan 6
.
165 175
170 170
170 170 *105 175 *165 175 .165 175
8
200 Usgett & Myers Tobacco__100 1647 Marto 207 Jan 10 195 Dec 2501 Aug
.104 110 .0814 107 *100 107 *104 108 *103 107 .103 108
Jan 115 July
100 108 Feb 21 1097 Jan 31 107
Do preferred
s
30
30
3012 32
2934 31
30% 3114 30% 31
2014 31
10,500 Loew's Itutorporated___no par 2512 Feb 11 32 Jan 15
1014 1034
19
191. 1918 1917 1914 1914
1014 1912 1918 1912 3,000 Loft Inoornorated
17 Feb 8 28 Jan 3
no par
512
251* Dec 1i- Dee
0
/131d and asked Prices: no sales on this day. 11 Leas than 100 snares. t E34131121 e El-div and rights b 80% paid • Full paid
a Old stook :Ex-dividend
-iir, -cif,
-aii, -66--
.
08.. 98.2 .._ _ ...._
New York Stock Record-Concluuud- Page 3
1168
For record of sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW ULM PAI01113-PER SHARE, NOT PER CENT.
Saturday
Mar. 13
Monday
Mar. 15
Tuesday
Mar. 16
Wednesday
Mar. 17
Thursday
Mar. 18
Friday
Mar. 19
Sales
for
tea
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Industrial&Misc.(Con.) Par
600 Loose-Wiles Biscuit tr otfs_100
Do 28 preferred
100
100
2,100 Lorillard (P)
100
Do preferred
100
'104 113 *ioi- 107
100
400 Mackay Companies
*66
70
74
*66
Do prof
100
500
*63
64
63
63
25
100 Manhattan Shirt
3112
3112 *30
*30
500 Martin Parry Corp __.no par
*26
29
2612 28
128 13012 2,700 may Department Stores. 100
129 129
100
Do preferred
1.000
*10112 111 *10112 110
100
190 19512 19212 196 105,300 Mexican Petroleum
100
Do pref
5
4
800 Miami Copper
-2
.2
-2314 2333
-3-225 2314 -25172 231- -231- 235; -223 12 4
8
10
2
8
3118 3878 298 3312 -304 33
2297 323 212.800 Middle States Oil Corp
367 3658 355 38
8
4
4658 4712 4712 4834 *48
4658 47
4614 4718 463 47
8
4814 18,500 Midvale Steel & Ordnance_ _50
100
68
654 6512 66
66
6612 1,800 Montana Power
*65
663
4 6612 6658 6534 68
no par
4458 4458 45
44
4458 4458 445 46
8
44
453
4512 45
4 4,600 Mullins Body
50
3,100 National Acme
37
3612 3612 37
3638 3634 3712 40
363 363 *3612 37
4
4
6212 63
6458 663
62
65
4 66
6714 6612 6814 11,700 Nat Aniline & Chem vtc.no par
4 6514 663
100
877 z85
8
85
8612 8714 873 873
871s 8712 1,100
Do preferred v t c
4
87
4 87
87
100
118 118
100 National Biscuit
114 1714 Do preferred
100
200
iii- 111100
200 National Cloak & Sult
*70 73 ;io- 73 -io- 70 '68 72
;55- 75 ;iF 73
100
Do preferred
*95 100
*90 100
*97 100
*95 100
*95 100
*95 100
1178 1178 1112 1112 1114 1112 1112 113
1118 12
4 1112 1138 4,200 Nat Conduit & Cable_No par
g
4
7812 805
4
4 77
773 7814 773 773
4
793
4 4,300 Nat Enam' & Stem p'g-100
8 79
783
4 773 78
100
Do pref
200
993 993
4
*98 101
*98 101
10014 10014
*97 101
4
100
82
8012 8238 8014 81
82
8234 8212 8312 4,300 National Lead
*79
8012 81
100
100
105 105 *10414 108 *10434 108 *10412 108
Do pref
*10412 108 *10414 108
5
15
143 143
4
4 15
*15
*1414 15
1514 15
1518 1518 1518 1,100 Nevada Consol Copper
5,100 New York Air Brake__ _100
s
1064 1064
104 104
,- 107 1073 11012 11212 11112 114
100
1,100 New York Dock
3614 *35
3514 *3414 38
37 .35
38
- j2 3912 35
37
50
Do preferred
100
65
118
*50
55
*50
55
*48
55
*50
48
100
5318 1318 2513 513 *51
700 North American Co
53
53
3
54
53 53
517 52
4
4
61
6518 6638 6,000 Nova Scotia Steel et Coal 100
62
6438 6314 633
*59
647 68
s
4 6218 63
25
46
4534 46
*45
46
4618 4538 4612 453 463
4
8 4534 4614 12,800 Ohio Cities Gas (The)
400 Ohio Fuel Supply
25
49
49
53
52
52
52
*50
52
51
*50
52
51
512 562
8
4
512 55 13,500 Oklahoma Prod & Ref of Am 5
3
5 13 53
5
4
3
Ps 5 4 x512 53
512 5 8
838 838 1,500 Ontario Silver Mining_ _100
812 858 *818 812 *818 812
812 812
no par
1,200 Otis Elevator
144 145
8
139 139
138 138 *138 1407
no par
29
295
2878 2912 29
49
1
: 4
293 162 8 132;8: 3034 3214 11,300 Otis Steel
s 28 2 64
295
8 29
0
8
25
6114 6114
600 Owens Bottle
*58
62
*58
62
*58
62
6214 6214
72
72
800 Pacific Development__ _
*68
72
68
68
70 70
*68
70
7012 72
400 Pacific Gas & Electric
51
*50
5114 51
100
*50
50
5212 5212 5234 523
4
5112 50
5
500 Pacific Mall SS
36
35
3512 34
34
34
*33
31
313 *32
4
343 *32
4
1,100 Pacific Teleph & felea__100
4112 43
4
60
5
.
-9212 168 933 9612 9612 9912 -5- i4 98
8
79712 1013 ioois 1037 176,500 Pan-Am Pet & Trans
4
50
9312 963 14,400
93
Do Class B
4
8734 8858 89
90
90
9214 95
923
4 91
no par
4258 1,700 Parish & Bingham
4112 4112 42 42
4118 4278 *4112 4212 4234 4312 42
2612 2612 2912 2814 2912 9,800 Penn-Seaboard St'l v t o No par
2312 26
253 2738 26
8
2,900 People's G L & C (Chic)__100
38
*39
383
40
39
4 3812 40
38 16- 383 3912 *38
4
387 3912 3912 4014 3914 397 15,100 Philadelphia Co (Pitter)-50
3
8
371 373
8
4 38
39
387 40
8
8
6214 6312 613 6512 6314 6512 61714 6414 64
6612 6612 687 142,900 Pierce-Arrow M Car-No par
4
100
Do pref
25
8,000 Pierce 011 Corporation
12116313
.
1
19
19
117
1838 . 8 -1838 - 4 1833 -- - -Hi' 11- -113.2 19
pref
100
300
98
Do
29278 927
94
94
*93
8
95
95
95
94
94
95
100
58
5934 2,100 Pittsburgh Coal of Pa
58
5812 59
*56
59
59
5934 5938 593
8 58
100
92
Do pref
*8812 92
92
*88
9212 *88
*89
92
*88
9212 *89
10
20
19
19
1818 19
1814 183 *18
195 215
8
8 2014 2118 3,400 Pond Creek Coal
4
100
96
98
98
99
1015 1033 10314 1043 24,400 Pressed Steel Car
983 103
8
97
97
8
4
4
100
Do prof
160 Public Serv Corp of N 2-100
;1313- 66
-iiiS- 16
.
.---- -- ;86- 66
100
3,800 Pullman Company
8
'115 1161a 11514 11514 118- 116 1157 116
11812 1234 12234 124
- 12
50
L 80 80
,
8012 8218 8118 8278 8214 8414 8312 843
4 8313 8512 14.800 Punta Alegre Sugar
100
9,500 Railway Steel Spring
10112 102
I 97121 9812 9814 9834 99
100 103
997 x9778 100
8
100
100
Do pref
*105 J10 *105 108
10512 10512 *105 108 *105 108 *105 108
6,100 Ray Consolidated Copper_ _10
18 k, 183
1814 183 183
8
4 1814 1812 1818 1838 1812 19
4 16
85
7812 82
8612 5,900 Remington Typewriter v to 100
84
85
7518 80
7818 80
no Par
427 493
43 43
8
43
*35
45
43
4 5,000 Replogle Steel
;55- 16- 4113 43
100
9634 94
023 943
973 10612 10358 10612 228,500 Republic Iron & Steel
4
8
963
s 9212 97
4 94
100
400
Do pref
9812 9812
z9712 9712
993 993
4
4
43
900 Republic Motor Truck_No par
42
4238 44
45
44
8
-. 8
101 10314 1023 10612 86,900 Royal Dutch Co(N Y shares).
-554. 6 1 -15954 1017 10012 103 - 100 102
1 687
10
700 St Joseph Lead
16
1638 163
8 1618 1618 1612 1612
1638; 1638 16
100
4,400 Savage Arms Corp
71667
8 667 7514 -72
*65
67
*6512 6612 65
8
*65. 68
4
1614 167
173 1878 173 1814 1714 177
4
4
8 1758 1812 54,500 Saxon Motor Car Corp No par
s 173 19
900 Sears, Roebuck & Co____100
234 234 *225 235
2343 2343 235 235
233 234
4
4
232 232
10
1214 1212 1,300 Shattuck Arts Copper
4 1134 12
4 1112 113
4 1112 113
*1112 113 *1112 113
4
£2
8178 58,000 Shell Transp & Trading
80
7814 8012 7712 7938 7812 81
79
80
7714 7912
4
4258 433
8 4258 4378 423 4414 4212 4312 4312 4458 4312 4514 145,500 Sinclair Cons 011 Corp No par
74
9 12 9712 7414 7612 13,000 Sloss-Sheffield Steel & Iron 100
74
75
7212 74
73
72
7312 7212 74
100
Do preferred
200
93
93
*8914 95
*90
93
94
*90
93
*91
So Porto Rico Sugar prof. 100
*106 112 *106 112 *106 112 *106 112 *106 112 *106 112
100
100 Standard Milling
140 140
100
Do preferred
21,566 Stromberg-Carburet ...No par
-ii"
nit 74
77
6
-2 7
6714 - 1- 2 1. 221- -7 6- 7213 -ail 64 -- 2
4
8
4
8
4
95 4 100
3
1003 1027
8
8 005 1023 1033 1073 10612 1095 302,200 Studebaker Corp (The) -100
9514 97
100
Do prof
19,200 StutsMotor Carol Am-No par
14514 1 . 180 166- iOo- 204
6
. 4
2
159- 1441- 14412 161'- xiii- 153
100
4818 497
48
48
8 50'4 5312 6.700 Superior Steel Corp'n
165; 1038 10 s 1012 107
11
11
1038 - .
s 5,700 Tenn Copp & C tr etfe_No par
7
-155 1 7
4 - 8 1034 11
6
210 21412 120,900 Texas Company (The).___100
19914 214 z209 2193 20712 21212 212 216
4
19612 199
8 71
7212 72
7314 19,800 Tobacco Products Corp. 100
6714 6812 6812 70 8 6914 7114 6912 703
7
100
Do prof
500
9614 9614 *93
97
*92
95
*93
9512 9514 96
95
*93
96,400 Transcontinental 011-- No per
2612 284 2638 2714 2634 2712 2518 27
27
2712 2718 28
1,200 Transue & Williams St_No par
6112 6112 62
61
6014 61
5918 60
Underwood Typewriter. 100
Union Bag & Paper Corp-100
66;58- 16- ;58- ;55- 88
no par
3378 3412 33'2 3412 3318 34 -3378 16- -348 2E3-- 576,566 Union 011_ Steel
-3312 3414
No par
47
45 4514 45
4712 1,800 United Alloy
45
45
46
4434 443
4 4434 45
100
100 United Drug
135 135 *134 137 *134 137 *134 137 *134 137 *132 137
50
Do let preferred
300
51
*5012 5112
61
51
5078 507
*5012 51
8 51
100
8
4
16 -- 1993 20414 203 2067 202 20412 203 20612 x200 203$4 12,200 United Fruit
.. 3
94
*He7658 74
8 7612 784 51,400 United Retail Stores ...No par
753
4 76
773
8
73% 7412 737 767
8 75
100
1918.1914 1,600 US Cast I Pipe & Fdy
1812 1812 1834 19
8 1818 19
1814 183
8 1878 187
100
Do pref
200
*45
493 493
4
50
4
48
*48
50
48
100
*30
100 U 13 Express
3112
3112 ;55- 32
3112 *30
3012 3012 *30
;ii- 31
S Food Products Corp 100
693 31,500
4
8 6884 7014 68
693
4 6712 687
6714 6718 6914 68
66
9912 10212 126,200 U S Industrial Alcohol ...100
9412 973
4 9612 1014
92
9612 9514 9812
9014 93
100
Do pref
*96 100
_ 1,50 U BRealty & Improvement 100
.
6
8
4.
53 ii1- 5234 54
67
6i- - His - - .8 5313 54
-85- *4812 49
10412 10614 10512 1094 10612 1097 10612 109
1093 11412 113 11512 116,900 United States Rubber -100
4
8
100
Do let pref
987
*111 112
11134 1113 11118 11114 11158 111% *11114 112
4
50
B Smelting Ref & M
1,800
70
-85- 6912 70
69
70
6912 70
69
69
50
Do pref
100
*47
4814
4812 4714 4714
*4512 ____ *47
4
1.14 983 10018 9812 10014 9812 1004 10053 166 2 103 104 456,800 United States Steel Corp. 100
9838 26
100
Do pref
113 11318 113 11338 11278 11338 2,300
11212 11314
11318 11318 11238 113
10
7414 7414 753
4 7514 7714 15,400 Utah Copper
7312 753
4 73
73
7212 7258 72
100
2,300 Utah Securities v t a
10
10
10
11
10
11
*10
10
10
104 *918 11
no par
62
6912 177,900 Vanadium Corp
63
5612 5912 60
5812 5718 60
4812 5458 55
7814 13,700 Virginia-Carolina Ohem-100
7718 787
8 77
4 7418 77
7018 7018 7012 7112 7112 743
Do prof
100
200
111 1117 11112 11112
8
1107 1107 *110 112
8
8
*109 111 *110 111
100
100 Virginia Iron C & 0
85
85
100
600 Wells, Fargo Express
5612
6E- ;id- Willi 548 5412 *55
66- 54 .;LiE8 16 ;85- 900 Western Union Telegraph.,100
8914 8914
89
8734 873
4
8012 8714 89
11212 111
800 Westinghouse Air Brake.__50
-10918 11212 *iio- 114
*1094 112 *109 110
52
5212 -85- 144 5312 5438 12,700 Westinghouse Elea & Mfg-50
8
523 53
525 53
8
5278 53
50
6012 623 14,900 White Motor
4
4 565s 5912 5812 5978 z5712 6814 5814 130
553 573
4
25
8
2412 2538 2478 2558 2434 253 52,200 Willys-Overland (The)
2434 26
26
254 2512 25
Do pref (new)
100
600
*85
897
8
88
*86
88
*86
8712
8912 8912 *8714 897
8 87
3,500 Wilson&CoJno, v 8 o. No par
7512 78
75
7512 7514 77
76
7512 75
73
73
73
Do preferred
100
*90
97
100
---466 Woolworth (F W)
-12512 12414 1128
'124 126 *iia.1i5" 126
4
Do pref
100
200
111 111
*110 112 *110 112
111 111
8613 19,900 Worthington P&Mvt0-100
8238 8212 8312 83
80
81% 83
833
8138 81
79%
4
Do pref A
100
_
100
Do pref B
7
7
-7 5- Td- ; 1 73 ---ioo
7
_
$ per share $ per share $ per share $ per share
5714 60
*56
60
*86
58
*56
58
*110 127 *110 127 *111 127 *110 127
162 162 21603 16214 162 164 *156 165
4
1053 1053 *104 113 *104 113 *104 113
4
4
*66
74
74
74
*66
74
*65
*65
64
63 63
63
63
63
63
*60
3112 3112
*2912 31
*2912 31
26
*24
26
*26
27 ;58- 27
*25
128 128 *124 130
*122 128
128 129
10314 10312 *101 110
*104 107 *104 111
8
18112..1837 18212 189
188 19514 186 191
•Bid and asked prices: no sales on this thud
$ per share 3 per share
*56
60
*56
60
*111 127 *111 127
PER SHARE
Range since Jan. 1.
Os basis of 100
-share lots
PEE SHARE
longs for Prestos.
Year 1919
Lowest
Highest
Lowest
Mohan
$ per share
45 Feb 11
112 Feb 11
145 Feb 5
1051 Feb 25
64 Feb16
Febl 1
61
28 Febl 1
23 Feb25
11212 Feb25
10314 Mar16
Febll
161
95 Feb10
2114 Feb 6
2234 Feb 6
42% Feb26
6158 Feb16
3618 Feb13
23514 Feb i 3
44 Feb13
83 Feb13
110 Mar 3
11114 Mar 6
63 Feb26
9412 Feb19
8 Feb 6
6612 Feb25
9912 Feb11
4
723 Feb26
105 Mar 4
14 Feb28
92 Feb13
30 Feb10
45 Febil
50 Feb 4
5038 Febi 1
x3458 Feb13
41 Feb13
434 Feb19
5 Feb19
120 Feb13
28 Feb26
51 Feb13
68 Mar 1
44 Mar 1
31 Feb26
37 Jan13
7134 Feb13
02% Feb13
37 Feb18
1978 Feb25
33 Feb 6
3458 Feb13
4834 Feb13
98 Mar 1
1578 Feb13
89 Febll
5114 Feb13
89 Feb25
16 Febil
84 Feb13
100% Jan 7
65 Mar 3
109 Feb13
74 Feb26
8914 Feb 1 1
1033 Feb 5
4
16 Mar15
6214 Feb13
3412 Feb26
8418 Feb27
23712 Mar15
37 Mar 4
9872 Febll
14% Jan 2
6412 Mar 5
1358 Feb13
214 Feb13
4
103 Feb13
733 Mar 2
4
3434 Feb 6
64 Feb13
89 Jan23
110 Feb28
120 Febll
$ per share
70 Jan 3
11512Jan 19
4
1833 Jan 2
11012Jan 8
6934 Jan 7
Jan28
64
33% Jan 5
30% Jan 8
132 Mar 9
107 Jan12
222 Jan 3
Jan 6
105
26
Jan 6
713 Jan 6
4
5234 Jan 6
6913 Jan 7
51
Jan 5
40 Mar19
72% Jan 3
897 Jan 6
8
125 Jan 3
Jan 9
116
80 Jan 3
10212 Jan13
12 Mar13
89% Jan 2
10214 Jan 7
8614 Jan27
110 Jan 3
1712 Jan 6
11714 Jan 5
4812 Jan 3
Jan 3
61
58 Jan28
7714 Jan 5
507 Jan 3
8
52 Mar13
534 Mar 8
9% Jan26
145 Marti)
4172 Jan 5
65 Jan 2
78 Jan 2
6114 Jan 5
3838 Jan 9
43 Mar18
10814 Jan 2
10318 Jan 3
47% Jan 6
3534 Jan 6
42 Feb 9
4213 Jani0
82% Jan 3
10812 Jan 8
2314 Jan 8
98 Jan 7
63% Jan 3
91% Jan24
27% Jan 5
104% Mar19
10412 Feb 2
68 Jan28
124 Marie
90 Jan 7
103 Mar18
1063 1"eb20
4
2234 Jan 6
94
Jan 3
493 Mar19
4
1243 Jan 3
4
106% Jan13
553 Jan 2
4
110% Jan27
1634 Jaul()
77 Jan28
21% Jan13
240 Jan 5
12% Jan 5
9014 Jan28
48% Jan 5
8214 Jan28
94 Mar18
116 Jan 5
148 Jan 7
$ per share
4018 Feb
94 Fel
14754 Apr
107 Jan
03 Dee
x63 June
28 Aug
23 Dec
J
104
60 jan
$ per sheer.
81 July
120 June
245 July
115 Jule
797 May
66 July
3813 July
3178 Nov
13134 mst
10 Ooy
50 Feb13
80% Feb25
99 Feb25
10034 Feb 1 e)
41 Feb13
914 Feb13
16618 Febil
61 Feb13
90% Feb25
20 Feb 6
5414 Feb13
168 Feb14
87 Mar10
27% Febl 1
40% Febll
12513 Feb13
4838 Feb13
176 Febll
64 Feb13
15% Feb13
43 Feb 3
28 Feb 6
5338 Feb13
77% Feb13
92 Mar 6
40 Feb13
9114 Feb13
110 Feb19
6112 Feb13
4434 Feb13
29214 Feb27
109% Feb13
68% Feb13
9 Mar 1
42 Feb13
59% Feb13
10612 Mar 4
76 Feb13
4812 Feb14
82 Feb13
106 Feb13
48 Feb13
49 Feb13
22% Feb25
86 Feb26
64 Feb 4
9813 Jan13
120 Febl 1
111 Mar13
67 Feb13
88 Feb25
694 Feb26
8612
11538
1014
2(14
5312
1214
231
954
106
38%
66%
190
96
38
53
148
53
2067
8
96%
25%
55
31%
783
8
11638
103%
56%
1433
4
11612
76
4712
109
1165
4
80%
12%
6912
787
8
11212
91
57
8914
119
55%
6634
32
93
8218
98%
130
11614
9514
93%
70
-rights. a Ex-div. and rights. •Ex-div.
1 Lees than 1 shared. t Es
00
Jan 2
Jan 5
Jan31
Mar19
Mar19
Jan 4
Jan 2
Jan 3
Jan 7
Jan 5
Jan 3
Jan 2
Jan 6
Jan 6
Jan 5
Jan14
Jan13
Marie
Jan 3
Jan 3
Jan 5
Jan 9
Jan 5
Jan 8
Jan 6
Jan15
Jan 5
Jan13
Jan 3
Jan 8
Jan 6
Jan28
Jan 3
Jan 2
Mar19
Mar18
Jan 7
Jan30
Marl1
Mar18
Jan 8
Jan 3
Jan 5
Jan 3
Jan 5
Jan 5
Jan13
Jan 5
Jan 6
Jan27
Jan13
Jan 6
Oct
1623 Jan 264
4
99 Dec 11854 Sept
72 4 J ulv
3 1:4 Noy
31 No v
22 oct
4014 Fet. 62% July
54 Nov 83 July
Oct
40 Nov 53
Ms Jan 4312 July
45 Sept 75 Nov
9113 Oct
87 Nov
Oct
107 Aug 139
112 Dec 8121 Mar
70 Jan 92 July
103 Dec 10814 May
81s Doe 2434 July
45% Feb 88118 June
93 Jan 104 May
64
Jan 941 Oct
102 Sept 112 July
217, July
1314 Nov
9114 Feb 14524 Oct
1912 Feb 70% July
444 Mar 76 July
Jan 67 July
47
46 Jan 97 June
33554 Feb 6172 July
43 Jan 55 July
128
34%
46
7034
5812
291k
22
67
923
4
42
27%
32
0
Kta; 1114
Nov 140
Dec 3914
Mar 74
Dec 80
Dee 764
Feb 4238
Jan 41
jail
NOV
Nov
Nov
Oct
Oct
July
July
Dec
14014 COOS
Dee 10478 Dec
DOI
475 Nov
Apr 58 July
T
57 AI
De; 43 M :r
u
101:2 j n
38 4
10111 Ja
Jan
10
93 Dec
45 Feb
8512 Mar
123 Feb
2
:59 Feb
100 Mar
60 Dec
110 Nov
Apr
51
6813 Feb
104 Feb
19 Mar
58 Aug
40 Dee
7112 Jan
Jan
100
441k Sept
84 Aug
1213 Dec
534 Jan
614 Mar
1684 Feb
10 Feb
74 Dee
411 Dec
4612 Feb
85 Mar
107 Jan
124
Jan
8512 Jan
34
0
Jan
4514 Jan
92 Jan
424 Feb
32 Jan
4
93 Dec
Jan
184
7258 Jan
9712 Dec
3434 Dec
3714 Jan
116 Jan
75 Jan
3433 Dec
378 Jan
9 ' J uln
5
0 j y
0
a
157 Feb
8053 Aug
14
Jan
4213 Jan
163 Feb
4
66
Apr
x978 Dec
0614 Jan
1714 Jan
73 Jan
109
Jan
4314 Jan
45 Jan
884 Feb
11114 Dec
654 Feb
814 Dec
5412 Dec
51 Feb
110 Jan
54 Mar
514 Nov
82 Sept
944 Jan
4012 Jan
45 Jan
2314 Jan
87% Jan
6533 Jan
9514 Nov
120 Feb
11238 Dec
50 Feb
Jan
88
66 Jan
Oct
Oct
ct
1919
2858 May
10513 Oct
7452 July
98 May
3112 Oct
Oct
109
106 July
91% Jan
13212 July
9814 Dec
10712 Nov
112 June
2712 July
1054 Oot
538 Dec
145 Nov
1061 July
7412 Nov
121 July
17 July
944 Oot
29 Aug
23014 Dec
194 July
8134 Dec
64% Nov
89 Nov
9711 July
117 Sept
Oot
160
9412 ot
109o Jun
Oot
151
10412 Nov
14472 Oot
6412 June
1714 May
345 008
115 June
120 June
6213 Nov
2
747 Oct
19715 Dec
100 July
451 Oct
5838 July
1561 May
71 j
8
u
Oct
215
11914 Oct
38% Aug
743 July
3234 May
9138 Oct
167 May
111 May
507 June
8
13914 Nov
11912 Jule
781 Nov
50 Mar
11512 July
11712 July
97% July
'2112 June
02 Doc
9212 July
11572 Oct
Z88 Deo
79 May
9213 May
126 July
8
597 June
Oct
86
4014 June
981s May
2
1047 July
10412June
136 2 May
5
11712 July
Oct
117
98 Oot
12
Oot
81
1169
New York Stook Exchange Bond Record, Friday, Weekly and Yearly
cept for interest and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-ex
P i ,i
Frtiacey
BONDS
N. Y. STOCK EXOFIANGE
Week ending March 19
March 19
Week's
Range or
Last Sale
.
91
4"
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCFIANGE
Week ending March 19
Fric1a
Pr44dy
March 19
t
....-. a.
Week's
Range or
Last Sale
4
Range
Since
Jan, 1.
High No. Low High
Ask Low
Bid
9914 Mar'20 ......_:. 9812 10012
s
J 983 99
Cent of N J gen gold 5s___1987 J
- 0818 9918
9714 9878 981t Feb '20
k1987 Q J
Registered
J
J
1 9618 083
4
A m Dock & Imp go 15e_ _192197
96.90 Sale 95.86 97.23 2933 94.00 100.40
- - ---_- _Sale_ _ _ 97
2 ---- --- 100 Apr '18 58_1920 J
Leh & dud Illv gen gu
10012 Jan '18 -- ____
N Y & Long Br gen g 4s__1941 M S
90.50 Sale 90.40 90.70 247 90.00 93.48
_
70
2
tn 1 ..
ia77 0
70
.Aint Vermont 1st gu g 4e_e1920 Q F _67_ _ _7_2: 88,4 J: ;7 ..:;..2. 50
89.40 Sale 89.30 89.53 942 89.20 92.90
1 8214 853
4
83 83
83
1heea A 0 fund & hunt 58_1929 2 2 82
93
9118 40 89
Sale 9012
91
1939 m N
let consol gold 5s
93.66 Sale 90.66 91.10 537 90.66 94.00
_612
2
il s
pi2 (4ate 1V Jan '17 ---1939 ril N
Reentered
89.60 Sale 89.50 89.96 6382 89.40 92.86
7212 77
1992 M 8
General gold 434e
92.56 Sale 92.4(3 93.18 9006 92.10 95.00
Reentered
3
77
7412 164 70
8
3
90 F
1992 M 1 737 Sale 73
-year convertible 434e
20
2 96.50 101.10
97.00 Salo 97.00 97.00
207 7518 8118
SO
-year cony secured 58_1946 A 0 7914 Salo 7914
30
89.76 Sale 89.68 90.16 15342 89.68 93.00
-6534 ____ 76 Oct '19 -1944 2 D
Big Sandy let 48
- - - - --65 ____ 8234 May'19
Coal River Ry 1st gu 4t..1945 1 D
97.54 Sale 97.32 97.70 8074 97 16 99.40
75 ____ 7818 Dec '19 ---- ____
1940 3 3
Craig Valley 1st g 5e
97.56 Sale 97.36 97.66 3814 97.16 99 40
J (1418 ____ 69 June'19 -Potts Creek Br 1st 45_ _1946 2
_ --- ---- 101 Feb '20 --- 101 101
73
7112 Feb '20 --__ 70
R & A Div let con g 48_1089 3 3 6912 71
101 _-__ 101 Mar'20 ---- 101 101
.8
(347 63
1980 2 J --_- 6814 65 Jan '20
2d consol gold 45
4
10558 10534
10578 106 1053 Feb '20
_
8812 Sept'16 ......
r3
Greenbrier Ity let gu g 43_1940 m
8
1057 1061t 10514 Mar'2i) _--- 1055s 10614
_
113 Feb '15 ....
Warm Springs V let g 50_1941 M S
9814 Mar'19 _-- ____ ____
1940 A 0 4712 Sale 47
4712 13 4414 49
Chic A Alton lilt ref g 3s
99 July'18 -- _--- -_- g
3512 52 2914 3512
3512 Sale 31
Railway 1st lien 334s-__ _1950 J
89
_-_ - __- _
90 Dec '19
Chicago Burlington & Quincy____ ---- 8814 Oct '19 ---.' _--- ____
06
98
98 ____ 98 Feb '20
1922 F A
__
100 Feb '15 ..-Denver Div 4s
J 707 7112 7114
J
7112 19 7012 76
8
Illinois Div
8
787 84
Sale 80
J 80
4
194
Illinois Div 334e9 9 J
48
Foreign Government.
4 Sale 977
Joint bonds. See Great North.
4
9734 1793 9312 984
1
anglo-French 5-yr Is Etter loan_ A 0 977
4
9 4
81:2 13 883 92
9112 Sal, 8334
1
0
72
75
Nebraska Extension 48_1927 m N
8
18 70
727
7218 73
Argentine Internal Is of 1909_ _ _ SI
_
_ 897 907 Oct '19 -8
8
8912 10 89
Registered
92%
8914 sale 8914,
Bordeaux (City of) 15-yr 6e_1934
1927 ai NIS
M
8114
ii
14 S3. , 7714
78
26 76
17 42
4578
Sale 44
General 4s
4514
50
Chinese (Ilukuang Ity) 5s of 1911
J
2312 Sale 2414
79 2014 2412
29
Me & E III ref et tmp 4s g_1955J
,
79 8 22 787 803
3
4
793 7912 7913
s
Copenagen 25-yr a f 5348-1914
29
'.ii
29
17 21
25
29
90
S Mtg & Tr Co We of dep__
11
907
8 30 90
9258
8
903 Sale
Cuba-External debt 5a of 1904
9012 Fe!) '20 -- 9012 9013
1934 k 7 _ - 91
let conga! gold 6e
4 6
. 7
9212 86 Feb '20 -. 82
84
8766
A
Eater dt Is of 1914 ser A 1949
iii
73
7112 Nov'19 ---1937 m N
Sale 72
General consol let 5.5
74
A
74
1949
External loan 454e
- -u s Mtg & Tr Co ctfe of dep_ -- -- 68 ____ 69 Dee '19 --. 31 9514 987
98
8
0 9718 973 97
1921
Dominion of Canada g 58
6412 70
96
9212 25 92
Guar Tr Co ale of clop
._ A926 A 0 9212 Sale 92
do
ao
1
.
(
)
48?
3 _7
9211
9112 35 91
Purch money 1st coal 5s_1942 I -A --- . _5 _1_ 741, Feb '13:70 9112 Sale 91
_1931 A
J _i5 4 _i3,:
;
'
.... _ ; 32 M 5 r ..47
Chic & Ind C Ity let 53._1936 J
,
9814 50 937 9812
Sale 9758
s
2-yr 5185 gold notes Aug 1921
5234 67
55
Chicago Great West let 4s_1059 M 6
76' 9318 9712
94
0314 Sale 9312
1929
10-year 518s
2 ____ 98:13 97 Jan '20 --_ 97 97
77
Ind et Loulev-Ref 6e..1947, J
7412
Chic
690 69
82
8
t 7(17 Sale
Japanese Ciovt--£ loan 4)-45- 1925
1947 3 2 8012 ____ 8012 Mar'20 --__ 8012 8018
Refunding gold Is
6712 82
33
1925
Second aeries 4346
2 _63
75
8412 Apr '17
- - 20 _9-,
'
Refunding 4s Series C.._ __1047 J
6
7
77
4
- - 8
753 --31,. 731' Jan78 _5 _7 76
do do "Garman stamp".
63 May'19
1956 2 J ___- 71
/
Ind & Louie, let gu 4s
8
617 770; 5514 71
E3(;le 5912
- 3301
1931
Sterling loan 4s
-- _
8
767 Deo '19,-1956 3 2 7012 75
8914
Chic Ind & Elou 50-Yr 4s
923,
7 89
8914 9014 8914
1934
Lyons (City of) 15-yr 6i
82
Chic LB & E'aet 1st 4 As__ _1969 2 D 80 ____ 82 Jan '20 __. 82
9312
8914 9014 9014 Mar 20 ---- 89
Marseilles (City of) 15-yr 651931
72
69 ' 12 62
.
8 25 30
317
Ch M & StP gen g 4s eer A _e1989 3 3 _ 13_7_1.4 Sale 6714
Sale 30
43
WO
Mexico-lezter loan £ 58 of 1899
9258 Feb '16 .-- el989 Q J
37
Registered
35 Jan '20 -_ 32
21' 29
Gold debt 415 of 1904_ .1954
e
. 1 551 -1567
66/8
e1989 J
4
563 ---- 561s
J.
Oen'l gold 3348 Ser B
9014 194; 89515 93
Sale 893t
-year es__ _1921 A 0 90
Paris (City of) 5
20 74
78
76
Sale 7514
76
J
General 434s Series C._ _e1989 J
5812 18 54
61
4
563 5812 57
Tokyo City 58 loan of 1912
61
6112 97 56
61
Sale 6014
a2014 A O
Gen et ref Ser A 4348
11 K of (It Brit A Ireland
8 6518 7218
7134
Sale 70
71
a2014 F A
9614 346 853 97't
921 90,8
Gen ref cony Ser 13 58
Sale 9535
;
96
1921 MN
-year 5)4% notes.
5
7112 Sale 71
8634 73
8858 202
Convertible 43415
53
88s Sale 87 4
20-year gold bond 5%5_1937 P A
3
7
103
797g
78
7712
816 70
77
2
95 J
1932 j D
9114 139 8934 9534
Permanent 4e
8
FO 901i Sale 903
1929
10-year cony 534e
61
6 55
62
62
3 61
6512
1934 J
9212 192 9014 91
-year debenture 45
25
,4
8
923 Sale 913
11-year cony 5345 -------p1922 FA
96
9612 Feb '20
4
973
J __- 96
1921 J
Chic A L Sup Div g 5s
aro prices on the basis of iltoi
Ines/
9314 Feb '20 -- 9314 9314
i ---- 93
Chic & Mo Itiv Div 515_1926 J
6 96
983
4
9818
93
Sale 97
J
1921 J
Chic A P W let g Is
State and City Securities.
g
597 65
013
9014 Sale 90
C M & Puget Sd let go 411_1949 3 J
0011 22 ,
0,, 99551141
N Y City-43(8 Corp etock_1960
J
07
9934 991z Dec •19 ---. - - 21
Dubuque DIv let 5 f 6e..19'20 J
9011
0012 91
9014
4lis Corporate stock__ 19(11
8
9 )8
6178 !Zi : i011s Sep61 9J
t 62
2
.
'
t'1 8
895,1 93
Fargo A Sou aaeum g 65 1924 J
9012 9112 91 Mar'20
1966
431e Corporate stock
78
7658 7912 78 Jan '2()
78
5 953 10038
9638
Milw & Nor let eat 4348_1934; D
4
9638 Sale 9614
4355 Corporate stook July 1967
4
-__ 8118 7734 Jan '20 _- 773 7794
Cons extended 4 II.... _1934
3
9612 11! 9(3 10012
9638 Salo 963
1965
43.45 Corporate stock
__ _ 981, 943 Feb '20 -- 9438 963
8
4
3
1
903, 9612 9612
1921,
W le & Minn Div g 5a
1; 955s 10018
91112
19(33
e Corporate etock
434
in ____ 9914 Oct '19 --__
8714 18 86
Wie Valley Div let (38....._1920 8714 Sale 8614
9038
1959
6% Corporate stook
92
88 ____ 89 Mar'20 -- 88
Chic & N'west Ex 45 ___1886-'26 F A
91
8612 87.4 8614 Mar'20 ----1 86
1958
4% Corporate stock
A
N
8414 ____ 02 Oct '19
8
9 7 NI
1886-1926 F
8612 871/ 8614 Mar'20
8614
Registered
1957
4% Corporate stock
I 8534 90
881s
66
66 Mar'20 -- 62
64
General gold 3348
8534 Marl)
86
89
87
4%Corporate stook reg_1950
.
.
8 rsA Ni4
1 9 7 ivi ' 6_4
9198 Q ! _72_ _ :7:5:1 .; 7775;1311422 Apr :19196
Sale 96
Registered
1967
New 4348
80
Mar'20'___ 75
98
96 8
1987
:o
7 9 '1' 1 0
6 95 4 1095'
General 4e
5
9618 Sale 96
0
4)4% Corporate stock......1957
Dec
91
7912 Jan '20 --__
Stamped 45
1954
4
773 79
334% Corporate stock
05
98
9518
9-112 9518 95
1987 M N
9812 Aug '19 ------ - - ----General 58 stamped
5
.1961
N Y 8tate---es
1 99
99
99
0
1879-1929 A 0 _9_9_ __ __ __ __ 99
Sinking fund 6s
95 ____ 100 Nov'19 ---- ___. __ _ _
48...._1961
Canal Improvement
10912 Apr '16
1879-1929 A 0
96
Registered
9812 Aug '19 ---95
Canal Improvement 48_1962
2 9612 97
97
97
*97
1879-1929
Sinking fund 56
95 ___ 97 Feb '20 ---- -di- -6iCanal Improvement 4e_ __1960
A O 9218 _
9-118 Feb '20
9412 9112
1879-1929 A n
Registered.
103 10514 10712 Jan '20 ---- 10712 104
Canal Improvement 430_1964
9618 9714
Debenture 58
994 10114 10213 Dec '18
Canal Improvement 446_1966
'
ar'29
atr 19 ---4
21
9
1921 A (5 *_951_
Registered
2
103 10514 10712 Jan '20 -- lif1- lii1-2
---tlighway Improv't 4348_1963
1- 46 4
8
i18 9012 905 Feb '20 ___ -90 4. 7-1
1933 rd N
99 ___ 10018 June'18 ---king fund deb 58
llighway Improv t 65(e_1965
^
1933 M N *8518 11014 97 Nov*18
Registered
8
_ --- ____ 787 Dee '18 ---- ----------- - -- -- - Virginia funded debt 2-38_1991
Dee Plaines Val let gu 434e '47 m 8 8018 _ __ 10112 oci, '15
5012 59
50 Mar'20 ---- 50
53
Brown Bros etfe__.
Os deferred
Frem Elk & Mo V let 68_1933 A 0 1o1 li() 10512 Nov'19
J
88 Jan '17
Man GB & N W let 3348_1941 2
Railroad.
Milw AS L let gu 3 WI--1941 2 2 63 _
-----56
58
2 497 5712
5712
s
5712
61995 Q J
Ann Arbor let g Cs
9934
4
-63.1
0
-9 . - 9984
Mil L 8 & West let g 68-.1921 M 8 9934 10 -1: -1763Atchison Topeka & Santa Fe
95, 96 Feb '20 --__ 956 963
8
s
211 7413 8234
Ezt & Imp s f gold 58_1929 F A 95
78
1995 AO 7712 Sale 77
Gen g 4e
93
93
:
Ashland Div let g 6s__ _1925 m 8 9912, 10_114'11.10 8 Flent'19
A0 7538 78
7514 Mar'20 ---- 7514 79
1995
Registered_
_ __ 9
1Mar'20 _-__ -1561- 106 4
8
5 66
Mich Div let gold 68_1924 2 I
68
Sale 68
7112
(38
61995 Nov
Adjustment gold Cs
701/ 701e
80
7018 Feb '20
1
- _ _ ____
MU Spar et N W let go 45_1947 M S 71
67 ____ 7313 June'18
$1995 Nov
Registered
J 873 89
87
87 Jan '20
4
87
St L Peo & N W 1st gu 55 1948 J
8 14 6718 7178
693 --11995 MN 6933 Sale 6713
arnped
8
8
647
8 14 6412 6912
Chicago Rock Tel & PaC--.
1955 • D 647 sale 647
Oonv gold 45
733 Sale 72
4
7012 7618
1988 i J
Railway general gold 4s
7, 8314 8935
8512
8512
87
82
19(10
Cony 45 issue 01 1910
8
763 May
7T9 45
1988 i J
Registered
65 8 87 /
8
3
867 877 Mar'20 ---.1 877 6971
1928 SI 13 85
gaet Okla Div let g 48
6712 19 -601- -67 4
4
--11
1934 A 0 -67 4 iale 6634
2
Refunding gold 45
.
61)
69
Sale 69
Rooky Mtn Div 1st 4s_ _1965
62
117 5818 64
_ 7213 7612
3
RI Ark & Louis 1st 434e 1934 M 8 617 Salo 6112
72 ____ 7218 Feb '20
Trans Con Short L let 43_1958
8614 9052
1934 A 0
2 '76
Burl 0 11, & N let g 5e
76
77
76
Cal-Aria let A ref 4348"A"1962 SI 14 73
8
6
971414 Feb 19
_
CRIFAN W let go 58.._1921 A O 9512 -_--: 86 Feb :20
95 June'19 -... _I _
80
95
S Fe Pres & Ph let g 5s_ _1912
. 89 Oct '19 ___
80
go
Ch Okla & 0 cons g 55.._ _1952 m N
7511 Sale 7511
763
80
8 62, 74 -81AU Coast L let gold 41____11952
71
68
4
7218 78
1) 743 ____ 75 Mar'20 --- • 92,8 .02,3
Keok & Dee Moines let 5e 1923 A 0 6512 713 71 Feb '20
1964
4
Gen unified 434e
ea
a
6618
i
St Paul & K 0Sh L let 4348'41 F A
8
8
923
923
9212 96
Ala Mid let gu gold /30-1928
4
3
:
D
.
!S5 e 6 12
11 0
812
lv3 3 .
1930 2 D _1071 8;(,2 18 11.1 No04 9 _25 10218 104
78
Chic St P M & 0 cons (18
78
78 Jan '20
7814 81
Brune & W let yu gold 45_1938
Cons 615 reduced to 334e 1930
1297 Aug'15
8
Charles & Say let gold 7s.1936
8312 871a
85
1930 M 8 80
-F2' -eif - "ii1-2
Debenture Is
68
01952
8
677 Sale 6712
L & N cell gold 4,5
185 N /av :2)..-.
18 M i r 18 -. .7
.North Wisconsin let 68_1930 2 J
Say F & 1V 1st gold lit,___1934 A 0 --_- ____ 105 Aug '19 --I - - -95 May'18
_
Superior Short L let Is g_e1930 M 8
- - - -_ -____ 105 July'15 1034 A 0 03
let gold 55
_:
62 -787 -847
Chic T II & So East let 58_1960 J 13 i665-8 i;.-- 6712 June'19
8
;
81
84 -Sale 823
4
1925
Balt A Ohio prior 334s
_ _ _ _ __ _ _
Chic & West Ind gong 68_41932 Q m ii5Ci _ _ _ _ 10235 Dee '19
87 Feb '19
61925
Regletercel
J
1
! ..
:10 ..- 59
59
6034 8812 mit .178i -.. ( 6418 61
57' 60
-year 4e
Coneol 50
65
70
A1048 A 0 (3412 Sale 6414
-year gold as
60
1st
32 J
1957 j J
Cfn H & D 2d gold 414e
60
60
60 Feb '20
..k1948
Registered
90 MaY'17 --C Find & Ft W let gu 48 g 1923 M N s-- - - 75
6512 157 5914 6618
1933
8
-- (347 Sale 6-112
-pr cony 045
10
_
81
RI
69
Day & Mich let cons 4345 1931 3 J -_--- -iii - 81 Jan '20
I) 643 Sale 64
67 (30
65
8
Refund A gen 135 Merles A..1995
18 (33
70
70
7.
8612 sale 86'2
87
111
ay On Ch & St L gen 48....1993 3 D 6712 Sale 6712
1
1929
Temporary 10-yr 66
74
78
77
763 Feb '211 _- 73
4
--20-year deb 4545
1931 3 J
_
1022
9818 ___ 112 Jan '12 -------- ---PItta Juno let gold St.
Feb
84
84
60
75
General Is Series B
66314Jan '20
8
743 82
P June & M Dlv let g 334e 1925
1r4)
; 1
3 n14 7134 g
b
ar4 -- 7114 75
61
Cairo Div let gold 48
40; 53
57
56
8
567 57
FLEA W Va Bye ref 48_ .1941
1 61
i1 60 (32
6
61
6112 Mar'20
66
62
On W A M Div let g 413_ _1991 J
1 85
62 6913 7718
74
85
73
Sale 73
Couthw Div 1st gold 3346_1925
8114 6611
(16
1990 M N
St L Div let coil tr g 4s
85
85
Cent Ohio It late g 434e.._1930
_ 74111 Jan '19 _ I
1940 M s 70 _
9114
8pr & Col Div let g 4s
01 Lor & W eon let g Is 1933 A 0 --- 9114 91 Mar'20- 01
J - - ( 84
3
1
. 901
W W Val Div lot g 4e1940 J
9018
1
1936
9018
90
92
Ohio River RR 1st g Is
if 100 101 Oct '19
0_ I St L & C consul es__ _ _ 1920 M N
1937 A 0 79
88 Aug '19 -------- ---88
General gold Si
(F 77I 7714
t7 1
77
.: 8241 sop7 119
.
k 103 Q F _7_71_4 _8_0
0
96 Q
let gold 4s
991s Mar'18 -_ __
Fitts Clay & Tot let g 06_1922 A 0 ---- 98
Registered
4938 19 -47ie -53 49
ref 4s A _1959
4812 49
Tel & Gladly let
_
9318 May'19
1928 2 2
CBI El & Cl cons let g 58
90 Mar'20 -- 893 923
5 801.1 92
1937
s
4
Buffalo R & P gen g Is
A
C C C I gen cons g 68..1934 1 J iiifis -_-___ 10214 Oct '19
8118 ____ 82 Jan '20 --_. 82
1957 SI
8313
ongol 434e
4
Ind B & W let pref 4e____1940 A 0 704 ____ 763 Nov'19
0 68
7314 Jan '20 --__ 731 '31
1098
74
Ill & West let 445 eu
76
---0 Ind et W let Pref 5
6-- -d1938 Q J
---- -- 10318 Feb '16 ------- - --- Clear & Mah let gu g 6s 104:1
56
56 ---i; 5118 56
611
Peoria & East 1st cons 48_1940 A 0 5(3
4 61-8
9934 Feb '20 .....
A
9912 100
!Loch & Pitts let gold fie_ _1921
18
22
27
2511 24 Mar'20
1990 Apr
9914
Income 4s
a 991, 100
9914
1922
99Ig 100
Como! lit V Si
82
82
5 82
84
8812
Cleve Short L let gu 434e_ _ _1961 A 0 82
83 Mar'20 --- _ 8018 87
1962 A 0 825 83
8
°main Sou eons gu A 15s
8212
8
8312 18 81
817 82
8512
Colorado & Sou let g 4a__ _1929 F A
I) - - 75
75 Nov 19- ____ ___.
Clinch & Ohio let 30-yr 55'38
OH
30 69
73
7212
75
8
725 73
1935 M N
Refund & Ext 434e
T.; 91
8
955
94
94
A ii 94
()sutra! of Gift let gold 5s___p1915
95
98
95 Feb '20
Ft WA Den C let g Os_ _1921 J D ____ 97
11 8114 88
84
815 8312 811 t
8
1945
Canso! gold Is
----___
Conn & Pas Rive let g 4e_ 1943 A 0
94
8
6 83
897
8978
00
89
10-yr temp lame Se June 1929
J -ii- --:i - 71 4 SepFlo
1
5
.
7
1952 J
- -- - _
-year 5e g
Cuba RR let 50
7411 May'19- ____ ---76
55
Chatt Div pur money g 4e 1951
Del Lack & Western
8912 9212 90 May'18 :-.... ____ ____
Mac & Nor Div 1st g 58_1946
Morris & Esti let gu 3348_2000 J 0 691t 6912 (1912 Mar'20 ---- 0912 7078
8
___-_ /11 ___ 976 June'17
1947
Mid (la A AU Div Is
1021 3 J 100 ____ 9978 Mar'20 -- 9978 10018
N Y Lack A W let 61
1946
9614 89
91.84 Jan '19
Mobile Div let g Is
911., 9(112 9734 Feb '20 ____ 9734 9734
1923 F A
Construction lie
3 80
80
8111
8018 -__ 80
tEll & Hot Oa coil g 59_1937 PA
9212 Mar'20 ---- 9214 94
1923 M N
9018 93
I
Term & Improv 45
.
1
I Due May. g Due June. 51 Duo July. k Duo Aug g Due Oct. 3/ Due Nov. 0 Due Dee, 8 Opti6C 101e.
a Due Jan. S D a April,
No price Friday; latest this week
Rid
Ask Low
High No. Low
High
U. S. Oavernment.
VIM Liberty Loan
-is let 15-30 year_.1932-'47 J D
33
Seeond Llbeity Loan
let L L cony_ _1932-'47 J D
48
1027-'42 MN
2nd L L
4e
Third Liberty Loan
43(e 1st L L conv_1932-'47 J D
4.50 2nd L L conv_1927-'42 MN
1928 M S
43le 3rd L L
Vourth Liberty Loan
43-1(1 1st L L2ad cony 1932-'47 J D
1033-'38 AO
445 4t111,L
Victory Liberty Loan
4a(s cony g notee_1922-'23 J 1)
345 cony g notes-1.22-'23 J D
41930 Q
1113 consol registered
41930 (k J
25 consol coupon.
1925 Q F
48 registered
1925 Q r
As coupon
k1936 Q
29
Pan Canal 10-30-yr
Pan Canal 10-30-yr 25 res_1933 Q N
1961 Q M
Panama Canal 3s g
1961 (0 M
Registered
Philippine Island 4s....-1914-34 Q F
1
,t7 ,9:8
1170
BONDS
N. Y. STOCK EXCHANGE
Week ending March 19
New York Bond Record-Continued-Page 2
t
.
"
A°
.
Price
Friday
March 19
reek's
Range or
Last Sale
ce1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ending March 19
t.)
zt
Price
Friday
March 19
[Vol.. 110.
Week's
Rang. or
Last Sale
:41
Range
Since
Jan. 1.
Ask Lott
Bid
High No Low High
Bid
Ask Low
High No, Low Iligh
Delaware Lack dr West,--Concl.
Lehigh Val (Pa) cons g 41 2003
N
71
77
703 Mar'20
4
7012 71
Warren let ref gu g 35421_ 2000 P A
10218 Feb '08
General eons 4)3s
N
7914 823 787 Mar'20
'2003
4
8
783 83
4
Delaware de Hudson
Leh v Term lty let go g 5s 1941
o ____ 9512 9418 9413 5 9418 0118
1st lien equip g 454e
.9
1922
16 9512 9678
9012 9712 965g
905s
Registered
O
92 - - _ _ 113 Mar'17
1941
let & ref 45.
7814 Sale 78
1943 MN
6 7618 81
7814
Leb Val RR 10-yr coil Os. n1928
10012 Sale 1003
21 9933 103
3
101
10-year cony 55__
1935 A 0 84
8514 8412 Mar'20
8138 851g
Leh Val Coal Co let gu g 5e1-1933
J
90
9818 Jan '20
9818 9818
Alb & Buse cony 35s.
._1946 AO 685 72
8
63 Mar'20
63
7212
Registered
. 1933
105 Oct '13
Renee de Saratoga let 7s_1921 MN 100 104 1023 Apr '19
4
_
1st int reduced to 48
J
1933
Denver & Rio Grande-Lob A N Y 1st guar g 4e.....1945
S : -ir -- Jr "
73
73
24 60
let cons g 4s
J
64
Sale 6312
1936 J
64
6778
Registered
5 ------------------.1945
_
Consol gold 454a 6858 6712
8
673
1930 J J 66
8
4 10 627 7'27
Long laid 1st cons gold 5s__81931
.1
3 -id - 93
9112
9112
Improvement gold 5s-- 1928• 13 60
3 63
67
6412
65
7012
let conaol gold 48
81931
si .. .f
J -gi 2 (. 86
i
Aug'19
let & refunding Is__ _.
4214 Sale 42
1955 FA
4278 95 38
46
General gold 48
D 89
193g
75
72 Jan '20
72
72
Trust Co certfs of deposit _ _ _ -- - -39 Feb '20 --- 39
4312
Ferry gold 45is
1922
S 8614 9512 92 Oct '19
- Rio Or June lot gu g 5a
7018 __ 75 Jan '20 ---- 75
1939 J
75
Gold 4s
D
1932
-Rio Or Sou let gold 4s....1940 J
J *____ 5612 6114 Apr '11
Unified gold 45
8 6512 70
1949
9924 O ua '0 ------ 6512 737
65 rq t
: Mar'20 -8
Guaranteed
34 July'17
1940 3
Debenture gold 58
D --- 63
1934
67 Jan '20 ---- 67 67
flio Or West let gold 4s-1939 J
0214 Sale 62
63 -15 58
67
20
-year p m deb 5s
N 60
1937
6538 63
7 63
63
63
Mtge di coil trust 4s A_1949 A 0 4934 Sale 4938
52
493
4 181 48
Guar refunding gold 4s___1949
S 6512 66 .65
4 6412 6912
66
Del dr Mack-let lien g 4s-1995
____ 78
82 Dec '16
-Registered
S ---- ---. 95 Jan '11 -- - - 1949
Gold 45
1995 .1
7512 July'16
NY BA MIS let con g 58_1935
:.
92
Aucell) ---Det RIv Tun Ter Tun 454e 1961
21 74 -id 7653 77
7512
77
NYARB let gold be__ .1927
S - - -iiii - 86 Dec '19 .- -86
Dul Missabe & Nor gen 5s-1941
963i June'18
Nor Sh 13 let con g gu 5e_e1.932
J -- - - 92
9018 June'19
Dul & Iron Range let 15s
1937 A
90 -891i Mar'20
s9:8 9018
- • oulslana & Ark let g 55
5 7212 77
1927
7212 Mar'20
7212 75
Registered
-1937 A
-- - - -- 10512 Mar'08
- -- - Louisville A Nash, gen 6a 1930
/
D ---- ---- 01 12 Feb '20 --- 9112 9112
Dur.Sou Shore & Atl g 5e_ -1937 J
70
80
83 June'19
Gold 5s
N
97 - -__ 97
1937
2 97 100
97
Elgin Joliet & East le
8512 95
5s__1941
8518 Mar'20
853 8538
s
Unified gold 4s
81
J
Sale 8n seye.1,8
8
t 43
1910
2_9_ 7812 8412
Erie let coneol gold 7s------1920
9634 9714 9714
9712 15 95
98
Registered
J
1940
N Y & Erie let ext g 4._..1947M
---- 82
80 Jan 20
80
80
Collateral trust gold 5s
1931 M N -gF8 -6i" 9018 Mar'20
-8111- -I)
s
3rd ext gold 4e-------1923M
89
- - 92 Jan '20
92
92
L Cin er Lex gold 4548_1931 M N
80
98
90 - Jan '20 -- 89
91)
4th en gold Is
1920IA 0 954
9712 1)ec '19
- -N 0 & M let gold 8s
14830 J J 101 18 103 101 18
10118
15 10014 103
5th ext gold 4s
.1928;i I) ---- -- 913.1 Nov'15
--- - - 26 gold
9418 100 100 Feb '20-- 100 100
1930 3 J
N Y LE& W ist g fd 7s- 1920 M
100
9312 Aug'19
Paducah & Mem Div 48_1946 F A __-- ---- 7912Jan '19....
5,18 Sale 55
Erle let cons g 45 prior---1006 J
31 -111- -id 56
2
St Louis Div let gold Oe_1924
S 9818 9914 9318
9818
1' 9718 100
Registered
1996 J
_
84 Dec '16
2e1 gold 3s
5273 4912
3080 IN 5 5()
4912
5 40(2 917
8
let coneol gen lien it 4s-1998 .1
94 39
S. 4558
. 1.e
13
46
17
47
AO Knox & Gin Div 4s_ _1955 M
8 671, 7(1
69
Registered
1996 .1
73 June'18
-- - - - All Knox A Nor 1st g 5s...1946 .1 N -- _ 10ale 9912 Nov'19 ____I
8
0
D 69
6
5
Penn coil trust gold 4.__1951 r Al -,777 7918 Mar'20
s
79
7931
Render I3dge lets f g 6s 1931 M S 10112 ____ 10118 Mar'20;--year cony 4s Ser A 1953 A 0: 381; 3978 30
50
4012 22 335 4138
8
Kentucky Central gold 4(4_1987 J
J 7218 75
727
8
7278i
2 ilff21- il ''.
711.1
:g
do Series B
Sale 39
1953 A 0: 39
4018 31 30
41
Lox & East 1st 50-yr Is gu 19651A (4 85
07
8112 Mar'21,----1 8112 867s
Gen cony 4s Series D-1953 A Oj 4313 Sale 42
36 36
44
44
L ANAMAMletg4358 1945 M S
8212 Jan '20 .--- 8212 8212
Chic & Erie lot gold 5e
1982 M NI 7612 8014 80 Mar'20
793 83
8
L A N-South M Joint 42/...1952,3
J
31 Sale 6312
(1418
11 63
Clev dc Mahon Vall g 5e-1938 J • 83 -- 1067 Jan '17
65
s
Registered
51952 Q .1 ---- -----95 Feb '05 ••••
Erie & Jersey let t 6..955 J .3
8912 90 Feb '2i1
-id - 00
N Fla & let gu g 5s
_1937 V A ---- 95
9412 Bootle
_ 9412 95 Dec '19
Genesee River lets f(12.-1957 J
N &0 Bdge gen gu g 450_1915 J
J 80 ---- 977 May'16 ---- -- -.. 8
Long Dock cense! g 85.-1935 A • i10 106 10812 Sept'19
.
o
.
Pensac & Atl 1st go g (3e._1921 F A 0818 104
9814 Dee '19 ••••••.
Coal & RR let cur gu Oe_1922 M N _
_ 100 103 Jan '18
S A N Ala cons gu g 514_1938 F A 65: . 63 Jan '20.--.
s
9 8 s6110 9 13
04 9 4
Deck de Impt let ext 5s-19431 J j 85
1/312 9312
91
91 Feb '20
'01 01
Gen eons gu 50 year 5s_1983 A O 82
84
8114 Feb '20 - -. 8114 8114
N Y di Green L gu g 5s_19.sti
81
76
85 Jan '18
N
L & Jeff lidge Co gu g )s___1045 M
6512
7 63
N Y Buffet & W ls I ref 5e 1937 J j
6518
64
65 Nov'19
Manila RR-Sou lines 4s___1938
N •-- __ 101
26 gold 45.4s_
1937 F A
25
- 10014 Dee '013
Met Internet let cons g 4e__1977 M
77 Meet° -General gold Sc
19s0 Y A
CO June'18
65
Stamped guaranteed... __1977 M
75 Nov'10 --- - ... _ _ .......
Terminal let gold be- _1943 as
97 Dec '18
Midland Term-let s f g 58_1025 .1 O
MI3 ___- 11 5 J1), 10 -_-_-_-. 85 85
81
)
11;29
Mld of N J let ext Is __ 1940 A O 72 - - 72 Nov'19
Minn St Louis let 743
1927 J
Wilk & East 1st gu g 1031942 J D _ _ _ _ 54
53 Feb '20
53
55
Pacific Ext let gold Os..
..1921A O 9518 974 9514 Feb '20 ---- 94
Ev & Ind let cons gu 3 Os__1928 J
9514
2312 Jan '17
let consol gold 58
1934 M
7333 75
Evansv & T B 1st Cn (3e1921 J
gi 95 9514 Aug'19
.1
let & refunding gold 4E1_1949 IN N -43 4, Sale 73
-7
S
4 138
:
1
433
7 ' 211 317 4334
)
let general gold Se----- --1942 A O 60 ---- 68 Dee '19
8
Ref & ext 50-yr 5e Her A 1962 Q F 52
Sale 52
53 42 4278 55
Mt Vernon let gold 68_1923 A
108 Nov'll
Des Ii & Ft D 1st gu 48.-1935
j ____ 42
45 Nov'19 -- Bull Co Branch let g 58_1930 A
95 June'12
_
Iowa Central 1st gold 158_1938
D 60 ---- 7012 Jan43( ---, 69
4 0,
:
'1 2
2)
.
7
Florida le Coast let
71
J
78 Mar'20
76
80
Refunding gold 4s
Fl 431.2 Halo
1951
3718 4312
Fort St U D Co 1st r ,s_1941 J
92 Aug '10
M St PA BS M con g 4e int gu.l038
.1_ ..7_9__ Sale
Ft Worth di Rio Or 1st g 4s_1928 J
77
8214
56 Feb '20
-56 - -idi;
1st eons 58
1938
9 :1 Dec 9 41 23 - - - - 78
3
7'
'
1
Galv nous A Hen let 59_ _ 1033 A
_
76 Dec '19
let Chic Term s f 4e
rd
1941
88 Nov'19
Great Nor C B & Q cell 4s_1921 J
9334
953 833 93 -id
8
MSSM&A let g 45 teL gu_'26
j -or -i5.1" 8938 Mar'20
-iliti -66 RegIstere I
51921 Q
9134Jan '20
943 951 t
4
Mlesissippl Central 1st 5e
I
J
1949
95 Deo '16
let & ref 4545 Series A----1961 J .1 82
83
837 Mar'20
8
817 8512
8
Mo Ran & Tex-lat gold 45 1990
8
D 575 Salo 5718
577 --6-3- -1";1- -66 8
8
Reentered
2
71961
---- 96 June'10
241 gold 4s
A
31
33
-01990
31
32
St Paul M dr Man 4e
1933 J
J
837 - - 8313 Feb '20 - - 8318 8812
8
Trust Co certfs of deposit_ __
2818 32
_N
_
31
30 ...1 29
. 2 12 33
4
8
let cense g Os
3
2
.1 10418 11
1933 J
10118
1044
10312 1053
8
let ext gold Se
.____ 32
1941
2218 Deo '19 -Registered
1933 J
118 Apr '17
let dc refunding 45_2004
40
S -36
36 Mar'20
-ifi "iiiii
Reduced to gold 4548_1933
J
18 88
gi ---- 8912 91
92
Trust Co certfs of dep
_
36 Mar'20 ---5 25
24
Registered
37
28
1933 .1
J *.--_ 90 10213 May'16
Gen einking fund 454e_ 1936
Mont ext let gold 49-1937 J D 8112 82
82 Mar'20
)
791 831.
Trust Co certfs of deposit_ _
j 2
5
2. 8 2.1'3
27
5378 2 1
5
2 24
25
26
26
Registered
1937 J D 794-_ 80 Sept'19
_- -St Louts Div 1st ref g 45..2001
23
23 Feb '20 ---- 23
Pacific eat guar 4s £__ 1940 J
23
J 82
Sale 82
10 82
82
82
5% secured notes "ext" '16
_2_7 _ 8012
3
.
0
Z Minn Nor Div let g 48_1948 A 0 78
---- __ -_
1 78
- - 78
78
78
Dail A Waco let go g 5s__1940
14
6912 Apr 17 ---Minn Union let g Os
1922 J
J
981 --- 97 Feb '20
8
99
97
Kan City & Pao let g 4s__1900
4812 ---_ 6212 Dec '19A
.- - Mont 0 let gu g Os
-1937 J .1 10378 108 10312 Mar'20
10118 10612
Mo K
E ist gu g 5s__1942
O 38
Sale 38
38
5 35
Registered
38
1937 J
J
13614 May'06
M K de Okla 1st guar 5s.._1941
N --------09 Oct '19
__ - -_ 1st guar gold 5s
1937 J ./ 02
96
04 Jan '20
94
94
MKItTofTletgug 5» 1942
g _-_- 67
5518 Aug'11.1
Will & SF let gold 514_1038
D 9118 984 98 Dec '19
- -Sher Sh & So let gu g 5s...1042
I)
51 Dec '16--.-1 - - - - --Green Bay de W deb ctfs "A"_-__ Feb
---55
7912 5512 Feb '20
5512 5512
Texas & Okla 1st gu g158__1943
S ---- 347 383 Dee '19 --- _ _ _ _ _ _
8
4
Debenture ate"B"
Feb
9
978 10
4
10
73 10(2
4
Missouri Pacific treorg Co)
Gulf A S I 1st ref & t g 5eb1952 J
J 63
8812 Feb '20
68
5312 5812
let dc refunding 5s Her A._1908
A 82
8212 8212
8212
2 81
Hocking Val 1st cons g 4545 1999 J
8312
J 6918 Sale 6918
4 0811 73
7012
let & refunding 59 Her 13a 1023
56
56,s B llo 8612 Mar 20
A
t3 81114 9a
Registered
1999.2
J
7312 June'18
- _
-let de refunding /55 Ser C__1926
A
8312 8612 84 Mar'20
87
Col H V let ext g 45
1948 A 0 87 ---- 7312 Oct '18
913'2
89 8
- -- General 48
1975
563 -1.i!,
4
001,4 To! 1st eat 48
1955 F A 6618
- 7614 Apr '19
Missouri Pao 1st cone g 8(4_1920
- -N ---- 973 973
,
s
973
8
073 993
52 8 117 8
Houston Belt di Term let 58-1937 J J _
rig 78
1 78
78
73
40-year gold loan 45
1945
Illinois Central let gold 421-1051 J
- _ _ _ __ _ _
83 Mar'20
8212 83
ad 75 extended at 4%
5
17
--3- 8a
1938
l' *-67 4 s6le (83.1("t67:1 1 ___2_ 6'734 673
8
4
.18
Itegistered
1951 .1 J
-- 92 Sept'17
4
- -- - --Cent Br U P let R 45
8
4 78 m ae 2)
IA 53 _770_ 6014 Jun'9 iiii ... 4 _if.
) 7 03
1948
r 11
iit_
let gold 354e
.,
)
.
,
1951 J
69
- - 72 Mar'20
72
72
Pao R of Mo let est g 4s....1938
Registered.
1951 J J 6518
84 Nov'15
2d extended gold 5s
87
J
8714 851a Mar'20 -- 8512 8512
1938
Extended let gold 33.s
1951 A 0
71
7314 Nov'19
St L Ir M &S gen con g 5s 1931
0 851. 9418
Registered_
1
1951 A 0
o 8728 59 1141
---Gen eon atarnp gu g 5a_1931
87'2 July8'814
1st gold 35 sterling
1951 el 14 ____
-gr
Unified A ref gold 4s _1929
.1
Registered_
1951
Registered
8478 Oct '17
7
0
1929
Collateral trust gold 4s
1952 A 0 6912 -gale 69
69(2
7412
68
Itiv dr 0 Div let g 4e
1933
as22 - 5 --i --- if2
15 (
Registered
T(3
1952 A 0
i.6:953 Sept'12
8
Verdi V I & W 1st g 5s
1926
86 Jan '20 -- 83
let refunding 4s
1955 M N -'71112 Sale 7112
86
60
725
8
Mob de Ohio new gold Os
l :8i.‘ -: --1:Salo7- l-.72 168
' 6
j :
D 16!
0
1927
0)
(
3
10
Purchased lines 354e
0
1952 J .1 61
633, 6334
6334 Mar'21)
let ext gold Os
j 0218 917 955s Jan '20 ---- 9
81927
8
L N 0 & Texao gold 4e_1953 M N
55 1( 5572
95 9 s
6812 Sale 6614
)2
6812 13 6412 72's
General gold 48
1038
S 59
60
5712
59
Registered
5 56
1953 M N
59
66 Aug'19
Montgomery Div let g 58_1047
-- - -- -A
7712 Salo 77
7712
7 704 7712
15
-year secured 512s
1934 .1 J -E3; Sale 91
9233 20 (4) 9312
St Louis Div 5e
D ____ /57 76 Mar'20 ---- 76
1927
s
Cairo Bridge gold 4s
1950 J 0
73 ____ 7014 Mar'20
7014 80
70
St LA Cairo guar g 4s
7111 6914 Feb '20 ..-....... 6918 76
1931
J
Litchfield Div let gold 34_1951
52 _ _ _ _ 60 Dec '19
J
7412
Melly Chatt & St L let 56_1928
O 961 1 47
9712
9731
Loulev Div & Term g 334s 1953 J J 62
8 9414 9731
6612 69 Jan '20
69
69
Jasper Branch let g 68_19'23
J ---- 10414 11014 Mar'17 _. __ _ - Middle Div reg Is
1921 F A 9818 ---_ 102 June'16
Nat Rya of Met pr lien 454(4_1957
J ---_ 2773 1714 Feb '20 -- 1714 22
Omaha Div let gold 3s-1951 F A 52_ 5814 Sep t'18
Guaranteed general 4s
O - 30
1977
237 Jan '20 ---- 20
8
St Louis Div & Term g 3e_1951 J .1
2373
63
53 Jan '20
53
53
Nat of Mex prior lien 4548_1926
j
Gold 354s
1951 J
.. _.-_J
58 67
62
6112 Feb '20
61 12 6112
let consol 49
O -16- -N- 0618 Jan : 3 -- 15
1951
15 9 2
Registered
10
1951 J .1
15
80 June'18
New Orleans Term let 45_1953
J 62
Sale 607
Spring' Div let g 334s....,,.1951 .1 .1 _--- 74
8
62
25 6034 05
805s Nov'16
-- N 0 Tex A Mexico 1stes-19215
Western Lines 1st 4e
1951 F A
7118 75
7912 May'19
Non-cum income 69 A
- D 9112 S47 54:2
O 5
1935
9a1(4 9 1 2
8
Registered
1951 F A
90
4 114 9012
59
92 Nov'10
New York Central 11.11
Bellev ft Car let Os
1923 J D -6F13 100 11712 May'10
Cony deb Os
9173 Sale 01.58
N
1935
9214 157 8918 931i
Carb & Shaw let gold 4s_1932 M
73 Mar'19
000501 45 Series A
A
1098
7012 Sale 69
Chic St L dc NO gold 55_1951 J D 891 4 92, 93 Jan '20
7012 101 6612 72
8
93 93
Ref & Imp 454s "A"
.
O 7612 Sale 7612
2013
Reglatered
78
19 75
1951 1 D
79
9518 Feb '19
New York Cent & Ilud RlvGold 354s
1951 J D
6212 681. 6512 July'18
Mortgage 354»
1997
3 055s 661) 6518
6534 23 6112 70
Registered
1951 J D
Registered
J 6414 ---- (44
1097
64
5 63
Joint 1st ref 5s Series A_1963 J D 79
64
80
'2 8112 80
N
79
Debenture gold 49
8318
7618 Sale 755
1934
8
77
Memph Div 1st g 4s
17 73
1951 J D 6112 68
8212
69(2 Feb '20
6912 6912
Registered
N ---- 88
1934
79 Nov'143 ---- _
Registered
1951 J D
65 Nov'17
Lake Shore coil g 33.4s
5814 Salo 5814
1998
A
5834
St Louis Sou 1st go g 4s 1931 M S 82 ____ 7712 Aug'19
5 58 (12
Regletered
A •--- 58
1998
58
58
1 5.173 60
Ind Ill & Iowa let 34s
1950 .1
J
73 _
_ 7514 Dec '19
Mich Cent coil gold 3548_1998
A ___- 61
61
61
let A Great Nor let g (le
1 57
1919 M N
617
8
91
95
93 Nov'19
Registered
A --------75 Mar'17
1998
James Frank & Clear let 4s_1950 J D 72
_
80
78 Jan '20
78
Battle Cr A Stur 1st gu 3e.1989
78
O 4418 _-__ 49 Feb '20 ___ 49
Kansas City Sou let gold 39_1950 A J
49
5513 Sale 5412
5558 14 5412 59
Beech Creek let gu g 46_1936
J 8158 ---- 8212 Jan '20
Registered
)1238 8212
1950 A 0
78 Oct '09
Registered
J __- --__ 953 Nor16
1936
4
Ref A !rept 58
Apr 1950 J
J
70
Sale 6912
7038 24 673i 7514
2d guar geld 58
80 ____ 104 May'10 ___
J
1936
Kansas City Term 1st 4e.._1980 .5 .1
7033 Sale 7014
71
33 68
76 8
Registered
,
J 1936
---- -- ---- ---.
Lake Erie di West let g 55_1937 J
81
83
7914 Mar'20
Beech Cr Ext let g 3545_81051
75
815s
O 53
2e1 gold Se
1941 J
-- -- 66
- 8053 Feb '17
Cart & Ad let gu g 414__1981
D '7 1 _ ___ 716North Ohio let guar gIs 1945 A 0 ---- 00
85 Aug'19
Gouv & Oswe let gu g 58..1942
__
__ Nov'10I)
- -- LehValNYletgugd3.4s.1040J
_- -----_-_
J
8512 87
87
- -- - 8714
5 82
Mob A Mal 1st go g 4e
871 4
1991
1 •____ 76 -751; Jar;Registered
'20 -.... 7512 7513
1940 J
---- 86 4 78 Sept'19
,
N J June R guar let 45.....1980
A
111 ____ 8912 Feb '10 ----- N Y A Harlem R 34.0_2000
N
56 ____ 80 May'17- • No price Friday;latest bid and asked this week. a
-Due Jan, 5 Due Fob. g 11ito June. 8 Due Jolly. is Due Sept o Duo Oct. a Option
sale.
-,-, ____
95-51.2 .01
_-__
BONDS
N. Y. STOCK EXCHANGE
Week ending March 19
§3
.
N Y Cent & H It RR (Coa)Y & Northern let g 5e_1923
N Y & Pu let cone gu g 48_1993
Pine Creek reg guar es__ __1932
It W & 0 con let ext 58...1i1922
Rutland let con g 4346_ _1941
Og & CChem let gu 488-1948
Rut-Canada let gu g 40_1949
St Lawr & Adir lat 5s___1096
1996
Id gold Os
Utica & Blk RIv go 61 45.-1922
1997
Lake Shore gold 3348
1997
Registered_
1928
Debenture gold de
193.
25-year gold 45
1931
Registered
Ka A &(3 It let IN 0 511-1938
1931
Mahon Cl RR let 5i
Pitts & L Erie 2d g 5e___a1928
Pitts NfeK de Y let su 0_1932
1934
2d guaranteed Os
1931
Michigan Central 55
1931
Regl3tered.
1940
is
1990
Begletered
L & S let gold 3)0-1051
1952
let gold 3 34e
20-year debenture 4s 1929
St L 1st g 4a 1937
Chi
NY
1937
Regletered
1931
Debenture 46
West Shore let 4e guar_2361
2301
Registered
X Y C Uwe eq tr 5e__1920-22
Equip trust 4340__19201925
Y Connect let gu 4348 A.-1953
N Y N It a Hartford
1047
Non-cony deben 45
Non-cony deben 3)4e____1947
deben 334s-1954
Non-cony
1955
Non-cony deben 4a
1950
Non-cony deben 4e
1956
Cony debenture 334e
1948
Cony debenture Os
Cons fly non-cony 48-....1930
Non-cony deben 46.-1954
Non-cony deben 45____1955
Non-cony dolma 4e____1055
Non-cony deben 4e__ _ _1950
Harlem It-Pt elms let 45_1954
II & N Y Air Line let 48_1955
Cent New Eng let gu 40_1961
Hartford St 1ty let 4e____1930
Housatonic It cone g 5s-1037
Naugatuck RR let 45.___1954
N Y Prov & Boston 48-1912
NYW'ebes&13 let set I 430'40
Boston Terminal let 4s__1939
Now England cone 58.-1945
1945
Consol de
Providence Scour deb 49_1957
,
Pro / .t Springfield let 59_1922
1950
Providence Term let 45
W& Con Fleet let 4348_1943
NY O& W ref let g 45.-0992
Itegbitered 15,000 only. 0992
1955
General 45.
Norfolk Sou let & ref A 58-1961
1941
Norf & Sou let gold 5e
Nont & Went gen gold 6e____1931
Improvement & ext g138-_1934
New River let gold Oe____1932
& W fly let eons g 46-1990
1990
Registered
DWI let lien & gene 49.1044
1932
-25-year cony 4e
10
1932
-20-year cony 45
10
-25-year cony 445-1938
10
1929
10-year cony (le
Penh 0& 0 joint 44-1941
O C & T let guar gold 56_1022
f3clo V & N 11 let 111 g 411-1089
Northern Pacific prior lien railway & land grant e 4e ._.1997
1997
Registered
a2047
General lien gold Be
a2047
Registered
2047
Ref & Imp 434s der A
St Paul-Duluth Div g 46.._1996
St P & N P gen gold 6s___1923
Registered certificated...1923
St Paul & Duluth let 56-1931
1008
let coneol gold 48
1948
Wash Cent let gold 4s
Nor Pao Term Co let g 0e-1033
Oregon-Wash let & ref 49_ __1001
Pacific Coast Co let g 5s- _1940
Paducah & Ills lets f 4346_1955
Ponielylvania flit let g 46-1923
1943
Oonsol gold de.
1948
(.onsol gold de
1960
Consul 4345.
1905
Genoral434s.
1068
General 54
...11142
Alieg Val gen guar g 4.
DR RR /k Wee let gu 4e g 1936
Theft Bait & W let g 4e_1943
DMus Bay & Sou let g 56_1924
Sunbury & Lewis let g 46_1036
U N J lin & Can gen 4e_1044
Pennsylvania Co
1921
Guar let gold 41345
1921
.
Regietereil
Guar 334e coil t3u21eg A.1937
Guar 334s cell trust ger B-1941
Guar 334e trust otte 0-1942
Guar 334ii trust ate D__194.1
-25-year gold 4s....1931
Guar 15
60-year guar 4e etre Ser E..1052
Oln Lob a Nor gu 45 g___1992
CI& Mar let gu g 4340___1935
Ci & P gen gu 4348 eer A.1042
1942
Series 13
Int reduced to 3348-1942
1948
Merles C 3346
1950
Aeries 13 3341
1
Erse & Pitts gu g 334e B-1940
1940
Series 0
Or It & I ex let gu g 430_1941
Ohio Connect let gu 4e___1043
PItte Y & Ash let cons 58_1927
A_1931
Tol W V & 0 gu
1933
Series B 43.4e
1942
Series 049
&
A 1940
P 0 0 St L gu
1942
Series B guar
1942
&Hes 0 guar
1945
Series D 46 guar
Series E 312s guar gold-1049
Price
Friday
March 19
Range
Since
J ta. 1.
Week's
Range or
Last Salo
High No• Low High
Ask Low
Biel
9313 ---- 921J.In '20 ----, 9258 9258
_
7018 ____ 7814 Apr '19 ---____ 113 May'15
- -- 9918 July'19
--- 9712 99
77 Oct '19
7; 60 Aug '19
60
53
60 60 Feb '20 53
-- -7614 82 101 Noy'113
8212 103 Nov'16
931
027
031s Jan '20 :::: 93
12 671. 70
68
Sale 6712
68
69
69 Jan '20 -- 69
25 8112 8712
87
8
8612 Sale 863
8412
4 474 79
833
4
4
833 Salo 823
8112 Nov'19
- - - -- - -10412 De2 '15.
- - -103 May'171---- - - 13018 Jan '091 ---- --- 12314 Mar'12
8914 ____ 9912 Aug '17 ----- - -- 9812 Nov'18
82 Nov'19 ----__
_
7
---- 87 Feb '14 --63% -___ 6618 Mar'20 -- 6618 66%
7012
6712 70
7012 15 6518 7012
3 77
81
80%
8018 Sale 8018
6, 73
8134
7812
7612 7812 7812
85 Nov'17 ---1
8 "(W .' 75
69
68
7234 22; 7012 7418
7078 Sale 7012
10. 8 7178
69
_ 69% 69
687
97 ___ 9912 Feb '19
2
-6f19314 9914 9412 Jan '20
79
78 Feb '20i---- 77
78
74
-68, -7412
1
50 ____
4712 ____
4712 50
5112 56
56
50
4712 4S
Salo
76
90
____
_
6114
65
5778
55 ___--611
4---4114 Sale
51
51
4518 4518
4412 48
4412 55
46
55
4412 50
6612 7612
-- - - -- -- - -- -- - - - 49 Oct '19 -- - - - - _
68 Noy'191----'
7912 Dec '17 ---3, 55
58
56
53
- --- --87 July'14
-83 Aug '13
22 3412 -44;
42
1013
------
51 Mar'201..--.
4518 Feb '20 ----'
48 Mar'20
1
53
53
5312 13
53
49 Mar'20
7617 44;
76
/10 Oct '17
9112 Jan '12'---60 July'181-- -;
_--70 seEliii
40
a
- -- 39
8
75 -- 997 Dea '13
8
883 Feb '14
8
673
1412 Dec '19
60
8
(107 60
9212 June'12
61
601 4 Noy'19
66 66
55
Sale 541
55
771- 81 Noy'19
.3
10113i66 8 104 Mar'20
122 Noy'16
_
_ - _ 103 Feb '20
75$4
751 7534 75
---- -- 79 Oct '19
7512 7612 76 Feb '20
73 _ _ _ _ 7712 Jan '20
70 Mar'20
7412
4
963 Dec '19
10212
10212 Sale 102
777
8
777
8
7778 78
9714 ____ 9812 Jan '20
7318
74
7412 73%
75,3
75% Bala 7412
8
7014 7478 765 Noy'19
5312 Sale 53
5312
52% 55 Nov'19
7518 75% 78 Feb '20
70 May'19
72
71
10012
10012
9912 _
99 ____ 10018 Jan '20
93 ____ 07 Feb '19
7618 Oet '19
75
68
3712 Dec '16
60
63
104% Feb '20
100 _
681
68% Sale 681
73% 8412 &DPW
8
775
---- 0212 10018 Feb '17
8
---- 9412 953 Apr '19
831 Jan '20
8114 83
82
82
80% 82
9078
891 Sale 89%
81%
801 Sale 801
893
8
8878 Sale 8834
_ _ 8212 Dec '19
82
8112
83 Feb '20
8014 ---- 8218 Jan '20
102 Jan '03
____
• No price Friday;latest bid and :piked
1171
New York Bond Record-Continued-Page 3
MAR.20 1920.1
8138-- 92
Dee '17
9734
9634 Sale 9n31
0618 ____ 955 Oct '19
_ 69% Mar'20
6918
6918 7112 69% Feb '20
_ 731 Jan '20
6914
6918 7214 77 Noy'19
8114 8312 80 Feb '20
8010 Jan '20
7718 81
80 Feb '20
85 Dec '19
87
77
85% ____ 9614 May'18
104 Dee '15
85%
9014 Feb '12
9018 Oct '12
8814 Feb '17
7018 Oct '19
63
7914 May'19
68
8
7818 -- 807 Mar'20
8514 Noy'19
8558
971 ____ 93 May'10
93% Apr '17
8312 92
8718 Noy'19
9012 92
88% Sept'17
85 Mae20
3
.
3
85
8418 01% 90 Feb '20
99 June'17
8418
- - - - 004 (Oct '19
83% 84 Feb '20
82
2
- 40
6 59
6
O1l
49
55
104
104
103 led -55 73is 80
- - - --7518 7812
7712 7712
76
76
80 99
2 77
98%
7318
10434
80
9812
77
137 7212 80%
57 5018 50'4
73
8112
11 1001; 16678
10018 100%
- -- -- 2
16f113 65
72%
-- - --7
9
169
113
83
81
893
8
79
83
-ii4
8612
9212
8
847
9312
83
83
82% 8218
-- ---15 9634 9734
(31;
.
6914 7112
731 735
8314
80
8018 81
80
80
--- -- - -- -- --
8
8
807 807
-- -_
---- 85
90
90
90
84
84
a Due Jan. 5 Due Feb. 0 Due June,
BONDS
N. Y. STOCK EXCHANGE
Week ending March 19
e.
Price
Friday
March 19
Week's
Range or
Last Sale
Range
Since
Jan. 1.
1
1140 NO, Low Mph
Ask Low
Bid
P. C. C.& St. L (Con.)
_ _- 8118 91 Sept'18
48 gold___1953 JD
Series F guar
_ ___
908 Aug '19
1957 MN
Series (3 43 guar
88% Jan '20 ---- 8858 8858
88
Series I cons gu 43-11s-1963 PA
09
AO 99 1003 99 Feb '20 ---- 99
4
St L& P let cone g 58..1932
_
_
Peoria & Pekin Cu let Gs g 1921 Q F 90 ---- 100 June'17
_
87 Mae10
85
75
51921 M N
2d gold 4348
8612 Sale 8458
8612 18 8214 8712
Pere Marquette let Ser A 58_1956
7112
3 66
8
697
69% Sale 6012
_1956
let Series 13 4s
40
40 Feb '20 ---- 40
4018 43
Philippine fly 1st 30-yr s I 44 1937
09 Jan '18 ----_
AO
9318 96
1940
Pitts Sh a L E let g 5e
7 13
'7 5
4
7813
J
00 -- 973 Dec 33 --3
1043 J
let consol gold 58
7712 813
J
7812 Sale
1997 J
Reading Co gen gold 4.1
4
4
J
77 ---- 783 Jan '20 --- 7834 783
1997 .1
Registered
14
79. 82
82 Mar'20
A0 7912 81
Jersey Central coil g
---J
Atlantic City guar 45 g-__1951
__ 6112"
-66 - 60
Jr Fel) 5
St Joe & Grand let let g 46 __1047 21
St Louis & San Fran (reorg Co) J
5812 Sale 58
58% 181 5312 59%
195(1
Prior lien Ser A 4s
6914 55 6512 7134
69% Sale 688
J
1950 J
Prior lien Ser B 58
Sale 8512
87
8712 72 8212 8712
1923
Prior lien Sol* C Os
123 5634 66
. 66
65
Cum adjust Ser A 68_51055 AO 6534 Sale
227 3978 5012
50
9812 Sale 4312
A1900 Oct
Income Series A 08
1 10178 102
10114
J 10012 10133 10114
I
St Louis & San Fran gen 68_1931
9234
1 91
9112
9112 9312 9112
J
1931 J
General gold 5s
6518 --- 78 May'16:St L & S F RR cone g 4s 1996
90 May 17
Soutbw Div let g 5s____1947
9914 100 100
-98 - 100 100
K C Ft S & M cone g 06_1928
14' 63
70
6514
6518 Sale 65
K C Ft S & M fly ref g 4s_1936
8
877
86
86 Jan '20
84
82
K C & M It & 13 1st gu 58_1929
6412
GO
Sale 62
63
63
g 418 bond 0148_1989
St LB W let
--- - 551 03 Sept'19
38
2d g 4s income bond etfs_v1989
23 485 56
56
8
54
56
55
1932
Consol gold 4e
11 55% 59
8
57%
567 Sale 5612
let terminal a unifying 55_1952
9812 Jan '14
Gray's Pt Ter let gU g 50-1947
23, 5412 603
4
58
Sale 56
58
1943
13 A & A Pass let gu g 4e
6012
55
6012 Mar'20
8
607 61
1950
Seaboard Air Line g 4s
4
Mar'20 --- -1 543 61
59 59
56
1950
Gold 48 stamped
4112
381 67' 30
4
373 Sale 37
01949
Adjustment 5e
49
4612 39 38
4478 Sale 4473
1951)
Refunding 48
6178 6312
____ 6212 6178 Jan '20
At! Birm 30-yr let g 4e_e1933
____ 7212 76 Apr '19
Caro Cent let con g 4s___1049
_
8
997 Noy'19
101
Fla Cent dr Pen let ext 06_1923
---- 101 101 Dec '18
1st land grant eat g 58_1930
2 80
8114
8012
8418 8012
1943
Consol gold 5e
--_
93 July'19
83
80
Ga a Ala Ity let con 513_01945
8
86% Mar'20
,
86 8 883
861i 88
No 1st gu g 5s.._1929
Ga Car &
-- --9514 May'19
85
Seaboard & Roan let 56_1926
Southern Pacific Co
19 6612 73
70
Sale 6918
70
.11949
Gold 45 (Cent Pee coil)
90 Feb '14
k1949
Registered
8
7913 Sale 785
7914 141 7634 -if5
8
01920
20-year cony 45
10112 295 97 106
Sale 10212
101
1934
20-year cony his
44 6912 78
73
7214 Sale 7214
Cent Pac let ref gu g 4e 1949
_ 8712 Sept'18
1940
Registered
1 7981 8218
7913
791 Sale 791
Mort guar gold 3)4e_k1920
70
66
66 Mar'20
6718 68
Through St L let liu 411_1054
85 100 100 (1,:t *18
let 591931
OH &SA M&P
87
87
87 Mar'20
_-- 09
1031
2d eaten 5e guar
-95 Nov '18
- -- 9214 102
Gina V CI dr N let gu g 55__1024
8112 8514
_ 8112 Mar'20
841
Hone E & W T let g 5s___1933
_ 100 Oct '16
8
843
let guar 56 red__ ___1033
4
933
4
-613
9014 9334 92 Feb '20
H &T C let g 58 hit gu__ _1937
93
93
---- 9612 93 Jan '20
Oen gold 4s Int guar____1921
- -- 91 Mael9
90 ____
Waco & N W illy let g 68'30
-- - -- - 8734 Deo '19
8514 88
1941
A &N W let Bug 55.
10014 Oct '17
Louisiana West let Os__ __1921
984 9834
4
9912 983 Jan '20
99
Morgan's La & T let 08_1920
9218 9218
9218 Feb '20
9318 95
1938
No of Cal guar g 55
9312 15 9112 93%
Sale 02
92
1927
Ore & Cal let guar g 5s
_ 9753 July.19
--- - - - 951
So Pac of Cal-Cu g 5s_ 1037
9212 June'19
___ 00
So Pao Coast let gu 45 g 1937
8
707
7112 17 70% 7358
8
-707 71
San Fran Term! let 46_1950
85 July'19
83
N 0 con gold 58_1043
'Tex &
7984
7518 59; 74
Sale 7414
1955
So Pao RR let ref 48
7
85
8512 13 ..8114 8712
Sale 84%
1094
Southern-let cons g 5s
---- 8314 8514 Sept'19
1991
Registered
153 55 -6112
59
Sale 58
59
1950
Develop & gen 4s Ser A
5812
5812
56
Sale 56
56
Mob & Ohio coil tr g 49...A938
13 80
82%
82
Sale 82
82
5q..1096
Mein Div let g 434e6 65
675
s
8
063
663
8
1951
St Louis div let g 4e
0
8
63'8 8718 92%
66
Ala Cit Sou let cone A 58 1043
7614 8058
-. 7614 Feb '20
79
All & Cheri A List A 4)01944
1 85 8814
88
88
-year 15e Ser B____1944
let 30
- -- --8
0 8ale 70 Oct '19
8
6
65
1948
All & Deny let g 46
8112 Marge
-- - -- --1948
2d 49
---- - -- 08 Oct '19
All & Yad 1st g guar 4s__1949
9218 Dee '19
9212 95
E T Va et Oa Div g 5e___1030
8512 9038
88
88
8712 89
1956
Cone let gold 5s
02 July'19
93
86
1938
E Tenn reorg lien g 5s
4418
52 Jan '19
1940
Ga Midland let 38
9912 100
9912 Jan '20
98 100
1922
Oa Pee fly let g Os
90
00
8
965 ____ 90 Feb '20
,
Knox / & Ohio 1st g lie...1925
- -- - -9112 Oct '18
80 __
Mob & Bit prior ilen g 59_1945
65 Aug '19
-- -- 60
1945
Mortgage gold 4s
8
925 Nov'10
9234 102
Rich & Dan deb 5e stmpd_1927
-66 60
-- 60 Feb '20
1948
Rich & Meek let g 5e
- - -10212 June'll
Virginia Mid Ser D 4-55 1921
95
95
95 Jan '20
°7
9314 100
1926
Series E 5s
10112 Deo '16
1926
Series F 56
9118 8914 Mar'20
90
1930
59
General
8
815 Sept'18
8112
Va & So'w'n let gu 50_2003
2 60
70
70
70
-year 56_1958
let cone 50
- -- - 93% Mael7
fly gu 4e____1924
W 0& W 1st
7512 Apr '19
--Spokane Internet let g 513_1955
82
80
80 Mar'20
Term Assn 01St L let g 434e.1039
8512
84
8864 '- 7
0004 18 812i
883 -,9751 : 8512 Mar'20
4 74
0
:
let eons gold 55_1894-194
681 731
69
71
J
1953 J
Gen refund s f g 45
85
85
85 Mar'20
St L M Bridge Ter gu g 511_1930 A 0 8218 84
7913 85
82
82
ID 81% 84
2000
Teem & Pao let gold 5s
5212 5212
5212 Feb '20
12000 Mar ____ 54
2nd gold income 5.1.
- - -- - -1031 J J 6014 7912 86 May'18
La Div B L let I/ 56
10612 Noy'04
- - - -W Min WaNW let go 581930 PA
83% 8418
28
68 J 88.-979,: 8312 Jan '20
8
-.
7_7 174
i72 170f3.4
To! tt Ohio Cent let gu 5s 1935 J
80% 8012
8012 Feb '20
1935 AU
g 5s
Western Div let
82
70
82 Fob '20
1935 ID
General gold 5e_
- - -1990 *0 6434 69% 73 Oct '19
Kan & M let gu g de
- - 8712 Dec '19
J
1927 J
2d 20
-year 15e
-- - --J
26 ____ 36 Feb '19
1917 J
Tol P & W let gold 45
74% Doe '19
J 7018 75
Tol St L & W pr lien g 3346_1925 J
2 427 4714
46
Sale 46
*0 46
:950
-year gold 4e..
50
8
185 Mar'16
Coll trust 4s g Ser A......-1917 PA --_- 35
18 Aug '18
19
Trust co etfe of deposit
68
66
68 Feb '20
Tor limn & Buff let g 48...111940 ID 67
8518 8518
13 82
8518 8518 Feb '20
Ulster & Del let cone g 51 .1928
--- 58 Sept'17
1052 AU
let refunding g 4s
4
823 137 7914 8514
8133
87a
13
86
J
8214 ;
1947 .1
Union Pacific let g 48
8512 Oct '18
J
1947 J
Registered
8434 84 8313 887k
J -1114 Sale 84
7.
1927 J
20
-year cony 41
81.
7212 Sale 72
72% 102 72
02008 M
let & refunding 411
8 23 100 103
e
1013
J 1011 Sale 1007
-year perm secured 05_1928 J
10
2 75
81
7512
7512
3D
76
7512
Ore RR & Nay con g 45_1946
6 99 101
99
99 99 14 99
Ore Short Line let g 65___1922 F A
7 9012 93
9118
9118
J
9012 92
1040 J
let consol 5s.
85
8114 39 80
81 4 8 a
1929 JD 803 S8le 8012
Guar refund 4e
8 9018 9258
9014
J
9018 9112 9014
Utah & Nor gold Se__ _1926
-- - - - - 89 Feb '18
J
1933
let extended 48
7112 ____ 803 Dee '19
- - - 4
FA
Vandalla cone g 4e Ser
- -- -7112 8134 8018 June'18
1957 MN
Consols 4s Series B
--35 Mar19
.1
Vera Crus & P let gu 446_1934
A Due July. k Duo Aug. o Due Oct. v Due Nov. q Due Deo. a Option sale.
514
1172
BONDS
X Y STOCK EXCHANGE
Week ending March 19
New York Bond Record—Concluded—Page 4
:43
Virginian let 55 series A____1962 M N
Wabash let gold 55
1939 M N
2d gold 55
1939 F A
Debenture series B
1939 J J
let lien equips fd g 5s
1921 M E3
1st lien 50-yr g term 4s
1954 J J
Det&ChExtlstgss
1941J J
Des Moines Div 1st g 4s-1939 J
Om Div 1st g 3As
1941 A 0
Tol & Ch Div g 48
1941 M
Wash Terml let gu 3Ms
1946 F A
let 40-yr guar 45
1945 F A
West Maryland 1st g 48
1952 A 0
West N Y & Pa let g 65-19371J J
Gen gold 4s
1943A 0
Income 55
p1943 Nov
Western Pao lot ser A Ss __1946 M S
Wheeling & L E 1st g 55____1926 A 0
Wheel Div 1st gold 5s____1928 J J
Exten & Impt gold 5s____1930 F A
Refunding 4345 series A__1966 M S
RR 1st consol 45
1949 M S
Winston-Salem S B 1st 45_1960 J J
Wls Cent 50-yr 1st gen 4a
1949 J J
Sup & Dui div & term 1st 4s'36 M N
Price
Friday
March 19
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ask Low
High No, Low High
8112 8238 8112
8212
8 8112 8514
8812 Sale 873
4
8812 20 87
91
8018 83% 8018 Mar'20
80 83
---- -- 90 Aug'18
9814 _
9712 July'19 --- — -- - -7034 Nov'19 _-_8878 Mar'20
883 8S8
4
--. 7513 80 Aug'12
---. 6478 87 Feb'19
- -7412 Oct'19
69 -; 4
7
70 Jan '20
72
70
7518- 82 Aug'18
53 -g;le 5'218
53
56 49
53
8018 91
1 90
90
90
92
6312 65 63 Jan '20
63 63
25
36
Oct'17
8173 . 61),le
813
33 807 88
4
82
8
90 92
9112 Jan '20
_ 9112 9212
92 95 100 Feb'17
90% Mar'17
52
5434 53
1 -id - 53.
53
533 5412 5414
4
5413
8 53
56
6614 713% 675 Nov'19
8
6814 Sale 6712
69% 11 67
71
6514 70
70 Mar'20
6318 70
BONDS
N Y STOCK EXCHANGE
Week ending March 19
.
`a
a.,
Gas & Electric Lt—(Cona.)
Utah Power & Lt let 55__1944 FA
Utica Eleo L & P let g 55_1950 J J
Utica Gas & Elee ref bs
1057 J J
Westchester Ltd gold 50-1950 J o
[VoL. 110.
Price
Friday
March 19
Bid
Week's
Range or
Last Sale
Ask Low
8112 Sale
--8812
____ 90
81
95
87
88
h
s.
'Range
Since
Jan. 1,
High No. Low
823
.1
Mar'20
Nov'19
Oct'19
18
High.
7978 8514
95
95
Miscellaneous
Adams Ex coil tr g 45
5578 60
1948 5
1
55%
2 5578 5812
56
Alaska Gold M deb Os
13
15
M
14 Mar'20
13
20
Cony deb (is scrim B
1926 M
11
12
/ 13 Feb '20 __-- 13
1
4
13
A
SS of W Va 1st be
1920M
98 102
Armour dr Co 1st real est 4 Me'39 J
824 Sale 811
/
1
/
4
8214 67 8178 8418
Booth Fisheries deb 5 f 65___1926 A
--- 9012 90
Feb'18
-- -Braden Cop M coil tr s f 65_1931
A 9178 Sale 0118
92
30 91
93
Bush Terminal let 45
1952 A
73% 7634 74
74
5 74
79 g
,
Consol bs
7518 80
1955
78 Mar'20 --- 73
82
Buildings 55 guar tax ex_ 1960 A
7638 7712 7638
76%
763 82
8
/
1
4
Chic C & Conn Rye 5 f 55- —1927 A
4013 _
58 Mar'18
Chic Un Stat'n 1st gu 4;4s A 1963
8014 8118 8014
8012 20 77l 83
Chile Copper 10-yr cony 78_1923 SI
1027s Sale 102
10331 112 998 10834
Coll tr & cony 68 ser A _ _1932
7912 Sale 78
7912 254 7612 86
Computing-Tab-Rec s f (38.._1941
823,1 84
13
83
3 8178 88
Granby Cons MS&P con 85 A '28
9114 95
93 Jan '20 __-- 90
93
Stamped
9114 96
1928
96 Dee '19
Great Falls Pow lst s f 5E1_1940
8918 94
89 Mar'20
Int Mercan Marines f 813.„1941 A 0 89
Sale 883
.1
8978 89 873 9514
Montana Power let 55 A1943
8512 Salo 847
8
8512 13 8138 85
Street Railway
/
1
4
Morris & Co 1st e f 4 M.._1939
8) 82
8018
81
4 8018 83%
Brooklyn Rapid Tran g 5s _1945 A 0 31
3012 Mar 20
30
3312 Mtge Bonds(N Y 4s ser 2_1966 A 0
83
Apr'14
1st refund cony gold 48_ __2002 .1 J _ - 33111 28 Jan '20
234
_
/
4
10 -year bs. erie5 3
-20
25
28
1932
3-yr 7% secured notes_51921 J J 4612 Sale 46
20 39
47
N Y Doc_ 60-yr let g 45.......1951
50
A 61" .
' 62 June'16 3 62 6714
6";le 94
Certificates of deposit
62
41
Sale 44
44
Niagara Falls Power 1st 55_1932
1 3912 47
91
Sale 91
Certificates of deposit stmp'd _
9113 23 91
93
42
6 3112 45
_ 411s 47
4214
Ref & gen Os
___ 981s 10112 Oct'19
a1032 A
Bk City 1st cons be_ _1916-19414 J ---- 70
Oct'19
70
Nlag Loc.. &0 Pow 1st 55_1954
---- --84
88
85 Mar'20
Bk Q Co & 13 con gu g 58_1941 M N ---- 70
85
88
80 May'18
— - - - - Nor States Power 25-yr 58 A 1041 A
80 ---- 7931,
Bklyn Q Co & S 1st bs__1941 J J
1 793i 85
793
4
4012 Dec '19
—
Ontario Power N F let bs_ _1943
A
83
8212 Feb '20
Bklyn Un El 1st g 4-55_1950 F A 6214 -13i12 62
8212 85
6212 20 -613- -6i
Ontario Transmission 55___1945 SI
8
6612 7
6
72 Jan '20
Stamped guar 4-55
6412 62
72
75
1956 F A 62
2 61
62
Pan-AmPet&Trist cony 65'19-'27
63
Kings County E 1st g 4s_ _1949 F A
-- 15512 May'19
5078 53
5312 Mar'20
Pub Elerv Corp N J gen 55._1959
50
55
0 60
6214 62
63
Stamped guar 45
12 583$ 68
5418 51 Feb '20
1949 F A 52
Tennessee Cop let cony 8s.._1925
bl
51
9412 951, 9112
Nassau Elm guar gold 48_1951 J J 23
95
4 9412 96
28
25 Mar'20
Wash Water Power let 55_1939
25
28
9178 007 July'19
8
Chicago Rys let bs
652! 69
- --. 6978 6512
1927,F A .
6512
Wilson & Co let 25-yr a!85_19,1 A
6514 70
Sale 96
96
Conn Ry & L 1st & ref g 4;45 1951 J J
9714 33 0514 9814
60 Feb '20
10-yr cony 5 f Os
60
60
92 Sale 913
1928
Stamped guar 434s
4
9214 77 90
9814
77 Juir 19
1951 J J ---- 65
Det United 1st cons g 4345_1932 J J 6714 68
8 -8434 -66
6734
68
Manufacturing & Industrial
Ft Smith Lt & Tr 1st g bs
68 Jan ,'2()
1936 M S --- 68
Am Agri() Chem let c 55...„1928 A0 93
68
68
94
94
2 04 100
Hud & Manhat be ser A
94
70 54
59
1957,F A 581; Sale 58
Cony deben Ss
60
97
1924 FA 95
95 Mar'20 -- 93
Adjust income 55
9934
-- 18% Sale 18
18% 111 13
20% Am Cot 011 debenture 55._1931 MN 8518 87
88
N Y & Jersey Ist bs
88
3 86
8912
1932FA 70 90
19571-90 May'19
Am Sm & R 1st 30-yr Ss ser A '47 AC 8214 Sale 8214
83% 19 811g 8612
Interboro-Metrop coil 445_1956 A 0 1818 Sale 1734
1918 237 1412 19% Am Tobacco 40
-year g 65_1944 AO 119 12(114 119 Feb '20
_ 119 119
Certificates of Deposit
Sale 1712
I--- 18
18% 67 15
Gold 45
19%
1951 P A ____ 78
87 Sept'19
Interboro Rap Tran 1st bs_ _1966 J J 5512 Sale 55
496 48
58
Am Writ Paper e f
J J 79
58
813 79
4
6 70
E37
797
8
Mahhat Ry(N Y cons g 45_1990 A 0 5612 Sale 55%
9 55
Baldw Loco Wor..5 1st 5a1940 SIN 9512 ____ 95 Mar'20
5612
60
Stamped tax-exempt
95
97
1990 A 0 55
1 55
5512 57
57
6012 Cent Foundry let s f 6s
73
81
1931 FA
8018 Jan 20
Manila Elm Ry dc Lt s f 55_1953 M S
80
8178
75
Oct'19
Cent Leather 20
95
Sale 9412
-year g 513_1925 AO
60 94
95
Metropolitan Street Ry—
07
/
1
4
Consol Tobacco g 48
_ 753 7312 Dec'18
4
1951 FA _
Bway & 7th Av 1st c g 58_19431J D 43
44% 4612 Mar'20
46
5714 Corn Prod Refg s f g 5s
1931 SIN 08 101 10014 Jan '20
Col & 9th Av lat gu g bs 1993 M S ---- 3312 40
10014 10014
2 40
40
let 25
40
-year 5 f 55
1934 MN 98 10012 99
Lex Av & P F lst gu g 55_1993 M S ___- 40 40
3 40
40
Distill Sec Con cony let g 55..1927 A0 _ 7878 79% Mar'20 12 99 10012
42
7912
Met W S El(Chic 1st g 48_ _1938 F A
7918 83
54 Deo'19
El du Pont Powder 454s193 3D ii4 99
9314 Sept'19
Milw Eleo Ry & Lt cons g be 1926 F A -61di5 9412 Feb 20
8
8
9412 9112 General Baking let 25-yr 86_1930 3D 89
91 Feb '20 -- "df" "61"
Refunding & eaten 401_1931 J J 7018 8118 77 Jan '20
Gen Electric deb g 3As
77
71 67
77
1942 P A
4 67
7012
6812
Montreal Tram let & ref 58_1941 J J
71 Mar'20
Debenture be
70
71
1952 MS 877; Sale 8712
8818 12 85
97
New On Ry & Lt gen 4;45_ _1935 J J ---- 88
61 July'19
- - - - Ingersoll-Rand 1st 511
1935 J J
- 96 Nov'18
Ig Y MunIcip Ry 1st 5 f bs A_1966 J J
50
57 July'19
Int Auto Corp 1st 20-yr 55 1032 MN 80% Salo 80
8414
8034 14 78
Y Rye lst R E & ref M
6 -211- 32 - lot Paper cony a
2638
1942 J J 2612 Sale 2612
2
f g 55
1935 J J 10018 -- 9912 Jan '20
9913 9912
Certificates of deposit
2612 28
26%
273
4 22 2658 31
1st & ref e f cony ser A_ _1947
81
g(/ 81
1 81
81
8612
80
-year adj Inc bs
63 Sale
$
al942 A 0
638 37
108 1093 10812
8
512 73 Liggett & Myers Tobso 75 1944
4
1 106 111
10812
6% Sale 678
Certificates of deposit
2 6
6
/
1
4
5s
712
1951 FA 8638 Sale 86%
3 8511 8918
873s
X Y State Rye let cons 450_1962 M N 52
Sale 52
8 50
53
Lorillard Co (P 7s
53
7 1073 110
1944 A0 108 10912 10814
109
4
Portland Ry 1st & ref 5s____1930 M N ---- 7212 647 Jan '20
s
55
644 647
/
1
P A 813
863 86
8
4
1951
86
6 8518 88
Portid Ry Lt & P 1st ref 58_1942 F A --- 86
bb Dee '19 --— --- - Nat Enam & Stampg let 55_1929 3D 983 98
4
963 Mar'20
4
0634 9712
Portland Gen Elea 1st 55_1935 J J ---- 94
9012 Feb'17 ---Nat Starch 20
-year deb 58_1930 J J 9313 ---- 94 Aug'18
St Joe Ry L H & P let g bs_ _1937 M N -___ 78
95 July'17
—
- _ National Tube let 55
1942 MN 0012 Sale 90
3 -id- -9119012
2
St Paul City Cab cons g 55__1937 J J --- 82
80 Jan '20
N Y Air Ilra_e 1st cony 88_1938 MN --_- 97
80
80
97% Mar'20
95
0934
Third Ave let ref 45
9 45
/ 47
1
4
4634
1960
J 45
4712
-year cony 88_81920 J O
513 Pierce 011 5
4
10018 Nov'19
Ad]income 55
36 27
al960 A 0 3018 Sale 3318
31
10
-year cony deb 68.. _51924 J J
31
iO4s 164 4
1043 Jan '20
4
4
Third Ave Ry 1st g 58
1
87 84 Jan '20
1937,J J 82
Standard Milling let 59__1930 MN
83
84
-5114 9112 Feb '20
0112 0313
Tri-C1ty Ry & Lt 1st f 55_1923 A 0 9014 93 89 Feb 20
'
The Texas Co cony deb M 1931 J J idis, Sale 103
89 92
104% 248 06 1051s
Undergr of London 434e__..1933 .1 J ____ 90
73 May'19
Union Bag & Paper let 58_1930 ▪ 3 8014 90
90 Feb '20
90 90
Income 136
52 ---. 60 Dee '19 -1048'
Stamped
1930 J
8712 Deo'18
- -United Rye Inv ba Pitts tes 1926 M N 6812 7018 68
7018 27 68
ii17514 Union 011 Co of Cal let 158_1931 J J
- 8 95
Oct'19
United Rye St L 1st g 4s
1934 J .1 ____ 5334 5114 Nov'19
- -- - - - US Realty & I cony deb g Se 1924 J J 7912 Sale 76
165 74
80
82
St Louis Transit gu 55
50 June'17
1924 A 0 ____ 55
U S Rubber 5
-year see 7s
1922 J O 10214 Bale 10214
10258 16 10012 10314
United RRs San Fr s I 4s
1927 A 0 2512 3012 30
30
let & ref be series A
25
30
1947 J J 8418 Sale 84
80 8178 90
85
Union Tr(N Y ctfe dep
2912 Sale 27
63 2312 30
30
S Smelt Ref & M cony 65_1926 P A 10212 Salo 102
27 100.
Equit Tr(N Y Inter °Os
Sale 2912
30
54 24
30
Va-Caro Chem let 15-yr 58_1923 J O 9412 Salo 944 10212 19 93 105
30
/
1
9512
Va Ry & Pow let & ref fie___1934 J J ___ 66
9512
70 Dec '19
99
Cony deb 65
-—
Salo 99
e1924 A0
99
51 99 101
West Electric 1st 5s Dec,, .1922 J J 947 96
3
95
8 943 973
9514
4
4
Gas and Electric Light
Coal, Iron & Steel
Atlanta 0 L Co 1st g Bs__ __1947 J
934
/
1
103 Sept'15
-- — - - Beth Steel 1st ext 5 f 55____1928
93
Sale 92
13 92
93
973
8
Bklyn Edison Inc gen 5$ A.1919
- 80
8212 Feb '20
let & ref 55 guar A
82
81
/
1
4
85
1942
Sale 8412
42 8212 89
85
Bklyn Un Gas 1st cons g 55_1945 rig
74
7418 Mar'20 ---- 70
20-yr p m
77
8412 Sale 8414
26 8234 887
85
s
Cincin Gas & Elee lst&ref 55 1956 A
_
_867- 83 Mar 20 ---- 83 83 Buff & Swig & imp f f 5s_1936
s
Iron s 55_1932
-__- -- 9312 July'19
—_ Columbia G & E 1st 55
gi 85
8318
8318
1927 J
Debenture fut
1 81
85
9218 ---- 917 Nov'19
a1926
_
Columbus Gas let gold 5s _1932 J
- 85
87 June'19
Cahabs C M Co let go 85...1922
101
Deo'14 —
Consol Gas 5-yr cony 7s
ii(ss Sale 10038 1007 200 993$ 101
1925 Q
8
Colo F & I Co gen s f bs__1943
8112 85
8412 Feb '20 — -817 -851;
8
Cons Gas ELdcl.of Bait S-yr 58'21 M
__ 97
9814 Sept'19
Col Indus let & coil 55 gu 1934
Sale 74
A 74
8 72
74
74
6512 9614 961 Dee '19
Detroit City Gas gold be___ _1923 J
/
4
Cons Coal of Md lat&ref 58_1950
7313 73
/ 7518 Mar'20 — 75
1
4
754
/
1
Detroit Edison 1st coil tr 56_1933 J
4 93 -95
Sale 94
04
941
Elk Horn Coal cony 65
1025
98 Feb '19
—
let & ref be ser A
8 864 90
4
873 8834 87
/
1
4
h1940 M
88
Illinois Steel deb 4348
/
1
801s Sale 80
1940
8(17
8 33 "go— 84
Eq G L N Y 1st cons g 55_1932 M
__ 94
94 Feb'18
9314 913
- -92
— - Indiana Steel 1st Ss
1952
10 90 93
4
92
/
1
4
Gas & Elee Berg Co a g 5s__1949 J
- -- 100 Feb'13
Jeff & Clear C & I 2d 5s__1926
6
Havana Eleo oonsol g 55..___1952 F A 8418 89
4 84
84
84
8512 Lackawanna Steel let g 58_1923
93 9312 93
9312 16 9212 9414
Hudson Co Gm 1st g 55____1949 M
91 Sept'19
let cons 55 series A
91
Sale 8812
31 86
1950
- - -- --91
9912
Van City(Mo Gas 1st g 55_1922:A 0
_ 91 9212 Dec '19
Midvale Steel &0cony e f 551936
8231 Sale 82
8318 42 8012 8512
- - - --Kings Co El L & P g 5s
8412 Dec '19
19371A 0 66 _
Pleasant Val Coal let s f 55_1928
- -- --Purchase money 13s
ase
0 ____ 977 991s Nov'19
Pocah Con Collier 1st s f 55_1957
83 83% 82 Feb '20 -- 82
82
- -- - - Convertible deb 65
____ 9713 98 Apr'19
1925 M
Repub I & 8 10-30-yr 55 s L1940
8914 Sale 8818
7 87
96
8912
Ed El III 13kn 1st con g 45_1939 J
____ 80
77 Feb '20
St L Roo.. Mt & P 58 stmpd_1955
7534 77
67
73 67 Mar'20
67
72
Lao Gas L of St L Ref & ext be'34 A
Sale 81
81
81
8212 Tenn Coal I & RR gen Ss 1951
81
88
Sale 88
8 88
88
93
8712 Sale 8712
Milwaukee Gas L 1st 4s
1927 M
8712
8712 8712 U S Steel Corp—icoul)- - -MOOS
9618 Babe 9514
963 217 95
4
993
4
Newark Con Gas g Se
__ 87 10413 Apr '17
1948'J
f 10 -year 58I reg _ _ _41963
-60
---- 96 Feb '20
06 -9914
NYGELH&Pg 5o
Sale 82
82
82
1948 J
78
8512 Utah Fuel lets f 55
86
1931
8634 Nov'19
Purchase money g 45
2 61
63 68
A
64
64
653
4 Victor Fuel let a f Ss
--- 69
1953
70 Mar'19
Ed Elm III 1st cons g 5e-1 9 9 3
89 9212 Nov'19
9
4
19 5 F
Va Iron Coal & Coe let g be 1049
-8058 8518 815 Feb '20
8
-8218
NY&Q El L&P lvt con g 55-1930 F A
81
81
-id— -if
Pacific 0 & E
G&
Telegraph & Telephone
Corp unif-.Ing & ref 55
5 83 0014 Am Telep & Tel coil 45_1929 J
8618 8634 86
1937M
86
Bale 7738
J 78
tr
78
63 77% 801s
Pacific G & E gen & ref 55 1942
13 78
Sale 74
80
81
Convertible 48
83
69
1938 MB
GO Mar'20 -- 6812 09
Pao Pow & Lt 1st & ref 20-yr
211-yr convertible 430.._1933 MS 82 Sale 8012
82
81 8012 85
Si International Series,. 1930 F A ---- 883 82
Apr'19
4
30-yr temp coil tr 5s
8
1946 J O 823 Sale 82
8334
8212 76 80
Pat & Passaic0& El 5s
1949 M
7
---- 105 July'17
-year convertibl
Bale 97%
1925 P A
9812 208 9512 994
/
1
2 8818 8818 Cent Dist Tel let e Cis 58_1943 J O 08
Peop Gas & 0 1st cons fi 6s1943IA
8618
8812 8818
96
30-yr
96 Feb '20
98
96
Refunding gold 55
___- Sale 64%
647
4 64 67
8
1947 M
65
Commercial Cable 1st g 45 2397 Q
_
60
73 Nov'17
Ch
& Coke 1st gu g 5s 1937
71% 85
711s Mar'20
Registered
7118 80
- — 6818 Jan'18
2397 Q
Con 0Co of Ch let gu g bs 1936
__ 85 100 Apr'17
Cumb T & T let & gen 55-1937 ▪ J 83
Sale 83
83
83
853$
Ind Nat Gas & Oil 30-yr 581936
89 Mar'17
Keystone Telephone 1st 58 1935• J — - 88
98
Apr'18
Mu Fuel Gas 1st gu g 58.._1947
_- 75 May'19
Mich State Teleph 1st 55
8478 Mar'20
1924 FA 8514 86
847 86
Philadelphia Co cony g 513_1922
873 Sale 87%
8
8712 16 "if- ill
'
N Y & N .1 Telephone bs g_1920 SIN 0818
9918 Jan '20
99% 991s
Stand Gas & El cony e f 65 1928
86
90
86 Mar'20
86
91
N Y Telep let & gen e f 4345_1939 MN 7938 Sale 79
8112
794 25 78
/
1
Syracuse Lighting 1st g 55_1951
---- 6712 May'17
-30-yr deben e f 6s__Feb 1949
-9558 Bale 9511
37 92
96
963
4
Syraeuse Light & Power 55-1954
____
73 Dec '19
8412 8512 85
Pacific Tel & Tel let be
-1937
85% 32 85
/
1
4
88
Trenton GI & El 1st g 58
1949 M
983 Oct'17
8
South Bell Tel & T lst s f 55_1941 J J 811 Bale 81
8112 26 8012 85
/
4
/
1
4
Union Elea Lt & P 1st g 55_1932 M
7212 00
8412 Mar'20
8413 8412 West Union coil tr cur 58......1938 J J 8018 861 85
85
1 84
861s
Refunding & extension 511_1933 M
--- 977 82 July'19
8
Fund & real est g 4;0_1050 MN 76
— - --77
75% Mar'20
74
/
4
/ 811
1
4
United Fuel Gas let a f 135_19361 J
____ 937 944 Mar'20
8
/
1
Mut Un Tel gu ext 58..
9478 944
/
1
09 19112 Sept'17
1941 MN
Northwest Tel gu 4)4s g_ _1934 J J
- — _ 94 Nov'16
_
oNo price Frtday;latest bid and asked a Due Jan. b Due ADr11. s Due MaY. g Due June.
hDueJuly, k Due Aug. o Due Oat. z/ Due Nov
Due Dee. a Option sale.
MAR. 20 1020.[
-NOT PER CENTUM PRICES.
SMARR PRICES
Saturday
Mar. 13
Monday
Mar. 15
Tuesday
Mar. 16
Wednesday I Thursday
Mar. 18
Mar, 17
Friday
Mar. 19
&halo,
the
reek.
Shares.
132 132
130 132 *131 133
131 132
..... _ 12818 130
6512 6412 6512 6513 6513 36412 6412 6312 64
65
65
84
84
87
*83
86
*84
86
*81
87
_ _ _ 87
3514
3514 35
4 35
353
3512 35
8512 3514 3514 *35
45
*43
45
_ _ _ *43
*45
45
45
45
45
45
143 143
•135
143 143 *130
143
Last Sale
__-8
6
*5
+5
6
6
*612 7
Last Sale 10 Mar'20
11
Last Sale 130 Feb'20
130 *:::: 130
•____ 130
82 *____ 82 *___ 82
82
82
82
*7912 82
*81
Last Sale 10334 Oct'19
- - -Jan'20
Last Sale 68
70
70
70
*68
io
*68
70
7
-7 6(15- 71
71
69
36
38
3518 36
3618 3518 353
35
343 3512 3514 3618
4
Jan'20
Last Sale 85
Last Sale 95 Dec'19
85.
85
85
*85
85
86
5
g'tr -§- - 85
-Ai- 85
Lass Sale 23 Mar'20
24
*22
24
*22
24
*22
24
Last Sale 85 Mar'20
*85 _ _ _ _
91
*85
44
43
44
14312 *4314 4312 4312 13 2 43
4312 4312 *43
53
53
514 52
53
53
*53
53
5312 53
*128
*64
*84
*3412
45
*140
103
301
65
178
60
21
•
10
5
28
760
-ia*2212
18
247
112
Range Sines Jan. 1.
STOCKS
BOSTON STOOK
EXCHANGE
Lowest.
Flights'.
Miscellaneous
413 Feb 13
74 Mar15
10
11,223 Am 011Engineering
8 718
67
613 7
112 Jan 27
1 Feb 24
Amer Pneumatic Berviee- 25
Last Sale 114 Mar'20
4
73 Jan 5
5 Feb 10
50
Do prof
8
6
16
612
*6
9112 Jan 2 10038 Mar 18
100
8 9814 0812 2,063 Amer Telep & Teleg
1004 1003
249 Amoekeag Manufaoturing____ 13912 Mar 2 13212 mar 19
160 16111 16212 16212
7934 Jan 3 83 Jan 13
Do prof
89
8112 8112 8112 8112
9 Mar 18 19 Jan 5
437 Angio-Am Comml Oorp_no par
1012 1012
912 11
41 Art Metal Construe Inc...... 10' 2612 Jan 7 32 Mar 19
32
32
36
*31
0 Feb 11 1114 Mar 19
Prod & Refg_-- 10
10
1114 37,726 Bigheart
912 10
338 Jan 3
2 Feb 13
212 212 1,465 Boston Mar Pet Trustees
s 35 21
35:4• 78
23
7 Jan 5
214 Mar 19
1,380 CenturySteel of Amer Inc.. 10
212 3
6 Jan 28
10
,
3 4 Feb 14
109 East Boston Land
512
*5
5 2734 Feb 13 3612 Jan 3
1,525 Eastern Manufacturing
3112 33
25 19 Feb 11 2512 Mar 18
k18
237 2512 25 - 2 2,317 Eastern SS Lines Inc
100 63 Feb 1.1 8512 Mar 18
Do prof
1,459
8512
83
100 149 Feb 14 157 Feb 20
211 Edison Electric Ilium
154 154
156 156
2
30
3014 1,360 Elder Corporation ........no par 28 Feb 13 3612 Jan 2
3014 3033
25 67 Feb 28 8413 Jan
25 Fairbanks Company
67
67
68
*66
50 2612 Mar 16 2912 Jan 6
120 Gorton-Pew Fisheries
2612 32612 2613
2612
25 3013 Feb 13 50 Jan 5
..
1,180 Gray & Davis Lao
31
3112 33
34
1612 Feb 16 2512 Jan 6
1,078 International Cement glory_
18
1712 1712 18
no par 2312 Feb 25 44 Jan 2
2,015 Internat Products
29
28
28
27
100 73 Mar 5 8012 Feb 7
Do prof
Last Sale 73 Mar'20
634 Jan 5
4
43 Mar 4
478 514 1,270 Island Oil & Trans Corp.- 10
518
5
543 Libby. MoNe111 & Libby......10 2214 Feb 27 3058 Jan 6
2714 2712 2878 2718
10 10 Feb 2 11 Jan 6
111 Loew's Theatrea
1013
1012 1012 *10
165 Moliglwain (W 11) let pref..100 9678 Mar 11 10112 Jan 10
97
98
9778 98
5
351 Massaohusetts Gas 008..-100 6814 Feb 6 76 Jan 20
7114 7114
714 72
100 60 Feb 9 63 Jan
Do prof
269
60 60
60 60
18 Mergenthaler Linotype....-100 125 Mar 5 13812 Jan 21
133 133
133 133
4413 1,185 Mexican Investment Inc.... 10 354 Feb 13 53 Jan 26
43
45
43
8
46
45 Mullins Body Corp_no par 38 Feb 13 497 Jan 6
46
*4412 46
135 New England Telephone-100 85 Feb 5 8912 Jan 3
8814 88
88
88
8
2712 Feb 13 363 Jan 3
11,044 Ohio Body & Blower
323 33
4
34
33
1 293 Mar 17 3212 Mar 9
4
304 1,853 Orpheum Circuit Inc
304 30
30
185 Mar 5 17618 Jan 19
Pacific Mills
85
*4212 44
10 Parish & Bingham Corp.no Par 36 Feb 13 4758 Jan 6
.
;1212 44
100 94 Feb 13 99 Jan 12
Plant (Thai (11 prat
Last Sale 95 Feb'20
10 15 Feb 4 16 Jan 2
55 Reece Button-Hole
1534
1112 *15
4
;ill 153 +15
44 Feb 17 55 Jan 3
925 Root & Van Dervoort Class A
4918 4914
4814 484 4814 49
25 231$ Pet)25 3112 Jan 7
*24
175 Shawmut SS
25
25
*24
25
25
5 13 Feb 13 1912 Jan 19
1812 1812 1,050 Simms Magneto
1814 19
1812 19
84 Stewart Mfg Corporation..165 40 Feb 14 48 Jan 2
4713 4713
48
*47
11534 Fob 26 133 Jan 2
122 12312 12312 12112 12234 12413 1,050 Swift & Co
25 65 Feb 26 73 Mar 10
308 Torrington
7312 75
4
743 75
Jan 2
4
453 47
1,748 United Shoe Mull Corp-. 25 4314 Feb 13 49 Feb 11
464 4678 463 47
4
25 25 Jan 31 26
Do prat
430
8 2512 253
4
2512 2512 2512 253
1214 Feb 11 19 Mar 19
5
11.882 Ventura Consol 011 Fields
1678 1718 1718 1814 1738 19
2
10 17 Feb 16 215 Jan 2
8 7,320 Waldorf System Ins
8
2012 207 32014 203
2012 21
100 3312 Jan 2 444 Jan 26
173 Waltham Watch
3812 39
39
3812 3912 39
3
1,345 Walworth Manufacturing- 20 214 Mar 15 26 Feb 12
2214 2212 2218 23
2214
22
100 51 Mar 2 73 Jan
7 Warren Bros
60 60
__
100 60 Feb 7 66 Jan 21
Do let prof
1‘1;r 0
Last Sale (lir;.
68
*64
.60- 100 60 Feb 6 70 Jan 9
Do 2d prof
20
70
70
70
70
-in- 16
*4734 4812
25
*24
1714 1712
47
*46
123 123
75
74
4612
46
8
*2512 257
1612 1678
203 2112
8
3914 3912
*2238 2212
_
*50
0512
*64
70
wiLi4 )W- ;la- 1512
4
4712 4712 *473 4812
25
*24
24
24
1812 1912
1714 19
4612 4612 4612 4612
8
1233 1244
12314 124
75 75
*7112 75
4814
4818 463 x46
4
32513 2512
2538 26
8
4
163 1718 167 17
2114 2112 2038 2112
3912
4
4
303 393 *39
214 223
8 2214 2214
*59 _ _ _
*55
60
*64
8512 *6512 66
70 *- --- 70
*60
1
8.95
72
*69
*.40 .50
35
*33
*1214 123
4
*614 7
*.28 .35
+352 360
2234 23
15
+13
43
*42
414 44
1012 103
8
1414 1412
312
*3
512
+5
312
*3
.*70 1
44
44
*7812 7912
32
31
418 414
4
13
8
*13
*312 4
4 312
*23
212
*2
*434 512
4
812 83
.612 714
+8613 67
*.90
'.90 1
11.00 1
6812 69
70
70
71
71
+.40 .50 *.40 .50 '.40 .50
35
35
35
35
35
*33
*1214 13
1214 127 *1212 1278
8
*84 7
*614 7
*614 7
•.28 .35 +.28 .35 +.28 .35
348 350 *345 360
350 355
3
8 2212 2318 2214 223
2278 237
15
+13
13
*13
1414 13
4
4
4 4214 423
42
4 423 423
423
418 414
414
4
4
4
s
104 1012 1012 1038 1038 103
1.114 1412 1414 15
*1414 143
4
312 312 *3
312
312
*3
8
*5
8
*5
6
*5
313
314 34 *3
312
3
1
.
1
. .70
•.70 1
+.70 1
4414
45
*42
4412 4412 +44
79
*79
*79
7912 79
33
33
3318 *32
3212 33
438
438
414 438
*414 412
8 134 *158 178
•13
*14
13
4
4
4
*312 414
*312 4
+238 3
4 3
*23
4 314 *23
*218 212 *24 212 *218 212
IS
4 5
*43
614
4
*43
5
9
9
8 938
83
838 9
4 712
4 714 *634 712 *63
*63
6614 6614
67
68
67
67
Last Sale .90 Mar'20
6712
6812 67
*65
Last Sale .30 Mar'20
35
*35
3512 35
1234
1212 12
12
8 638
63
612 7
Last Sale .30 Mar'20
348 355
34712 350
2212 223 233
4
22
4
15
15 .13
*13
4414
4212 4234 43
*4
412 *33
4 413
3 1012 101
8
1012 103
1412 1413 1412 15
312
+3
314 314
Mar'20
Last Sale 5
312 *318 312
*3
Last Sale .75 Mar'20
43
43
4412 45
*7912 81
80
*79
4 33 33
4
323 323
8 412
43
438 413
4
Last Sale 13 Mar'20
412
*4
4
4
Last Sare 258 Mar'20
212
218 218 *2
*434 5
4 513
*43
812 9
814 834
612 612
*613 712
6812
67
68
*67
Last Sale 3
Feb'20
21
21
21
21
21
712 -712 *7
24
8
247 25 *___.-. ---25
84
8412 847
8 84
85
4
4
8 103 103
1034 1178 117
4
163
4 1812 1614 1614 163
.75 •.50 .75 +.50 .75
Feb'20
Last Sale 2
33
- - - 32
33
49
49
48
5012 x48
58
57
58
60
*57
50
50
49
*47
47
15
15
15
4 1;
4
i1 -- -1
13
13
4
13
4
.30 .30
.25 .35
.35
Last Sale .14 Feb'20
.20
4 6
512 512 *53
3
54
4.4 438
438 438
43
4
2
2
13
4 *134 2
.80 .80
.85 .85
.90
212 212
212 212
238
812 812
812 812
8 14
2
2
218
218 *2
+212 3
23
4 *212 3
4
112 •112 13
112 112
20
2013 *1912 2012 20
Met Sale .51 Dec'19
138
11 4
;1012 . -1- -io- 2018 2034 2114 20I
*58, 64 *65
614 614 *614
8 014
24
24
25
*23
*83
8412 86
83
83
82
82
4
103
11
4
1114 1114 103 114 11
1612
1614 1614 1614 1614 164 17
.50 .50 •.50
+.25 .50 '.25 .50
4
*134
212 •11 --- *13
4
.2
33
3212 3212 32 - - -- +32
32
32
50
50
*48
50
50
50
*48
5612
57
57
62
*58
60
*57
47
47
47
46
45
50
*46
1514 1512 15
15
1512 1512 15
13
4
4 17
13
8
*134 2
4 2
*13
.25 .30
.30
.25 .35
*.30 .50
+.15 .20 +.15 .20 +.15 .20 ..15
5)14 *514 53
*514
514 534 *54
4
Os
43
4
4 43
43
4 43
434 478
4
13
4
4 2
*13
+134 2
*134 2
.80 .82 +.80
.90 .00
.1)() .110
212 23
8
8 23
23
4 *212 238 *213
8
83
4 83
4
*812 83
4
*812 9
218
214 214
218 214 *218 214
4
23
276 278
*27
8 34
8 314 *27
112
112 112
112 112
*112
13
4
2012
*2012 21
*2012 21
+2012 21
114 •.75
114 *.75
*.75 114
•Bid and asked prices 0 Er-stock dividend
Mining
Adventure Consolidated.. 25
25
145 Ahmeek
25
Aigomab Mining
25
125 Alloues
1,020 Arizona Commercial
10
70 Bingham Mines
Butte-Balaklava Copper.... 10
25
71 Calumet & Hada
1
4,010 Carson Hill Gold
25
20 Centennial
25
440 Copper Range Co
20
320 Daly-West
10
-Daly Copper
1,795 Davis
10
820 East Butte Copper Min
25
90 Franklin
Hancock Consolidated__ 25
25
120 Helvetia
25
Indiana Mining
1
137 Island Creek Coal
1
Do prof
10
25
Isle Royale Copper.
686
5
1,955 Kerr Lake
25
Keweenaw Copper
25
130 Lake Copper Co
25
La Salle Copper
100 Mason VaUey Mine
25
200 Mass Oonsol
2,585 Mayflower-Old Colony-- 25
25
25 Michigan
25
108 Mohawk
25
New Aradian Copper
5
New Cornelia Copper
1,210
5
15 New Idris Quioksliver
100
90 New River Company
100
Do prof
924
5
558 Nipissing Mines
15
1,930 North Butte
25
200 North Lake
25
Oilbway Mining
25
490 Old Dominion Co
25
70 Oseeola
25
130 Quiney
815 St Mary's Mineral Land__ 25
775 Seneca Copper Corp....no par
10
290 Shannon
25
1,390 South Lake
5
Sou$hUtahM&S
25
185 Superior
558 Superior & Boston Copper 10
25
120 Trinity
5
2,800 Tuolumne Copper
a
826 Utah-Apex Mining
1
337 Utah Consolidated
1
825 Utah Metal & Tunnel
25
150 Victoria
25
Winona
570
25
15 Wolverine
25
Wyandotte
Er-dividend and rights
Range for Prato..
Year 1919.
Lowest.
Railroads
100 119 Feb 17 132 Mar 16 116 Dec
Boston & Albany
62 Dec
100 6112 Feb 13 6712 Jan 2
Boston Elevated
85 Dec
100 80 Feb 18 874 Jan 2
Do ore
28 Jan
Feb 11 3712 Jan 2
100 30
Boston & Maine
Oct
40
100 39 Jan 6 45 Feb 27
Do prof
100 134 Jan 28 143 Mar 15 130 Sept
Boston & Providence
10e Dec
Boston Suburban Eleo_no par
312 Nov
7 Mar 8
514 Jan 2
no par
Do prat
218 Nov
8 Jan 28 11 Mar 5
Bost & Wore Elea pre no Dar
Oct
Ohio Juno Rv & U 8 Y........100 130 Jan 30 132 Jan 8 132 Feb
84
100 80 Mar 5 86 Jan 2
Do prof
9938 Mar
Georgia Ry & Eleo stampd.100
70 Mar
100 68 Jan 12 68 Jan 12
Do pref
5978 Dec
100 60 Jan 3 70 Mar 5
Maine Central
2514 Dec
Mar 10
N Y N H & Hartford_ ....100 2312 Feb 11 3658
86 Dec
Northern New Hamoshlre_100 84 Jan 29 86 Jan 6
Oct
94
Norwich & Worcester pref _100
100 76 Jan 9 85 Mar 9 371 Dec
Old Colony
15 Dec
100 15 Jan 20 2512 Mar 11
Rutland prof
Oct
82
Vermont & Massachusetts 100 85 Jan 24 87 Jan 31
3812 Sept
4
50 413 Feb 4 4534 Jan 3
West End Street
ao 6012 Jan 23 554 Jan 6 47 Sent
Do prof
8
612 718
6t4 67
612 714
638 612
112
112 *114 112 *114 112 *114
*114
612
612 *8
*6
6
012
*6
6
9938 10012
9978 100
9914 0934 0938 100
160 160
15912 180
*158 160 *156 160
- 8112 8112 *8112 ____
8112 8112
11
11
*8112- - 13
9 12 1013 12
9
*11
*3018 32
30
30
_*2812
912
9
914
9
914
3
8 4 914
9
/
5312 53 32
23s 238 *238 27 4
*218 238
214 214
312 312
312
4
312
312 33
54 *5
512
512 *5
*5
3112 3114 32
3013 31
314 314 31
24
234 2314 2313 233
4 2334 2514 22
83
8312 80
77
*76
75
77
77
155 155
153 155
*153 155
153 153
3012
2914 2912 2914 293
4 2934 3018 30
68
*66
*66 ,67
*66
67
67
*08
2612
2612 2612 *26
27
27
33
3412 3312 34
34
3412 3312 34
18
1818 1712 1734
18
20
1814 *18
4
26
25
4 263 27
25
263
253
4 25
75 *- --- 75 *- - 75 s_ - 75
5
5
518 518
518
8
*47
512
5
2734
27
273 *27
4
2712 28
2714 2714
1012
1012 •10
1012 1012 *10
*10
1012
98 98
9712 98
97
98
9712 98
72
72
72
72
72
72
71
71
60 60
61
60
6018 61
61
60
_ _ *132 _ _ _ 132 132
*131
4414
4514 44
4412 4412 44
43 43 *131*44
4513
*45
48
*43
*44
45
46
8812 33812 8812
8814 8814 8812 8812 88
34
33
34
32
*32
3312 33
33
2934 30
30
30
8
2978 314 297 30
18912 170
;42- 43
4112 4112 *4012 43
*4012 43
1173
BOSTON STOCK EXCHANGE-Stock Record 5..Bt2nade
• Assessment paid
h Er-rights
90o Mar 4
67 Mar 19
3,10 Mar 11
31 Feb 11
11 Feb 11
612 Mar 18
14 Feb 4
334 Mar 9
1712 Feb 13
13 Feb 11
414 Mar 10
3 Jan 3
914 Feb 13
113.4 Feb 11
3 Feb 1/
44 Feb 13
238 Feb 14
70a Mar 10
39 Feb 13
78 Mar 2
3014 Feb 26
312 Mar 9
1% Jan 19
312 Feb 10
258 Mar 10
218 Mar IS
4 Feb 18
7 Jan 21
64 Feb 13
60 Feb 11
3 Feb 13
19 Feb 28
314 Feb 13
21 Mar 12
79 Feb 16
934 Feb 13
15 Feb 13
Feb 2
Jan 2
1
30 Feb 11
4412 Feb 13
56 Feb 11
45 Feb 13
14 Feb 11
112 Mar 4
100 Mar 10
140 Feb 13
412 Feb 11
414 Feb 26
134 Feb 11
800 Feb 13
212 Mar 15
8 Mar 17
8
17 Feb 14
234 Feb 11
112 Feb 10
17 Feb 17
a Er-dividend
5
550
212
95
79
7812
16
1712
• 7
212
6
412
3118
6
39
138
12
5212
28
h37
High4131.
145 Apr
804 Apr
97 Jan
384 July
50 Jan
168 Jan
700 Nov
Jan
11
30 Feb
185 Jan
90 June
110 June
7812 July
83 Jan
4
403 July
994 Aug
115 Oct
105 Jan
23 May
100 Jan
50 Apr
58 June
Dec
4
71 Nov
Jan
2 Aug
Apr
94 Aug
Dec 10812May
Feb 152 Nov
Jan 844 Dec
Dec 2112 Nov
Jan 2612 Dec
Dec 131k May
47 Nov
Dec
8
Dec 1512 Mar
Jan
7
6 s June
Dec 34 Nov
Jan 24 Dec
Apr 79 Dec
Oct 172 Jan
Oct 383 Nov
4
Jan 9312 Nov
Apr 38 May
Sept 544 Nov
19 Mar 584 Oct
75 July 90 Sept
932 Feb
53.4 Dec
2814 Nov 35 Oct
Jan
8
85 Feb 11
Jan 99 Mar
90
6714 Nov 80 Jan
Jan
60 Dec 71
Feb 149 June
130
72 July
474 Nov
3218 Sept 54 Oct
83 Sept 96 Max
- - _
145 Feb 199 Nov
5514 Oet
34 Aug
9912 Dec
Jan
93
Jan
14
16 May
5914 Oct
35 July
30 Dec 354 Dec
1512 Dec 274 Nov
3218 Jan 5914 Oct
Jan 150 May
115
5212 Jan 7412 Nov
Jan 55 May
44
Jan
2518 Oct 31
734 Jan 2032 Nov
16 May 2112 July
28 Aug 43 Oct
17 Mar 25 July
15 Feb 83 July
Jan 7212 May
37
38 Jan 80 July
212 July
4
13 Feb 27 .50 Apr
6212 Mar 91 July
77 Jan 3
12 Jan 6
100 Apr
114 July
3212 Dec 52 July
42 Jan 7
4
4
153 Jan 5
103 Feb 18 July
712 Jan 5
0 Nov 1012 Mail
20a Jan 900 May
40c Jan 2
409 Jan 3 350 Mar 480 July
1214 May 3658 Dec
404 Jan 10
12 Mar 20 July
1614 Jan 5
39 Mar 62 July
8
485 Jan 5
2 Mar
478 Mar 3
33 May
4
434 Feb 1412 Oct
1414 Jan 5
8 Feb 21 Aug
16 Jan 3
4
83 July
4 Jan 2
138 May
4 May
912 July
578 Jan 6
4
73 May
20e Feb
4 Jan 5
2 July
500 Mar
4
3 Jan 14
42 Apr 553 July
4
453 Jan 29
4
78 Apr 8812 July
8013 Feb 10
24 Jan 41 July
38 Jan 3
312 Oct
614 May
Os Jan 14
214 Jan 5
99c Mar
238 July
738 July
3 Jan
412 Jan 5
2 Apr
54 July
312 Jan 3
438 Oct
218 Apr
3 Jan 21
4 Feb 10 July
5511 Jan 3
2 Jan 134 June
4
113 Jan 2
212 Feb 10 July
712 Jan 2
7114 Jan 6
4912 Feb 83 July
612 July
1 Mar
5 Jan 2
1434 Mar 2914 July
24 Jan 5
74 Jan 8
6',May 1212 July
Oct
8
87 Feb 28
25 Mar 18
573 Mar 87 Nov
4
86 Mar 16
814 Jan 1312 May
1212 Jan 3
9 Feb 203 July
3
1812 Jan 2
25c Apr
4
11 July
800 Jan 27
41.4 July
750 Mar
258 Jan 26
3012 Mar 524 July
3712 Jan 5
45 Mar 73 July
58 Jan 3
52 Mar 83 July
65 Jan 3
40 Mar 75 July
58 Jan 5
13 Jan 2612 July
19 Jan 6
414 July
112 Mar
2 Jan 7
34 June
400 Jan
2 Jan 12
Re Jan 50e Aug
250 Jan 10
4 Mar 1114 June
6 Jan 7
1 Mar 5,4 Nov
6% Jan 29
514 June
114 Dec
4
23 Jan 19
710 Dec 2% Sept
138 Jan 10
358 June
134 May
3 Jan 23
71 Jan 1234 July
4
93 Fob 20
5 July
114 Jan
338 Jan 5
434 July
114 Mar
313 Jan 8
3 July
50o Jan
2 Jan 7
15 Mar 31 July
23 Jan 10
40c Mar 1% May
to Half-pald
1174
THE CHRONICLE
[VoL. 110.
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston Stock Exchange March 13 to March 19, both inclusive.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Maxon 13 to March 19, both inclusive, compiled
from official sales lists:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High.
Stocks--
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Alabama Co
100
82
83
35 80
Feb 90
Jan
2d preferred
70
71
135 70
Feb 76
Jan
Arundel Corporation_ _50
38
38
50 3631 Feb 40
Jan
Atlantic Petroleum
10
3% 3%
150
4
Jan
231 Feb
Baltimore Tube, pref_ _100
85
85
30 84
Feb 90
Jan
Celestine 011, v t
2.10
2.10 2.40 12,837 1.95
Mar 3.40
Jan
Cent Teresa Sugar
10
7)4 731
500
9% Jan
031 Feb
Preferred
10
9%
9%
9
65
8% Feb 11
Jan
Chalmers Oil &Gas
5
1
1
5
1
Mar
1
Mar
Preferred
5
3
331
50
3
Mar
331 Mar
Commercial Credit, pf B25
22 2234 Feb 25
2334 2354
Jan
Consol Gas E L & Pow_100 9931 9834 10031
390 9531 Feb 10331 Jan
Consolidation Coal__ _ _100 823.4 7954 83
468 77
Feb 83
Jan
Cosden 4, Co
5
9%
9
9% 3,098
734 Feb 1051 Jan
Preferred
5
43.4
4% 431
765
4
Feb
4% Jan
Davison Chemical_ _no par 38% 36
39
1,665 323.4 Feb 39
Jan
Elkhorn Coal Corp, pf _ _50
39
41
200 32
Mar 41
Mar
GB S Brewing
100
%
3,4
100
54 Mar
A Mar
Houston 011, pf tr ctf5_100 89
8631 89
350 76
Feb 9334 Jan
Indiahoma Refining
8%
835 8% 6,307
734 Feb
10
Jan
Kentucky Oil
5
4
212
434
43-4
33-4 Feb
43.4 Mar
Mer & Miners Trans v t100
57
59
33 4734 Feb
GI
Mar
Monon Vail Trac
25
93-4
400
93-4
934 Mar 10
Jan
Mt Wood Mills, pf vtr 100
8954 90
22 893-4 Mar 95
Jan
Northern Central
50
6631 6634
150 6531 Mar 70
Jan
Pennsyl Wat & Power_100 84
491 74
8131 8431
Feb 8434 Mar
United Ry & Elec
50 1131
11
1156
180 11
Feb
15
Jan
Wash B dr Annap, pref_ _50 32% 3231 32%
5 3231 Mar 36
Jan
Bond.
Bait Elec stamped 55_1947
86
86
$1,000 86
Mar 86
Mar
Bait Sparrows P&C43-4s'53
83
83
1,000 83
Mar 83
Mar
Consol Gas,gen 434s_ _1954
,
8231 8231 16,000 8231 Mar 83
Feb
Cense'G E L& P 434s- -'35
14,000 7731 Jan 81
7734 78
Jan
5% notes
9434 9434
1,000 9334 Feb 95
Jan
7% notes
9831 9834 98% 2,000 9831 Feb 10054 Jan
Consol Coal ref 4318..1934
8031 8031 1,000 8031 Feb 8254 Jan
Refunding 58
1950
7434 7631 10,000 7431 Mar 79
Jan
Convertible 6s
1923 93
98
98
8,000 96
Jan 98
Feb
Cosden & Co,ser A 65_1932
94
9434
4,000 8731 Feb 08
Jan
Series B (3s
1932 94
94
94
3,000 88
Feb 98
Jan
Elkhorn Coal Corp 6s..1925
9431 9434 2,000 9334 Feb 9531 Jan
Fla Cent & Penin ext 13s_ _
98% 9831
1,000 9834 Feb 9031 Feb
Ga Car & Nor 1st 55_ _1929
89
89
5,000 89
Mar 0131 Jan
G-B-S Brew 4s small_ _1051
35
35
500 35
Mar 35
Mar
Income 5.1
1951
114
3,000
134
134 Nlar
13.4 Mar
Houston Oildiv etfs 1923-25 108
107 108
15,000 103
Mar 108
Mar
Lake Roland El gu 58_1942
94
94
1,000 94
Mar 94
Mar
Monon V Trac 7s
95
95
9531 3,000 05
Mar 9631 Jan
United Ry & E 45_ ... A949 623-4
603-4 6234 68,000 6031 Mar 69
Jan
Income 43
1949
42
43
34,000 42
Mar 4831 Jan
Funding 5s
1936 573-4
56
5731 7,000 56
Mar 6254 Jan
Small
1936
56
56
500 56
Mar 63
Jan
VV11 & Weldon 155
1935
94
94
2,000 94
Feb 98
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia March 13 to March 19, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Bonds-
U S Lib Loan 33-4s.!32-'47
95.54 96.80 $17,450
1st Lib Loan 45_1932-47
90.24 90.24 3,050
2d Lib Loan 4s_ _1927-42
89.14 80.24 3,500
1st Lib Loan 4%s_'32-'47
90.64 91.14
050
2d Llb Loan 454s_ _'27-42
89.14 90.06 82,550
3d Lib Loan 434s_ _ _1928
92.34 93.20 50,300
4th Ltb Loan 4 qs_'33-38
89.54 90.64 91,650
Victory 44s__ _1922-28
97.04 07.70 54,000
Victory 354s_ A922-23
07.50 97.50 24,000
Am Tel & Tel cony 48_1936
67
67
1,000
Convertible 6s
1925
95
95
1,000
Atl G & W 185 L 5s_ _1959
70
76
3,000
Carson Hill Cold 7s.....1923
10554 107
3,000
Chic June & U S Y 58_1940
84
84
1,000
Gt Nor-C B & Q 4s._ _1921 954 954 9534
1,000
Mass Gas 434s
1929
90
90
11,000
Miss River Power 5s..1951
74
7531 14,000
N E Telephose 5s_ _ _ _1932
85
85
1,000
Swift & Co 1st 5s. ...... 1944
8954 8954 9,000
Western01 'C. Tel 0...-1non01/10
Tel AL
WS-
Range since Jan. 1.
Low.
High.
94.14 Mar 100.00 Jan
89.84 Mar 93.04 Jan
89.01 Mar 92.34 Jan
90.64 Mar 93.80 Jan
89.14 Mar 92.98 Jan
92.04 Mar 94.96 Jan
89.54 Feb 92.98 Jan
97.00 Feb 99.30 Jan
97.42 Mar 97.74 Feb
Mar 67
67
Mar
95
Mar 9931 Jan
Jan
75
Feb 81
Jan
100
Feb 150
833.4 Feb 8454 Jan
9334 Jan 9534 Jan
90
Mar 9131 Mar
69% Mar 76
Jan
813-4 Jan 85
Mar
89
Feb 9334 Jan
1.1
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh March 13to March 19,both incl usive,compiled
from official sales lists:
•
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Pat. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High•
Amer Vitrified Prod com.50 15
15
15
445 14
Feb 154 Jan
Amer Wind Glass Mach.100
1194 122
125 115
Feb 135
Jan
Preferred
100 92
92
92
24 92
Mar 95
Jan
Am Wind Glass Co pref.100
994 100
70 993-4 Mar 104
Jan
Arkansas Nat Gas new _ _10 314 304 34
27,340 18
Jan
Feb 45
Barnsdall Corporation-25 494 48
494
78'; 45
Jan 554 Jan
Carbo Hydrogen Co corn-5
2
231
234
490
14 Feb
334 Jan
Preferred
5
4
331 4
455
331 Mar 5 Jan
Carnegie Lead & Zinc- -5
74 74
400
7
Mar 114 Jan
Consolidated Ice pref _ --50 20
20
20
20
Feb 29
15
Jan
Guffey-Giliesp Oil (no par) 324 304 33
2,375 264 Feb 39
Jan
Indep Brewing com
50
44
4
44
765
Mar
2% Jan
5
Preferred
50 1334
13
134
240
Jan
1334 Mar
8
Kay County Gas
1
1%
14 2
2% Jan
725
14 Jan
Lone Star Gas new
25 36
36
36
70 294 Feb 4534 Jan
Mfrs Light & Heat
50
584 59
170 54
Feb 6131 Jan
Mallard Petroleum
5
54
ot 631 22,059 54 Jan 63-4 Jan
Middle States 011
10
32
32
42
Feb 384 Feb
28
Nat Fireproofing corn.- _50
74 83-4
Jan
250
Mar
9
7
Preferred
50 154 144 154 1,700 1354 Feb 154 Jan
Ohio Fuel Oil
1 31
294 3134
1,026 23
Jan
Feb 34
Ohio Fuel Supply
25 5234 603-4 524 1,568 44
Fob 53
Mar
Oklahoma Natural Gas 25
5054 52%
480 3734 Feb 5231 Mar
Oklahoma Prod & Ref_
5
634 54
200
534 Mar 1054 Jan
Pittsb Brewing com
50
63.4 63.4
100
8
434 Jan
Mar
Preferred
50 18
17
18
355 1634 Jan 18
Mar
Pittsburgh Coal corn .100
58
584
Jan
200 514 Mar 63
100
Preferred
9031 9031
Jan
80 884 Jan 92
Pitts') Jerome Copper ---1 120
90 120 54,135
9c Mar 250
Jan
Pittsb & Mt Shasta Cop _1
490
490
4,500 400
Jan
Jan 53e
PLUM) Oil & Gas
100 15
154 16
940 13
Jan
164 Mar
Pittsb Plate Glass
100
161 161
200 159
Mar 171
Jan
Pittsburgh stock Exchange -See note below.
Riverside East 011 corn. 5
3
3
158
4
Jan
134 Feb
Ross Mining dr Milling -1
Se
50
Sc
3,000
Jan
4o
Jan
So
San Toy Mining
1
6o
7c
1,500
6o
70 Jan
Jan
Transcont 011 (no par)--- _ --26% 27
150 24
Jan 373.4 Jan
Union Natural Gas___-100 125
1234 125
255 1204 Feb 130
Jan
U S Glass
100 60
60
60
110 52
Feb 60
Mar
US Steel Corp com_ _100 103
9934 103
165 924 Feb 1074 Jan
West'house Air Brake-50 113
111 113
230 107
Fob 1184 Jan
Whouse El & Mfg com-50 5334 524 54%
Jan
605 4831 Feb 55
Preferred
50
(35
65
Mar
50 75
Mar 65
Low.
High.
Alliance Insurance
10
2131 22
100 2031 Feb 23
Jan
American Gas
100
50
52
43 47
Jan
5631 Feb
American Rya, pref__ _ _100
58
58
95 50
Jan
613.4 Jan
American Stores_ _no par__ z44% z44
4531 3,820 3734 Feb 4631 Mar
1st preferred
9254 9254
20 92
Jar
93
Feb
Elec Storage Battery__ _100
115 120
1,587 99
Feb 141
Jan
General Asphalt
100
Bonds101 109
130 77
Feb 130
Jan
Preferred
100
160 165
7531 7554 $3.000 75
101 124
Feb 193
Jan Pittqh nrAwInct 6s....i949
Jan 7534 Jan
Insurance Co ot N A_ _ _ _10 2731
2731 2831
382 273-4 Mar
373-4 Jan
Warrants
-Sold last week and not reported one Pittsburgh Stock Exchange memberNote.
7
654
731 7,068
11
133.4 Mar
Feb
J G Brill Co
100
45
45
25 42 Mar
51
Jan ship at $5,250.
Lake Superior Corp__ _ _100 20%
12,390 1531 Jan
1931 22
Mar
22
Lanston Monotype_ _ _100
Chicago Stock Exchange.
81% 8131
97 8131 Mar 85
-Record of transactions at
Jan
Lehigh Navigation
50 64
6234 8434
984 61
Feb 6431 Jan Chicago March 13 to March 19,both inclusive,
Lehigh Valley
compiled from
50 4631 46
4734
153 4031 Feb
473.4 Mar official
Midvale Steel & Ord_ _50
sales lists:
4831 4831
50 4331 Feb
5131 Jan
Northern Central
5CI
6734 6731
60 05
Feb 6954 Jan
Pa Cent Lt & Pow pref_ Friday
42% 4231
Sales
10 42
Jan
4331 Jan
Pennsyl Salt Mfg
Last Week's Range for
50
76
Range since Jan. 1.
76
75 75
Jan
76
Jan
Pennsylvania
Sale.
50
of Prices.
1Veek.
43
433.4
2,176 4031 Feb 4334 Mar
StocksPhiladelphia Co (Pitts)_ _50
Par. Price. Low. High. Shares.
373.4 3731
Low.
10 353-4 Feb 42% Jan
High.
Pref (cumulative 6%).50 35
34
826 3131 Feb 3654 Jan Albert Pick
3531
Phila Electric of Pa
1 424 424 43
25
285 40
Feb 50% Jan
1,544 2431 Feb 25% Jan American dr Co
2431 25
Radiator_ _ _ _100
Phila Rapid 'Transit_ _ _ _50 2431 23
325 340
170 300
Mar 350
2431 2,707 2131 Feb 28
Jan
Jan
Preferred
Philadelphia Traction_ _50
100
116 116
z59
20 94
Mar 120
61
Jan
140 z59
Mar 63
Jan
New
Phila & Western
84
7834 84
50
225 7854 Mar 84
Mar
534 534
200
5
Mar
7
Jan
Rights
Reading
2
14 2
10,122
50
14 Mar
2
85
Mar
8831
402 65
Feb 8831 Mar American Shipbuilding_100
Tono-Belmont Devel_-1
113 113
2
20 100
Fob 120
2
Jan
214
929
2
Mar 3 1-16 Jan
100
Preferred
Tonopah Mining
77
1
77
10 75
1% 2% 2,022
Feb 804 Jan
2% Feb Armouc & Co prof
134 Mar
Union Traction
100 9934 9931 101
50 353-4 35
6,150 9634 Feb 1104 Jan
3554
166 3351 Feb 37
Jan Armour Leather
United Gas Impt
50 50
15 174 164 1731 16,850 154 Feb 1734 Mar
4851 51
4,815 463-4 Mar 57
Jan
Preferred
U S Steel Corporation_ _100 103% 9836 103%
100 0434 9434 9454
589 94
Mar 95
Feb
1,837 9231 Feb 10834 Jan
Warwick Iron & S
Beaver Board
(') 58
10
55
58
8% 8%
80 51
Jan 58
Mar
100
8
Feb
834 Jan
West Jersey dr Sea Sh_ _50
Preferred
00
40
00
40
120 90
Mar
Mar 90
10 35
Jan 40
Feb Booth Fisheries, new...()
Westmoreland Coal
50 75
12
1154 12
7434 75
150 10
Feb 1334 Jan
4 72
Feb 75
Jan
York Railways
Preferre I
100
50 12
12
65
65
12
10 65
350
Mar 74
Jan
834 Jan 12
Mar Briscoe common
Bonds
(*) 664 654 6674
485 62
Jan
Feb 75
US Lib Loan 35413_1032-47
100
96
100 100
96
$500 05.40 Feb 100.00 Jan Bucyrus Co prof
100 934 Feb 100
Mar
1st Lib Loan 4s_ _1932-47
10 174
90.20 90.20
17
1734
200 90.20 Mar 90.20 Mar Bunts Bros
125 144 Feb
1754 Mar
2d Lib Loan 4s.. _1927-42
( ) 204 1654 2054 9,550 15
5
89.10 89.10 1,700 89.10 Mar 90.10 Feb Case(J I)
Feb 204 Jan
lst Lib Loan 4).01932-47
1st preferred
100
90.30 90.30
90
904
200 90.30 Mar 90.30 Mar
20 90
Mar 97% Jan
2d Ltb Loan 4%5.1927-42
2d preferred
100 75
89.60 89.80 1,200 89.60 Mar 91.00 Jan
73
75
880 73
Feb 98% Feb
3d Lib Loan 4 gs___1928
92.30 93.10 41,350 92
4 1
546
Mar 94.60 Jan Chic C&C Ry pt oh corn (*)
4 Jan
1
Feb
4th Lib Loan 4%s1933 38
Preferred
89.70 90.14 205,850 89.40 Feb 92.88 Jan
(*)
934
9
94
445
6
Jan 10% Feb
Victory 434s.... _1922-27
Chicago Elev Ry, pref-100
97.20 07.60 12,700 97.00 Mar 99.34 Jan
73-4 7%
10
5
Feb
84 Feb
Amer Gas & Elec 5s_ _ _2007
79
7934 3.000 78
1,260 80
Mar 8254 Jan Chicago Pneum Tool_ _ _100 1004 93 101
Feb 101
Mar
Baldwin Locom 1st 53-1940
5
9634 963.4
5
554
5,000 9534 Mar 9934 Jan Chicago Rya part ctf ser 2_
549
434 Jan
534 Feb
Elec & Peopl tr ars 43_1945 83
Chicago Title
63
21434 2144
65
16,000 61
25 2144 Feb 215
Feb 65
Feb
Jan Commonweal & Trust_ 100
Keystone Telep lst 53_1935
th Edison_100 107
77
77
1,000 77
10651 107
Mar 85
676 10631 Feb 108
Jan
Jan
Lake Superior Corp 53.1924
60
60
27,000 55
5,855 114 Mar 1331 Feb
Mar 63
Jan Continental Motors--10 114 114 12
Leh C & Nay cons 434s '54
87
87
1,000 87
1,390 964 Mar 101
Mar 0034 Jan Cudahy Pack Co com-_100 994 994 100
Feb
Lehigh Val coil 65.... _ _1929
10034 10034
37
1,000 9931 Feb 102% Jan Decker (Alf)& Cohn Inc(*)
37
10 35
Feb 41
Jan
Gen consol 45
2003 72
Preferred
72
100
72
94
94
1,000 (1931 Jan 72
15 934 May 96
Mar
Jan
Lehigh Val Coal 1st 53.1933
97
100 10054 1004 1004
97
2.000 97
Mar 99
130 974 Feb 102
Jan Deere & Co pref
Feb
Nati Properties 4-63_ _1946
Diamond Match
25
25
100 1247-4 122 1254
4,000 25
Mar 30
365 110
Jan
Mar 1254 Mar
Pennsyl RR gen 4)4s_1965
81
81
_
5,000 80
85
85
Feb 83
55 8434 Feb 92
Jan Great Lakes D & D. _100
Jan
General 5s
1968
8931 8934 5,000 8834 Mar 9254 Jan Hartman Corporation_ -100
88
91
690 87
Feb 105
Jan
Consol 4355
1960
91
91
1,00() 90
8734 88
Feb 92
65 85
Jan Hart,Schaff&Marx corn 100 _,
Jan
Feb 96
Peoples Paw tr ars 48_1943
71
71
2,000 6934 Jan 72
17
174
Feb Holland-American Sugar 10
240 15
Feb 174 Mar
Phila Elec 1st 5s
1969
9054 01
24,000 90
10 174 144 184 13,625 13
Jan 93
Jan Hupp Motor
Feb 18% Jan
do
do small _1969
93
93
1,500 9031 Jan 9354 Feb Illinois Brick
100 85
80
85
260 78
Mar
Feb 85
Reading gen 4s
1997 '79
78% 7931 9,000 78
35
Feb 81A Jan Kan City Lt & Power.-(*)
35
20 35
Mar
Mar 35
Ban Ant & Man Pass 4s_
____
58
58
2,000
Mar 58
Mar Libby, McNeill & Libby_10 264 204 2731 8,400 2251 Feb 294 Mar
Spanish Am Iron 63_ _1927 9934 9935 9934 2,000 58
10
9934 Mar 10154 Jan Lindsay Light
64
64 7
175
65-4 Feb
74 Jan
United Rys Invest 53_1929
68
Mid West Util pref- _100 40
70
6,000 6734 Feb 76
3934 4034
Jan
280 30
Feb 454 Jan
West N Y & Pa Ist 55_1937 90
90
90
Mitchell Motor Co
1.000 90
Mar 9131 Jan
1')
38
3951
Mar 4334 Jan
220 30
Stocks (Concluded)10
National Loather
On:the= Circuit Inc._..1
Pao Gas Lt & Coke-- _ _100
Pub Sery of No Ill oom_100
100
Preferred
100
Quaker Oats Co
100
Preferred
10
Roo Motor
(9
Republio Truck
Root & Van Dervoort--(*)
Sears, Roebuck com--100
100
Preferred
Shaw (W W)common-09
Standard Gas & El pref _50
(9
Stewart Mfg Co
-Warner Sp corn 100
Stewart
100
Swift & Co
15
Swift International
()
Tomtor Prod C&F"A"_ 5
Thompson (J R) oom.....25
Union Garb & Carbon-10
Union Iron Works
United Paper 13d corn. 100
(*)
Wahl Co
Waldorf System Ino-10
Ward, Montg.& Co pf _100
20
When issued
)
Western Knitting Mills(5
100
Western Stone
(9
Wilson & Co corn
100
Preferred
25
Wrigley Jr common
'sates
yrtaay
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares.
14
•
26734
953.
2734
4831
235
114
75
43
1234
4534
5034
74
674
2431
x4131
BondsCommonw Edison Ss_ _1943
Metrop W Side El 1st 48'38
Extension gold 40.-1938
Peoples 0 L & 0
Ch Gas L & C let is 1937
;will A, On 1st a f tt ha_ 1044
363.4
21
9634
78
1331 1434
3134
29
38
38
78
77
88
88
265 26734
05
96
28
27
44
44
4831 484
231 235
114 114
66
7934
3931 3934
4634 47
4134 4331
12231 12434
4434 464
4234
42
504 523.4
7231 74
6831
61
2434 25
3934 43
213.1 2131
108 108
334 3634
203.4 2131
54 531
76
76
9635 97
78
77
8,950
2,225
40
70
61
44
304
1,590
40
20
642
20
4,865
10
75
7,805
4,500
5,850
110
265
9,700
8,400
745
1,795
750
84
7,045
1,030
160
50
140
200
Range since Jan. 1.
Low.
13
2834
38
76
88
249
94
2234
3734
46
213
114
61
38
40
37
116
3734
41
433.4
614
5034
20
3634
19
103
324
18
4
67
95
75
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Feb
High.
153.4
34
41
7934
88
26734
984
2834
52
52
235
11834
7934
4234
48
4534
128
55
47
5235
7431
6831
25
45
2131
116
39
234
1235
76
983.4
803.4
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Feb
8834 8631 $3,000
12,000
47
47
1,000
45
• 45
8634 Feb
4634 Jan
Feb
45
87
49
45
4,000
3.000
75
Jan
8931 Feb
75
Jan
924 Jan
75
75
894 90
(9 No par value. x Ex-dividend.
-Below we give a record of
New York "Curb" Market.
the transactions in the outside security market from Mch.13
to Moh. 19, both inclusive. It covers the week ending
Friday afternoon. On the "Curb" there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
sates
Fri.a
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. rinV. High. Shares.
Week ending March 19.
Stocks-
1175
THE CHRONICLE
MAR. 20 1920.1
234
2
2%
1
Acme Coal.r
931
8
934
Aetna Exploalves_r(no par)
46
44
Air Reduction_ ___(no par)
2934
26
(no par) 29
Aluminum Mfrs.r.
935 94
934
Am Candy C000m(no Par).
7634
7535 71
Aram (taw-titan 13 S.r....10
77
75
Amer Radiator w
934 log
25
Amer Safety Razor
16% 164
Armour Leather com-r-15 1634
1534 18
18
Associated Welding
24% 25
Austin.Nlchols&Co coM(t)
68
67
Wise.° Motor Corp com_ r(t)
734 8
8
-Amer Chem Corp_ r 10
Brit
2034 2031
.C1
Brit Amer Tob ord
1934 20%
20
£1
Ordinary bearer
29
24
100
Bucyrus Co_ r
53
50
Butler Bros_r
2% 24
234
25
Oar Ltg & Power_ r
17
204
Case (J I) Plow Wks -r-(t) 2034
734 7%
74
Central Teresa Sun corn.10
40
4034
Bankers shar(t) 40
()Ries Sere
81
67
Cleve Auto Co, new.. (t) 80
1500 1400 1500
Old stock
11
10
Colombian Em'id Synd new
2534 26
Conley Tin Foil, w 1.-(t)
47
47
43
Cuban-Amer Sugar w 1- _
43
Davies(Wm)Co,Ino..r.(1) 42% 42
Firestone Tiro & Rubber See No ls below
Asphalt, corn-Ir.-100 20534 101 11034
Gen
165 165
100
Preferred _r
2334 2334
Goldwyn Pleture.r.(no par)
1% 1 9-16
Grape Ole Prod Corp earn 1 1 9-16
1 2 3-16 1 1-16 2 3-16
Preferred
6
6
Hall Switch & Signal_r_100
28
3034
28
Hanes(P H)Knitting_ r_10
104% 104%
100
Preferred r
144
13
Hercules Paper_ r--(no par) 1335
431
4
Hayden Chem_ r_ (no Par)
16% 16%
Hocking Val Products_ _100
35
33
Hydraulic Steel, oom.r.(t) 33
98
98
100
Preferred _ r
Indian Packing Corp.r.(t) 15% 144 154
1234 13
Intercontinental Rubb-100
14 2
2
1
Kay County Gaa_r
134
Keystone Solothor_r_.__10 134 13
92
88
Lima Locom coin -r- _100
95
95
100
Preferred_,
49
49
Lincoln Mot Co ol A-r _.60
24
20
L000mobile Co new wi.r.(t) 21
531 531
5%
MarooniWirel.Tel.ofAmer5
17
17
Mercer Motorm_ r..(no par)
34
36
Montg Ward & Co,corn (t) 36
55
55
Morris (Philip)
15
134 1531
Nat Fireproofing prof.r
41
46
100 44
Nat Ice & Coal_r
13
1434
10
.r
National Loatitcr.
531 5%
5%
Nor Am Pulp de Paper(t)
30% 2931 313i
Orpheum Omit oom_r
27
28
Packard Mot Car cum r.10
41
40
Patchogue-Flynt Mills.
(t)
44
43
Truck & Mot Corp
Peericsa
334 44
3%
10
Perfootion T & R r
58
58
Phillips-Jones Corpcom r(*)
89
89
100
Preferred _ r
4%
231 491
.10
Pressman Tire & Rub r.
234 2%
2%
Radio Corp of Am w 1..r(t)
5 2% 24 3
Preferred_ r
44
39
Ranier Motor _ r._ .(no par) 44
434
4
434
Republic Rubber r (no Par)
40% 49
Root & Van Dervoort r 100 47
1334 14
Santa Cecilia Sug now_(*)
1931
Stand Gas & 10cc,com.r.50 1931 18
40
50 49% 39
Preferred _r
39%
38
Standard Parts corn_ r_100
8
8
Stanwood Rubber_ r- _(t)
18
16
Submarine Boat v t o__(t) 16
44 535
534
Co of A mer_r_..10
Sweets
,
4635
Swift International_ r_ I6 45% 44
4034 42
,
Temtor Corn:1,1 14dt pf Alt) 41
32
28
Times Square Auto SURD- -
Range since Jan. 1.
Low.
16,100
1%
20,200
7
975 44
4,800 20
600
8
1,900 71
300 75
9 600
954
1,300 15
525 1554
400 19
400 67
2,000
734
100 ry18
3,300 zy17%
1,200 22
900 Si
700
2%
2,700 17
3,700
4%
4,900 37%
2,210 55
15 1400
2,200
831
1,000 22
7,700 39
1,800 39
High.
Jan
2
94
Mar
Feb 49
Feb 40
Feb 1154
Feb 7654
Mar 80
Mat 17%
Feb 18
Mar 18
Feb 27
Mar 68
Feb
954
Jan 28
Jan 28%
Mar 30
Mar 53
Feb
3%
Mar 2034
Feb
94
Feb 4434
Feb 81
Mar 1500
Feb 25
Feb 29
Mar 47
Feb 50
61,500 76
Fet
100 138
Feb
2 200 21 Mar
6,700
Jan
1
7,000
Jan
1
1,200
Feb
3
1,900 2554 Jan
100 104% Mar
3,500 13
Mar
1,500
Mar
4
200 13
Feb
1,200 30% Feb
200 9734 Mar
15,900 1231 Feb
700 10
Feb
13,000
134 Feb
600 13
Feb
575 72
Feb
250 95
Mar
100 45
Mar
5,400 19 Mar
1,800
4% Feb
Mar
100 17
Feb
1,600 32
200 55
Mar
700 13% Mar
1,900 41
Mar
2,000 12% Feb
4,600
435 Feb
0.700 2835 Feb
Mar
300 20
300 39
Feb
Mar
500 43
8,500
234 Feb
100 58
Mar
100 89
Mar
114 Jan
16,800
6,100
2
Jan
254 Feb
5,000
Feb
3,000 30
9,175
335 Feb
1,100 45
Mar
700 1354 Mar
3,300 17% Mar
3,900 37% Mar
Mar
500 38
Mar
1CO
8
13,900 12% Feb
2,700
5% Mar
4,000 3834 Feb
Feb
1,400 35
Mar
1,100 28
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
130
Jan
165
Mar
34
Jan
1 9-16 Mar
23-16 Mar
Mar
6
304 Mar
10434 Mar
1431 Mar
65( Jan
Feb
17
Jan
43
Jan
101
20
Jan
Jan
17
254 Jan
1434 Feb
Mar
92
96
Jan
Jan
53
Jan
25
6% Jan
Jan
39
Jan
41
Mar
55
1634 Jan
Mar
46
Jan
18
63.4 Jan
Jan
37
Mar
28
Feb
42
Mar
44
54 Jan
Janr
68
Jan
95
431 Mar
3
Jan
4% Jan
44
Mar
6
Jan
6434 Jan
14
Mar
26% Jan
4134 Jan
40
Mar
1831 Jan
Mar
19
6% Jan
59
Jan
48% Jan
32
Mar
Friday
Last
Sale.
Stocks (Concluded). Par. Price.
Sat,3
Week's Range for
Week
of Prices.
Low. High Shares.
Range since Jan. 1.
Low.
High.
19
2335 8,100 15
Tobacco Prod Exports--(t) 22
620 151
170 175
(
Todd Shipyards Corp_ r. t) 173
7-16
% 16,600
%
Triangle Film Corp v t _ _5
1,700 65
74
(
73
Union Carbide & Carb_ _ t)
9%
4,700
UntdPietureProdCorp-r(t) 1635 13% 17
1%
234
2
234 9,500
United Profit Sharing..25e
14
1431 14,600 13
Un Retail St's Candy_r_(t) 14%
2,800 47
55
51
S Distributing com_ ..50 54
3,470 27
32
U S High SpeedSteel&Toolt 3134 30
2%
24 334 73,000
10
3
U S Steamship
10 10% 104 10% 2,900 10
U S Transport.,
4,000 16;4
20
18
V Vlvadou, Inc.,-(no par) 18%
100 54
65
65
100
Warren Bros _r
3%
800
3% 4
5
Wayne Coal
1,700 18%
19
1831 2034
Willys Corp,com.r.(no par)
2,300 94
First preferred_r_......100 95% 944 96
1,000 72
76
Second preferred. r_.100 7334 73
1
200
131
134
131
World Film let pref.r......-
Mar 32
Feb 200
%
Jan
Mar 78
Feb 18,4
Feb
3%
Feb 19
Jan 55
Jan 40%
Feb
4%
Feb 12%
Feb 24%
Mar 70
54
Feb
Mar 2634
Mar 100
Mar 85
131
Mar
Rights.
Brit-Am Tob ord bear.r..
Ordinary_r
General Electric _r
Former Standard 011
Subsidiaries
Li
Anglo-Amer 011-r
25
Ohio0li.r
100
Prairie Oil & Gas_r_
100
South Penn 011.r
Standard ()Hof N
Standard Oil of N Y.r 100
100
Vacuum 011_ r
Other 011 Stocks
1
Allen Oil_ r
Alliance Oil & Ref_r____5
1
Allied 011-r
5
Alto Gasoline dr Ohl
Amalgamated Royalty-r-1
1
Anna Bell
Arkansas Nat Gas new w110
Associated oil of Texas_ r.1
Boone 011_r
_1
13oston-hl ex I'etrol.r
Boston-Wyoming 011-r-1
Brazos 011 Corp_r _(no par)
.6
Burknett Van Cleav Oil.
Carib Syndicate r new w L
Circle Oil r
Cosden & Co., com.r.-Cushing Petr Corp corn_ _S
10
Dominion 011.r
Duquesne 011_ r
a
Elk Basin Petrol.,
Engineers Petrol Co.,--1
5
Ertel oil_ r
Esmeralda Oil& Gas_r_..1
5
Federal 011
(no par)
Fonsland 011
Gilliland 011oom.r (never)
100
Preferred _ r
10
Glenrock 011.r
Gaffey-Gillespie 011-r--(t)
Gum Cove Oil new_r
Houston 011 corn.,-100
1
Hudson 011_r
El
Internet Petrol_r
50
Invincible Oil_,
Island Oil & Transp..---10
King Perroleum Corp r_ _1
Lance Creek Royalties,1
Livingston 011 CorP-r--- 1
25
Lone Star Gas_r
Magna Oil& Refining-_1
Manhattan 011_r-(no par)
Maracaibo Oil Explor-r (t)
McKenzie Oil
Merritt 011 Corp-- ----10
Metropolitan Petroleum_25
Metex Petrol Corp_ r _ _6
10
Mexico Oil Corn
Midwest Refining
-Texas Oil_ r----1
Midwest
North American 011.r...5
Northern Texas 011_, _5
1
Ohio Rsnger.r
Oklahoma Nat Gas_r___25
Omar Oil& G .9 new.. _10
Panhandle Pr&Ilef corn r(t)
100
Preferred.,
10
Pennok 011.r
Pennsylvania Gasoline_ _1
Phillips Petrol. com_r .(t)
10
Producers & Ref ,
Red Rock 011 & Gas
5
Rickard Texas Co _ r
1
Ryan Petroleum.r
Salt Creek Producers_ r__25
5
Sapulpa Refining
5
Savoy 011
1
Seguoyah Oil & Ref
Simms Petroleum r(no par)
10
Skelly 011 Co_r
South States Cons Corp r 1
Spencer Petrol Corp---10
1
Stanton 011-r
Steiner Oil Corp.r (no par)
Superior 011 Corp.(no par)
10
Texas Chief 011.r
Texas Company, new.. 25
Texas Pac Coal & 011_r_10
Texas-Ranger Prod & ft..
Tex-Ken Oil Corp.r
1
Texan Oil & Land_r
1
Trinity 011Corp_r
25
Tropical 011-r
1
United Tex Pet.o"..r
Valverd 011_ r _(no par)
_10
Victoria Oil _r......
6
Vulcan 011..r
Whelan Oil
White 011Corp.r _(no par)
_1
Woodburn 011 Corp_r
!dining Stocks
-Brit Col Metals--1
Alaska
1
America Mines.,
1
Arizona Silver_r
1
Atlanta Mines.,
100
Belober-Divide_r
10,3
Belcher Extension
Big Ledge Copper Co--5
1
Booth_r
Boston & Montana Dev.-5
Butte & N Y Copper_ r___1
1
Caledonia Mining
Canada Copper Co.Lt4 5
1
Candalarla Silver-,
74
74
377
342
845
448
731
7
3
27
375
695
333
805
465
448
734
74
5
27
385
730
355
905
480
448
7,950
2,200
800
6
6
3
Feb
Feb
Mar
300
270
1,100
260
2,050
700
10
24%
318
595
290
655
377
375
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
8% Jan
7% Mar
Mar
5
31
388
730
355
905
480
448
Jan
Jan
Mar
Mar
Mar
Mar
Mar
3% Mar
1% Jan
234 334 35,050
Feb 16% Jar
700 14
1434 15
15-16 Jan
% Mar
34 103,250
54
Jan
3
1
Feb
700
135 2
1% Jan
370 420 46.000 310 Mar
390
740
720 81c 22,500 60o Mar 85c Mar
Jan
Feb 45
33% 6,200 21
31
28
2
Jan
1
Mar
1,400
14
1
7% Jan
Feb
3
434 25,800
434
4
Feb
ni Jan
2
234 5,200
2
2
1% Jan
1
Jan
1% 11-16 1 3-16 35,000
Jan
Mar 24
1,100 15
16%
15
Jan
3
Mar
4,100
36
% 154
Jan
Feb 53
8,200 25
31
28;4 32
5% Jan
3% Feb
1,500
314
3% 3%
754 Feb 10% Jan
9
8% 934 9,300
Jan
3
1% Feb
800
2
2
144 1334 174 84.800 11% Feb 39% Jan
Jan
44 Feb 10
7% 754 4,400
794 Mar 114 Mar
10% 12,700
1034 10
I% Feb
1% Jan
134 12,000
154
131
24 Jan
1% Feb
131 2,400
134
X Jan 5-16 Mar
31 5-16 28,350
5-16
454 Jan
Feb
3
9,500
331
834 4
734 Mar
Feb
5
7%
634 7% 1,100
,
4735 8,200 3234 Feb 60% Jan
44
44
Jan
900 84% Feb 120
9935
96
3% Jan
Feb
3
34 335 8.600
6,000 2631 Feb 39% Jan
3134 3031 3331
Feb
3
134 Jan
2,200
2
A
234
Jan
2,200 9034 Feb 151
115 122
118
134 Jan
35 Mar
j4 11-16 21,800
54
Jan
Mar 77
7134 61,900 037
41
037
Jan
Feb 45
39,100 27
38% 3434 40
634 Jan
435 Mar
11,100
431 5
335 Feb
Feb
2
200
234 2%
34 Feb 65e Feb
450
54 63e 43,000
231 Jan
1
Mar
1
134 18,500
1
Feb
Feb 38
4,000 31
35
35
37
Jan
9
Mar
4
4% 10,400
4
434
Jan
Mar 41
1,500 20
1934 23
22
Jan
Feb 27
3,800 16
21
19
20
6% Mar
64 Mar
631 6% 1,700
13%
Feb 22% Jan
3,900 17
2034 2034 2134
24 Jan
434 Jan
2% 334 4 800
3
Mar
5
8,500
454 Feb
4% 5
5
41)4 Jan
1% Mar
1% 231 12,000
1%
Jan
Feb 180
7,800 141
170 178
173
;4 Jan
% Jan
54 4,000
54
55
5% Jan
Feb
3
4,400
4
4
33.1
4% Feb
2
Jan
5,400
2
2
154 Jan
% Mar
4,000
1.1
3
%
Mar
Mar 42
42
2,900 38
40
41
73.4 Jan
4% Mar
1,000
431
Jan
Feb 26
1,000 18
19
184 18
Jan
Feb 90
81
400 80
80
9% Jan
Feb
6
2,400
7%
7
73.4
Jan
Jan 420
4,000 20c
300 30e
Feb 89% Jan
6,000 x32
39% 39% 4235
734 Feb 1054 Jan
7 700
834 103.4
1
,
95
I% Jan
5,500
1
34 Feb
1
34
Jan
3
14 Feb
1,800
1%
134
13.4
4% Jan
24 Mar
39,500
2%
354
Feb
Feb 56
44
7,200
493.4 493.4 5254
7% Jan
534 Feb
5% 5% 2,300
554
05 Mar
Feb
6
300
634
6
% Jan
Jan
5-16
34 11,400
7-16
31
Feb 73% Jan
3834 38,300 33
3535 35
Feb 13% Jan
9
114 11,900
114 11
1% Jan
Jan
1
134 2,200
134
1)4
2234 21% 22% 11,900 174 Jan 22% Mar
% Jan
7-16 Jan
2,500
35
34
Feb 15% Jan
3
5
300
5
Mar
7,300 1131 Feb 20
184 1731 19
Mar 47% Jan
24
2,500 19
19
21
57,000 4394 Feb 59% Jan
55
50
54
Feb 11354 Jan
96 11134 3,350 80
106
154 Jan
Feb
1
134 134 6,600
134
3% Jan
Feb
2
331
334 3% 7,600
1% Jan
7
3-4 Jan
56,200
15-16
Jan
1
35 Feb
5,000
A
A
35
Feb 23% Jan
2034 2034 21% 15,250 15
1% Jan
% Mar
14 16,100
1
134
9% Mar
Mar
8
94 4,100
8
934
154 Jan *2% Jan
1% 4,800
1%
131
934 Jan
6% Jan
5% 735 6,100
6%
Jan
1
54 Jan
4,200
1
1
1
Jan
Feb *50
26
30% 20,000
2834 28
8% Jan
Feb
6
2,200
7
6
631
3
36
134 13-16 16-16 204,900
200
134
1%
134 1% 4,900
4c 25,000
30
90 13e 40,900
Ile 15e 93,550
34 7-16 10,200
6c 17,300
5e
650 740 151,200
34 1,000
34
31e 36o 14,850
13-16 15( 3,500
16,100
%
1%
334c
IN
ho
7-16
60
740
56
36e
231
34
3.4 Feb 1 5-16 Mar
Jan 13-18 Mar
1
654 Jan
Feb
1
4o Mar
1%0 Jan
Jan
9e Mar 380
Jan
9c Mar 490
9-16Jan
% Feb
7c Jan
434c Jan
600 Mar 740 Jan
34 Feb
34 Jan
Jan
300 Feb 42o
13.4 .h.n
154 Jan
% Jan 1 1-16 Jan
1176
THE CHRONICLE
Mining (Concluded) Par
teriday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
Range 5107.6 Jan. 1.
Low.
New York City Realty and Surety Companies.
High.
All prices dollars per share.
23
24
1,650 20
Carson 11111 Gold_r
Feb 40
1
Jan
8c
8c
9c 22,100
Cash Boy Consol
1
Jan
Cc
931c Feb
4%
4
4%
4,700
Consol Copper Mines
5
Mar
4
5% Jan
4
3%
4%
Consol Virginia Silver_r_..5
1,300
3)-6 Mar 10
Jan
55
52
56
56,000 52
Mar 56
Cortez Silver_ r
1
Star
414
5,900 3734 Feb 48
De Beers Cons Mines, Ltd. 41% 41
Jan
Yi
9-16
30,050
Divide Extension
7-16 Mar 1 15-16 Jan
1
2%
12,700
3
El Salvador Silver Min_ r_l
Mar
2
3% Jan
23%
15
13
81,700 11
16
Emma Silver
Mar
16
Mar
Eureka Croesus Min _ r-_1 1 11-16
13%
13% 19,300 1 1-16 Feb
1% Jan
1
Eureka Holly r
9-16 Feb
1 13-i6
1% Mar
13% 75,200
1%
1%
Forty-nine Mining.r
1%
5,150
1
Jan
1
2% Jan
1
31
1
Golden Gate Explor'n_r_ _5
4,450
% Mar
7
23.4 Jan
12c
Goldfield Consoi'd
14c 27,600 10e
Feb
10 13c
15c
Jan
(3c
Goldfield Devel _r___-10e
60 84c 96,460
7c Mar 15c
Feb
34c
Goldfield Merger_r
3c
40 30,600
1
Jan
2c
4c
Jan
27c
26c
Gold Zone Divider
29c 22,200 22c Mar 40c
1
Jan
3c
Great Bend r
15,200
24e 3c
2c
1
Jan
Jan
3c
4%
Ueda Mining
4%
3,480 3 15-16 Jan
25e
471 Mar
,
43%
184
Honduras Amer Synd _ r it
18
1,700 17% Feb
184
Feb
20
Iron Blossom_ r
i;f, 7-16
450
% Feb
10
,
7-16 Feb
23c
Jim Butler_ r
20c 25c
16,600 20c Mar 27e
1
Jan
120
Jumbo Extension
10c
12c 23,000
1
Jan
6c
12c Mar
Kerr Lake
44 43(
800
4
Feb
4% Jan
Kewanue_r
4c
2c
13%c Jan
15,300
1
4c
4e
Jan
10c
Knox Divide_ r
6e Mar
10c
10c
19,700
12c
15c
Jan
La Rose Mines, Ltd
7-16
1,200 5-16 Mar
% Jan
%
Louisiana Consol
31
% Jan
1
% Jan
% 35,500
3-16
MacNamara Crescent _ r _ _1
% Jan
31 Feb
31
31 18,000
MacNamara Mining_r._ _1
9-16
%
_
% 120,200
Jan
4 Feb 97.3
Magma Copper
5
38
38
100 3431 Feb 38% Mar
17c
Marsh Mining.r
1
160 19c
19,900 15.3 Mar 32e
Jan
Mason Valley
23% Feb
2
2%
400
331 Jan
61c 61c
1,500 60c
Feb
McKinleY-Darragh Sav 65c
Jan
Motherlode, new.r
Sc
4 e Mar
43ic 5c
4,050
Cc
Jan
Murray-Meg M Ltd
1
75c 77c
1,700 74c
Jan
78c
Jan
Nat Tin Corp_r
334 Mar
500
50c
331
5
13% Jan
N Y Honduras Rosario_ _
1,000 133% Mar
1335 1431
17
Jan
11
Nlpiesing Mines
9;i Feb 12% Jan
10% 11
5
3,200
15c
Nixon Nevada
15c
1
1,500 12c Feb
17c
Jan
23c
ODhir Silver Minee_r
1
2,550
4 Mar
3
1% Feb
31
1
Prince Cons
2
1 3-16Jan
% 13-16 5,700 11-16 Mar
Rand Mines, Ltd, w I
38
39
Mar 42
400 37
Jan
Rex Consolidated Min__ _1
10c
Jan
70
9c
12c
10c
16,000
Jan
Roper Group Mining_
1
31
1-16
Jan
% 94,500 1-16 Mar
Seneca Cop Corp_ _(no par) 1531
1,800
14
Feb
1431 153-I
19
Jan
Silver Dollar Min r
1
4,200
3-4
,4 Jan
% Feb
%
Silver King of Arisona
7-16
1
%
.31 10,500 7-16 Feb
15-16 Jan
Silver King Divide-r
70
1
6c
14c
19,000
7c
Feb
4c
Jan
Silver Pick Cone'd_r
1 22c
10c 26c 76,900
Jan
2c
30c Mar
Standard Silver-Lead
5-16
1
% 5-16 5,600
3-16 Jan
% Jan
Success Mining
631e
1
Jan
30
50 631c 15,100
7c
Jan
Sutherland Divider
6c
1
5c
13c
1)-ic Feb
7c
13,700
Jan
Tonopah Belmont Dev _ r _1
2%
2
2
334 Jan
6,265
Mar
231
Tonopah Divide_ r
1 21-16
4% Jan
2
23-4 10,050 1 15-16 Mar
Tonopah Extension
1
2%
234
4,475 2 1-16 Mar 2 15-16 Jan
Tonopah Nlinliag_r
1 21-16
2
2
23%
6,000
Mar
3% Jan
United Eastern
4
1
3% Jan
4% Jan
3%
4
6,060
U S Continental Mines_ r _1
8c
7e Mar
70
10c
Jan
13,000
8c
Victory Divide_ r
10c
835e
8c
8o Mar 290
37,000
9c
Jan
Washington Gold Quartz _1
1 1-1613%
13-1
Jan
1% Mar
8,310 97c
West End Consord
5 115-16
18,500 1 7-16 Jan 2 7-16 Jan
17%
2
White Caps Extension.10c
24c
24c 23-4c 4,500
1
Jan
3c
Jan
White Caps MinIng____10c
14c
23c
16c
19,500
c Jan
17c Mar
White Knob Copp pf _ r_ _10
14
1%
13-16 Jan
1 4 Mar
3
400
Wilbert Mining
10c
1
7c
12c 84,200
12c Mar
5%c Jan
Bonds
Allied Pack cony deb6s'r'29
Amer Tel & Tel 6s_ r_ _1922
6% notes_ r
1024
Amer Tobacco Is_ r__ _1923
Belgian Govt Ext 6s.r_1925
; External (is_r
1921
Beth Steel 7% notes_ _1922
7% notes_r
1923
CC C& St L Ry 6s_r_1929
General Elec 6s_r
1940
Interboro It T 7s _ r _ _ _1921
Russian Govt 631s_r_1919
535s-r
1921
Switzerland Govt 531s.1929
Texas 7% notes
r _1923
76i1
954
94
9531
0931
28
28
9931
76
78 $63,000
944 9534 177,000
0,000
937% 9451
101
101% 15,000
953% 9531 23,000
97% 98
2,000
97% 100
6,000
994 994
,000
1,000
87% 8
8
106.000
9934 100
72
7431 17,000
2731 35
44,000
28
33% 32,000
87
87
8,000
983% 9931 1955000
757%
94
9331
101
05
97%
97%
99:;:i
844
94
62
2331
23
8616
,
984
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Mar
80%
973%
9631
101%
97
09%
101%
10131
89
100
76
39
38
93
9934
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. w When issued. z Ex-dividend. y Ex-rights. z Ex-stock dividsend
t Dollars per 1,000 lire, flat. k Correction.
-Sales of Firestone Tire & blubber pref. at 70 reported last week was an
Note.
error. Should have been at 98.
New York City Banks and Trust Companies
All prices dollars per share.
Cianks-N Y Bid
Ask •
Banks
Bid
Ask
Trust Co's
Bill
Ask.
America*____ 603
__limp & Trad_-1 560
575
New York
Amer Exch__ 300 S15 IIrving (trust
Bankers Trust 370 375
Atlantic
215
certificates) 385 395 Central Union 410 420
Battery Park- 205 215 Liberty
410 420 Columbia..... 345 355
Bowery*
425
Lincoln
280 290 Commercial__ 150
160
Broadwayeen 145
155 Manht'.1
250 260 Empire
300
Bronx Boros_ 105
125 , Mech & Met.. 400 420 Equitable Tr_ 298
304
Bronx Nat_ 150
160 Merchants
230 240 Farm 1, & Tr_ 43) 440
Bryant Park* 145
155 Mutual*
400
Fidelity
222
232
Butch & Drov 37
42 New Nett's
205
215 Fulton
255 265
Cent Mere... 220
_ _ New York Co 135
145 Guaranty Tr. 37() 375
Chase
445 451 New York_
460 475 Hudson
160
Chat & Phen_ 305 312 Pacific)•
135
Irving Trust_ See Irving
Chelsea Exoh* 125
130 Park
740 760
1Nat Bank
Chemical ____ 595 610 Prod Exch*
375
Law Tit & Tr 122
128
()Miens
290 330 Public
350
Lincoln Trust 175
City
393 398 Seaboard
690
Mercantile Tr 235
Coal & Iron
250
--- Second
450
Metropolitan.. 280
295
Colonial._.. 350
_-__ State*
y215
225 Mutual(WestColumbia...... 175
chester)_ _ 105
-125
Commerce ___ 227 Hi Tradesmon's*- 230 Ward*
150
_ N Y Life Ins
Comrn'l Ex*. 425
......- ,Union Exalt_ 180
190
& Trust___ 720
740
CommonUnited States* _
1911 N Y Trust__ 600 615
wealth's._ 210
220 Wash Ills'.. 30 - 450 Title Clu & Tr 380
Continentals_ 120
-- Yorkville 0
._ 375
U S Mtg & Tr 405 415
Corn Exch..- 410
445
-United Stated 830 860
Cosmop'tans_ 95
100
Brooklyn
Cuba (Ilk of). 170
180 Coney Island* 140
155
Brooklyn
East Rlver___ 150
-- First
205 216 Brooklyn Tr. 500 615
Europe
110
130 Greenpotat.
_150
165 Franklin
235
245
Fifth Avenue*
,. _ Hillside*
110
120 Hamilton _
262 272
Fifth
000- Homestead*
163
173
80
Kings County 650 700
First
940
9130 Mechanics'.... 87
93 Manufacturers 205 215
Garfield
225 235 Montauk •
85
95 People's
5270
Gothatn
215
225 Nassau
205 215
greenwich ...._
__ National City 115
130
Hanover
y270-820 830 North Side*
195 205
Harriman
365 380 People's
145
160
Industrial* __ 210 ---Banks marked with a (*) are State banks. $ Sale at auction or at Stock Exchange this week. $ Includes one-half share Irving Trust Co. I New
stock.
x:Ex-dividend. y Ex-rights.
[VoL. 110.
Alliance R'lty
Amer Surety_
Bond & M 0_
City Investing
Preferred__
Bid
82
73
225
65
75
Ask
80 Lawyers Mtge
78 Mtge Bond.._
230 Nat Surety_ _
75 N Y Title &
85
Mortgage__
/04
130
92
207
140
Ask
140 Realty Assoc
97
(Brooklyn).
212 U S Casualty_
US Title Guar
145 West & Bronx
Title & M G
Bid
All
107
150
75
113
170
82
150
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
Standard 011 Stocks Per Share
Public Utilities (Cond.)
Per 85.
Ask. United Lt & Rye coin__ _100 23 27
Par Bid
-American 011 new. £1 2612 27
Angle
1st preferred
100 62 65
Atlantic Refining
100 1530 1570 Western Power common_100 18
20
Preferred
100 113 114
Preferred
100 67 6912
Borne-Scrymser Co
100 435 460
Buckeye Pipe Line Co.- 50 .97 09
RR. liquipments--Perel Basis.
Chesebrough Mfg new
100 230 245
Baltimore & Ohio 49.4e
7.00 6.50
Preferred new
100 105 107
Buff Koch & Pittsburgh 434
6.25 5.85
Continental 011
100 615 640
Equipment 4s_ _ _
6.25 5.85
Crescent Pipe Line Co.- 50 .33 35
Equipment Ss
6.25 5.85
Cumberland Pipe Line.
._100 145 155 Canadian Pacific 434 - - - 6.50 6.00
Eureka Pipe Line Co__ 100 139 141
Caro Clinchfield & Ohio 51_ _ 7.25 6.50
Galena-Signal 011 corn__ _100 65 68 Central of Georgia 4 411- 7.00 (1.25
Preferred old
100 100 105 Chesapeake & Ohio
6.75 6.25
Preferred new
100 94 08
Equipment 58
6.75 6.25
Illinois Pipe Line
Chicago & Alton 434s
7.75 6.50
Indiana Pipe Line Co_ __ _150 •
)()
0 197 183
° 7° (
Equipment 5s
- - 7.75 6.50
International Petroleum- £1 *4012 4112 Chicago & Eastern III 534s_. 7.50 6.50
National Transit Co_ -12.50 *29 31
Chic Ind & Louisv 43is
6.90 6.25
New York Transit Co___100 185 190
Chic St Louis & N 0 51....... 6.50 6.00
Northern Pipe Line Co_ 100 101 105 Chicago OC N W 43.',s
6.25 5.87
Ohio Oil Co
26 *370 380 Chicago R I & Pao 430
7.25 6.25
Penn-Mex Fuel Co
25 .55 CO
Equipment Se
7.25 6.25
Prairie Oil & Gas
100 700 710
Colorado & Southern 5i
7.50 6.50
Prairie Pipe Line
100 260 270 Erie 5s
7.50 6.50
Solar Refining_
100 430 450
Equipment 43,4e
7.50 6.50
Southern Pipe Line Co. 100 148 153
Hooking Valley 412s
7.25 6.25
South Penn 011
100 330 340
Equipment 5s
7.25 6.25
Southwest Pa Pipe Lines_100 86 90 Illinois Central 5e
6.25 5.87
Standard 011 (California).100 354 358
Equipment 434s
6.25 5.87
Standard 011 (Indiana) _100 870 880 Kanawha & Michigan 4341_ 7.00 6.25
Standard 011 (Kansas)....-100 633 650 Louisville & Nashville 51
6.25 5.87
Standard Oil (Kentucky) 100 440 460
Michigan Central 54
6.50 6.00
Standard 011 (Nebraska).100 530 560
Equipment (3.4
6.50 6.00
Standard 011 of New Jer_100 845 855
Minn St P & 85 M 43%s... 6.50 6.00
Preferred
100 113 114
MissouriKansas es Texas ils. 7.25 6.25
Standard 011 of New Y'k.100 470 475
Missouri Pacific Si
7.26 6.25
Standard 011 (Ohio)
100 510 525
Mobile et Ohio Se
6.75 6.25
Preferred
108 109
Equipment 43-4 s
6 75 6.25
Swan & Finch
New York Central Lines Si_. 6.50 6.00
Union Tank Car Co__ 10 124 1°
°
5 28
00 °
0
Equipment 49.4s
6.50 6.00
Preferred
100 102
N Y Central RR 4113
7.00 6.00
Vacuum 011
100 440 450
N Y Ontario & West 43.4s... 7.00 6.00
Washington 011
10 *37 42
Norfolk & Western 434e_.
6.25 5.85
Pennsylvania RR 434a
6.25 5.85
Ordnance Stocks-Per Share.
Equipment 4s
0.25 5.85
Aetna Explosives pref__-100 65 75
Reading Co 41.4;
6.35 5.90
Atlas Powder Common__ _100 155 162 St Louis Iron Mt & Sou fit.. 7.25 6.50
Preferred
100 86 88 St Louis & Han Francisco Se. 7.25 6.50
Babcock & Wilcox
100 118 120 SeaboardAir Line Se
7.50 6.50
Bliss (E W) Co common_ 60 480
7.50 6.50
Equipment 43,45
Preferred
5 • CO
80 douthern Pacific Co 434e... 6.35 6.87
Canada Fdys & Forgtage.100 --- - 220 SouthernRailway 4310
(1.75 6.25
Carbon Steel common...100 91 08
Equipment Ss
6.75 0.25
1st preferred
100 100 106 Toledo 4 Ohio Central 4s
7.00 0.00
2d preferred
100 70 75
Coit'e Patent Fire Arms
Tobacco Stocks--Per Sh ire.
Mfg_
28 *58 62
Par
Ask.
duPont(E I) de Nemoure
American Cigar oommon _100 128 132
& Co common
100 315 320
Preferred
1(10 82 87
Debenture Mock
100 86 89
Amer Machine & Fdry_ _100 110 125
Eastern Steel
100 80 83
British-Amer Toltec ord_El .19
2()
Empire Steel & Iron com_100 27 33
Brit-Am Tobao, bearer__ El *19
20
eferred
70 75
10
Brit-Am Tobao, rights
4
*712 73
Hercules Powder oom...1II 210 220 Conley Foil
100 300 351)
Preferred
100 99 105 Johnson Tin Foil & Met_100 110 120
Nilea-Bement-Pond com_100 109 111
MaoAndrews A Forbee_100 157 163
Preferred
11s 95 100
Preferred
05
10() 91
Phelps-Dodge Corp.
100 230 240
Reynolds (R J) Tobacco_10f) 520 55(4
&evil( Manufacturing
100 430 450
11 common steel(
100 450 475
Thomas Iron
54) *25 35
Preferred_
100 106 108
Winchester Co coin
10 425 170
Young (J (3) Co
100 125 135
let preferred
100 95 98
Preferred
100 95 105
2nd preferred
65 70
Woodward Iron
IGO 43 47
81-0r1 Term Notes-Per Cent.
Preferred
80 90
Am Cot 011 Os 1024_ _M&S 3 90
9634
Amer Tel & Tel fle 1924_ FAA 933 9412
Public Utilities
6% notes 1922
A&O 91711 9514
/inner Gas & Else com___ 5 125 12712 Anaconda Cop Min '20_J&J 0112 95
Preferred
SO *3712 3812 Canadian Pao 65 1024.Sf&S 2 9312 04
Amer Lt & Trao corn_ 100 188 192
Del & Hudson 58 1020_ _ F&A 99 9913
Preferred
1
38 90 Federal Suit Mg 11s 1024M&N 05 0612
Amer Power & Lt
_1
6012 (13
General Elbe fis 1920.....-410 0972 100'14
Preferred
100 67 70
Great North fis 1020.._M&S 08 9812
Amer Public Utilities com100
3
8
K C Term Ky 43-4s1021_J&J 9412 9612
Preferred
100 15 20
68 Nov 15 1023__M&N 15 07 08
Carolina Pow&Light coca 100 35 37
Laolede Gas 7s Jan 1929... 9512 9614
Cities Service Co corn.._100 390 393 Liggett&Myerfl'Obn9'21.1&I) 98
9812
Preferred
7012 N Y Cent fis 1920__M&S 15 09 0012
-100 6912
Colorado Power cont.._ _100 11
15 Penn Co 4345 1921_ _J&13 15 963i 9714
Preferred
100 06 98 Pub Ser Corp NJ 7s '22.M&S 8611 87
Cotn'w'th Pow Ry 34 Lt _100 17 20 Slose-Shef S & I Os '20.1r&A 9112 03
Preferred
1001 37 40 Southern Ity 6s 1922.._ M&S 9378 9412
Elee Bond & Share pref 10 d88 92 Halft&Co (le 1921._ FAA 1. 981s 99
Federal Light & Traotion.1031
9
6
Utah Hee Corp 6e'22.M&S 15 85 87
Preferred
100 42 4)1
Great West Pow 5s 1946_J&J 83 86
Mississippi Itiv Pow com_l
11
9
Industrial
Preferred
443.1 47
10
and Miscellaneous
First Mtge 50 1951_ _J&J 74
7.51 American Brass
,
217
Northern Ohio Eloo Corp-(t)
20
American Chicle corn__ .:10 271
1 0 15 78
Preferred
60
100
Preferred
78
_100 74
North'n States Pow coin-100 50 55
American Hardware
100 137 1146
Preferred
100 85 8612 Amer Typefounders coin _100 42
40
North Texas Elea Co corn 10( 68 75
00
Preferred
Preferred
62 67
10
Borden Company corn _NO 1(11 111
)
° 85
Pacific Gas & Eleolst pref 100 84 86
Preferred
100 95 98
Puget 13(1 Tr L & P com_100 11
13 Celluloid Company
15(1 160
Preferred
100 48 52
Havana Tobacco Co...1.
1
3
Republic Ry & Light__ _100 18
2()
8
10
Preferred
100
Preferred
_100 54 57
let g Se June 1 1922_3•1) 150
57
South Calif Edison oorn_ _100 85 89 Intercontinen Rubb com_100 12
14
Preferred
100 99 02
International Salt
70
Standard Gas & El (Del)_ 50 *1812 20
let gold 58 1951
7212
Preferred
50 *3912 4012 International Silver pref. 0 . 07
'95 07
9,
76 511
Tennessee Ry L & P com_100
2
1
Lehigh Valley Coal Salmi_ 50 .88 02
Preferred
100
512 612 Royal Baking Pow oom _100 130 145
United Gas & Elite Corp..100
Preferred
80
1st preferred
100
Singer Manufacturing.
5(1
185 155
24 preferred
100
Singer Mfg Ltd
314
Texas Pao Coal & 011
*108 110
424
W'houseChurehKerr&Co 1101 55 58
0
Preferred
100 85 00
* Per share. h
4 Purchaser ids) pays accrued dividend. e New stock.
r Flat price. n Nominal. r Rx-dividend. y Ex-rights. (*) Without par value.
THE CHRONICLE
MAR. 20 1920.]
Investment and. Alai'taut intettig.ente.
RAILROAD GROSS EARNINGS
from which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM roads for the latest week or month, and the last two
The first two columns of figures give the gross earnings
@an be obtained.
or month. The returns of the electric railways
oolumns the earnings for the period from Jan. 1 to and including the latest week
separately on a subsequent page.
are brought together
Latest Gross Earnings.
ROADS.,
Week or
Month.
Current
Year.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
$
241,284
296,302
296,302 241,284
Alabarna & Vicksh_ January
717,764
861,351
64,006
56,432
wk Mar
let
Ann ,rbor
20177970 13028539 20,177,970 13,028,539
'opeka,& S Fe January
Atch T
2,591,019 1,440,012 2,591,019 1,440.012
Gulf
'Colo & S Fe_ January
403,437
768.770
768,770 403,437
Panltandle & S Fe January
381,525
523,803
523,803 381,525
Atlanta Birrn & AU_ January
222,015
277,527
277.527 222,015
Atianta & West Pt.. January
295,540
260,864
260,864 295,540
January
AtlantLc City
6,820,139 5,887,841 6,820,139 5,887,841
Atlantllc Coast Line_ January
17343668 13332116 17.343,668 13,332,116
Baltimore & Ohio January
127,686
214,879
214,879 127,686
B & 0 Ch Term.. _ January
470,484
591,175
591,175 470.484
13angoir & Aroostook January
88,752
102.280
8,239
8,948
Bellefonte Central.._ December
256,233
419,786
419,786 256,233
Belt Ity of Chicago_ January
662,851
639,349
639,349 662,851
ter & L Erie January
Bessen
146,136
152,151
152,151 146,136
,m
Bingha & Garfield January
56,903
35,147
56,903
35,147
Birmingham South_ January
6,778,276 5,445,484 6,778,276 5,445,484
Boston & Maine....-January
65,862
65,86292,028
92,028
Bklvn ID D Termina January
huff Roch & Pitts)). 2d wk Mar 355,291 291,483 3,522,774 3,195,611
192,810
226,498
226,498 192,810
January
Buffalci & Susq
Canadian Nat Rye_ 2d wk Mar 1,625,584 1,480,946 17,099.205 15,903,799
2d wk Mar 3,13o,000 2.645,000 33,251,000 28,693,000
[an
Canadi Pacific
357,394
310,165
357,3941 310,165
Can Pa,c Lines in Me January
487,897
616,785
616,785' 487,897
Caro Clinch & Ohio_ January
2,411,342 1,658,805 2,411,342 1.658,805
January
CentralI of Georgia
CentralI RR of N J December 3.910,766 3.559,889 44,837,302 44,790,670
819,438
531,710
531,710 819,438
Cent ISfew England.. January
432,297
536,501
536,501 432,297
Central Vermont..._ January
257,979
278,921
278,921 257,979
Charlettton & W Car January
6,420,510 6,032,070 6,420,510 6,0.32,070
Cites & Ohio Lines January
2,541,179 2,032,652 2,541,179 2,032,652
Chicago & Alton.__ January
16570348 11647080 16,570.348 11,647,080
Chic hiurl & Quincy_ January
2,932,4172,093,216 2,932,417 2,093,216
Chicago & East III January
2,257,561 1,653,617 2,257,561 1,653,617
o Great West January
867,334
1,312,817 867,334 1,312,817
Chic Ivid & Louisv_ January
314,804
348,064
348,064 314,804
Chlcago Junction_ January
14533590 11103868 14,533,590 11,193,868
Chic Mrilw & St Paul January
Chic & North West_ January ' 13093062 9,795,841 13,093,062 9.795.841
125.305
201.953
201,953 125,305
Chic Poporia & St L January4
12344566 8,002,957 12,344,566 8,002.957
Chic R I & Pacific January
371.329
661,042
661,042 371,329
Chic R I & Gulf January
2.910,424 2.314,847 2,910,424 2,314,847
;
Chic Si P M & Om_ January
347.389
437.160
437,160 347,389
Chic TI3rro II & S .E. January 1
233.143
376,155
376,155 233,143
eine Irid & Western January
1 &
Cin N ) Tex Pac_ January' 1,756,312 1,511,116 1,756.312 1,511,116
Colo & Southern_ _ _ 1st wk Mar 411,098 408,745 4,870,640 4.207.402
773.785
Ft W & Den City_ January
1,101,037 773,785 1.101.037
'
116.211
174.012
174,012 116,211
Trin & Brazos Val January
96,283
48,876
96,283
48,876
Colo & Wyoming...._ January
November 1,022,351 472,392 12.433,778 11.287.834
Cuba 11tailroad
2.771,965 2,663.954 2.771.965 2,663,954
Delawaro & Hudson January
5,892.885 5,699,053 5,892,885 5.699.053
:k
Del Lac & West.... January
3,420.841 2,568,465 3,420,841 2,568.465
Deny Sc Rio Grande January
136,684
245,670
245,670 136,684
'
Denver & Salt Lake January
100,785
118,312
118,312 100,785
Detroit, & Mackinac January
362.987
351,380
351.380 362,987
Detroit Tol & Trout_ January
205,123
186,360
186,360 205,123
Det & Col Shore L January
102.527
127.722
127.722 102,527
Dul & Iron Range January
192,049
144,691
144,691 192,049
Dul Mt
ssabe & Nor_ January
648,322
780,894
63,795
50,962
Dul Sot Shore & AO 1st wk Mar
I
166.747
184.454
184,454 166,747
Duluth Winn & Pac January
98.596
115,385
98,596
115,385
East St Louis Conn_ January
1,740,539 1,952,204 1,740,539 1,952.204
Elgin allot & East_ January
1.350.835 1,080,832 1,350.835 1.080,832
El Pasco & So West_ January
January
8,193,917 6,954,625 8,193,917 6,954,625
Erie RaAlroad
823,272
998,352
998,352 823,272
Chief]
igo & Erie January
1,189,953 1,008,152 1,189,953 1.008,152
Florida East Coast_ January
93.504
108.521
93,504
108,521
Fonda .;Tohns & Glov January
114,334
154,495
,h
154,495 114,334
Ft Smit & Western January
86,013
88,287
86,013
88,287
January
Galveston Wharf
1345,491
484,603
Georgia Railroad..._ January
484.603 545,491
78,845
114,132
78,845
114,132
Georgia & Florida_ January
336,770
343,165
343,165 336.770
Grd Trlc L in New It January
'
Grand ['milk Syst_ 2d wk Mar 1,248,993 1,159,337
1,842,009 1,623,464 1,842,009 1.623.464
'
Grd Prunk West_ January
10151935 8,874,400 10.151,935 8,874.400
Great /sTorth System January
78,755 1.213,613 1,019.055
83,094
Green ITay & West_ December
194,666
327,688
327,688 194,666
Gulf Alobile & Nor_ January
175,865
273,119
273,119 175,865
Gulf & Ship Island. January
509.763
1,121,113 509,763 1,121,113
;
Hockini valley.... January
12255892 8,503,956 12,255.892 8,503,956
Illinois Central...... January
1,728,575 1,105,735 1,728,575 1,105,735
Internat& Ort Nor.. January
60.791
60,791
149.575
149,575
Ban Cliby Mex & Or January
75.004
159.500
75,004
159,500
Mtec & 0 of Tex January
K
1,498,995 1,263,651 1.498,995 1,263,651
Kansas City South_ January
98.108
157,771
98,108
157,771
Tonal k & Ft Sm.._ January
107.669
126,818
126,818 107,669
Kansas City Term__ January
206,405
197,499
197,499 206.405
Lehigh & Bud River January
307.127
368.360
368,360 307,127
New Eng. January
5,487,476 5.062,564 5,487,476 5,062.564
January
Lehigh.Lehigh Valley
1,631.856 1.300.741 1.631,856 1,300.741
Los AniC & Salt Lake January
156.192
318,052
318.052 156,192
Louislairut & Arkan_ January
821.837 274,390 3,542,033 3.078,058
Louislaiut By & Nay December
10269714 8,256,212 10.269,714 8,256,221
Louisvillie & IsTashv.. January
238,687
251,341
251.341 238,687
Loutsv Hand & St L January
1,604,345 1,416,415 1,604,345 1,416.415
Maine(
January
"Jentral
304.452
385.987
January
385,987 304,452
Midlanc1 Valley
188,010
118,487
14,992
11,298
1st wk Mar
Mineral Range
925,821
1,502,750 925,821 1,502,750
p
M in nen] & St Louis January
3,492,201 3,175,355 3,492.201 3,175,355
,
Minn St P& 88 M.. January
75,814
74,705
74,705
75,814
Mississi ppi Central_ January
3,473,857 2,623,357 3.473,857 2,623,357
Missour1 Kan & Tex January
2,584,698 1,740,154 2,584,698 1,740,154
Mo IC & T Ry of Tex January
139,884
167,544
167,544 139,884
Mo & N orth Arkan_ January
101.088
174.084
174.084 101,088
.
Mo Olcht & Gulf_ _ _ Januaryll
ROADS.
Week or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
10495227 6,810,631 10,495,227 6,810,631
Missouri Pacific__ January
305,361
293,970
293,970 305,361
January
Monongahela
213,514
224,328
224,328 213,514
Monongahela Conn_ January
84,158
80.010
84,158
80,010
January
Montour
2,154,691 1.513.977 2,154,691 1.513.977
Nashv Chatt & St L January
41.581
41,953
5,025
4,908
Nevada-Cal-Oregon 1st wk Mar
183.836
169,476
169,476 183,836
Nevada Northern.... January
129.674
127,269
127.269 129,674
Newburgh & Sou Sh Tammy
176,213
202,872
202.872 176,213
New On Great Nor.. January
505.693
730,236
730.236 505.693
New Orl & Nor East January
96,639
172,446
96.639
172.446
N 0 Texas & Mex January
121.862
142,936
142,936 121,862
Be,aum 8 L & W January
400.708
607,936
607.936 400,708
St L Browns & M January
30197291 24821605 30,197,291 24.821,605
New York Central January
605,845
654,495
654,495 605.845
Ind Harbor Belt_ January
764.567
933,496
933,496 764.567
Lake Erie & West January
6,979,258 5,900,536 6,979,258 5,900.536
Central January
Michigan
233,556
224,917
224,917 233,556
Cincinnati Nor._ January
7,377,259 5,347,881 7,377,259 5.347.881
Cleve CC & St L.January
2,784,240 2,792,840 2,784,240 2.792,840
Pitts & Lake Erie January
600,981
774,010
774,010 600.981
Tel & Ohio Cent_ January
267,964
339,985
339,985 267,964
Kanawha & Mich January
2,193,657 2,069,363
2,193,657 2,069,363
N Y Chic & St Louis January
10313075 7.336,773 10,313,075 7.336.773
N Y N 11 & Hard January
793,522
735,167
735,167 793,522
N Y Ont & Western January
333,066
331.178
331,178 333,066
N Y Susq & West January
6,835,195 6.100.013 6,835,195 6.100.013
Norfolk & Western_ January
481,422
743,611
743.611 481,422
Norfolk Southern... January
111,655
148.846
148,846 111,655
Northern Alabama.. January
9.451,062 7.934,352 9.451.062 7,934,352
Northern Pacific..... January
76.836
97,327
76,836
97.327
Minn & Internat.. January
383.404
580,690
580,690 383,404
NorthwesternPacific January
489.850
558,591
558,591 48E1,350
January
Pacific Coast
30039972 30477482 30,039,972 30.477.482
Pennsylvania RR.._ January
88,076
60,009
88.076
60.009
Balt Ches & Ati January
481.047
483,149
483,149 481,047
Cumberland Vail.. January
1,656,572 1.499,582 1.656,572 1.499,582
January
Long Island
83.468
45,255
83,468
45,255
Mary Del & Va. January
615.810
580,492
580.492 615,810
N Y Phila & Nor_ January
161,732
180.591
180,591 161.732
Tol Peer & West.. January
735,887
704.232
704,232 735.887
W Jersey & Seash January
9.506,991 7.472.886 9,506,991 7.472.886
Pennsylvania Co...._ January
514.778
835,112
835,112 514,778
Grand Rap & Ind January
10580512 7,377,273 10,580,512 7.377.273
Pitts 00& St L. January
104.721
147,228
147,228 104.721
Peoria & Pekin Un_ January
3.118,8122.473,433 3,116,812 2,473.433
January
Pere Marquette
79.503
108,520
79,503
108,520
anuary
Perkiomen
115.283
83,196
83.196 115.283
J
Phila Beth & N E j
6.931.822 5,950,980 6.931.822 5,950.980
January
Phila & Reading.._..
128,570
120.546
128,570 120.546
Pittsb & Shawmut_ _ January
100.502
128.857
128,857 100,502
Pitts Shaw & North January
122,254
163.115
163.115 122,254
Pittsb & West Va... January
224.436
190,989
190.989 224,436
January
Port Reading
123,104
84,483
84,483
123,104
Quincy Om & K C.._ January
760.370
692,558
692.558 760,370
Rich Fred & Potom_ January
446.805
375,627
375,627 446,805
Wash Southern... January
327,564
483,992
483,992 327,564
January
Rutland
230,562
291.407
291,407 230.562
St Jos & Grand IsI'd January
7.023,169 5.803.741 7.023.169 5.803.741
St Louis-San Fran January
91.089
185.531
91,089
185.531
January
Ft W & Rio Gran_
99,466
134,476
99.466
134.476
St L-S F of Texas_ January
999,276
1.569,739 999.276 1,569,739
St Louis Southwest_ January
500,521
762.378
762,378 500,521
St L S W of Texas January
99.622
146,068
99.622
146,068
St Louis Transfer January
349,572
412,151
412,151 349,572
San Ant & Aran Pass January
4.795,244 3.340.297 4,795,244 3.340,297
Seaboard Air Line January
167,743
86.546
86,546 167.743
January
South Buffalo
16110253 1292:3801 16.110.253 12.923.801
Southern Pacific..... January
370,881
369,867
369,867 370,881
Arizona Eastern_ January
2.125.560 1,815,651 2.125,560 1.815,651
Galv Harris & S A January
685,635
1,073,261 685,635 1.073,261
bus& Tex Cent.. January
192.977
217.179
217,179 192.977
Hous E & W Tax.. January
338,091
480,675
480.675 338,091
LouislanaWestern January
696,359
902.925
902,925 696.359
Morg La & Texas January
580,959
837.319
837,319 580,959
Texas & Now Orl_ January
14045676 10126429 14,045,676 10.126.429
Southern Railway January
813,239
919.017
919.017 813,239
Ala Great South_ January
1.590.717 1.215.143 1,590.717 1,215.143
Mobile & Ohio_ _ _ January
480.907
561,918
561,918 480.907
Georgia Sou & Fla January
145,356
222.146
222,146 145,356
South By in Miss_ January
77.707
137.157
77.707
137,157
Internal.. January
Spokane
553.083
760,287
760,287 553,083
/Wok Portl & Seattle January
184.506
168,175
168.175 184,506
Staten Island R T January
24,278
27,765
3,015
1,890
Tenn Ala & Georgia 1st wk Mar
243.037
288,760
288,760 243,037
Tennessee Central January
300.710
364,506
364,506 300,710
rerm RR Assn ofStL January
255.874
333.848
333,848 255,874
St L Mer Bridge T January
Texas & Pacific.... let wk Mar 599,681 573,278 7,163,360 5,671,776
575.622
813.446
813,446 575,622
Toledo St L & West_ January
57,989
90.990
57,989
90,990
Ulster & Delaware January
11726007 8,594,474 11.726,007 8,594.474
January
Union Pacific
4,168,426 2,945.532 4,168,426 2,945,532
January
Oregon Short Line
2,900,244 2.033.603 2.900,244 2.033.603
Ore-Wash RR &N January
582,956
587,658
587,658 582,956
Union RR (Penn).._ January
101.670
169.314
169,314 101,670
January
Utah
271.586
390,282
390,282 271.586
Vicks Shreve & Pac.. January
957,410
January ' 1,298,987 957.410 1,298,987
Virginian RR
4.622.171 4,556.981 4.622.171 4.556.981
January
Wabash RR
1,417,548 1,331.668 1.417,548 1.331.668
Western Maryland_ January
870.857
January
1,346,473 870,857 1,346,473
Pacific
Western
225,898
263,690
263,690 225.898
Western By of Ala.._ January
779,416
1.034,541 779,416 1.034.541
Wheel & Lake Erie_ January
131,655
201,076
201,076 131,655
Wichita Falls& N W January
2,604,769 1,860.167 2.604.769 1.860,167
Yazoo & Miss Valley January
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
8d
4th
let
26
3d
4th
let
2d
3d
4th
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
13
-245,183 2.88
7,426,581 8.671.764
9 roads ___
week Dec
week Dec 11 roads ___ 11,528,338 10,498.450 +1,029,888 9.83
+743.086 14.42
6 roads ____ 5,894,615 5,151,529
week Jan
week Jan (13 roads __ 8,048,690 6,827,044 +1,221.646 17.89
+154.716 2.20
week Jan (13 roads __ 7,184,286 7,029,507
+777.233 8.77
week Jan 114 roads _-_- 9.638,583 8,861.350
week Fob 13 roads ____ 7,839.859 6,689.392 +1'.150,467 17.50
week Feb 14 roads -___ 8,175,583 6.960,566 +1,215,017 17.45
+212,937 3.16
week Feb 13 roads ___ 6,949,253 6,736,316
1,410,750 26.73
9 roads ___ 6,689.056 5,278,306
week Feb
let week Mar
14 roads ____
7.504.843
(1.4,17.501
1.107.342
, *We no longer include Mexican roads in any of our totals.
.
*Monthly Summaries.
Mileage. Curr.Yr.
226,086
March
232,708
April
233.931
May
232,169
June
226,654
July
233.423
August
September _232,772
233.192
October
November _233,032
December-233.899
January ___ 232 R11
Current
Year.
Previous
year.
Increase or
Decrease.
%
$
i
Prey.Yr.
$
225,631 375,772.750 365,096,335 10,676,415 2.90
233,251 388,697,894 370.710.999 17.986.895 4.85
234.339 413,190,468 378.058,163 35,132.305 9.29
232,682 424,035,872 393,265,898 30,769,974 7.88
226.934 454,588,513 469,246,733 -14,658,220 3.18
233.203469,868,678 502,505,334 -32.636,656 6.40
232,349 495,123,397 485.870.475 +9,252,922 1.97
233,136 508.023,854 489,081,358 +18.942.496 8.87
232,911 436.436,551 439,029,989 -2,593.438 0.59
233.814 451.991.330 440.481.121 +11,510.209 2.81
232.210 404 7nn 12R 302.027.385 -1-10177R750 25.00
•
1178
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 14 roads and shows 17.07%
increase in the aggregate over the same week last year.
First Week of March.
1920.
1919.
Increase. Decrease.
$
$
Ann Arbor
56,432
64,006
Buffalo Rochester & Pittsburgh_
338,618
291,483
Canadian National Rys
1,690,099 1,369,774
Canadian Pacific
3,244,000 2,469,000
Colorado & Southern
411,098
408,745
Duluth South Shore & Atlantic_
50,962
63,795
Grand Trunk of Canada
Grand Trunk Western
I 1,185,857 1,224,388
Detroit Grand Haven & Mil
Canada Atlantic
Mineral Range
11,298
14,992
Nevada Calif. & Ore2,on
4,908
5,025
Tennessee Alabama & Georgia
1,890
3,015
Texas & Pacific
599,681
573,278
Total (14 roads)
Net increase (17.07%1
$
S
7,574
47,135
320,325
775,000
2,353
12,833
38,531
3,694
117
1,125
26,403
7.594,843 6,487,501 1,171.216
L107442
63,874
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
or Company.
Latest Gross Earnings.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Adirondack El PowCo January
192,516 148,772
192.516
148.772
Alabama Power Co.._ January
304.224 269.141
304.224
269,141
Atlantic Shore By.. December
15.951
13.371
184.106
171.773
Bangor By & Electric January
105,284 82,595
105,284
82,595
Baton Rouge Elec Co January
39.069 31,272
39.069
31.272
Blackstone 17 G & El_ January
287,066 235,183
287,066
235.183
bBrazillan Trae,L & P December f973900018531000 1113074000 f101894000
Cape Breton Elec Co_ January
49.082 52,190
49.082
32.190
Cent Miss V El Prop_ December
41,923 30,700
424,475
339,076
Chattanooga By & 14 December 188.865 177,162 1.915.817 1.843,947
Cities Service Co__ January
1905,781 1853.598 1,905.781 1.853.598
Cleve Painesv & East November
55.068 51.442
633.061
511,630
Colorado Power Co__ October
908,280 1,060,971
°Columbia Gas & Elec January
1402.312 1188,807 1,402,312 1.188.807
Columbus(Oa) El Co January
• 141,805 121,785
141,805
121,785
Com'w'th P. By & Lt January
2598.960 2149.553 2.598,960 2,149,553
Connecticut Pow Co_ January
125,057 110,682
125.057
110,682
Consum Pow (Mich)_ January
848.934 682,731
848,934
682,731
jeumb Co (Me) P&L January
259,179 215,722
259,179
215,722
Dayton Pow & Light_ January
329.419 271,626
329,419
271,626
eDetroit Edison
February 1821,937 1309,879 3,676,919 2,780,558
bDetroit United Lines November 2203,587 1606,536 22.422,746 17,278.782
Duluth-Superior Trac January
167.432 148,669
167.432
148.669
East St Louis & Sub.._ December 423.985 406.855 4,258.919 4,215,887
Eastern Texas Elec January
130,648 110,965
130.648
110.965
Edison El of Brockton January
122.424 93.120
122,424
93,120
Elec Light & Pow Co January
30.978 20.842
30,978
26,842
g El Paso Electric Co_ January
154.975 127.963
154,975
127,963
Fall River Gas Works January
74,983 63.035
74,983
63,035
Federal Light & Trac December 396.947 337.559 3,897.518 3,497,231
Fort Worth Pow & Lt November 160.130 120.677 1,325,474 1,188.961
Galv-Hous Elec Co January
273,782 242.487
273,782
242,487
g Great, West Pow Sys January
496.221 441,425
496.221
441,425
Harrisburg Railways_ December 153,169 135.264 1,604.339 1,30..116
Havana El Ry, L & P January
883.118 726,358
883,118
726,358
Haverhill Gas Lt Co_ December
39.571 31.007
380,632
336,294
Honolulu R T & Land December
67,159 61,915
754,620
706.676
Houghton Co El L Co January
52,016 44,713
52,016
44.713
Houghton Co Trac Co January
30,625 24,455
30,625
24,455
Hudson Sz Manhattan October
558,452 387,371 5,012,70.3 4,007,905
b Illinois Traction_ _ . November 1343.655 1143.066 13.446.064 12.275.721;
I Interboro Rap Tran January
4444.137 3813.648 4,444,137
Kansas Gas & Elec Co November 260,849 202.974 2.374,261 3,813,648
1,868.836
Keokuk Electric Co December
30.097 22.985
317,237
264.236
Key West Electric Co January
22,136 19,589
22.136
19,589
Lake Shore Elec Ry._ November 218,796 178.819 2,381,308 1.988.688
Long Island Electric_ October
24,714 16,693
223,499
105,766
Louisville Railway.. December 332.207 333.899 3,537.234 3,707,689
Lowell Electric Corp_ January
112,499 95.954
112.499
95,954
Manliat Bdge 3c Line October
21,614 12,374
141,178
119,476
aMiiw El By & Lt Co January
1526.627 1233,918 1,526.627 1,233.918
Mississippi Riv P Co_ January
205.677 181.139
205.677
181,139
Nashville By & Light January
306.903 272,317
306,903
272,317
New England Power_ January
483,238 318,033
318,033
483,238
Newl'N&H Ry,0 & E December 208,044 171,566 2,718,837 2,168,487
New York Dock Co January
449.058 440.457
449.058
440.457
N Y & Leng Island October
46,759 42,636
480,896
420,251
N Y & North Shore October
15,580 12,829
118,067
127,545
N Y & Queens County October
108,846 83,675
945,253
805,675
New York Railways_ October
953,075 934,683 11,289,033 9,329.746.
Northern Ohio Elec.._ January
882,013 696.194
882,013
696,194
North Texas Electric. January
310,002 244.490
310.002
244.490
Ocean Electric (L I).. October
11,071
7,88.;
185,458
144,001
Pacific l'ower & Light November 205,810 163.128 1,978.080 1,688,558
Pensacola Electric Co December
41,828 50,756
543.592
506,050
Phila & Western.... December
58,864 57.863
732,301
619.151
Phila Rapid Trans Co November 3055.953 2717,881 32.216,937 28.253.423
Portland Gas & Coke_ November 190,146 164.215 1,961.128 1.624,225
Port(Ore) Ry,L&PCo January
768,808 703,547
768,808
703,547
Puget Sd Tr, Lt & P.. December 890,474
9,770,066
Republic Rv & Lt Co November 675.153 436.978 5.593.12a 5,1)27.196
Richmond Lt & RR
October
44,551 33.249
372,523
455,154
St L Rocky Mt & Pac October
392.828 449,085 3,406,343 4,366.541
Santiago El Lt & Tr October
06,508 57,100
627.100
557.494
Second Avenue (Rec) October
86,778 68,478
772,539
698,713
Southern Cal Edison_ January
857,830 800.493
857.830
800.493
Staten Island MidI'd_ October
28,401 20,728
306,617
239.263
Tampa Electric Co January
132.398 104,648
132,398
104.648
Tennessee Power_ _ _ _ January
204,837 221,788
204.837
221,788
kTenn Ry. Lt & P Co December 592,980 607,241 6.380.126 6,146.619
Texas Power & Lt Co November 353.755 294,603 3,110.261 2,902.367
Third Avenue System_ January
041,063 800,552
941,063
800.552
Twin City Rap Tran.. January
1057.084 874,584 1.057,084
874,584
Virginia Ry & Power_ February
809,415 688,288 1,692,848 1,413,739
Wash Bait & Annan_ _ December
135,871 249.654 2.168.120 2,902.015
Youngstown & Ohio_ January
43,825 37.300
43.825
37.300
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
IEarnings given in mi refs. g Includes constituent or subsidiary companies.
lm Subsidiary companies only. k Includes Tennessee Ry., Light & Power
Co., the Nashville Ry. & Light Co., the Tennessee Power Co. and the
Chattanooga By. & Light Co. 1 Includes both elevated and subway lines.
i Of Abington and Rockland (Mass.).
Electric Railway and Other Public Utility Net Earnings.
-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-GrossEarnings--Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Duquesne Lt Co & Sub El Lt
& Power Cos_ a
Jan 1.289,506 1,138,390
476.892
499,833
Illinois Traction Co_a_ _Jan 1,729,733 1.461,036
520,245
427,253
Municipal Service Co and
Subsidiaries_ a
_.._ Dec 197,415
165,681
59,668
47,891
Jan 1 to Dec 31
*2,094.105 *1.668,942 *614,294 *469.545
llo.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Phila Co & Subsid Natural
Gas Companies_a
Jan 1,611,375 1,466,959 1,034,574
915.452
a Net earnings here given are after deducting taxes.
* Twelve months figures include eight months Sumter Lighting Co.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
$
$
Bangor By & Elec Jan '20
105,284
44,808
21,592
23.216
Company
'19
82,595
24,905
4,599
20,306
12 mos '20 1,117,365
457,980
254,397
203,583
'19
927,891
323,634
239,741
83.893
Citizens Trac Co & Jan '20
80,353
24.156
7,500
16,656
Subsidiaries
'19
63,878
7,000
14,753
7,753
12 mos '20
788.811
214,803
86,700
128,103
'19
651,175
153,248
69,671
83,577
Comm'w'th Pow,Ry Jan '20 2,598,960
898,140
352,711
545,429
& Light Co System
'19 2,149,553
773,211
236,924
536,287
12 mos '20 26,414,305 9,060,524 6,525,610 2,534,914
'19 22,367.145 7.371,806 6,097,668 1,274,138
Consumers Pow Co Jan '20
848,935
361,581
121,849
239,732
(Michigan)
'19
682,732
306,568
173,858
13•,710
12 mos '20 8,303,362 3,679,638 1,426,739 2,252,899
'19 6,769,869 3,005,549 1,388,031 1,617,518
Cumberland Co
Jan '20
259.179
91,330
55,465
35,865
Pow & Light Co
215,722
'19
58.192
1,503
56,689
12 mos '20 2,812,057
987,804
617,028
316,776
'19 3,211,015
965,708
844,929
120.779
Detroit Edison Co Feb '20 1,821,937
337,649
502.990
165.341
'19 1 309 879
377,197
239,261
137,936
2 mos '20 3,676,919
976,877
335,097
641,780
'19 2,780,558
838,466
567,836
270,630
Eastern Shore Gas Jan '20 ' 44,767
14,743
8,924
5,819
h: Elec Co & Subs
'19
33,719
6,861
2,446
4,415
12 mos '20
426,006
101,575
58,832
58,833
'19
365.036
84,375
51,552
32,823
Prie Lighting Co & Jan '20
113,681
42,788
15,273
27,515
Subsidiaries
102,482
'19
22,441
38,445
16,004
916,774
12 mos '20
304,855
176,267
128,588
'19 1,011,359
351,209
178,503
172,706
Havana Elec Ry,
Jan '20
883,118
446,063
190,697 x201,418
Light & Power Co
'19
726.358
348,039
195,130 z161.920
Huntington Devel Jan '20
134,523
69,194
17,195
51,999
& Gas Co
'19
96,433
44,073
16,009
28,064
12 mos '20 1,071,182
453,709
199,314
254,395
998,918
'19
462.913
270,352
192,561
Keystone Telep Co Feb '20
140,922
35,287
56,467
21,180
'19
129.412
44,975
29,105
15,870
2 mos '20
286,573
110,529
39,628
70,901
261,378
'19
32,761
91,287
58,526
Nashville By &
Jan '20
306,903
76,080
36,860
40,120
Licht Co
'19
272,317
41,345
81,286
39,941
12 mos '20 3,258,970
308,457
783,782
475,325
'19 2,934,009
497,114
977,674
480,560
New England Power Jan '20
483,238
66,844
133,180
66,316
Co System
318,033
'19
130,787
64,715
66,072
12 mos '20 4,384,173 1,514,462
748,135
766,327
'19 3,613,956 1,400,806
679,688
721,118
Newport News &
Dec '19
208,044
97,084
34,824
z68,730
Hampton Gas &
171,566
'18
74,087
28,038
z46,614
Electric Co
12 MOS '19 2,718,837
305,644 z440,856
732,598
611,034
255,305 x364,128
'18 2.168,487
Penn Central Lt & Jan '20
187,003
75,963
30,660.
45,303
Pow Co & Subsid's '19
171,302
35,397
64,640
29,243
12 mos '20 1,898,837
708,826
355,322
353,504
'19 1,708,779
347,171
642,134
294,963
Portland Ry,Light Jan '20
768,808
188,432
263.795
75,363
& Power Co
-'19
703,547
257,645
186,811
70,834
12 mos '20 8,656,262 3,105,658 2,271,593
834,065
'19 7,780,890 2,552,777 2,226,103
326,674
Tennessee Pow Co Jan '20
204,837
101,284
47,817
53,447
221,788
'19
103,030
52,861
60,169
12 mos '20 2,149,937
858,493
650,168
208,325
'19 2,300,370
922,206
293,069
629,227
x After allowing for other income received.
Companies.
Gross
Fixed Chgs. Balance.
Net
Earnings. Earnings. ek. Taxes. Surilus.
$
3
8
Virginia Railway & Feb '20
809,415
321,190
190,032 z142,477
Power Co
688,288
'19
261,937
186,788
z86.011
8 mos '20 6.484,900 2,543,195 1,506,438 x1,143,928
'
'19 5,450.505 1,797,468 1.409,540 z400,498
x After allowing for other income received.
New York Street Railways.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
45
$
$
Hudson & Manhattan__ _Oct 558,452
387,371
210,877
133,046
Jan 1 to Oct 31
5,012,703 4,007,905 1,943,180 1,607,989
Interboro Rapid Transit Co
Subway Division
Oct 2,686,303 1,757.806 1,020,156
548,357
Jan 1 to Oct 31
23,088,366 17,873.599 9,165.609 7.781,144
Elevated Division
Oct 1,694,535 1,541,818
375,971
350.563
Jan 1 to Oct 31
15,420,987 15.700,263 3,417,266 4,010,237
New York Railways
Oct 953.075
113,506
934,683 def95,714
Jan 1 to Oct 31
1,289,033 9,329,746 def307,071 1,510,323
Second Avenue By
Oct
86,778
68,478
4,741
646
Jan 1 to Oct 31
772,539
698,713
62,850
109,829
83,875 def8,439 (101'25,038
N Y & Queens County.._Oct 108,846
Jan 1 to Oct 31
945,253
805,675 def98,130 def166,475
Long Island Electric
24,714
Oct
16,693
230 def7,810
Jan 1 to Oct 31
223,499
195,766
898
11,28(1
Ocean Electric
11,071
Oct
7,880
def1,640 dof1,880
Jan 1 to Oct 31
185,458
144,001
58,502
69,029
N Y & North Shore..._Oct
15,580
12,829
def24
91
Jan 1 to Oct 31
118,067
127,545
def337
6,915
Manhattan Bdge 3c Line..Oct
21,614
12,374
3,221
281
Jan 1 to Oct 31
141,178
119,476
12,522
15,100
N y & Long Island
Oct
46,759
42,636 def2,416 def1,462
Jan 1 to Oct 31
480,896
420,251
44,614
40,309
Richmond Lt & RR
Oct
44,551
33,249 def2,334
def2,328
Jan 1 to Oct 31
455,154
372,523 def16,228
34.796
Staten island Midland_ _,Oct
28,401
20,728 def19.193 def7,368
Jan 1 to Oct 31
306,617
239,263 def92,694 def45.736
Note.
-All the above net earnings hero given are after deducting taxes.
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous cotmianios which
have been published during the preceding montii will be given
on the last Saturday of each month. This indox will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
March 6. The next will appear in that of March127.
Canadian Pacific Railway.
(Report for Fiscal Year ending Dec. 31 1919.)
Gross earnings
Operating expenses
Pu
Net earnings
Fixed charges
Pension fund
x,To special income account
1179
THE CHRONICLE
MAR. 20 1920.1
1917.
1918.
1919.
$
$
$
176,929,060 157,537,698 152.389,335
143,996,024 123,045,310 105,843.317
Midvale Steel & Ordnance Co.
(4th Annual Report-Year ending Dec. 31 1919.)
The report, signed by Chairman William E. Corey and
President A. C. Dinkey,is given in full on subsequent pages,
including text,income account and balance sheet.
32,933,036 34,502,388 46,546,018 CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
10,161,510 10,177,513 10,229,143
1917.
1918.
1919.
500,000 Net earnings before Federal taxes_ _ _ _
500,000
500,000
$69,838,254
1,968,683
193,977
do after Federal taxes_a$16,787,255 $50,529,012
do
1,567.522
1,507,927
Other income-Interest earned, &c__ 2,277,630
22,271,526 23,630,898 33,848,192
Balance, surplus
9,049,343 8,128.751 10,713,299
Special income
$19,064,885 $52,036,939 $71,405,776
Total
$407,940
Deduct
-Interest paid, &c
31,320,869 31,759,649 94,561,492 Prov. for depr., exh'n of minerals, &c. 5,334,770 9,915,777 6,826,421
Total income
3,227,277 Prov, for prospective income and ex3,227,277
3,227,276
Preferred dividends(4%)
26,000,000 26,000.000 26,000,000
See "a"
25.731,910
Common dividends(10%)
cess profits taxes _
5,193,563
Prov. for amort. under Fed. tax law_
2,093,593 2,532.372 15,334,215 Inventory depreciation
Balance, surplus
4,500.000
2,880,342 2,524,227
2,802.789
Bond interest
x Not earnings of coastal steamers, commercial telegraph and news Guar. div. on Cambria Iron Co.stock
338,720
338,720
338,720
-V. 110, p. 1088.
department transferred to special income account.
5:
310,588,605 $29,208.537$35,Fs pg
Balance
Chicago City Railway.
$53,720,098 $41,461,561 418,
Previous surplusbrought forward
Add-Reserves for ore depletion
(Report for Fiscal Year Ended Jan. 31 1920.)
131,827
added back to surplus
President Leonard A. Busby, Chicago, Mar. 16, wrote
In substance:
Results.-Thls report for the 12 months ending Jan. 31 1920 Wows: (1)
the earnings, expenses and residue receipts of the Chicago Surface Lines
under unified operation; and (2) the income account and balance sheet of
the Chicago City Railway Co.
Gross earnings of the Chicago Surface Lines amounted to $43,963,438:
expenses, $33,254,015, or 75.64% of the gross, leaving residue receipts of
310,709.423. divisible 60% or $6.425,654 to the Chicago Railways Co.,
and 40% or $4,283,769 to the South Side Lines, namely: the Chicago City
Railway Co., the Southern Street Railway Co., and the Calumet dc South
Chicago Railway Co.
The gross receipts of the Surface Lines increased $9,253,340; operating)
expenses increased 37,522,078, and residue receipts increased $1,731,262.
The increase in gross is duo to the increase in fare, effective Aug. 8 1919,
and the increase in operating expenses is due to the wage increase effective
Aug. 6 1919.
After the payment of operating expenses and bond interest, your property
produced a net income of 461,303,937, an increase over last year of $457,750.
Not earnings show a return of 7.24% on the capital stock, as against 4.70%
last year. Surplus at Dec. 31 was $454,531, as against $50,640 last year,
an increase of $403.891.
Four quarterly dividends of 13i% each, or 5%,on the capital stock, were
paid.
-During the year capital expenditures required by
Capital Outlay, &c.
our ordinance, increased the city purchase price of your property by $700,865. It was impracticable to sell bonds, and to meet these expenditures
we borrowed $250,000 and met the balance of $450,865 out of its earnings
(v. 110, P. 359).
We reconstructed 28.76 miles of single track and built only one extension
of a small fraction of a mile. Total miles of single track Dec. 31, 332.42.
-In April 1019 our petition for an increase in faro,
Fares and Wages.
pending since November 1918, was denied by the P. U. Commission. In
the early summer, wages of trainmen in Cleveland and Detroit were increased from 48 cents an hour to 60 cents an hour, and largo increases were
granted in other cities. Following this, our trainmen demanded an increase from 48 cents per hour to 85 cents per hour. an increase of 77%,
-hour day.
and an eight
At the request of Gov. Lowden, the Utilities Commission commenced an
investigation, which resulted in an offer of a wage scale of 65 cents an hour,
and an eight-hour day. This offer was rejected by tho men July 28, but
after a four-days'strike the original offer was accepted and the new wage
scale became effective Aug. 6. A wage increase, averaging substantially
17 cents an hour, was also granted to all other employees.
On Aug. 8 the Commission fixed the rate of fare temporarily at 7 cents,
-cent cash fare, fifty tickets for $3, and 10
but on Dec. 1 changed it to a 7
tickets for 65 cents. A second supplemental .order, effective Dec. 27,
-cent rate (V. 109, p. 2439,
abolished tickets, and reduced the faro to a flat 6
2171)•
-The companies employed Stone & Webster
Valuation for Rate-Making.
and A. L. Drum & Co. to make a complete inventory and valuation of the
properties. In September we began the hearings before the Utilities Commission on the valuation of our properties for rate-making purposes, and
submitted the above-mentioned valuation and other evidence. The city is
now proceeding with its side of the case.
-The city vigorously contested the jurisdiction of the
Court Decisions.
Conuniisson in granting an increase in rates, and took its appeal to the
Supreme Court of Illinois. This court rendered a decision Ii`eb. 18 1920
clearly establishing the duty of the Commission, on a proper showing, to
Increase rates (V. 110 P. 764)•
Another recent decision of our Supreme Court settled certain fundamental
principles to be followed by the Commission in making valuations of utility
properties. These decisions, we hope, will eventually result in a valuation
and findings which will fully protect tilt purchase price of your property,
as fixed by ordinance, and a rate of return on such valuation, which will
restore the credit of the company and enable it to procure the new capital
necessary to provide much-needed extensions and betterments.
RESULTS OF ALL CHICAGO SURFACE LINES FOR JAN. 31 YEARS.
1916-17.
1917-18.
1918-19.
1910-20.
Gross earnings
843,963,438 $34,710,097 $35,114,633 $34,789,636
33,254,015 25,731,937 23,101,696 21,743,523
Operating expenses
Residue receipts
$10,709,423 38,978.160 312,012,037 $13,046,113
Chicago Railways(60%) 6,425,654 $5,386,896 $7,207,762 $7.827,668
4,805,175 5,218,445
South Side Lines (40%)_ 4,283,769 3,591,264
INCOME ACCOUNT OP CIIICAGO CITY RAILWAY, &C., FOR YEAR
ENDING JANUARY 31.
1917-18.
1918-19.
1910-20.
$4,283,769 $3,591,264 $4.8C5.175
South Bide Lines (40%)
3,580,613 3,661,805
3,477,245
x Joint account, expenses, &c
$806,525
Not earnings
City's proportion, 55%, as per ord'co_ 443,589
Income from operation
Other income (net)
Not income
Interest on bonds
Dividends
Balance, surplus or deficit
$362,936
19,961
$4,792
$514,516
$342,975
2,705,676
Co.'s proportion, 45%, as per ord'co
South Street Ity. proportion
Company's proportion
Interest on capital investment
$10.650 81,143,369
628.853
5,857
$4,792
2,668,657
$514,516
2,623,510
$3,048,651 $2.673,450 $3,13.9,026
58,358
36,170 deb.72,046
$3,084,821 $2,601,404 $3,196,385
1,695.000
1,755,217
1,780,884
)
(5% 900,046 (5)900,160 (83. 1575000
sur.$403,891 def.$53,073 def.$73,615
x Includes interest on capital investment of Chicago City fly. and Calumet & South Chicago fly. and not earnings of Southern Street Ry.
BALANCE SHEET OF CHICAGO CITY RY. CO. JANUARY 31.
1919.
1920.
1919.
1920.
$
LiabilitiesAssets-t
18,000.000 18,000,000
Capital stock
Pur. price of prop.
IS In terms of ord. _54,442,499 53,741,633 lstM.5% gold bds.33,924.000 33,900,000
81,371 *Notes payable. _ 1,950,000 1,700.000
3,232
Aocotints recelv'le.
13,648 Acc'ts payable, &c. 1,100,422 1,058,322
14,000
Real estate
50,639
872,308 Total tom Jan. 31_ 454,531
Cash on hand__ _ 971,172
55,430,953 54,708,961
Total
55,430,953 54,708,961
by $1,700,000 bonds deposited prior to Jan. 31 1920 and
-V. 110, p. 359.
3445,000 deposited subsequently.
Total
* Secured
$64,308,703 $70,670,098 $54,364,995
Total
-Special deprec'n charged off
Deduct
4,950,000
property and plant account
903,434
Transferred to appropriated surplus_
(9%)0,000.000 *12,000,000 *12,000,000
Dividends paid
Total surplus Dec. 31
355,308,703 $53,720,098 $41,461.561
*12%,
a Net earnings from operations after deducting all expenses incident to
operations including those for ordinary repairs and maintenance, amounting
to $14,000,000 in 1919 as against $20,600.000 in 1918 and for Federal taxes
CONSOLIDA TED BALANCE SHEET DEC. 31.
1919.
1918.
1919.
LiabilitiesS
3
Assets$
xProp.& plant--170,250,262 164,695,149 yCapital stock--100,000,030
Cap. stk. of sue.
Investments in
733,930 cos. not held
other cos-- - 1,130,451
by M.S. & O.
5,803,589 8,426,486
Cash
Co. (par)____ 2,133,450
Customers'accts. 8,299,588 21,842,942
Guarant d stock
Adv'ce pay'ts on
Cam. Iron Co. z8,468,000
ore purch.,&c. 2,005,218 2,103,436
Sundry debtors_ 2,993,104 1,502,402 5% cony. sk. fd.
Ws. of Midv.
177,656
784,108
Bills & loans rec.
S. & 0. Co__w43,227,503
Marketable sec.Bds. of sub. cos_ 11,641,000
U.S.Lib. bds.
& ctfs. of in. 39,282,118 23,958,568 Vouch.dtpayrolls 3,358,587
Depos. received
Brit. 3-yr.5%
13,268,000 on contracts__ 2,733,924
gold notes..
Accruals, &c_ _v14,435,647
Anglo-French
Depr.cont.,&c.,
-year 5%
5
34,729,888
res
184,285
184,285
ext.loanbds.
537,492 1,186,081 Surp. applicable
Oth.mark.sec.
to minority
48,071,105 48,099,312
Inventories
interests, &c_ 4,161,924
Adv. stripping
444,133 Surplus balance_ 55.308.703
828,809
ore mines, &c.
87,778
28,494
Specific funds
1918.
$
100,000,000
2,133,450
8,468,000
43,936,000
12,328,000
7,051,781
2,725,446
19,937,558
32,301,700
.4,108,125
53,720,098
280.108,623 280,710,158
Total
280.198,623 236.710.158
Total
W After deducting $1,650,000 in treasury, $1,741,500 redeemed and
$3,381,000 unissued. x Includes property leased under 999 year lease from
Cambria Iron Co. and improvements thereto. y After deducting $24,129,250 held for conversion of bond and 325,870.750 for general corporate purposes. z Cambria Steel Co. guarantees an annual dividend of 4% on the
above-mentioned Cambria Iron Co. stock as rental for property held under
the 999-year lease. *Includes also premium and discount on capital lia-V. 110, p. 566.
bilities. v Includes estimated Federal taxes.
Southern California Edison Co.
(24th Annual Report-Year ending Dec. 31 1919.)
The remarks of President W. A. Brackenridge and also the
results for 1919, the balance sheet of Dec. 31 1919, and other
data, will be found on subsequent pages.
INSTALLATION AND INCOME ACCOUNT CALENDAR YEARS.
1916.
1917.
1918.
1919.
Installation Dec. 31Incandescents (50-watt
2,055,723
3,090,764
3,215,132
3,404,324
equivalent)
124,019
195,321
201,129
214,528
Meters-Electric
6,672
• 6,904
Gas
160,358
326,930
364,954
392,709
Motors, h. p
5,072
13,918
18,867
21,121
Electric ranges
Results
$0,241,246 $7,452,937 $6,068,040 $4,901,375
Gross earnings
2,234,233
2,459,955
3,348,434
Oper. & maint. expenses 4,480,321
$4,760,925 $4,104,513 33.608,086 $2,667,141
Not earnings
132,875
817,109
1,282,521
Int., diva., &c. received_ 1,382,647
36.143,572 $5,387,034 34,425.195 82,800.016
Gross income
966,647
1,723,202
2.375,853
Int. on bds. & debent__ _ 2,727,131
6,722
196,883
335,885
210,072
Miscel. interest
Cr.10.412
Cr.223,862 Cr.112,148 Cr.154,568
Construction acct
Bd. disc., rent of leased
41,055
147,737
343,980
447,048
plant, &c
Balance
Previous surplus
$2.083,183 $2,443,466 $2,511,942 $1,796,001
313,635
687,652
613,030
568,483
$3,551,666 $3.056,496
Total
$500,000
Reserve for depreciation $1,000,000
Miscellaneous
7,132
(
First pref. dividends__(7 F
)
0
311(1.71 Si (7)
Second pref. dividends-(5
Common dividends_ _ _.(7 1,069:338(7)1,106,518
20,273
Other items not classified
$3,199,594 52.109,636
$650,000
$1,000,000
Cr.128,289
(7)280,000(63)250,000
601,495
(7)705.068(630650,272
Total deductions.... $2,971,106 $2,488,013 32,586,564 $1,421,984
$687,652
$613,030
Total prof. & loss surplus x$580,560 x$568.483.
-V. 110, p. 1095.
x Before providing for Federal income taxes.
Barnsdall Corporation (of Dela.) Pittsburgh and N. y.
-Year ended Dec. 31 1919.)
(First Annual Statement
This corporation, a merger and amalgamation of the
natural gas, oil and mining interest of the estate of the late
T. N.Barnsdall of Pittsburgh, Pa., has issued its first annual
report, giving many facts regarding the several properties
and their finances.
On subsequent pages of this issue will be found extended
extracts from the report, including the remarks of President
Robert Law Jr., together with the consolidated balance
sheet, and income and surplus, accounts, and also a tabulated analysis of the properties, investments and advances
of the corporation and its subsidiaries.
1180
THE CHRONICLE
A digest of the very full statement made to the Pittsburgh
Stock Exchange was published in the "Chronicle" of Aug. 16
1919, page 673, discussing at considerable length the several
controlled properties.
Application is pending for the listing of the stock on the
New York Stock Exchange.
-V. 109, p. 1091, 972.
[VOL. 110.
ments previously devoted to these discontinued lines
ably employed in the manufacture of closed bodies and are now more profitother parts for autos.
Additions, &c.
-The balance sheet shows net additions of $8,203,234 to
plant and property during the year. $7,380,173 was spent in
and $1,098,862 in Detroit. The sale of branch property resultedSouth Bend
in a decrees
of $275,801 thereof. At South Bend substantial sections of the new automobile plant were erected and equipped, comprising altogether about half
of the ultimate plant. Owing to the unfavorable building conditions, these
plants have cost about 20% more than was expected. Machinary and tool
equipment for production of the new Light Six are included in the expenditure. The Detroit expenditures cover now tools and machinrey.
Consolidation Coal Co.
New Capital Stock, &c.
-The balance sheet shows the new common stock
(56th Annual Report
-Year ending Dec. 31 1919.)
capitalization, which was increased at the stockholders' meeting Nov. 24
On subsequent pages will be found the remarks of President from $30,000,000 to 1175,000,000 authorized capital. In December $15,of this additional authorized stock was offered to
C. W. Watson, together with the tonnage and other statis- 000,000been underwritten at 105. $45,00,000 of common stockholders,
having
stock is
tics, the income account for the calendar year 1919 and also outstanding. The proceeds of this new stock were used to purchase now
and
retire the $15,000,000 of 7% serial gold notes issued Jan..
expense
the balance sheet as of Dec. 31 1919.-V. 110, p. 363.
of this new financing, both notes and stock, was charged to 1. Theaccount.
surplus
This new financing and surplus profits of the year enabled the management
to pay for all extensions andincreased inventories, and in addition retain
Computing-Tabulating-Recording-Co.
substantial surplus cash assets, as shown by the
shown therein as due from the U. S. Govt. hasbalance sheet. The amount
(8th Annual Report-Year ending Dec. 31 1919.)
been largely paid this year.
1707.)
The remarks of President Thomas J. Watson along with V. 109, p. 1800,corporation is in a thoroughly sound financial
094look.
-The
condition,
the consolidated income account for the calendar year 1918 and Its commercial prospects were never brighter. Production of the
Detroit plants in the first two months of this
and consolidated balance sheet as of Dec. 31 1919 will be and 198.4% more than last year. The Southyear is the greatest on record
Bend
be in production on the new Light Six this spring. automobile plants will
f ound on subsequent pages.
Our schedule for the
year calls for a total of
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. sold as fast as they are 80,000 cars, which as far as we can see now, will be
made.
Orders received in the vehicle division for the first two months are for
1919.
1918.
1917.
1916.
Proportion of net profits
10,183 wagons, against 1,480 last year, and this dept. is also oversold.
of subsid. cos.Notshown{ $2,861,602 }Not showni $2,019,199
Maint., deprec. and re-} in report
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
in report
serve (doubtful accts.) for 1919
727,265 for 1917.
467,973
1919.
1918.
1917.
1916.
Automobiles sold
39,356
23,864
42,357
xRemainder
65,885
32,496,945 $2,134,337 $1,915,746 $1,551,226 Net sales
$66,383,307 $52,087,997
Int. on 6% sink.fd. bds_
3370,271
z346,531
347,389
344,373 Mfg., &c., gen. exp., &c 54,681,388 46,888,240 $50,147,516 $61,988,594
45,363,135 53,032,397
Income & exc. prof. tax_
*666,000
See note
282.963
Reserve for depreciation.
418,456
382,144
424,964
Reorganization expenses
435,470
240,856
Divs, on c. -p. stk. (4%)419,224
-T.
419,222
418,962
418,292
Net earnings on sales_1111,283,463 $4,817,613 $4,359,417 $8,520,727
Income from invest., &c
Bal.,sur. (see note *)_ $1,041,450 31,127,728
121,396
$866,433
$788,562
x After deducting also expenses C. -R. Co., &c. z After crediting in
-T.
Net earnings
$11,283,463 $4,817.613 34,359,417 $8,642,123
1918 $25,965 interest on treasury bonds.
Deduct-Interest
$116,950 ' 3295,664
3298,488
*No allowance has been made for 1919 Federal income and excess profits Federal taxes
1,854,229
637,754
560,188
taxes, the amounts of which have not been finally determined. The taxes Pref. dividends
(7%)_ -748,475
767,550
767,550
here shown were paid out of surplus, and are applicable to 1918.
767,550
Common dividends__(7%)2,100,000(4)1,200,000(7)2,100,000(10)3000000
Discount & comm. prop_
CONSOLIDATED BALANCE SHEET DECEMBER 31.
30,878
1919.
1918.
1919.
1918.
Total deductions
$4,819,654 $2,900,968 $3,726,226 $3,798,428
Assets$
$
Liabilities$
$
Balance, surplus
$6,463,809 $1,916,645
Plants, good-will
$633,191 $4,843,695
Capital stock
10,482,700 10.482,700
patents, &e___a17,248,501 16,956,861 Bonded debt
SURPLUS ACCOUNT FOR CALENDAR YEARS.
6,236,500 6,217,000
Prep'd insur.. &c_
88,445
36,949 Notes & accounts,
1019.
1918.
1917.
1916.
Cash
638,379
508,713 taxes acced. &c. 2,534,289 1,804.019 Surplusfrom above
$6,463,809 $1,916,645
$633,191 $4,843,695
Notes & accts. rec.
accr'd bond Int_ 185,393
184,185 Previous surplus
15,578,137 13,947,838 13,314,647 8,470,952
(less reserve)).. 4,103,598 2,911,950 Div.due Jan. 10_ _ 104,791
Res.for future conting
104,807
1,358,237
Inv'tories (at cost) 3,198,816 2,975,113 Cap. stock & surp.
Invest. securities_ 379,120
260.033 of subsld. cos... b242,180
Total
227,212
$23,400,183 $15,864,483 $13,947,838 $13,314,647
Sinking fund
282
200,144 Undivided surplus 5,871,298 4,829,849 Special surplus account_
405,000
286,346
Net exp. of new financ'g 2,069,600
Total
25,657.151 23,849,772 Total
'
25,657,151 23,849,772
a Includes plants, property, equipment, machines, patents, and good
Surplus to bal. sheet_ _320,925,583 $15,578,137 $13,947,838 $13,314,647
will, after deducting surplus of subsidiary companies acquired at organization, $20,476,662, lass $3,228,160 for reserves. b Not owned by C. -R.
CONSOLIDATED BALANCE SHEET DEC. 31.
-T.
Co. *See footnote * under "income account" above.
1919.
-V. 110, p. 973.
1018.
1919.
1918.
Assets5
LiabIlIttesS
13
Real estate, buildCase Threshing Machine Co., Racine, Wis.
Preferred stock_ _c10,260,000 10,775,000
ings, &c
a25,706,854 17,022,076 Common stock. 45,000,000 3)025 0 0
1500 00
0
: :0
(Report for Fiscal Year ending Dec. 31 1919.)
Investments
1,177,971
796,371 Notes payable
The report of President Warren J. Davis will be cited at U. S. Lib. & Can 3,020,000 980,750 Deposit on sales
Govt. bonds_ _ contracts
295,617
214,852
length in a subsequent issue of the "Chronicle," together Due from U. S. &
Accounts payable_ 3,613,818 2,229,693
British Gov'ts 1,675,820
with the income account for the year 1919 and comparative Short time loans.- 2,000,000 8,205,820 Res. for Fed. taxes 1,855,240 6:37,754
Sub-contratct. war
balance sheet of Deo. 31.
Sight drafts
3,001,385
orders
1.375489:21301
Spec.res.for contln
On Jan. 28 1919 a dividend of 7% was paid in Liberty bonds on the Inventories of raw
materials, &c 20,607,337 17,555,797 Sundry creditors &
$8,300,000 Common stock then outstanding (V. 108, p. 271). During the
Accts.& notes rec.,
pec
reserves
year $800,000 Common and $850,000 Pref. stock was issued in connection
2,019,091
771,140
• less reserve
6,541,156 6,261,901
with the merger of the Grand Detour Plow Co. of Dixon, Ill.
.13ilfP. nest... 3,240,000 2,835,000
Deferred charges,
Surplus
20,925,583 15,578,137
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31
insurance, &c.._ 406,404
268,919
Cash in banks, &c_ 4,171,175 2,875,005
1919.
1918.
1917.
1916.
Gross sales
332.342,653 325,162,770 $17,657,754 $13,047,257 Good-will, patent
rights, &c
19,807,277 19,807,277
a Profit from sale of product
$6,021,607 $5,992,024 33,775,922 32 385,110
Total
88,115,379 74,673,924
Bond,&c., tnterest_b
Total
$416,046
88,115,379 74,673,024
3572,621
3726,540
$737,389
cPremium on $2,599,000
a Consists of real estate, buildings, machinery and equipment at South
bonds purchased and
Bend, Ind., Detroit, Mich., Chicago, Ill., and Walkerville, Ont., and at
canceled, &c
branches of the company as of Jan. 1 1919, $20,497,269; additions during
143,761
225,032
143,315
War losses in foreign
year, less realizations, $8,203,234; total, $28,700,504; loss depreciation.
countries
$2,993,650; balance as above, $25,706,854. b Includes accrued pay-rolls.
1,251,968
807,076
274,204
Deproc'n on plant, &c
cAfter deduct.33,240.000 retired under provision of charter.-V110,p.1005.
625,350
555,519
Amort. of plant expense_
251,727
Reduc. in invent. value_
376,811
United States Cast Iron Pipe & Foundry Co.
Prov.for Federal taxes
675,000
850,000
275,000
Preferred dividends(7')
(21st Annual Report
-Year ending Dec. 31 1919.)
880,250
850,500
850,500
850,500
Common dividends (7,1
President L. R. Lemoine, N. Y., Mar. 3, wrote in subst.:
paid in Liberty bonds
581,000
Results-Outlook.
-While your business last year was disappointing, it is
Total deductions
$4,573,375 $4,489,288 $2,269,649 31,587,889 gratifying to say that the present outlook promises a very material improvement.
Balance, surplus
$1,448,232 $1,502,736 $1,506,273
3797,221 decided Tho demand began to improve in October last and has shown a
change especially as to volume and also as to price and diversity
a The profit from sale of manufacturing product and income from othtr of sizes. Bookings from December to last through the first quarter of 1920
sources as above is shown after deducting all operating expenses, ordinary wilt closely approach if not exceed your total shipments in 1919.
losses, but before deducting interest charges, bond discount applicable to
The disappointing results of last year are due to a number of causes,
the year, provision for depreciation on plant, and other charges.
chiefly lack of orders. Following the armistice in 1918 business almost
b Includes proportion of bond discount applicable to the year.
stopped and for the five months to April, 1919, totaled approximately
c Includes deferred discount charge applicable to such bonds.
-V. 110, 25% less than the tonnage booked in December, 1919. Considerable
reduction was obtained in the cost of your chief raw material so that
p. 264.
notwithstanding a falling off in the price of your principal product and an
increase in the cost of manufacture-the net return per ton in 1919 from
Studebaker Corporation.
manufacturing your principal product was slightly loss than in 1918, but
(9th Annual Report
-Year Ending Dec. 31 1919.)
the volume was too small to produce more than insignificant shop earnPresident A. R. Erskine, South Bend, Ind., March 10, ings. suffered from car shortages and the consequent
We
irregular deliveries
wrote in substance:
of raw material and added expense in handling and shipping and also from
the continued indifference and lassitude of certain classes of labor. The
Results.
-The total net sales amounted to $66,383,307 and the net profits,
average production of tons per man employed in the shops in 1919 was
with other net income, after deduction of the usual depreciation and interest
about one-half, while the average wages paid by the Company were more
charges, amounted to $11,166,513. Making provision for
excess profits taxes of $1,854,229 reduced the net profitsthe income and than double those of 1915.
to $9,312,284.
Your loss for the year 1919 was the sum of $503.703. This accrues,
Dividends of 7% each were paid on the Preferred and Common stock outstanding in the amount of 112,848,475, and the balance of not profits, however, after absorbing $1241,583 in cost of operation and maintenance
$6,463,809, was transferred to surplus account, which with special surplus of plants and also after providing $424,705 as a reserve for depreciation,
account amounted to $24,165,583 at Dec. 31 1919, after absorption of which reserve on Dec. 31 amounted to $1,103,417 as compared with $772,expense of new financing hereafter mentioned. Pref. stock amounting to 661 in 1918, a net gain of $330,756. Your total reserves now amount to
$1,360,065, a gain of $349,491
$515,000 was retired during the year.
As suggested, your bookings for the last quarter, especially in December,
In both 1918 and 1917 our plants were serving the Government and our
profits were considerably below normal. The last year's results, therefore, were unusually heavy, considering that the orders were chiefly for pipe of
should be compared with those of 1916, in which sales amounted to $61,- the smaller diameters on which sizes your capacity is now fully occupied
988,594 and not profits $8,611,245, after deducting $183,954 for income tax. and will be for some time. On the larger diameters, 24 inch and over,
Commetcial operations were not in full swing until spring; results con- specifications of considerable moment are now in prospect from certain
municipalities and public service corporations, so that in the comparatively
trast as follows:
near future your equipment for the making of large diameter pipe should
First six months sales_ __ ..$27,500,000 I Net profits (before
_34,000,000
Second six months' sales_ 38,900,000 Net profits (before taxes)_ 7,200,000 also be well occupied. Even before the war these buyers had allowed their
taxes)
needs for large pipe to remain in abeyance to an abnormal degree. The
Withdrawal from Horse-Drawn Vehicle Business.
-Business offered was in
1011. si
4
excess of our capacity. Production was hampered by shortages of materials, present outlook, therefore, for 1920 is promising.
Balance Sheet.
-Your company
freight cars and labor, which increased costs and curtailed output, and these addition to property and plant continues in excellent condition..% The
account
conditions continue to-day. Availing ourselves of the opportunity afforded machine shops now under construction includes the partial cost of new
and additional equipment at your
we discontinued the manufacture and liquidated our investments
horse-drawn vehicle lines of product, including harness, except farm in all Addyston Works whcih, when completed, will greatly add to your machine
and farm trucks, which lines are retained. The factory space and wagons department. Your machine shop equipment was also increased by the
invest
- purchase of more efficient tools.
air
MAR. 20 1920.]
1181
THE CHRONICLE
COMPARATIVE STATEMENT OF BUSINESS.
Current assets include $711,950 in U.S. Government Liberty and Victory
Cal. Year -Years ending June 3()-bonds, as compared with $486,400 in 1918. Your Inventories as usual
1911-12.
1916-17.
1917-18.
1919.
are conservatively valued.
24,351
49,596
54,351
64,932
Net working capital as of Dec. 31 1919 was $4,080,321, viz.: accounts Electric customers
receivable. inventories, U.S. Govermnent bonds and cash on hand,$6,708,- Elec.sales in k.w. hours_349,330,115 348,725,511 260,265,000 78,812,729
Gas sales in cubic feet_6,989,863,900 6543120,100 5137562,200 3378475,400
624, less accounts, bills payable and accrued items, $2,628,302.
132,503
106.699
137,750
144,477
-Your directors on Jan. 29 1920 decided that in spite Gas customers
Dividends for 1920.
of the loss of the past year the fact that but(5%) yearly was paid during
INCOME ACCOUNT FOR FISCAL YEARS.
the three years preceding when earnings were more than sufficient to cover
Years ending June 30-Cal. Year
the full 7%, and further, considering the markedly improved prospects,
1915-16.
1916-17.
1917-18.
1919.
the company's cash position, its investment in Government bonds, &c., a
_ $5,019,827 $4,444,917 $3,695,547 $3,459,871
continuance of the 5% basis on the Pref. stock was fully justified. This Income from gas_
15, Income from electAir_ 7,760,293 6,044,633 4,763,066 3,881,666
dividend is payable 1% quarterly in 1920, viz.: March 13, June
90,232
40,196
130,039
33,497
Sept. 15 and Dec. 15 1920 to stockholders of record March 1, June 1, Other income
Sept. 1 and Dec. 1 respectively
Total gross income.- _$12,813,617 $10,619,589 $8,498,809 $7,431,769
INCOME ACCOUNT.
Oper.expenses & taxes... 8,012,906 6,415,684 4,480,165 3,848,076
1916.
1917.
1918.
1919.
Net earnings
$4,800,711 $4,203,905 $4,018,645 $3,583,693
loss$76,214 $1,541,581 $1,820,744 $1,539,742
x Total earnings
30,154 Fixed charges (incl. int.
42,351
59,004
82,557
Other income
& pref. div. on sub.
1,672,223
1,580,058
2,283,622 2,071,340
co.'s issue)
$6,343 $1,600,585 $1,863,095 $1,569,896
Total income ______ __
Int. on bonds & on bills
Surplus for diva.,&c__ $2,517,089 $2,132,565 $2,346,422 $2,003,635
$117,255
$117,314
$85,641
$85,341
payable
$246,225
$226,588
(x)
144,000 Preferred dividends(6%)
Reserve for improv'ts
,
1,162,026(8)1,150,864(73 )1079158 (7)885,578
Common dividend
403,641
405,907
424,706
Depreciation
134,542
300,000
250,000
394,000
600,000 Reserve for contingencies
600,000
600,000
Prof. dive. (see text)--_(5%)600,000
Reserve for depreciation,
550,000
600,000
725,000
925,000
amortization, &c
sur.$742,140sur.$708,641
Bal., surp. or clone.def.$1.103,703sur.$509,037
90,000
x The report states the "total earnings after deducting cost of oper- Charged off to bond disc't
ation and maintenance of plants in 1919 ($1,241,583 expended for upkeep
$2,481,026 $2,125,864 32,205,747 $1,906,346
Total deductions
of tools, machinery, buildings and equipment), expenses of sales and gen$97,289
3140,675
$36,063
$6,701
eral offices and provision for taxes, doubtful accounts and adjustment of Net surplus
materials and supplies inventories."
x Preferred stock retired April 2 1917.
BALANCE SHEET DECEMBER 31.
CONSOLIDATED BALANCE SHEET.
1918.
1919.
1918.
1919.
Dec.31'19. June30'181
Dec.31 '19. June30'18.
A MIS
$
Assets$
Plant & property_ 25,248,415 24,958,781 Pref. stk. outst'g _12,000,000 12,000,000
14,607,300 14,385,800
Capital stock
Corn. stk. outst'g _12,000,000 12,000,000 Property, plant,
662,921
676,176
Cash
franchises, &c_ _50,413,705 49,340,464 Funded debt_ _ --*42,536,933 37,795,747
767,000
Am.P.& Fdy.bds. y752,000
Raw and manufac6,285,876 2,787,277 Notes payable_ _- 1,529,240 2,985,775
tured mat'is.dre. 2,178,034 2,658,077 Accts. & bills pay_ 2,561,799 1,784,482 Investments
Unpaid wages (not
188,560 Deposit for sinking
66,504
Accrued in, &c__
Accounts & notes
43,676
42,416
due)
fund gold bonds 1,955,498
3,142,463 3,306,127 Reserves
receivable
406,687
375,374 Accounts payable_ 586,685
772,661 Unfin.plantinvest. 453,027
Depreciation _ 1,103,417
U. S. Govt. (Lib846,064
Cash on hand, &c_ 1,927,890 2,229,896 Accr. bond int.,&c. 991,452
104,435
Doubtful acc'ts_ 117,895
486,400
erty) bonds__ _ 711,950
133,478 Accts.& notes rec. 2,320,7b 2,376,415 Deprec.,&c.,res've 2,323,390 1,587,846
138,753
Insurance
16,932
18,248
Cash for sink. fund
244,466
2,887,446 Mat'ls & supplies_ 1,557,918 1,468,838 Sund.accruals,&c. 407,710
Res.for work. cap
287,716
Divs. payable_ _ .... 292,146
3,234,920 1,451,177 Work in progress
Surplus
45,510
35,793
44,632 a Preferred stock_
84,733
acct. of consum_
608,115
50,179 Res've for conting_ 461,166
50,19
Sink, fund invest.
31.975.287 32,089,239
Total
31.075.287 32.089,239
Total
197,572
599,883 Misc. def'd items- 215,325
_ 339,031
Uninvested
-V.110, p.
y Excluding $748,000 bonds in treasury and sinking fund.
1,635,082 1,568.946
318,237 Surplus
92,755
Miscellaneous _ _ __
1096.
Consumer's stock
subscription_ _ __ 183,268 1,410,742
Columbia Graphophone Manufacturing Co.
(Report for Fiscal Year ending Dec. 31 1919.)
President Francis S. Whitten, March 3, write in subst.:
Total
65,664,638 61,001,920
Total
65,664,638 61,001,920
* Funded debt includes: Consol. M. 5% Gas bonds, due July 1 1939.
Gen. M.4;4% Gas bonds, due April 1 1954, $6,100,000; Gen.
-The company's financial condition was much improved by $3,400,000; & E. bonds, due Feb. 14 1935,$15,000,000; United E. L.& P.
Pref. Stock.
M.Oi% G.
the sale, early in the year, of $7,200,000 of its 7% Cumulative Pref. stock, Co.
7 bonds, due May 1 1929, $4,428,000; Consol. M.5% deb. stock,
the proceeds of which sale were used to provide additional working capital Series 'A," $354,233; 5% Cony. Gold notes, due Nov. 15 1921, $8,254.700;
°
and to retire the bonds and notes of the American Graphophone Co., the Convertible 7% Gold notes due Aug. 1 1922, $5,000,000; First Refunding
assets of that corporation having been previously acquired by your company. Mtge. Sinking Fund 30
-year 6% gold bonds, Series "A," due Feb. 1 1949.
(See V. 108, p. 2024.)
$3,500,000, less bonds in treasury. $3,500,000.
-Additional land and buildings were acquired in Bridgeport,
Additions.
a Amount of Pref. stock outstanding called for redemption April 2 1917,
Conn.' a modern plant was acquired in Toronto to take care of the increased including premium and accrued dividends.
-V. 110, p. 564.
Canadian business, more than 100 acres was acquired in Baltimore, on
which a modern fireproof plant is to be erected, equipped and placed in
Electric Storage Battery Co., Philadelphia.
operation at the earliest possible moment to provide additional product now
required by your company to satsify the demand created by its aggressive
(Statement for Fiscal Year ending Dec. 31 1919.)
sales and advertising policy.
-The Baltimore and Canadian plants and
1916.
1917.
Financing Through Subsidiary.
1918.
1919.
their equipment were financed through the formation of the Columbia Sales, less mfg. cost, &c_ $6,000,853 $4,825,757 $3.140,560 $2,069,978
751.182
919,947
Graphophone Factories Corporation and the sale of bonds and Preferred Operating expenses, &c_ 1,761,061
1,163,532
stock of that company, which provided funds to the extent of 75% of the
cost of these plants and their equipment, the balance of the monies being
$4,239,791 $3,662,225 $2,220,613 $1.318.796
Not earnings
supplied through the purchase by your company of Common stock of the Other income
263,257
257.269
287,149
567,021
Factories Corporation. (V. 109, 1). 1990.)
Strtke.-In July 1019 a strike occurred at your company's plants in Bridge$4,800,812 $3,949,374 $2,477,882 $1,582,053
Total net income
port, Conn., which lasted for a period of six weeks. The management was Res. for Federal taxes
450,000
x
x1,817,010
successful in the controversy, and within thirty days after the plants re- Dividends (4%)
649,964
649,966
649,968
1,074,198
opened for operation the company obtained what war, up to that time, the
greatest production in its history.
$932.089
$2,891,208 $3,299,406 $1,377,916
Balance, surplus
Results-Pederal Taxes.-Tho year just closed has been in many respects
a most unusual one, and your company would have shown much larger net
x No reserve has been set aside for Federal taxes for year 1919. These
earnings, were it not for the unfavorable Federal tax law now in operation, taxes, which are estimated to be $2,000,000, will be chatged to surplus
which resulted in over 46% of the company's net profits in 1919 being paid acct, when paid. Taxes here deducted from the 1919 earnings are applicthe Federal Government as taxes. It is to be hoped that Congress will take able to 1918 and were charged by the company against accumulated surplus.
action in 1920 which will change this unwise law and permit your company
CONDENSED BALANCE SHEET DEC. 31.
to show earnings which will reflect the unceasing effort of the management
1918.
1919.
1918.
1919.
during the last throe years to make your company the leader in the talking
$
Liabilities-ASSCiSmachine industry.
Outlook.-Tho outlook for 1920 appears at this time to be bright.
Plant investment- 4,755,615 4,461,432 x Capital stock...16,649,425 16,249,425
872,390
Stocks and bonds- 6,071,628 1,034,472 Accounts payable- 1,283,256
STATEMENT OF INCOME AND Sid RPLUS FOR CAL. YEARS,
281,178
U.S.Govt. wens. 1,200,000 1,166,322 Sundry liabilities_ 419,556
1918.
1919.
Notes payable,6%
trade$7,793,044 $1,939,513 Patents,&c
Earnings from all sources
1,000,000
-year notes_
11,000,000 11,000,000 2
marks,
$262,960
$503,715 Cash
Deduct-lot. on funded and floating debt
533,352 Deprec'n reserve__ 1,876,456 1,392,537
1,121,677
387,188 Aces.receivable 3,664,192 3,282,734 Res. for unfinished
4P0,044
Depreciation of property, plant, equipment, &c.._
229,148 Notes receivable
24,525
Bad accounts and notes receivable, written off_ _ _
288,899
contr. & contin_ 354,312
15,033
22,447
3,391,313
Reserve for 1919 Federal taxes
13.347,215 6,957,510
4,894,660 5,528,592 Surplus
Inventory accts
Net income
Add-Surplus account at Dec. 31
$3,624,202
2,396,361
$819,461
2,188,179
Total
33,930,219 27,021,937
Total
33,930,219 27,021,937
x Includes Com. stock, $17,912,500, and Prof. stock, $87,500; total.
$6,020,563 $3,007,640
Total surplus
18,000,000, less stock held in treasury, $1,350,575; balance, as above,
611,279
2,435,402
Deduct-Div. on Preferred and Common stock
editing
16,649,425. y After crediting $63,512 adjustments of accounts and all
720,617
Other surplus charges
s not incident to the current year.
-The increase in the value of "stocks and bonds in other corporaNote.
32,864,545 $2,396,361 tions" is accounted for by a revaluation of the company's holdings in the
Surplus Dec. 31
Willard Storage Battery Co., Exide Battery Depots, Inc., New Haven
BALANCE SHEET DEC. 31.
Carriage Co. and Chloride Electrical Storage Co., Ltd., of Manchester,
1919.
1918.
1919.
1918.
England, due to recently established appreciation of their net worth.
Liabilities
Assets$
-V. 110. p. 265.
3,221,086 3,496,325 7% Cum.Pt.stk _x10,584,841 3,571,450
'Cash
Corn. stk. "Stated
Notes and accounts
(J. C.) Penney Company.
•
value"
:7,083,311 4,540,362
6,731,578 3,347,551
receivable
9,516,620 7,257,737 Accts.pay.&accris 5,375,211 4,896,240
Inventories
(Report for Fiscal Year ending Dec. 31 1919.)
Dividends payable 311,661
Investments in afINCOME ACCOUNT FOR CALENDAR YEARS.
685,000 1st M.6% g bds,
685,000
filiated cos
1,936,800
10,000 due June 11930_
10,000
1916.
Other securities
1917.
1918.
1919.
6% Ser. gold notes,
Real estate, buil(1$28,783,965 $21,336,000 $14,880,000 $8,415,000
Sales
2,500,000 Cost of merchandise sold 21,626,254}
1919-1926
ings, machinery
20,000 Disc, on purArinisc. inc_ Cr.480,337 -Not reported for these years
and equipment_ 5,089,074 3,994,446 5-yr.M on real est. 250,0)0
Am.Graph.stock
Patents, fralleilINCS,
4,695,605)
Selling expense
30,160
5,410
Preferred
good-will, &c. _ 1,000,000 1,000,000
12,115
40,456
140,771
Common
$2,942,444 $2,001,113 $1,748,288 $1,074,827
Deferred charges- 233,136
Net profits
2,864,545 2,396,361 Reserve for Federal taxes 1,064,751
Surplus
5,591
847,822
1,305,359
664,200
526,600
72,917
408.760
Preferred dividends_ _ _
26,487,094 219,031,830 Total
26,487,094 19,931.830
Total
Note.-Tho capital stock of the company as shown in the balance sheet
$660,477
$236,266
$169,154
$1,804,775
Balance, surplus
Includes (a) 7% Cum. Pref. stock, 814,760,800 authorized (par $100), less
BALANCE SHEET DECEMBER 31.
unissued $3,688,125, in treasury $402,834, and held by Am. Graphophene
1919.
1918.
1919.
1918.
Co., $85,000; net, $10,584,841; (b) Common stock of no par value, autho$
Liabilities$
$
Assetsrized 31,500,000, less in treasury 378 shares, in hands of Am. Graph. Co.
$
1,314,719 1,697,976 7% cum. pref.stk_ 3,000,000 3,000,000
2,053 shares, and unissued 629,098 shares; not, 868,471 shares outstanding. Cash
Common stock- _ - 1,581,000 1,581,000
-Vol. 109, p. 2266.
U. S. certifs. of in756,319
3,656,897Accounts payable_ 887,053
debtedness
Consolidated Gas, Electric Light & Power Co. of Bait. Inventories
4,651,338 6,188,369 Res. for Fed. taxes 1,213,764 1,305,360
28,744
43,963
2,992 Res. for fire losses_
5,000
Accounts receiv'le.
(Report for the Fiscal Year Ending Dec. 31 1919.)
3,814,117 1,809,342
304,150 Surplus
Lib.& Vic. bonds_ 378,800
The remarks of President Herbert A. Wagner, together Furn. dr HO.,&c._ 317,923 302,497
!tern
with the income account and balance sheet as of Dec. 31,
will be cited more fully in a subsequent issue.
10,324,678 8,495,983
Total
-V. 110, p. 770.
Total
10,324,678 8,495,983
1182
THE CHRONICLE
Texas Company, Houston, Texas.
(Report for Fiscal Year ending Dec. 31 1919.)
Cal. Year
Years ending June 30
I" Income Account1919.
1917-18.
1916-17.
1915-16.
Gross earnings
$102,986,597 k>80,260.634 $54,339,050 337.708,382
Oper. exp.. taxes, &c_ _ _ 73,782,480 45,387,231 31,431,126 21,961,649
Net earnings
$29,204,117 $34,873,403 $22,907,924 $15,746,733
Deduct
Sink. fund & depr. acct_ $6,768,228 $5,297,988 $2,047,217 $1,647,315
Prov.for had,&c.,accts.
90,962
125,298
136,180
200,557
Provision for taxes
3,000,000 7,468,185
1,000,000
Replace'tofmarineequip.
673,512
1,340.940
Dividends (10%)
7,718,750
6,243,750 4,532,500 3,350,000
Total deductions
$18.251,451 $20,476,161 $7,715,897 $5,197,871
Balance to surplus
$10,952,666 $14,397,242 $15,192,027 $10,548,862
BALANCE SHEET DEC. 31 1919 AND JUNE 30 1918.
Dec.31 '19. June30'18.
Dec 31 '19. June30'18.
.
AssetsLiabilities-.
Plant account._ _ _98,252,385 70,900,497 Capital stock
85,000,000 69,375,000
Other investments 2,304,113 2,011,732 Stock subscription 4,759,040
Storehouse Rupp_ _ 8,308,489 6,420,294 6% debentures. _14,798,000 16,058,000
Stocks of oil,crude,
Accts. & bills pay-24,546,224 10,797,480
refined, &c
77,837,930 53,119,354 Prov. for doubtful
Unexpired insur
761,467
282,902
accts. receivable 300,000
300,000
Sub. co.'s stecks_21,383,197 20,881,627 Insur. res've fund_ 500,000
500,000
Bonds and mtges_ 292,507
792,507 Res've for replace't
Bills & accts. rec_ _14,849,705 15,238,856
of marine equip_ 2,329,747 1,340,940
Adv. to sub. cos 26,382,910 12,571,260 Prov'n for taxes_ _15,843,271 8,825,058
Contract advances 2,238,316 1,127,817
do int on deb_ 443,940
481,740
Cash on hand_ _
8,718,636 8,244,629 do amortiz'n_ 4,706,819
S.F.& depr. acct.30,596,223 29,245,830
Surplus
77,505,491 54,667,430
Total
261,329,655191,591,477
Total
261,329,655191,591,477
* Investments in real estate, leases, tankage, refineries, ships, cars, terminals, distributing stations, natural gas wells and equipment.
Note.
-No effect has been given in the foregoing balance sheet to the
proceeds from the sale of $35.000,000 three-year 7% Sinking Fund gold
notes (see offering on a subsequent page) or to the balance of approximately
$40,000,000 due on eapitl stock subscribed for since Dec. 31 1919, out of
which it is proposed to retire the $14,798,000 6% debentures due in 1931
but callable at 105. See V. 109, p. 484, 1615, 1994.
New England Company Power System.
(Report for Fiscal Year ending Dec. 31 1919.)
George S. Smith, President New England Co., says in
substance:
Plant Extensions.
-In August the additional unit at Uxbridge was put in
service, increasing that station's capacity by 10,000 kilowatts. At the
Vernon plant construction of two new units of 4,000 k.w. each was started
about June 1 and at the present time is about half done: the machines should
be ready for service July 1. It is expected that the installation of these two
new units will Increase the output of the Vernon plant in an average year
by from 20,000,000 to 22,000,000 kilowatt hours.
New Transmission Lines.
-The line to Nashua, N. 11., put in service in
1918, has worked to such advantage that the Nashua Manufacturing Co.
decided to electrify its Jackson mills early in the year, and in view of this
and otha load secured in Nashua the construction of a second circuit between Ayer and Nashua became necessary, and has been completed.
Our connection with the Edison Electric Illuminating Co. of Boston was
also completed, as well as the connection with the Eastern Connecticut
Power Co. at Nomich, Conn.
COMPARATIVE STATEMENT OF EARNS. FOR YEARS END.DEC. 31.
1919.
1918.
1917.
1916.
K. W. H. output
357,000,000 323,000,000 300,000,000 246,000,000
Gross earnings
$4,218,968 $3,557,281 $2,645,973 $2,068,436
Oper. expenses and taxes 2,706,880
2,234,400
1,501,778
757,304
Net earnings
$1,512,088 $1,322,881 - $1,144,195 $1,311,132
Bond interest
5485.829
$463,918
3440,963
$446,319
Other interest
278,897
200,751
156,781
153,143
Accrued div., pref. stock), 627,967f
293,227
278,412
237,102
Accr. div., 2d pref. stock,
108,800
1
108,800
108,800
Balance
$119,396
$159,239
$256.185
$365,768
ANNUAL KILOWATT HOUR OUTPUT AND GROSS EARN,SINCE 1910
1910.
1912.
1914.
1916.
1919.
Kilowatt hr.
output_ 34,000,000 64,000,000 *120,000,000 *246.000,000 *357,000,000
Gross earns. $270,000 $514,000
$982,000 $2,068,000 $4,219,000
* These figures do not include the water output at Bellows Falls.
-V.109,
p. 583.
Colorado Fuel & Iron Company.
(28th Annual Report-Year ended Dec. 31 1919).
President J. F. Welborn, Denver, Colo., Feb 26, wrote
in substanee:
Results.
-Gross receipts from sales were $34,405,218, compared with
$48,233,574 in 1918. Operating expenses were $31,106,215, compared
with $40,769,206. Net earnings, $3,299,002, compared with $7,464,368.
Other income was $426,053, making total net income $3,725,055, compared
with $8,101,111 in 1918.
Bond interest, general taxes, real estate sinking funds and fire insurance
fund amounted to $2,686,915, and charges for depletion, in addition to
real estate sinking funds,provided for in mortgages,and charges for depreciation on buildings and equipment aggregated $1,615,786, leaving a debit
balance of $577,646 carried to profit and loss account.
In the belief that the unfavorable conditions caused by low demand for
our products and the strike were but temporary, your directors felt justified
in continuing the payments of dividends for the year on both Common and
Preferred stock, amounting to $1,186,993, out of accumulated surplus.
Orders.
-The reduced buying of our coal and steel, to which reference
was made last year, continued during the early months of 1919, but by the
middle of the year our sales of coal and smaller steel products were equal
to the capacity for their production.
There was, however, no new buying of rails, and our rail mill had to
depend entirely upon the unfilled portions of contracts made with railroads
at the then prevailing low prices prior to their passing to Government
control. These were not sufficient to keep the rail mill running full time
and,except for an amount approximating a month's run of the rail mill, all
had been completed when the steel strike was called Sept. 22.
Outlook.
-The outlook for the ensuing year is very encouraging. Contracts already made for rails will take practically the entire production of
the rail mill for the ten months beginning March 1. The demands for other
forms of steel are in excess of our output, with orders booked for several
months ahead, and sales of coal for forward delivery are being made in
satisfactory volume.
Strikes.
-A report on the nation-wide steel and coal strikes of Sept. 22
1919 and Nov. 11919.respectively, was made in January. The steel plant
would have resumed operations about the middle of October had it not
been for the then impending coal strike called for Nov. 1. As we realized
would be the case, our coal was required, under commandeering orders of
the Government, for domestic and railroad consumption in new territory.
These orders were not rescinded until Dec. 15, on and after which date the
plant was gradually reopened.
pp Although many of the coal miners ceased work Nov. 1 most of them
returned immediately after the troops arrived at the mines Nov. 3, and the
Small remaining number came back when it was announced, through the
press, on Nov. 11 that the strike order had been withdrawn.
The statement of the union officers responsible for the calling and direction of both strikes make it clear that their two primary purposes Colorado
were the forcing of union contracts, including the 'closed shop," and the
abolishment of the plan of representation of employees. Before, during
woL. llo.
and since the strikes our employees, by both words and actions, have shown
that they were overwhelmingly opposed to those purposes and sa.tisifed
with the methods of representation and collective bargaining practiced in
our operations.
RESULTS FOR CAL. YEARS 1919 AND 1918,6 MOS,END.DEC.31 1917
AND YEAR ENDING JUNE 30 1917.
-Calendar Years- t3 Mos. to June 30 Yr.
1919.
1918.
Dec. 31 '17.
1917.
Production (tons)
Iron ore
715,145
809,491
407,714
911,991_
Pig iron
322,230
432,406
196,902
449,197
Coal
-commercial sales.. 1,923,058 2,162,466
885,079
1,759,761
Coal used by company.... 1,405,555 2,203,415
1,224,480 2,626,267
Coke
515,304
800,638
409,483
827.523
Finished iron & steel..
329.537
478,916
232,888
591,981
Iron department
$23,188,173 $32,590,761 $13,828,232 $28,682,157
Fuel department
11,217,045 15,642,814 6,910,798 11,322.730
Total gross earnings__$34,405,218 $48.223,575 $20,739,030 $40,004,887
Iron department
$1,917,972 $5,719,867 $3,131.730 $7,617.780
Industrial dept. (fuel).... 1,381,030
1,744,502
577.564
615,539
Total net earnings.._ _ _ $3,299,003 $7,464,368 $3,709,294 $8,233,319
Add-Inc. from secur's_
381,834
519,606
297,852
616,642
Interest and exchange....
44,219
117,136
116,729
169,642
Total net income
$3,725.055 $8,101,110 $4,123,875 $9,019,6402
Deduct
-Bond interest_ $1,918,678 $2,024,051 $1,024,022 32,004,135
Taxes
558,191
489,974
299,123
528,911
Real estate, sink. funds..
186,046
243,064
110,442
244,498
Insur., pers'l Won,&c..
24,000
24,000
12.000
24,000
Equipment renewal_ _ _ _
60,000
150,000
For depletion coal, Ste
64,178
334,366
153,059
342,477
For doprec. on bidgs.,&c. 1,551,608
1,746,111
818,114
1.075.333
Writ'g down bk. val., &c
178,276
War taxes (est.)
400.000
Preferred dividends_ _ _(8%)160,000 (8)160.000 (4)80,000 (38)760,000
Common dividends__ _..(3)l,026,993 (3)1,026,875
(1A)513,438(3)1.027,065
Total deductions
$5,489,695 $6,555,939 $3,070,196 $6,827,198
Balance,surplus
def.$1,764,640 $1,545,171 51,053,679 $2,192,404
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
1918.
Assets
S .
Property
59,525,571 68,505,278 Common stock...-34,235,500 34,235,500
Cash
212,280
708,432 Preferred stock.-- 2,000,000 2,000,000
Stocks and bonds
Gen. Mtge. 5s....-- 5,388,000 5,835,000
(Inter-company)10,133,645 15,492,079 Colo. Fuel Co. 6s_
40,000
Liberty bonds..
1,942,020 2,427,700 Gr. Riv.C.& C.6s
846,000
W.S.stamps
1,068
834 Colo. Ind. Co. 6s.32,555,000 37,630,000
Accts.& bills rec 3,059,783 5,213,689 Accts. & bills pay- 1,312,738 1,677,995
Subsid. companies 1,433,215
386,743 Hospital
3,863
85,980
Cash with trustees
4,292
58,144 Accrd. bond hit_ _ 785,458
821,528
Res. fund-taxes_ 222,582
234,341 Prof. div. unpaid _
40,000
40,000
Manufactured
Fund for taxes.. _ 862,804
810,900
stks.& supplies_ 5,877,234 6,733,502 Real eat. sk. funds
2,430,043
Dividends and
Depict, coal, &o _
829,902
interest-Accrd83,432
317,818 Deprec. bldgs., &c
3,474,438
Prepaid royalties..
57,131
54,047 Miscoll. funds_ _ 540,709
654,539
Profit and loss_ __ 5,328,778 8,708,782
Total
82,552,851100,132,606
Total
82,552,851100,132,606
-V. 109, p. 1990.
Barrett Company (New Jersey).
(Report for Fiscal Year ending Dec. 31 1919.)
President William Hamlin Childs, March 8, wrote:
The winter and spring of 1919 were exceptionally dull and disappointing
seasons owing to the general readjustment of the business from a war to/a
peace basis, as stated to you in my letter of July 22 1919. The first six
months of the year, instead of showing a normal profit, showed a slight
loss, so that the net profit made for the year 1919 was all made between
July 1 and Dec. 31.
Under those circumstances the stockholders are to be congratulated that
the total earnings of the year show a net final profit available for dividends
of $2,232,013. or the equivalent of 7% on the Preferred stock issued and
10.25% upon the Common stock.
The earnings for Jan. 1920 were the largest of any January in our history
and together with a large number of unfilled orders on our books and innumerable inquiries for our goods, indicate an earning for the year 1920
that will be very satisfactory.
During 1919 the directors declared dividends on the Common stock at
the rate of 2% per quarter, and in March 1920 were warranted in continuing
this rate upon the Common stock.
Owing to the impossibility of securing sufficient office space in the next
few years this company, in conjunction with one or two
hasoter, as decided
to build a 16-story office building on the corner of Rector and West streets,
N. Y. City. We do not anticipate that this building will require any large
amount of cash capital to be taken from the assets of the company and the
amount necessary will be provided for through the sale of investment
securities now in our treasury. This arrangement will net a very material
saving over a term of 10 years, and it will also give the necessary and proper
quarters for a company of its standing.
CONSOL. INCOME ACCOUNT FOR CAL. YEARS (INCL. SUB. COS.).
1919.
1918.
1916.
1917.
Not sales to customers__$32,235,047 541,339,665 $34,297,371 $27,800,185
Cost of goods sold
27,058,981 32,211,839 27,173,091 20,012.102
Net from sales
$5.176,966 $9,127,826 $7.124,280 $7.788,083
Other income
2,353,814
2,022,476
2,111,591
1,759,521
Gross inc. (all sources) $7,530,780 $11,150,301 $9,235,871 $9,547,604
Admin.,gen., &c.,exp__ 4.837,114 4,647,235
5,562,627 4,382.318
Miscel. charges & losses..
312,972
713,506
Reserve for Fed. taxes...,
167,909
2,000,000
Net income
$2,222,785 33,789,561 $3,673,244 35,165,286
Bond, &c., interest
3158.657
$222,034
$211,856
5175,308
Prof. dividend (7%)
546,655
425,265
545,122
333,249
Common (cash) div-(8%)1,309.164 8)1,300,912(7)1,034,542(17)2,026,426
(
Common (stock) diva
(7)790,900
Adjust. of security val_ Cr.152,223 Cr.335,726 Cr.268,055
Miscellaneous
Cr.80.014
750,000
Prop.app.to minority int
976
2,196
8,772
1,142
Total deductions
$1,846,592 $1,693,812 $1,404,750 $4,068,003
Balance, surplus
376,193 $2,095,749 $2,268,494 $1,097,283
The Barrett products (see full list in V. 108, p. 1607) include chiefly:
(1) Roofings.
-Tarred felt and coal tar pitch and Everlastic coating; (2)
Roads and Parements.-Tarvia, for construction, &c.,• (3) Wood Preservation.-Oreosote oil, &e.; (4) Flotation oils, lamp black oil, Everjet paint,
&c.;(5) Chemical Products such as benzol, toluol, phenol, carbolic acid, tie.,
for dyestuff manufacturers, manufacturing chemists, paint and rubber
specialty manufacturers, &c.
BALANCE SHEET DEC. 31.
1918.
1919.
1919.
1918.
AssetsLiabilities$
3
Plants & equipm't17,822,186 18,155,924 Pref. stock.
7,811,400 7,811,400
Furniture & fist's- 300,365
288,318 Common stock...16,443,100 16,343,100
Contr's& good-will 3,415,150 3,416,014 Notes payable-- 400,000 1,590,000
Cash
2,234,077 2,878,326 Accounts payable_ 6,214,054 9,862,443
Marketable secufs 3,226,184 2,669,174 Accrued dividends 113,889
563,103
Notes & accts. rec. 8,961,735 13,618,874 Miscel. reserves- 759,807
861,021
Inventories
7,295,841 10,348,782 Reserve for est.
Invest.In 0th. cos- 4,243,674 3,140,477
Federal taxes_ 157,909 2,000,000
PreRaid charges.... 129,515
185,071 Res. for depr., &a- 4,706,641 4,307,471
Deferred charges
97,708
145,947 Bonds of sub. cos 2,595,000 2,010,000
7,837
Minority interests
8,604
Surplus
9,266,634 8,890,441
•
Total
47,727,037 54,846,905
-V. 109. p. 2265.
Total
47,727,037 54,846,005
MAR. 20 1920.1
THE CHRONICLE
Montana Power Company.
(Report for Fiscal Year ending Dec. 31 1919.)
President John D. Ryan, Feb. 25, wrote in substance:
Results.
-The gross earnings for 1919 were about 10% less than for 1918.
General business in Montana suffered from the curtailment of copper production, from the severe drought during the summer and from the coal
miners' strike in November and December, and these conditions naturally
affected our earnings. The income from our lighting, heating and miscellaneous-power business, however, showed a substantial increase over previous years. Our large reservoirs prevented our operations from being
materially affected by an unusually low natural flow of the rivers.
Materials and wages were higher than in 1318. but this was offset to
some extent by economies.
There was an increase of 3,466 customers during the year, making a total
of 44,505 at the close of the year, exclusive of the larger mines, smelters,
refineries and railroads. Connected load at end of year. 315,909 k.w.,
an increase of 4.66%.
Depreciation.
-The sum of $300,000 was appropriated to depreciation
reserve and charges for replacements. reconstruction and obsolescence
amounted to $108,440; credit balance, $1,738,928.
Construction.
-Construction expenditures were only a little over $500,000,
which covered the purchase of the steam electric plant and distributing system in Roundup and part of the cost of extension of transmission lines not
yet completed from liarlowton to supply coal mines at Roundup and Carpenter Creek and to Billings to furnish that city with an additional source
of power; additions to gas and steam-heating plants in Butte, extension of
street railway system and completion of new substation and distributing
system in Great Falls, &c.
Capacily.-Hydro-electric plants in operation, 211,530 k.w.; steam.
total, 212,340 k.w.; water powers, undeveloped, in reserve.
810
k.w.•.
121,500 k.w.; total, 333,840 k.w.
Total transmission lines. 1,922 miles, including 341 miles of steel tower
lines, 100,000 volts.
Outlook.
-Since Dec. 31 business conditions have improved generally in
Montana. The copper and zinc mines and reduction plants have increased
operations, the silver mining industry has revived and a substantial amount
of new business has resulted from it, the manufacture of ferro-manganese
has been resumed at Great Falls. and we have closed some new contracts
with flour mills heretofore operated by steam. If the general business suffers no serious reverses; we can expect a considerable increase in revenue
over past years.
Funded Debt.-The sinking funds in 1919 retired $301,300 bonds. The
company is entitled to the issuance of approximately $2,850,000 of First &
Ref. bonds against construction and other expenditures not heretofore
bonded, which together with $1675,000 of similar bonds now in the Treasury will provide for further Improvements, extensions and additions.
There were no bills payable outstanding Dec. 31.
-Installment No. 4 representing 30,000
Capital Stock and Dividends.
shares of common stock, on which dividends had been deferred was released
and became dividend bearing on June 2 1919. The balance of the common stock on which diqidends are deferred will become dividend bearing
as follows: June 2 1920, installment No. 5, 30,000 shares; June 2 1921.
installment No. 6. 30,000 shares; total 60,000 shares.
Dividends on the common stock were paid as follows: 1(% each on
Jan. 2, April 1 and July 1; % of 1%. Oct. 11919, and X of 1% on Jan. 2
1920, this last having been declared and set aside on the books in Nov. 1919.
As the net earnings fell off considerably, It was deemed advisable to reduce
the rate of dividend on the common stock in order to maintain the surplus
which had been accumulated.
COMBINED EARNINGS & STATISTICS (REVISED STATEMENT)
1918.
1917.
1916.
Statistics1919.
Total rated generating
172,460
150,000
capacity (k. w.)
212,340
212,340
Total k.w.hrs. genor'd_ _865,998,552 1108125.350 947,732,014 867,940,326
Results
Gross earnings
0,769,013 $7,558,741 $6,905,256 $6,219,148
1.923
17.034
0,367
Int, rec'd from banks,&c.
9,952
8,723
5,185
Divs. on investments._
41,760
73,018
$6,851,983 $7,609.868 $6,912,364 $6,244,905
Total gross earnings
1,491,623
Open expenses & taxes.._ 2,450,674 2,473,563 2,023,332
Net, after taxes
$4,401,309 $5,136,305 $4,889,032 $4,753,282
Bond discount
97,356
130,650
114,660
96,574
Jilt. on bonds, &c., less
1,289,031
1,222,379
charged to construc'n_ 1,675,027
1,571,450
1183
Production.
-The total tonnage produced and handled, exclusive of out
side coal purchased and handled by the subsidiary companies, and in all
districts, was 13,852.741 net tons, a decrease under 1918 of 3,308,058
net tons, or 19.28%.
-Governmental prices were withdrawn Feb. 1 1919. re-established
Prices.
Oct. 30,and are still in effect. Between these dates the market mine selling
value declined for a while, but not so generally nor sharply as was anticipated, and was not followed by our company.
The high mine cosy of labor, materials, taxes and overhead through decrease in output requires not only a firm maintenance of the reduced Governmental mine price now in effect but also its increase if the basic principle
of the Lever law that the producer is entitled to a reasonable profit is
made effective.
Earnings.
-The net earnings for the year after all usual charges, but subject to U. S. Government income and excess profits taxes not yet determined, were $4,559,716, and are in excess of usual dividend and estimated
Governmental tax requirements for the year.
After payment of dividends on both classes ofstock,including the dividend
upon each payable Jan. 24 1920 and of U. S. 1918 income and excess profits
taxes of $1.128.276, the undivided earnings account stood at credit Dec. 31
1919 523,485,632, a decrease of $337,020, subject to U. S. Government
Income and excess profits tax adjustments.
-The company owns U. S. Government securities at a
Working Capital.
cost of $10.728,656. of which $1,324,304 were paid for during the current
year. Exclusive of this investment, our net working capital as of Dec. 31
1919 was $12,429.555, a decrease of $2,514,175 subject to U. S. Government
tax adjustments as above referred to.
This decrease is due to the aforesaid investment in Government.securities,
the payment of 1918 U. S. income and excess profits taxes of $1,128,276,
the dividends payable Jan. 24 1920 of $2,513,730, bonds retired and principal mortgage payment made and of $1,079,528 paid out for real estate
and coal land purchases and for construction of mining plants and equipments, inclusive of complete electric manufacturing and repair shops
at Library, Pa.
-The number of mining plants in all districts, their use and disPlants.
position were: Working all or part of the year, 68; available but idle, 1:
leased, 6; total, 75. Less: Worked out and abandoned, 2; consolidated with
other workings, 2;sold, 1; No. of mines at end of year, 70. Two new mines
wore put into operation during the year.
General conditions throughout the year permitted the employment of
but 38% of our productive capacity.
Taxes.
-Taxes paid and accrued during the year, both direct and indirect,
exclusive of Government income and excess profits, saxes, amounted to
$1,354,142, an average of about 9 cents per ton of tne total coal handled.
Expenditures.
-No property purcha.ses and no additional construction
are under consideration beyond those already authorized. The opening of
tht Pike-Floyd property in Kentucky, doomed necessary to reinforce the
production in the Ohio district, is, the only construction work now being
proceeded with.
-Based on the certificate of the Chief
Preferred Stock Reservation Fund.
Engineer that a greater coal content remained on Dec. 31 1919 than was
owned on Jan. 1 1916, the beginning date of the reservation fund, no obligation was created for Prof.stock retirement during the year and none was
retired. The reservation fund account from tonnage depletion credits and
property sales as of Dec. 31 1919 shows a total credit of $5,333,243, of
which sum $5,151,303 has been expended for the purchase of other germane
property and the balance of $186,940 is carried in working capital.
-The dissolution of the Pittsburgh Coal
Pittsburgh Coal Co. (of N. J.).
Co. (of N. .1.) was made effective Aug. 15 1919.
Outlook.
-The year 1920 begins with a current demand in excess of production, chiefly duo to shertage of cars. Company production to date of
this report is about 7% below the same period of 1919. Light production
and a severe winter have depleted stocks which should be replaced for safety.
There continues a good demand for export coal which in the event of vessel
supply and other favorable conditions should increase movement of production tributary to the seaboard.
The award of the Commission appointed by the President to fix and
determine mine workers wages (see V. 110, p. 1041) should secure relief
from major labor trouble for the period covered by it and also induce better
work by the men.
Tho Commission is also expected to name or advise a mine selling value
more in line with mine costs until an end of the present Governmental policy
permits free markets under the natural law of trade.
If these conditions govern, it is expected the company can market all the
coal it may be able to dsliver throughout the year and realize a larger not
return from operations than during 1919.
CONSOL. RESULTS FOR CALENDAR YEARS (INCL. SUBSIDIARIES).
1918.
1917.
1919.
Production (Tons 2,000 lbs.)12,419,115 15,037,338 15,765.955
Pittsburgh district coal
1,300,589
1,293,289
868,932
Hocking district coal
785,555
342,751
735,356
Illinois district coal
144,416
Kentucky district coal
Balance, surplus____sdef.$55,196
$379,475
5811,443 $1,339.157 Gross receipts
$37,303,131 $49,608,827 $50,025,017
$27,328,93l
Oper. charges, maint., repairs, &c_ _527,328,931 531,390,529 $27,510,038
y Includes % Red Cross dividend.
1,002,400
1,186,598
a1,354,142
s In 1919, after deducting (1) $40,831 adjustments applying to a prior Taxes accrued
1,060,160
08,497
1,128,887
period; (2) $128,575 losses on Government securities sold; and (3) $55,196, Losses, insurance, &c
10,663
1,798,673
46,860
deficit for the year as shown above, the profit and loss surplus shown in Amounts charged off
the balance sheet was $3,378,282. against 43,602.884 in 1918.
$29,212,234 536,568.676 331,555,469
Total deductions
$8,090,897 $13,040,151 518,469,548
Profits, after all expenses
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1,629,161
1,604,559
1,325,044
Depletion coal lands, &c
1919.
1918.
Assets1,821,280
1,633,030
Depreciation plant and equipment__ _ 1,168,009
being the value of the rights, franchises,
Property,
1,038,128
895,708
942,256
Interest paid and accrued
real estate, buildings, plant and equipment, 2-3
$93,045,753 $92,595,481
interest in Great Falls Townsite Co., &c
Net profits
$4,559,716 $9,006,854 $14,076,852
Materials and supplies
544.138
479,990
1.128,276
1,839,470
3,028
1,959,628 Income and excess profits taxes (6%)2,160,000(6)2,160,000(b)4,005,000
U. S. Liberty Loan 4% bonds at par and W.S.
Preferred dividends
S..Accounts and notes receivable 5851,103; cash,
1,608,460
Common dividends (5%)
1,608,460
2,312,223 2,433,370
$1,458.120 (against $1,489,59
Sinking fund deposits, $3,237; deferred charges,
def.$337,020 $3,398,924 $10,071,852
Undivided profits
112,837
110,751
$109,600
$23,485,632 523,822,652 $20,423,727
2,860,695 3.018,342 Total surplus
Discount on bonds sold
On Pittsburgh Coal Co.
and
598,878,6745100,597,561 ofa Exclusive of income Aprilexcess profits tax. b in all, 5%% (to Pitts.
Total
Penna. Pref. stock,
1916 to July 1917,
LiabilitiesCoal Co. of N. J.); to public in July 1917 in settlement of accumulations,
Pref. stock-Auth., 525,000,000; unissued, $15,3.48% cash with 33 1-3% of Prof. stock; Oct. 25 1917 to date, quarterly.
300,000, and $28,200 in treasury of Great Falls
% cash.
$9,671,800 $9,671,800
Power Co.; with public
Common stock-Auth., $75,000,000; unissued,
CONSOL. BALANCE SHEET DEC. 31 (INCL. SUBSIDIARIES).
$25,366,700; in treasury of Great Falls Power
1919.
1918.
1919.
1918.
Co., $225,800; balance
x49,407,500 49,407,500
Assets5
5
First & Ref. Mtge. Sinking Fund gold bonds
22,328,700 22,340,000
Preferred stock_ r36,000,000 36,000,000
-Butte Elec. & Power Co., $3,Mortgage bonds
xCoal lands and
real estate....113,282,344 114,225,249 Common stock_ r32,169,200 32,169,200
919,000; Montana Power & Transmission Co.,
',Plants & equip. 13,994,468 14,649,093 1st Mtge. bonds 5,212,000 5,213,000
$512,000; Madison River Power Co., $2,066,000;
Debenture bds_ 3,834,000 3,991,500
10,614,000 10,904,000 Investments in
and Groat Falls Power Co., $4,117,000
Other cos' bonds t1,305,000 1,584,000
stocks, bonds,
865,000
Bills payable
y9,841,652 8,714,864 Bondsofsub.cos. 4,832,000 5,410,000
1,530,338
&c
1,174,922
Accounts payable, including accrued interest
Mtges. payable. 2,900,269 4,308,289
674,350 Sinking and re494,813
Dividends payable Jan. 2
540,000
540,000
investm't ids_ 5,502,983 5,502,870 Pref. div. pay'le
Reserves-Depreciation,51,738,928; accident, &c.,
402,115
Corn. div. pay'le
402,115
1,808,657
1.595,688 Pension fund in$69,729
189,410 Compens'n fund 1,426,949 1,241,494
198,175
3,378,282 3,602,884
vestments
Surplus Doc 31
222,033
212,994
.4,356,319 6,750,917 Pension fund__ _
Inventories
Bills payable..... 1,741,832 1,546,560
598,878.6743100,597,561 Accounts & bills
Total
6,373,210 9,214,739 Accts. payable_ 3,036,076 3,618,752
receivable
7,420,048 5,085,502 Insurance funds
250,000
335,778
X Consists of $43.407,500 common stock outstanding in hands of public Cash
Revaluat'n surp. 43,612,094 43,886,308
-V.109, p. 2269.
and $6,000,000 under voting trusts with divs. deferred.
23,822,652
Undly'd cares. z23
Balance over charges_ $2,595,631 53,450,195 $3,493,427 $3,433,547
Depreciation
350,000
350,000
300,000
400,000
677,026
677,026
67'.026
677,026
Prof. dividends (7%)
Common dividends__(4%)1,673,801(5)1,916,208(5)y1654,958(33)1067364
Pittsburgh Coal Co.(Pennsylvania).
(Report for Fiscal Year ending Dec. 31 1919.)
Chairman M. H. Taylor, Pittsburgh, Pa., March 9,
wrote in substance:
Total
160,969,199 164.332,644
Total
160,969,199 164,332,644
r After deducting $4,000,000 Prof. stock and $7,830,000 Common stock
in the treasury. a Includes in 1919 coal on docks and in transit, $2,133,847;
supplies at mines. 5987,943, and supplies at shops, 51,234,529. t Includes
Shaw Coal Co. tract purchase bonds, $678,000; Midland Col Co. tract pur-After the armistice was signed in November 1918 chase bonds, $581,000, and Midland Coal Co. bonds, $46,000. x Properties
1919 Trade Conditions.
demand for coal for war purposes ended. An exceptionally mild winter owned Dec. 31 1919, consisting of coal and surface lands, mine plants and
followed with surplus stocks everywhere. This situation continued well equipments, railways, railway cars, docks on Great Lakes, &c., were: Coal
through the first four months of tho year. Later on an improved demand lands and real estate, less allowance for depletion. $113,282,344; plants and
developed, but this was lessened in effect through car shortage and by the equipments, less depreciation. 513.994,468. y Includes in 1919 U. S. bonds
general strike of the miners on Nov. 1, vinich practically stopped production and certificates, $5,228,656, and other bonds and stocks, $4,612,996.
-V. 110, p. 472.
z Subject to Federal income and excess; profits taxes.
for the balance of the year.
Pacific Mail Steamship Co.
(72d Annual Report-Year ended Dec. 31 1919.)
President Geo..J. Baldwin, New York, March 10, wrote
in substance:
-Release from requisition charter of four of your company's
Operation.
steamers resulted in a material improvement in earnings as compared with
1918. Included in earnings are moderate amounts received as commission
-owned vessels operated by us for the account
for handling Government
of the United States Shipping Board.
It is impracticable to make comparison with 1918, as our income account
in that year did not reflect the true earnings which were greatly in excess
of the amount shown in the table, as in the case of all our vessels except
two, the earnings to the company were determined entirely by the charter
rates allowed by the U. S. Shipping Board.
-On June 16, and again on Dec. 15, the company paid to
Dividends.
stockholders 50 cents per share and an extra dividend of $1 per share.
-Assets and liabilities show practically little net change.
Balance Sheets.
Included in 1918 were large balances and commitments on Government
account, which became eliminated as the result of the resumption by the
company of full control of its fleet.
-Service on this line has been maintained with six, and later
Panama Line.
four steamers. An increase in passenger rates of about 10% was necessary
in order to offset general increase in expenses. This service continues to
give satisfaction but increased traffic demands,and the necessity of keeping
pace with the times emphasize the need for modern steamers with regularity
of service.
-Four steamers were purchased from the
San Francisco-Baltimore Service.
United States Shipping Board and put into service late in 1919 between
San Francisco and Baltimore, calling enroute at Guatemalan, Salvadorean
and Nicaraguan ports and through the Panama Canal to Puerto Colombia
and Havana. The results suggest the need for more steamers of greater
cargo-carrying capacity and limited passenger accommodations. For the
first time in many years the Pacific Mail flag returns to the Atlantic Ocean.
-Our three regular steamers still under requisition
Trans-Pacific Line.
charter on Jan. 1 1919 were subsequently returned and continued to be
-day schedule with full cargoes out and
operated as in 1917 and 1918 on a 28
home. Owing to the release of much tonnage on the Pacific, freight rates
necessarily declined to the level of the preceding year, but we are pleased
to say that all lines have adopted the Commodity Tariff, as published by
the U. S. Shipping Board, governing this trade; and stabilized rate conditions have followed with a consequent increase in traffic.
The necessity for larger and faster steamers in this service is pressing
and the U. S. Shipping Board,it is confidently expected, will shortly assign
new and suitable steamers to this service.
Outlook for business on the Trans-Pacific Lino for the coming year is
encouraging, but some material reduction in freight rates may be expected
before the year is completed.
Eight freight steamers of the Shipping Board are being operated by us on
a fortnightly schedule between San Francisco and Hongkong; thus with
our own steamers we are able to maintain three sailings a month.
-This service has been continued with two
Manila East India Line.
steamers under charter, &c., and the U. S. Shipping Board has assigned to
us two steamers. These four steamers provide for monthly sailings. Full
cargoes have been carried out and home.
The U. S. Shipping Board has also entrusted to our management eight
steamers which have been placed in service between Hongkong and Calcutta.
A ten-day schedule is maintained.
-We are entering the new year with a very promising outlook
Outlook.
and with facilities to handle a larger traffic than ever before in our history.
-The plan made effective in 1917 for wiping out
Plan of Amortization.
-Pacific
the premium paid above normal cost in acquiring the new Trans
steamers has been continued, $336,000 for this purpose being set aside from
income account of 1919. Under this plan the book value of your company's
steamer investment is now approaching a normal basis.
Federal Tazes.-Late in 1919 we were notified for the first time by the
Bureau of Internal Revenue that it disallowed certain items in the company's return for 1917. The company is now appealing from such decision.
Unless substantial relief is obtained this action of the Internal Revenue
Department may require additional payments in taxes for the year 1917 and
later, totaling more than $1,500,000.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1919.
Operating Income$7,505,274 $4,144,606 $6,952,810
Revenues
1,734,922
4,606,246
3,353,394
Expenses other than depreciation_ _
1,076,643
760,661
896,688
Depreciation
$5,366,907 $2,631,610 $4,430,038
$2,138,366 $1,512,996 $2,522,772
8,770
15,354
21,545
Total operating expenses
Net revenue
Tax accruals
$2,123,012 $1,504,226 $2,501,228
Total operating income
$3,543
$3,378
23,376
Add-Dividend income
155.353
88,100
6,500
Income from funded securities
201.241
176,892
66,270
Income from unfunded secur.& accts_
Gross income
Deduct-Miscellaneous rents
Interest and discount
Netincome
Preferred dividends
Common dividends
a
$2,502,981 $1,772,760 $2.577,376
$120,857
$86,511
$125,240
1,888
980
342,376,761 $1,686,250 x$2,454,632
(5 Yi)$89,250 (7)$119.000
(60%)900,000 (60)795,000 (70)805.000
Bal.,sur., before deduct'g Fed. tax.311,476,761
$802,000 $1,530,632
y From this figure $600,000 has been set aside as a reserve for income,
excess profits and war taxes in 1919 as against $800,000 in 1918.
BALANCE SHEET DEC. 31.
1918.
1919.
1918.
1919.
-Liabilities
A SSELS1,500,tt00 1,500,000
Real prop. & equip_ _5,101,976 3,200,507 Common stock
Other invest. (net)__ 200,059 200,059 Prem. on cap. stock _1,380,000 1,380,000
636,702 332,131
739,122 1,418,669 Vouchers & wages
Cash
Marketable securities 750,000 2,825,000 Traffic balance& _ _ _ 61,613 324,188
24,737
Loans & bills ready- 400,000 4,500,000 Misc. accts. payable_ 22,707
32,517
31,533
Traffic balances_ __ - 520,372 224,889 Matured dividends
Other working Habil_ 65,757
39,999
Balances (Inc from
89,444
623,904 1,076,733 Open voyage revs_ _1,213,341
agents & pursers
415,035 352,183
Insurance claims_ _ _ 290,991 235,675 Operating reserves
4,628,955
Misc. accts. receiv a475,104 674,734 Tan° charter oper_
Materials & supplies 92,685 120,702 Other deferred credit 707,416 2,525,805
Other working assets 263,557 459,444 Reserves for120
N.Y.State Inc. tax
Other deferred debit
War taxes, Ste_ _ _ _ 734,667 800,000
1,345,347 361,495
items
Add'ns & better'ts 858,353 858,353
Repl.SS. Aztec_ __ 662,795 662,795
Repl. other SS.- 147,332
Profit and loss, bai_ -2,364,761 1,747,780
Total
WoL. 110.
THE CHRONICLE
1184
10,803,11715,297,906
Total
10,803,11715,297,906
-V.109. p. 1993.
a After deducting $200,000 reserve for doubtful accts.
Herschell-Spillman Motor Co.
(Report for Fiscal Year ending Dec. 31 1919.)
B. W.Burtsell, Pres. & Gen. Mgr., March 9, North Tonawanda, N. Y., wrote in substance:
IN On Feb. 1 1919 your corporatoin took over the plant and management
of the Herschell-Spillman Co. a New York corporation. At that time
'
the old company was building about 20 motors per day. The HerschellSpillman Motor Co. was amply financed, and manufacturing arrangements
were perfected by the addition of new machinery to provide for a production
of 50 motors per day,or a total annual production of 16,000 pleasure vehicle
and truck motors per annum.
Through aggressive sales management your company arrived at a position late in the spring of 1919 of having reached the maximum capacity of
its plant, with its entire outputsold for a year ahead. By the early summer,
pressure to accept further very large orders from many of the most responsible manufacturers of motor vehicles and motor trucks became so insistent
that your directors decided to proceed at once to expand its manufacturing
resources and finances in order to avail itself of the enormous amount of
profitable business offered and become one of the largest and most import-.
ant factors in the motor-building industry in this country.
Our new buildings have been completed and the greater part of the new
machinery, which is of the latest type, is now installed and in operation,
and at this date we are producing 100 motors per day, and by the end of
the second quarter of the current year we fully expect to be producing over
200 motors per day, or an annual rate of over 60,000 motors per annum,
representing gross sales of about $12,000,000.
Our entire schedule of production for 1920 has been sold, and such orders
as we are now accepting are for 1921 delivery.
FINANCIAL STATEMENT DECEMBER 31 1919.
Liabilities
Assets
' $142,126
$586,798 Accounts payable
Cash
100,000
49,429 Bills payable
Notes receivable, net
15,599
... 154,800 Accrued labor, &a
Accounts receivable
2,100 8% pref. stock (auth. 40,030
Investments
1,044,300
553,003 shares at 350)
Inventories
Common stock (auth. 40,000
Real estate, buildings, machin976,200
n933,666
shares at $50)
ery and equipment
71,610
129,503 Surplus
Prepaid expenses, &e
59,462
Reserves
Total
$2,409,297
Total
$2,409,297
a After deducting $250,000 11.43. Co. serial bonds.
The reinforced concrete factory building at North Tonawanda, N. Y.,
has total floor space of 180,690 sq. ft. See also V. 109, p. 1895.
American Hardware Corporation, New Britain, Conn.
(18th Annual Statement-Year ending Dec. 31 1919.)
1918.
Not
stated
1916.
1917.
$2,301,389 $2,051,253
549,330
936,295
Net earnings
Deprec'n and reserves
1919.
$2,110,268
864,520
Net profit
Dividends paid
Dividend rate per cent
$1,245,748 $1,324,380 $1,365,094 $1,501,923
694 400
992,000 1,190 400 1 016,800
(I%)
(A%) (10;i%)
(10%)
Balance, surplus
$253,748 $133,980 $348,294 $807,523
-JANUARY 1.
BALANCE SHEET
1919.
1920.
1919.
1920.
Liabilities3
$
Assets
9,920,000 0,920,000
992,811 Capital stock
787,461
Cash
533,009
Bills & accts. ree_ _ 4,012,414 3,440,947 Bills & accts. pay_ 599,771
396,800
396,800
Dividend
Real estate, tools,
3,261,691 2,965,962
fixt. & mach__ _ 4,969,065 5,031,740 Surplus
Materials & mak._ 4,409,322 4,351,173
14,178,262 13,816,671
Total
-V. 110, p. 80.
Total
14,178,262 13,816,671
United Drug Company.
(Report for the Fiscal Year ending Dec. 31 1910.)
Pres. Louis K. Liggett, Boston, Feb. 21, wrote in isubst.:
-Our sales increased 37,310,408, excluding for the last
Annual Results.
six months the Vivaudou Co., which we sold (V. 109, p. 804). Our total
sales were $58,338,834, but our gross profits, due to increased costs, being
only partly covered by advance in prices, declined 2 %, or $1,458,471.
Our advertising alone was $268,279 more than in 1918. The net result
has also been affected upward by the profit made on the sale of the Vivaudou
Co. and then downward by depreciating and charging off all the law allows,
including over $700,000 from good will. The remaining net profit is
004 compared with $4,579,922 in 1918. [The profit on sale of
$5,275,
Inc.was $966,013, as shown in income account in V. 109, p. 1888.
Vivauou I
Compare V. 109, p. 895, 1186.1
-It was voted [in June 19191 to increase the authorized First
New Stock.
Pref. stock from 87,500,090 to $20,000,000 and to sell *7,500,000 at once.
Bankers contracted to underwrite the issue for a small commission, but
they got no stock as the stockholders took it all at par (V. 108. p. 2534,
2637; V. 109, p. 279).
Conversion.-Lato in the year a large portion of 2d Prof. stock was converted into Common. When it all is converted the dividend requirement
on Pref. stock will be $1,050,000, leaving all the aNallablo net earnings in
1920 applicable to $30,006,500 of Common, which will then be outstanding
(V. 109, p. 894, 1615).
-This new subsidiary is erecting
United Drug Building Co. (of Missouri).
at St. Louis buildings equipped with many labor-saving devices, for
the production of drugs, chemicals, toilet preparations and confectionery
and for handling the merchandise for our Western members. These
plants will have 563,000 sq. ft. of floor space and, including the land (some
15 acres), will cost upward of $3,000,000. The new Building Co. sold
$2,090,000 of bonds, The United Drug Co. buys all the stock, which
will be the difference between cost and bond issue, and has leased the
property at a rental sufficient to pay 6% interest on the bonds and reduce
the principal until at the end of 14 years your company will own the property
free of debt (see V. 110, p. 877).
-This subsidiary having
Seamless Rubber Co., Inc., New Haven, Conn.
outgrown its factory, we formed the "Seamless Rubber Realty Associates,
which acquired some 10 acres in the best manufacturing district and is
erecting building's containing 304,000 sq. ft. of floor space designed not
only for the earlier products but also for hard rubber goods (such as combs,
&c.), medicated plasters and other like hospital supplies in large quantities.
This new property will cost about $1,750,000 and it is being financed in the
1706).
same way proportionately as the St. Louis buildings (V. 109,
p'
We hope to occupy the new premises in June. The old plant will be sold.
-This company (entire
Schulile Pure Grape Juice Co., Highland, N. Y.
stock owned) has sold 188,000 cases of grape juice, against 100,000 cases in
1918. The total investment, including cellar room for 325,000 cases,
amounting to $398,731, has been paid for from the proceeds of our First
Pref. stock.
-The Pure Food Department which furnishes the soda fountain
Boston.
supplies, also going strong under the stimulant of prohibition, has bought
for $196,250 a splendid concrete and steel building of 150 000 sq. ft. of floor
space in the neighborhood of the home laboratories, subject to a mortgage
of $275,000 to be paid off during a period of years. We are now having It
thoroughly remodeled.
Absorbent Cotton Co. of America, Valley Park, Mo.-To secure the quantities and qualities of absorbent cotton, antiseptic gauzes and kindred cotton
products needed by the Rexall organization, we persuaded this Missouri
corporation to increase its capital stock and sell us a controlling interest,
with a contract calling for our needs up to 80% of their output. This comparatively small company will supply our needs. All the now capital was
used for additional machinery and equipment. So far we have put in
only $65,000.
-The plant capacity of the United Drug Co., Ltd., of
Foreign Business.
Canada. is nearly exhausted, while in Great Britain there are now 811 agent
stockholders whose demands cannot be fully supplied; this situation will be
remedied as soon as a new factory and machinery can be secured.
-The Louis K. Liggett Co., through which the retail stores
Retail Stores.
are conducted, showed sales of $28,794,981 for the year. The sales in
January 1920 alone were nearly $500,000 more than in January 1919. The
policy of taking long-term leases on the best locations in the metropolises
is being vigorously pressed. During the year 27 new stores were opened and
4 closed. Eight more have been opened since Jan. 1, making 215 now
running in the United States. Other locations already leased will be put in
operation as soon as possible. [The business is being developed through
the co-operation ofsome 8000 Rexall druggists inithe United States and Great
Britain (Compare V. 109, p. 895.1
The Liggett Co. Ltd., operating the retail stores in Canada, showed
$1,000,000 increase in sales last year; 21 stores are being operated and four
more will soon be ready for occupancy.
-Stockholdings in other companies increased $1,Sub-Company Stocks.
174,672. The principal additions are the stock of the following conipanies:
United Drug Building Co., St. Louis, $490,000; Seamless Rubber Realty
Assn., New Haven, $422,000; Absorbent Cotton Co. of America, $65,000;
Liggett-Winchester-Ley Co., $134,000; Dewey & Almy Chemical Co..
$10,000; Hill Powder Co., $15,000 (see V. 109. p. 894).
MAR. 20 1920.]
THE CHRONICLE
-Notes of parent company and subsidiaries were all
Capitol Stock, eke.
paid off from the proceeds of $7,500,000 First Preferred stock sale.
Second Prof. Stock was first increased by the sale of 8,475 unsold shares.
Of the total then outstanding $8,742,100 was converted into Common
during the latter months of 1919, a net decrease of $7,894,600. Common
stock increased $8,742,100 through the exchange of Second Pref., which
has now been canceled.
Preferred stock of subsidiaries outstanding decreased $627,600. A part
of our last issue of First Pref. stock was exchanged for these subsidiary
stocks; a small number of shares were bought for cash at less than par.
United Drug Co. owns all the Common stock of all its subsidiaries.
-On Jan. 1 1919 the surplus was $4,834,805, from which was
Surplus.
deducted the income and excess profits tax paid on 1918 business and adjustments incident thereto, aggregating $2,073,313. This left $2,761,561.
The net surplus Jan. 1 1920 (after paying all dividends) is $5,258,928,
$2,497,366 having been added from 1919 profits besides writing down good
for 1919
will, $702,886, in eliminating the Vivaudou Co. The Federal taxdeducted
is estimated at approximately $1,000,000, and as we have already
everything permitted by law, it is unlikely that any further reductions are
possible.
RESULT FOR CALENDAR YEARS.
1917.
1918.
1919.
$58,338,834 $51,028,336 $40,716,290
Net sales
38,771,026 32,635,318 26,832,193
Cost of goods sold
Gross profit
Operating expenses
Net profit
Other income
$19,507,809 $18,393,018 $13,884,097
13,541,607 12,557,292 9,968,438
$6.026,202 $5,835,726 $3,915,659
48,101
31,422
1,137,475
1185
both in bananas and sugar cane than during any other single year in the
history of the company. Extensive experiments have also been made
in the cultivation of cacao, citrus fruits, pineapples, and other tropical
products, and the results of several of the cultivations have been very
satisfactory.
For the comparative income account see V. 110, p. 655.
CONSOLIDATED BALANCE SHEET.
Dec. 31 '19. Sept. 30'18. Sept. 30'17. Sept. 30'16.
$
AssetsTropical lands & equip__ 70,233,807 60,960,873 51,912,359 50,765,234
957,706
2,083,904
5,634,611
Domestic & Eur'p'n prop 8,017,684
Steamships(178,749tons) 12,961,852 13,427,596 13,917,764 15,187,600
U. S. & Brit. Gov. sec's.. 19,808,022 8,284,805 4,317,457
455,2801 3,902,359
64,219
United Fruit Co. sec's_
2,947,237 6,603,625J
4,565,921
Other investments
1,009,689
Insurance fund
19,510,523 20,351,798 17,440,630 14,145.908
Cash
Sterling Treasury bills
1,985,479
(90 days)
1,186,564
Res.for pay. of &bent
267,171
16,500
243,873
187,455
Notes receivable
7,229,390
7,002,729 8,504,693
Accounts receivable_ _ - _ 7,513,368
587,390
946.407
2,660,816
683,161
Sugar and molasses stock
526,319
826,316
678,515
378,348
Loans to planters
1,036,376
664,577
2,610,020
Old Col. Tr. Co.(trustee)
1,079,277
1,039,044
867,564
Other deferred assets..
376,099
1,134,403
1,226,189
1,391,070
Deferred debits
1,054,663
642,218
379,061
Transit items
147,684,401 127,622,347 111,060,725 98,025,109
Total
Liabilities
50,316,500 50,316,500 48,792,400 48,792,400
U. F. Co.capital stock
Sub. cos. stk. not held
275,000
by U. F. Co
2,975,000
2,550,000
2,125,000
514,000
Skg.fd.4 M %debs.19231
531,000
2,800,000 3,200,000 3,600,000
Skg.fd.4%%dobs. 1925
320,000
160.000
Ser.57 debs.due J ne'l
$2,497,366 $2,110,741 $1,313,677 4-yr.5% notes (1918)
Balance, surplus
10,000,000 10,000,000
2,892,626
1,700,406
136,688
The first and second preferred stocks have been receiving 7% and 6%, Steamship obligations__
a
662,058
774,332
1,021,442
1,064,457
respectively, beginning in May and June 1916; the common stock has been Drafts payable
1,770,589 3,601,606
3,269,970
4.181,177
receiving 5% regularly from April 1917 to Jan. 1919, and on the last named Accounts payable
900,000
of 1%. From April 1919 to Jan. 1920 the common Notes payable (sub. cos.)
date an extra dividend
62,790
2,204
6,778
stock received 1%% quarterly(7% p. a.) with no extras. x Taxes as above Coupons payable
975,848
975,848
1,006,330
1,257,913
include in 1919 current and Canadian profits taxes. Federal taxes (esti- Dividend payable
314,222
mated at $1,000,000) will be deducted when paid. In 1918, the amount Notes and debentures
243,125
243,125
243,125
243,125
shown represents taxes for 1917, ascertained and paid in 1918. Federal Costa Rica Ry.mat'lacc't
Costa Rica Ry. replacetaxes for 1918 aggregated $2,073,314 and were paid out of surplus.
149,117
190,487
280,316
ment reserve
BALANCE SHEET DEC. 31.
CONSOLIDATED
307,763
289,906
132,466
Int. accr'd on fund. debt
-Inter-Company Accounts Eliminated.)
59.013
52,755
53,837
(Including Sub. Companies
161,267
Rentals accrued
375,247
875,610
810,057
Other deferred liabil's
1918.
1919.
1918
1919.
1,492,125
487,944
660,083
Deferred credits
Liabilities
A wig-$
476,289
11,687,008 7,668,439 4,370,286
Ship construe. reserve
Capital stock:
Real est. & bldgs.
3,984,325
15,534,447 10,342,985
1st preferred _ _15,000,000 7,500,000 Tax reserve
(owned in fee) 3,368,477 2,499,189
5,000,000
10,000,000
2d preferred._ _ 1,214,400 9,109,000 War emergency reserve_
Bides. & impts. to
1,904,580
Common
28,792,100 20,050,000 Res. for tropical losses.. 11,326,727
1,831,152 1,362,568
leaseholds
49,109,723 35,040,154 25,198,060 21,567,370
Mach'y,furn., dm 5,942,188 4,094,976 Pref.stk.ofsub.cos, 392,500 1,020,100 Profit and loss
426,684 Real est. & mtge.
Stook In other cos_ 1,601,356
147,684,401 127,622,347 111.060,725 98,025,109
Total
bonds(allot sub.
Trade-inks, pat'ts,
505,298 -V. 110. p. 655.
480,000
formulae, &c22,793,089 23,496,576 coo.)
3,029,434 1,232,717 Current accts. payCash
able (not due) 3,879,444 4,507,222
Net equity in LibGulf States Steel Co., Birmingham, Ala.
110,984 Notes payable:
175,088
erty bonds
2,980,000
Ily Un. Dr. Co_
Notes & accts. res. 4,648,818 4,500,691
(6th Annual Report-Year ending Dec. 31 1919.)
210,530
By sub. cosMerch. Invent'y13,978,244 14,118,597
Res. for depree. of
Advances & susPres. James Bowron, Birmingham, Ala., wrote in subst.:
082,750 ramify,fur.,&c. 3,013,481 2,708,706
pense accounts_ 662,407
5,258,928 4,834,875
Surplus
-Governmental requirements for military, naval and transportaResults.
naturally ceased with the armistice. It was impossible, how58,030,852 53,425,731 tion purposes immediately from war conditions to those of peace. On
Total
58,030,852 53,425,731
Total
ever, to turn
-V. 110, p. 877.
April 1 operations at the steel works were reduced from an 80% to a 60%
basis, the blast furnace was blown out and the by-product coke ovens were
United Fruit Company.
put on slow time. Permit having been obtained for the sale of billets in
England, shipments of this commodity were resumed and continued until
(20th Annual Report-Year ended Dec. 31 1919.)
the foreign exchange situation became demoralized. In the third quarter,
Pres. Andrew W. Preston, Boston, Mass., Feb. 2 1920, business began to revive with the exhaustion of accumulated stocks of
manufactured products, and more normal operations were resumed.
wrote in substance:
-Further, to balance the steel plant, it was decided to
Improvements.
-The net profits for the fiscal period were: From operations, enlarge the wire-drawing department and to double the capacity of the nail
Results.
37,351,730, and from other sources, $1,034,579, a total of V8,386,309. mill, thus permitting the operation of the rod mill on double turn; the inD()ducting interest charges, $206,685, and estimated taxes, $18.016.106, creased supply of wire thus available enabling the barbed wire and woven
eaves a profit for the fiscal period of $20,163,517, from which dividends
run more regularly without any additional equipment.
'Were paid amounting to $6,289,562; balance, $13,873,955. Adding adjust- fence departments tomerchant bar mill has also been doubled. To reduce
The capacity of the
ment in connection with acquirement of Revere Sugar Refinery $195,014, the cost of production, it was decided to install two turbo-generators, 2,000
of
results in a total increase to profit and loss during the period of 15 months
k. w. capacity each, to be operated by exhaust steam, this additional
$14,069,569.
purchasing
capacity obviating the
The not profits for the fiscal period were determined after deducting generating for all the above have necessity of and work electric power.
is in progress.
been placed
normal depreciation on plant, equipment, and steamships, amounting to Contracts bars, rods and wire products will be available for sale in lieu of
Additional
$6,369,465.
through the operation of sinking billets within the second quarter of 1920.
Stock and Debt.-Itetiromont of debt
-The importance of the company's foreign trade has been
Foreign Trade.
funds and redemptions, aggregated 38,411,688, as follows:
$3,880,000 recognized and representatives are now in South America for the purpose
United Fruit Co. 4 % debentures (a) redeemed
1,045,000 of developing this business.
(b) For the payment of which cash has been set aside
3,350,000
Nipo Bay Co. 5% Sinking Fund Gold bonds
-The enlargement of the old slope and its protection
Shannon Ore Mine.
136,687 with concrete lining has boon continued during the year, the concreting
Elders & Fyffos Ltd. debentures (steamship obligations)
The entire funded debt of the company and its subsidiaries has thus been being finished to a depth of 2,374 feet and the slope trimmed ready for the
either redeemed or provided for.
lining 2,438 feet. A second diamond drill hold, fully confirmed the thick-The curtailment of importation of fruit continued on ness and quality of the ore-body as previously indicated.
Fruit Business.
account of shortage of tonnage and general labor conditions. The com-Under amortization the book value of our investment
Clinton Ore Mine.
pany's farms have 130011 brought back to normal conditions and considerable
$19,087. The ore is rapidly becoming exhausted.
now land is being planted. The cacao cultivation has been increased and has been reduced to -The electrification of this mine has been completed,
Virginia Coal Mine.
a largo planting program has boon established, which will be completed
-ton storage battery electric locomotives
the coal being handled by throe 6
the next two years.
within
to the
Sugar Business.-Tho output of the company's sugar mills in Cuba for to tho main haulway and thence by two 10-ton trolley locomotives
the crop season of 1019 was 252,645,900 lbs. of sugar and 6,496,921 gallons main gathering place at the foot of the slope.
-Considerable work has been done in getting this
Coal Mine.
compared with 280,533,500 pounds of sugar and 6,806,392
Sayre
of molasses, as
property, which was acquired July 1 1919. into better condllton.
gallons of molasses for the previous season.
The outlook is promising. A large amount of additional acreage has been
TONNAGE PRODUCED, IN GROSS AND NET TONS.
of the mills should show a substantial
planted in cane, and the output
increase over last year.
1916.
1917.
1918.
1910.
MinesThe Revere Sugar Refinery produced 211.218,009 lbs. of refined sugar Coal-Va. mines (net)__
223,441
275,945
146,504
117,689
during the 15 months. The Revere Sugar Refinery now has a daily capa107,566
101,835
80,364
05,870
do Altoona (net)_ --city for handling 1,250,000 lbs. of raws, and beginning Feb. 1920 the output
80,804
112,931
do Sayre
from the company's sugar mills in Cuba should supply the refinery's Coke-Va. mines(net)
120,811
54,957
requirements and insure a maximum melting.
127,542
163,261
129,501
do Alabama C.(net)
-All of the ships remaining in the hands of the American
Steamships.
4,800
4,529
do Sayre
governments, both of American and British registry, have been
and British
Alabama City
returned to tho company. A number of these are being reconditioned Pig iron (gross)
95,063
106,181
72,341
59,149
at the present time for the fruit trade, while the balance are now in service. Ingots (gross)
195,957
209,312
167,930
135,371
the construction of eight new steamships, Billets and slabs (gross)_
Orders have boon placed for
162,239
180,400
143,068
120,276
to be delivered in 1920. for the United States trade. Four of those steamers
586
558
568
426
ties
are banana carriers and four aro specially constructed for carrying sugar Bale
1,981
2,117
1,796
2,560
from Cuba to our refinery in Boston. Of the banana carriers, one is electric- Staples (gross)
72,309
78,278
67,538
08,185
Wire rods
ally driven.
127,049
148,049
111,111
134,077
Wire (net)
For the European trade, contracts have been lot for the construction of Woven wire fence
7,156
10,160
11,504
14,067
six steamships for delivery late in 1920 and early in 1921.
23,653
27,154
24,676
18,045
-In connection with the reserve set aside in 1918 in anticipation Bars
General.
2,822
3,743
1,562
during the period there has been charged against this Tin plates
of tropical losses,
30,022
35,970
30,335
29,541
reserve on account of losses an amount of $577853. The ill ,000.000 Nails
carried as War Emergency Reserve has been consolidated with this reserve
INCOME ACCOUNT FOR CALENDAR YEARS.
account.
1916.
1917.
1918.
1919.
We have been studying carefully the possibility of the further use of
$11,200,468 $11,763,476 $7,626,250
machinery in connection with its various operations. At present all its Gross sales
$645,062 $1,725,850 $4,199,925 $2,650,007
cargoes from Jamaica. Gross profits
banana cargoes are loaded by machinery, excepting
In the Southern Domestic Divisions all discharging is done by machinery. Depreciation, taxes. &c..
197,496
1,328,440
365,640
534,188
reserves
Extensive experiments have been conducted in the use of tractors and trailers
140,000
140,000
140,000
140,000
for agricultural work as well as with new types of carts. Fuel oil installa- First pref. dive.(7%)...._
(6%9)5,142 (6)17,474 '(6)64,543(5g)207,068
Second pref. diva
tion in the Cuban Divisions is practically completed.
Kingston, Jamaica, was purchased during Common diva.(cash).-(1%)111.137(10)1037,999 (11)874,188 (2)141,660
The Myrtle Bank Hotel at
(25)2222,250
(stock)
do
the past year. The company's Hotel Titchfield at Port Antonio is operated
$23,143d1$2,220,061 $1,792,748 $1.983,783
only during the tourist season; the Myrtle Bank is operated during the entire
Balance, surplus
692,700
2,656,549
year.
2,223,236 4,449,297
Previous surplus
Notwithstanding difficulties with labor and unsettled conditions in some
$2,240,379 $2,223,236 $4,449,297 $2,656.549
Total surplus
of the countries in which we operate, a larger area of land has been planted
$7,163,677 $5,867,148 $3,963,760
Total income
399,364
986,030
1,295,545
Depreciation
65,193
53,668
84,555
Doubtful accounts receivable
232,874
247,528
Current taxes
1 x508,5735 339,450
110,322
J
War income tax
1,842,329
Pvt. & corn. diva. (incl. sub. cos.)...._ a2,777,638 2,129,731
1186
THE CHRONICLE
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
1918.
AssetsLiabilities$
Works&prop.based
*First pref. stock. 2,000,000 2,000,000
stock purch._15,092,600 14,765,161 *Second pref.stock
on
85,700
85,700
Investments
19,088
40,679 *Common stock__11,136,550 11,136,550
Liberty bonds
639,500
643,350 Self Flux Ore Co.
Cash
526,379
725,622
bonds
201,000
209,000
Notes & accts. ree _ 1,237,631
885,367 Accounts payable_ 416,722
433,196
Inventoriez-Notes payable
140,000
560,000
Salable
819,923
513,422 Accrued items
157,384
129,106
Convertible
911,314 1,006,699 Div. payable Jan_
36,286
316,298
Consumable
512,997
777,925 Reserves
.2,940,052 2,705,324
Unexp. Insur., &c_
20,642
20,274 Surplus
2,246,379 2,223,236
Total
19,780,074 19,378,500
Total
19,780,074 19,378,500
*After deducting in 1919 $1,000,000 1st pref., $1,000,000 2d pref.,
$277,750 common stocks held in treasury. a Includes in 1919 reserve
depreciation and extinguishment, $1,083,819; for special reserve against
property, $1,644,767; for taxes, $102,324; for replacements and sundries,
$92,609; and for bad debts, $16,532.-V. 110, p. 1092.
[Void. 110.
just compensation, the company having declined to accept the amount
awarded it by the Railroad Administration, have submitted a report
recommending that the Government make a contract with the company
based on an annual rental of 34,450,000, which represents an increase of
approximately $1,504,000 over the amount the Railroad Administration
was willing to pay. The company originally asked compensation on an
annual basis of $6,190,760, and later increased this amount to $9,943,178.
Under the provisions ol the Federal Control Act relating to appeals to
referees from awards of compensation made by the Railroad Administration
for use of the carrier property, neither tho Government nor the road will
ho bound by the finding of the referees. The Court of Claims may review
the finding on petition a either party. The law provides, however, that
In the event the case is taken to that court the findings of the referees shall
he prima facie evidence of the facts.
W. J. Jackson, prior to Federal control receiver for the road, with headquarters at Chicago, has been reappointed receiver, effective on March I,
succeeding T. D. Heed, receiver and President, who becomes financial
assistant to the former.
-V. 110, p. 969, 464.
Chicago & Interurban Traction Co.
-Earnings.
-
Calendar Years1919.
Revenue from tiansportation $388,713
Other revenue
5,298
1918.
3309,560
6,923
1917.
$333,65)
4,508
1916.
$330,161
3,142
Gross income
Operating expenses
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama City Gadsden & Attalla Ry.-Acquired.-
$394,011
277,252
316,483
239,120
338,158
212,370
.333,603
190,209
Net earnings
Interest and taxes
$116,759
93,123
$77,363
92,944
$125,788
94,769
$143,394
87,566
Net income
523.636 def315.580
$31,019
$55,838
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
1918.
AssetsLiabilities
$
Alabama Power Co.
-Purchase Approved.
The Alabama P. S. Commission has approved the transfer of the electric Cost of property 2,911,096 2,889,026 Capital stock___1,000.000 1,000,000
other cur1st Mtge. bonds*1,350,000 1,350,000,
and the railway properties at Gadsden to this company. The companies Cash & assets_....
rent
106,J15 123,295 Bills & accts. pay 286,390 304,724
taken over are the Alabama City Gadsden & Attalla Ry. and the Gadsden
Accruals & reser. 97,658
99.231
Railway.
-("Electric Railway Journal.")
-V. 110. p. 1090.
Total(each side) 3,017,111 3,012,321 Surplus
283,063 258,366
* Additional bonds Issued and held in treasury aggregate $378,000.
Algoma Central & Hudson Bay Ry.-Guar. Settlement. -V. 109, p. 774.
See Lake Superior Corp. under "Industrials" below.
-V.109, p. 2355.
See Alabama Power Co. below.
-V. 110. p• 359.
Cleveland Cincinnati Chicago &
Algoma Central Terminals, Ltd.
-Bond Guar. Settlement Operating Agreement-Option to Purchase.St. Louis Ry.See Evansville & Indianapolis RR. below.
-V. 110, p. 969.
American Railways Co.
-Earnings.
Cleveland Railway.
-Dividend.
The combined income statement, including subsidiaries and affiliated
See Lake Superior Corp. under "Industrials" below.
-V.109, p. 2355.
companies, compares as follows:
1919.
1918.
1917.
Operating revenue
$16,312,230 $14.234,404 $12,863,404
Oper. income after taxes & deprec'n_ $4,327,016 $3,537,668 $3,636.687
Non-operating income
38,253
125,588
56,132
Gross income
$4,365,269 $3,663,256 $3,692,820
Balance, surplus
$1,714.831 $1,045,395 $1,299.951
The income account of the American Railways, a subsidiary.of the
United National Utilities Co., compares as follows:
1919.
1918.
1917.
Income from subsidiary companies__ _ $1,605,372 $1,253.636 31,449.741
Miscellaneous income
190,064
67,927
118.976
Total income
Expenses, int., taxes, amort.,
Preferred dividends (7%)
Common dividends
Balance, surplus
Profit and loss, surplus
-Ir. 108, P. 2628.
$1,795,436 $1,321,563 $1,568,358
1,191,117
1,029,097
874,129
280.000
280,000
280,000
%)356,402
(4)378.400
$13,219
$648.154
$12,466
$636.401
$36,188
$623,816
Atch. Topeka & Santa Fe Ry.-Discontinues Line.
-
The company has discontinued the operation of the Port 13oliver Iron
Ore By., extending from Long View, Tex., to Iron Ci.y, a distance of about
30 miles. This road was operated under lease by the Gulf Colorado &
Santa Fe By. The lease expired in 1918 and was not renewed.
-V. 110,
p. 969, 560.
Bartlesville Interurban Ry.-Exchange of Bonds.
-
Judge D. B. Cull of the Common Pleas Court has granted a permanen.
Injunction restraining ,,he City of Cleveland from printing the lballots for
a referendum vote on April 27 on the dividend increase award from 6%
to 7%, as authorized by the City Council on the ground that the petition
asking the vote was invalid. New petitions, it is stated, will be issued.
The company has given notice that a dividend of 1U % (at the increased
rate of 7%) will be paid April 1 to stock of record March 13.-V. 110, D.
871, 764.
Cleveland Southw. & Columbus Ry.-Bond Extension.
• President F. E. Myers in asking the holders of the $110,000 20
-year
1st Mtge bonds of Norwalk Gas & Electric Co., due April 1, to extend their
bonds to Feb. 1 1923,says in brief: The Cleveland Southwestern & Columbus By. for some time past has been giving consideration to the maturity
of those bonds which it has assumed to pay by its agreement of consolidation. The company finds that due to general financial conditions everywhere prevailing it is practically impossible at the present time to refund
these bonds in the ordinary way and that the only course available is to
provide for a short extension. The company proposes to extend the maturity of these bonds to Feb. 1 1923, at the same rate of interest, viz 6%,
at which time the company has other issues maturing. In consideration of
this extension the company proposes to make an immediate cash payment
of $14.17 on each $500 of bonds. Thus the bonds during the period of the
extension will net the holders thereof slightly more than 7% p. a.
The agreement provides that the bonds are redeemable, all or part, at par
and interest on any interest date and that the priority of the lien on these
bonds shall be preserved in every respect. The holders of the bonds are
requested to deliver their bonds to Guardian Savings & Trust Co., trustees,
Cleveland, who will stamp the date of extension thereon.
This extension has been agreed to by the holders of a large amount of
bonds and with the continued improvement in the company's earnings
now manifest, the most satisfactory in its entire history, and with the termination of the present stringency in the money market the company
believes it will have no difficulty in paying these bonds promptly at the
extended maturity date.
-V. 108. p. 2241.
The following statement has been prepared for the "Chronicle": "After
much consideration, it has been decided to replace the street railway department of the Bartlesville Interurban By., which for some time past has not
been profitable in its operations, substituting therefor the property of the
Bartlesville Oil & Gas Co., the local natural gas distributing organization,
Col. Ry., Light & Power Co.
-Accepts Ordinance, &c.
which has been showing excellent results from its operations and is looking
The company has accepted the Weiniand street car fare ordinance.
forward to a substantial future.
B. Conant & Co., Boston, who are offering a block of 5% First Ref.
"In accordance with this plan it has been decided to change the name of & Ext. S. F. Mtge. bonds of 1940. submit the following statement:
45c
the company to the Bartlesville Gas & Electric Co.; the bondholders will
Segregated Statement of Earnings Calendar Year 1919.
receive bonds of the new company in equal amounts, without cost to them.
Railway. Pow. & Lt.
The benefit derived is obvious, as the property under the mortgage is
Totals.
materially enhanced in value by the withdrawal of the street railway prop- Gross
$2,481,628 52.516,443 $4,097,971
390,907
erty and the substitution therefor of the gas company, whose present Net after taxes
1,311,742
1,702,649
(a)319,055 (b)283.750
operating results and revenues are very satisfactory, and which will in all Interest
602,805
probability enjoy still greater prosperity in the future.
Balance
"The above mentioned companies are subsidiaries of Cities Service Co."
$71,852 51,027,092 31.099,844
-V.110, p. 1088.
(a) Railway bonds;(b) P. & Lt. Mtge. 55, 1940.-V. 110, p. 658, 561.
Boston Elevated Ry.-Improvement Plans.
-
Chairman James F.Jackson has announced that appropriationeatnounting
to about $4,500,000, to ho expended for 175 new cars and other improvements, have been made by the trustees in their budget for the year.
During February the Elevated carried 24,964,299 revenue passengers.
Receipt.: from fares were $2,468,244; other receipts, $51,783; total, $2,520,027. Operating expenses were $2,205,773; rent, 3343,947: interest, &c.,
$140,847; dividends, $116,997; taxes, $84,724; net loss, $372,263.
The Mass. Department of Public Utties has found that
of the Cambridge subway paid properly and in good faith bythe net cost
the Boston
Elevated Ry. was 57,368,0010.
Calendar Years1919.
1918.
1917.
Operating revenue
$29,404,592 $20,976,965 $19,733,876
Operating expenses
23.700,; 40 17,996,098 13,547,124
,
Net operating revenue
$5,704.252 $2,980,867 $6,186,752
Taxes
1,045,502
917,515
880.502
Operating income
$4,658,750 $2,063,352 $5,306,250
Non-operating income
93,991
85,728
81,531
Gross income
$4,752.741 $2.149.080 $5,390,781
Deductions
5.730,871
5,135,786 4,673,275
Balance, deficit
$978,130 $2,986,706sur.$717,506
-V. 110. p. 764, 658.
Brazil Ry.-"The Railway System of Brazil."
-
Under the above caption the "Railway Review" of Mar. 6 has
trated article (No. 1) with charts by Clayton Sedgwick Cooper an illussurvey of existing transportation facilities showing further expansiongiving a
needed.
-V. 107, p. 2008.
Chicago City Ry. Co.
-Report
-Dividend Increased.
-
East Broad Top RR. & Coal Co.
-New Control.
-
See Rockhill Coal & Iron Co.under "Industrials" below.
-V. 109,p.577.
Eastern Wisconsin Electric Co.
-Notes Offered.
McCoy & Co., Chicago, and Grossman, Lewis,.Frear
Co., Milwaukee, are offering at 98 and interest, yielding
over 7%%,$1,200,000 3
-year 7% Gen. Mtge. Gold Notes,
Series "A." Bankers state:
Dated March 11920, due March 1 1923. Int. payable in Chicago without deduction of normal Federal income tax up to 2%. Redeemable, all or
part, on any int, date at 100 and int. upon four weeks' notice. Denom.
81,000. $500 and $100 (c4).
Com:Jamb-Organized in Wisconsin in 1917, to own and operate public
utility properties. Now serves directly, through its own distribution
system, four communities including Shenoygan and Fond du Lac, with
electric light and power; wholesales electric current to eight communities;
supplies has in Fond du Lac: and serves three communities with profitable
street railway service and interurban lines connecting samo. Population
estimated at 110,000.
Earnings.
-Net earnings for year ended Jan. 31 1920 D'ere over three
times the annual interest charge on these notes after providing the interest
on all prior mortgage debt.
The property is under the management of Kelsey, Brewer & Co.
-V.109,
& Indianapolis RR.
-Re-organization Plan
Dated March 16 1920.
-The committee named below has
adopted a plan of reorganization bearing date March 16,
which will become effective on all depositing bondholders,
unless owners of one-third of the bonds of either class deposited shall dissent and withdraw within the specified time.
Evansville
p.981.
A quarterly dividend of 1;i% has been declared, placing the stock on a
6% p. a. basis, payable March 31 to holders of record March 25.
Recent
j '10. '11. '12. '13. '14. '15. '16. 1917. '18. 1919.
Further deposits of bonds
be received by the
Dividends116%11% 11 10M 9% 8% sm 8-3 ex. 5% 5(13qu)Mar.'20. Co., 22 William St., N. Y., willor before April 30. Farmers' Loan & Trust
Depositors to become
on
1;4 qu.
For annual report see a preceding page.
-V. 110, p. 359.
"subscribing depositors" must on or before that date present their certificates of deposit for stamping and also make certain payments to the trust
Chicago & Eastern Illinois RR.
-Separate Reorganiza- company on or before May 10.
tion-Proposed Settlement as to Guaranty of Bonds.
Committee and reorganization managers: Harold Palagano, Chairman;
William B. Cardozo, Ellis W. GladwIn, Edward II. Ladd Jr.. Raymond M.
See Evansville & Indianapolis RR. below.
Smith and G. T. Townsend.
Referees Recommend Inc. of $1,504,000 in Compensation.
Digest of Plan of Reorganization. Dated March 16 1920.
The Board of Referees appointed by the Inter-State Commerce CommisPrefatory.
sion, under the provisions of the Federal Control Act, to fix„an award of receiver of -The receiver obtained possession March 1 1916 from the
Chicago & Eastern Illinois RR. Co., which, as owner of the
MAR. 20 1920.1
THE CHRONICLE
entire capital stock [pledged under certain of its mortgages] had defaulted
on the July 1914 coupon and subsequent coupons on the bonds. The
property mill not be included in the proposed reorganization of the Chicago
& Eastern Illinois, and hence no aid can bo sought from the E. & I. stock
holding interests for the E. & I. reorganization.
The E. & I. property in 1916 was in a depleted condition and without
equipment. Some of the difficulties of the situation and the receiver's
efforts partially to rehabilitate the property and to provide a small amount
of second-hand equipment out of the proceeds of $600,000 face value of
receiver's certificates issued in 1917, were pointed, out in committee's
circular of Sept. 21 1917 and Juno 12 1919. The Government operated
the road [from Jan. 1 1918 till March 11920], but it is uncertain what, if
any, compensation will be allowed for such use.
Interest on the receiver's certificates is unpaid since the beginning of
Federal control. The principal of the certificates (which matured Jan. 1
-(V. 104, p. 863; V. 105, p. 1449, 1801.)
1920) is also unpaid.
In view of these facts and the manifest difficulty of operating tho E. & I.
property independently under existing conditions, the committee entered
Into agreement with the Clove. Cinc. Chic. & St. Louis By. Co. (the "Big
Four") of the New York Central system, whereby, provided this plan of
reorganization shall be carried out, the "Big Four" will operate the E. & I.
RR. for the benefit and at the risk of the New Company proposed to be
formed under the plan, for a test period of not to exceed three years, with
the option at any time during that period of purchasing the entire capital
stock of the New Company for tho sum of $1,000,000, payable in cash, or,
at the election of the "Big Four," in bonds of the "Big Four" issued under
its Refunding and Improvement Mortgage dated June 27 1919.
Arrangements made by the committee with a syndicate depend upon
$600,000 of the cash requirements of the plan being subscribed by the
depositing bondholders and the failure of such depositors respectively to
subscribe their proportions will seriously jeopardize the reorganization.
About $4,385,240 of Outstanding Indebtedness, Incl. Interest, to Jan. 11920.
First mortgage bonds
$647,000
First Consolidated Mortgage bonds
1,853,000
Coupon interest on above bonds from .Tan. 1 1914 to Jan. 1 1920 900,000
Receiver's certificates of 1917, $600,000, vested with a paramount lien upon the property, plus coupon interest at 6%
per annum thereon from Jan. 1 1918 to Jan. 11920. $72,000,
and interest on said coupons to Jan. 1 1920, $3,240
675,240
Further indebtedness of the receiver, for which cash provision
Is to bo made, probably not over
300,000
Certain alleged ante-receivership indebtedness claimed to have
priority over the bonds, possibly
10.000
Securities to Be Authorized by New Company (after Foreclosure Sale.)
[Subject to prior claims underlying present mortgage debt, if unpaid.]
First Mtge. 30-Year 7% Gold Bonds (to be presently issued),
interest payable semi-annually. Subject to call after three
years at 102 and int. on any interest date on 6u days' notice.
Donom. $1,00, $500 and $100. Mortgage limited to $2,500,000; issuable forthwith, $1,500,000; further amounts
not over $1,000,000, in all, only under proper and carefully
safeguarded restrictions, only for betterments (including
equipment), additions, extensions and permanent improvements, including rebuilding and reconstruction. Presently
issuable
$1,500,000
Common Stock of a par value of $100 per share
4,290,000
It is expected that provision will be made that the New Company shall
not create any additional mortgage a ithout the consent of the holders on
at least 75% of the capital stock outstanding.
The cash requirements of the reorganization are estimated at about
$1.310,000, approximately as follows (but may be somewhat larger, in
which Faso the committee may provide for excess by use of "reserved
bonds' or otherwise): (a) Principal of the receiver's certificates, $600,000
(b) interest on receiver's certificates, other claims, expenses of committee,
foreclosure and reorganization, &c., $71J,000.
Terms Offered Present Bondholders-Measures to Meet Cash Requirements.
(1) Subscribing Depositors.
-Depositors may participate in provideg the
cash requirements by paying the sum of $400 as to each $1000 bond owned
by thorn, respectively, provided they present their certificates for appropriate stamping to the Farmers' Loan & Trust Co. on or before April 30,
and make the cash payment. on or before May 10. In such ease, if the
reorganization Is consummated they will receive against each $400 so paid
and on surresder of their certificate of deposit' (a) $400 now bonds: (b)
Stock Participation Certificates, entitling the registered holder to receive,
if the "Big Four" option be not exercised, $1,460 of the new company's
capital stock, or, if the option be exercised, his proportionate share in the
purchase price (subject to the requirements of the plan), and also in any
dividends paid to the committee out of earnings of the new company
prior to the exercise of the "Dig Four" option. (c) Final Distribution
Certificates, entitling the registered holder thereof to his proportionate
share in any balance of the reserved new bonds or of their proceeds or other
moneys which shall remain after all other requirements of the plan shall
have been satisfied.
(2) Non-Subscribing Depositors.-These will receive, on surrender of their
certificates of deposit in negotiable form when the reorganization is completed, for each $1,000 bond, a Stock Participation Certificate entitling them
to the same rights as the Stock Pariticipation Certificates offered to subscribing depositors as aforesaid, except that the amount thereof will be $500
Instead of $1,460.
-Settlement with Guarantors.
-Both the First N1tge. bonds and the
(3).
First Consols bear guaranties as to principal and interest by Evansville &
Terre Ilaute RR. Co., of which Chicago & Eastern Illinois RR. Co. is successor. The committee has made with parties interested in the contemplated reorganization of the lest
-named company a tentative settlement of
the claims upon these guaranties, under which it is expected that the committee will receive for the depositors 40% of the principal face value of the
bonds represented by the certificates of deposit in common stock of the
reorganized Chicago 1{ Eastern Illinois RR. Such securities (or any other
,
securities or net cash which may be received in discharge of said guaranties),
when and if received, will be distributed by the committee to and among
the depositors regardless of whether or not they shall have become subscribing depositors, and notwithstanding the surrender of their certificates
of deposit, but subject to such reasonable expenses and requirements of tne
plan shall be (learned proper.
-To aid in meeting the estimated cash requirements of the
Syndicate.
plan, Garrett T. Town-end, Esq. (one of the committee, who owns or controls the very large majority in amount of the receiver's certificates), Raymond M. Smith, Esq. (a'so one of the committee), Charles E. Townsend,
Esq., and ;T. Peyton Clark, Esq., have formed a syndicate, of which they
are to be the syndicate managers. This syndicate, provided not less than
$600,000 of the cash requirements shall be subscribed by depositors, agrees:
(1) To underwrite $400,000 additional of the cash requirements by purchnsing at 95 such amount of the new bonds as shall be necessary to produce
$40s,000 or such portion thereof AS shall not be subscribed as aforesaid,
receiving in addition. (a) $1,000 Stock Participation Certificate against
each $400 paid by them; (b) a Final Distribution Certificate in the same
amount as offered subscribing depositors against each 't400 paid; (c) as
commission, whether or not called upon for any part of said $400,000,
now bonds equal at 95 to 6% of such part of said underwritten 1400,000
as shall be subscrined by subscribing depositors. (2) To purchase for
cash at 95 an additional $326.568 of new bonds, accompanied by Participation stock Certificates in an aggregate par amount of 3300,000, and also
by further Final Distribution Certificates as aforesaid.
Subscribing depositors will be allowed to participate in the syndicate to
the extent of ono-half of the Syndicate's holdings, but to do so must, on
or before April 30, file with the Mechanics & Metals National Bank, 20
Nassau St., N. Y. syndicate participation application blames addressed
to 0. T. Townsend, Chairman Syndicate Managers.
It is expected that receiver's certificates will be received at par and
accrueq interest on account of cash payable by the syndicate.
Distribution of 31,500,00e New Bonds.
Offered primarily to subscribing depositors against cash payments at par ($400,0(,0 thereof being underwritten by syndicate)
31.000,000
For syndicate, to cover at 95 the 5% commission allowed them
on the $400,000 so underwritten
21,053
Sold to syndicate at 95
326,568
Reserved
152,379
Distribution of the $4.203.000 New Stock cSubject to the Purchase Thereof
under the "Big Four' Option).
Offered to subscribing depositors against cash payments w.th
bonds as above (or up to $1,460,000 if not so taken to subscribing depositors or syndicate on basis above indicated,
against subscriptions)
$3.650.000
1187
For additional distrioution to non-subscribing depositors to make
up, with the above $460 above mentioned, 3500 for each $1,000
bonds represented by their certificates of deposit
$40,000
Sold with $326,568 face value of bonds to syndicate
300,000
Allotted to committee's nominee or nominees, for use in connection with insuring a proper management for the new company 300,000
Condensed Extracts from Letter of Expert J. Peyton Clark, Feb. 18.
Operation of the road by the "Big Four" under the proposed contract
will, in my opinion, at once relieve the Evansville & Indianapolis of its
artificial handicaps. The "Big Four," under the contract, will supply
needed equipment at fair rental prices. This equipment,sufficient to move
the present largo coal and other tonnage of the E. & I., I estimate to be of
a value of not less than $4,000,000.
Operation of the two roads in conjunction will be mutually advantageous.
The "Big Four" will be greatly advantaged by the control of the Evansville
& Indianapolis, controlling, as it will, the important tonnage originating
on the Terre Haute terminals of the E. & I., and securing, as it will, the
control of the heavy coal tonnage originating along the E. & I. line. This
coal tonnage results from the development of mines, exclusively served by
the E. & I., and now capable of production at the rate of 4,000,000 tons
per year, and actually moving since the termination of the recent coal strike,
at the rate of more than 1,000,000 tons per year. . . .
Another advantage obtained immediately through "Big Four" operation
under the contract, will be the securing for the E. & I. of remunerative
switching rates on its Terre Haute terminals. In normal times the E. & I.
switch a surplus of cars for other roads on these terminals of more than
20,000 cars per year. It is expected that an increase of from $2 (the
present rate) to $5 per car will be obtained at once, which you will note,
would result in some $60,000 per year increased net earnings to the E.& I.
Estimated Annual 'Earnings.
1922.
1921.
1920.
Ton miles
100,000,000 150,000,000 200,000,000
Total operating revenue
$1,206,000 $1,500,000 $2,000,000
1,400.000
1,050,000
Operating expenses
837,500
40,000
Less taxes(10% increase over 1919)
26,400
30,000
200,000
Hire of equipment
150,000
120,000
10,000
10,000
Joint facility rents (deduct)
8,000
$350,000
Balance of income
$214,000
$260,000
*175,000
*140.000
Interest on bonds ($1,500,000 at 7%) 105,000
•
$120,000
$175,000
Balance, surplus
$109,100
2,000.000 2500,000
* Outstanding bonds
[Homer Smith, 22 William St., N. Y., is Secretary to the committee.]V. 107. p. 181.
-Earnings.Grand Trunk Railway of Canada.
•
1918.
1919.
1917.
Calendar Years£14,125,500 £12,655,200 £10,725,500
Gross receipts
Net revenue
£1,659,800 £1,857,100 £1,722,600
1,518,500
1,496,700
Revenue charges
1,382,200
Estimated deficit account lines under
336,80J
199,600
276,500
Government control
Balance, surplus
-V. 110, p. 970.
£1,1s0
11,800
£26,300
Gulf Mobile & Northern Ry.-New Officer.
Vice-Pros. E.D. Hogan has been appointed Gen. Mgr.,succeeding W.F.
Owen.
-V. 109, p. 2353.
-Directors.
Inland Empire RR.
-V.110, P. 561.
See Spokane & Inland Empire RR. below.
-Official Rejoinder to
Interborough Rapid Transit Co.
Mayor's Suggestion that Company "Turn Back" the Property
-President and Gen. Manager Frank Hedley says:
to the City.
If by the words "turn back" is meant a sale by the company and purchase by the city it is highly proper to point out the magnitude of the
financial propositions involved.
On Jan. 21 1929, but not before, the city can end the contract No. 3
lease and purchase the Interborough investment in the new subway lines
and equipment at a fixed percentage above cost. The lease for the original
subways runs to 1968 with no right of prior termination, but with an obligation on the city to buy the equipment.
The city's right of recapture covers only the new subways, not the old.
The city has, however, the right to an "exchange of legs:" that is, it could
pick its line so as to operate a complete East Side line, or a complete West
Side line, but the Interborough would have the one the city did not want,
and the city could not take it away until the end of the 49-year term. This
would mean that each line (one operated by the city and the other by the
company) would charge its own fare, but riders could not change from one
to the other through 42nd St. without paying another fare. A similar
privilege at South Ferry would also be lost.
The company's interest and investment in both the old and new subways,
and the operating contracts [with the city] are the principal security for the
Interborough bonds which thousands of private investors all over the
country have purchased and now hold. If full municipal ownership
were a present possibility, their representatives might well consent to an
advancement of the date on which the company investment in the new lines
could be disposed of at the price per contract formula of 3119,000.000, but
at the same time they would naturally expect that the city would pay
adequate compensation not only for the tangible property in the old subway,
which it is obligated to purchase at the end of the term, but also for the
valuable 49-year leaseholds which would be thus extinguished.
By contract the parties have fixed the measure of the value of those
leaseholds at the yearly sum of $3,178,000. Furthermore, the agreed value
of the company's investment in the original subway equipment is $48,000,000. Taus, there would be required:
To purchase the Interborough investment under contract No.3 3119,000.000
To purchase the 49-year leaseholds under contracts 1 and 2 at
57,740,000
$3,178,000 per annum
To purchase the Interborough investment in equipment under
48,000,000
contracts 1 and 2
$224,740.000
Making a total of
It is apparent that if the Interborough subway lines were "turned back"
on this basis the city would have to float its obligations in amounts to produce nearly $225,000,000 in cash. Under existing financial conditions to
say nothing of constitutional limitations as to debt limit, that certainly
would be sufficient "worry" for the administration of any city.
Moreover, if the City were to consider the possible acquisition of the elevated lines, it would be confronted with the purchase of the additional
Investment, amounting to more than $40,000.000 which the Interborough
company has put into the extensions and third-tracking, and also with the
problem of paying for the properties of the Manhattan Railway Company
including its perpetual franchises.
If, however, by "turn back" it is meant that the company should assign
its rights to the city without consideration, a moment's reflection will
demonstrate that the company would not be permitted to do any such
thing by the trustees representing its $221,000000 of bonds now outstanding. The bonds are secured chiefly by the rights under which the company operates the subways.
Incidentally it should be made clear that a receivership for the Interborough would not of itself result in the city getting the subway for municipal operation. So long as the operator whether it be the Interborough or
a receiver perform the contract the city's investment remains subordinate
to the Interborough's investment.
[Mr. Hedley further comments on the fact that at the recent hearing before
the Board of Estimate the company was allowed no right of rebuttal or
explanation and that therefore various half-truths found their way on to
the record. For instance, he says, it is true that the Interborough has a
bookkeeping "surplus" of around $10,000.000,but this surplus consists of
reserve materials and supplies to assure safe operation, and is in other
forms which make it as useless for meeting current obligations as though
it did not exist. See also Rapid Transit in New York City below].
Officials of the company have agreed to put into service, effective Mar. 25.
450 additional cars in non-rash hours, and otherwise to comply with the
instructions of the P. S. Commission regarding increased service, according
to a letter sent by John H. Delaney, Transit Commissioner, to Corporation
-V. 110, p. 871, 658.
Counsel William P. Burr.
1188
THE CHRONICLE
Lewiston Augusta & Waterville Street Ry.-
The town of Turner, Me., has voted to take over the electric railway
between Turner and Auburn, the operation of which was not resumed
the Androscoggin & Kennebec Ry., the successor under foreclosure by
to
the Lewiston Augusta & Waterville St. By. See plan in V. 110, P.
1089.
Louisville (Ky.) Railway.
-Annual Earnings.
-
Calendar YearsOperating revenue
Oper. expenses & taxes_
1919.
1918.
$3,537,234 $3,556,031
3,160,439
2,383,971
1917.
1916.
$3,140,446 $3,080,296
1,737,163
1,876.631
[VOL. 110.
and the validation and Issue of the Mortgage bonds. Further, the
purchase is subject to the necessary approval of any Commission
having jurisdiction in the matter of the purchase of the stock or the issue of
bonds hereinbefore referred to.
If this offer is consummated the present holders of stock
Company would be entitled to the semi-annual dividends of the Panhandle
payable
and the new bonds would bear interest from July 1 1920.-V. 110, in July,
P. 1089,
974, 960.
Pennsylvania-Ohio Electric Co.
-Fare Increase.
-
The Pennsylvania Utilities Commission has granted the company per$376,795 $1,172,06t $1,403,283 $1,203,665 mission to increase street car fares from 6 to 7 cents.
The company recently changed its name from Mahoning & Shenango
105,297
240,073
319,754
180,000
By•
& Light Co. to the present title.
-V. 110, p. 872.
Gross income
$482,092 $1,412,133 $1,723,037 $1,383,665
Federal, State, &c., taxes
Philadelphia Rapid Transit Co.
$355,3691 $950,206 I
-Earnings.Interest on bonds, &c- -_ $644,653
18621,750
627,0001
-Calendar Years-- June 30 Yr.
Preferred dividends (5%)
175,000
175,000
1919.
173,000
1918.
1917.
1916-17.
Common dividends
249,708
496.591
$36,039,519 $31,704,428 $29,726,927 $28,553,614
495,650 Gross receipts
Depreciation
,
95,215
85,000 Oper. oxp. maint., &c_ 11024,393,829 $18,498,385 $15,544,270 $14,605,758
Tax
Taxes
1 1,871,186
1,573,269
1,398,413
Balance, sur. or def._def.$157,505
None sur.$6,024 sur.$6,265
-V. 110, p. 167.
Net after taxes._ ._ $11,645,690 .111,334,856 .12,609,388
$12,549,443
Interest
$2,314,649 $2,260,310 2,280,180
Middlesex & Boston Street Ry.-Seeks Bond Issue.
Rentals
9,929,814 7,365,391
7,365,393
7,365,393
The company has petitioned the Massachusetts Department of Public Sinking fund
J
120,000
t
120,000
120,000
Utilities to approve an issue of $500,000 5% bonds, for the purpose of Dividends (5%)
1,499,290
1,499,290
1,499,290
1,499,278
refunding a similar amount of Lexington & Boston Street By. bonds which
mature July 1 1920.-V. 109, p. 1891.
Balance, surplus
$216,586
$35,526 $1,364,395 $1,284,592
Operating income
Other income
New York Central RR.
-Agreement,
See Evansville & Indianapolis RR. above.
-V. 110, p. 970.
N. Y. New Haven & Hartford RR.-Trac. Properties.
-
See Rhode Island Co. below.
-V. 110, p. 1089.
N. Y. & North Shore Trac. Co.
-Ordered to Resume.
-
The company has been ordered to resume operations by the
vice Commission. Company suspended operations on MarchPublic Ser2, having
been put out of commission by the snowstorm.
-V. 110, p. 970..
New York Rys.-Appl.for Increased Fares Withdrawn.
-
See Rapid Transit in New York City below.
-V. 110, p. 871, 562.
New York & Stamford Ry.-To Issue Certificates.
-
The company has applied to the New York P.S.Commission for authority
to issue at par $30,000 7% equipment trust notes to be used for purchasing
7 steel one-man safety cars.
-V. 109, p. 270.
Northern Ohio Electric Corp., N. Y.
-Change in Plans
-Note Renewed-$100,000 Paid-Preferred Dividends Deferred Pending Permanent Financing.-
President Geo. E. Hardy, writing to the "Chronicle" on March 12, says:
"The note has been renewed for one year. We have paid on account of the
note $100,000 and will make like payments quarterly, which amount is
approximately the equivalent of the 6% dividend on the Preferred stock
which has been deferred until such time as financial conditions will permit
of the sale of securities to meet the payment of the loan."
An extract from an official circular in brief, dated Feb. 21, says: "At a
meeting of directors held Feb. 17 it was decided that the amount and number
of subscriptions received to Class A 8% Pref. stock were Insufficient to
Justify their acceptance and that the plan should therefore be abandoned.
This action was taken after conference with and approval of the bankers
holding the $4,000,000 loan which we sought to retire.
"We have arranged with the banks for a one-year extension and have
agreed with them that dividends will be deferred until such time as financial
conditions will permit the sale of securities to retire the loan, and to apply
the equivalent amount of such dividends to reduction of the principal;
Your directors felt that under the circumstances the best interests of all
stockholder; were being conserved by so doing. The Pref. stock dividends
are cumulative and we have every confidence that all accumulations will
be paid in full. Every dollar applied to the liquidation of the loan places
the stock in just that much stronger position." Compare V. 110, D• 262.
Pennsylvania RR.
-Offer for Panhandle Minority Stock
Purchase Price to be Paid in New 50
-Year 5% Mtge. Bonds of
Panhandle Company on Par for Par Basis-Guaranteed by the
Pennsylvania RR.
-The company has announced the terms
on which it offers to purchase through its subsidiary company, the Pennsylvania Company, the minority stock of
the Pittsburgh Cincinnati Chicago & St. Louis RR. The
official announcement dated Mar. 15, says in substance:
Two New Directors Following Dissolution of Voting Trust.
At the annual meeting on March 17 Wm. J. Montgomery
'Cripple, stockholders of many years standing, were electedand Wm. Y.
directors to
succeed C. E. Ingersoll and J. J. Sullivan Jr. The new members were
chosen as direct representatives of the stockholders, following the
tion of the voting trust, which was made effective Feb. 12. E. T.dissoluStotesbury, T. E. Mitten, H. G. Lloyd, C. S. W. Packard, J. J. Sullivan and
Wm. H. Shelmerdine were re-elected directors.
Mr. Stotesbury was re-elected Chairman of the Board and Mr. Mitten
Chairman of the Executive Committee and President. W. C. Dunbar was
made Vice-President in charge of Accounting and Finance, and
G. A.
Richardson as Vice-President in charge of Operation, in order that they
might with greater authority assist President Mitten in the management
of the property.
-V. 110, D. 872.
Pittsburgh Cincinnati Chicago & St. Louis Ry.-To
Issue 50-yr. Mtge. 58 to Penn. Co. for Minority Stock.
See Pennsylvania RR. above.
-V. 110, p. 1089, 965.
Port Boliver Iron Ore Ry.-Discontinued.-
See Atchison Topeka & Santa Fe Ry. above.
-V. 97, p. 1287.
Porto Rico Railways Co., Ltd.
-Annual Report.
Gross revenue_
Expenses
1910.
1918.
$1,129,782 $1,035,955
693,842
605,863
1917.
$902,392
505,081
Net revenue
Other income
$435,939
23,693
$430,091
16,537
$396,411
4,799
Net income
Bond interest
Preferred dividends (7%)
Depreciation
Tax reserve
$459,543
193,883
70,000
100,000
10,000
$446,628
196,199
70,000
100,000
$401,211
198,416
70,000
100,000
Balance, surplus
Profit and loss surplus
-V. 106, p. le01.
*85,659
$289,172
$80,429
$203,513
$32,795
4123,084
Public Service Corp. of N. J.-Com. Div. Resumed.
-
The directors have declared a quarterly dividend of 1% on
stock and the regular quarterly div. of 2% on the Pref. stock, the Common
both payable
March 31 to stock of record-the Common on March 26 and Pref. on March
22. The city. on the Com. stock for the quarter ending Doc. 31 1919
was passed.
Pres. Thos. N. McCarter states: "The electric
company are now functioning properly and makingcompany and the gas
satisfactory
The railway company has been allowed a rate sufficient to keep earnings.
it
that is, to enable it to pay its operating expenses and fixed charges.going,
The
rate does not provide sufficient revenue to yield any substantial return upon
the investment of the corporation in the railway company's
situation, it is expected, will be cured during the next fewstock. This
months.':
V. 110, p. 971.
Rapid Transit in New York City.
-Lines Withdraw
Status of Panhandle Co.
-Financial Condition.
-The Pennsylvania RR. Increased Fare Application-Lines Discontinued, &c,
has, directly or through the Pennsylvania Co., assisted and developed from
Job E. Hedges, receiver of the New York Railways,
their inception the railroad lines of the P. 0. 0. & St. L. RR.(known as trustee of the estate of the Interborough Consolidated James R. Sheffield,
Corp., and Lindley
the "Panhandle"), which form part of its system west of Pittsburgh, and M. Garrison, receiver of the Brooklyn Rapid Transit Co..
by
these companies own over 77% of the $84,860,111 outstanding Panhandle Federal Judge Mayer, withdrew their petition for an increase direction of
in fares which
Capital stock. The development of the territory in which the Panhandle they filed with the Board of Estimate on Jan. 7.
lines are located and the large cities which it serves demand a considerable
Judge Mayer on Feb. 27 authorized Job
and continued enlargement of terminals, yards, tracks, facilities and rolling to discontinue the operation of the EighthE. Hedges, effective March 7,
St. and 14th St. lines of the
stock, and its credit is not sufficiently broad, under the railroad earnings New York Railways across the Williamsburgh Bridge. The orderl
was
and conditions of recent years, to assume the resulting necessary financial made on the grounds that the company has no franchise for service over
burden.
the bridge. The franchise is owned by the Fourth &
Further, owing to the general financial conditions and its narrow margin which was recently separated from the rest of the New Madison Ave. line,
York Railways.
of profits, it has been impossible for the Panhandle Company latterly to
By a resolution passed by the Board of Estimate on
finance itself through satisfactory sale of its stock or securities, so that to tion Counsel Burr was instructed to institute suits for March 3, Corporawhatever rights of
meet its requirements for additions, extensions, equipment and other capital forfeiture or abandonment the city may have in the franchises
of the
expenditures, the Pennsylvania Company-wholly owned by the Pennsyl- of the New York Railways over which service has been abandoned. lines
vania RR.
-has in the past been obliged to purchase issues of capital
Justice Greenbaum of the Supreme Court on March 16 quashed the writ
stock to which the minority stockholders did not, except to a very limited of certiorari obtained by Corporation Counsel Burr to have the
courts
amount, subscribe, and has also from time to time loaned the Panhandle review the action of P. S. Commissioner Nixon in granting permission
to
Company necessary funds, taking as security therefor the temporary obli- the New York Railways to charge two cents for transfers. Justice Greengations of the borrowing company.
baum reviewed the proceedings before the Commission, explained the rights
These temporary obligations will be funded with an issue of new Mortgage retained and granted by the city under the franchises of the company, and
bonds of the Panhandle Company, which the Pennsylvania Company is in reference to the order of the Commission said: "It is plain from the
willing to accept at par for its temporary obligations.
reading of the order that in permitting a
It therefore seems desirable, in view of these facts, that the Pennsylvania rights of the city are affected thereby." two-cent charge for transferSino
Company should become the owner of all the stock of this constituent
The loss to the New York Railways
the tie-up
company of the System, and to that end it is willing to acquire the 192,- of the lines by snowfall, amounted in February,resulting from Henry
to $900,000, according to
I..
929.56 minority shares of the Panhandle Company, par value $100 each, Stimson, counsel for receiver.
aggregating at par $19,292,956, on the general terms and conditions outSee also Interborough Rapid Transit Co. above.
-V.110, p. 167, 961.
lined below.
The dividend on the Capital stock (only one class) of the Panhandle -Rhode Island Co.
-Bondholders Reorganization Plan.
Company is now at the rate of 4% per annum, and with the foregoing
A reorganization plan of the traction properties into a single new corporaimprovement program and its present debt, there is no promise of an in- tion to embrace all the lines now
operated by the Rhode Island Co. has been
crease unless its earnings and profits can be materially increased.
submitted to the bondholders for approval, conditioned upon obtaining
Terms of Exchange
-Bond.
-The Pennsylvania Co. would not, under exAssembly suitable
isting financial conditions, raise the funds to make a cash offer for the from the General buses and jitneys legislation, including the placing of
trolley care, motor
under the P. U.Commission as common
minority stock, but it is willing and does hereby make the following offer carriers.
for its acquisition:
plan, as submitted by the
It will purchase the 192,929.56 minority shares and will pay for thesame ofPlan.-Tho Traction & Electric Co. protective committees for the bonds
the United
and the bonds of the Suburban By,
par for par, in new 50
-Year Mortgage bonds of the Panhandle Company
when issued to the Pennsylvania Company, bearing interest at the rate of provides in brief:Cansolidated.-A
Properties to be
5% per annum-that is to say: a $1,000 bond for each 10 shares, par value over all the properties of the Unionnew corporation Is to be formed to take
$100 per share, of said minority stock. Non-interest bearing scrip will be Suburban By. and the WoonsocketRR., Pawtucket St. Ry., Rhode Island
St. Ry. and other Now Haven trolley
issued for from one to nine shares deposited, $100 of scrip for each share, properties in Rhode Island.
which scrip will be convertible into bonds when presented in sums of $1,000.
Securities to be Issued by New Company (Total $22,600.000)•
The principal and interest of those bonds will be guaranteed by the
Pennsylvania RR. and are to be payable without deduction for any tax
(A)Prior Lien (B) Gen. M.
or taxes (other than income taxes on the holders thereof) which the Pan25 yr. Bonds.
30
-year. (C) Stock.
Total.
handle Company, or its successors and assigns, or the Trustees under the New money
(7%)$1.000,000
$1,000.000
mortgage securing such bonds, may be required to pay or retain therefrom Suburban By.0o......(4)2,000,000(4%)2,500,000 $500,000 5,000,000
under any present or future law of the United States or of the several States Un. Trac. & Elec. bonds
(54)8,100,000 000,000 9,000,000
Stockholders
in which the lines of the Panhandle Company are located.
6,600,000 6,600,000
Deposits by May 1.
-In making this offer it must be understood that neither N.Y.N.H.& H.RR.Co
(5%)500,000 500,000
1.000,000
the Pennsylvania Company nor the Pennsylvania RR. obligates itself to
(A) Prior Lien Bonds
.-The prior lien mortgage to be an open mortgage
make this purchase unless the holders of stock of the Panhandle Company and to secure $5,000,000 bonds, of which $3,000,000 will be not
to
in an amount satisfactory to them shall assent to and accept the offer prior 7% bonds, of which$1,000,000 will be issued at once for new money exceed
for the
to May 1 1920, and deposit their stock with T. H. B. McKnight, Treas. corporation; $2,000,000 at 4% to be issued in exchange for the bonds of the
of the Pennsylvania Co., at office of the Company, Pittsburgh, Pa., who Suburban company to the same face value. The remaining$2,00
C1,000.
will issue negotiable receipts therefor pending the consummation of the sale at not to exceed 7%,to be issued hereafter, under proper conditions, if new
MAR. 20 1920.]
THE CHRONICLE
money is required for the corporation. A sinking fund to be established
sufficient to extinguish these bonds at maturity.
-The general mortgage will be junior to the prior
(B) General Mortgage.
lien mortgage, and will secure bonds to the amount of $11,100,000. These
bonds will be divided into two classes. Class "A"-$8,100.000 at 5%, to
and
be exchanged for the 5% bonds of the United Traction & Electric Co.and
$500,000 at 5% to the New Haven RR. Co., and Class "B"-$2,500,000
at 4% in exchange for the 4% bonds of the Suburban Ry.
(C) Stock.-Com. stock of the corporation will be issued to the amount
of $8,500,000. of which $500,000 is to be issued to the holders of the bonds
of the Suburban Ry. 4900,000 to the holders of the bonds of the United
Traction & Electric Co., $6,600,000 to the present stockholders, $506,000
to the New York New Haven & Hartford RR. Co.
-Fixed charges would total 1734,680. as follows:
Fixed Charges.
$70,000
For the new money prior lien bonds, 7% on $1,000,000
80.000
For the 4% prior lien bonds (Suburban),4% on $2,000,000---100,000
For the gen. mtge. bonds (suburban). $2,500,000 at 4%
430,000
For the gen. mtge. bonds (traction), $8,600,000 at 5%
54,680
Sinking fund, after first year, estimated
To Forego Defaulted Interest, elc.-The holders of the traction bonds and
the suburban bonds agree to forego the defaulted interest on their bonds to
the amount of $1,200,000. In addition to this the holders of the traction
and suburban bonds cut their principal $1,400,000 and receive $1,400,000
In Common stock.
The stockholders without the obligation to put up any new money, are
subject to a reduction of less than 20% of their present stock holdings.
Arrangements have been made by which the new corporation will be able
to obtain the $1.000,000 new money required.
In the management of the corporation will be included representatives
of the different classes of security holders and representatives of the public.
Compare receivers' plan of reorganization In V. 110, P. 971,_1089._
Rhode Island Suburban Ry.-Reorganization Plan.
-V. 110. P. 971. 262.
See Rhode Island Co. above.
-Notes
Richland Public Service Co., Mansfield, 0.
-Ames,Emerich & Co., New York, &c., are offering
Offered.
at 98M and int., yielding 7.80% by advertisement on another
-Year 7% Secured gold notes.
Page, $850,000 2
Dated March 15 1920. Due March 15 1922. Int. payable M. & S.
at Union Trust Co., Chicago, trustee, without any deduction for normal
Federal income tax up to 2%. Denom. $100, $500 and $1,000. Red.
upon 28 days notice on the 15th day of any month on or pier to March 15
1921, at 102 and int. and thereafter before maturity at 101 and int.
Data from Letter of President Henry L. Doherty March 12 1920.
-A subsidiary of Cities Service Co., owns or controls and
Company.
operates the only electric light, power and street railway system in Mansfield, Ohio, the interurban railway between Mansfield and Shelby, and a
gas distribution system supplying natural gas, principally for domestic
use, in Mansfield, and is also furnishing electric current to the local company
Pt Ashland for distribution by it. Population served, about 43,000.
Authorized. Outstanding.
Capitalization after this FinancingCapital stock (all owned by Cities Service Co.)___ $3,200,000 $3,200,000
200,000
Citizens Bloc. By., Lt. & Pow. Co. 1st M.5s 1923.. Closed
742,000
8,000,000
First & Refunding 5s, due Oct. 31 1937
32.000
7% Car Trust Notes, due serially up to Nov. 1 1923 Closed
850,000
2
-year 7% Secured gold notes, due Mar. 1 1922 1,500,000
Earnings &Expensesfor Year ended Dec.31 1919.
$108,840
$893,428 lint., incl. this issue
Gross earnings
115,775
224,616 Balance
Net, after maint. & taxes
Approximately 73% of the revenues are derived from the sale of electric
light and power.
Security.
-Secured by deposit with the trustee of $2,000,000 First &
Refunding Mortgage Sinking Fund 5s.
-Operates under franchises which are without burdensome
Franchises.
restrictions and which either are without time limit or expire well beyond
-V. 110, IL 168.
the maturity of these notes.
1189
After ten years the franchise may be extended, or the city may purchase outright, or by gradual accumulation of an amortization fund, by
making a small addition to each car fare, so that the expiration "the
25-year grant the car riders will have paid for the street railway system
and it will become the property of the city. (11) Company financing is
-maintenance and repair, deprefacilitated by provisions for three funds
ciation and sinking funds. Sinking fund is to be created by setting aside
each year out of proceeas of operation, an amount equal to 1%% of the
capital value, until an amount equal to 20% of capitalization is accumulated. This shall be invested in bonds of the company, to be held by City
Sinking Fund Trustees and become property of the city. These bonds,
however, shall be junior securities, payable after all other stocks and bonds
have been liquidated. In event of city purchase of car lines, purchase
price is reduced by amount of bonds held in sinking fund.
The proposed ordinance was to be submitted to the voters on April 27,
but owing to the objection to some of its features by Henry L. Doherty,
Its submission to the voters has been delayed probably until Aug. lit.
Judge Killits, however, has ordered the company and W.L. Milner, Chair..
man of the Service-at-Cost Commissioners to have all proposed modifications submitted to him not later than April 3.
A Toledo dispatch on March 16 states that the Ohio State Supreme Court
handed down a decision holding that Ohio municipalities may issue general
credit bonds to purchase street railway systems. The decision was rendered in a friendly suit to determine the authority of the city of Toledo to
-V. 110, p. 659.
bond itself to purchase the Toledo street car system.
-Plan Approved.
United Railroads of San Francisco.
The California RR. Commission, it is reported, has approved the plan
of reorganization. See V. 109, p. 1610; V. 110, p. 262.
•
-Reorganization Plan.
United Traction & Electric Co.
-V. 110, p. 972.
See Rhode Island Co. above.
-Div. Revised.
Wash. Balt. 8s Annapolis El. RR.
A quarterly dividend of 1% has been declared on the common stock.
payable April 1 to holders of record March 20.
Dividend Record of Common Shares.
Jan. 1919. A r. 19'to Oct.'19. Jan.'20. April'20.
Oct.'17. 1918.
1%
13.4%
0
3% 8 (2% gu.) 7X lib. bds. 8 p. a. (2% qu.)
and V. 109, p. 2358.
-V.110. p. 1090
-Sold.
Virginia Traction its Electric Co.
West
underG. H. Walbridge, New York, purchased for 8740,000, subject to
Mr.
on
lying mortgages, the entire property at receiver's sale 6%March 16. prinnotes, the
of the committee for the 2-yr.
Walbrdge is chairman
cipal of which was defaulted May 1 1919.-V. 110, p. 972.
INDUSTRIAL AND MIbCELLANEOUS.
-$2,000,000 10Air Reduction Co., Inc., N. Y. City.
Year 7% Debentures Offered to Stockholders-Underwritten.
pro
to
The stockholders of record March 6 are given the right S. subscribe
Gold Deb.
Cony.
rata on or before April 1 for $2,000,000 10-year 7% of bonds. F.
Each stock$97 for each $100 face value
bonds, Series "A," at
in bonds
holder will thus bo entitled to subscribe at said price for $13.20
for each share of the Common stock.
amounts of $100 or multiples thereof.
Warrants will be issued only for
fractional warrants,
Fractional warrants will be issued which, with other or multiples thereof.
may be exchanged for full warrants in amounts of $100
&
York funds
Subscriptions must be made in full in New o'clock p. m.to Mechanics
on April 1 1920.
Metals National Bank, N. Y. City., before 3 been underwritten by Lee.
bonds has
-This issue of
Underwritten.
Higginson & Co. and Potter Bros. & Co., New York.
6 1920.
Data from Letter of Pres. A. S. Blagden, New York, March
Int.
-To be dated April 11920; due April 11930. may
Description of Bonds.
income tax which
payable A. & 0. without deduction for any Federal $1,000 and $100 (c*).
t.deductible at the source up to 2%. Dcnom.
be
St. Louis-San Francisco Ry.-Interes
N. Y. trustee. Red. all or part and
The company has declared the interest on the Cumul. Adjustment bonds Mechanics & Metals National Bank,
thereafter at 105 until
for the 6 months ending Dec. 31 at the rate of 6% p. a. Payment will be callable for sinking fund at 1073.4 until April 11922;
thereafter at 1023.4 auntil April 1 1928, and thereafter at
made April 1 at the office of the company, 120 Broadway, New York. April 1 1925;
and until Oct. 1 1929,
101 and int. Convertible on and after April 1 1922
-V. 110, p. 971, 872.
for each
one
Into Common stock without par value at rate ofand share of stock
int.), the privilege of
of
-To Sell Part of Road.&c. $62 50 of principal (with adjustmentthe dim of first publication of any
Shore Line Electric Ry., Conn.
date
days after
Receiver Robert W. Perkins has applied to the Superior Court for per- conversion continuing 30semi-annually sinking fund of $50,000 commences
mission to sell so-called deadweight sections of the road connecting the notice of redemption. A
or redemption
principal towns along tho Connecticut shore, from the Rhode Island lino April 1 1922 (first payment Oct. 1 1922) for the purchase
remain alive and
to the city of Now Haven and from New London northward through the at not exceeding redemption price of bonds, which will
to the sinking fund.
the interest added
eastern section of the State to the Massachusetts line.
expenditures
-Proceeds will be used to reimburse company forit to develop
Purpose.
The company, which had planned to turn back to the Connecticut Co
enable
the New London and other lines operated under lease, will continue to run already incurred, and to establish cash balance to
fields.
the lines indefinitely, this In accordance with the wishes of the Connecticut along its present lines or in new
Authorized. Outstanding.
Co. This permission was granted by Judge John 1'. Kellogg in the Superior
Capitalization after this Financing$4,000,000 $2,000,000
Court in New London, who passed an order approving of the extension of 10
-year 7% Cony. S. F. gold debentures
293,334 sh. 152,329.2sh.
the agreement made by Robert W. Perkins, Receiver, with the Connec- Common stock (without par value)
manufacturticut Co. regarding the annulment of its lease of the local linos.
History.-Incorp. Nov. 25 1915 in New York. Company'sPa.; Boston,
The Court recently passed an order terminating the lease and authorizing
follows: (a) Oxygen Plants: Bethlehem,
the delivery of the property to the Connecticut Co. See V. 110,P. 168,971. ing plants are as N. Y.; Buffalo, N. Y.; Chicago, Ill.; Cleveland, Ohio;
Mass.; Brooklyn,
Cal. (San
Coatesville, Pa.; Defiance, Ohio; Detroit, Mich.; Emeryville,
-Directors.
Spokane & Eastern Ry. & Power Co.
Minn.;
Francisco); Jersey City, N. J.; Johnstown, Pa.; Minneapolis,
-V. 110, p. 563.
See Spokane & Inland Empire RR. below.
Pa.; Richmond,
Oklahoma City, Okla.; Philadelphia, Pa.; Pittsburgh,
Seattle, Wash.; St. Louis, Mo. (b) Acetylene Plants: Atlanta, Ga.;
Va.;
-Sale Confirmed.
Spokane 8s Inland Empire RR.
Buffalo, N. Y.; Camden, N. J.; Chicago, Ill.; Detroit,
The Federal Court at Tacoma, Wash., has approved the sale under fore- Boston, Mass.;City, Mo.; Madison, Ill.; Minneapolis, Minn.; Richmond.
Mich.; Kansas
closure of the properties of the company to the Spokane & Eastern By.
Va.; Warren, Ohio.
Power Co. and the Inland Empire RR. as stated in V. 110, p. 563.
Business.-PrIncipal activities are the manufacture and sale of oxygen,
The directors of both companies are: George H. Taylor, Pres.; Albert
and other gases, and oxy-acetylene cutting and welding
W. 'Terris, Chester Corey, Chester A. Cook, Holmes Forsyth, Chicago: acetylene, nitrogenprincipal users of the products are the steel manufacThe
E. D. Adler, John 0. Partridge, Milwaukee; F. E. Connors, Vice-Pros. equipment. foundries, railroads, shipyards, automobile manufacturers,
turers and
& Gen. Mgr., and Waldo G. Paine, Vice-Pros., Spokane, with Elmo
repair shops and garages.
Edwards, Soc.-V. 110, p. 563.
-Since Nov. 1 1916 company has shown total net earnings of
Earnings.
$541,000
more than $2,500,000 after doprec. charges and also after charging
- to profit and loss, as an amortization of war facilities. These earnings are
-Foreclosure Proceedings.
Tenn. tic No. Carolina RR.
According to a report from Asheville, N. C. the Centrat Bank & Trust equal to an annual average of over 53.4 times the interest requirements on
Co. of that city has filed a petition in the U. S. Court asking that the the present issue of $2,000,000 debenture bonds.
in July
railroad be sold under foreclosure proceedings. The mortgages amounts
The last of the company's war contracts was completely settled
all war facilities were
to $750,000.-V. 110, p. 6
63!
1919 and the last charges for the amortization of earnings have been in
Aug. 1 1919 to Dec. 31 1919
- then made. From earnings for similar periods during the war. The
-Summary of Car Ordinance.
Toledo Rys. 8t Light Co.
excess of the average
A summary of the important points of the ordinance, as transmitted from earnings for the month of Jan. 1920 show an increase of more than 20%
to Judge Killits, as given by tho "Toledo over the average earnings of the last 5 months of 1919.
the Sevice-at-Cost Commission
-The Common stock was put on a dividend paying
Blade, follows:
Dividend Record.
(1) Proposed grant is for 25 years. (2) A new corporation to be known basis of II per share, quarterly, on July 15 1917, which rate has been
as Toledo Street By. Is to be organized to take over and operate the street maintained up to and including April 15 1920. An extra dividend of 50c.
railway system independently of the lighting, heating and power business per share was paid Oct. 15 1919 in Liberty bonds.
of the Rail-Light. (3) Valuation of street railway system is fixed at $7,111,Balance Sheet as of Dec. 31 1919.
336. (4) Company bonds to bear 6% interest, with 4% call premium.
I Liabilities
AssetsDividends on stock 7%, with 8% call premium. Return to company is
$7,436,572
(less deP)$5,400,824 j *Capital & surplus
these rates, except that whenever the rate of fare is Land,bldgs.,&c.,
limited absolutely to
365,000
62,780 Accounts payable
in sub. cos__
reduced X cent, the div. on stock is increased X of 1%. (5) Initial faro Investments
600,000
payable banks
rate is to be 6 cents, with ono cent for transfer. Possible maximum fare Patents & patent rights.._ 901,397 Notes
51,740
,
of control of three Cash1 ivs. payable(Jan. 15'20)
rate, 7 cents, with one cent for transfer. (6) Board
106,370
xReserves for taxes, &c
members, to be appointed by the Mayor and to servo without compensation Notes & accts. receivable_ 95§,382
796,162
capacity to the Council and City Transportation Com- Inventories at cost &c._ _ _ _
In an advisory
$8,659,682
15,868 Total (each side)
missioner. Office of City Transportation Commissioner is created, to be Prepaid insurance,
filled by appointment by the Mayor. (7) Board of Control is to plan re* Authorized Common stock (no par value), 258,320 sh.; issued, 151,a crosstown line, all subarrangement of tho street car system, to include
Federal taxes, estimated at $125,ject to approval of Council. Company is to provide $1,000,000 to pay cost. 743.6. x No provision is made for 1919 to be awarded to certain of the
additional
(8) Disagreements between company and city to be submittea to arbitration. 000; nor for the employees,compensation compensation when awarded will
as additional
company's 1919
(9) The following provisions of the ordinance are fixed definitely with
share.
treasury stock at $50
provision that they shall not be subjects of arbitration: Valuation of be used to purchase Adams, Chairman; F. per Allen, A. S. Blagden (Pres.).
W.
-F. B.
Directors.
the street railway property, rate of return to the company city's right to
A.
Cary. W. T. P. Hollingsworth, Henry R. Hoyt. L. F. Loree, P. R.
control service, automatically increase or decrease fare rate, provision by Guy
A.
M. W. Randall (Sec.),
the company of $1,000,000 for extensions, $500,000 for betterments and Ludlow (Vice-Pros.), Samuel F. Pryor, Albany, N. Y.; Paul Delorne
Rockefeller, New York; Robert C. Pruyn,
$400,000 for a stabilizing fund. To the stabilizing fund there shall be
Paris.
-V.108, p. 785; V. 110, p. 360, 765.
added monthly the net profits of operation. Or it may be drawn upon to and Edmond Deschars,
make up deficits in the return to the company. When the fund reaches
-Permanent Bonds Ready.
Allied Packers, Inc.
$500,000, car fares shall be reduced automatically; when it falls to $300,000
-year convertible sinking fund
The permanent coupon bonds of the 20
fares shall be increased. (10) City reserves right to purchase car lines at
for temporary
Right to lease also is reserved 6% debenture issue are now ready for delivery in exchange 466, 1090.
any time on six months' notice to company.
-V. 110, p.
bonds at the Equitable Trust Co. of New York.
by the city.
1190
THE CHRONICLE
[VOL. 110.
Amalgamated Leather Cos., Inc.
-Dividends.
The directors of this company
British Columbia Fishing & Packing Co.
, formerly the F. Blumenthal Co., have
-Earnings.
declared the regular quarterly dividends
1919.
1918.
on the Preferred, both payable April 1 of $1 on the Common and $1.75 Net profits
to
$319,206
$435,360
Initial dividends of like amounts were paid holders of record March 20. Balance after charges
on the Common and Preferred Net working capital
$26,107
$104,070
stocks in January last.
-V. 109. p. 2441.
$1,878,227 $1,696,080
-V. 105, P. 2000.
American Metal Co., Ltd.
-To Issue $7,000,000 Capital
.
The company will increase its outstanding capital
stock from $7,000,000
to $14,000,000 by the issuance of
stockholders of record March 15. 70,000 shares of stock at $100 a share to
The new shares will be offered at par to
stockholders and all shareholders will take their
authorized capital of the company is $25,000, pro rata allotment. The
000.
The "Boston News Bureau" says in substance:
acquired a 20% interest in the company, which "Ludwig Vogelstein has
recently took over his
firm's metal business. The interest of Mr. Vogelstei
n in his former competitor was secured through participation in
the
syndicate which paid $5,750,904 for 34.644 sharesC. D. Barney & Co.
($166 a share) being
the German holdings seized and sold
todian, The Cerro de Pasco Copperat auction by the Alien Property CusCorp., at the
shares, while the original interests in the company same time, took 4,500
added to their holdings.
These new interests, members of the syndicate have
Metal Co.. the number of shares held being as shown.entered the American
stein, 14,000; Cerro de Pasco, 4,500; L. T. Haggin, viz.: Ludwig Vogel
1,000; E. H. Clark,
attorney, 1,500; C. V. Drew, 200; J. Horace Harding,
1,000; H. C. Frick
estate, 1,000: Jay Cooke, 244; C. D. Barney &
The outstanding 70,000 shares of American Co., 1,200.
held as follows: H. Ft. Merton & Co., 16,736 Metal Co. were originally
34,644 (49%); American held, 18,620 (27%)• (24%); German holdings.
When the Allen Property Custodia
formed a five-year voting trust. Into n took over the German stock he
and all but 200 of the .American held this was deposited the seized shares
shares. The total
53,064 or 75% of the outstanding amount. The Britishnow in trust is
Henry R. Merton & Co. and associates has not entered stock held by
the voting trust
agreement.
Voting Trustees.
-F. L. Crocker, C. B. deCamp, J.
stein, Henry Morgenthau, Joseph F. Guffey and B. P. Grier, L. VogelHochschild.-V. 110,
IL 80.
California Packing Corp.-Pref. Stock Conversion.
-
It is officially announced that
ately 92%
has been deposited for conversionapproximCommon of the Preferred stock
into the
which expired Mar. 2, gave the holders the right shares. This privilege,
to receive
shares of
the Common for every share of Preferred. The outstand
ing Pref. stock
will be redeemed on Apr. 1 at 115 and div.-V.
110, r.• 873.
Calumet & Hecla Mining Co.
-Production.
-
Output (in Pounds)February 1920
February 1919
2 months in 1920
2 months in 1919
-V. 110, p. 766, 1091.
Cal. & Hecla. Subsidiaries.
4,951,313
3,708,739
5,495.987
4,658,781
10,413,533
7,837,190
11,084,038
10,856,230
Total.
8.660,052
10,154,768
18,250,723
21,940,268
Canadian Collieries (Dunsmuir), Ltd.-Reorg. Plan.
The shareholders have confirmed the reorganiz
favorably on the other provisions as detailed briefly ation plan and voted
in V. 110, p. 362.
(J. I.) Case Plow Works.
-Sales.
-
Bales from July 1 1919 to Feb. 11920, it is announc
ed,
compared with $3,519,539 for the corresponding period were $9,232,823,
of the year before.
-V. 109, p. 1528.
Castle Kid Co., Inc.
-Dividend No. 2.
The regular quarterly dividend of 2%
Prof. stock, payable Apr. 1 to holders of has been declared on the Cumul.
record Mar. 20. An initial dividend of 2% was paid in Jan. last.
-V. 109, p. 2359.
Cement Securities Co.
-Stock Dividen
Boettcher, Porter & Co., Denver, In January last d.
ing the stock then quoted in market to yield on 9% In circular recommenddiva, at about 7.56%.
reported:stock authorized, $10,000,000;
a director,
$8,700,000; par,$100.
-J. Dividend payments: 1912, 3%;
directorate from 11 to 12 membera.-^-77110 'n 2 thereby increasing the Dividends Q.
outstanding.
61. 1086.
1915 43%; 1916, quarterly as follows: 114%, 1913 and 1914, 4% each;
1%
regular, plus 1% extra, or a total of 7%% in 1916: %, 134% and 134%
American Steel Foundries.
1917, 1%% quarterly
-Common
- regular, plus 3(% quarterly extra, plus 1% additional Xmas dividend, or a
The shareholders voted March 18 to increase theStock Increased.
total of 9%
°
515,000 shares of $33 33 1-3 each to 750,000 shares. Common stock from eral years in 1917, 1918 and 1919. The earnings for each of the last sevSee V. 110, p. 1079.
have been largely. In excess of
dividend payments, thereby
1090, 563.
adding to the surplus. See also V. 108,the 383.
p.
American Ship & Commerce Corp.
-New Director.Spruille Braden has been elected
American Stores Co.
-Initial Dividend.
-
An initial dividend of $1 per share has been declared
stock, payable April 1 to stock of record Ma h 20.-V. on the common
110, P. 765.
American Sugar Refining Co.
-New
Director.
George F. Baker Jr. succeeds as a director Nathan
C. Kingsbury;deceased.-V. 110, p. 660, 1081.
American Surety Co.
-Dividend Increased.
--
A regular quarterly dividend of 234% has been declared, placing
on a 10% p. a. basis, payable March 31 to holders of record the stock
March 20.
-V.109, p. 2358.
American Window Glass Machine Co.
-Divid
end.
A dividend of3% has been declared on the Common stock,
payable April 1
to holders of record March 12. It is
distribution, but in Pittsburgh it is not stated whether this is a quarterly
to have been declared in
accordance with the policy reported insupposed r last
Decembe
for paying quarterly
dividends in 1920 at the rate of 12% p. a.
The initial dividend on the Com. shares, 10%, was paid
in June 1918.
Subsequent distributions were: 5% in Oct. 1918, and
both paid in 44% U. S. Liberty bonds, and 5% in cash7% In June 1919
paid In Jan. last.
-V. 110. p. 467.
Barnsdall Corporation.
-New Stock Offered
Central Union Telephone Co.
-Merg
er Order
See Indianapolis Telephone Co. below.
-V. 110, p. 661.
Upheld.
-
Charlestown (Mass.) Gas & Electric Light Co.
-Stock
.
The Mass, P. Utilities Department has authoriz
ed the Company
to issue 2,000 shares of stock cpar $50) at
improvements in the company a property. $82.50; proceeds to be used for
-V. 109, p. 479.
Chicago Pneumatic Tool Co.
-Annual Report.
-
Results for Cal. Years- 1919.
1918.
1917.
1916.
Gross earnings
*$2,271,215 $1,675.059 $2,006,372 $1,577,980
Miscellaneous income..._
28,324
73,017
Total income
$2,299,539
Deprec.,extror. loss.,&c. x1,095,271 $1,748,076 $2,006,372 $1,577,980
872,414
665,256
455,182
Bond,&c., interest
547,216
308,667
121,725
119,375
Sinking fund
168,000
31,162
50,000
50,000
Dividends
(634 %)419,172 (6)386,928 (4)257,952 (4)257,952
Balance, surplus
$69,879
$148,906
$911,438
$695,471
* After providing for depreciation, $376,427, and for Federal
x In 1919 amount duo to sales of inventories and plant of taxes.
the motor
truck department.
The dividend rate was increased from 4% to 6% in April
1918 and from
6% to 8% (2% quarterly) in Jan. 1920. Stockholders of record
Dec. 19
1019 were allowed to subscribegor 100% new
amount outstanding to $12,897,600 on Jan. stock at par, increasing the
20 1920; total authorized,
$13,000,000.-V. 110, p. 264.
, &c.
The stockholders voted Feb. 20 to increase
000,000 to $30,000,000, divided into 600,000 the capital stock from $14,Class "A" voting
stock, par $25, and 600.000 shares Class 'B"shares ofng
non-voti stock, par $25.
equal in value in respect to principal and participation
and profits.
The stockholders of record March 31 are given the
right
Chicago Ry. Equipment Co.
or before April 15, for 40,000 shares of Class "B" stock to subscribe, on
-Annual Report.
at
on a basis of one share of the new stock for each 13 shares $35 per share,
Balance Sheet December 31.
held.
The dividend rate was increased from 6% to 10%
per annum by the
1919.
1918.
declaration of a dividend of
1919.
1918.
payable April 15 to stock of record
Assets$
$
LiabilitiesMarch 31. See annual report23%.
$
under ''lleports and Documents" on a subse- Property
$
1,299,454 2,160,208 Capital stock__2,993.760
quent page.
-V. 110, p. 1091.
2,991,800
Good-will, patCurrent liabilitients, &c
793,225 793,225
Barrett Company.
ties
-Report
306,306 800,417
-Acquires Property
Inventories
1,236,359 1,021,216 Reserves
For annual report see a preceding page.
163,439 914,550
Investments_ _ _
1,176
1,176 General reserves 1,500,000 750,000
The company recently headed a syndicate
666,900 624,616 Surplus
Nos. 26 to 38 Rector St.. 94 to 102'Washingwhich acquired the property at Liberty bonds
632,456 897,481
ton St. and 57 to 61 West St., Accts.. bills rec.
New York, on which, it is stated, it will erect a 16
-story building to be
and cash
1,598,490 1,750,723 Total each sido_5,595,960
occupied partly for its own use.
-V. 109. p. 2265.
6,354,248
Deferred charges
357
3,084
-V.109, p. 2359.
Bartlesville Gas & Elec. Co.
-New Co.
-Exchange of Bds.
See Bartlesville Interurban Ry. under "Railroads" above.
Chino Copper Co.
-Production (in Pounds).
1920
-Feb.
-1919.
Decrease., 1920-2 Mos.-1910,
Beaver Board Companies.
Decrease.
-Dividends.
3,176,489
3.552,676
376,18716,258,420
7,793,676
The directors have declared the regular quarterly dividend
1,535,250
-V. 110, p. 80, 874.
at the rate of
7% p, a, on the first Pref. stock and 6% p. a. on
the second Pref. stcok,
payable quarterly on April 1st, July 1st,
Cities Service Co.
-Dividends.
1921 to stockholders of record March 15, October 1st 1920, and Jan. 1st
The company has declared the regular monthly cash dividend
June 15, Sept. 15 and Dec. 15
1920, respectively. Also a dividend of $1.00 per share
s of 14 of
upon the Common 1% on the Common, Preferred and Preference B stocks, and the usual
stock, payable on April 1 to holders of record March
15.-V. 109. p. 2173, monthly dividend of 1%% in Common stock on the Common stock, all
1369.
payable May 1 to holders of record April 15.
The thirteenth monthly distribution of
Bethlehem Steel Corp.
-Bonds Called.
shares, payable Apr. I to holders of recordCities Service Co. bankers'
Mar. 15 will be 50.25c. a
Forty-eight ($48,000) Penn-Mary Coal
bankers' share.
First
1939, have been drawn for redemption at Co. and Mtge. 5% bonds, due
The number of holders of bankers' shares to
101
int., payable April 1 at
the Girard Trust Co., Phila.-V. 110, P. 463.
tion has been made was 6,994, compared withwhom the March distribu467.
1060 holders Apr. 1 1019
when the initial distribution was paid.
(E. W.) Bliss Co., Brooklyn.
Holders of Series C 7% Convertible Gold Debentures have received
-Earnings.
Calendar Years1919.
privilege of converting 10% of their holdings as of March I into stock. the
1918.
1917.
1916.
*Net earnings
The
$1,855,524 $1,271,353 $2,339,925 $10,565,321 conversion may be made April 1 or the first day of any month
Preferred dividends(8%)
thereafter.
100,000
100,000
100,000
100,000 -V. 110, p. 766, 874.
Common dividends
(45)562,500(37.0468,750 (50)625,000327.'4093750
Com. divs. in Lib. bonds
Cleveland-Akron Bag Co.
(10)125,0J0
-Stock Dividend.
The Cleveland "Plain Dealer" March 12 says: "The directors
4577,603 $1,614,295 $6,371,571 11 declared a 50% dividend payable in stock April 3 to holders on March
Sur bonds retired '193'024
Premium onplus"
of record
74,880 March 20. Payment will be made through the Superior Savings & Trust
egistrar. This will leave outstanding on April 3 44,250 shares
Balance, surplus
of
$1,193,024
par
$577,603 $1,614,295 116,296,691 Co.,'value $100 each and an undivided surplus In the
Total surplus
$17,274,080 $16,131,878 $15,336,134 $13,721.839 as of Dec. 311019,it was officially stated on March company of $1,674,896
11.-V.106, p. 399.
Computing-Tabulating-Recording-Co., New York,
After depreciation and Federal taxes.
-V. 110, p. 361.
Boston Woven Hose & Rubber Co.
-Dividend
.9Tucker. Hayes & Bartholomew, Boston, who are prepared Record.
to buy and
Recapitalization Plan-To Offer Additional Stock to Stockholders.
The stockholders voted March 16 (a) to
stock from 120,00J shares of $100 par value tochange tho authorized capital
200,000 shares of no
sell rights,supplies the following record of dividend
s paid since 1910 which (6) to exchange the present outstanding 104,827 shares of $100 par value;
approximates about $500 per share or at yearly rate of $50
par value
for the same number of shares of no par value;(c) to offer to the
per share.
stockholders
1910.
the privilege of purchasing additional stock In proportion to their
1911..
1912.
1913.
1914.
1915.
1916-20. at such times and
Regular _
8%
10%.
10%
on such terms and prices as the directors shallholdings
12% 12%
12%
12% yrlY number of shares
Extra
2%
___25%
____
to be offered during 1920 not to exceed 26,206 fix; the
60%
shares,
The bankers state: The present level of rights 25% secure
or 25% of the present outstanding stock.
would
stock
$200, whereas the stock was freely traded in at $250 a month at under
John 11. Stanchfield has been elected a director to succeed
ago.
-V. Buys, retired. Compare
Alfred De
110. p. 1091. 661.
V. 110, P. 973.
British-American Tobacco
Consolidated Cigar Corp.
-Initial Dividend.
Cu., Ltd.
-Dividends.
An initial dividend of $1 50 per share has been declared The directors have declared a second
on the Common
shares for the year from Oct. 1. 1919 to interim dividend on the ordinary stock, 90,000 shares no par value, payable April 15 to holders of record
Sept. 10 1920 of 6% (being is, April 1. Compare earnings
2 2-5d. per share) free of British income tax, payable March
for 714 months ended Doc. 31 1919 in V. 110.
31 .
p. 1092.
The directors have declared a dividend at the rate
of 5% p. a. on the
Preference shares for the half year from Oct. 1 1919
Consolidated Interstate-Callahan Mining Co.
to
said dividend (less British income tax at the rate of March 31 1920. The
6s. in the i) that is to
The stockholders will vote Apr. 12. on changing the name the company
say 4 1-5d, per share net, Is payable on March 31.-Y..
of
to Callahan Zino-Lead Co.
110, p. 972.
-V. 110, P. 973.
-Earns.
Consolidation Coal Co. (of Md.), Baltimore.
Calendar YearsTotal earnings
Operating expenses, &c
Depreciation
Depletion
Interest on funded debt, &c
Federal taxes
Dividends
Balance, surplus
Profit and loss surplus
-V. 110, p. 363.
1917.
1918.
1919.
$23,507,556 $26,148,895 $26,113,204
17,357,856 17,641,497 13,320,855
953,531
919,717
1,170,563
501,858
432,512
393,592
1,334.670
1,375.668
1,398,173
1,491,067
770,800
178,094
(6%)2,411,854 (6)2,410,046 (9)3,121.290
$5,974,424 $2,598,645 $5,389,933
$56.923,728 $52.193.517 $55,023,137
Cumberland Pipe Line Co. (Inc.).-Deprec. Account.
There has been added to the depreciation account for the calendar year
1919 a further sum amounting to $128,986, and accordingly the report
of the company conditioned at Dec.31 1919 has been adjusted by reducing
the profit and loss account to $1,394,891 and Increasing the depreciation
account to $906,159. See V. 110, p. 662.
-50% Stock Dividend.
Crucible Steel Co. of America.
A dividend of 50% in Common stock was declared on Mar.16
on the $25,0W,000 outstanding Common shares, payable
together with the regular quarterly dividend of 3% cash,
April 30 to holders of record April 15. This will increase
the outstanding Common stock $37,500,000. Compare
official forecast of this action in V. 110, p. 468, 767; V. 109,
p. 1789.
-Dividends Resumed.
Daly-West Mining Co.
A dividend of 15c. a share has been declared on the stock, payable Apr. 1
to holders of record Mar. 20.
Jan. '13.
Previous Dividcnds(None since).
1912.
1008-'11.
1907.
1902-'06.
of 1%
6%
i
,
43 % each
1387.1034 7.
-West
-Notes Sold.
Denver Gas & Electric Light Co.
& Co., Phila. and N. Y., announce the sale at 98 and int.,
to yield Over 8%, by advertisement on another page, of
$2,000,000 Two-Year 7% Collateral Secured notes, dated
March 1 1920, due March 1 1922.
Interest payable M. & S. without deduction of normal Federal income
tax not to exceed 27.. Pennsylvania State tax of 4 mills refunded. Denom. $1,000 (c5). Colonial Trust Co. of Phila., trustee. Callable at 101
and int. on 60 days' notice.
Data from Letter of Pres. Frank W. Frueauff, Denver, March 4 1920.
-Incorporated in Colorado in 1909, acquiring properties and
Company.
franchises of Denver Gas & Electric Co., Lacombe Electric Co., Denver
City Steam Heating Co. and Denver Highlands Electric Co. Supplies
electric light and power, artificial gas and central station steam-heating
service in Denver without competition. In addition, sells electric energy
at wholesale for distribution in suburbs of Englewood, Golden, Littleton,
Petersburg, Arvada, Sheridan, Fort Logan, Aurora and Edgewater. Central station steam-heating service is supplied to the business district
of Denver.
Authorized. Outstand'g.
Capitalization and Funded DebtDenver Gas & Elec. Co. General(now First) 5s,'49_38,000,000 x$6,458,350
25,000.000 x5,372,000
First and Refunding 5s. 1061
900.000
Closed
Lacombe Electric Co. 5s, due 1921
2,000,000 2,000,000
Two-year 7% notes (this issue)
1,217,800
5,000,000
6% Prof. stock
Common stock (all except directors' shares owned _ _
10,000,000 10,000,000
by Cities Service Co.)
x Does not include bonds deposited as collateral to secure notes.
Years Ending December 31.
Earnings
1910.
1912.
1914.
1916.
1918.
1919.
$
$
Gross
4,316.060 3,667,614 3,228,666 3,140,965 3,164,774 2,608,269
Not,aft. tax 1,726,196 1,461,867 1,523,732 1,423,219 1,375,199 1,149,254
Interest charges, including interest on above note issue, $776,518.
Balance over interest charges, $949,678.
Security.
-Secured by deposit with trustee of(a) $935,000 Denver Gas &
Electric Co. General (now First) 5s, 1949: (b) $2.720,000 Denver Gas &
Electric Light Co. First & Refunding 5s, 1951.
-Company owns and operates central electric generating staProperty.
tions with installed capacity of 27,000 k.w., and under favorable contracts
purchases a maximum amount of 15,000 k.w.of energy from Colorado Power
Co. Company has 6 miles of high-tension transmission lines and 644
miles of distribution lines.
The artificial gas department comprises coal and water gas equipment
capable of producing 10,640,000 cu. ft. of gas daily. Holder capacity is
1,570,000 cu. ft.; miles of mains, 382.
During the last two years the number of connected electric meters has
increased from 46,223 to 52,594, and the connected gas meters from 44,995
to 49,763.
-Company has numerous franchises, several of which for
Franchises.
electric service are unlimited. An ordinance passed in 1906 extended the
gas franchise to 1926. About 757 of the revenues is derived from the
-V.108, p. 1613; V. 109, p. 176, 274;
electric light and power business.
V. 110, p. 767.
-New Directors.
Dominion Linens, Ltd.
Evan McDonald and Frank J. Russell have been elected directors, suc-V.103, p. 2081.
ceeding P. B. Hayes and the late J. B. Ferguson.
-Dividends.
East Coast Fisheries Co.
The regular quarterly dividend of 17. has been declared on the Common
stock, and the regular quarterly of 14% on the Preferred, both payable
April 1 to holders of record March 27. An initial dividend of 1% was paid
-V. 109. P. 1990.
on the Common stock on January last.
-Dividend.-- •
East Coast Fisheries Products Co.
The regular quarterly dividend of 1 3j% has been declared on the Preferred
stock, payable April 1 to holders of record March 27. An initial dividend
-V. 110, p. 364.
of 1i% was paid in January last.
-Dividend.
Eastern Car Co., Ltd.
A dividend of6% has bean declared on the 3750,000 Prof. stock, clearing
up the deferred dividends, it is understood, to Jan. 11920.
$800,
Previous 1913. 1914. 1915. 1916. 1917. 1918. Apr.'19. July'19.
0
3% None 12%7 1% None
67
67
Divs ..j 37
,000 Common stock is owneoi by Nova Scotia Steel & Coal Co.
The
-V.108, p. 2531.
-New President.
Endicott Johnson Corporation.
George P. Johnson has boon elected President, succeeding the late Henry
B. Endicott, who died in Feb. last. Wendell Endicott has been elected
-V. 110, p. 767, 869.
first Vico-President, succeeding George F. Johnson.
-Annual Report.
Freeport Texas Co.
November 30 Years
-1918.
,479
5311913,336 $4,806,310
Not profit
129,081
128.640
Other income
Total income
Federal taxes
,
Ordinary taxes, depreciation, amortization, &c
Dividends
$1,602,417 $4,934,950
79,193
898,386
1,001,901
840,070
864,013
def.3215,232sr.$3,069.036
Balance def, or surplus
x$4,599,561 $6,984,444
Profit and loss surplus
* After cost of sales and expenses.
x Stated after crediting $4,118 premium for sale of stock and debiting
general, State and corporate taxes, $21,307: Federal taxes, $2,015,032, and
adjustments. 3137.430.-V. 110, p. 469.
1191
THE CHRONICLE
MAR. 20 1920.]
-To Issue Stock for Stock of
Federal Telegraph Co.
-Poulson Wireless Corp.
See Poulsen Wireless Corp. below and in V. 110, p. 1094.
-To Pay Notes.
Gaston, Williams & Wigmore, Inc.
The $1,000.000 Serial 6% notes, due April 15 1920. we learn, will be paid
-V. 109, p. 1613.
off at maturity, at Guaranty Trust Co.. New York.
-Stock Dividend.
General Chemical Co.
The company on March 19 declared a stock dividend of 207 in Common
stock, payable May 1 to common stockholders of record March 31.V. 110, p. 557.
-Leases, Plant.
-Capital Increased.
General Electric Co.
-The stockholders voted Mar. 16 to increase the authorized
capital stock from $125,000,000 to $175,000,000.
The directors have authorized the issue of new stock for subscription by
the stockholders on the baiss of one new share for each 10 shares outstanding
at $125 per share. The right to subscribe will accrue to stockholders of
record April 6 1920, and will expire on May 20 1920, and payment for the
new stock must be made on or before that date. Subscriptions will be
received for full shares only, and warrants for fractions of shares will be
exchangeable for stock only when presented with amounts equivalent to
full shares.
The company has announced that it has acquired under lease, with option
to purchase, the Remington Arms U. M. C. plant of Bridgeport, Conn.,
one of the largest so-called industrial war plants in the country. The
transaction is said to involve more than $7,00(),000. The plant comprises
more than 20 acres of buildings and has a floor space of 1,555,257 sq. ft.
The plant is located on a tract of about 40 acres. It was built in 1915 by
the Remington Co. for s%ar purposes and is now owned by the Bridgeport
Liquidating Corp. (See Remington Arms U. M. C. Co. below.
Statement for Fiscal Year ended Dec. 31.Receipts-.
Sales billed
Cost ofsales
1916.
1917.
1918.
1919.
$230.750,010$216,815,278$196,926,318$134,242,290
197,295,863 188,439,522 167,921,778 118,948,199
$33,454,147 $28,375,756 $29,004,540 $15,294,091
Profit from sales
Interest and discount &
2,022,237
1,851,140
2,280,533
2,343,775
sundry profits
1,844.645
2.325,782 2,661,150
2,887,146
Income from securities
$38,685,068. $32,982,071 $33,516,830 $19,160,973
Total
Deduct
$571,446
$571,645
$571,645
$599,998
Interest on debentures
541.357
1,805,444
Int.& disc, on notes pay. 1,705,565
5,500,000
Excess profits tax (est.).. 11,000,000 13,500,000
Dividends, cash (l3%).._ 9,545,469 9,165,622 8,120,648 8,121,646
(1)1,015,078
do Red Cross
(4%)4,772,981 (4)4,587,398(2)2,030,156
do in stock
Balance, surplus
-V. 110, p. 874.
$11,061,055 $3,351,962 $15,737,946 $10,467,882
-Income Interest.
General Gas & Electric Co.
The directors announce that an interest payment of 1,i7, being at the
-year 7%,
rate of 7% per annum, will be distributed April 1 1920 on the 15
Income bonds for the period of 3 months ending Dec. 311910, on presentation of Coupon No. 1 to the Mercantile Trust Co., 115 Broadway, N. Y.
-v. 110. p. 767, 663.
-Officers.
-Earnings.
General Phonograph Corp.
The net sales for the year 1919 are officially reported as approximately
the Garfield
with net profits of $917,000. In 1918
$7,000,000,the sales were stated as $2,659,428 andexcludingavailable for
the net
Co.,
Mfg.
interest as $226,044. See V. 1109, p. 464.
Bernhard Benson of Merrill, Lynch & Co.,has been elected Vice-President
and director; W. G. Pilgrim, formerly Assistant Secretary, has become
-V.110. p. 974.
Treasurer and Asst. Gen. Mgr.
-New Director.
Giant Portland Cement Co.
Charles J. Rhoads, President of the Central National Bank of Phila., has
been elected a director, succeeding Gerald Ilolsman.-V. 110, p. 663.
-New Director.Great Lakes Dredge & Dock Co.
Thema., F. Keeley has been elected a director to succeed the late John
---V. 110, p. 565. 974.
Corbett.
-Dividend.
Great Northern Iron Ore Properties.
The trustees have declared a dividend of $2, payable April 15 to stock
of record March 29. This compares with previous payments as follows:
1909. 1910. 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919
$4
$4
$1 $1.50 50c. 50c. 50c. 50c. $1.25 $1.50
$1
-V. 109. p. 1277.
-Ratifies Plan.
(B. F.) Goodrich Co., Akron, 0.
The stockholders on Mar. 15 ratified the recapitalization plan which
provides that, (1) authorized Common stock be increased from 600.000
shares of $100 par value to 1,500,000 shares of no par value. Of the new
stock. 600,000 shares will be exchanged share for share,for the old common,
125,000 shares is set aside for sale to employees, 375,000 shares is reserved
for conversion of the notes below, and the remaining 400.0.0 shares is
available for future requirements; (2) there will be issued immediately
$30,000,000 Five-Year 7% Convertible Gold notes, convertible after Apr. I.
1922, into Common stock at 880 a share. These notes have been underwritten by Bankers Tr. Co., Guaranty Tr. Co. and Goldman, Sachs & Co.
For further details, giving description of notes and subscription rights,
see V. 110. p. 767, 875.
B. G. Work has been re-elected President and also elected Chairman of
the board (a new office); E. J. Raymond, Vice-Chairman; W. 0. Arthur.
Asst.-Treas. and 13. I. Montenyohl and L. L. Smith, Asst.-Treas.
The New York Stock Exchange has authorized the listing on and after
March 22, of 600.000 shares of Common stock without noimnal or par value
(of an authorized issue of 1,500,060 shares), on official notice of issuance,
In exchange for 600,000 shares present outstanding Common stock, par
$100.-V. 110, p. 1092, 875.
-Potter
-Bonds Offered.
Habirshaw Electric Cable Co.
Brothers & Co., Now York, are offering at 98 and int. to
-Year S. F. Cony. Gold
yield 7.20% $2,000,000 7% 15
Deb. bonds, series "A" (see advertising pages.)
Dated Mar. 11920. Due Mar. 11935. Int. payable M. & S. in New
York. Denom.$1,000 and $500 (c5). Callable all or part at 110 and int.
to Mar. 11925, thereafter to Mar. 11930, at 107M and int.; thereafter at
105 and int. Convertible into Common stock without par value at the
rate of $100 debentures for 4 shares of Common stock to Mar. 1 1925:
for 3 shares of Common stock thereafter to Mar. 1 1930; for 2 shares of
Common stock thereafter to maturity. Guaranty Trust Co., Now York,
Trustee. Annual Sinking Fund of 39' of the largest amount of debentures
at any time issued will retire at least $60,000 bonds p. a. and an additional
sinking fund of 10% of not earnings after charges is expected to retire a
substantial additional amount annually.
Data from Letter of Pres. J. Nelson Shreve, Dated March 8 1920.
Company.-Incorp. in Deloware to acquire the Capital stock, both Pref.
and Common,of: (1) Habirshaw Electric Cable Co., Inc., Yonkers, N.Y.
which specialized in power and light cables and submarine cables;(2) Electric
Cable Co., Bridgeport, Conn., which specialized on telephone wires; (3)
Bare Wire Co.. Inc., of Yonkers, manufacturer of bare copper wire. The
combined plants have a total floor space of 316,000 sq. ft.
The now company will offer its Prof. stock in exchange for the Prof. stock
of the above three companies on the basis of share for share for Prof. stock
and will offer its Common stock in exchange for the Common stocks of the
two principal companies on a basis which has already been agreed to by
holders of upwards of 90% of Habirshaw Electric Cable Co., Inc., Common
and upwards of 77% of Electric Cable Co. Common. The new company
plans to acquire direct title to the business and assets of the constituent
companies.
The company's customers includes Western Electric Co., Western
Union Telegraph Co., Postal Telegraph & Cable Co., American Telephone
& Telegraph Co.. New York Edison Co., Intorborough Rapid Transit Co.'
1192
THE CHRONICLE
Westinghouse Electric & Mfg. Co., U. S. Government, New York Central
RR., Pennsylvania RR., &c.
Purpose.
-To retire $177,000 bonds of Habirshaw Electric Cable Co.,Inc.,
and to provide additional working capital.
Capitalization Upon Completion of Present Financing and When and if the
Constituent Companies are Consolidated.
•
Authorized.
Outstanding.
7% Sink Fund. Cony. Debs., due 1935_ _$3,000,000
$2,000,000
8% (non-voting) Cum.Pref.stock, par $100 1,350,000
1,340,700
Common stock (no par value)
300,000 shs.
135,000 shs.
Combined Earnings of the Constituent Companies Applicable to Interest
Depreciation and Taxes.
1916.
1917.
1918.
1919.
Sales
$3,597,786 $5,235,513 $6,714,610 $7,413,652
Profits applicable to interest_ 277,723
593.916
476,080
555,194
Depreciation
._
98,140
150,000
120.000
125,000
Federal taxes
52,000
34,500(est.)35,000
For the calendar year 1920, earnings are estimated at $1,300,000, equal
to over 9 times interest requirements on the $2,000,000 debentures, leaving
a balance, after interest ($140000) on these bonds, sinking fund fixed and
contingent $142,500; depreciation, $150,000; Preferred dividends, $108,000,
and taxes Federal and State, $125,000, which is estimated at $4 70 per share
on the 135,000 shares Common stock of no par value, proposed to be issued.
Common Stock.
-The Common stock to be presently issued will have a
book value of $19 75 a share in net tangible assets. Dividends have been
regularly paid on the Common stock of the constituent companies and
it is the expectation of the management that the Common stock of the now
company will be placed on a dividend basis not later than July 1 1920.
Application will be made to list the Common stock on the N. Y. Stock
Exchange.
-V. 110, p. 1092.
Hawaiian Pineapple Co., Ltd.
-Stock Dividend, &c.
-
The directors, it is stated have recommended that a 25% stock dividend
($400,000) be declared, payable Apr. 1 to stock of record Mar. 25. A meeting of saareholders is called for Mar. 15. The company produced 33,000,000 cans in 1919 and made about $1,000,000 profit.
-V. 108, p. 1278.
Heywood Brothers & Wakefield Co. of N. J.
-Balance
Sheet Jan. 1 (Including Subsidiary Companies).
1920.
Assets$
Plant
4,776,111
Investments
923,710
Lib. bds., ctfs.
of indebt. &
W. S. st'ps_ 828,624
Mdse.& suppl. 7,428,517
Cash
1,035,261
Notes receiv'le 158,419
Accts. receiv_ 2,499,099
1919.
1920.
Liabilities$
$
4,636,667 Pref. stock_ __ 4,000,000
1,290,949 Common stock 3,000,000
Accts. payable 405,095
Reserve for depreciation__ 1,135,209
7,313,600 Surplus
9,109,437
487,875
147,106
1,834,740
Total
17,649,742 15,710,937
-V. 108, p. 1940.
Total
1919.
$
4,000,000
3,000,000
241,840
1,135,209
7,333.888
17,649,742 15,710,937
Imperial Tobacco Co. of Canada.-/nterim Dividend.
-
An interim dividend of 1A % has been declared on the Common stock
payable Mar. 30. Like amount was paid in January 1919.-V. 110. p. 81.
Independent Pneumatic Tool Co.
-Extra Dividend.
-
An extra dividend of 5% has been declared in addition to the
dividend of 5%, both payable Apr. 1 to holders of record Mar. 20. regular
Previous Dividends
1917. Jan.-July '18. Oct. '18. Jan.'19. Apr.'19-Jan.'20. Apr.'20
,
5% guar.
I 5 & 5 ex.
5 & ex•i
6%
°
4 . 109, p.111.
[VOL. 110.
Lake Superior Corporation.
-Negotiations Completed
for Full Settlement of Guarantee Defaults.
The "Financial America" of March 18 says in substance: Negotiations
have been completed with the bondholders' committee representing the
Algoma Central & Hudson Bay Ry. and the Algoma Central Terminals,
Ltd., in London, subject to ratification of the above bondholders, in full
settlement and discharge of all default in guarantees given by the Lake
Superior Corp. upon the following terms:
(a) The, present outstanding issues of $10,080,000 Algoma
Hudson Bay Ry. First Mtge. 5%; bonds, fully guaranteed by Central &
the Lake
Superior Corp. as to principal and interest, to be converted into an issue of
$10,080 000 3% bonds guaranteed by the Lake Superior Corp. as to the
first 4,of the principal and as to the first 1% of the annual interest.
(b) The present outstanding issue of $5,000,000 Algoma Central Terminals, Ltd., First Mtge.5% bonds,fully guaranteed by the
Corp. as to prin. and interest, to be converted into an issue Lake Superior
of $5,000,000
5% bonds, guaranteed by the Lake Superior Corp. as to the first 40% of
the principal and as to the first 4% of annual interest.
The above in effect reduces the guaranteed obligations
Superior Corp. from $15,080,000 to $6,003,200 in principal andof the Lake
from $754,000 to $300,160 in annual interest.
The Lake Superior Corp., in consideration of its being relieved of its
guarantee on $9,004,800 of said bonds and in full liquidation of unpaid
accumulated guaranteed interest approximating $3,900,000 or a total of
$12,000,000, agrees to deliver for distribution to said bondholders (1) $4,000,000 par value out of Ft issue of $16,500,000 of Algoma Steel Corp. 2d
pref. 5% stock class "A, and (2) $3,000,000 par value out
an issue of
$6,500,000 Algoma Steel Corp. 2d pref. 5% stock class "B.
Any
dends declared on said above stock during the _period ending Jan. 1 divi1923
to be payable to the Lake Superior Corp. and thereafter to the holders
of said stock.
Under the above settlement Lake Superior Corp. is to be reinstated in
control and management of the railway and terminal companies and the
bondholders' committee is to surrender free and unencumbered its holdings
of$3,000,000 out of an issue of$5,000,000 5% 2d pref. stock of the Algoma
Central & Hudson Bay Ry. to the Lake Superior Corp. as its solo property.
When the agreement has been duly ratified by the above bondholders
a meeting of the stockholders of the Lake Superior Corp. will be called for
the purpose of completing the ratification.
-V. 109, p. 2361.
Maderia Hill & Co.
-Acquires New Interests.
-
See Rock Hill Coal & Iron Co. below.
-V.100, p. 479.
Magor Car Corporation.
-Extra Dividend.
-
An extra dividend of $2 a share has been declared on the Common stock
in addition to the usual quarterly dividends of $1 a share on the Common
and of 1 4% on the Preferred stocks, all payable March 31 to holders of
record March 15. An extra dividend of $2 per share has been paid
Common stock in each quarter since Jan. 1918.-V. 109, p. 2362: on the
(H. R.) Mallinson & Co.
-Dividend.
-Listing
The regular quarterly dividend of 134Y has been declared on the Prof.
stock, payable April 1 to holders of record March 22. An initial dividend
of 134% was paid in January last. Application has been made to the N. Y.
Stock Exchange to list $3,000,000 7% Cum. Pref. stock, par $100, and
200,000 shares Common stock, no par valuo.-V. 109, p. 2444.
Manning, Maxwell & Moore, Inc.
-Extra Dividend.
-
An extra dividend of 134% has been declared on the capital stork, along
with the regular nuarterly dividend of
%, both payable March 31 to
holders of record March 31. An extra 134
dividend of 2 of 1% was paid in
Feb. 1913 and 134% each in Doc. 1915, Juno 1916, June 1918 and March
1919.-V. 108, p. 2532.
Middle States Oil Corp.
-Acquisition.
-
Indiahoma Refining Co.
-Extra Dividend.
An extra
Control of the Ranger Texas 011 Co., together with the Armstrong property, consisting of 724 acres in the Osage Nation of Oklahoma has passed
to the Middle States Oil Corp.
-V-110. p. 876, 869.
Indianapolis Telephone Co.
-Merger Order Upheld.
-
The Calif. RR. Commission has approved the sale of the Santa Barbara
and San Luis Obispo County gas properties to the Santa Maria Gas &
Power Co. for 3388.000.-V. 110, P. 82.
dividend of 2% has been declared on the stock along with the
regular monthly aividend of 1% (being the 65th consecutive dividend),
-both pay able Apr. 1 to holders of record Mar. 21. In October 1919, an
extra dividend of 2% was paid.
-V. 110, p. 768, 265.
Midland Counties Public Service Corp.
-Sale Approved.
The Indiana Supreme Court has affirmed an order of the Marion Circuit
Court for tho merger of this company's properties with the properties of tha
Midwest Refining Co.-Director.Central Union Telephone Co. Judge Louis B. Ewbank, in Circuit Court,
Ilenry S. Osier, President of the Imperial 011, Ltd., it appears, was
on petition of the Indianapolis Telephone Co., recently issued a mandatory elected a director some time ago.
-V. 110, p. 172.
Injunction order, directing the Central Union Telephone Co. and the city
of Indianapolis to complete a transaction with the Indianapolis Company
Mohawk Mining Co.
-Copper Production (Lbs.).,
whereby the Central company would buy all the property of the Indianapo- 1920-Feb.-1919. Decrease. 1 1920-2 Mos.-1919. Decrease.
lis company, in accordance with a contract entered into between both
1058,564
1,146,493
89,929
2,076,276
2,316,126
239,350
companies with the city as a third party, because of franchise interests. -V. 110. P. 366. 766.
From this ruling of the Circuit Court judge, the Central Company and the
Monsanto Chemical Works, St. Louis, Mo.-Bonds
city appealed to the Supreme Court.
-V. 107, p. 1582.
Offered.
-Mercantile Trust Co.,
International Button-Hole Sewing Machine Co.
- Inc., and Lafayette-South Side Pape, Potter & Kauffman,
Bank, St. Louis, are offering
Dividend Increased.
mt.,
A quarterly dividend of 134% has been declared on the stock, payable at prices ranging from 99.76 to 98.18% and int. to yield
April 1 to holders of record March 15.
7.25%, according to maturity, $2,000,000 First
7%
Previous I 1900-'05.
1906.
1907 to Oct. 1919, incl.
April '20. Cony, gold bonds (see advertising pages).
Dividends' 2% p. a.
3%
*4% p. a. (1% quer.)
1%
Dated March 11920,due $100,000 semi-annually March 1 1921 to Sept. 1
1930. Denom. $1,000 and $500 (c5). Int. payable M.& S. at Mercantile
Trust Co., St. Louis, trustee, or at Bankers Trust Co., New York, without
deduction for any Federal normal income tax now or hereafter deductible
at the source not in excess of 2%. Red. as a whole or in series in reverse
Interstate Iron & Steel Co.
-New Officer.
numerical order on any int. date at 10234 and int. upon 30 days notice.
John McConnell has been elected Vico-Pros. succeeding Samuel Hale.
- Convertible on any
V. 109, p. 2268.
int. date unless called for payment, par for par, into
8% Cumul. First Prof. stock.
Jones Bros. Tea Co., Inc.
-February Sales.
Data from Letter of John F. Queeny. Chairman, St. Louis, March 10.
1920
-Feb.
-----1919. Increase. I 1920-2 Mos.-1919. Increase.
Company.
-Is the largest manufacturer in the United States of such
$__,1 452.872 $1,153,813
$299,0591 $2,964,316 $2,299,587
$664,729 important medicinal chemicals as caffeine, chloral, glycerophosphat
-V. 110, p. 769, 1092.
os.
phonacetin, saccharin, phenolphthalein, &c. Business was organized in
1901 with a capital of$5,000,and its present net worth has been accumulated
(Julius) Kayser & Co.
-New President.
Edwin S. Bayer, it is announced, will succeed the late Julius Kayser as almost entirely from surplus earnings. Plants aro located at St. Louis and
East St. Louis. The real estate at St. Louts covers about four city blocks,
President.
-V. 109, p. 1888.
improved with reinforced concrete office buildings, brick manufacturing
and warehouse buildings, shops, &c. At East St. Louis the company's
Kerr Lake Mining Co.
-Silver Production (in
site includes about 115 acres, upon which are located manufacturing and
1920-Feb.-1919. Increase. 11920-2 Mos.-1919.Ozs.).Decrease.
warehouse buildings of modern steel and tile construction.
104,979
95,313
213,234
214,298
9,6661
1,064
Net assets are in excess of $4,700,000 and will be secured by a closed first
-V. 110, p. 769.
mortgage on all of its fixed assets, including land, buildings, machinery
Keystone Telephone Co.
and equipment.
-Annual Report.
Earnings.
Calendar Years-The company's volume of business at the present time is in
1919.
1918.
1917.
Gross earnings
$1,656,450 $1,605,721 $1,639,299 excess of $7,000,000 per annum. Net earnings for the past five years follow:
Net earnings
$560.552
1915.
$664,043
1916.
3747,449
1917.
1918.
Total.
1919.
Interest charges
363,695
334,484
$479,159 $1,011,502 $1.679,700 $1,046,685 $1,382,866 $5,599,912
335,271
Preferred dividends
(3%)58,106(83)164,632(830164,632 Federal taxes for the five years
2,164,850
Balance, surplus
*Not earnings
$138,722
$154,927
$247,546
$3,435,062
-V. 109, p. 1991.
* Net earnings after deduction of all charges, including maintenance
Knight
-Campbell Music Co., Denver.-Pref. Stock.
Van Riper, Day & Co. and Bosworth, Chanute & Co., Denver, are depreciation, exhaustion and obsolescence. Net earnings for 1920, after
offering at 983 and div., to yield 7.11%,$250,000 7% Cum. Sinking Fund all cnarges, incl. Federal taxes, are estimated at 3950,000.-V. 106, p. 1131.
First Prof. (a. & d.) stock, par $100. Divs. Q.
-J. Red. at 10734 and
Motor Wheel Corp., Lansing, Mich.-Pref. Stock Offered.
div. Callable for sinking fund at 105 and div. Capital outstanding: pref.
-The National City Co. are offering at 100 and div. $2,stock, $410,000; common stock, $250,000.
Data from Letter of President C. G. Campbell, March 9 1920.
500,000 8% Cum. First Pref. (a. & d.) stook, par $100.
Company.
-Originally organized in 1874 as Knight & Waterbury Music
Divs. Q.
-P. Callable, all or part, on any div. date on 30 days' notice
Co.; name later changed to Knight
-McClure Music Co.. and in 1894 to at 115 and divs.
the present title. Engaged in the retailing and wholesaling of musical Data from Letter of Pres. H. F. Harper,
Dated Lansing, Mich., Mar.12
merchandise, including pianos, talking machines pipe organs,
Company.
-Will purchase with its Common stock all the assets of the
organs, automatic musical instruments, sheet music and brass andtheatre
string
instruments. Owns and operates stores at Denver, Colorado Springs, Prudden Wheel Co., Auto Wheel Co. and °ler Pressed Steel Co., all of
Lansing, Mich. and The Weis & Lesh Mfg. Co. of Memphis, Tenn., toPueblo, Greeley, Boulder, Grand Junction and Cheyenne.
Earnings.
-For the past 19 years earnings have averaged over 3 times gether representing a complete cycle in the manufacture of wheels for motor
vehicles, with successful business records dating back to the beginning of
dividend requirements on this issue of pref. stock. During the first 8
months of year ending April 30 1920 earnings have been at the rate of over extensive automobile manufacture. Will rank as one of the largest manufacturers of motor wheels in the world and will number among its customers
6 times this dividend after Federal and other taxes.
most of the well-known automobile manufacturers in the United States.
April 30 Yr.
1914-15. 1915-16. 1916-17. 1917-18. 1918-19.
The management will remain in the hands of mon who established tho sucGross sales
$776,598 $782,356 $1,041,513 $1,094,257 $1,137.806 cess of the companies in the past.
* Extra dividends of 1% each were paid in April 1912, 1913 and 1914.
-V. 106. p. 820.
MAR. 20 19201
THE CHRONICLE
Sinking Fund.
-Out of net income (after payment of First Pref. diva.)
for the fiscal period ending Dec. 31 1920, and each year thereafter, the
Corporation will set aside not less than 15% of net income (but in no event
less than a sum equal to 3% of the largest aggregate par value of Pref. stock
at any time issued and outstanding) for the redemption of this stock at its
call price, if not purchasable at a lower price.
-Proceeds will be retained in the business and will be used
Purpose.
mainly to complete the present construction program, thereby increasing
the manufacturing capacity, and to furnish additional working capital.
Capitarn (upon completion of present financing,- Authorized Outstand'g.
8% Cumulative First Preferred stock (par $100)..__$5,000,000 $2,500,000
6,000,000 3001,840
Common stock (par $10)
-Combined net sales of the four companies have
Sales and Net Income.
increased from $2,543,427 for 1915 to $7,366,473 for the 10 months ended
Oct. 311919.
During this period the annual net income available for dividends, after
deducting Federal taxes, averaged over 3X times the annual dividend requirements on this issue, and for the ten months ended Oct. 31 1919 were
at the rate of over five times the dividend requirements.
Balance Sheet Oct. 311919,after Giving Effect to This Financing.
Liabilities
Assets
Preferred stock
$2,500,000
Real est., plant & equip3,001,840
$4,603,191 Common stock
ment (net)
1,103,883
Patents
542 Notes and acc'ts payable
110,740
Securities owned
136,714 Dividends declared
Cash
90,938
2,576,168 Accrued taxes, Incur., &c_
U. S. Govt. obligations..
559,895
60,272 Provision for 'ed'l taxes
Notes & acc'ts receivable.. 1,242,034 Surplus
3,592,585
Inventories
2,261,204
Prepaid interest & insur
$10,959,881
22,647 Total (each side)
1193
stock from $1 to $10. It is expected that the new stock will be ready for
distribution about April 1. The capital now consists of $500,000 Pref.
stock and $1,500,000 Common stock, par $10.-V. 110, p. 472..
(J. C.) Penney Co.
-Sales-February.
---1919. Increase. I 1920-2 Mos.-1919. Increase.
-Feb.
1920
$603,349
$1,577,089 $1,324,137
$252,952 I $3,218,669 $2,615,320
Official.
-V. 110. P. 268, 770.
Pittsburgh Rolls Corporation.
-Earnings.
1918.
1919.
Sales
$2,126,542 $2,145,956
$546,425
Net earnings
$1,914,708
389,028
Net, after operating expenses
340,370
Surplus after Federal taxes, preferred dividends,&c_
43,144
88,634
-V. 109, p. 2362.
-To Dissolve.
Poulsen Wireless Corp.
The stockholders will vote March 30 on dissolving the corporation.
The Calif. RR. Commission has authorized the Federal Telegraph Co.
to issue $2,391,775 of its common stock to the stockholders of the Poulsen
Wireless Corp., in accordance with a plan by which the latter will be disincorporated and its stock exchanged for Federal shares. See V.110,p. 1094.
Prairie Oil & Gas Co.
-Extra Dividend.
An extra divieend of $5 per share, in addition to the regular quarterly
dividend of $3, has been declared on the $18,000,000 outstanding capital
stock, both payable April 30 to holders of record March 31. The extra
dividends paid in 1919 were on ,Tan. 31 and Oct. 31, $5 each, and in April
-V.109, p.2362.
and July $2 each. In January last an extra of$7 was paid.
-Production (in
Ray Consolidated Copper Co.
-Production (Lbs.).- 1920-Feb.-1919. Decrease. 1920-2 Mos.-1919. lbs.)Nevada Consolidated Copper Co.
Decrease.
Decrease.
1920-Feb.-1919. Decrease. I 1920-2 Mos.-1919.
4,150,000
3,850,000
300,0001 8,031,938 8,550,000
-V. 110, p. 267. 876.
518,062
-Dividend.
New River Co.
3,885,000 4.150,000
-V. 110, p. 268. 877.
265,0001
7,784,073
8,620,000
835,927
-Registrar of Stocks.
Reelcraft Pictures Corp.
The Guaranty Trust Co. of N. Y. has been appointed registrar of the
The directors have declared a dividend of $1 50 a share on the Pref.
stock, payable March 30 to stock of record March 20. This payment will stock, consisting of 32,000 shares Class "A" Pref. stock, par value $25;
70,000 shares Class"B" Preferred stock, par value $10, and 350,000 shares
-V. 109, p. 2362.
reduce accumulations to $13 a share.
Common stock, par value $10.
-Div. Increased.
New York Title & Mortgage Co.
A quarterly dividend of 2% has been declared for the quarter thus placing
the stock on an 8% basis. Previously, 1U % has been paid quarterly.
An extra of 1% was paid on Jan. 2 1920.-V. 109, P. 376.
North American Co.
-Postpones Action.
The special meeting of stockholders called to vote on a recapitalization
plan has been postponed to March 23. See V. 110, p. 975, 876.
-Initial Dividend.
Ohio Body & Blower Co.
An initial dividend of 6234 cents a share has been declared on the Common stock, payable April 10 to holders of record April 1.-V. 110, p. 172.
Ohio Fuel Supply Co.
-Approves Sale.
The Ohio P. U. Commission has approved the sale of the equipment
and distributing system of the Logan Natural Gas & Fuel Co. at Logan
to the Ohio Fuel Supply Co.
-V.109, p. 2362.
-BonOklahoma Gas & Electric Co.
-Notes Offered.
bright & Co., Inc., N. Y. and H. M. Byllesby & Co.,
Chicago, are offering at 993 and int. to yield over 73 %,
A
4
by advertisement on another page, $3,500,000 One-year
7% Bond Secured gold notes.
Remington Arms Union Metallic Cartridge Co.
The formal transfer of the Bridgeport, Conn., property has been made in
three transfers, the first machinery and equipment to the Fairfield Liquidation Co.,Inc.,for a consideration of $1,000,000; the second to the Bridgeport Liquidating Co., Inc., real estate, for $1,700,000, and the third to the
-"Iron Age" of
East End Realty Co., 47 pieces of land for $3,000,000.
March 11. See V. 110. p. 472.
-To Increase Capital.
Riordan Pulp & Paper Co., Ltd.
A Montreal dispatch states that the shareholders will vote April 15 on
increasing the authorized and outstanding Common stock from $4,500,000
to $6,000,000. The employment of working capital in the completion of
the Kipawa fibre plant, its subsidiary, has rendered necessary raising fresh
working capital.
1917.
1918.
Calendar Years1919.
Earnings..
$1,810,127 $1,651,259 $1,943,651
225,099
544,609
766,055
Dep.ociation
144,653
649,866
220,085
Interest, &c
70,000
84,074
70,000
Preferred dividends (7%)
450,000
450,000
450,000
Common dividends(10%)
$512,942
Balance
3401,088
$366,565
Total profit and loss surplus Dec. 31 1919, $2,591,797, against $2,218,377
-Vol. 108, p. 1065.
Dated March 11920. Duo March 11921. Callable all or part upon 30 Dec. 311918.
days' notice at any time up to and including Sept. 1 1920 at 10034 and int.
-Plan Operative.
(Dwight P.) Robinson & Co., Inc.
and thereafter at par and int. Int. payable M.& S. at office of Continental
-V.110. p. 976.
See Westinghouse, Church, Kerr & Co. below.
& Commercial Trust & Savings Bank, Chicago, trustee., or at the agency
Company
of company in Now York. Denom.$1,000,$500 and $100 (c').
-New President.
will agree to pay interest without deduction for any Federal income tax not
Rochester (N. Y.) Gas & Elec. Corp.
in excess of 2% which it may lawfully pay at source. Penn. State tax
Robert M. Searle has been elected President, succeeding James T.
of 4 mills refunded.
Hutchings.
-V.110, p. 771.
Data from Letter of V.-Pres. J. J. O'Brien, Dated Chicago, March 13.
Rockhill Coal & Iron Co.-Pref. Stock Offering.
Company.-Orgautzed in 1902 in Okla. and owns and operates modern
and efficient plants and distributes electricity and natural gas for commer- Graham, Parsons & Co., West & Co. and Ervin & Co.,
cial and industrial purposes in Oklahoma City, El Reno, Enid, Drumright, Phila., are offering, at 98 and div., yielding 8.16%, $2,000,&c. In addition, owns all the Common stock (except directors' shares)
and all but $116,300 of Prof. stock of Muskogee Gas & Electric Co. control- 000 8% Cumul. Sinking Fund Pref. stock, par $100. The
ing and operating gas and electric utilities in Muskogee and electric utilities company will acquire through merger proceedings the properin Ft. Gibson and Sapulpa. Population, estimated at 225,000.
Authorized. Outstanding. ties now owned and operated by the Rockhill Iron & Coal
Capitalization after Present Financing$10,000,000 $4,500,000 Co., and substantially all of the outstanding bonds and capiCommon stock
Preferred stock 7% Cumulative
10,000,000 x2,269,300
One-year 7% notes, due Mar. 1 1921 (this issue)_ 4,000,000 y3,500,000 tal stock of the East Broad Top RR. & Coal Co. (See
Three-year 7% Secured gold notes, due Sept. 1 1921 1,250,000 a1,032,500 advertising pages.)
First Mortgage 5% bonds, due Oct. 1 1929
5,000,000 b2,788,000
Dividends ().-M. Redeemable, all or part, on any div. date on not less
Divisional bonds on Muskogee and Sapulpa prop
Closed
1.400,500 than 30 days' notice, at 105 and div. A sinking fund has been provided
of 50% of the annual net earnings after the payment of bond interest,
x Includes $116,300 Prof. stock reserved to retire by exchange a like sinking fund, preferred dividend and taxes. No dividends can be paid on
amount of Muskogee Gas & Electric Co. Pref. stock. a $700,000 of these the Common stock until half of the Preferred stock has been retired.
notes will be reserved and will in part be used to retire $620,000 Enid Gas &
Electric Co. First Mtge. 6s, due l'vlay 11920. b Not including $1,475,060 Data from Letter of V.-Pres. Robert C. Hill, of Madeira, Hill & Co..
Philadelphia, March 11 1920.
of bonds to be pledged to secure $1032,500 Three-year 7% Bond Secured
Company.-Incorp. in Pennsylvania and will acquire through merger
notes, due Sept. 11921. y There will be $4.375,000 Gen. Mtge.6% bonds,
proceedings the properties now owned and operated by the Rockhill Iron &
duo March 11921, issued and pledged as collateral to these notes.
Purpose.
-Proceeds from sale of the notes, together with cash in the Coal Co.(V. 109,P. 1467) and substantially all the outstanding bonds and
treasury of the company will provide funds for the retirement of $3,650,000 capital stock of the East Broad Top RR. & Coal Co.
Company will own in fee simple about 19,700 acres of land in Hunting1-Year 7% gold notes, due April 11920.
don, Bedford and Fulton counties, Pa., of which about 13,000 acres are in
Earnings of Combined Properties Year ended Jan. 311920.
the East Broad Top coal field. E. V. d'Invilliers, a recognized authority
Gross earnings
$4,336,460 on bituminous coal properties, estimates that there are 6,500 acres of proven
Net after maint. & taxes (but not deprec.)
1,152,577 coal lands, from which there should be about 40,000,000 tons of coal reAnnual charges on $1,032,500 3-yr. 7% notes due 1921. $72,275;
coverable, and that in the remaining coal acreage there should be 20,000,000
$2,788,000 1st Mtge. 5% bonds, due 1929, $139,400; $1,coal recoverable under profitable mining conditions.
282,900 additional tons ofbeen producing coal for over 40 years, and has now in
400,500 Divisional bonds,$71,225; total
This property has
operation six mines with an annual capacity of about 750,000 net tons.
$869,677
Balance
The properties and improvements of the Rockhill Iron & Coal Co. have
Annual interest on $3,500,000 1-year 7% bond secured notes
been appraised by Mr. cl'Invilliers at $2,850,000, and the property and
245,000 equipment of the East Broad Top RR. & Coal Co. by George G. Burgess,
(this issue)
$624,677 valuation engineer of the Delaware & Hudson Co., at $2,175,000.
Balance
Authorized Issued.
CapitalizationOperating Statistics Calendar Years.
1st M.& Coll. Trust 6% Sink. Fund 20-year bonds_ _33,500,000 $3,000,000
2,000,000 2,000,000
1918.
1919.
1914.
1916.
Preferred stock 8% Cumulative (par $100)
31,612 Common stock (no par value)
20,100 shs. 20,100 shs.
27.730
Electric customers
17,352
20,515
418,529
338,739
461,278
Incand. lamps (50-W.ee.)
284,770
Secured by properties and improvements now owned by the Rockhill
3,732
4,283 Iron & Coal Co.,and by deposit of substantially all of the outstanding bonds
No.of stat.motors served
2,693
2,271
23,398
29.298 and stock of the East Broad Top RR. & Coal Co., red, in annual sums of
16,094
H.p.ofstat.motors served
11,935
Kilowatt connected load
$260,000, at 102. In event of sale of the railroad property the entire
46,014
all purposes
29,063
36,365
proceeds of such sale shall be applied to the retirement of bonds.
393
623
53.082 Combined Statement of Earnings of the Railroad and Coal Companies as
716
MHOS of pole lino
363
Ann. k.w. hour output
21,527,017 26,455,493 41,208,911 46,851,313
Reported by John Heins & Co., of Phila., Public Accountants and
26,549
Gas customers
19,764
22,864
28,882
Auditors.
378
400
411
326
Miles of gas mains
1917-Cal.Years-1918. 10Mos.1919
For full particulars as to properties, &c., see V. 108, p. 1394; V. 109.
$2,132,157 $2,300,811 $1,846,136
Gross receipts
p. 780
1,730,613 x1,401,308
Operating expenses incl. all taxes paid_ 1,463,047
-Preferred Stock Offering.
Otis Steel Co., Cleveland.
William Salomon & Co., New York, are offering $5,000,000
7% Cumulative Prof. (a. & d.) stock, par $100.
Dividends quarterly Jan. Redeemable, all or part, at 110 and diva.
Authorized. Outstand'g.
Capitarn (No Bonds) after This Financing$15,000,000 $9,830,600
7% Cumulative Preferred stock (par $100)
500,000 sh.411,668 sh.
Common stock (no par value)
For further information see V. 109, p. 277, 1798; V. 110, p. 770, 876.
-Bonds Called.
Penn-Mary Coal Co.
-V. 104, p. 1149.
Soo "Bethlehem Stool Corp." above.
-Increases Par of Common.
Pennsylvania Gasoline Co.
The stockholders voted Feb. 14 to change the par value of the common
$669,110
17,367
$570,198
6,745
$444,828
975
Balance available for interest & sinking
fund charges but before deducting
reserves for depreciation, depletion
$686,478
and amortization
$576,943
$445,802
Profit from sale of equipment
x Includes a tentative estimate of the 1919 income and excess profits
taxes for the ten months.
Management.
-Madeira, Hill & Co. will direct and operate the property
and contemplate the immediate inauguration of an energetic policy in the
development of these properties, with a view to increasing the production
as soonlas possible to31,000,000 tons per year.
1194
Solar Refining Co.
-Annual Report.
Profits or loss
Cash dividends
1919.
19-8.
1916.
1917.
83,361,999 $2.694,119 $1,142,319 $1,104,601
(30%)600,000 (15)300,000 (35)700,000 (10)200,000
B.lance,
surplus____32,761,999 $2,394,119
$904,601
$442,319
Balance Sheet, December 31.
1919.
1918.
1919.
1918.
A ssetsLiabilities
Real estate
60,457
60,457 Capital stock
2,000,000 2,000,000
a Plant
1,616,332 1,619,486 Accounts payable_
615,889 338,489
Inventories
1,583,965 1,239,682 Tax liability
876,327 771,563
Insur. reserve
242,094 242,094 Profit dr loss, surplus4,413,991 3,361,999
Cash & invest
2,543,312 2,677,882
Accts.receivable_ _ _ _1,860,047 632,449
Total
woL. 110.
THE CHRONICLE
7,900,207 6,472,051
Total
7,906,207 6,472,051
a After deducting depreciation.
-V. 109, P. 1898.
Stover Manufacturing & Engine Co.
-Annual Report.
-Calendar Years
8 Months
•
1918.
1919.
1917.
1916.
Gross manufacturing profits_ _ _ _3916,398 $693,873 $624,715 $386,563
Selling, admin. & general expense 387,919 299,653
228,002
117,738
Net profit
$528,479 $394,219 $396,713 $268,825
Int., &c., earned & misc. income_ 42,056
3,168
12,859
21,142
Net income.
Reserve for contingencies
Preferred dividends
Common dividends
Federal taxes
Sale of stock
8540,535 $397,387 $417,855 $281,684
$100,000 863,295
335,000
36,592
91,000
89,370
60,667
78,400
97,455
13,000
54,672
84,794
46,896
Balance,surplus
-V. 110, p. 1095.
$704,632 $556.851
$313,855 $186,018
Sweetwater Water Corp., San Diego, Calif.
-Bonds
South Lake Mining Co.
-Assessments.
-
Biankenhorn-Hunter-Dulin Co., Los Angeles, are offering, at 100 and
An assessment of $2 per share has been levied on the capital stock, pay- int., $450,000 First Mtge. 6% Serial Gold Bonds, dated Jan. 11920, due
able March 22. Last assessment was 50c. per share, payable April 22 Jan. 1 1921 to 1910, incl. Denom. $500, $1,000 (c). Callable on any int.
date at 102A and int. Int. payable J. & J. at Los Angeles Trust & Say.
1919.-V. 107. P. 1105.
Bank, Los Angeles, and Angio-California Trust Co., San Francisto, trustee.
Tax-exempt in California. Normal income tax of 2% paid by the comStandard Oil Co. of N. J.
-Why Gasoline Costs More.
An article in "The Lamp," whichis published for this pany. Authorized, 3600,000. to Sweetwater Water Co., organized in
Company.
-Successor [in 1920)
1902. Supplies domestic and irrigation water to National City and city
company's employees, says in substance:
of Chula Vista, and to farm lands adjoining and adjacent to this territory
The reason why gasoline has at last fallen in at the end of tho lino of and Sweetwater Valley. Estimated population, 5,300.
advancing commodities is patent to any one who studies the statistics.
Capital stock authorized and issued, 31,000,000.
The basic reason is a shortage of raw material. Corresponding to the wheat
Earnings.
-Gross income, 1918, $99,025: 1919, $105,991. Net, after
growers of the agricultural industry are the 50,000 to 60,000 individual deprec'n & replacement charges of $20,000 per annum, 1918, $41,360; 1919,
oil producers of the Unites States. To them the Standard Oil Co. (New $45,998.
Jersey) must go to purchase well over half of its requirements of raw material
-crude oil-and pay the price fixed for it by a competitive market. Penn(T. H.) Symington Co.
-Dividend.
sylvania crude, which could be bought for less than 33 00 a barrel three
The regular quarterly dividend of 2j.% has been declared on the Corn.
years ago, now costs this company $5 25 a barrel and the Mid-Continent stock, payable April 15 to holders of record April 1. An initial dividend
crude, which was $1 50 a barrel in 1917, is now worth $3 00 a barrel at of 2) % was paid in January last.
,,i
-V. 109, P. 1898.
the well.
The American producers in ton years have doubled their output, but the
Temtor Corn & Fruit Products Co.
-Listing Application
consumption has galloped far ahead of them. The number of oil-burning
Application has been
to the New York Stock
vehicles alone increased 16 times, while the production of oil was being 137,500 shares of Class A made of no par value and 55,550 Exchange to list
stock
shares of Class B
doubled, and every day finds a new use for petroleum derivatives.
connection with
par
Even to keep pace with the demand has driven producers to the lower stock of no 109,value. In1531), a circular the offering of 113.000 Class A
shares (V.
shows:
p. 1468,
stratas of the oil areas and, consequently, enormously increased the costs
to obtain the crude. The wells being drilled nowadays average 700 feet
Data from Letter of Milton O. Clymer, Dated Oct. 7 1919.
•
deeper than those put down a few years ago. Then the average depth was
Company.-Incorp. under the laws of Illinois
1,700 feet, which meant a very economical operation compared with the ownership of not less than 98% of the Common to acquire (1) control by
-Clymer
3,300 feet or deeper wells of to-day in Texas, Wyoming and Oklahoma, Mfg. Co., leading manufacturers of jellies, jams stock of the Best
and preserves, fruit butwith the accompanying heavier and longer strings of expensive casing
and other costs, which multiply with every foot of additional depth reached ters, corn and sorghum syrups, with plants at St. Louis, Mo. and Fort
Smith, Ark.; and (2) the plant, materials in process and organization of the
by the producers' drill.
But even the great impetus which the higher prices has given to these Granite City, Ill., plant of the Corn Products Refining Co.
-Messrs. George W. Goethals &
Earnings.
extraordinary exertions of the producers has not been sufficient to create neers, make the following estimates, after full Co., Inc., consulting engiallowances for depreciation
any substantial surplus of crude above current requirements. For a time and
taxes (based on the rates of taxes for the years cnsIdered), and after
the new fields developed in Texas last year promised to do this, but these allowing
-Clymer Mfg. Co
hopes were still unrealized when the flush production in the north and Preferred for $59,500 in dividends on $850,000 Best
stock presently outstanding.
central Texas fields began to dwindle and the appearance of salt water in
the still newer pool at Homer, La., made necessary a reduction in estimates
Net Earnings after Depreciation and Taxes.
of its total production.
Annual average for four years ending Dec. 311919, partly est_ _$1,251,214
Oil wells, like any other mines, suffer from exhaustion. While in the Estimate for the year ending Oct. 1 1920
1,364,240
past ten years over 213,000 new wells were drilled in the United States, Estimate for the year ending Dec. 31 1921
1,652,500
the actual increase, owing to the fact that 120,000 ceased to produce during
Assets.
-The financial status, after acquisition of Granite City plant and
that period, was less than half the number of wells drilled and at the end Riving effect to $1,000,000 new working capital which will be provided
of the ten years there were just 240,000 wells in operation.
by this financing, will show: Assets
-Real estate, plants & equipment.
From the existing wells there was produced last year, according to Govstock of Best-Clymer Mfg. Co. (assuining all
ernment reports, 376,000,000 barrels of crude, and the consumption of this $4.500,000; Common market value as of Sept. 25 1919, 31,230.250; is acquired) taken at open
cash,
and the 55,000,000 barrels imported, was such that the year ended with total $1.000,000; trade-marks, good-will, dm,$1; total, 36,730,251. Liabilities
reserve stocks on hand of 130,000,000 barrels. Roughly', this is only a Class "A" stock, 137,500 shares (no par value); Class "B" stock, 55,550
-months' supply for the American refineries and at the end of the year the
5
other liabilities.
average daily production of crude in the United States had fallen from shares (no par value): no Co., organized in 1913, owns plants at St. Louis
-Clymer Mfg.
The Best
1,122,000 barrels in September to 1,060,000 barrels.
and Fort Smith, Ark. The Granite City plant
All this, of course, relates to native production alone. American crude been devoted to the manufacturing of jellies. was built in 1906 and has
produced east of the Rockies is essentially a refinable crude from which the the Granite City plant and business has already A contract of purchase of
preponderant percentage of the gasoline of our commerce is manufactured. Products Refining Co., subject to the approval been made with the Corn
of the
Under the
The domestic production is supplemented by imports of considerable quanti- terms of the purchase agreement the plant will remain,court.Oct. 1 1920,
until
ties of heavy gravitY oil from Mexico, which crude yields a small percentage in possession of the Corn Products Co. as tenants, the Temtor Corn & Fruit
of light products, but which is principally used to meet the fuel oil con- Products Co. receiving as rental for the 12 months ending Oct. 1
1920
sumption of the country.
in advance.
In 1919 Mexico sent us the 55,000,000 barrels of this heavy gravity oil $1,g45,000, payable in monthly installments,the Class
Equily.-The entire proceeds from the sale of
mentioned above, but the measure of our relief from this source was threat- applied to the acquisition of the Granite City plant and to "A" shares will be
provide now workened in that year by the intrusion of salt water in what had been the most ing capital. Tee Common stockholders of the Best-Clymer Mfg. Co. have
prolific of the Mexican producers and the suspension by President Carranza agreed to accept
their
which
of the work of drilling new wells and replace them. Since then the Mexican are subordinate toin exchange for shares holdings, Class"R" shares share,
as to assets
the
Government has partially lifted its embargo on drilling operations by and as to dividends up Class "A"share per annum. up to $50 per
to $4 per
signifying its willingness to issue temporary drilling permits, but the situaDividends.
-The funds derived from the rental to Oct. 1 1920 of the
tion in respect to the present and future supplies of crude oil, both domestic Granite City
Corn Products Refining
and foreign, for American refineries, sufficiently explains the present high sured income plant to the it is the intention to set Co. will provide an asfrom which
aside sufficient to pay
price of crude, as well as the necessity of the advance in the
of gasoline
dividends for the year ending Oct. 1 1920 of 84 per share upon both
classes of stock.
-V. 109, p. 1468, 1531, 1994.
Status of Company's 11 German Tankers.-Roferring to!ra
-Offering of Notes.
Texas Company.
newspaper report to the effect that the Allied Governments
-Wm. A. Read &
would ask the Reparation Commission to take possession Co., Bankers Trust Co., New York, and Illinois Trust &
Savings Bank, Chicago, announce the sale at 99 and int. to
of,the company's 11 German tankers an official says: ke
Although the nominal title to the tankers is in a German corporation, net over 7%%, by advertisement on another page, of $35,this corporation Is and for many years past has been a German branch of 000,000 3-year 7% Sinking Fund Gold notes. The company
the Standard Oil Co.(Now Jersey). which owns its securities and its assets.
Six months ago an attempt was made by subordinate agencies of some of is one of tho largest corporations in the world engaged in
the Allied Governments
-no doubt at the instigation of foreign oil interests the production, refining and distribution of petroleum and
-to take over the tankers, which were then lying in German ports, and its products. Bankers state:
distribute them among the Allied Powers. Against this attempt, when it
was discovered, the Standard Oil Co. protested and in so doing was supported by its Government. . . .
The company believes that these efforts are destined to fail because it has
from the outset regarded it as inconceivable that property in Germany, not
on rbergeci ly (i.Ivneigvbg an im
epn i ivng v e
i
nil ?oinpangiut aguselar icnreacatredr
tmen oricaler ctm ca
an ual
carrying
on American commerce, should be appropriated by friends and allies of
United States as war indemnity for acts of Germany.
y
The Jan. 1920 issue of "The Lamp" covers the 50th anniversary of the Standard Oil Co. of N. J. and includes along
with the speeches at the anniversary dinner on Jan. 10 a
brief history of the formation and growth of the Standard
Oil Co. and its part in developing the industry."
The "Investment Bulletin" of Henry L. Doherty & Co.
reports:
Crude OilCurrent Jan. 1.
Jan. 1
Jan. 1
Low.
Prices for Various Grades. Price.
1920.
1919.
1918.
1916.
Pennsylvania
$6 10
$5 00
$4 00
$3 75
$1 35
Corning
3 50
3 50
2 85
2 80
83
Cabell
3 92
3 42
2 77
2 70
97
Ragland
1 75
1 75
1 25
1 20
63
North Lima
3 68
2 98
2 38
1 63
93
Indiana
3 38
2 88
2 28
2 08
83
Illinois
3 52
3 02
2 42
2 12
89
Kansas-Oklahoma
3 50
2 75
2 25
2 00
40
Gulf Coast
2 25
1 50
1 80
1 00
35
Canada
3 88
3 38
2 78
2 58
1 28
Gasoline price advances to March 13 are elsewhere reported as follows:
Standard Oil Co. of Now York, 2c. a gallon, making present quotations
283ic. (N. Y. tank wagon basis); Boston gasoline, 2c. a gallon to 2934c.
tank wagon basis; Texas Co., lc. a gallon in Texas and Oklahoma to 27c.
minimum and 29c. maximum in Texas, and 243c. minimum and 28c.
maximum in Oklahoma. Kerosene WM also advanced lc. a gallon to 17 .ic.
minimum and 21 Hc. maximum in Texas and 17c. minimum and 19c.
maximum in Oklahoma.
-V.110.1p. 1095.
Dated March 1 1920. Due March 1 1923. Callable as a whole or by
lot in amounts of not less than 35,000,000, at 101 and interest at any time
on 30 days' notice. Denom. $1,000 (c5
). Int. payable M. & S. Chase
National Bank, N. Y., trustee. Authorized, $35,000,000.
-These notes will be the direct obligation of company and,
Security.
except for sundry obligations aggregating about $4,
200,000, will comprise
its only funded debt upon the redemption of $14,798000 6% debentures
which the company has agreed to call for payment on July 1 1920. Funds
for this purpose will be deposited with the trustee of those notes simultaneously with their Issue.
Market Equity.-The fully paid capital stock outstanding amounts to
$85,000,000, in addition to which the company Is issuing $45,000,000 stock,
subscribed for by stockholders and employees in January, 1920, and which
will be fully paid in July, 1920. At present quotations, this aggregate of
3130,000,000 stock will represent a market equity of about $250,000,000.
Dividends have been paid without interruption since incorporation In 1902,
the present rate of 10% p. a. having been paid since 1913.
-Beginning Sept. 1 1920 the company shall provide a
Sinking Fund.
semi-annual sinking fund of $2,500,000, to be applied by the trustee on
each interest date, on 30 days' notice, to the purchase of notes at not to
exceed 100 and int. On any interest date when sufficient notes are not so
purchasable, the unexpended balance of the $2,500,000 then available
will revert to the company.
Purposes.
-These notes are issued in connection with the acquisition and
development of additional producing properties, extensions to refineries,
construction and purchase of steamships, laying of now pipe lines and installation of additional marketing facilities.
Income Account Calendar Year 1919.
Gross earnings
$102,986,597
Operating expenses
73,782,480
Not earnings
Reserve for sinking fund & depreciation
Reserve for replacement of marine equipment
Provision for taxes in addition to taxes paid
Provision for bad & doubtful accounts
$29,204.117
6,768,228
673,512
3,000,000
90.962
Available for surplus & dividends
$18,671,416
See annual report on a preceding page.
-V. 109, P. 1904.
MAR. 20 1920.]
1195
THE CHRONICLE
-Extra Dividend.
Texas Pacific Coal & Oil Co.
The directors have declared the regular quarterly dividend of 134% and
a special dividend of 5%%, both payable March 31 to holders of record
March 20. In Jan. 1920, 53%; Sept. 1919, 11%; June 1919, 73%; and
in March 1919 5% extra was paid.
Those dividends are equivalent to $7 on the old shares of $100 par and
-V. 109, p. 2363.
70 cents a share on the now $10 stock.
-Extra Dividend.
Tide Water Oil Co.
An extra dividend of 2% has been declared on the stock along with the
regular quarterly dividend of 2%, both payable March 31 to holders of
record March 20.
March, '20.
1918. 1919.
1917.
Previous extra j July, '16.
27
Dividends ___1 1%
12% & 10% stock 11% 8(2% qu.)
-V. 106, p. 2015.
Regular quarterly dividends paid since 1899,8% p. a.
Tonopah Belmont Development Co.-Divs. Passed.
A statement has been issued stating that owing to conditions brought
about by strikes of miners at Tonopah and the general labor unrest and
inefficiency also prevalent in districts where its subsidiary companies are
operating with resultant high costs and low production, the management
deems it wise to temporarily discontinue dividends until conditions become
more normal.
-V. 109, P. 2272.
-Notes Offered.
Trumbull Pub. Serv. Co., Warren, 0.
Otis & Co., Cleveland, are offering, at 98.40 and int., to yield 8%.
$360,000 3-year 7% mtge. notes, dated Nov. 1 1918, due Nov. 1 1921.
Int. payable M.& N. in N. Y. City, without deduction for normal Federal
income tax up to 4% so far as may be legally permitted. For description
and previous offering see V. 108, Ir. 1516.
Authorized. Outstand'g.
Capitalization and Funded Debt*$1,500,000 $1,108,100
First Mortgage 6% Gold Bonds, due 1920
3,000,000 1.560.000
Three-Year 7% Mortgage Notes
200,000
200.000
Preferred stock 6% Cumulative
1,500,000 1,500,000
Common stock
-Production (in Pounds).
Utah Copper Co.
-1919. Decrease. 11920-2 Mos.-1919. Decrease.
-Feb.
1920
9,211,806 10,335.000 1.123,1941 17,905,395 20,835,000 2,929,605
-V. 110, p. 474. 877.
-Initial Dividend, &c.
Vanadium Corp. of America.
An initial quarterly dividend of $1 50 a share has been declared on the
stock, payable April 15 ot holders of record April 1.
President J. L. Replogle is quoted as saying."We have placed a contract
with the Foundation Co. for a railroad from the mines in Peru to Lake Pun
Run, a distance of 12 miles, covering the most difficult section of our
transportation. The railroad should be completed about July 1, after
which we expect to be able to double or triple our output. We have a large
stock of ore at the mines, mined and ready for shipment. Vice-President
Col. M. G. Baker will sail for Peru April 12 to superintend the construction
of the railroad."
James .1. Flannery, prominently identified with the Vanadium Steel
interests in the United States and South America, died at his home in
-V. 110, p. 369, 474.
Pittsburgh in his 67th year.
-$25 Common Dividend.
Victor Talking Machine Co.
The company has declared the regular quarterly dividend of $I 75 a
share on the Preferred stock and $25 a share upon the Common, both
payable April 15 to stock of record March 31.-V. 109, p. 1086.
-Annual Output.Virginia Iron, Coal & Coke Co.
Gross earnings
Total receipts
Interest
Dividends
-Calendar Years- -.14ne 30 -Years1916-17.
1918.
1919.
1915-16.
-$10,271,985 $13,038,072 $7,675,856 $4,308,598
$490,980
$1,490,018 $1,835,593 $1,653,944
815,402
414,689
629,580
739,074
544,416
544,416
$475,776 $1,024,364 def.$248,094
$530,913
Balance, surplus
The balance sheet as of Dec. 31 shows total assets and liabilities, $14,636,306; cash, $291,918; accounts receivable, $85,064, against accounts
payable, $28,235.-V. 109, p. 2446.
*3127,900 have been retired and canceled by sinking fund.
Earnings 12 Months ended November 30.
-Stock Dividend.
Waldorf System, Inc.
1918.
1919.
0
An extra dividend of . in Common stock has been declared on the
1918.
1919.
$285,330 $192,142 Common stock, payable May 1 to holders of record April 20. The regular
Gross earnings__$1,069,606 $837,144 Balance •
quarterly dividend of 2% %,or 25 cents a share (par $10) on the Common
Net, after taxes_
351,816 260,068 Annual int. chges.
stock and of 2%, or 20 cents a share on the First Pref. and Prof. stocks
67,926 on this issue,
Bond interest..__
66,486
incl.notes offered 109,200
were also declared, payable April 1 to stock of record March 20. The new
stock will carry the April 1 Common dividend.
Compare V. 108, p. 1516; V. 110, p. 877.
Sales for Feb. 1920 were $753,640, as compared with $474,186 for Feb.
-Directors.
Union Oil Co. of California.
1919. Net earnings for the first two months of the current year were
Three additional directors have been elected, thereby increasing the $112.986, or at the rate of 33%% per annum on the $10 par value Common
-V. 110.
directorate from 12 to 15 members: L. P. St. Clair, Pres. of the Inde- stock after deducting preferred dividends and reserve for taxes.
pendent 011 Producers' Agency; A. B. McBeth. Vice-Pres. and Gen. Mgr. Ir. 568.
of the Southern California Gas Co., and 0. L. Nichol, Mgr. of Common-Earnings.
Welsbach Co., Philadelphia.
wealth Oil & Union Oil of Delaware, all of Los Angeles. Charles H.
1917.
1918.
1919.
Calendar YearsSchlacks has been elected a director, succeeding W. R. Kennedy, resigned.
$950,974
$818,794 $1,195,362
Gross profits
-V. 110, p. 174, 763.
83,294
91,090
77,006
Depreciation
-Listing.
452,622
450,110
United Cigar Stores Co. of America.
Bond interest and sinking fund charges 454,610
85,750
85,750
85,750
The N. Y. Stock Exchange has authorized the listing on and after April 1 Preferred dividend (7%)
70,000
70,000
70,000
of $2,716,200 additional of Common stock (par $100) as a stock dividend, Common dividend (2%)
150,000
Working capital reserve
malting the total amount applied for $29,878,200.
On Jan. 27 1920 the directors declared a stock dividend of 10% on the
$108,524
$133,362
$506,208
Balance, surplus
Common stock, payable April 1 1920 to Common stockholders of record
* Excess profit and income taxes for year to be deducted when ascertained.
March 15. See annual report in V. 110, p. 1082, 977.
The trustees under the mortgage have purchased $337,300 of the com-Earnings.
United Profit-Sharing Corporation.
pany's collateral trust 5% bonds for the sinking fund,snaking total purchase
1917.
to date $4,950,300.
1916.
1918.
Calendar Years1019.
At tho annual meeting March 18, Clarence A. Warden was elected a
Net earnings
*$407,130 *$211,525 $192,968 $130,488
48,138
123,215 director to succeed Joseph D. Bubzy. The retiring directors were reOther income
-V, 109, p. 2446.
elected.
Not profit
$407,130 $211,525 $241,106 $253,703
-Plan Operative.
Westinghouse, Church, Kerr & Co.
81,908
81,908
Dividends
122,861
The plan for the union or merger of Westinghouse, Church, Kerr & Co.,
Balance, surplus
$284,269 $129.617 $159,198 $253,703 Inc., and Dwight P. Robinson & Co., Inc. has been declared operative.
'
Profit and loss surplus
x$452,459 x$255,545 0192,334 $33,135 At a meeting of the directors of Westinghouse, Church, Kerr & Co., Inc.,
lIwight P. Robinson was elected President of,that company, pending completion of the merger, and organization of the new company. General
* Includes other income of dividends on investments, &c.
x Subject to change on account of Federal excess profits war taxes. Guy E. Tripp will remain Chairman, pending completion of the merger.
Federal taxes for 1018 aggregating $87,355 have been deducted from surplus See V. 110, p. 977
before adding balance, surplus, for 1919.-V. 109, p. 1615.
-Initial Pref. Dividend.
(William) Whitman Co., Inc.
A regular quarterly dividend (No. 1) of 1,4% ($1.75) per share) has been
-New Director.
United Shoe Machinery Corp.
-V.109, p. 2272. declared upon the Preferred stock, payable April 1 1920 to holders of record
Gen. Mgr. W. R. Sampson has been elected a director.
offering of Prof. stock in V. 110, p. 474.
- March 16. See Spencer Steel Corp.
-Regular Div. Rate Increased.
U. S. Food Products Co.
-Listed.
Wickwire
The directors have declared a quarterly dividend of 13%, payable
The Boston Stock Exchange has added to the list temporary certificates
April 19 to holders of record April 2. thus placing the stock on a regular
for 100.000 additional shares (par $5) Common stock, making the total
6% annual basis. This compares with quarterly disbursements of % of 1% number authorized for the list 250,000. These shares are identical with
regular and 1%% extra paid from April 1918 to Jan. 1920(8% annually)
%; 1907, 53,4 %; 1908 to 1012, 2% yearly; those already issued and outstanding and are issued in part payment for
Dividends paid: 1906,
1913 to 1915, none; 1916 to Jan. 1918,3% Yearly; April 1918 to Jan. 1920. all of the outstanding shares of the Wickwire Steel Co. of New York,
Compare V. 110, p. 474, 568, 977.
H% regular and 13% extra (quer.).
At the annual mooting held March 17 a resolution was passed fixing the
-Listed.
Will & Baumer Co.
date of the annual meeting hereafter on the third Wednesday in May. In
The Boston Stock Exchange has admitted to list 16,000 shares Preferred
explanation for the delay of the annual report, President Julius Kessler stock, par $100. and 100,000 shares Common stock, no par value.
-V .110.
issued the following statement:
"It has to date been a physical impossibility to complete the accounts p. 174, 1096.
-Annual Earnings.
Wilson & Co., Inc., Chicago.
of the corporation and submit to the stockholders the annual report for the
1916.
1917.
1918.
year 1919. In consequence thereof, the independent auditors of the cor1919.
Calendar Yearsporation, Deloitte, Mender, Griffiths & Co., have been unable to complete Net profit
$5,165,888 $8,563,911 $7,408,172 $5,710,357
796,485
their audit of our books for that year.
903,750
932,376
2,394,562
Interest
"We have in actual operation, with a constantly expanding business Preferred dividends
713,188
700,714
733,348
733,293
numerous principal subsidiary companies, and they in turn have a large Corn. div. ($3.75 p. s.)
750,000
number of smaller operating subsidiary companies. Some of our principal
subsidiaries have large and important branches in many foreign countries
$1,288,032 $6,808,187 $5,791,234 $4,213.158
Balance surplus
and this has prevented the auditors from gathering, collating, and verifying Profit and loss, surplus_321,027,264 $19,789,232 $15,051,045 $9,359,811
the necessary data in the short time that has elapsed since the close of the -V. 109, p. 2364.
fiscal year. As this will be a re-occurring annual experience, the directors
•
Wire Wheel Corporation of America.have concluded to recommend to the stockholders that the by-laws be
The stockholders will vote March 25 on reducing the Preferred stock
amended SO that the annual meeting shall hereafter be held on the third
from $5,000,000, par $100, to $4,600,000, par $100.-V. 110, p. 369.
Wednesday of May.
"The audited annual report,for the reasons given above, being unfinished,
-Production (in Lb8.).Wolverine Copper Mining Co.
we can only at this time submit estimates which we believe to be conserva1 1920-2 Mos.-1919. Decrease.
tive, and even below the actual results. We estimate that the net earnings 1920-Feb.-1919. Decrease.
322,414
839,955
517,541
204,4161
440.905
236,489
Federal and State, depreciafor 1919, after making provision for all taxes,
-V. 110, p. 369, 772.
tion, fixed charges and all other deductions, will be at least $3,000,000.
"The year 1919 was a transitional one for this company. We entered
-Listed in Pittsburgh.
Wyoming Fuel Oil Co.
upon five major enterprises, which we had planned would be fully developed,
The Pittsburgh Stock Exchange, on Feb. 13 listed the $358,324 outorganized and in running order by the autumn of 1919. The shutting standing stock, par $1. Authorized !Mlle $1,000,000. No funded debt.
down of the coal mines, which cut off our fuel supply for nearly two months, Dividends paid Aug. 20 1919 to Feb. 20 1920 inclusive, 3% each quarter.
labor strikes, railroad embargoes, non-delivery of machinery noces.sary to
-Special Dividend of 5%.
Yale & Towne Mfg. Co.
complete our plants, are among some of the obstructions that prevented
The directors have declared a special dividend of 5% on the Common
their completion, and therefore it was impossible for these plants to attain
a state where their business and yields would have shown results that we stock payable April 1 to holders of record March 15. A like amount was
believe would otherwise have been obtained. With the removal of these paid in May and November 1919.-V. 110, p. 977, 1096.
difficulties we believe that the results of the present year's business will
fully realize our expectations. Notwithstanding all the obstructions to
CURRENT NOTICES
which we have alluded above, we have made satisfactory and successful
headway in the production of miscellaneous syrups and molasses, preserved
-Parson, Son & Co., members of the Now York Stock Exchange,
fruits, compressed yeast, vinegar, animal feed stuffs, and by-products."
Oscar L. Gubelman has been re-elected a director to serve until 1923. 115 Broadway this city, have issued a comprehensive circular, which may be
Joseph 0. Baldwin .Jr. and Daniel K. Weiskopf have been elected directors, had upon request, setting forth the position and extremely advantageous
-Vol. 110, p. 1096.
the board being increased from 9 to 11 members.
terms, largely because of the low rates of exchange on which French,
-Back Dividends.
U. S. Printing & Lithograph Co.
British, Belgian and Italian Government bonds and German municipal
each bonds may be bought. Investors are reminded that during the Civil War
The current quarterly dividend and three back dividends of 1
have been declared on the First Pref. stock, all payable April 1, This
United States Government 6% bonds sold at about 40% of their par value.
-V. 108, p• 1733.
leaves seven dividends still in arrears on the stock.
As to the German municipal bonds the bankers say they are informed that
-Unfilled Orders.
United States Steel Corp.
are presented
-V. 110, IP. 666, interest is being paid as always has been done. Figures
See "Current Events" on a preceding page of this issue.
showing the par value at normal rate of exchange and also the approximate
977.
Present price of French, British, Belgian and Italian Government bonds.
-Initial Dividend.
United States Trucking Corp.
-Imbrie & Co. announce that RS of March 15th they have opened an
The directors of this corporation have declared an initial dividend amounting to $1 67 per share, upon the Pref. stock, being a dividend at the rate of office under the management of Knox Taussig and Humphrey A. Gifford
8% p. a. for the period beginning Jan. 15 1920 (the date of the organization in the Boatmen's Bank Building, St. Louis, Mo.. with direct wire connecof the corporation), and ending March 311920;such dividend to be payable
tions to its Chicago and New York.offices.
April 1 to holders of record March 20 1920.-V. 110, P. 270. 473.
1196
THE CHRONICLE
[VOL. llo.
&parts anti Documents.
SOUTHERN CALIFORNIA EDISON COMPANY
ANNUAL REPORT
TO THE STOCKHOLDERS
FOR THE YEAR 1919.
Los Angeles, California,
Toward the close of the year, the Company arranged for
February 26 1920.
sale to a syndicate of Eastern bankers of $7,500,000 General
To the Stockholders of
and Refunding Mortgage Bonds, "Series of 1919," bearing
Southern California Edison Company:
6% interest, and not convertible into other securities, the
Herewith is submitted the twenty-fourth annual report sale to be consummated early in 1920.
of this Company, and its predecessor companies—this being
BALANCE SHEET.
ray nineteenth annual report.
The most important change in our Balance Sheet will be
Full details as to your Company's property and its operations, including comparative balance sheet, will be found in found in Capital Assets which were increased during the
the President's report and in the certificate of Price, Water- year by $9,209,523 58. The principal item in this amount
house & Company, Chartered Accountants, submitted here- is found in Construction Work in Progress, representing
expenditures made on Kern River No.3 power development
with.
EARNINGS.
and those on account of the increase in Big Creek No. 2
Earnings for the year 1919 compared with 1918 were as plant. There is also included in thisitem $1,000,000 covering
the purchase price of the Shaver Lake project. Distributing
follows:
1919.
facilities were increased at a cost of $2,096,668 75 to serve
1918.
Gross earnings
310,569,564 75 $8,735,457 98 new consumers
and provide for the increasing demands.
Operating expenses, including taxes, insurance, and maintenance, but exclusive of
Investments in System Corporations include the purchase
depreciation
4,480,321 06 3,348,423 51 price of $400,000 capital stock of Shaver Lake
Lumber
Company and approximately $235,000 in the acquisition of
Net earnings
$6,089,243 69 $5,387,034 47
Interest and amortization
3,106,060 99 2,943,568 75 the remaining outstanding stook of the Mt. Whitney Power
& Electric Corporation. Your Company now owns the
Balance applicable to dividends and deentire outstanding capital stock of the Mt. Whitney Power
preciation
82.983,182 70 $2,443,465 72
& Electric Corporation, which in turn owns the capital stook
Earnings available for interest amount to 2.23 times the
year's bond and debenture interest payments and to 1.96 of the Mt. Whitney Power & Electric Company.
Changes in Capital Assets are offset by similar increases
times the year's total interest payments.
in the Company's capital liabilities. The outstanding and
Notwithstanding unusually high operating costs, due to
two successive years of abnormally low rainfall necessitating subscribed common capital stock shows an increase for the
the consumption of a great quantity of oil, and to increased year of $4,320,000, and the bonds a net increase of $5,196,cost of supplies and labor, net earnings are particularly 000. As stated above, Series of 1917 bonds in the amount
of $10,000,000, which fell due July 1, were paid and, to
gratifying, representing an increase of 13%.
provide for such payment and other capital purposes, there
DIVIDENDS.
were issued ,000,000 of the Company's General and ReThe regular dividends of 7% on First Preferred Stock and funding Mortgage Twenty-five Year Bonds, Series of 1919,
Common Stock, and 5% on Second Preferred Stock were and $8,000,000 of Serial 7% Debentures maturing 1921 to
paid in the aggregate amount of $1950,833 39, leaving to 1928, inclusive. Through the operation of Sinking and other
be carried forward into the flew year in surplus account funds, bonds were retired in the face amount of $804,000.
As part consideration for the purchase of the Shaver Lake
$580,560 38.
project, the company guaranteed the payment of principal
SECURITY SALES AND FINANCING.
and interest of $1,150,000 Shaver Lake Lumber Company
As incidated in my last report, your Company issued in bonds
maturing serially 1921 to 1925. $1,000,000 was
January, 1919„000,000 General and Refunding Mort- transferred
to Depreciation Reserve out of earnings. After
gage 25 year 6% bonds, "Series of 1919," the proceeds of meeting
depreciation realized during the year, the Reserve
which, supplemented by partial proceeds of the $8,000,000 shows a net
increase of $429,113 75.
7% "New Debentures" also issued in January, 1919, were
ACCOUNTANTS' CERTIFICATE.
used in the refunding of $10,000,000 of bonds, "Series of
The certificate of Price,Waterhouse & Company,Chartered
1917," maturing July 1, 1919. The remaining proceeds of
debentures provided for the payment of floating debt in- Accountants, is submitted herewith.
curred on account of construction.
GENERAL.
Ratio of bonded debt to investment cost of capital assets,
The signing of the Armistice was the signal for immediate
including investments in system corporations, remains sub- entrance upon large water
power development. The over
stantially the same as that given in last year's report, viz., increasing demand for power
brought about by the estab62.3%.
lishment of new industries of large proportions in Southern
A convincing proof of the increasing interest in the Com- California, together with
the tremendous growth along
pany's business, both on the part of the public within its agricultural lines in the
San Joaquin Valley and other portions
territory, and its employees, is found in the fact that 30,173 of our system, have
necessitated vigorous prosecution o
shares of Common Capital Stock were sold to the public, and well matured plans
for the development of new plants o
15,826 shares to employees during the year, an aggregate great capacity. The President's report
covers in detail the
par value of $4,599,900.
work now being done at Kern River No. 3, Big Creek No. 2,
The Company's stockholders now number 7,016, of which and Shaver Lake. The latter property
was acquired from the
400 are owners of Preferred Stock, and 6,616 of Common, Fresno Flume and Lumber Company
in May, and furnishes
an increase of 91% during the year.
a most valuable additional supply of water.
August showed the largest sales in any one month, 10,845 • As stated in my letter to
Stockholders in June, the situashares. Until July 1919, stock was offered to the public tion in the City of Los
Angeles is in satisfactory shape.
at 9 per share, and to employees at $88 per share, but ia Details will be found in the
President's report.
that month the price was increased to $91 to the public and
In the early part of the year the Company sold its Santa
$90 to the employees.
Barbara and Ventura gas properties
For the purpose of broadening the market for its junior Gas Company, and the proceeds to the Southern Counties
were used in the purchase
securities, the Company made application to list its Common of Santa Barbara Gas and
Electric
Stock on the New York Stock Exchange. This application pay for additions to the property. Company bonds, and to
was approved in October and it is expected that in the near
All in all, your Company's affairs are in most excellent
future the stock will be regularly quoted in New York.
condition, from every angle.
In spite of heavy construction requirements, and pending
There have been no changes in the personnel of the Board
financing, the Company maintained a strong cash position, of Directors or
of the officers during the year, except that
closing the year with $1,026,098.29 on hand.
Mr. Harry J. Bauer, our former General Counsel, who
1197
THE CHRONICLE
MAR. 20 1920.]
succeeded the late Mr. H. H. Trowbridge in that office, has
tendered his resignation and taken up private practice.
Mr. Bauer's leaving was a source of keen regret to the Directors and Officials of the Company, but we were most fortunate in securing the services of Mr. Roy V. Reppy,formerly
with O'Melveny, Millikin & Tuller of this city, who now
occupies the office of General Counsel.
Under the leadership of our First Vice-President, Mr.R.H.
Ballard, who is also President of the National Electric Light
Association, the 1920 Convention to be held next May has
been secured for this portion of the State, and will hold its
sessions in Pasadena. The National Electric Light Association represents $3,000,000,000 of invested capital, 300,000
employees located throughout the United States, and it is
expected that about 3,000 delegates will attend the Convention.
During the year the Company has taken a forward step
in adopting a most liberal and progressive Pension for its
employees. It has met the increased cost of living with
commensurate advance in wages, and these conditions,
coupled with the fact that since the inception of our stock
campaign in July 1917, 1,700 of our employees have become
stockholders and the number is increasing at the rate of
about 60 a week, emphasizes the spirit of co-operation
existing with the Company's employees.
As evidence of the fine spirit pervading our organization,
final tabulations showing response of all employees of the
company to war calls, such as Liberty Bonds, Red Cross, &c.,
totaled $885,699, an average of $354 per employee.
The Board desires, through me, to endorse the comments
of the President on the co-operation, loyalty, and efficiency
of the entire Company's personnel.
By order of the Board of Directors,
JOHN B. MILLER,
Chairman.
The peak of the total system for the year was 200,020
kilowatts, and the annual load factor 58:3% based on the
highest 15-minute peak.
ADDITIONAL HYDRO-ELECTRIC DEVELOPMENTS.
All classes of business, particularly industrial, oil development and agricultural, were given a tremendous impetus
upon the signing of the armistice. This placed before us
unusual demands for electric power, which are increasing.
These will be met by development of additional power. We
are fortunate in having 900,000 hydro-electric horsepower
capable of development on a commercial basis in the watersheds in which the company's principal power plants are
located.
On the Kern River where we have two hydro-electric
plants in operation, an additional plant will be put in service this year. This plant, known as Kern River No. 3,
will have a capacity of 40,000 horsepower. The power will
be transmitted forty-five miles at 60,000 volts from the
point of development to Richgrove in the San Joaquin
Valley, connecting with the Big Creek lines, so the power
may be distributed north or south.
Our main sources of undeveloped power are on Big Creek,
and in the upper San Joaquin watersheds, where there is a
possible development of upwards of 800,000 horsepower.
Two plants, Big Creek Nos. 1 and 2, 85,400 horsepower, are
now being operated, with Huntington Lake, 90,000 acre
feet capacity, as a reservoir. A third unit of 22,000 horsepower at Big Creek plant No.2 will be in operation in 1920.
A third unit of the same size will be installed in Big Creek
Plant No. 1, the energy from which will be available in 1921.
Work is in progress on the development of a third plant
on Big Creek, from which 50,000 horsepower is expected to
be available during 1922. Additions to this plant will be
made from time to time as the runoff from watersheds is
made available through the construction of tunnels and
reservoirs to an ultimate capacity of 235,000 horsepower.
The drainage areas tributary to the Big Creek plants,
developed and undeveloped, are as follows:
Tributary to By; Crook No. 1
416 square miles
REPORT OF THE PRESIDENT.
February 16 1920.
Mr. John B. Miller, Chairman,
2_
454
3
1,143
4
Southern California Edison Company:
1,267
Dear Sir:
Plans for the best utilization of this water supply have
I submit herewith annual report on the management of been carefully studied for a number of years, and ultimately
the properties and business of the company during the year several additional plants will be constructed below the present
1919.
installations, making further use of the same waters falling
GENERATING PLANTS.
through the several plants, an aggregate total of 6,000 feet.
The generating plants on the system are interconnected The construction program of this company provides for the
in parallel, the installed capacity being the commencement of the following projects during 1920:
and operated
same as set forth in my annual report for the year 1918, and
Construction of Florence Lake tunnel, a distance of 10
together with subsidiary companies, consists of the following: miles through the mountains, requiring several years to
complete.
WATER POWER PLANTS.
Southern California Edison Company:
Diversion of Pitman Creek through two miles of tunnels to
85,400 horsepower
Big Creek (2 plants)
Huntington Lake. This tunnel project will be completed in
30,000
Kern River, No. 1
"
13,300
Kern River, Bore'
1921.
1,000
Mill Creek No. 1
5,500
Mill Creek Nos. 2 and 3
Shaver Lake Reservoir: By purchase from the Fresno
4.000
Santa Ana River No. 1
1,350
Flume & Lumber Company, this company has acquired
Santa Ana River No.2
650
Lytle Creek
approximately 30,000 acres, including Shaver Lake. The
2,0(0
Azusa
2,000
Mentone
construction of a dam will enlarge the reservoir capacity to
800
Sierra
2,400
Fontana (leased)
50,000 acre feet, which will ultimately be increased to 146,000
Subsidiary Companies:
acre feet upon the completion of the Florence Lake tunnel.
2,680
Tube No. 1
1,810
Kaweah No. 1
This latter project is a necessary adjunct to secure full and
2,280
Kaweall No. 2
3.750
Kawoah No. 3
of our water powers.
158.920 horsepower efficient operation
14
46
4.
4.
.6
44
.4
.1
CITY OF LOS ANGELES.
STEAM PLANTS (FUEL OIL OPERATION).
Southern California Edison Company:
63,000 horsepower
Long Beach
03.600
Redondo Beach
"
13,500
Los Angeles No. 3
"
1,050
Oxnard
Subsidiary Companies:
66
2,840
Santa Barbara
.1
7,710
Visalia
.1
1,610
Tulare
143,310 horsepower
During the year through the operating agreement with the
City of Los Angeles, Southern California Edison Company
distributed for the city 80,884,810 kilowatt hours of electric
energy generated at the city's hydro-electric plants,for which
the city's proportion of Los Angeles business amounted to
$617,889 72.
A formal contract has been executed for the sale of the
company's distributing system located within the City of Los
302.230 horsepower Angeles to the City in consideration of $11,000,000 cash,
Total
plus the cost of extensions since July 1 1919, and a further
The generating plants, both steam and hydro-eleotric, agreement that the city shall buy from the company at
have been maintained in a high state of efficiency, and are wholesale all of its power requirements in excess of that
generated at its own plants for a period of thirty years, suball in excellent operating condition.
The kilowatt hour output from these plants and other ject to cancellation after ten years by a vote of the qualified
electors of the city. The company will continue to furnish
sources was as follows:
the power revirements of city and interurban railways.
1918.
1919.
508,248,941 KWH 554,236,214 KW11 Bonds to provide for this purchase have been voted by the
Water power plants
186,698,288 "
310,257,206 "
Steam plants
people, but the validity of the election has been attacked in
13,655,494 "
35,456,141 "
Purchased power
the courts and several suits are now pending.
754,588,996 "
854,960,288
Total Edison System
In the interim a new operating agreement has been exDistributed to Los Angeles consumecuted as a result of a series of conferences presided over by
ers from water power plants of the
79,525,830 "
the President of the Railroad Commission of the State of
City of LOti Angeles, additional_.. 80,884,810
Output of subsidiary companies exCalifornia. Operations in Los Angeles are at present being
cluding power from Edison sys65,118,765 "
63,688,888
conducted in accordance with the terms of this new operating
tem
agreement.
899.233.591 U
999.533,786
66
46
1198
THE CHRONICLE
TERRITORY SERVED.
Although the Company's income shows remarked increase
for the year 1919 over the preceding year, this has not been
brought about by extending generally into new fields, the
territory supplied being practically the same as in 1918.
However, it is worthy of note that the population in the
territory supplied now shows an increase from 1,250,000 to
1,500,000. During the year 1919 the Company was in a
position to care for all reasonable demands for electric
service, and extensions to distributing systems were promptly
made. The majority of extensions made were into the
agricultural districts, where new lands were brought under
cultivation.
BUSINESS DEVELOPMENT.
An analysis of the income in the various geographical
districts of the company indicates that with the ending of
the war there has been a freer use of electric service for all
purposes, and due to the shortage of industrial and domestic
labor, there is a tendency to make electricity a greater
servant than ever before. During the year 1919 there has
been no apparent gain in the number of consumers supplied
with service. This is accounted for by the fact that early
in 1919 the company sold its remaining gas properties in
Santa Barbara and Ventura Counties, and by this sale
transferred 8,684 consumers. However, in 1919 the Company added approximately 9,000 electric consumers, so that
the number of consumers lost by the sale of the gas properties
was fully made up by the taking on of additional electric
Consumers. In 1919 the total new business contracted for
was as follows:
Horsepower.
41,000
14,400
1,600
30,000
Estimated
Annual Income.
$650,000
290,000
11,000
180,000
87.000
Power
Lighting
Cooking and heating
Lamp socket appliances
$1,131,000
RATES.
It was not deemed necessary to make anyrchanges in the
company's established rate schedule during the year 1919.
Complete schedules covering all classes of service were filed
with and approved by the Railroad Commission of the State
of California during the latter part of 1918, and under these
schedules the company has since continued to operate.
BUSINESS PROSPECTS.
[VoL.110.
DETAIL OF CONNECTED LOAD IN HORSEPOWER SOUTHE
OALIFORNIA EDISON COMPANY AND SUBSIDIARY RN
COMPANIES.
1919.
1918.
Lighting
230.274
219,111
Pumping plants for irrigation
121,266
104,786
Cement manufacturing and rock crushing
18.170
22,721
Railway
102,142
102,132
Municipalities, for resale
2,500
4.367
Municipalities, pumping, sewer, etc
8,450
7,714
Icenlaking and refrigeration
4,856
4,379
Motion picture industry
2,337
2,935
Industrial heating
1,822
2,036
Electric cooking
21,121
18,867
Industrial and miscellaneous
131,256
113,884
Total
644.194
CAPITAL EXPENDITURES.
602.932
Capital expenditures of the company during the year
amounted to $9,209,523.58, the principal items of which
were:
Work on Kern River No. 3 water power project
$5,310,192 80
Kern River No.3 transmissioniine and receiving substation at
Richgrove
400,328 66
Additional capacity at Eagle Rock substation
Installation of third unit, Big Creek No. 2 power house and 188,951 90
purchase of properties, Fresno Flume and Lumber Company
(Shaver Lake reservoir and water sources)
1,536,182 43
Extensions of distributing systems
1,637,498 32
Miscellaneous items
*46,369 47
Total
(*Net after credit for gas properties sold.)
$9,209,523 58
GENERAL.
California, and particularly our section of the State, is
experiencing a growth and development exceeding anything
in the past. With the great influx of population and the
many natural resources and opportunities at hand, the corning year gives promise of substantial increases in all lines of
business acitivity. The one great essential is a cheap and
abundant supply of power. Owing to the scant fuel deposits
of the State, the development of its water power is recognized
as a public and economic necessity. This company's program of water power development is designed to meet these
inevitable demands.
Our relations with the public have been most satisfactory.
The company is in splendid repute throughout the territory
it serves and its rates are regarded as fair and equitable.
At a time when labor unrest is more or less prevalent, we
are pleased to say that our organization has evidenced a
loyalty and solidarity that serve to exemplify the splendid
relations that have existed between officers and employees
in the past.
The company's plants and properties have been efficiently
conducted and maintained. Such matters as insurance and
depreciation are carefully and adequately provided for. All
indications point to one of the biggest and most successful
years in the company's history.
Yours very truly,
W. A. BRACKENRIDGE,
President.
Prospects for new business in the electrical industry in
Southern California were never as great as at the present
time. Since January 1 1919 the company has added to
lines 203 new industrial plants ranging in capacity fromits
a
minimum of 10 horsepower to a maximum of 3,500 horsepower, and averaging 67 horsepower each. During the
same period additions to capacity have been made to many
industrial plants already supplied with the company's
service. The demand for service for agricultural purposes is
already heavy for the current year and the amount of
energy required for the development and operation of oil
PRICE, WATERHOUSE & CO.
properties promises to be much greater than heretofo
Certified Public Accountants (Ill.)
The
year 1920 will see a large amount of constructionre. resiTitle Insurance Building
for
Los Angeles, Cal.
dences and apartment houses in order to keep up with the
immediate and future necessities. It naturally follows that
SOUTHERN CALIFORNIA EDISON COMPANY.
a heavy increase in building construction means a corresponding increase in such industrial lines as supply construc- PROFIT AND LOSS ACCOUNT FOR THE YEAR
tion materials. It will not be necessary to do much soliciting Gross earnings ENDING DECEMBER 31 1919.
39.241,24590
for new business during the year 1920, as the company will Operating and maintenance expenses
4,480,321 06
be kept busy keeping up with requests for service which are
*4.760,92490
Add:
flowing into all its offices.
Interest income
CO-OPERATION IN THE INDUSTRY.
There has developed a very decided movement
co-operative lines in Southern California, the object along
being
to cement friendly relations between the various branches of
the electrical industry. The work has been educational in
its character, and has been carried on among the power
company employees, manufacturers, jobbers, electrical contractors and dealers. The result has been that each branch
of the industry is receiving stimulation and encouragement
to perform its particular function, the aim being
all
engaged in the electrical business will be benefitedthat the
by
spread 'of the spirit of co-operation, and that the public will
be better served and better pleased. The Southern
fornia Edison Company has taken an active part in Calithis
movement and has reason to feel that the results obtained
so far have been highly satisfactory. Undoubtedly this
company will continue to be a beneficiary of the co-operative
movement as the work spreads and its usefulness increases.
CONNECTED LOAD.
The following is a comparative statement of the connecte
load of Southern California Edison Company and subsidia d
ry
companies, by installations on consumers' premises at the
close of the year 1919 as compared with 1918:
METERS.
1919.
214,528
Electric light and power
Gas
Water
Lamps. 50 watt equivalent
1,210
LIGHTING.
POWER.
........
ELECTRIC RANGES
Ranges and water heaters in horsepower
Motors in
1918.
201.129
6,904
1,135
216,738
209.168
3.404.324
3.215,132
392.709
364,954
21.121
181867
Revenue under Los Angeles city contract to $052,181 Si
offset depreciation of distributing system
299,019 96
Dividends received, etc. (net)
131,445 65
Deduct:
Interest on bonds and debentures
Miscellaneous interest
1,382,647 02
$6,143,571 92
62,727.131 10
210,071 78
$2,937,202 88
Less:
Proportion charged to construction accounts_
223,861 75
•
$2,713.341 13
Proportion of discount on bonds and debenture
sold,and premiums on bonds redeemed,amor-s
tized
363,286 13
Rent of leased plant, poles and conduits
29,433 73
Portion of Los Angeles appraisal expenses amortized
54,328 23
3,160,389 22
$2,983.182 70
Deduct:
Provision for depreciation
1,000.000 00
Balance before providing for 1919 Federal income
taxes,
carried to surplus
$1,983,182 70
We have examined the books and accounts of
California Edison Company for the year ending the Southern
December 31
1919, from which the above statement has been prepared
.
Miscellaneous charges aggregating $20,221 62 (net)
have
been charged direct to surplus in accordance with the classification of accounts prescribed by the Railroad Commiss
ion
of the State of California. The only portion of the earnings
or expenses of owned or controlled companies which has
included is dividends or interest received from such been
companies.
Subject to the foregoing and the sufficiency of the provisio
n
for depreciation, we certify that, in our opinion, the
above
statement fairly and correctly sets forth the
results of the
operations for the year.
PRICE. WATERHOUSE &.00..
February 16 1920.
1199
THE CHRONICLE
MAR. 20 10201
COMPARATIVE BALANCE SHEET AS OF DECEMBER 31ST.
ASSETS.
1919.
Capital Assets$
Plant:
Production and Transmission
37,022,907 34
Investment
Local DistributionInvestment22,528,808 33
3,892,997 01
General Investment
326,938 48
Water Investment
Construction Work in Prog9,044,175 94
ress
Fixed Capital in Other De1,258,292 15
partments
11,202,954 31
Intangible Capital
Plant Purchased in Lieu of
Construction
Increase.
$
1918.
$
391,934 94
36,630,972 40
20,432,139 58 2,096,668 75
496,336 30
3,396,660 71
326,938 48
1,794,743 60 7,249,432 34
1,221,710 17
11,176,081 57
35,581 98
26,872 74
as
*1,415.241 95
1,415,241
85,277,073 56 76,067,549 98 9,209,523 58
371,675 95 *156,339 29
Sinking and Other Special Funds 215,336 66
Total Plant
Investments in System Corporations:
4,067,358 58 3,431,512 00
Securities
110,000 00
Notes
1,504,463 37 1,058,826 33
Open Accounts
635,846 58
*110,000 00
445,637 04
Total Investments in Sys5,571,821 95 4.600,338 33
tem Corporations
971,48362
2,52728
*43 18
Securities of Other Corporations
Total Capital Assets
2,484 10
91,066,716 27 81,042,091 54 10,024,624 73
Common Stock Subscriptions__ 2,177,963 35 1,067,435 50 1,110,527 85
Current Assets
1,026,098 29 1,080,999 22
Cash
1,741 50
1,454 90
Special Deposits
750.213 61
nue from Consumers and Agents 823,110 76
Miscellaneous Accounts Receiv341,719 63
276,122 05
able
63,65047
69,328 16
Notes Receivable
Interest and Dividends Receiv16 68
16 68
able
1,530,888 54 1,416,926 13
Material and Supplies
227,744 10
75,108 77
U. S. Liberty Bonds
Total Current Assets
3,802,128 15 3,883,011 34
*54,900 93
*286 60
72,897 15
*65,597 58
5,677 69
113,962 41
*162,635 33
*80,883 19
Deferred Charges
*3,835 94
6,699 66
2,863 62
Prepaid Taxes
1,68901
9,915 71
11,604 72
Prepaid Insurance
*59,617 28
67,703 89
8,086 61
Prepaid Interest
*42,999 78
139,010 85
96,011 07
Government Permits
498,703 57 *227.079 51
271,624 06
Other Prepayments
21,785 06
*108 98
21,676 08
Surplus'
Unamortized Discount on Se2,998,990 46 1,784,953 37 1,214,037 09
curities and Expense
903,978 65
3,410,856 62 2,606,877 97
Total Deferred Charges
100,457,664 39 88,499,416 35 11,955,248 04
Total Assets
LIABILITIES.
1919.
Capital LiabilitiesCapital Stock:
First Preferred (Authorized,
4,000,000 00
$4,000,000)
Second Preferred (Authorized,
12,029,900 00
$12,500.000)
Common Stock (Authorized,
$83,600,000) -$26,670,300
Less Controlled
by Company
Through Stock
Ownership ___ 10,836,628 15.833,672 00
Subscribed Common Stock__ 2,693,300 00
Total Capital Stock
Increase.
4,000,000 00
12,029,900 00
12,870,172 00 2,963,500 00
1,336,800 00 1,356,500 00
34,556,872 00 30,236,872 00 4,320,000 00
Installments Received on Stock
Contracts
Funded Debt:
Bonds
Bonds Called
Debentures
1918.
248,092 92
72,245 83
175,847 OD
39,785,000 00 42,577,000 00 *2,792,000 00
*11,000 00
20,000 00
9,000 00
9,977,000 00 1,978,000 00 7,999,000 00
Total Funded Debt
49,771,000 00 44,675,000 00 5,196,000 00
Total Capital Liabilities
84,575,964 92 74,884,117 83 9,691,847 09
Current Liabilities
Audited Vouchers and Wages
499,454 09
1,225,741 31
Unpaid
44,302 98
Miscellaneous Accounts Payable 168,913 94
5,449,262 15 6,078,592 98
Notes I'ayable
199,696 48
279,371 58
Deposits
Consumers'
Accruals:
237,689 86
687,178 10
Interest Accrued
19,139 53
33,662 35
Taxes Accrued
91,000 00
U.S. Liberty Bond Subscription
Total Current Liabilities..___ 7,834,129 43 7,169,875 92
Shaver Lake Lumber Company
1,150,000 00
Bond Guarantee
Reserves and Surplus
61,548 66
52,962 43
Reserve for Injuries & Damages
6,228,075 53 5,798,961 78
Reserve for Depreciation
16,429 47
Bills_
35,971 70
Reserve for Uncollectible
568,482 69
580,560 38
Surplus
Total Reserves and Surplus__ 6,897,570 04 6,445,422 60
Total Liabilities
726,287 22
114,610 96
*629,330 83
79,675 10
449,488 24
14,522 82
*91,000 00
664,253 51
1,150,000 00
*8,586 23
429,113 75
19,642 23
12,077 69
452.147 44
100,457,664 39 88,499,416 35 11,958.248 04
* Denotes decrease.
MIDVALE STEEL AND ORDNANCE COMPANY
FOURTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31 1919.
7 West 10th Street,
Wilmington, Delaware.
To the Stockholders:
The year 1919, while fairly satisfactory as to final results,
presented many difficult and perplexing problems. Very
early in the year a general hesitation in business became
apparent: due to readjustment from war conditions. This
resulted in a material decrease in orders, so that we were
only able to operate at about sixty (60) per cent of our
normal capacity for the first eight months. Labor troubles
in the fall further reduced our operations, so that for the
entire year our total production was only about fifty (50%)
per cent of our normal capacity..
During the year we added to our ore reserves by purchasing
a substantial interest in the Mesabi Iron Company, a corporation which has been formed for the purpose of mining
and beneficiating the extensive deposits containing magnetic
iron owned by it on the eastern end of the Mesabi Range in
Minnesota.
The importance of proper home surroundings for employees has been recognized by this Company since its
organization, and efforts have been made to improve living
conditions in the various communities in which the works
are located, by acquiring property and erecting buildings
which, while furnishing modern conveniences, were within
the means of the workmen. We believe that the interests
of the Company are identical with those of the communities
in which the various plants are located, and that the ideal
American community is one in which all, or at least a
majority, of the citizens own their own homes.
The subject of homes for employees was considered at the
meeting of the elected representatives of employees and
officials of the company, held in Philadelphia, May 10th
1919. The hope was then expressed by the employees'
representatives, that the Company would extend its activities in the matter.
War conditions have accentuated the necessity for additional homes, and in order to meet the needs of our workmen in this respect, and to establish a system which will be
uniform for all of the different communities affected, the
Board of Directors, at the meeting held June 4th, 1919,
adopted a resolution which, among other things, provided a
fund of $2,500,000 to institute an extensive and reasonable
Home Building Plan. This plan, in substance, provides
for loaning to,our workmen, under proper safeguards, an
amount...not in_excesslof ninetyl(90%) per cent of the value
of the home to be purchased or built. These loans are
liquidated by regular monthly payments to be made over a
term not in excess of twelve (12) years. Of the above
amount, $1,026,032 52 have been expended in loans to
three hundred and fifty-six (356) employees.
The Board of Directors, at a meeting held May 7th 1919,
authorized the establishment of a Pension Plan for employees. This provides for a uniform pension of $30 00 per
month, regardless of position, wages or salary prior to retirement. Retirement on pension will be compulsory upon
reaching the ago of seventy (70) years, provided the employee
has previously completed twenty-five (25) years of service.
Employees may be retired either at their own request, or
by the Company, after reaching the age of sixty-five (65)
years, and having completed twenty-five(25) years of service.
Any employee who becomes permanently and totally
incapacitated as a result of disease or injuries, for which
compensation is not being paid or provided under Workmen's Compensation laws, and who has then been fifteen
(15) years or longer continuously in the service will be eligible
for a pension.
The status of our Pension Plan as of December 31st, 1919,
is shown on page 18 [pamphlet report].
Desiring to have as many of our employees as possible interested in the actual ownership of the Company, they were
offered the opportunity in January, 1917, to purchase stock
in the Company, to be paid for by monthly installments.
This offer was renewed each succeeding January. During
the three years, 1917, 1918 and 1919, three thousand twohundred and fifty-four (3,254) certificates for fourteen
thousand and twenty-eight (14,028) shares have been paid
for and klivered to employees.
Our Plan for Representation of Employees, which was inaugurated October 1st, 1918, received a severe test during
the year 1919.
Under the auspices of a number of labor organizations, a
general strike in the steel industry was called on September
22nd, 1919, with varying results as far as our different
plants were concerned.
At out Nicetown plant, there was no response whatever
on the part of our men to this attempt to disrupt the pleasant
relations existing between the Company and its employees.
At Coatesville, our operations were seriously curtailed for
only about one week. At Johnstown, a sufficient number of'
men failed to report for work on September 22nd, to seriously
curtail our operations.
1200
THE CHRONICLE
We were then confronted with the alternative of protecting, housing and feeding men within the plant, and thus
combating the terrorism which had prevented many of our
employees from coming to work,although otherwise disposed
to do so; or allowing the plant to remain closed until the
sober second thought of the men and the community had
time to assert itself. We adopted the latter plan, both
because we felt it was the least costly, and because we believed it would be for the ultimate benefit of the men, the
Company and the community. About fifteen hundred men
were retained in the service to maintain the plant in a condition to permit resumption of operations without difficulty.
During a shut-down of about seven weeks, a large majority
of the employees expressed themselves as being anxious to
resume work under the conditions existing at the time of the
shut-down, and we were, therefore, able to resume operations on November 17th, 1919.
While we, of course, were disappointed at the failure of
our efforts to establish such relations as would prevent any
such interruption to our operations, we are not discouraged
by this experience. The January elections, as provided in
the Plan of Representation, were held as usual, and the plan
is now functioning in a satisfactory manner.
Since the first of January, 1920, our mills have been operating at the rate of about 75% of capacity, and we have
grave doubts whether the operations can be materially
increased, due to labor conditions and the absolute necessity
of making repairs and renewals, especially at Johnstown, to
insure economical operations.
Operating costs are abnormally high because of the above
conditions and impaired transportation; the latter being
largely due to the unusually severe winter. Prices generally
for our commodities are satisfactory. We are hopeful that
1920 will be an improvement over 1919.
Respectfully submitted by order of the Board of Directors.
A. C. DINKEY, President.
WILLIAM E. COREY, Chairman.
'VOL. 110
Cash, Notes and Loans Receivable and Securities have
been verified by inspection or by certificate of the Depositaries. Accounts Receivable are regarded as good and .collectable, possible losses being amply covered by the general
Reserve.
In our opinion the Reserves established for Federal Taxes
are sufficient.
We certify that in our opinion the attached Consolidated
Balance Sheet and Income Account correctly disclose the
financial condition of Midvale Steel and Ordnance Company
and Subsidiary Companies at December 31, 1919, and the
result of their operations for the year ended that date.
ARTHUR YOUNG & COMPANY,
Certified Public Accountants.
MIDVALE STEEL AND ORDNANCE COMPANY AND
SUBSIDIARY COMPANIES.
CONSOLIDATED STATEMENT OF INCOME FOR TIIE YEAR
ENDED DECEMBER 31, 1919.
Net earnings from operations (after deducting all Expenses
incident to Operations including those for Ordinary Repairs and Maintenance amounting to approximately
$14,000,000 and for Federal Taxes)
$16,787,254 85
Other Income:
Income on Securities, Commercial Interest and Discount,
etc.
2,277,630 37
319,064,885 22
Deduct:
Provision for depreciation, obsolescence and
mine exhaustion
$5,334,770 25
Bond interest:
Midvale Steel and Ordnance
Company
$2.195,928 15
Subsidiary Companies
606,861 33 2,802,789 48
Guaranteed dividend on Cambria Iron Company stock
338,720 00 8,476,279 73
Net income for the year 1919 after providing
for profits applicable to Minority Interests
$10,588,605 49
Surplus—Unappropriated, per Certified Accounts, December 31, 1918
$53,720,097 92
Deduct:
Dividends declared and paid during the year 9,000,000 00 44,720,097
92
AVERAGE NUMBER OF EMPLOYEES AND EXPEN- Surplus—Unappropriated, Balance December 31. 1919,
carried to Balance Sheet
$55,308,703 41
DITURES FOR LABOR.
MIDVALE STEEL AND ORDNANCE COMPANY AND
(Eddystone Rifle Plant and Ramapo Ore Co., Inc., not
SUBSIDIARY COMPANIES.
included.)
CONSOLID
Ore to Finished Product.
1916.
1917.
1918.
1919.
Total Pay Roll
$31,521,531 $47,555.197 $59,304,724 $39,827,922
Average Number of Employees
31,048
38,375
34,434
22,955
Average Wages per Employee per Year
$1,015
$1,307
$1.722
$1,734
Gross Tons Steel Products Shipped
1,558,108
1,614,373
1.448,374
826,925
*Wages paid per Ton of
Steel Product Shipped
$18.95
$27.95
$39.44
$46.67
*Total Pay Roll, less portion expended on Construction and Improvements, divided by Tons of Steel Product shipped.
STATUS OF CAPITAL STOCK AND BOND ISSUE
DECEMBER 31ST 1919.
CAPITAL STOOK.
Issued
Unissued
$100,000.000 00
*50,000,000 00
Total Authorized
$150,000,000 00
* Of this amount $24,129,250 00 is reserved for Bond Conversion Privilege.
BOND ISSUE.
Twenty-year Five Per Cent Convertible Sinking Fund Gold
Principal due March 1st 1936. Interest payable March 1st andBonds:1st
Sept.
Subject to redemption as provided in Trust Indenture.
Authorized
$50,000,000 00
Unissued
3,381,000 00
Issued
$46,619,000 00
Redeemed
$1,741,500 00
In Treasury
1,650,000 00
3,391,500 00
Outstanding
$43,227,500 00
INVENTORY DECEMBER 31ST 1919.
Value.
Iron Ores
Pig Iron, Scrap, Ferro-Manganese, Ferro-Silicon and$15,681,474 18
Spiegel
4,393,839 09
Coal, Coke, Fuel 011, Wood and Charcoal
411,951 69
Tungsten, Aluminum, Nickel, Chrome, Titanium, Vanadium, Sundry Alloys and Alloy Scrap
1,139,624 44
Limestone, Fluxes and Refractories
1,271,995 51
Molds, Rolls, Iron Castings, etc
Manufacturing Supplies, Stores and Sundry Items not other- 2,717,733 31
wise classified
4,038,763 15
Steel, Nickel and Chrome Vanadium Ingots
633,604 70
Blooms, Billets, Slabs, Blocks, Rough Bar, Mill Bar, Skelp,
and Flue Iron
2,755,155 83
Finished Products
Mining Supplies and Stores for Ore, Coal and Stone Proper- 6,364.430 52
ties
670,833 21
Work in Process
7,614,417 65
Material in Transit
377,281 55
kail
Total
$48,071,104 83
CERTIFICATE OF INDEPENDENT AUDITORS.
New York, February 27, 1920.
To:the Board of Directors,
Midvale Steel and Ordnance Company,
New York, N. Y.
We have examined the books and records of Midvale
Steel and Ordnance Company and Subsidiary Companies
and have prepared therefrom the attached Consolidated
Balance Sheet and Income Account.
Property Account additions for the year have been properly made and the provision for Depreciation is in our opinion adequate.
Deferred Charges are all items applicable to future operaons.
ATED BALANCE SHEET AT DECEMBER 31ST 1919.
ASSETS.
Property and Plant (including property leased under 999
year lease from Cambria Iron Company and improvements thereto—see note below)
$170,250,202 34
Investments in associated companies
1.130,451 00
Total Capital Assets
$171,380,713 3
4
Current Assets:
Cash in Banks and on Hand
$5,803,589 31
Customers' Accounts
8,299,588 01
Sundry Debtors
2,993,103 83
Advance Payments on Ores, etc
2,005,217 71
Notes and Loans Receivable
784,108 00
Government Securities:
United States Certificates
of Indebtedness
334,165,000 00
United States Liberty
•
Loan Bonds
5,117.118 00
Anglo-French 5
-Year External Loan Bonds,
dated October 15th
1915
184,285 28
39,466.403 28
Other Marketable Securities
537,492 90
Inventories of Products, Materials and
Supplies
48,071.104 83
Total Current Assets
107,960,607 87
Deferred Charges:
Advances for Stripping Ore Mines,Prepaid Insurance, etc
828,808 72
Specific Funds
28,493 52
$280,198,623 45
CAPITAL AND LIABILITIES.
Capital Stock:
Authorized
3150,000,000 00
Unissued:
Held for Conversion of
Bonds
$24,129,250 00
For General Corporate
Purposes
25.870,750 00 50,000,000 00
Capital Stock of Subsidiary Companies Not Held by Mid-$100,000,000 00
vale Steel & Ordnance Company (par value)
2,133,450 00
Guaranteed Stock:
Cambria Iron Company Stock (see note below)
8.468,000 00
Bonded and Mortgage Indebtedness:
Midvale Steel & Ordnance Company 5% Convertible
Sinking Fund Gold Bonds due March 1 1936:
Authorized
350,000,000 00
Less:
In Treasury
$1,650,000 00
Redeemed
1.741,500 00
Unissued
3.381,000 00
6,772,500 00
Subsidiary Companies
Total Capital Liabilities
Current Liabilities:
Vouchers audited and unpaid payrolls
Deposits received on Contracts
Accruals and Miscellaneous, including
Estimated Federal Taxes
$43,227,500 00
11,641,000 00
•
54,868,500 00
$166,469,950 00
$3,358,58674
2,733,923 94
14,435,647 19
Total Current Liabilities
20,528,157 87
Reserves:
For Depreciation and Mine Exhaustion__ $30,647,109 80
For Furnace and Coke Oven Renewals
and Miscellaneous
4,082,777 92
Total Reserves
Surplus—Appropriated, applicable to Minority Stock In- 34,720,887 72
terests, Premium and Discount on Capital Liabilities, etc..
Surplus—Unappropriated, Balance (after deducting Mid- 4,101,924 45
vale Steel & Ordnance Company dividends paid. $33,000,000)
55,308,703 41
$280,198,623 45
Note.—Cambria Steel Company guarantees an annual dividend
per cent on the above-mentioned Cambria Iron Company stock asof four
rental
for property held under the 999-year lease.
1201
TILE CHRONICLE
MAR. 20 1920.1
THE CONSOLIDATION COAL COMPANY
-FOR THE YEAR ENDING DECEMBER 31 1919.
FIFTY-SIXTH ANNUAL REPORT
Baltimore, Md., March 17 1920.
REFUNDING MORTGAGE 4% PER CENT BONDS,
DUE MAY 1 1934.
To the Shareholders:
of and in accordance with the proUnder
The President and Board of Directors beg to submit the visions ofthe operation
the Deed of Trust of May 1 1904, there have been
following report of operations of the Company for the year applied to the Fund during the year the following amounts:
ending December 31 1919:
$24 IS
Balance in hands of Trustee December 31 1918
30,985 44
Balance due Fund December 31 1918
Three cents per ton on 764,688 gross tons, output 1919.322,940 64
Three cents per ton on 214,485 gross tons, mined by
6,434 55
Lessees on Royalty Leases, 1019
29,375 19
INCOME•
323,507,556 64
Earnings from all sources
InOperating Expenses,Taxes,
.surance, and Royalties, exclusive of Income and Excess
$17,357,856 00
Profits Tax.
1,170,563 41
Depreciation
393,591 27
Depletion
18,922,010 68
Net Earnings from Operations
Interest
$60,384 81
34,585,545 96
1,398,173 23
Net Earnings for the year, before deducting Income and
$3.187,372 73
Excess I'rofits Tax
178,094 19
Less Reserve for Income and Excess Profits Tax
$3,009,278 54
Not surplus for the year
198,143 89
Realization of Appreciation of Coal Lands March 1 1913
Not Surplus for the year applicable for Dividends
Less Cash Dividends declared for the year 1919
$3,207,422 43
2,411,854 50
3795.567 93
Net Surplus for the year carried to Profit and Loss
Profit and Loss Account and Special Surplus Dec. 31 1918_ 52.193,517 08
$52,989,085 01
Total
Revaluation of Coal Lands March 1 1913, Less Adjustment
3,934,643 42
of Accounts for previous years
Profit and Loss Account and Special Surplus Dec.311919-856,923.728 43
130,653 73
Thirty-three bonds purcha.sed for the Fund, cost
355 89
In Fund, Uninvested, December 31 1919
Due Fund for the year ending December 31 1919 (paid
29,375 19
February 27 190)
$60,384 81
The above thirty-three bonds, plus eight hundred and
twenty-five bonds purchased in prior years, make a total of
eight hundred and fifty-eight thousand dollars par value of
bonds held by the Trustee of the Sinking Fund December31
1919.
FIRST AND REFUNDING MORTGAGE 5 PER CENT BONDS,
DUE DECEMBER 1 1950.
Under the operation of and in accordance with the provisions of the Deed of Trust of December 11910, there have
been applied to the Fund during the year the following
amounts:
Balance in hands of Trustee December 31 1918
$772 57
24
74,274
Balance due Fund December 31 1918
BONDED DEBT AND SINKING FUNDS.
Three cents per ton on 6,428,869 gross tons, output
4192,866 07
1919
aggregate outstanding Bonded Debt of the Company Three cents per ton on 638,002 gross tons, mined by
The
19,140 06
Lessees on Royalty Leases, 1919
is $25,739,500, exclusive of $6,636,000 Five Per Cent First
$212,006 13
and Refunding Mortgage Bonds held in Treasury, and $1,Loss Sinking Fund requirements of prior mortgages_ 80,267 75
131,738 38
000,000 of bonds of the Cumberland & Pennsylvania Rail1,507 87
Interest accretions to the Fund for the year
road Company, issued under its mortgage of April 1 1891.
$208,293 06
The securities in the Sinking Fund of this mortgage, with
the annual accretions, will provide ample funds for retirement One hundred and fifty-five bonds purchased and$136,774 85
canceled, cost
706 86
of the bonds at their maturity. Included in the above In Fund, Uninvested, December 31 1919
(paid Januoutstanding Bonded Debt aro $5,873,500 of the $6,500,000 Balance due the Fund December 31 1919
70,811 35
ary 30 1920)
5208,293 06
Ten-Year Six Per Cent Convertible Secured Gold Bonds,
$626,500 of the said Bonds having been converted into Stock
The above one hundred and fifty-five bonds, plus eight
prior to December 31 1919.
Of the authorized issue of $40,000,000 First and Refunding hundred and sixty-five bonds purchased in prior years,
Mortgage Bonds dated December 1 1910 there have been make a total of one million and twenty thousand dollars par
value of bonds canceled and held by the Trustee of the
issued,:
$10,720,000 which are included in the above amount of outstanding bonds. Sinking Fund December 31 1919.
1,020,000 since purchased and held by the Sinking Fund.
6,500,000 pledged under the Ten-Year Six Per Cent Convertible Mortgage.
6,636,000 held in the Treasury.
C. & P. RR. CO. FIRST MORTGAGE 5 PER CENT BONDS, DUE
MAY 1 1921.
The occretions of the Sinking Fund for the year 1919 were
2,779 88. There are now in this Fund securities aggregating $1,189,000 00 par value, representing an investment
of $1,152,885 49. For details of this account see abstract
The combined Sinking Fund Account for the year under "B" below.
the various mortgages, other than the Railroad mortgage, is: FAIRMONT COAL CO. FIRST MORTGAGE 5 PER CENT BONDS,
There have been reserved and held for future requirements:
$9,146,000 to provide for the retirement of an equal amount of other
bond issues of the Company.
5,978,000 to provide for future development and additions to the property.
Balance in and duo Funds December 31 1918
Accrued Sinking Funds for the year
Interest accretions and other receipts for the year
3174,452 80
230,006 13
32,085 37
$436,544 30
Total
Less $279,000 par value of bonds purchased during tho year at
258,019 42
a cost of
Balance in and due Funds December 31 1919
$178,524 88
The obove two hundred and seventy-nine bonds, plus
three thousand five hundred and eighty-eight bonds purchased in prior years, make a total of three million eight
hundred and sixty-seven thousand dollars par value of bonds
retired by the various sinking funds, December 31 1919.
The following are the details of the Sinking Fund Account
for each issue of bonds:
FIRST MORTGAGE 434 PER CENT BONDS, DUE JANUARY 11922.
DUE JULY 1 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 following
amounts:
4t502 35
.
Balance in hands of Trustee December 31 1918
14,683 48
Balance due Fund December 31 1918
Two cents per ton on 2,296,573 gross tons, output
$45.931 46
1919
Two cents per ton on 248,055 gross tons, mined by
4,961 10
Lessees on Royalty Leases, 1910
50,892 56
$66,078 39
$43,350 84
Forty-six bonds purchased and canceled, cost
7.975 17
In Fund, Uninvested, December 31 1919
Due Fund for quarter ending December 31 1919
14,752 38
(paid January 30 1920)
$66,078 39
Under the operation of and in accordance with the provisions of the Deed of Trust of December 15 1896, there
The above forty-six bonds, plus twelve hundred and
have been applied to the Fund during the year the following twenty-seven bonds purchased in prior years, make a total
amounts:
of one million two hundred and seventy-three thousand
$52,616 04 dollars par value of bonds canceled and in the Sinking Fund
Balance in hands of Trustee December 31 1918
cent per ton on 764,688 gross tons. output 1919_ $7,646 88
One
December 31 1919. Of the amount in and due the fund,
One cent per ton on 54,362 gross tons, mined by Les543 62
sees on Royalty Leases, 1919
$15,234 70 is applicable to the purchase of additional coalunmined, to
One cent per ton on 980,950 gross tons,
bearing lands.
9,809 50
make minimum required by mortgage
18,000 00
REMARKS.
50
30,577
Interest accretions to the Fund for the year
The tonnage output for the year was approximately ten
$101,193 54
per cent less than for the preceding year. This loss of pro$47,240 00
Forty-five bonds purchased for the Fund, cost
duction is, of course, disappointing, but must be considered
53,953 54
December 31 1919
In Fund, Uninvested,
$101.193 54 in connection with the fact that the total loss in bituminous
coal production in the country for the year was approxiThe above forty-five bonds, plus six hundred and fifty- mately twenty-two per cent when compared with the preseven bonds purchased in prior years, make a total of seven ceding year.
The industry as a whole has suffered from the failure of
hundred and two thousand dollars par value of bonds held
the railroad companies to furnish necessary transportation.
by the Trustee of the Sinking Fund December 311919.
1202
THE CHRONICLE
We believe that with the return of the railroads to their
owners transportation conditions will be materially improved
and that our production will show a corresponding increase
during the coming year. Our facilities have been so maintained under difficult war-time conditions that our capacity
is now equal to any previous year.
Our earnings have suffered from Governmental pricefixing, which has been continued under the provisions of
the Lever Act. The effect of maintaining a fixed Government price upon bituminous coal has necessarily operated to
prevent the better quality of coal produced by your Company
from finding the higher levels of price in proportion to its
value, to which it would naturally have moved during a
portion of the year, with a consequent increase in our net
earnings.
The various Sinking Fund Accounts, with their condition
as at the close of the year, will be found above. Balance
Sheet and other statements of the Company will be found
below.
By order of the Board.
C. W. WATSON,
President.
TONNAGE.
COAL MINED BY THE CONSOLIDATION COAL COMPANY.
Net Tons
Maryland Division1919.
1918. Increase Decese.
Mines on Cumberland & Pennsylvania RR
856.451 1.067.753
211,302
West Virginia Division
Mines on Baltimore & Ohio RR__-2,220.281 3.016.381
796,100
Mines on Western Maryland By-- 588,763 490,890 97.873
Mines on Pittsburgh & Lake Erie
RR
44,704
57,704
13,000
Pennsylvania Division
Mines on Baltimore & Ohio RR__.. 913.268 1,018,983
105,715
Mines on Western Maryland Ry-- 369,986 368,117 61,869
Millers Creek Division
Mines on Millers Creek RR
381,053 392.259
11,206
Elkhorn Division
Mines on Baltimore & Ohio RR___1,242,425 1,191.971 50.454
Mines on Louisville & Nashville RR 583.402 508.952 74.450
Total
7.200,333 8,053,010
852,677
Coal mined by Lessees during 1919. 714,562 net tons.
COKE MANUFACTURED BY THE CONSOLIDATION COAL CO.
Net Tons.
1919.
1918.
Decrease.
West Virginia Division
13,825
186,385
172,560
TABLE SHOWING THE PRODUCTION IN NET TONS OF THE MINES
OF THE CONSOLIDATION COAL COMPANY SINCE 1864,
West
Millers
Maryland Virginia Pennsylvania Creek
Elkhorn
Year.
,Division. Division.
Division. Division. Division.
Total.
1864
37,678
37,678
1865
65,068
65,068
1866
104,798
104.798
1867
213,148
213,143
1868
205,494
205,494
1869
287,605
287,605
1870
429,751
429,751
1871
566,190
560,190
1872
564,627
564,627
1873
614,302
614,302
1874
523,545
523,545
1875
502,794
502,794
1876
399,635
399,635
1877
390,191
390,191
1878
452,497
452,497
1879
541,735
541,735
1880
636,433
636,433
1881
844,368
844,368
1882
472.048
472,048
1883
510,987
510,987
1884
771,917
771,917
1885
795,272
795,272
1886
756,730
756,730
1887
1,049,215
1,049,215
1888
1,148,151
1,146,151
1889
976,039
976,039
1890
1,070,755
1,070,755
1891
1,020,294
1,020,294
1892
1,051,338
1,051,338
1893
1,016,466
1,016,466
1894
999.602
999,602
1895
1,034,494
1,034,494
1896
1,296,064
1,296,064
1897
1,417,748
1,417,748
1898
1,607,668
1,607,668
1899
1,720,844
1,720,844
1,299,374
1900
1,299,374
1901
1,887,630 2,533,403
4,421,033
1902
1,955,597 5,032,190 1,369,011
8,356,798
1903
1,964,237 5,153,532 1,319,340
8,437,109
1904
2,053,376 5,448,857
989,512
8,491,745
1905
2,347,759 5,532,514 1,514,844
9,395,117
1906
2,384,344 6,283,152 1,717,780
10,385,256
1907
2,343,058 6,356,812 1,961,102
10,660,972
1908
1,958,021 4,465,432 1,595,178
8,018,631
1909
1,847,392 4,620,336 1,736,410
8,204,138
1910
2,605,456 5,967,877 1,921,777
10,495,110
1911
2,439,798 4,396,369 1,872,236
511,329
9,219,732
1912
2,422,556 5,125,662 1,957,862
585,648
255,372 10,347,100
1913
2,382,387 5.215,437 1,952,759
514,306 1,090,098 11,154,987
1914
2,231,423 4,659,246 1,990,637
555,464 1,273,246 10,710,016
1915
2,263,342 5,206,079 1,923,487
602,025 1,727,451 11,722,384
1916
1,682,264 4,866,851 1,484,140
563,002 2,511,427 11,107,684
1917
1,288,488 4,159,923 1,496,920
465,710 2,122,502 9,533,543
1918
1,067,753 3,564,975 1,327,100
392,259 1,700,923 8,053,010
1919
856,451 2,853,748 1,283,254
381,053 1,825,827 7,200,333
65,374,197 91,442,395 29,413,329 4,570,706 12,506,846 203,307.563
[VoL. 110.
ABSTRACT "A."
PLANT AND EQUIPMENT OF THE CONSOLIDATION COAL CO.
Mine Openings and Gradings
$5,626,002 42
Tipples and Equipment
982,097 20
Power Plant Buildings
367,463 33
Sub-Station Buildings
59,188 42 •
Buildings for Haulage Equipment
43,351 24
Buildings for Ventilating Equipment
132,859 63
Repair Shops
116,352 56
Supply Buildings
57,714 23
Stables
141,717 10
Office Buildings
118,682 22
Other Mine Buildings
92,617 20
Power Plant Equipment
1,257,655 27
Sub-Station Equipment
322,508 56
Transmission System
164.238 92
Ventilating Equipment
329,091 71
Haulage Equipment
300,646 80
Wire Rope
43,828 90
Steel Rails
1,754,802 09
Mine Pumps and Motors
276,949 87
Conner Wire
257,741 02
Trolley Wire and Equipment
225,443 12
Mining Machines
714,261 13
Locomotives
754,332 92
Mine Cars
1,203,733 69
Live Stock
200,143 75
Water Works
510,235 30
Repair Shop Equipment
75,689 88
Other Mine Equipment
288,491 93
Coke Ovens
224,073 78
Coke Equipment
50,487 06
Coke Crushers
6,031 02
Tenement Houses
4,308,658 34
Recreation and Amusement Buildings
100,300 39
Recreation and Amusement Equipment
28,571 66
Hospitals
56.047 06
Hospital Equipment
4.829 07
Store Buildings
449,888 79
Store Fixtures
77.627 07
Farm Buildings
129,872 19
Farm Equipment 8,879 44
Stone Crushers and Equipment
8,669 88
Lighting System
39,705 50
Telephone System
13.670 78
Office Equipment
100.412 13
Engineering Equipment
19,451 18
Laboratory Equipment
9,573 21
Outside Operations-Buildings
153,839 36
Outside Operations
-Equipment
565.418 14
Emergency Equipment
44,288 94
Branch Office Equipment
362.103 48
Drainage Tunnel
289.122 53
Improvements (Not Completed):
Maryland Division
3.434 48
Pennsylvania Division
837.223 09
West Virginia Division
2,977,208 48
Millers Creek Division
58,137 95
Elkhorn Division
110.175 76
Fairmont Mining Machinery Company •
81,571 70
Total
Depreciation to December 31 1919
$27.627,102 75
10,011,518 89
Depreciated Value to December 31 1919
$17,615,583 86
ABSTRACT "B."
CASH AND SECURITIES HELD BY TRUSTEES OF CUMBERLAND
AND PENNSYLVANIA RAILROAD CO.BOND SIN ICING FUND.
Par Value.
Cost.
$171,000 00 Fairmont Coal Company 5 Per Cent Bonds__ $164,996 27
162,000 00 The Consolidation Coal Company 4A Per Cent
Refunding Mortgage Bonds
154,838 80
500,000 00 The Consolidation Coal Company 5 Per Cent
First and Refunding Mortgage Bonds
477,050 42
356,000 00 C. & P. RR. First Mortgage 5 Per Cont Bonds 356.000 00
$1,189,000 00
Total Investments
$1,152,885 49
Cash
46,330 56
Accrued interest to December 311019 on above Securities
10,540 00
Total Fund December 31 1919
$1,209,756 05
ABSTRACT "C."
MATERIAL ON IIAND, INCLUDING MERCHANDISE STOOK IN
STORES FOR WEST VIRGINIA, MILLERS CREEK
AND ELKHORN DIVISIONS.
Cost.
Maryland Division
$40,463 31
West Virginia Division
486,669 44
Pennsylvania Division
76.539 79
Millers Creek Division
162,619 98
Elkhorn Division
542,896 99
Stationery
1,570 56
Canal Towage Company
23.164 73
Fairmont Mining Machinery Company
514,885 73
Total
$1,857,810 53
CAPITAL STOCK OF COMPANIES, THE ENTIRE AUTHORIZED
AND OUTSTANDING ISSUES OF WHICH ARE OWNED
BY THISICOMPANY.
Pledged under Pledged under
Refunding
First & Ref'g
Mortgage of Mortgage of
Companies.
Par Value. May 1 1904. Dec. 1. 1910,
Shares.
15,000 Cumb.& Penn. RR.Co_31.500,010 00 $1,500,000 00
100 Fairmont Coal Co
*10,000 00
5,000 08
4,999 92
40,000 Somerset Coal Co
4,000,000 00 2,000,100 00 1,999.900 00
10,000 Fairmont Mg.Mach.Co. 1,000,0(10 00
6,500 Consol.Coastwise Co.._ - 650,000 00
650.000 00
1.000 Monongah Service Co_ - 100,000 00
200 Cassv.& Monon.RR.Co.
20,000 00
50 Canal Towage Co
5,000 00
5,000 00
50 Pennmont Coal Mg.Co_
5,000 00
5 Maryland Construction
& Contracting Co_ --500 00
Total
$7,200,500 00 $3,505,100 08 $2,659,899 92
72,905
The Values represented by the above capital stock aro eliminated from
both the assets and liabilities in the General Balance sheet above.
*Capital Stock Fairmont Coal Co. reduced June 14 1915 from $12.000,000 00 to $10,000 00.
1203
THE CHRONICLE
MAR. 20 1920.]
SUMMARY OF SINKING FUNDS.
Par Value of Premiums or
Interest AcDiscounts on Cash in and Par Value of
Bonds
cretions and
Balance in
Redeemed by Bonds Re- Balance Due Bonds ReSinking Fund Other Reand Due
deemed to
Funds
deemed DurTrustees.
ceipts for
Accrued for
Funds
During 1919. lag 1919. Dec. 311919. Dec. 31 1919.
Total.
Dee. 311918. Year 1919. Year 1919.
The Consolidation Coal Co. 45i% First
$52,616 04 $18,000 00 ¶30,57750 ¶101.19354 ¶45,00000 a$2,240 00 $53,953 54 $702,000 00
Mortgage Bonds
% RefundThe Consolidation Coal Co.
29,731 08 858,000 00
52,346 27
33.000 00
60.384 81
29,375 19
31,009 62
ing Mortgage Bonds
The Consolidation Coal Co. 5% First and
71,518 21 1,020,000 00
1,507 87 208.293 06 155,000 00 518,225 15
38
75,046 81 131,738
Refunding Mortgage Bonds
22,727 55 1,273,000 00
52,649 16
46,000 00
66,078 39
50,892 56
15,185 83
Fairmont Coal Co. 5% First Mtge. Bonds_
Southern Coal & Transportation Co. 5%
14.000 00
594 50
594 50
594 50
First Mortgage Bonds
$174,452 80 $230,006 13 $32,085 37 $436,544 30 $279,000 00 $20,980 58 $178,524 88 $3.867,000 00
Total
()timberland & Pennsylvania Railroad Company
Securities held by Trustees, par value_ _51.189,000 00 Cost 51,152.885 49
46.330 56
In Fund. Uninvested. Dee, 31 1919
10.540 00
Accrued Interest to Dec. 31 1919 on securities
Denotes Premium. b Denotes Discount,
Author!zed
Issue.
The Consolidation Coal Co.
% First Mortgage__ _
The Consolidation Coal Co.
4;4% Refunding Mortgage
The Consolidation Coal Co.
5% First & Refund'g Mort_
The Consolidation Coal Co.
6% Convertible Secured
Gold Bonds
Cumberland & Penna. RR.Co.
5% First Mortgage
Fairmont Coal Co. 5% First
Mortgage
Southern Coal & Transportation Co.5% First Mortgage
Somerset Coal Co. 5% First
Mortgage of 1910
SUMMARY OF FUNDED DEBT DECEMBER 31 1919.
Held for
Pledged as ColPledged as
Future
lateral under Refired by
Collateral
Held to
Operations Development
6 per Cent
Conunder First
Retire
of
and
Convertible •
verted
mut
Bonds of
Sinking
Additions to
Secured Gold
Refunding
into
Prior
Funds.
Property.
Bonds.
Stock.
Mortgage.
Mortgages.
In Hands
of
Public
Dec. 31
1919. !
Held
in
Treasury.
648.000
$702.000
$750.000
7.500.000
$1.750,000
40,000.000
4,560.000
858.000
$332,000
9,146.000
1,020,000
$6,!00,000
¶5.978,000
$6,636,000
5.873,500
$626.500
6,500,000
1,000 000
a
1,000,000
10.720.000
6,000,000
5189,000
486,000
4,538,000
1,273.000
500,000
14.000
3.585.000
3.585.000
$626,500 $6,500.000 $3,867,000 $5.978.000 $6,636,000 $26.739,500
$65.835.000 $10.896.000 $4,592.G00
-Cost $1.152.885 49.
a $1,189,000 00 Par Value of Securities
b Includes 800,000 which were previously held to retire outstanding Briar Hill Coal & Coke Co. Bonds. Now held by United States Mortgage &
Trust Company and under terms of First and Refunding Mortgage cannot be issued.
Total
GENERAL BALANCE SHEET DECEMBER 31 1919.
ASSETS.
Capital Assets:
Coal Lands and Other Real Estate
Less Reserve for Exhaustion
Mining Plants and Equipment (Abstract "A")
Less Reserve for Depreciation
Cumberland & Pennsylvania Railroad Company
Loss Sinking Fund for Redemption of Bonds
$88,51.1,378 39
9,845,575 00
878,675,803 39
$27,627,102 75
10,011,518 89
17,615,583 86
$3,362,648 08
1,209,756 05
2,152,892 03
Cumberland & Pennsylvania Railroad Company Equipment
Loss Reserve for Depreciation
$2,412,659 79
1,016,599 31
Floating Equipment
Less Reserve for Depreciation
$1,253,653 90
444,497 60
1,396,060 48
Advance Payments on Coal Purchases (Unmined)
Capital Stock reserved for Conversion of Ten-Year 6% Convertible Secured Cold Bonds
Capital Stock Unissued reserved for fulw*e corporate purposes of the Company
Investments in Allied Companies:
14,576 Shares Metropolitan Coal Company Stock
5,400 Shares Northwestern Fuel Company Preferred Stock
18,900 Shares Northwestern Fuel Company Common Stock
*26,046 Shares Coastwise Transportation Company Stock
Investments in Securities of Other Companies
Assets in Hands of Trustees of Bond Sinking Funds (Exclusive of Bonds purchased and held by Trustees of Sinking Funds and
which are deducted from Bonded Debt-Contra Side):
Cash
Accrued
In Bands of Trustees of Cumberland & Pennsylvania Railroad (Abstract "B")
Deferred Debit Items
Current Assets:
Bonds in Treasury
Securities Purchased and Held
Liberty Loan Bonds
Balance duo on Employees' Subscriptions to Liberty Loan Bonds
Stock on hand:
Coal and Coke
Materials, Supplies and Stores (Abstract "0")
809,156 30
2.902,509 10
$103.552,005 18
5,593,833 51
4,200,718 00
7,029,097 38
637,273 85
363,585 96
114,938 92
1,209,756 05
1,388,280 93
114,312 24
$6,636,000 00
930,791 88
2,314.650 00
8,290 50
$1,308,149 71
1,857,810 53
Bills Receivable
Accounts Receivable
Cash
In Banks and on Hand
Deposited with Fiscal Agents Account of Bond Interest and Dividends Due
3,165,960 24
513,497 02
6,576,881 18
2,070,064 44
181,254 50
22,307,389 76
¶144,912.010 83
LIABILITIES.
Capital Liabilities:
Capital Stock (Outstanding $40,205,448 49)
Bonded Debt of The Consolidation Coal Company December 31 1919 (for details see "Summary" above)
Current Liabilities:
Bilis Payable
Accounts Payable
Payroll
Interest Coupons and Dividend Checks not presented foe payment
Bond Interest Accrued
Sinking Funds Accrued
Federal Income and Excess Profits Tax Accrued
Dividend 88-Payable January 31 1920
Duo to Individuals and Companies
Insurance Fund Deferred Credits
Insurance Fund Surplus
Profit and Loss Account and Special Surplus
$50,000,000 00
33,375,500 00
$83,375,500 00
$1,500,000 00
690,208 67
336,584 45
67,804 50
348,410 01
119,105 59
77,915 34
602,967 00
708,933 46
20,872 19
4,472,801 21
140,881 19
56,923,728 43
3144,912,910 83
*26,016 shares Coastwise Transportation Co. stock sold February 28 1920 for $6,511,500 cash.
1204
THE CHRONICLE
[vol.. no.
BARNSDALL CORPORATION
FIRST ANNUAL STATEMENT 1919.
New York, March 1 1920.
and will operate them under the name of the "American
To the Stockholders:
Tripoli Company." The name "Tripoli" has long been
One of the interesting things America has done is to add applied
to these deposits, which are non-metallic in character
to the list of poets, prophets, and scientists, the masters of and are
enormous beds of pure silica lying but a few feet under
finance. They, all of them, drink from the same well of the surface
and easily quarried and manufactured into.
knowledge; they, all of them, see • the vision of something various
products. The data of this unit of the Mining
that is not yet, but is to be. It is the proof of their leader- Division
will appear in detail on a subsequent page [pamphlet.
ship that they look into the future with eyes that see things report].
potential and undreamed of by the men about them. TheoYour attention is called to the Barnsdall Coal Company,
dore N. Barnsdall stands among these seers.
all of the stock of which is owned by the Corporation. The
As early as 1859, when Col. E. L. Drake was drilling his property
first well on Oil Creek, near Titusville, Pennsylvania, young County, consists of 17,000 acres of coal land in Wyoming
West Virginia. We do not expect to develop this
Barnsdall was neglecting his school in a near-by village be- property
in the near future although drill work at a number
cause of his keen interest in the drilling operations. In the of places
has apparently well defined the value of the
year 1867 Mr. Barnsdall "worked" on his first oil well, and property
.
continuously since that time the Barnsdall Interests have
Our representative, who recently visited the City of
'
been active in the production of oil and gas in nearly all the Mexico,
confirms our letter records that the Mexican Govfields in the United States and Canada.
ernment recognizes our valuable concessions at Pines Altos
Mr. Barnsdall's vision came as he watched the drilling of and Santa
Barbara in the State of Chihuahua. As soon as
the "Drake well" and it continued to beckon all his life; he condition
s justify it, we will resume the operation of these
followed it, and when he passed away his Estate possessed mines
which were closed at the outbreak of revolutionary
oil, gas and mining properties of uncounted potential wealth.. disturban
ces. .
Mr. Barnsdall selected the Honorable S. S. Mehard
Othei Anining properties now owned by the Corporation
(deceased) and Robert Law,Jr., as his executors and trustees, and having
great potential value will be developed as rapidly
who continued the operation and development of the various as
possible in a conservative way, and the next one to
properties until May 9 1919, at which time the Orphans' receive
our attention will probably be a large gold and silver
Court of Allegheny County, Pennsylvania, accepted the mine.
As a whole, therefore, a careful analysis of our Mining
final report of the executors. The Court issued a Decree of Division
convinces us that Mr. Barnsdall's vision will be
Distribution and relegted the executors and trustees on realized
as fully in this direction as it was in the oil situation.
May 21 1919.
PETROLEUM DIVISION.
May 23 1919 all the interests of the T. N. Barnsdal
The properties operated by the oil and gas division are
Estate were merged into the Barnsdall Corporation, the
operations of all these interests for the year 1919 being in- being developed likewise in a conservative manner—leases
cluded in the financial statements. The organization, are secured when desirable and surrendered when undesirable.
therefore, as it exists to-day is less than a year old, though it
Our Tulsa, Oklahoma, office was established for the special
really represents the continuous operation of a group of purpose of keeping in close touch with the operations of all
properties, the visions of which Mr. Barnsdall saw at the companies in new fields, and through this channel we have
secured valuable leases. A lease recently purchased in the
drilling of the original "Drake well."
Beggs District, Oklahoma, is being developed and operated,
MINING DIVISION.
by our Victor Oil Company, and promises to be among the
The development of gold, silver, copper, lead, zinc, and most valuable properties in
this prolific field.
coal properties always had a great fascination for Mr. BarnsWe have also secured large acreage in Louisiana which will
dall. His interest in this direction led him to acquire a be tested during 1920.
number of mining properties, a few of which the Corporation
The properties of the Pittsburgh Oil & Gas Company in
is developing along conservative lines. Early in 1920 our the eastern fields, as well
as its holdings in Oklahoma, are
subsidiary company, the Barnsdall Zinc Company, will be being improved and the producti
on increased.
one of the largest producers of lead and zinc in the great
The Potter Gas Company, with its large number of small
Missouri-Oklahoma-Kansas district.
wells in one of the oldest gas fields in the United States, is
The development work on one of our copper properties maintaining its earnings in a
satisfactory manner, and
has been continuous for several years and has now reached .through its subsidiaries,
the Potter Oil Company of Calia point.to justify the installation of a concentrating mill, the fornia and the Potter Oil Company
of West Virginia, is.
machinery for which has been ordered. It is expected that building up a fine producti
on.
this property will begin earning a substantial revenue about
A summary of the wells owned and the territory leased in
July 1 1920.
each State by our underlying companies is as follows, and
The Corporation has recently acquired by purchase the the details of each company
will be found on subsequent
two largest producing properties of "Tripoli" in the world, pages[pamphlet report]:
WELLS.
State—
New York
Pennsylvania
Ohio
West Virginia
Kentucky
Indiana
Illinois
Kansas
Oklahoma
Texas
Louisiana (fee)
California
Colorado
Gas
1
475
Totals
Total Wells
Total Acres
-476
Comb.
Oil & Gas
2
92
Oil.
14
351
184
251
2
38
Operated.
343
26615.75
3991.04
21624.18
250
178
1341
109
3
40
94
26784.82
1392.75
40
768.32
2333
2903
81987.86
—Acres.-Unoperated.
40662.1
2536
26274.7
7182.55
,
1160
80
6050.01
24122.38.
72948.2
176
2225.46.
6792
190210.3
272108.16.
The Consolidated Balance Sheet exhibits the combined
assets and liabilities of the Barnsdall Corporation and subsidiary companies of which the entire capital stock is owned.
The value of the properties as shown are those at which they
Were acquired by the Barnsdall Corporation and such subsidiary companies, and do not reflect enhancement due to
development, discovery and economic conditions.
Investments in shares of affiliated companies of which the
Barnsdall Corporation owns part only of the capital stock,
such as Pittsburgh Oil & Gas Company, Potter Gas Company and Moncton Tramways, Electricity & Gas Company,
Limited, are carried at the actual cost of such shares. The
total dividends received in the year from such investments
(somewhat less in amount that the proportion of actuak
THE CHRONICLE
MAR. 20 1920.]
earnings applicable to the stock owned) are included in the
Consolidated Statement of Income.
We are heartily in accord with progressive policies of
successful and rapidly growing business enterprises. Therefore, our associates, officers and employees, responsible for
the rapid expansion of Barnsdall Corporation affairs, are
accomplishing excellent results through efficient, loyal and
enthusiastic team work in the brief history of our organization. The life of every employee in each of the subsidiary
companies is insured, without any expense to the employee,
the amount of policy being calculated in accordance with the
length of time the employee has been in our service. The
Corporation, in addition to protecting the families, or other
beneficiaries, through life insurance, offered an opportunity
to each employee to become a shareholder in the Barnsdall
Corporation through an attractive stock purchase arrangement by deferred payments at less than par. A fund is also
set aside during every year for the distribution of a "bonus"
based on the responsibilities of the position and the length of
time each employee has been in the service of the Corporation
or its subsidiary companies.
During the many years of intimate association in private
and business life with Mr.-Barnsdall, the writer was never
able to grasp the scope of his tremendous imagination in
1205
business affairs. He seemed to be possessed of supernatural
insight in acquiring properties of rare value. His colossal
courage went hand in hand with a determination to discover
and develop natural resources. Toward the end of his remarkable career he stated that he did not realize the value
of his possessions, and it was his wish that his affairs be kept
intact and conservatively developed. Every effort has been
exerted to maintain the organization of young men which
surrounded Mr. Barnsdall in the last ten or twelve years of
his lifetime. His affairs seemed to fall into two important
divisions—Petroleum and Mines. Thus, with a painstaking
and efficient organization extending throughout the country,
the properties are receiving constant and diligent care and
are in splendid condition, although we feel keenly the absence
of the "Master Mind." The officers and employees,
shortly after Mr. Barnsdall's death, sought to find some
emblem which would represent the dominating element of
his great personality and likewise repressnt the real character
of his business dealings throughout his lifetime, and thus
wherever is found the influence of the Barnsdall Corporation
the basis of its very existence will "Be Square."
Board of Directors.
ROBERT LAW, JR.,
President.
BARNSDALL CORPORATION AND SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET, DECEMBER 31 1919.
ASSETS.
Properties:
011 and Gas Properties
Mining Properties
Real Estate and Miscellaneous Properties
$13,670,265 35
3,010,965 75
351,486 01
Investments in and Advances to Affiliated Companies Not Consolidated:
Investment in shares of 011 and Gas Companies
Investment in shares of Mining and Miscellaneous Companies
Bonds and Mortgages Owned
Advances to Affiliated Companies
Deferred Charges:
Prepaid Expenses and Interest
Sinking Fund for Redemption of Bonds of Subsidiary Companies
Current Assets:
Cash
Accounts and Bills Receivable
Employees' Stock Subscriptions
Inventories of Oil, Minerals and Supplies
United States Liberty Bonds and Victory Notes, at cost
$17,032,717 11
$2,067,713 04
728,633 10
279,986 09
1,426,006 21
4,502,338 44
218,109 37
25,728 10
$721,130 93
472,074 91
214,168 05
443,740 80
739,363 00
2,590,456 69
524,369,379 71
LIABILITIES.
Capital Stock of Barnsdall Corporation:
Authorized Issue
Less 'Unissued
Capital Stock Outstanding
Bonds and Serial Notes Outstanding:
Barnsdall Corporation Collateral Trust Serial 6% Notes, due 1920-1922
Barnsdall Oil Co. Serial 6% Notes, due 1920-1922, guaranteed by Barnsdall Corporation
Other Bonded Debt of Subsidiary Companies
Purchase Money Obligations of Subsidiary Companies
Current Liabilities:
Bills Payable
Accounts Payable
Dividend No. 2, l'ayable an. 15 1920
Accrued Taxes. including Reserve for Federal Taxes
Accrued Interest and Expenses
$14,000,000 00
1,000,000 00
$13,000,000 00
$1,485,362 92
2,900,000 00
172,000 00
$800,605 75
544,980 65
195,000 00
273,263 01
93,136 06
Surplus of Barnsdall Corporation and Subsidiary' Companies, December 31 1919
4,557,362 92
170,099 68
1,906,985 47
4,734,931 64
$24,369,379 71
BARNSDALI. CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDING
DECEMBER 31 1919.
$4,064,314 08
Gross Sales and Earnings of all companies of which the entire capital stock is owned
1,782,411 88
Producing and Operating Expenses (not including depreciation, depletion and drilling charges) and General and Administrative Expenses
Net Producing and Operating Income before deducting depreciation, depletion and drilling charges
Other Income:
Dividends from companies of which only part of the capital stock is owned
Interest Income
Net Profit on sales of capital assets and Miscellaneous Income
Total Earnings
Deductions:
Depreciation, Depletion and Drilling Charges written off
Interest and Discount
Provision for Federal Taxes for the year 1919
Net Income, January 1 to December 31 1919
$2,281,902 20
6568,045 45
150,634 84
138,076 82
856,757 11
$3,138,659 31
$1,185,900 75
345,791 68
200,000 00
1,731,692 43
$1,406,966 88
UNDIVIDED SURPLUS OF BARNSDALL CORPORATION AND SUBSIDIARY COMPANIES.
Balance of Surplus December 31 1918 of Pittsburgh Investment Co., predecessor of Barnsdall Corporation, and of sundry companeis now
$3,717,964 76
merged
51,406,966 88
Net Income January 1 to December 31 1919
Less: Dividends on Barnsdall Corporation Stock:
$195,000 00
Dividend No. 1, Paid October 15 1919
195,000 00
Dividend No. 2, Payable January 15 1920
390,000 00
Surplus Net Income for the Year 1919
Undivided Surplus December 31 1919
1,016,966 88
$4,734,931 64
1206
THE CHRONICLE
[VOL. no.
COLLINS & COMPANY.
CERTIFIED
NEW YORK
489 Fifth Ave.
PUBLIC
ACCOUNTANTS
Pennsylvania
PITTSBURGH
Oliver Building
To the Stockholders of the Barnsdall Corporation:
We have audited the books and accounts of the Barnsdall Corporation and subsidiary companies for the year ending
December 31 1919 and
We hereby certify that in our opinion the accompanying Consolidated Balance Sheet sets forth the financial position
of the Barnsdall Corporation and subsidiary companies at December 311919, based on the values at which the properties
and investments were acquired, and that the relative Consolidated Statement of Income is a correct statement of
the
results of their operations for the year ending that date.
COLLINS
New York, February 21, 1920.
lc
COMPANY.
ANALYSIS OF PROPERTIES,INVESTMENTS AND ADVANCES OF BARNSDALL CORPORATION AND
SUBSIDIARY COMPANIES DECEMBER 31 1919.
% of Outstanding
Number of
As Carried
by Barnsdall
in Consolidated
Owned
Oil and Gas Properties:
Barnsdall Oil Company
Victor 011 Company
Miscellaneous Oil and Gas Properties
Stock Owned
Shares
Corporation
$1,114,640 615
256,429 72
461,903 25
1,177,992 13
37,619
3.303
332,770
14,000
88.1%
60.2%
66.5%
70%
84.4%
62.7%
84,390
7,052
Total Investment In Shares of 011 and Gas Companies
Investment in Shares of Mining and Miscellaneous Companies:
Mineral Hill Consolidated Copper Company—Common
Mineral Hill Consolidated Copper Company—Preferred
Miscellaneous mining and other securities
2,070,962
104,010
BARNSDALL
OIL COMPANY
100%
138,268 50
I
PITTSBURG
OIL AND GAS
COMPANY
67%
POTTER
POTTER
OIL COMPANY OIL COMPANY
OF CALIFORNIA
1w. vs.)
100%
t00%
L
ASHLAND
OIL
COMPANY
loco%
84%
I
70%
314,521,675 71
841,021,675 71
BARNSDALL CORPORATION
MIKAMLANEOUS COMPANIES
INCLUDED IN CONSOLIDATED BALANCE
SHEET
BARNSDALL BARNSDALL
ATLANTA
AMERICAN
ZINC
MINES
COAL
TRIPOLI
COMPANY
COMPANY
COMPANY
COMPANY
IMPERIAL OSAGE
DEVELOPMENT
COMPANY
1,000,000 00
32,500,000 00
3279,986 09
31,426,006 21
34,502,338 44
MINING COMPANIES
A
31,500,000 00
$21,535,055 55
I
VICTOR
OIL COMPANY
100%
510,315,683 41
$728,633 10
3279,986 09
31,426,006 21
Grand Total of Properties. Investments, and Advances
INCLUDSD IN CONSOLIpATED BALANCE
SHEET
$3,761.900 09
165,1/50 00
4,991,550 00
300,000 00
843,900 00
105,780 00
147,403 41
5590,364 60
69.7%
97%
Total Investments in and Advances to Affiliated Companies
OIL AND GAS COMPANIES
326.500,000 00
32,067,713 04
Total Investment in Shares of Mining and Miscellaneous Companies
Bonds and Mortgages Owned
Advances to Affiliated Companies
I
87,750,000 00
$500,00000
$452,015 00
165,150 60
860,543 79
300,000 00
36.820 84
105,780 00
147.403 41
Total Properties
Investment in Shares of 011 and Gas Companies:
Potter Gas Company—Common
Potter Gas Company—Preferred
Pittsburgh 011 and Gas Company
Imperial Osage Development Company
Ashland Oil Company
Moncton Tramways Electric & Gas Co.. Ltd
Miscellaneous Oil and Gas Securities
85,000,000 00
500,000 00
750,000 00
1,500.000 00
$17,032,717 11
100%
100%
100%
318,250,000 00
$3,010,965 75
3351,486 01
.
315,000,000 00
2,000.000 00
250,000 00
313,670,265 35
Totals, Mining Properties
Real Estate and Miscellaneous Properties
POTTER
GAS
COMPANY
88%
Fair Value.
313,114,392 06
321.667 56
234,205 73
100%
100%
Totals, 011 and Gas Properties
Mining Properties:
Barnsdall Zinc Company
American Tripoli Company
Barnsdall Coal Company
Miscellaneous Mining Properties
I
Market or
Balance Shea
97%
000%
DENPSEYTOWN
GAS
COMPANY
JANTHA
JANINA
LYNN
MARNET . NORWOOD
PRODUCING LIGHT LI run NATURAL OIL ANDGAS
OIL
COMPANY
COMPANY
GASCOMPANY COMPANY
COMPANY
100%
100%
100%
100%
t00%
SOUTHERN
OIL
COMPANY
100%
MEM LARD COMPANY
WO%
t00%
MINERAL HILL
CONSOLIDATED
COPPER COMPANY
71%
75%
MICLAMMID SI CONSOLIOATS0 BALANCE
SHEET
MISCELLANEOUS
OIL AND GAS
SECURITIES HELD
FOR INVESTMENT
PINOS ALTOS
MINIS
COMPANY
82%
NONCTON TRAMWAYS
ORSCITAICITY AND
GAB COMPANY', M.
St%
MISCELLANEOUS
MIMING
SECURITIES HELD
FOR INVESTMENT
MISCELLANEOUS
MUMMA/
FIR INVESTMENT
1207
THE CHRONICLE
MAR. 20 1920.1
COMPUTING-TABULATING-RECORDING-COMPANY
EIGHTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1919.
To the Stockholders:
We present herewith statement of Earnings for the year
1919, and Consolidated General Balance Sheet as of December 31 1919, with Auditor's certificate attached.
The net earnings for the year (before deducting Federal
Taxes) were $2,126,674.09, as compared with $1,787,806.59
for 1918, an increase of $338,867.50, or nineteen per cent.
The volume of business secured during the year 1919
exceeded that of any previous year, and we have under
oonstruction large additions to our Time Recording and
Tabulating Machine factories at Endicott, N. Y., and our
Seale factory at Dayton, Ohio, in order to take care of a
further increase in business, which we confidently expect
to secure during the year 1920.
By order of the Board of Directors,
THOMAS J. WATSON,
President.
SUMMARY OF CONSOLIDATED INCOME AND PROFIT AND
LOSS FOR THE YEAR ENDED DECEMBER 31 1919.
Not Profit of Subsidiary Companies after deducting Maintenance and Depreciation of
Plants and Equipment, Provision for
Doubtful Accounts, the proportion of Net
Profit applicable to unacquired shares, and
expenses of Computing-Tabulating-Recording-Co
$2,496,945 09
Interest on 6% Thirty-Year Sinking Fund,
370,271 00
Gold Bonds
COMPUTING
-TABULATING-RECORDING-COMPANY
AND SUBSIDIARY COMPANIES.
CONSOLIDATED GENERAL BALANCE SHEET
DECEMBER 31 1919.
ASSETS.
Current and Working Assets—
Cash on hand and in Banks_ _ _ _ $638,379 40
Notes and Ac7
counts receiv$4,717,491 59
able
Less: Reserves.. 613,893 99
4,103,597 60
3,198,815 92
Inventories
$7,940,792 92
379,128 84
Investment Securities
Sinking Fund—
Cash with Trustee to retire bonds of Computing
282 35
Scale Co. of America
Deferred Charges to Operations—
88,445 03
Prepaid Insurance, Interest, &c
Plant Property, Equipment, Machines, Patents and Good-Will—
After deducting surplus of subsidiary Companies acquired at
$20,476,661 51
organization
3,228,160 05
Less: Reserves
17,248,501 46
Total
$25,657,150 60
LIABILITIES.
12,126,674 09
Not Profit—Year 1919
Current Liabilities—
Notes and Accounts Payable,
Less: Dividends as follows:
$2,534,289 16
Accrued Items, &o
No. 16, 1%,Paid Apr. 10 1919$104,811 00
Computing-Tabulating-RecordNo. 17, 1%,Paid July 10 1919 104,811 00
ing-Co. Dividends due Jan. 10
No. 18, 1%,Paid Oct. 10 1919 104,811 00
104,791 00
1920
No. 19, 1%,Pay. Jan. 10 1920 104,79100
419,22400 Accrued interest on Bonds of
Computing-Tabulating-Re183,690 00
cording-Co
$1,707,450 09
Added to Surplus
Accrued Interest on Bonds of
Surplus, January 1 1919
$4,829,848 71
Computing Scale Company of
Less: Income and Excess ProfAmerica
1,702 50
its Taxes paid for Year 1918 666,000 87
$2,824,472 tfi
4,163,847 84
Bonded Indebtedness—
15,871,297 93 Computing-Tabulating-RecordSurplus, December 31 1919
ing-Co., Six per cent., Thirty
Year, Sinking Fund, Gold
*No provision has been made for 1919 Federal Income and Excess Profits
Taxes, the amount not having been finally determined.
Bona,(CollateralTrust,1941)$6,123,000 00
Computing Scale
Co. of America
San Francisco
Now York
First Mortgage
Loa Angeles
Chicago
Six Per Cent
Haskins & Sells
New Orleans
Philadelphia
Certified Public Accountants
Seattle
Detroit
Twenty-Y e a r,
Cable Address "IIasksells"
Denver
Cleveland
Sinking Fund,
Boston
Atlanta
30 Broad Street
Gold Bonds,
Watertown
New York
Saint Louis
Baltimore
London
232,000 00
1921
Pittsburgh
Less: In Treas'y 118,500 00
113,500 00
To the Stockholders of the Computing-Tabulating-Recording6,286,600 00
Company:
Capital Stock of Computing-Tabulatingaudited the books and accounts of the ComputWe have
Recording-Co.—
ing-Tabulating-Recording-Company and its subsidiary com10,482,700 00
Authorized $12,000,000, issued
panies for the year ended December 311919, and
We hereby certify that, in our opinion, the accompanying Capital Stock and Surplus of Subsidiary Companies not owned by Computing-TabulatConsolidated General Balance Sheet, and Summary of Con242,180 01
ing-Recording-Co
solidated Income and Profit & Loss correctly exhibit, respectively, the financial position of the Companies at Surplus of Computing-Tabulating-Recording*5,871,297 93
Co. and Subsidiary Companies
December 31 1919, and the results of their operations for
the year ended that date.
$25,657,150 60
Total
HASKINS & SELLS.
Now York, Mari:119 1920.
•Subject to deduction for 1919 Federal Income and Excess ProfitTaxes.
1208
THE CHRONICLE
Thr Tritnntertial 1intes.
.
1
COMMERCIAL EPITOME
[vol. 110
Cincinnati. Operators, he thinks, may make new contracts
after April, without regard for prices fixed in October, 1919.
Anthracite operators, it is stated, have produced a volume
of income tax reports to prove that wages have more than
kept pace with the increase in cost of living. They state
that a 30% wage advance and a 7
-hour day will increase the
cost of coal at least $2 per ton to the consumer. And where
is all this to end? In the summer when work is slack at the
mines the operatives could get high wages in nearby grain
fields, but it is said that they refuse to work there.
Strikes are in progress among cotton mill'workers at Fall
River, It is pointed out that wages have been advanced
in the textile industries since the beginning of the war by
something like 140%, which is much more than the increase
cost of living, as calculated by the official authorities.
At the same time production has been reduced by shortening
the hours of labor and the lessened efficiency of the operative. The output of cloth has been reduced to the disadvantage of the country at large. The shortage of freight
cars in New England remains acute. The Boston & Maine
may be forced to put on another freight embargo. Freight
houses are clogged with goods on which careless receivers
are paying storage. Cars are idle on tracks fully loaded,
while demurrage is being paid. Big sand and dust storms
occurred in. the Southwest to-day and a blizzard in the
northwest. In the eastern Rocky Mountain regions the
wind within the last 24 hours has been as high as 47 to 100
miles an hour. In Nebraska high winds, it is feared, may
do some damage to winter wheat. There was a furious
storm of sleet and snow with high winds in Iowa, Minnesota,
South Dakota and Wisconsin, a storm as bad as any that
has occurred this winter. It handicapped railroad and wire
communications.
LARD firmer; prime Western, 21.55@21 65c ; refined to
the Continent, 23 75c ; South American, 24o.; Brazil in
kegs, 25c Futures have advanced with hogs. Commission houses have been buying. This has been a feature.
So has the light run of hogs at the West. Holland has
granted a loan to Germany, and this may mean a better
export trade. At any rate, it caused more or less buying
at one time. On the other hand, packers have been sellers,
on the advance, to a rather liberal extent. Cash lard sold
at Chicago on the 17th inst. at 9 cents under May to a carrier
an unusually large discount. The semi-monthly statement
of stocks at Chicago was also, moreover, considered boarish.
To-day prices advanced and then reacted, ending somewhat
higher for the week.
Friday Night, March 19 1920.
Trade has brightened up somewhat. In most parts of the
country weather has been better, though to-day and last
night there were violent storms in the West which naturally
interfered with business there for the time being. But in
the East clear and milder weather has helped retail trade,
especially as Easter is only two weeks off. Also wholesale
and jobbing trade has increased a little. Yet it is true that
with credits inflated, prices high and the cost of doing business still abnormally great with an unwonted absorption of
capital there is still a disposition to keep within conservative
limits especially as to ordering for future delivery. There is
plainly a tendency to limit purchases to present needs.
Nowhere is trade as active as it was at the peak in 1919,
although taking the country over and allowing for the activity in manufactures it is still larger than it was in the days
before the war. Collections too are better. Failures
though more numerous than recently and for the same time
last year are much smaller than in previous years. The rise
in stocks and in sterling exchange have cheered the commercial world. So has the speedy collapse of the so-called
revolution in Germany. Events in that country are sharply
watched, but it is hoped that the forces which make for the
best interests of Germany have permanently got the upper
hand. Meanwhile the demand even to satisfy immediate
wants puts the mills and factories on their mettle to supply
it. In some sections it is true bad roads, bad weather,
strikes, or scarcity of raw material and of cars hurt trade.
It is gratifying to notice, however, that cars are a little more
plentiful. And the output of iron and steel is increasing.
There is a wide demand for steel. The sales of building
materials are large including lumber, paints, oils and hardware. Efforts are being made by the New York City authorities to promote building. The shortage in housing is
great all over the country. Raw silk has declined. The
leather market is unsettled. Clothing prices are kept up
but raw wool following recent Government auctions is quiet. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Woolen stocks are said to be unsuually large. Prices of live
Fri.
Mon. Tues.
Wed. Thurs.
Sat.
21.82 41.82
cts_21.62
21.50 21.65 21.80
animals are lower. Credits in general trade, notably to May delivery
22.62 22.62
22.15 22.35
22.47
22.27
wholesalers, are not so readily extended as they were earlier July delivery
PORK steady; mess, $42@$43; family, $50@$53; May
in the year. And retailers have had bad weather for the
better part of 60 days. Building is in some sections hamp- pork closed at $3T50, a sharp rise for the week. Beef also
ered by the exorbitant demands of labor, high prices for steady; mess $16@$18; packet $17@$19; extra India mess
materials and bad weather in a very severe winter. Farm $40@$42; No. 1 and 2 canned roast beef $8 25. Cut meats
4
work is very backward on the cotton crop at the South. higher; pickled hams, 10 to 20 lbs., 28%@277 3.; pickled
8®
Parts of the West need rain while others are hampered by bellies, 6 to 12 lbs., 26(328c.; picnic, 4 to 10 lbs., 15/
4
protracted rains. Food is somewhat higher, but it is be- 167 c. A Chicago dispatch said that the total supply of
cut meats there is 11,269,000 lbs.,against 10,800,101 a fortlieved that as the year advances it will decline in price.
The conservative element in business maintains that there night ago and 1,810,659 a year ago. Butter, creamery,
should be a gradual deflation of prices through a cautious but slightly higher at 69@693'c. Cheese steady at 14@31c.
persistent deflation of loans; that the present inflation and Eggs, fresh gathered extras, higher at 51@52c.
extravagance, like that which has followed all big wars,
COFFEE on the spot quiet but steady. Rio No. 7,
creates illusions which must sooner or later be dispelled; 15@15 Wic.• No. 4 Santos, 24@24%e.; fair to good Cucuta,
that the times call for economy, thrift and hard work, that 223i @23qc. Futures advanced for a time, partly on buyproduction may be increased. Meanwhile the times are ing attributed to cotton exchange interests. Also offerings
hard for the great middle classes working on a salary. The had fallen off. What is more, Rio advices were bullish.
farmer, too, complains that what he sells declines, and what Prices there rose, coincident with a reported strike on the
he buys is still high, if not rising. He is one of the largest Rio Leopoldino RR. Santos prices advanced slightly. A
buyers of the country's manufactures. Reduce his buying Cotton Exchange operator is said to have bought on the 16th
power and it hits the mills and factories throughout the inst. 20,000 bags. Not a little interest has centred in the July
United States. Prices are considered too high for the great option. On the rise some of the old bull element are said
bulk of commodities, whether of products or labor. The to have sold. Later the demand fell off and prices reacted.
banking system, it is well known, is on a gold basis; wages No. 4 Santos was reported offered at 27c. London credit,
and prices have gone beyond that. They are so high that and at 23c. American credit; No. 5 at 22c. American credit.
credits mount upward, and to increase bank credits is to To-day prices advanced and they end higher than last Friall intents and purposes much the same as adding to the day. The membership of Leon Meyer in the New York
issues of paper currency. The dollar practically shifts in Coffee and Sugar Exchange was sold early in the week to
value according to the trade and section. A halt should be A. H. Lamborn for $7,000. That was $100 less than at the
called to all this. The machinery that produces such a state previous sale. Closing prices were as follows:
of affairs should be slowed down, gradually but persistently, March
cts _14.5014.551September
cts_14.7314.75
14.75 14.78 December
until the country gets down out of its more or less dangerous May
14.69 14.70
July
14.06©14.98 January
14.64@14.65
airplane to good solid earth again.
The strike of between 6,000 and 7,000 coastwise longSUGAR advanced on a good demand. Sales of late inshoremen and harbor workers has tied up 25 steamers in the clude Cuba at 11c. c.i.f. March loading; later 11'o. asked
New York harbor. The lines affected are the Old Dominion, and 11c. bid. Porto Rico is reported scarce and wanted
Clyde-Mallory, Southern Pacific and Ocean Steamship at the same parity with Cuba, or 12.04c. c.i.f. San DoininCo. of Savannah. There is a possibility that the strike may gos afloat sold at 10 7-16c. c.i.f. delivered to a local refiner.
spread and include the tugboats, lighters and ferries. It St. Croix second half April shipment sold at- 11 Ae. c.i.f.
extends to Boston, &c. Yet the present wages are the result delivered to trade buyer. Forty to fifty thousand bags of
of an award of the National Adjustment Commission and Cuba March-April shipment (North Side) sold at 10%0 f.o.b.
ware to remain in effect -till Sept. 30 next. Now the long- to operators earlier in the week; Cuba first half of April shipshoremen demand an increase from 65 cents to $1 an hour, ment (North Side) sold at 10%c. f.o.b. to an operator;
with overtime at $2. Checkers want an increase from $25 40,000 to 50,000 bags Porto Rico in port afloat or prompt
to $38.50 weekly, with reduced working hours, and other shipment sold at 113ic. c.i.f. delivered to a local refiner.
/
dock workers ask 25% increase. The Government has no Refined has been in brisk demand. Deliveries are better.
authority to fix coal prices or to seize and divert coal by For the week ending March 17 receipts of sugar in the United
restoration of orders which were only for the efficient prose- States were 63,447 tons, or decidedly smaller than in the
cutiori of m ar, is the opinion of former President Taft, previous week, when they wore 112,116 tons. All this and
rendered in the Smokeless Coal Operators' Association of talk of dry weather and hints of reduction in crop estimates
1
MAR. 20 1920.]
have had much to do with stimulating the demand and advancing prices. Reports of dry weather and intimations
of damage thereby are in some quarters considered exaggerated. Also the receipts at Cuban ports last week reached
the liberal total of 156,953 tons. With better railroad facilities it is believed they would be larger. Granulated, 14@
l43'c. To-day sugar futures were more active at higher
prices. They end well above those of a week ago.
May
cts -11.70®11.75 September
July...........11.55@i11.65 I December
1209
THE CHRONICLE
cts_11.60011.65
-Linseed more active and steady at $1 84 for car
OILS.
lots and $1 79 for July-December. Argentine shipments
last week were 656,000 bushels to the United States, 193,000
to the United Kingdom and 29,000 to the Continent. The
visible supply was put at 2,200,000 bushels, or an increase
of 200,000 over that of the previous week. Cocoanut oil,
2c
Ceylon, barrels, 18 M ®19c.; Cochin 19et 19 V . Olive
unchanged at $2 90@$3; corn, car lots lower at 20.56c.
Cod domestic $1 12; Newfoundland $1 16(01 18. Cottonseed, crude immediate $17@$17 50. Spirits of turpentine
$2 273/2. Common to good strained rosin $18.
PETROLEUM in keen demand and steady; refined in
barrels 23.50@24.50c.; bulk 15@16c.; cases 27@,28c. Gasoline in good demand and steady; motor in steel barrels 28
corsumers 303/20.; gas machine steel, 473/2c. Royalties on
oil production from Government land under the claims for
relief section of the oil land leasing bill are fixed at 123/2 to
33 1-3% in regulations issued by the Interior Department.
It is reported that the Baku oil fields in Russia were captured
by the Bolsheviki. Governor Hobby, of Texas, has ordered
sent to tho Texas-Oklahoma, a force deemed sufficient to
hold the oil lands involved in the dispute between Texas and
Oklahoma, and to surrender them to no one except upon a
decree from the United States Supreme Court. Production of crude oil in the California district in February was
274,026. barrels -a day, an increase of 939 barrels a day as
compared with January. The total crude stocks as of
February were 28,738,921 barrels, a decrease of 872,704
barrels during the month. New daily production was 13,825
barrels.
COPPER more active and steady; electrolytic 183/20.
Tin lower at 58:Nc. Lead in fair demand and steady at
/
9@93c. Zinc lower at 8.621 2c. for spot St. Louis.
PIG IRON has latterly been quieter, though it is said that
high European markets are now accessible to the American
product. Export trade may improve before very long.
Latterly, however, offerings have increased. Basic sold at
$41 50. Eastern Penn. has been quoted here on the basis
of $43 for No. 2 plain, with higher grades $14@$45. There
is rather better demand for basic iron. ,
STEEL business is still hampered by a shortage of cars,
locomotives and coal. It is believed, however, that a
promising future opens out for trade with South America
and the Far East. Brazil, it is said, will need much. China
wants steel, it is said in large quantities. The Dutch East
Indies are a not uninviting field. They have already bought'
quite freely this year in the United States. In the Far East
railroad construction is one of the big outlets. Continental
Europe may buy freely in this country. Canada may be a
buyer here also. Meantime prices are firm. Production
lags behind deliveries due. Floods in the Ohio Valley certainly have not helped matters. Some 40,000 boxes of tin
plate were destroyed by fires at Pittsburgh. Nails and
sheets are at premiums. It is said that English shippers
are feeling in this market for plates. It is stated that of
300,000 tons of ship-building material owned by the United
States Government 20,000 tons have been sold to England,
8,000 tons to Italy and 10,000 to Japan with 15,000 tons
likely to go to Scotland.
COTTON
•
Friday Night, Mar. 19 1920.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
114,627 bales, against 122,886 bales last week and 133,449
bales the previous week, making the total receipts since
Aug. 1 1919 5,705,259 bales, against 3,980,007 bales for the
same period of 1918-19, showing an increase since Aug. 1
1919 of 1,725,252 bales.
$3 50
Pennsylvania
$6 10 Indiana
$363 Burkburnett
3 51)
3 77 Thrall
Corning
3 65 Princeton
2 75
3 77 Heaidton
Cabell
3 92 Illinois,
3 00
2 98 Moran
Plymouth
Somerset, 32 deg
3 00
and above
3 75 Kansas&Oklahoma 3 50 Henrietta
4 13
3 00 Canada
Ragland
1 75 Corsicana, light
Wooster
4 05 Corsicana, heavy_ 1 75 Caddo, La., light.. 3 50
2 00 Galveston
3 73 Electra
3 50 Caddo crude
North Lima
3 40 Texas City
300 De Soto
3 73 Strawn
South Lima
Port Arthur, &c_
RUBBER firm but quiet. Manufacturers are doing little New Orleans__ _ _
Mobile _
in the market, their pur- Pensacola
buying, if any. But dealers are
chases being mostly in the shape of covering shorts. Ribbed Jacksonville
smoke sheets were quoted at 48c. on the spot, 493/20. for Savannah
Brunswick
April-May-Juno arrival, 503c. for July-August-September, Charleston
Wiltnington _..__
and 513c. for last half of the year. Para quiet; up river Norfolk
fine 42c. Central steady at 32c. for Corinto.
N'port News,&c
New York
OCEAN FREIGHTS have been fairly active and rates Boston
are reported about as recently. Rumors of coming rate Baltimore
cutting elicit
protests from operators who declare Philadelphia
Sat. ' Mon.
Tues.
Wed.
Thurs.
2,276
----
3,415 10,114
---_ 4,008
7,026
3,231
6,070
__--
4,986
36
____
6,513
306
___
4,943
143
5,625
400
3,398
2,323
302
127
406
---_
360
1,043
- ---
5,662
445
Fri.
Total.
3.978 32,879
1,037 8,276
133
133
5,946 33,675
9 1,339
------------5
5
3460 2.862 1,668 1.703 15,414
:3,000
8,724
949 1,096 4,311
285 1,494
899
427 5,128
1,091 1,262
16
16
____
-_---- ---175
175
___
786
541
------__
-----541
-____
45
100
50
195
----------------3,000
30 1,t
9545 5,994
------..___
sharp
that as long as they have to buy bunker coal at London and Totals this week_ 11.5311 14.312 26.4581 21,885 16,426 24.015 114.627
Liverpool at 1.55s. a ton, lower freight rates are out of the
The following shows the week's total receipts, the total
question.
Charters included seeds from Rosario to the United Kingdom at 190s.; since Aug. 1 1919 and the stocks to-night, compared with
steamers 5,175-6,325 tons from San Lorenzo to the Uniten Kingdom 112s. last year:
6d.; option Buenos Aires 107s. 6d.; Bahia Blanca 112s. 6d.; steamer 4,800
tons from Cuba to United Kingdom 50s.; grain from Buenos Aires to Carthagena 200s.•, grain from Buenos Aires to Continent 185s.; grain from Buenos
Aires to Antwerp-Dunkirk, 180s.; grain from Buenos Aires to Spanish
Mediterranean and Malta 210s., option Alexandria April-May; grain from
Buenos Aires to the•United Kingdom or Continent 1908.; grain from Bahia
Blanca to Continent 190s.; steamer 10,000 to 11,000 tons from Bahia
Blanca to United Kingdom 112s. &I. March-April 15th; steamers 4,900 to
6,050 tons from San Lorenzo to United Kingdom 112s. 6d. completing
Buenos Aires-La Plata, 107s. 6d.; option Bahia Blanca 112s. 6d. March 15
to April 30;five other steamers same terms March, April and up to May 20;
steamer 6,800 tons from Cuba to United Kingdom 50s. March 15
-April 15;
two steamers from Virginia to West Italy $24 March-April; coal from
Hampton Roads to Rotterdam $19 50; coal from Baltimore to Rotterdam
$19 25; coal from Virginia to West Italy $22; coal from Atlantic Range to
Rotterdam $19 75; six months time charter in general trade 30s.; coal from
Virginia to Rio Janeiro $14 50; steamer 7,000 to 7,700 tons front San
Lorenzo to United Kingdom 112s. 6d. with option Buenos Aires at 107s. 6d.,
and Bahia Bianca 112s. 6d. March 20 April 10; steamer 6,500 to 7,500 tons
with option loading at
from Buenos Aires to United Kingdom 107s.
6d..
-May 6; coal from Atlantic Range to RotterBahia Blanca 112s. 6d. April 6
dam $26; coal from Atlantic Range to Rotterdam $20; twelve months' time
charter 40 shillings, prompt; coal from Atlantic Range to Montevideo and
Buenos Aires $13 50; coal from Virginia to Rio Janeiro $14 56; sugar
from Cuba to the Continent, 145s.; coal from Virginia to Buenos Aires
$14 50; coal from Atlantic Range to Rotterdam $19 75; 8,000 tons of ore
from Narvik to Philadelphia $4 50; sugar from Cuba to Australia 100s.
six months' time charter from United States to West Indies $9; several
steamers from Hampton Roads to French Atlantic $20 50;.steamer from
Buenos Aires or La Plata to the United Kingdom 107s. 6d.,.optionslAprilMay ; heavy grain from Buenos Aires to French Atlantic 180s. April.
1919-20.
Receipts to
Mar. 10.
1918-19.
This Since Aug This Since Aug
Week. 11919. Week. 11918.
Stock.
1920.
Galveston
32,879 1,850,367 27,284 1,347,591 275,519
74.632
60.907
Texas City
8,276 308,048 1,833
Aransas Pass_ _ _ _
1,801
_
Port Arthur, &c_ _
-1-53 91,692 18,054 1,073,543 376,616
-5 27
36
New Orleans
33,675 1,015,997
22,764
Mobile
1,339 238,033 1,289 111,708
Pensacola
15,795
6,228
13,272
37
19 173
9,812
Jacksonville
5
Savannah
15,414 1,084,735 13.663 749,138 145.276
400
54,350
13,000
3,000 141,500
Brunswick
Charleston
8,724 374,627 1,981 135,320 205,990
47.177
84,269
Wilmington
4,311 127,372 5,142
93,507
Norfolk
5,128 301,129 8,805 233,058
____
2,987
4,128
Newp't News, &c.
46
50,144
7,416
New York
175
16,049
5,167
-143
20,406
Boston
786
20,956
4,792
Baltimore
16,612
82,265
260
541
5,041.
Philadelphia
___
90
17,493
195
Totals
1919.
284,252
13,832
434,297
21.023
11,425
202,641
2,600
56,551
54,547
116,587
82,982
10,551
6,875
3,621
114.627,5,705,259 78,891 3,980,007 1,325,853 1,301,424
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
TOBACCO.
-Fillers have been in better demand. Bind1915.
1919.
1918. I 1917. I 1916,
1920.
ers and wrappers have recently been relegated more to the Receipts a!
76,582
32,830
33.502
27,2841
32,224
Galveston _ _ _ _
32,879
background for the time being. Domestic cigar leaf it is
'
2,261'
3,478
15,155
1,833
8,40
true fins been moving freely into consumption. Deliveries TexasCity,&c. 33,675 18.054 30,844 19.720 22,194 50,670
New Orleans_
242
1,939
4,871
2171
1,289
1,3.39
to be sure are difficult owing to ear shortage, bad roads, &c. Mobile
3,469
10,930
34,697
_
15,414
13,663
18,441!
But of late the weather has been more favorable and the out- Savannah_ _ _ _
1
2,500
1,500
6,500
Brunswick
3,000
400
2,310
14,246
8,724
1,981
5811
2,830
look for trade is considered promising. Wisconsin Havana Charleston,&c
2,065
17,014
Wilmington _ _
4,311
5,142
3,515
398
Seed 25@:30c., Conn. broad leaf filler 20@t25c., Havana Norfolk
21,715
8,911
19,173
8,805
3,220
5.128
seed fillers 20c. Ohio Zitnmer Spanish 30@35c. It is N'port N.,&c.
236
46
137
189
7,984
4,479
10,444
7,620
1,702
440
4,570
said that because of a lack of co-operation and encourage- All others__ _ _
ment tobacco manufacturers engaged in the export business Total this wk_ 114,627 78,891 93,749 80,970 101,806 258,968
may transfer their activities to England where the facilities
are declared to be better. The war gave America the pos- Since Aug. 1.... 5,705,259 3,980,007 4,819.163 5,757,053 5,689,480 8,795.556
sibility, it is stated, of a big export business. Tobacco
The exports for the week ending this evening reach a total
men sought to develop this. But they have met it seems with of 119,498 bales, of which 46,703 were to Great Britain,
little encouragement. It is said that English companies 10,789 to France and 62,006 to other destinations. Exare making rapid progress in export business.
ports for the week and since Aug. 1 1919 are as follows:
1210
THE CHRONICLE
Week ending Mar. 19 1920.
Exported to
-
Exports
from-
&ea,
France. Other.
Britain1
From Aug. 1 1919 to Mar. 191920.
Exported to
-
Great
Total. Britain.
France.
Other.
Total.
Galveston_ _, 16,73
13,910 30,640 1,149,648
80,129 315,741 1,545,518
Texas City
166,328
20,934
187,262
Houston
70,284
37
70,284
Pt.Nogalez_,
175
175
El Paso_
13
13
-4
New Orleans 19,891k
5,454 25,345 364,512
96,914 496,320 957,746
Mobile72,593
23,298
98,216
2,379
Pensacola ,
19,013
19,013
Jacksonvi
21,614
100
21,714
Savannah--- ----9,001 5,487 14,488 257,282 185,299 489,059 931,640
Brunswick__' 6,281
6,286 148,667
148,66/
Charleston _
85,182
19,149
22,726 127,057
-1
Wilmington.
29,363
16,847
90,928 137,138
Norfolk _ _ _ 1,7'74
1,772
18,445
37,762 118,557
2,350
New York
1,788 6,456 7,244
9,918
16,444 124,806 151,258
Boston
---68
687
5,381
82
8,616
3,153
Baltimore
1,30(1
4,589
1,300
500
5,089
Philadelphia
40 22,805
40
27,828
4,623
Providence
3',5
375
San Fran..
7,258 7,258
77,615
77,615
Los Angeles
929
929
Seattle
18,134 18,134
175,774 175,774
Tacoma
6,267 6,267
,
30,789
80,789
Porti'd, Ore.
14,334
14,334
Total___. , 46,703 10,789 62,006 119,498 2,505,945 462,346 1,887,316 4,855,607
Total'18-'19. 44,364!
40,125 84,489 1,533,247 543,534 1,205,824 3,282,605
Total '17-'18.
10,600 19.248 29,848 1,892.093 424,332 948,3223,264,747
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Oss Shipboard. Not Cleared for
dept.8atGalveston..
NewOrleans
Savannah
Charleston
Mobile
Norfolk
New York
Other ports *__
Great
CoastOther
GerBritain. France. many. Conn. wise.
62,728
18.104
8,000
3.500
4.‘104
6,649 43.859
3,557 60,252
5,000
10.910
1,175
a2,818
500
10.000
1,800
1.000
Total.
1.000 117,736
1,149 87,066
2.500 15.500
1,000 1,000
14,903
7,675 7,675
2,300
11,00
Leaving
Stock.
157,783
289,550
129,776
204,990
7,861
85,832
47,844
145,037
Total 1920.... 110,242 8.679 10,206 114.729 13,324 257,185 1.068,673
Total 1919... 56.054 29,445
27.374 4,875 117.748 1,183,676
Total1918-- 29.532 13,000
22.467 30,600 95,539 1.458,467
*Including 1.500 for Japan. *Estimated.
Speculation in cotton for future delivery has latterly been
more active at advancing prices. Liverpool has been rising
and has bought on quite a liberal scale here. So have trade
interests. March reached a new high level of 40.39e. This
has frightened shorts in May and July. What contributed
largely to their perturbation was a reduction in the certificated stock here on the 18th inst. to 1,220 bales. Of course
the certificated stook here has been small for many months.
But this latest reduction seems to be an impressive object
lesson. At any rate, there was heavy covering in May and
July, partly on the strength of it, and all months on the list
rose to a new high level. The exports on the 17th and 18th
instants reached a very respectable a,,agregate. And efforts
are being mule to secure credits for Germany. Meanwhile
one steamer is reported to be loading cotton for Germany at
Galveston. And several other German steamers, it is said,
will arrive there before long for the same purpose. Foreign
exchange after declining early in the week has latterly advanced. The rise in the stock market has also had a more or
less favorable effect. Money, moreover, has kept down
around 7 to 9% on call. Silver in London advanced 234d.
on the 18th inst. Poland is to get a loan from Great Britain.
This may help American sales of cotton to Europe. A bill
has been introduced in Congress to provide credits for about
$1,000,000,000 looking to the promotion of trade with
Germany with collateral in the shape of German property
held by the United States Government in this country,
German-owned securities, &e. The Bank of England rate
of discount has not been raised.
Furthermore, the weather at the South, more particularly
In the eastern section of the belt, has been bad. Heavy
rains have fallen at times in Georgia, Alabama and Mississippi. There are complaints that plow ng has been delayed by rains and the wetness of the soil. Some private
reports say that farm work is three to four weeks late on the
average, and in some sections as much as six weeks. One
serious trouble, too, is the scarcity of labor at the South.
It is scarce, dear and inefficient. This prevents a serious
obstacle to the making up of lost time. In the days before
the war backwardness of the season was often retrieved by
subsequent good weather and hard work. As things now
stand some think that there will be not a little land that will
have to remain'idle. Meantime there is some export demand reported in the Atlantic States. And in most sections
of the belt spot holders are said to be firm, especially on the
better grades. Trade interests here have been steady
buyers. In some cases hedges have been covered in the old
crop months and put out again in the new. That is supposed to be one reason why new crop months have not always kept pace ii0th the old crop in the upward movement
of prices.
Finally although the market was undoubtedly disturbed
for a time by news of a revolution in Germany it was reassured later in the week by the return of Ebert and the
resignation of Kapp.
On the other hand the advance has recently been so rapid
and so sharp that it is argued a reaction is due. In less than
[VOL. 110.
three weeks near months have advanced 33/2 cents and within
a month.and a half about 63/2 cents. The technical position
has been weakened by the heavy covering of shorts. There
is an evident tendency for the market to become "long."
And reports have been persistent that in western Texas
cotton was selling on a basis that permitted it to be tendered
on May contracts at New York. And there have been
intimations from Alabama that holders are inclined to meet
the demand from consuming centres "on a fair basis," whatever that may mean. Other reports say that around 40
cents at the South, the price now prevailing, farmers are
ready sellers. And some are apprehensive as to the situation in Germany. Reports have been rife of a spread of
Soviet propaganda there. Meanwhile too some reports
insist that every effort will be made to increase the acreage
at the South. In any case there will be an effort to increase
intensive cultivation. Land will be made to produce as
much as possible. And it will be heavily fertilized. Moreover there is plenty of livestock and machinery for cultivation. It is said that German potash has recently been arriving more freely in this country. And whatever the reason
new crop months have plainly lagged behind the old despite
admitted drawbacks in the shape of bad weather, scarcity of
labor and a much delayed season. Print cloths have latterly
been quieter here. Manchester is reported quiet. East
India advices say that merchants there are advocating sales
of cotton on account of a "bumper" crop, adverse exchange
and tight money. To-day prices advanced on further
rains in the Eastern belt, higher exchange and buying by
Liverpool, Japanese and American trade interests. There
was a reaction later leaving the old crop little changed for
the day, though May slightly lower. The new crop ended
some 25 to 30 points higher. Prices are well above those of
a week ago especially on the old crop. Middling on the
spot has remained at 41 cents all the week.
More than 100,000 bales of Egyptian cotton valued at
$100,000,000 are tied up in Boston en route to New England
mills by transportation difficulties, and the slow progress
of fumigation against pink boll worm. Danger of fire has
led to a 50% increase on the insurance rate. Boston has
received 200,000 bales of Egyptian cotton this season of
which 150,000 have entered since Jan. 1st.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
March 13 to March 19Middling uplands
Sat.
41.00
Mon. Tues. Wed. Thurs. Fri.
41.00 41.00 41.00 41.00 41.00
NEW YORK QUOTATIONS FOR 32 YEARS.
1920_c
1919
1918
1917
1916
1915
1914
1913
41.00
28.45
34.30
18.45
11.95
8.95
13.25
12.60
1912_c
1911
1910
1909
1908
1907
1906
1905
8.00
10.60 1904_c14.50 1896_0
14.55 1903
10.10 1895
6.25
0.12 1894
7.50
15.15 1902
0.70 19019.00
8.56 1893
10.80 1900
9.88 1892
6.81
11.00 1899
6.31 1891
9.00
6.12 1890
11.40 1898
10 38
8.20 1897
1.'12
7.38 1889
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Market
Closed.
Saturday__ Steady.
Monday ___ Steady,
Tuesday __ _ Steady,
Wednesday. Steady,
Thursday -- Steady,
Friday
Steady,
Futures
Market
Closed.
SALES.
Spot.
Conlet.i Total.
unchanged_ Steady
unchanged.. Steady
unchanged_ Barely steady...
unchanged_ Firm
unchanged_ Steady
unchanged_ Barely steady_
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'elay, Thursd'y, Friday,
Mar, 13. Mar. 15. Mar. 16. Mar. 17. Mar. 18. Mar. 19.
Week.
March
Range
39.85-.99 19.75-.04 39.95-.19 40.15-.24 40.20-.29 40.20-.39 39.75-.39
Closing-. 39.75-.80 10.00 -40.00-.05 40.15-.24 40.29
10.25 ---- APritRange
30.00 -----39.50 -39.00-.50
Closing
37.60 -37.95 -39.20-.75 39.00 - 39.30
39.00 - - May
Range
36.70-.10 36.38-.23 37.02-.44 37.24-.74 37.85-.2 37.82-.43 36.38443
Closing
36.90 -37.09-.12 37.22-.25 37.71-.73 38.01-.06 37.97-.00- June
-Range
37.45
---34.75 Closing__ 34.60 - 14.80 -34.90 -35.45 - 37.45 -37.30 - July'
Range
34.00-.45 33.50-.44 34.12-.51 34.34-.88 14.00-.41 35.20-.72 33.50-172
Closing__ 34.02-.06 34.20-.23 34.31-.32 34.84-.85 35.23-.2. 35.30-.35--August
Range
33.25-.30 32.77-.15
34.58 -32.77-J58
Closing-- 33.09 -33.24 -33.21 -33.75 - 4.20
34.00 - -September
Range
32.70
33.20 -32.70-.20
Closing-- 32.40 -32.55 -32.50 -33.05 - 33.00 -33.15 -- October
Range
31.58-.00 31.01-.88 3l.52-.05 31.65-.96 li.o5-.3r 32.20-.63 31.01:03
Closing...... 31.59-.60 31.74-.75 31.71-.73 31.02-.95 12.06-.1 32.34-.37--November
Range
Closing
30.85 -31.05 -31.03 -31.22 - 1.40
31.05 -- December
Range
30.63-.00 10.14-.95 30.66-.99 30.78-.04 1.11-.43 31.33-.75 30.14a75
Closing
30.60-.65 30.81 -30.81-.83 31.00-.02 31.20
31.44-.47--January
Range
30.18-.53 29.75-.45 30.28-.55 30.30-.55 30.65-.92 30.82-.16 29.75016
Closing
30.14 -30.45 -30.25 -30.50-.52 30.65-.71 30.92-.94- Rbruary30.20-.30 29.75-.35 30.42
Range
30.70-.80 29.75 h80
Clinging
29 95 -30,35 -10.20 -30.35 -30.50 -30.80 ---- 1380. 135e. J 340. z 32e. a 31e. S 30c.
THE VISIBLE SUPPLY OF COTTONIto-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1920.
bales_ -1,038,000
10.000
167,000
1919.
498,000
14,000
82,000
1918.
460,000
20,000
56,000
1917.
761,000
24.000
61,000
1,215,000
594.000
536,000
345,000
MOW
186,000
Mar. 19Stock at Liverpool
Stock at London
Stock at Manchester
183,000
7,000
90,000
116,000
125,000
1,000
32,000
6,000
846,000
*1,000
*1,000
312.000
5.000
109,000
46,000
*1.000
617,000
396,000
164,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
475,000
1.832,000 990,000 700.000 1,321,000
Total European stocks
45,000 111.000
11,000
45.000
India cotton afloat for Europe
Amer. cotton afloat for Europe.- 580,799 286,779 150,000 179,000
70.000
47,000
40,000
Egypt.Brazil.&c..afloat for Bur'e 54,000
144,000 406,000 330,000 151,000
Stock in Alexandria, Egypt
1,005,000 933,000 *560,000 780.000
Stock in Bombay, India
1,325,853 1,301,424 1,554.006 1,238.755
Stock in U. S. ports
1,224,258 1.523,374 1,277,931 1,088,650
Stock in U. S. interior towns
9,776
20,500
500
U. S. exports to-day
supply
6,210,910 5,492.077 4,707,437 4,926.181
Total visibleOf the above, totals of American and other descriptions are as follows:
American
bales.. 834,000 310.000 281,000 638.000
Liverpool stock
54,000
26.000
55,000
135,000
Manchester stock
511.000 340,000 *140.000 *421.000
Continental stock
580,799 286.779 150.000 179.000
American afloat for Europe
1,325,853 1,301.424 1,554,006 1,238,755
U. S. port stocks
1,224,258 1,523,374 1,277.931 1,088.650
U. S. interior stock'
9.776
20.500
500
U. S. exports to-day
Total American
Bast Indian, Brasil. &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
4,610,910 3,817.077 3,449.437 3,629,181
204,000
10,000
32,000
106.000
45.000
54.000
144,000
1.005,000
189,000 179.000
20.000
14,000
30.000
27,000
56,000 *24.000
45,000
11,000
70.000
40.000
406,000 330,000
933.000 *560.000
123.000
24,000
7,000
*54,000
111,000
47,000
151.000
780.000
1.600,000 1.675.000 1,258.000 1,297,000
4,61u,910 3,817,077 3,449.437 3.629.181
Total East India, ilso
Total American
.077 4,707,437 4,926,181
Total visible supply
6,210,910 5.492
Middling uplands, Liverpool
20.80d. 15.32d. 24.10d. 12.47d.
19.20e.
41.00d. 28.40d. 34.90c.
Middling uplands. New York
Egypt, good sakel.
_ _ 85.00d. 30.58d. 33.31d. 26.85d.
Liverpool_Peruvian, rough good, Liverpoo1_ 49.00d. 32.00d. 39.00d. 18 50d.
23.35d. 15.35d. 22.40d. 12 05d
Broach, fine. Liverpool
15.60d. 22.60d. 12.23d.
23.60d.
Tinnovelly, good. Liverpool
* Estimated.
•
Continental imports for past week have been 61,000 bales.
The above figures for 1920 show a decrease over last week
of 30,576 bales, a gain of 718,833 bales over 1919, an excess
of 1,503,473 bales over 1917 and a gain of 1,284,729 bales
over 1917.
-that is,
AT THE INTERIOR TOWNS the movement
the receiptsfor the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movemcbt to Mar. 19 1920.
Towns.
Movement to Mar. 20 1919.
Receipts.
Ship- Stocks
Ship- Stocks
meets. Mar.
menu. Mar.
Week. Season. Week. 20.
Week. Season. Week. 19.
Receipts.
320 2,134
1,431 12,534
454 1,131
588 7,046
3,997 43,721
___ 31,706
48 1,600
2,520 36,089
3,789 32,694
18,103 123,223
2,100 14,927
2,599 32,628
653 12,057
954 47,775
186 2,500
56 45,682
1,200 26,200
1,125 3,818
1,166 6,411
260 9,695
330 7,81(
8,349 12,330
1,000 9,200
462
550
1,900 18,100
4,388
58,788
55,565
35,713
137.980
112,666
10.013
109,830
160,050
311,559
50,748
165.840
41,173
111,065
17,822
117,757
119,978
35.196
37.904
29,942
36,908
430,507
31,054
8,757
108.650
..
..... 3.048
809 25,466
856 20,079
362 6.000
2,215 44,410
1,263 60,221
6: 4,419
1,10 41,452
3,i5. 25,734
10,765187.472
I 30,400
4,593 40,704
931 14,173
73 51,358
4,470
2,93 47,062
2,911 44,600
441 14,959
83 15,682
709 9,930
1,i 1. 17,065
10,318 25,447
1,08 9,225
2 I
127
2,197 22,000
42,177
1,27
25 20,979
150 34,690
1.000 65,803
- 13,362
18,85 708,160
1,288
........ - 7,100
16,185
-.
39,598
7
1,343 76,065
23,843
30
20,5721,460,234
98,409
1,7
100 38,648
1,677 8,928
111 1,060
2.1 5,500
1,074 22,400
- 10,059
12,22 381,969
..- 1,198
514
------- 5.550
843 8,240
935 17,312
308 4,900
23,735281.397
1,646 15,00()
---- 4,344]
50
177
435
800
3,300
1,677
21
2,882
3,686
8,971
160
4,013
900
1,090
176
2,365
2.000
827
758
303
1,065
10,300
943
192
3.19
Ala. Eufaula__
1
Montgomery _
Mon
45
Selma
28/
Ark. Helena__
30.
Little Rock__ 1,5'7,
Pine Bluff..._
____
Ga., Albany
2,337
Athens
Atlanta
3,76,
Augusta
8.'75
._ _
Columbus_
3,24
Macon
26(
Rome
La., Shreveport
310
10(
Miss„Columbus
Clarksdalo .__ 1,71
40
Greenwood
443
Meridian
Matches
131
21:
Vicksburg
Yazoo City.._
87
Mo., St. Louis_ 8,821
N.C.,Gensboro
70$
Raleigh
61.
0. Cincinnati, 2,000
Okla., Ardmore
Chickasha._
Hugo
.
Oklahoma _ _ _4
8.G.,Greenville 2,5C11
...
Greenwood- __
Tenn.,Memphis 1'7,50
Nashville
Tex., Abilene., 1,51.
Brenham_ ..... _. -81
Clarksville _
4 1,29.
Dallas
Honey Grove ,`
10
33,33
Houston
Paris.. 1,00i
San Antonio." __
.
11,620 ..___ 10,397
24,762
90 3,450
37,089_ _ _ 6,247
123,408 2,764 33,000
15,101
___ 7,900
956,347 21,330317,082
1,436
___ 1,010
51,376 1,986 2,839
6,072 ---- 1,90
37,975
180 6,500
70,195 1,462 19,690
200 4,800
30,971
.722,066 32,218252,265
112,825 1,500 14,50
40,542 ____ 1,199
Total. 41 towns 93.04
.802.228115.508 122125 93.3835.017.3781 92.188 1523374
8,288
66,689
37,281
30,594
175,"38
80,430
9,322
138,774
224,217
467,510
33,749
196,090
30,978
72,801
16,743
126,985
101,055
33,381
25,338
17,7112
,
:
32 7 .^
(103,t77./
42,734
10,763
46,700
The above totals show that the interior stocks have decreased during the week 21,562 bales and are to-night 299,117
bales loss than at the same time last year. The receipts at
all towns have been 563 bales more than the same week
last year.
1211
THE CHRONICLE
MAR. 20 1920.1
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The result for
the week and since Aug. 1 in the last two years are as follows:
-1919-20-Since
Week. Aug. 1.
8,349 b606,669
4,176 343,212
16,438
541
85,268
2,397
22,913
200
849 134,372
17.283 316,833
-1918-19-Since
Week. Aug. 1.
4110,318 a418,334
4,527 342.226
19.771
1,136
592
87,854
1,491
54.262
201
94,793
30.970 511,938
Total gross overland
33,795 1,525,705
Deduct shipments
Overland to N. Y., Boston, &c__ _ 1.697 136,763
59,504
1,011
Between interior towns
6,795 192.495
Inland, &c.,from South
49,235 1,529,178
Mar. 19
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
9,503
Total to be deducted
403
1,012
3,255
8,679
388.762
255,980
42,565 1.273.198
24,292 1,136.943
Leaving total net overland *
44,524
43,329
168,127
*Including movement by rail to Canada. a Revised.
36,000 bales added as revision for month of February.
The foregoing shows the week's net overland movement
has been 24,292 bales, against 42,565 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 136,255 bales.
1919-20-- -1918-19-Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
78.891 3.980.007
114,627 5.705,259
Receipts at ports to Mar. 19
24,292 1,136,943 42.565 1,273,198
Net overland to Mar. 19
Southern consumption to Mar.19a 71.000 2,314.000 60.000 2,395,000
209.919 9.156.202
422.211
*21,562
Total marketed
Interior stocks in excess
181.456 7,648,205
826,758
1.195
Came into sight during week...188,357182,651
8.474,963
,5Wiii
6Total in sight March 19
Nor,spinners' takings to Mar. 19.. 64,505 2,167.049
39,344
1,478,904
* Decrease during week. a These figures are consumption: takings not
available.
Movement into sight in previous years:
Bales. 1 Since Aug. 1-Mar. 22
216.331 1917-18
-17
164.257 1916 -Mar. 23
-Mar. 24
207,682 1915-16
Week
-Mar.22
1918
-Mar.23
1917
-Mar.24
1916
Bales.
9,667.755
10,616.409
9,849.673
QUOTATIONS FOR MIDDLING COTTON AT OTH-Below are the closing quotations of midER MARKETS.
dling cotton at Southern and other principal cotton markets
for each day of the week:
Closing Quotations for Middling Cotton on
Week en in
Mar. 19.
i turday. Monday. Tuesday. iVarday. Thursd'y. Friday.
Galveston
42.50
New Orleans.....41.00
Mobilo
39.25
Savannah
40.00
Charleston
40.00
Wilmington_ _ .._ 39.00
Norfolk
39.00
Baltimore
40.50
41.25
Philadelphia
Augusta
40.00
Memphis
40.50
Dallas
Houston
41.00
Little Rock__ _ _ 40.00
42.50
41.00
39.25
40.25
40.00
39.00
39.00
40.50
41.25
40.00
40.50
42.95
41.00
40.00
42.50
41.00
39.25
40.25
40.00
39.00
39.00
40.50
41.25
40.00
40.50
43.05
41.00
40.00
42.75
41.00
39.50
40.50
40.00
39.00
39.00
40.50
41.25
40.25
40.50
43.35
41.50
40.50
43.00
41.00
39.50
40.75
40.00
39.00
39.50
40.50
41.25
40.25
40.50
43.55
42.00
40.75
43.00
41.00
39.50
40.75
40.00
39.00
39.50
40.50
41.25
40.38
40.5u
43.35
42.00
40.75
-The closNEW ORLEANS CONTRACT MARKET.
ing quotations for leading contracts in the Now Orleans
cotton markets for the past week have been as follows:
Saturday, Monday. Tuesday Wed'day, Thursd'y,I Friday
Mar. 13. Mar, 15. Mar. 16. Mar. 17. Mar. 18. Mar. 19.
March
May
July
October
December
January
Tone
Spot
Options
39.42 -39.30-.50 39.50-.7G 39.83 -39.90-.95 39.65 -37.15 -37.25-.28 37.38-.40 37.65-.70 37.79-.84 37.65-.69
34.37-.38 34.53-.55 34.61-.62 34.90-.92 35.07-.12 35.19-.22
31.35-.39 31.54-.56 31.54-.56 31.73-.77 31.90-.94 32.19-21
30.55 -30.70-.71 30.65 -30.90 -31.00 -31.40 30.00-.05 30.24-.30 30.75 -30.33 -30.45 -30.65 Quiet
Steady
Daly sty Steady
Steady
Steady
Steady
Steady
Firm I Steady
Steady Steady
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening denote that
comparatively dry weather has been the rule in the Southwest during the week, but at some points elsewhere there
has been rather too much rain. From Texas we are advised
that cotton is being planted in the Rio Grande section and
in other portions of the State preparatory work is under way
where possible. In the belt as a whole farm work is backward on account of rainy weather.
-Cloudy weather with light showers at
Galveston, Tex.
scattered localities prevailed during the week. Cotton is
being planted in the Rio Grande section. In other portions
of the State preparations for planting are under way where
possible. Rain on three days of the week. The rainfall
has been two hundredths of an inch. Average thermometer
59, highest 70, lowest 48.
-There has been no rain the past week. The
Abilene, Tex.
thermometer has averaged 60, the highest being 80 and the
lowest 40.
-There has been no rain during the week.
Brownsville, Tex.
The thermometer has averaged 63, ranging from 40 to 86.
-It has been dry all the week. The therDallas, Tex.
mometer ranged from 44 to 82, average 63.
-Rain on one day of the week. The
Palestine, Tex.
rainfall has been two hundredths of an inch. Average
thermometer 61, highest 80, lowest 42.
1212
THE CHRONICLE
ivoL nu.
OGG GGGO GO
San Antonio, Tex.
-Dry all the week. The thermometer
ALEXANDRIA RECEIPTS AND SHIPMENTS.
has averaged 60, the highest being 82 and the lowest 38.
Alexandria, Egypt,
New Orleans, La.
1918-19.
1919-20.
-We have had rain on one day during
1917-18. •
February 25.
the past week, to the extent of sixteen hundredths of an inch
Shreveport, La.
--There has been rain on one day the past Receipts (cantars)This week
131,064
81,848
85,535
week, to the extent of thirteen hundredths of an inch. The
Since Aug. 1
4,291,523
5,289,233
4.765,733
thermometer has ranged from 42 to 80.
Vicksburg, Miss.
-Average thermometer 62, highest 80,
Since
Since
Since
Export (bales)
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
lowest 40.
Mobile, Ala.
-Farm work is two to three weeks behind on
To Liverpool
11,656 225,970 2,788 175,878
130,582
To Manchester, &c
128.315
79,771 3,296 129,846
account of rain and is making slow progress. There has
To Continent and India_ 2.000 104,112 11- §66 89,425 4,840 52,248
,
been rain on one day of the week to the extent of fifty-one
To America
10,844 242,918 4,239 20,277 9,013 22,543
hundredths of an inch. The thermometer has averaged 63,
Total exports
24,500 701,321 118,317 365,351 17,149 335,219
the highest being 77 and the lowest 45.
MANCHESTER MARKET.
Selma, Ala.
-We have had rain on five days during the past
-Our report received by
week, to the extent of three inches and fifty-five hundredths cable to-night from Manchester states that the market
continues quiet. We give prices for to-day below and leave
The thermometer averaged 59, ranging from 32 to 80.
Savannah, Ga.-It has rained on three days during the those for previous weeks of this and last year for comparison:
week, to the extent of one and two hundredths. The ther19 20
1919.
mometer ranged from 40 to 76, averaging 60.
Charleston, S. C.
-Rain on two days of the week. The
81.1 bs. ShIrt- Corn
84 Ds. Shirt- Cot's
32. Cop
Mid..
32s Cop
tags, Common
tails, Common Mid.
rainfall has been one inch and ten hundredths. Average
Twist.
Up"
Twist.
to Finest.
to Finest.
lip'.
thermometer 55, highest 72, lowest 37.
.
d. 8. ft
d.
d
8. d
s.d.
e. d. Q
.
Charlotte, N. C.
-It has rained during the week to the Jan. 574
23
68 39 6 042 6 27.66 31
34 21 0 030 0 15.84
extent of three inches and one hundredth. The thermometer 30 58
68 400 (043 0 28.31 29% 0 3134 20 3 029 0 16.59
Feb.
has averaged 54, the highest being 71 and the lowest 30.
70 40 6 043 9 27.72 28% 0 3034 20 3 029 0 17.05
58%
-Gen. Stephen M. Weld, founder and head of the cotton 13 59
71% 41 6 044 6 29.67 27
98 29 17 6 027 0 16.82
60
72 42 6 046 0 30 51 2714 (a) 2914 18 0 025 0 17.68
house of Stephen M. Weld & Co., died Tuesday at Boca 20 61
27
73 42 0 046 0 30.02 27
0 29 18 3 026 0 17.18
Grande, Fla.. The immediate cause of death was given as a, Mar.
5 61
76% 42 6 046 0 29.15 26% 0 2834 16 9 021 6 16.24
clot of blood on the heart, although he had not been in excel76% 42 6 046 0 28.65 264
2834 16 0 021 0 15.36
lent health for some time. Mr. Weld was born in Jamaica 12 61
19 70
87 42 6 046 0 28.80 25
0 27 16 6 @23 6 15.32
Plain, Mass., 78 years ago, graduated from Harvard in the
SHIPPING NEWS.
-Shipments in detail:
class of 1860, and soon after was commissioned a lieutenant
in the 18th Massachusetts Volunteers and served with the NEW YORK-To Havre-Mar. 16-Jacques Cartier, 1.481_Total bales.
...
Mar. 17-Lieut. Jean Laurent, 307
1,788
Army of the Potomac through the Civil War. After returnTo Hamburg
-Kermanshah, 320
-Mar. 15
320
.
ing to private life Gen. Weld founded the cotton house which
To Antwerp-Mar. 16-Valdura, 28
28
To Barcelona-Mar. 12
-Syria, 2,303
has been known under his name since. He was a member
2,303
To Genoa-Mar. 16
-Calabria, 75_ _ _Mar. 17
-Henry R.
of several clubs, a Vice-President and Trustee of the DedMallory, 1,521
1,596
To Japan-Mar. 18-Tokiwa Maru, 1,209
ham Institution for Savings, a director of the Old Colony
1,209
Trust, Bay State Trust, West End Street Railway and the GALVESTON-To Liverpool-Mar. 13-Now Brighton, 3,932 16,730
__ _Mar. 17
-Saco, 12,798
To Hamburg-Mar. 15
Norfolk Mutual Fire Insurance Co. He was also a member
-Marie 2,182
2,182
To Bremen-Mar. 17
-Lackawanna Bridge, 11,728
11,728
of Charles W. Carroll Post, G. A. R., of Dedham.
HOUSTON-To Liverpool
-Mar. 11-Montgomery, 37 additional
37
ORLEANS
-To Liverpool
-Mar. 13
-Architect, 9.953._
-We have received this week a complimentary copy of NEW Mar. 17-Statesman,
9,938
- 19,891
"Cotton Facts," issued by the Shepperson Publishing Co.
To Rotterdam-Mar. 17-Poeldiik, 1,393
1,393
To Genoa-Mar. 15-Montello, 3,071
of this city. The present edition contains not only all the
3,071
To Callao-Mar. 18
-Lake Tithian, 990
important statistics of previous issues, but several new SAVANNAH-To Havre-Mar. 15-Coldbrook, 5,126; Texan- 990
dria, 3,875
features, including war risk rates on cotton, freight rates to
9,001
To Hamburg-Mar. 13-Escambla, 1.025
1,025
Liverpool before, during and after the war, general cotton
To Japan-Mar. 16-Tsurugu Maru, 4,462
4,462
statistics of Great Britain since 1801,Fall River wages, &c.
BRUNSWICK
-To Manchester
-Mar. 16-Babboozie, 6,286-..._ 6,286
NORFOLK
-Mar. 16-Deranof, 1,772
-To Liverpool
The book, as in all years since the death of Colonel Shep- BOSTON-To Liverpool-Mar. 11-Tullamore, 160 American, 1,772
person, has been compiled and edited by Mr. Carl Geller.
351 Egyptian_ __Mar. 16-Stanmore, 176
687
With this issue announcement is made that the younger BALTIMORE-To Manchester-Mar. 10-Manchester Civilian,
1,300
1,300
daughters of Colonel Shepperson have purchased the entire PHILADELPHIA-To Hamburg-Mar. 5-Carib, 40
40
control of the Shepperson Publishing Co. and have asso- SAN FRANCISCO-To Japan-Mar. 10-West Cadron, 1,802_ _ _
Mar. 11-Persia Maru, 879_ West Mimed, 3,421; West
ciated with them several gentlemen well known in the cotton
1Casson, 1,156
7,258
trade, making up a board of directors as follows: Wm. V. SEATTLE-To Japan-Mar. 4-Tsurugusan Maru, 5,613..Mar. 11-City of Spokane, 7,242_ ...Mar. 13-Ixion, 4,387_ _ 17,242
King, President; C. W. Shepperson-Bull, Vice-President;
To China-Mar.6
-West Segovia, 892
892
James F. Maury, Secretary and Treasurer; Julian A. Acosta TACOMA-To Japan-Mar.4-Manila Maru, 6,267
6,267
and George M. Shutt.
Total
119,498
WORLD'S SUPPLY AND TAKINGS OF COTTON.
LIVERPOOL.
-Sales, stocks, &c., for past week:
Cotton Takings.
Week and Season.
1919-20.
1918-19.
Feb. 27.
26,000
Sales of the stock
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports for the week
Of which American
Amount afloat
Of which American
Mar. 5. Mar. 12. Mar. 19.
22,000
21,000
15,000
Week.
Season.
Week.
Season.
16,000
16,000
16,000
11,000
Visible supply Mar. 12
6,241,486
18,000
24,000
5.457,313 -------11,000
10,000
Visible supply Aug. 1
105,000
4,792.018
3.027,450
96,000 100,000 101,000
American in sight to Mar. 19_
1,110,000 1,067,000 1,047,000 1,038,000
188.357 9,578,413 182,651 8,474.963
Bombay receipts to Mar. 18_.._ t90,000 1,894,000
883,000 877,000 855,000 834,000
71,000 21,490,000
Other India shipm'ts to Mar. 18
143,000 101,000
65,000
1,000
54,000
66,000 116,000
Alexandria receipts to Mar. 17_ _
b8.000
114.000
738,000
10,000
614,000
69,000
41,000
80,000
Other supply to Mar. 17 *
401,000 376,000 412,000
b2,000
160,000
3,000
123,000
337,000 299,000 348,000
Total supply
6,529,843 17,227,431 5,724,964 13.795,413 - The tone of the Liverpool
market for spots and futures
Deduct
Visible supply Mar. 19
6,210,910 6,210,910 5,492,077 5,492,077 each day of the past week and the daily closing prices of
Total takings to Mar. 19_a _ _
318,933 11,016,521 232,887 8,303,336 spot cotton have been as follows:
Of which American
'
225,933 8,156,521 176,887 6,604,336
Of which other
Spot.
Saturdo. Monday.
93,000 2,860.000
Tuesday. 1Vednesday. Thursday.
Friday.
56.000 1.699.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. dm.
a This total embraces since Aug. 1 the total estimated consumption by Market, I
12:15 i
More
Quiet.
Quiet.
Quiet.
Southern mills, 2,314000 bales in 1919-20 and 2,395,000 bales in 1918-19P.M. [
demand.
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 8.702,521 bales in 1919-20 and 5,908,336 bales in
Mid.Upl'ds
28.04
28.52
28.17
28.80
1918-19, of which 5.842,521 bales and 4,209,336 bales American.
b Estimated.
Sales
BOMBAY COTTON MOVEMENT.
1919-20.
Februiry 26.
Receipts at
1Veek.
Since
Aug. 1.
1918-19.
Week.
Aug. 1.
1917-18.
Week.
123,000 1.859,000 62,000 1,290,000 50,000
Bombay
Since
Aug. 1.
994,000
4,000
110LIDAY
3,000
4,000
4,000
Futures.
Market 1
opened
J
Easy,
Firm,
Barely st'y,
Quiet.
3©17 pts. 46065 pts. 13028 pts. unch. to 7
decline,
advance,
decline.
pts. adv.
Market, I
4
i
P. M. I
Steady,
Steady,
Steady, 9 Steady, 13
11(838 pts. 39045 pts. pts. dee. to pts. adv. to
deciltw.
advance. 14 nts.adv. 15 nts. flee.
Prices of futures at Liverpool for each day are given below
For tfre Wee'.
Exports
fromBombay
1919
-20_
1918-19._
1917-180th. Inrtias1919-20 _ _
1918-19._
1917-14_
Si cc August 1.
Great Conti- Japa,A,
I Great
Britai,d ?e I. Chi a. Total. Brutal,
.
_-_
____
__
3,500
3,000
Co ti? e t.
lapal ..t.
Chlea.
Sat.
Total.
____ 33,000 31,
46,001 257,000 1 015,000 1,31.
8,000
____ 19,000 19,00
20,000
66,000 323,00
409,000
15,000 15,000 146,000
76,000 867,000 1,089,1,00
1,509
____
-_
2
.000
5,000
5,00
18,100
14,000
50,650
2,C00
12,000
66,750
28,000
_
Total all
1919
-20_ 3,500 1,500 23,000
1918-19._ 3.000
____ 21,0001
1917-18_ _
15.
*No date for 1917-18, figures for
39,0001 62,100 307,650 1,015,000 1,384,750
68,000 335,000 437,000
24,0001 34,000
15.0011 146.0119
76.1100 567 0001 11RQ 000
1918-19 are since Jan. 1.
Mar. 3
to
Mar. 19.
March
April
May
June
July
August
September _ _
October
November _ _ _ _
December
January
February
Mon.
1234I 1234 124
p. m. p. m p.
Tues.
Wed.
Thurs.
Fri.
4 124 4 124 4
124 4 124 4
m. p. m p. m. p. m. p.m. p. m p. m. p. m. p. m p. m.
d. d
d
d. d.
d.
d.
d.
d. 4. d.
d.
26.04 26.10 26.5226.5326.17 26.44 26.64 26.8426.8020.97
25.27 25.29 25.72 25 7325.37 25.69 25.89 26.10 26.0626.18
.24.97 24.99 25.4325.43 25.07 25.34 25.54 25.75 25.71 25.87
24.53 24.55 24.96 25.0()24.67 24.94 25.09 25.31 25.24 25.37
24.09 24.10 24.51 24.5524.2324.40 24.64 24.86 24.78 24,91
IIOLI- 23.5023.54 23.94 23.99 23.68 23.99 24.14 24.3124.2524.41
DAY. 22.8022.94 23.30 23.3323.02 23.36 23.5313.65 23.5223.63
22.2022.34 22.70 22.7322.4322.80 22.97 23.09 22.9223.03
21.7221.84 22.2322.27 21.97 22.41 22.54 22.61 22.4122.53
21.36 21.47 21.83 21.88 21.58 21.99 22.14 22.17 22.0122.09
21.11 21.22 21.58 21.6321.3321.72 21.90 21.99 21.8321.84
20.01 21.02 21.3? 21.4321_1a 21.5221 70 21.71 21.01 21.66
1
MAR. 20 1020.1
THE CJIRONTCT,F
BREADSTUFFS
Friday Night, Mar. 19 1920.
Flour has been quiet as a rule. Some brands have been
bought on a moderate scale. Yet some predict higher prices.
Others view the future with more or less apprehension.
What will happen when the Grain Corporation ceases to be?
Meanwhile the lower grades are in somewhat better demand
for export. The Mediterranean markets are buying first
and second clears here. This has stinsibly lightened the load
of such grades. And the House of Representatives on the
15th inst. sanctioned the sale to Poland, Austria and Armenia of 5,000,000 bbls. of soft wheat flour. These countries will be glad to get it. And there has been some export
demand from Africa and a certain amount of trade may result. Egypt was trying to buy it is said corn flour here.
It is said to have ordered 147,000 tons of white corn flour.
Canada would be willing to sell flour, it is intimated, considerably under recent prices. The Minneapolis "Northwestern Miller" said that large stocks held by buyers and particularly bakers and uncertainty as to the future course of
the wheat market were mainly responsible for the lack of
business, adding: "The feed market is active at rising
prices, as the curtailment of milling operations is expected
to result in a mill feed shortage. The output last week
showed a material reduction. The spring wheat mills
reported a total representing only 31% of capacity, the
Kansas group of hard winter wheat mills about 54% of
capacity, and the Toledo group of soft winter wheat mills
about 35%."
Wheat has latterly fallen 3 to 5 cents owing to rather
larger receipts and the dullness of the flour trade. This
makes mills indifferent as to buying. The visible supply
decreased last week, however, 1,142,000 bushels. That
brings it down to 49,026,000 bushels against 111,582,000
bushels a year ago. The Price Current Grain Reporter
says that the seeding of oats is progressing northward slowly
with indications of some increase in the acreage. Winter
wheat conditions continue to decline. It is of course not
yet possible to determine the damage wrought by the Hessian
Fly or by winter killing, but in Kansas and Oklahoma rain
is badly needed and already the light soils of those States
have begun to drift with the high winds. In Germany the
poor people are suffering from the shortage of food stuffs
and present high prices. The revolution in that country
was declared in some despatches to be due to economics.
One hundred thousand bushels of corn were shipped to
Antwerp from the Black Sea ports. This may be suggestive.
If corn, what eventually of wheat? Belgium has officially
raised the price of wheat to 60 francs per quintal. Roumania, it is said, will eventually have to make fair exports
in order to improve exchange. Czechoslavia has authorized
the exportation of 1,000 wagons of corn. There has been
a moderate export demand at New York for wheat. It is.
said that latterly more business has been done. Early in
the week prices were 5 to 8 cents lower than last week, with
offerings larger.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_236% 236% 236% 236% 236% 236%
No. 2 spring
234% 234% 234% 234% 234% 234%
Indian corn advanced sharply. It had evidently been
oversold. And hogs have been rising. The technical
position, in fact, has been strong. Latterly, too, the situation in Germany has been regarded as better. Foreign
exchange has advanced. Receipts of corn, too, have been
very small. There can be no question that this has had a
good deal to do with the advance. A Washington dispatch
says that 200 cars will be furnished to Chicago to move
grain to the East. Stocks at Chicago are already small.
The Washington order naturally tends to reduce them still
further. The strength of oats also had some effect. Country
offerings of corn have latterly been rather small, partly, it is
supposed, owing to bad roads. A high record order for
white corn flour, amounting to 147,000 tons, has been placed
hero by Egypt. The delivery will extend over six months.
There is a food crisis reported in Egypt. Peasants have
been planting more cotton than grain. Some of them have
even plowed up cereals when approaching maturity in order
to plant cotton. This is to be stopped. Liverpool cabled
that there are no restrictions nor maximum prices on Liverpool "futures" for corn. The unit of trades is 4,800 centals,
or about 8,500 bushels, and the contract will read the same
as before the war. Chicago advices say that' the Illinois
Central, which has been 'refusing ears for grain loading since
March 1, because of the press of other freight, has latterly
distributed many empties along its line for grain, indicating
a material betterment in the car situation. According to the
same advices the strike in Argentina is spreading.
Clement, Curtis & Co. had the following reports from Buenos Ayres indicating continued spread of labor unrest in
Argentina at Rosario the great grain port where there are
multiple movements in progress. The stevedores, carters,
chauffeurs, bag makers and milkmen are on strike and there
have been some encounters with the police. The stevedores
1213
at five other ports including Santa Bahia Blanca and part
of Buenos Ayres have proclaimed a sympathetic strike which
is holding up overseas shipments. Argentine coastwise
and river commerce has been paralyzed for nearly a month
by a strike of steamship crews with no signs of an immediate
settlement notwithstanding efforts to that end made by the
Government and business firms. On the other hand prices
of corn have already had a very sharp advance. Since
Feb. 9th, May has advanced some 32 cents with only slight
reactions. And the heavy covering of late on a nine cent
rise has rechiced the short interest. At any rate the technical position is not considered so strong as it was. Some
even claim that it is weak. And the visible supply increased
last week 138,000 bushels as against a decrease in the same
week last year of 633,000 bushels. The present total is
5,281,000 bushels against 3,374,000 bushels a year ago.
The total of rye is 19,584,000 bushels against 15,227,000 a
year ago. To-day prices declined. Heavy liquidation
occurred at Chicago. The East has been canceling purchases of cash corn on a rather liberal scale lately. Hogs
were lower. Corn ends higher for the week however.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_148
152% 155X 157X 156% 152%
July delivery in elevator
141% 1453 148% isog 150
146%
September delivery to e1evator
138% 141X 1443 146X 146X 142%
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_177% 178
185
184
182X 1793(
Oats have been in sharp demand and rising. Canadian.
interests are believed to have been covering hedges in Chicago against export sales which have been substituted for
American. New high records have been made for the season. Arrivals at Chicago have been very small, i. e.,
generally only about 40 cars a day. The cash demand has
been good. It has offset the lack of export business. Besides the statistical position is considered strong. No. 1
white at Chicago has sold at 97 cents. That was a new high
record there. No. 2 white sold at 9 to 10 cents over May.
Canadian oats were offered at Chicago at the May price
c.i.f. in bond. The trouble is that there is an import duty
of 6 cents.per bushel. It might be a difficult matter therefore for May shorts to cover. The South has been bidding
for oats in Illinois. Rye has been in fair demand for export
at times at rising prices. The visible supply in the Umted
States is only 10,301,000 bushels.against 26,844,000 bushels
a year ago. On the other hand export business has been
quiet. Also rye has latterly shown less activity for export.
The domestic demand too has been less eager. To-day
prices declined with corn and provisions. The eastern demand was poor at Chicago. This is supposed to be partly
owing to the shortage of cars. It is said that at Memphis
a sale was made at $1.01. Prices at Chicago are Jaigher for
the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Fri.
Sat.
Tues.
Wed. Thurs.
No. 1 white_cts_104
104%
108
108
106
1063
No. 2 white____103% 104(4104% 105©105% 106
107@108 107@108
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 823-i 843 85% 87% 87
May delivery in elevator
853i
July delivery in elevator
754 76% 783( 79% 79% 77M
RYE FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_171% 174% 174% 174X 172% 170%
July delivery in elevator
166% 168% 168X 168
168
165%
Closing quotations were as follows:
FLOUR
-Portage barley:
Spring patents
$12 50513 50 Barley goods
No. t
Winter straights, soft 10 75
11 00
$725
Nos. 2. 3 and 4. pearl- 6 50
13 00
Kansas straights
12 00
7 25@7 40
9O0(975
Nos. 2-0 and 3-0
Rye flour
Nos. 4-0 and 5-0
7 50
Corn goods.100lbs.3 85@ 4 00 Oats goods-Carload,
Yellow meal
415© 420
spot delivery
Corn flour
9 30
GRAIN.
Oats
WheatNo.!
No.2 red
$2364
108
No.2 white
107 ©108
2 3431
No. 1 spring
No.3 white
Corn105%0106
1 71:+g BarleyNo.2 yellow
Feeding
1 60
RyeMalting
1 921(
1 66@1 70
No.2
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oat .
s
Barley.
Rye.
.
bbls.1961bs.bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bush.56lbs
129,000
151,000 1,672,000
932,000 124,000 172,000
Chicago
120,000
1,471,000
215,000 153,000 146,000
Minneapolis-57,000
16,000
55,000
78,000
Duluth
396,000
327,000 124,000
87,000
81,000
Milwaukee- .
9,000
38,001
71,000
66,000
Toledo
15,000
35,000
50,000
Detroit
17,001
575,000
287,000
10,000
29,000
66,000
St. Louis_ _ _
.
298,00*
92,000
822,000
710,000
3,000
1,000
Peoria
1,093,000
291,000
198,000
Kansas City_
.
473,000
234,001
387,000
Omaha
78,001
487,000
253,000
IndianaPelis
Total wk. '20
Same wk. '19
Same wk. '18
296,000 3,539,000 4,996,000 3,441,000 492,000 484,000
273,000 2,944,001 3,071,000 4,012,000 2,851,000 1,914,000
379,000 1,218,000 12,380,000 6,163,000 1,914,000 615,000
Since Aug.11919-20_ _ _ 14,851,000 156,189,001133,434,000 151,031,000 23,115,000 24,252,000
1918-19_ _ _ _ 10,420,000164,046,000 143.509,000 208,844,00055,126,000 31,958,000
1017-1R
10 ft77 non i41 573 nnn 117.992 000 223 375.000 35.335 000 19 754 MO
Total receipts of flour and grain at the seaboard ports for
the week ended Mar. 13 1920 follow:
THE CHRONICLE
1214
Receipts ma-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
[VoL. 110.
THE DRY GOODS TRADE
New York, Friday Night, March 19 1920.
The market for dry goods was fairly active during the week
just closed but rather quiet for the present time of year. A
great many overshadowing factors are still exerting a very
large influence on trading in all branches of the market and
39,000
110,000
117,000
tending to produce a tone of uncertainty that cannot be
171,000
1,000
7,000 overlooked by careful merchants. Strong efforts are still
27,000
58,000
17,000
1,000
being made, however, to belittle the importance of banking
300.000
2,000
3,000
114,000
16,000 conditions on present-day trade and considerable damage
559,000 1,830,000
Total wk. '20
729,000
303,000
237,000 901,000 has been done by such talk in several quarters. But bankers
Since Jan.1'20 4,584,000 19,839,000 4,153,000 7,805,000 3,105,000 8,396,000 are finding it difficult to get enough money to go all the way
250,000
Week 1919.
658,000 3,097,000
814,000
157,000 1,170,000 round, and in addition are asking interest rates that are
Since Jan.l'Ir 0.831.000 27.073.000 2.011.000 17.090 000 3.108.000 4.045.000 sure to cramp business if long maintained. Such are the
*Receipts do not include grain passing through New Orleans for foreign ports conditions in the money market, and it is only exercising
on through bills of lading.
good judgment for every wise merchant to look the condiThe exports from the several seaboard ports for the week tions squarely in the face. Many have already gone over
.
ending Mar. 13 are shown in the annexed statement:
the facts, and as a result are advising a temperate course in
the matter of buying for future use at rising values. If
Wheal, Corn, Flour, Oals,
Rye,
Barley, Peas,
neglected by the many who are
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels. their counsel continues to be
Exports front-still inclined to take undue risks, it seems inevitable that the
247,422 6,793 214,132 64,146 183,965 103,200 3,166 dry goods market is in for a disappointment before many
New York
Portland, Me
795,000 76,000 34,000
26,000
42,000
months have elapsed. A great deal has been heard about
134,000
11,000
Boston
Philadelphia ____._ 150,000
171,000
labor being employed to capacity, thus resulting in unlimited
63,000 426,000 1,266,000
Baltimore
32,000
buying power, but it must not be forgotten that adverse
Norfolk
62,000
Newport News_
64,000
weather has caused a great halt in building operations and
955,000 23,000 34,000 1,000
New Orleans
47,000
a great many idle tradesmen are already complaining about
Galveston
336,000
237,000
B____ 300,000
62,000 8,000
St. John, N.
rents, fuel prices and the cost of food. It is only a short
8,000
2,949,422 105,793 715,132 499,148 1,475,965 437,290 3,166 step to the expression of dissatisfaction regarding clothing
Total week
2.301.000 13.000 500.185 970 000 801 000 1.008 027 0.541
Week 1o19
prices and the offering of spring goods at higher prices than
The destination of these exports for the week and since now prevail might hasten that step. True, there will be
business enough and work enough to satisfy any steadyJuly 1 1919 is as follows:
going merchant, but the conditions that led to violent inflation last year are no longer present and a new order of things
Flour.
Wheat.
Corn.
Exports for Week
is in the ascendant. It will be more and more noticeable
Since
Week
Week
Since
and Since
Week
Since
as the date for the political conventions draw nearer. While
Mar.13 July 1
Mar. 13
July ItoJuly 1
Mar. 13
July 1
1919.
1919.
1919.
a fair amount of business has been booked for export during
1919.
1919.
1919.
the week, buying is by no means as active as it was a few
Barrels. Barrels.
Bushels.
Bushels. Bushels.
Bushell.
United Kingdom. 281,921 5,656,748
913,945 48,919,584
76,000 2,005,793 months ago. The European demand has become very
Continent
258,923 7,543,406 2,035,477 76,544,042
191,000 ragged and irregular, and while it has improved somewhat,
So.& Cent. Amer_ 23,806
788,925
119,606
51,778
144,243 1,114,316
West Indies
4,530
29,153
689,862 with the better tone in foreign exchange, traders are doubtful
Brit.No.Am.Cols_
3,000 as to its permanency. Latin-American countries continue
Countries__ 6,239
119,585
Other
25
640
5,219
to he good buyers along certain lines. Colored cottons and
715,132 15,222,980 2,949,422 125,587,787 105,793 2,946,65,, hosiery are the chief articles in demand. The countries on
Total
•nn
Trost twin-In__ , 155 0 047 4f11 9903.000 P5.500.'
705
1300" 4.15l.27
the west coast of South America are not buying to any exThe world's shipments of wheat and corn for the week tent, as traders there seem to be well stocked and at prices
ending Mar. 13 1920 and since July 1 1919 and 1918 are much less than the present replacement costs here.
shown in the following:
-Trading in the market
DOMESTIC COTTON GOODS.
for staple cotton goods has been somewhat more spirited
Wheat.
Corn.
during the week just closed, although orders from the job1919-20.
bing trade have not shown much improvement. New busiExports.
1918-19.
1919-20.
1918-19.
ness continues to be of a filling-in character for the most
Since
Week
Since
Week
Since
Since
part, although some bleached cottons have been bought for
Mar. 13.
July 1.
July 1.
Mar. 13.
July 1.
July 1.
future delivery. It has been noticeable that second hands
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 3,913,001 251,854,000206,510,000
50,000 2,259,000 7,362,000 have relinquished the practice of offering goods below the
Russia
market. Medium weight sheetings and the finer yarn goods,
Danube
4,000,001 134,963,000 64,711,000 *2,000,0001 93,818,000 21,247,000 were quite a bit firmer and the market for print cloths and
Argentina
Australia _ _ 2,680,001 75,501,000 35,852,000
convertibles seems to be much stronger. The opinion apIndia
5,623,000
pears to prevail that prices cannot go back much during the
0th. countr'
1,911,000 2,755,00
1,750,000 3,005,000
next three months, and some buyers seem to anticipate a
Total_.. 10,593.0 464.229.000115.451.000 2.050.0001 97.827.000 31.614.000
further increase in wages at cotton mills before June. The
* Estimated. '
real force behind the market, though, is undoubtedly due
The visible supply of grain, comprising the stocks in to the actual need of gray goods for finishing purposes.
granary at principal points of accumulation at lake and Despite this flurry many printers and converters have stated
seaboard ports Mar. 13 1920 was as follows:
that if current prices hold they look for a material reduction
GRAIN STOCKS.
in their sales for fall. These great distributers are commonly
Wheat.
Corn.
Oats.
Barley. agreed that their customers will not pay higher prices as
Rye.
United Statesbush,
bush,
bush,
bush.
bush.
New York
509,000
54,000
229,000
397,000
214,000 freely as they have in the past. Reports have been conBoston
58,000
11,000
134,000
4,000
2,000 stantly circulated to the effect that production in cloth and
Philadelphia
343,000
189,000
230,000
420,000
41,000
Baltimore
493,000
335,000
603,000 2,032,000
27,000 yarn mills has fallen off 50%. While such may be the case
Newport News
97,000
148,000
in some centres it is not true of the mills generally, as several
New Orleans
1,911,000
233,000
163,000
601,000 instances
are known where print cloth mills have large
Galveston
1,582,000
10,000
145,000
80,000
Buffalo
8,165,000
54,000
370,000
367,000
302,000 quantities of finished cloth in warehouses or on cars.
It
" afloat
1,426,000
2,182,000
has been sold but as yet undeliverd. Gray goods, 38-inch
Toledo
986,000
46,000
86,000
188,000
Detroit
standards, are listed at 24% cents.
32,000
16,000
115,000
49,000
Chictigo
.
.
0,730,000 1,346,000 3,643,000 1,825,000
656,000
WOOLEN GOODS.
-The market for woolens and worafloat
231,000
Milwaukee
1,040,000
481,000
585,000
350,000
164,000 steds has been generally marking time until better weather
Duluth
1,656,000
139,000 6,532,000
84,000 arrives. Ordinarily this is the time for big sales but the
:
Minneapolis
8,874,000
100,000 3,000,000 4,933,000
824,000
St. Louis
651,000
280,000
114,000
40,000
38,000 unusually severe winter has been slow in relinquishing its
Kansas City
10,592,000
319,000
382,000
195,000
grip on trade and production centres. The spring opening
Peoria
5,000
102,000
176,000
will be unduly short as Easter is fast approaching. There
Indianapolis
428,000
460,000
48,000
7,000
Omaha
915,000
2,394,000
287,000
343,000
40,000 continues to be a divergence of tendencies as regards the
Total Mar. 13 1920......50,875,000 4,951,000 10,401,000 20,388,000 3,073,000 tastes of women and men. In women's wear it has been
Total Mar. 6 1920-.50,168,000 5,143,000 10,436,000 19,596,000 3,137,000 noticed that there is a gradual drift toward the more inexTotal Mar. 15 1919_111,582,000 3,374,000 26,844,000 15,227,000 10,452,000
Total Mar. 16 1918_ _ 7,750,000 12,757,000 17,103,000 1,086,000 4,365,000 pensive materials such as blue serges, while men continue
Nole.-Bonded grain not included above* Oats, 4,000 bushels New York, 133,000 to demand the better worsted and avoid woolen goods.
Boston, 907,000 afloat Buffalo, total, 1,044,000 bushels, against 3,000 bushels in
FOREIGN DRY GOODS.
-The market for linens rules
1919, and barley, New York, 31,000, Duluth, 2,000, Buffalo afloat, 151,000, total,
quiet and firm with no encouragement offered as regards an
184,000 bushels, against 76,000 in 1919.
Canadian
early supply.of flax. Salesmen on the road report the trade
Montreal
567,000
12,000
232,000
4,000
52,000 ready to pay any price for goods. in hand and a
steady
Ft. William & Pt. Arthur_ 8,360,000
3,494,000
1,263,000
Other Canadian
2,326,000
1,025,000
451,000 pressure is being exerted on-mill agents here to accept further
business regardless of delivery date. The supply of aeroTotal Mar. 13 1920_ _ - _11,253,000
12,000 4,751,000
4,000 1,766,000
Total Mar. 6 1920_ _ _ _11,034,000
14,000 4,648,000
5,000 1,847,000 plane linen has been sufficient to keep some of the retail
Total Mar. 15 1911L_..45,075,000
111,000 5,917,000
3,000
606,000 linen departments active, but they are forced toward subTotal Mar. 16 1918._ _12,893,000
39,000 7,007,000
60,000
stitutes more and more as the scarcity of real linen grows.
Summary
American
50,875,000 4,951,000 10,401,000 20,388,000 3,073,000 Handkerchief linen continues to be very scarce as well as
Canadian
11,253,000
12,000 4,751,000
4,000 1,766,000
many of the finer damasks. Burlaps have been very quiet
Total Mar. 13 1920
62,128,000 4,963,000 15,152,000 20,392,000 4,830,000 as a result of the weakness displayed in Calcutta markets.
Total Mar. 6 1920
61,202,000 5,157,000 15,084,000 19,601,000 4,084,000
Total Mar. 15 1919_156,657,000 3,485,000 32,761,000 15,230,000 11,058,000 Light weights are quoted nominally at 10.25 cents and heavy
Total Mar. 16 1918.....20,643,000 12,796 000 25,010,000 1,086,000 4,425,000 weights at 15.50 cents.
Barrels.
101,000
New York.__
34,000
Portland, Me_
Philadelphia..
55,000
30,000
Baltimore_ _.
64,000
Wport News_
62,000
Norfolk
117,000
New Orleans.*
5,000
Galveston..
17,000
Montreal
62,000
St. John
12,000
Boston
Bushels.
13,000
795,000
105,000
377,000
Bushels.
8,000
76,000
35,000
65,000
Bushels.
Bushels. Bushels.
224,000
98,000
166,000
42,000
26,000
31,000
126,000
619,000
11,000
184,000
MAR. 20 1920.1
THE CHRONICLE
tatt anti Tidy gepartinent
NEWS ITEMS.
-Annexation Decision by Superior
Erie Erie County, Pa.
Court.
-Judge Henry M. Trexler of the Superior Court, on
March 12 overruled the decision of the late Judge E. L.
Whittelsey of the local court and held that proceedings to
annex portions of Millcreek township to the City of Erie
were legal. The Cleveland "Plain Dealer" says:
"Judge Trexler's opinion means that a territory practically
as large as the present city will be added, and it also is believed that it will change Erie from a third class to a second
class city, thereby changing its system of government.
"The Census Bureau at Washington has agreed to hold
up the population of the affected area until a decision was
reached on the annexation case so that it could be added
to the total of the present city.
"The property to be annexed surrounds the city on three
sides and a large part of it has been developed. It will
bring into the city several hundred houses erected by the
Government during the war.
"Opponents claimed that annexation of the territory
would increase taxes and that valuable property was being
allowed to remain outside the limits of the annexed section.
"The case may be carried to the Supreme Court."
-Law Authorizing
Memphis, Shelby County, Tenn.
Bonds Held Valid.
-The constitutionality of the Act of the
Tennessee Legislature authorizing Shelby County and the
city of Memphis to issue bonds for the erection of a public
market and auditorium building was upheld when Judge
H. W. Laughlin on March 9 overruled the demurrer to the
'city's condemnation suit. The case is to be appealed to the
Tennessee Supreme Court. The Memphis "Appeal" says:
The Court did not comment upon the case in handing down the decision,
Judge Laughlin merely.stating that the demurrer was overruled.
The demurrer to the condemnation suit was filed several weeks ago and
was argued before Judge Laughlin in Circuit Court March 4. The case
was taken under advisement, the decision being delayed until March 9.
During the argument on the demurrer Elias Gates, representing property
owners who are contesting the city's right to condemn and force the sale
of their property, contended that the legislative Act authorizing the county
to participate in the proposed market scheme was unconstitutional. Mr.
Gates presented several arguments to sustain his contention that the Act
was invalid, the chief one being that Shelby County was referred to by
name in the body of the Act. He contended that this fact made the Act
special or class legislation and,therefore, in conflict with the constitution.
Another point upon which the property owners relied was the claim that
the erection of the proposed auditorium and market house was not for a
county purpose. Mr. Gates argued that in order for the erection of the
auditorium to be a county purpose, the bond issue must be authorized in
general legislation and not by private and special Act. He took the position
that tho Legislature should have designated a particular class of counties
in a general Act, without authorizing Shelby County, by name,in a private
Act, to issue bonds for this particular purpose.
The attack of the property owners is directed chiefly at that portion of
the law which purports to give the county authority to participate in the
scheme. The city's right to issue bonds and levy taxes for the erection
of the market and auditorium is unquestioned, but Mr. Gates insists that
the city and the county cannot be treated under the same class of legislation. -This point involved the question of whether or not a county is a
municipality within the meaning of the constitution, and is one of the details
which the Supreme Court will be called upon to settle.
Mr. Gates said that he will make application to the Supreme Court
Immediately for a writ of certiorari, in order that the CELS0 may be definitely
settled before actual work on the building is started. The property owners
are still optimistic in their views as to the final adjudication of the matter
and feel confident that the Supremo Court will sustain their contention by
declaring the law authorizing the bond issue unconstitutional. City
Attorney Armstrong and County Attorney McLain are equally confident
that the Act authorizing the county bond issue will be upheld and that the
auditorium and market house will be built.
-Bridge Bonds Voted.
Seattle, King County, Wash.
Results on Charter Amendments.
-At the election held March 2
$1,500,000 Spokane Street bridge bonds were voted and of
the 14 amendments to the city of Seattle's charter, those
proposing to increase the salaries of the city councilmen,
corporation council, city treasurer and city comptroller and
changing the election day from March to May were defeated.
All others were adopted. The following is a list of the
amendments showing the number of votes cast for and
against them:
For.
Against.
19,946
1-Making the term of corporation counsel four years__ _22,003
-Requiring "sticker" candidates to pay filing fee
22,499
16,818
2
10,832
-Raising the salary of councilmen
33,406
3
-Requiring officials and department
4, 5, 6, 8, 8, 9, 10
-All carried
heads to make reports
11-Placing honorably discharged soldiers, sailors and
22,297
marines on the preferred classified civil service lists _23,502
-Placing the boiler inspector in the office of the build12
22.642
15,845
ing inspector
13
-Changing date of city elections from March to May.._18,861
20,739
14
-Raising salaries of corporation counsel, city treasurer
and city comptroller
12,145
29,904
Bridge bond issuance of 31,500,000 in bonds for bridge over
West waterway at Spokane Street
40,431
12,091
West Virginia.-Spec7al Session of the Legislature Ad-The West Virginia Legislature which convened in
journs.
special session Feb. 27 adjourned sine die March 11. The
net results of the session are as follows:
Ratification of the Federal Suffrage Amendment.
Enactment of Charleston charter amendment bill relating to paving of
streets and alloys.
Enactment of Martinsburg charter amendment bill relating to paving and
sewers.
Enactment of Ravenswood Independent School District law.
Enactment of law amending corporation statutes by which corporations
in West Virginia may issue non-par stock: estimated to yield additional
revenue amounting to $350,000 annually.
BOND PROPOSALS AND NEGOTIATIONS
this week has been as follows:
-On March 15 the
ALBION, Orleans County, N. Y.
-BOND SALE.
912.500 registered and coupon !ponds, offered on that date
-V. 110, p. 1108
-were awarded to Goo. D. Gibbons & Co., of New York, at 100.37 for 58,
1215
a basis of about 5.97%. Denom. $500. Date March 15 1920. Due
$500 March 1 1925. and 9500 yearly on Aug. 10 from 1926 to 1949, incl.
ALBUQUERQUE SCHOOL DISTRICT NO.1(P. 0. Albuquerque),
Bernalillo County, N. Mex.-BOND SALE.
-On March 10 an option
until April 15 on the 9425,000 534% 10
-20-year (apt.) school bonds
-V.
-was given the American National Bank of Oklahoma City at
110. p. 889
98.50. waiving one-half its proceedings contract fee of 34% making net
98.75. Other bidders were: Graves Blanchet & Thornburgh, 98.55.
conditional; Harris Trust & Savings hank. 97.33; R. M. Grant & Co..
and Elston & Co.,
97.16; C. W. McNear & Co. 98.37: Stern Bros.
& Co.,of Kansas City,95.57; E. H. Rollins & Sons. International Trust Co.
jointly.
of Denver and National City Co., jointly. 96.04.
Financial Statement.
Assessed valuation
015,546,000
Total bonded debt
$659.000
Sinking account
43,339
Total net bonded debt
615.661
Population, estimated
18.000
ALPINE Brewster County, Tex.
-BOND OFFERING.
-Sealed bids
will be received until 7 p. m. April 5 by B. P. Berkley. Mayor,for the folors
lowing 534% tax-free coupon and registered bonds:
$20,000 sewer bonds. Due yearly as follows: $6,000, 1929; $500, 1930Ite
1941, incl., and $1,000, 1942 to 1949, incl.
15,000 water-works bonds. Due yearly as follows: $1,000, 1929; $500.
.44,04
1930 to 1947, incl., and 91,000, 1948 and 1949.
Denom. $500. Date Nov. 15 1919. Int. M. & N., payable at the Hanover National Bank, N. Y. Cert, check for 975, payable to the above
Mayor, required. Bonded debt (including this issue). March 3 1920.
$35,000. Sinking fund 93,000, assessed value 1919, $1,175,694.
ASTORIA, Clatsop County, Ore.
-BOND OFFERING.
-The City
Auditor will receive bids until 2 p. m. April 5, it is stated, for $294,653
improvement bonds at not exceeding 6% interest. Interest semi-annual.
Certified check for 5% required.
ATCHISON, Atchison County, Kane.
-BOND HALE.
-The BrownCrummer Co., of Kansas City, has purchased and is now offering to investors at par and interest, yielding 5% interest, $225,000 5% tax-free sewer
bonds. Denoms. $1,000 and $500. Date March 1 1920. Principal and
semi-annual interest payable at the State Treasurer's office. Due yearly
on March 1 from 1921 to 1930, inclusive.
Financial Statement.
Actual valuation, estimated
$20,000,000
Assessed valuation
16,300.000
Total bonded debt
831.650
Present population estimated, 16,000.
BANNER TOWNSHIP(P.O. Benson),Johnston County, No. Caro.
-BOND OFFERING.-Proposals will be received by Ezra Parker, Secretary
of Board of Township Trustees, until 2 p. in. Apr. 5 for $25.000 40
-year
road bonds, to bear interest at a rate not to exceed 6%. Cert. check for
$1,000. required.
BAYONNE, Hudson County, N. J.
-BOND HAL13.-It is reported
that on March 16 an issue of 91,800,000 534% 6
-year water bonds was
award to M. M. Freeman & Co. of Philadelphia and the Mechanics'
Trust Co. of Bayonne, jointly, at 101.01, a basis of about 6.30%.
BEAUREGARD PARISH SCHOOL DISTRICT NO. 17, La.
-BOND
OFFERING.
-Until 11:30 p. m. April 20 bids will be received by L. D.
McCollister, Superintendent (P. 0. De Bidder). for $90.000 school bonds.
Certified check for $4,500 required.
BELL CITY DRAINAGE DISTRICT NO. 1 (P. 0. Bell City), Calcasieu Parish, La.
-BOND SALE.
-The following two issues of 57 seria
bonds, aggregating 9225,000, offered on Feb. 14-V. 110. D. 38e
-were
awarded. it Is reported, to G. B. Zeigler & Co. of Jennings:
$90.000 bonds at par and interest.
135,000 bondsat 90 and interest.
BELLE FOURCHE INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. Belle Fourche), Butte County, So. Dak.-BOND OFFERING.
Bids will be received by T. G. Brown,Clerk,for $48,000 bonds on March 26.
BIRMINGHAM, Ala.
-BOND OFFERING.
-Bids will be received until
12 m. March 30 by N. A. Barrett, President of the City Commission, for
the following 5% bonds:
9500,000 auditorium bonds. Date Dec. 1 1919. Int. J. & D. Due
Dec. 11929.
500,000 fire department bonds. Date April 1 1920. list, A. & 0. Due
April 11930.
Prin. and int. of all said bonds are to be payable in geld coin at the
Hanover National Bank, N. Y. Cert. check on a national bank or on a
banking institution of the State of Alabama for 1% of the amount of bonds
bid for required. The legality of the bonds has been approved by John 0.
Thomson of New York,copy of whose opinion will be delivered to the successful bidder. The bonds will be prepared under the supervision of the
United States Mortgage & Trust Co. of New York, which will certify as
to the genuineness of the signatures of the city officials and the seal impressed thereon. Said bonds will be delivered to the successful bidder or
bidders on the 10th day of April 1920, unless a later date should be mutually
agreed upon. No bids at less than par and aecrued interest to date/of
delivery will be considered.
Financial Statement.
Assessed valuation for taxation for the year 1919
9106,574,556
General city bonds outstanding Jan. 1 1920:
For school houses
2
8 00
$2, 55:0 0
8 45 0
For sewers
For water works
155,000
For general purposes
4,627,000
Total
37,921,500
Bonds for Street Improvements.
Secured by liens on property
$1,215,000
Properties Owned by the City.
Real and personal property and equipment
$4,336,880
Pavements, curbing, sewers, viaducts, &c
5.814,656
Total
$10.151,536
Sinking Fund Assets.
Cash in bank
Investments
$389,470
403,600
Total
$792,970
Population, United States Census 1910
132,685
Population, 1919 (City Directory Census)
231,577
BISHOPVILLE GRADED SCHOOL DISTRICT NO.1(P.0, Bishop-BOND SALE.
villa), Lee County, So. Caro.
-This district sold $25,000
6% bonds,it is reported,to the Carolina Bond & Mortgage Co.of Columbia.
BLAKE SCHOOL DISTRICT, Kern County, Calif.
-BOND OFFER-Proposals will be received until 11 a. m. March 22 by F. E. Smith,
ING.
Clerk Board of County Supervisors (P. 0. Bakersfield), for $2,000 6%
school bonds. Denom. $500. Interest semi-annual. Principal and interest payable in lawful money of the United States of America, on the first
days of September and March of each and every year out of the interest
and sinking fund of said Blake School District, upon presentation and surrender to the Treasurer of Kern County, of the interest coupons attached
to said bonds. Due $500 yearly on March 1 from 1930 to 1933, inclusive.
Certified check or cash for 10% of the amount of bid, payable to Stanley
Abel, Chairman Board of County Supervisors, required. Assessed value
of taxable property 1919, 3159,5.30.
BLOOM TOWNSHIP SCHOOL DISTRICT (P. 0. Blownville),
Seneca County, Ohio.
-BONDS VOTED.
-The people have voted to
issue 940,000 school building bonds, according to reports.
BOONE COUNTY (P. 0. Lebanon), Ind.
-BONDS AWARDED IN
,
PART.
-Of the 7 issues of 434% road bonds offered on March 15-V. 110,
-the $6,800 P. Newby et al Marion Twp. bonds, maturing 9340
p. 1108
each six months from May 15 1921 to Nov. 15 1930. incl., were awarded to
the Meyer-Kiser Bank of Indianapolis.
BRADFORD, McKean County, Pa.
-BOND SALE.
-On March 1
-year tax-free coupon or registered almshouse bonds,
the 919,000 5% 30
offered on Feb. 16-V. 110. p. 579
-were awarded to the McKean Trust
Co. for 919.005. equal to 100.023, a basis of about 4.99%.
1216
BRAINTREE, Norfolk County, Mass.
-On
-TEMPORARY LOAN.
March 15 a temporary loan of $75,000 issued in anticipation of taxes, was
awarded, it is stated, to Bond & Goodwin on a 5.92% discount basis.
BRIMFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Tallmadge
R. F. D. No. 19) Summit County, Ohio.
-BONDS NOT .SOLD.
-An
issue of $75,000 53j% coupon school bonds, offered on Feb. 28 was not,sold
p
ate April 1 1920. Int. A. & 0. Due $1,000 Oct. 1
Denom. $1,000.
1922, and $1;000 each six months beginning Oct. 1 1923.
-At an
BRISTOW, Creek County, Okla.
-BONDS DEFEATED.
election held Feb. 26 the $100,000 convention hall and $10,000 park improvement bonds
-V. 110, p. 999
-were defeated.
BROADVIEW SCHOOL DISTRICT (E.0. Broadview), Yellowstone
-BONDS AUTHORIZED.
-On March 1 $50,000 school
County, Mont.
bonds were authorized by a vote of 74 "for" to 31 "against."
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-It is
reported that a temporary loan of $300,000, issued in anticipation of
revenue, dated March 19 and payable Nov. 18 1920, has been awarded to
Grafton Co. at 5.78% discount plus $50 premium.
BUHL HIGHWAY DISTRICT (P. 0. Buhl), Twin Falls County,
Idaho.
-BOND SALE.
-Keeler Bros. of Denver have purchased $220,000
6% gold tax-free bonds. Denom. $1,000. Date Jan. 1 1920. Prin. and
semi-ann. int. (J. & J.), payable at the National Bank of Commerce. N.Y.
Due $22,000 yearly on Jan. 1 from 1931 to 1940, incl.
Financial Statement.
Assessed valuation, 1919
$6,240,850.01
Actual valuation,officially estimated
-$20,000,000.00
Total indebtedness (including this issue)
620,000.00
Population, official census
12,000
BURKE COUNTY (P. 0. Waynesboro), Ga.-BOND ELECTION.
At an election to be held April 20 $500,000 5% road and bridge bonds will
be submitted to the voters.
BURLEY INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
Burley), Cassia County, Idaho.
-An issue of $100,000
5% 10-20 year (opt.) school bonds has been awarded to the State of Idaho.
Date March 1 1920. Bonded debt (including this issue). March 11 1920,
$226,000. Floating debt (adI). $20,000. Sinking fund, $12,688.
Assessed value, 1919, $4,150,000.
BUTTE, Silver Bow County, Mont.
-In
-BONDS SOLD IN 1919.
addition to those already reported, the following 6% bonds were sold during
the year ending Dec. 31 1919:
Amount. Purpose.
PurchaserDate.
$59,772 35 Paving
July 15 1919
J. C. McGuire
G.W.Paulson
6,700 00 Lighting Sept. 1 1919
86,256 00 Lighting Oct. 1 1919
J. C. McGuire
Geo. Wortman
4.138 95 Lighting Sept. 1 1919
6,247 40 Lighting Sept. 1 1919
J. R. Silver
National Electric Co
5,834 35 Lighting Sept. 1 1919
Maurice F. Kiley
619 55 Sewer
Oct. 22 1919
Maurice F. Kiley
665 00 Sewer
Oct. 1 1919
1,710 35 Paving
J. A.Silver
Oct. 1 1919
3,000 00 Lighting Dec. 4 1919
T. Reardson Sons
J. R.Silver
5,429 86 Paving
Oct. 1 1919
1,362 58 Paving
Maurice Kiley
Dec. 1 1919
All the above bonds are to be paid at any time there is money in fund.
-BOND
CALWA SCHOOL DISTRICT, Fresno County, Calif.
OFFERING.
-Bids will be received until 10 a. m. to-day (March 20) by
D. M. Barnwell, Clerk Board of County Supervisors (P. O. Fresno), for
$34,000 5% school bonds. Denom. $1,000. Date March 5 1920. Principal and semi-annual interest payable at the office of the County Treasurer.
Due yearly as follows: $1,000 1923 to 1926, inclusive; $2,000 1927 to 1932,
inclusive, and $3,000 1933 to 1938, inclusive. Certified check for $3,400,
payable to the Chairman Board of County Supervisors, required. Bonds
must be taken up and paid for within five days after notice has been given
that they are ready for delivery. Bonded debt,excluding this issue,$8,000.
Assessed value taxable (non-operative property), 1919-1920. $866,665.
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.
It is reported that a temporary loan of $200,000, dated March 11 1920,
and maturing Jan. 3 1921, has been awarded to the Fremont Trust Co. of
Boston on a 5.75% basis.
CARBON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Red Lodge
-On April 3 $60,000 school bonds are to be
Mont.
-BOND ELECTION.
voted upon.
CARBON COUNTY SCHOOL DISTRICT (P. 0. Price), Utah.
BOND SALE.-Benwell, Phillips, Este & Co., of Denver, have purchased
-year serial school bonds offered on March 9 (V.
the $120,000 5% 11-20
110, p. 999).
CHISAGO COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Chisago
-Recently Stanley, Gates & Co. of St. Paul
-BOND SALE.
City), Minn.
were the successful bidders for an issue of $15,000 53 % building bonds.
They secured the bonds at 101 and interest, a basis of about 5.40%. Date
March 1 1920. Due March 1 1935.
Financial Statement.
Actual value of taxables (estimated)
31.400.000
Assessed value of taxables (1919)
447,809
57,000
Total bonded debt, including this issue
850
Population (estimated)
10,240
Acreage of school district
-BONDS VOTED.
-It is
CHISHOLM, St. Louis County, Minn.
reported that the voters of this village overwhelmingly indorsed the proposal to issue $150,000 In bonds to conduct a recreational building, the
vote being 764 to 453.
-BIDS REJECCLACKAMAS COUNTY (P. 0. Oregon City), Ore.
-The "Oregonian" of March 13
-BONDS AWARDED IN PART.
TED
states that investors "demand that the dollar shall earn more than was
expected a year ago was demonstrated when the bids for the $260,000 issue
of Clackamas County highway improvement bonds were opened on March 9
(V. 110, P. 890) at Oregon City. The issue bears 5% interest and when
the bonds were authorized by the voters of the county last year it was
expected that they would readily command par or possibly a little better
In the financial market. The best bid for the entire issue was par less
$11,934, made by Robertson & Ewing. Other bidders were the Lumbermons
Trust Co., par less $15,600; Freeman, Smith & Camp Co., par less $19,500:
Devereaux & Co., par less $19,000, and Clark, Kendall & Co. made an offer
to purchase with Liberty bonds which at present price would have figured
a discount of about $26,000. All of these bids were rejected. Three small
lots were sold to local buyers at par as follows: Bank of Commerce, Oregon
City, $10,000; H. C. Stevens, 38,000, and C. E. Spence, $3,000. This
bond issue was provided for hard surfacing roads and failure to realize sale
at par will mean deferring of the paving work that was planned for the
coming summer season unless a better condition of the market should be
developed. The grading is under way, being paid for from the road fund
of the county, and this will not be interfered with by failure to realize on
the entire bond issue."
-BOND SALE.
-During
CLARK COUNTY (P. 0. Dubois), Idaho.
-19April 1919 Ferris & Hardgrove of Spokane were awarded $34,000 6% 10
year serial funding bonds at 100.95, a basis of about 5.85%. Denoms.$200
and $1,000. Date Jan. 11920. Prin. and semi-ann. int. payable in New
York City, N. Y. Due yearly from 1930 to 1939 incl.
Financial Statement.
$3,782,183
Assessed valuation
34,000
Total bonded debt, this issue only
5,000
Population, officially estimated
-BOND
COUNTY SCHOOL DISTRICT NO. 48, Wash.
CLARKE
-Proposals will be received until April 3 by T. L. Henrichson,
OFFERING.
County Treasurer (P. 0. Vancouver), for the $2,000 school bonds offered
without success on Feb. 7-V. 110, p. 890.
-AcCLARKSBURG, Harrison County, W. Va.-BOND SALE.
cording to reports $25,000 paving bonds were sold to the Bridgeport Bank
of Bridgeport.
-BOND ELECTION AND
CLARKSDALE, Coahoma County, Miss.
-Subject to the election April 2, an issue of $500,000 general
OFFERING.
Improvement bonds will be offered for sale on April 6. The date of maturities, rate per cent and place payable of said bonds is to be subject to agreement between the bidders and the city. Certified check for $10,000. payable to R. E. Stratton Jr., City Clerk, required.
110.
THE CHRONICLE
CLOVERDALE SCHOOL TOWNSHIP, Putnam County, Ind.BOND OFFERING.
-Proposals addressed to George P. Walker, Township
Trustee, care First National Bank, Cloversdale, will be received until
2 p. m. April 3 for $56000 54% school bonds. Denom. $500. Date
April 11920. Int. J. & J. Due $2,000 each six months from July 1 1921
to Jan. 1 1935. inclusive.
COLDEN, Erie County, N. Y.
-BOND SALE.
-An issue of $15,900
5% registered bonds maturing serially from 1920 to 1930 was recently sold
to O'Brien, Potter (Sr Co. of Buffalo.
COMANCHE COUNTY (P.O. Comanche), Tex.
-BOND ELECTION.
-An issue of $1,000,000
% road bonds will be voted on March 30.
CONTRA COSTA COUNTY(P.O. Martinez), Calif.
-BOND OFFERING.
-Proposals will be received until 11 a. m. April 5 by J. H. Wells,
Clerk Board of County Supervisors, for $1.250,000 5% highway bonds.
Denom. $1,000. Date Sept. 11919. lnt. M. & S. Cert. check for 10%
of bid, payable to J. H. Trythall, Chairman Board of County Supervisors,
required. Official circular states that no previous bond issues have been
contested and that the interst and principal of all bonds previously issued
have been promptly paid at maturity and that there is no controversy or
litigation pending or threatened affecting the corporate existence or the
boundaries of the County or the validity of these bonds. The legal opinion
of Messrs. Goodfellow, Eels, Moore & Orrick, attorneys at law, San
Francisco, au to the validity of said bonds will be furnished to the successful
bidder free of charge. No conditional bid will be considered.
Financial Statement.
Total assessed valuation of county for 1919 (nn-operative
property)
$62,317,785
Operative property
6,589,515
Assessed valuation of property is practically 50% of true value.
Population of 1919 (Government Census), 31,674. Estimated population 1919, 65.600.
Area of county, 750 square miles.
CORRBORO SCHOOL DISTRICT, Orange County, No. Caro.
BOND OFFERING.
-Sterling BrownIng, Chairman of the County Board of
Education (P. 0. Hillsboro), will receive sealed bids until 10 a. m. April 5
for $25,000 6% coupon school building bonds. Denom. 8 ,1 000. Date
May 1 1920. Int.. M. & N. payable at Hillsboro. Duo May 1 1940.
Cert. check for $500, payable to the above Chairman, required. Bonded
debt March 3 1920, $25,0GO.
DAWSON COUNTY SCHOOL DISTRICT NO. 101 (P.O. Lindsay),
Mont.
-BOND SALE.
-On March 3 the $1,500 6% refunding bonds
V. 110.p. 784-were awarded to the State of Montana at par. Denom.
$500. Date March 3 1920. Int. semi-ann. Due March 3 1923, subject
to call on 30 days' notice.
•
-On March 12
DEFIANCE, Defiance County, °Mo.-BOND SALE.
the 333,280 5% coupon street frefunding bonds offered on that date
-were awarded to the First Nat. Bank of Defiance at par
V. 110, p. 678
and interest. Due yearly on Sept. 1 as follows: 32,280, 1920; 33,000, 1921
to 1926 incl.; $4,000, 1927 and 1928, and $5,000,.1929.
DENAIR SCHOOL DISTRICT (P. 0. Denair), Stanislaus County,
Cillif.-BOND ELECTION.- An election will be bold March 26, it is reported, to vote on the issuance of $40,000 bonds.
-During
DOUGLAS COUNTY)(P. 0. Omaha), Neb.-BOND SALE.
-house bonds
February the State of Nebraska purchased $100,000 5% court
at par. Date Jan. 11920. Duo Jan. 1 1934.
-E. F.
-BOND OFFERING.
DOVER, Tuscarawas County, Ohio.
Wible, City Auditor, will receive proposals until 12 m. March 24 for the
$100,000 54% electric-light and power-plant bonds recently authorized
-V. 110, p. 386. Denom. $500. Date March 11920. Prin. and semiann. int. payable at the office of the Sinking Fund Trustees. Due April 1
and Oct. 1 as follows: $1,000, 1922; $1,500, 1923; $2,000, 1924; 32,500,
1925 to 1929 incl.• $3,000, 1930; 33,500, 1931; 34,000. 1932 to 1937 incl.,
and 35,000 April 1' 1938. Cert. check for 1% of amount of bonds bid for,
payable to the City Treasurer, required. Bonds to be delivered and apid
for within ten days from date of award. Purchaser to pay accrued int.
-The city
DURHAM, Durham County, No. Caro.-130ND8 VOTED.
of Durham has qoted to issue $650,000 bonds for additional school facilities.
Date of sale not yet determined.
-BOND SALE.
-We are informed that
EADS, Kiowa County, Colo.
$55,000 6% 15-year water bonds have been sold to the First National Bank
of Pueblo at 97.65.
-BOND
EAST BATON ROUGE PARISH (P. 0. Baton Rouge), La.
SALE.
-The Bank of Baton Rouge and the Union Bank & Trust Co., both
of Baton Rouge, bidding jointly were awarded the $450,000 5% 1-30-year
serial coupon court-house and jail bonds dated Feb. 1 1920, offered on
March 18-V. 110, p. 999
-for $450,100 (100.02) and interest, a basis of
about 4.99%.
EAST RADFORD, Montgomery County, Va.-BOND 8.4LE.-An
Issue of $100.000 54% 25-year serial street bonds recently voted, has been
sold to Baltimore bankers, it is stated.
-BOND SALE.
-It is
EDGEFIELD, Edgefield County, So. Caro.
% bonds were recently awarded to J. H. this
stated that the following
man & Co., of Atlanta:
$67,000 water-works bonds (V. 110, p. 93).
49,000 sewerage bonds.
-BOND OFFERING.
• EDGEWATER, Bergen County, N. J.
-Proposals will be received by Peter F. O'Brien, Borough Clerk, until 8 p. m.
April 6 for an issue of 5% coupon (withprivilege of registration) memorial
bonds, not to exceed $28,000. Donom. $1,000. Date May 1 1920.
Prin. and semi-ann. int.(M.& N.) payable at the Edgewater Trust Co. of
Edgewater. Due $1,000 yearly on May 1 from 1921 to 1948, incl. Certifed check for 2% of amount of bonds bid for required.)
ENTERPRISE, Wallowa County, Ore.
-BONDS AWARDED IN
PART.
-Of the two issues of bonds, aggregating $170,000, offered on
-the following $130,000 bonds wore awarded to
March 11-V. 110, p. 1000
Ralph Schnoloch & Co. of Portland, it is stated, at 94.08 for 6s.
$80,000 water-works-extension bonds, being part of an issue of $120,000.
50,000 street-intersection paving bonds, Series B.
-BOND OFFERING.
ESSEX COUNTY (P. 0. Newark), N. J.
Amos W. Harrison, Chairman of Finance Committee, will receive proposals
0
until 1 p. m. March 24 for an issue of 447 gold registered park bonds,
not to exceed $200,000. Denom. $1,000. Date Fob. 1 1920. Principal
and semi-annual interest(F.& A.), payable in gold at the U. S. Mortgage &
Trust Co. of New York. Due $4,000 yearly on Feb. 1 from 1022 to 1968.
Inclusive, and $6,000 on Feb. 1 in 1969 and 1970. Certified check on an
incorporated bank or trust company for 2% of amount bid for, payable to
R. W Booth, County Collector required. Bonds to be delivered and paid
for at the County Collector's office on March 24, or as soon thereafter as the
bonds can be prepared and executed. Bonds have been engraved under
the supervision of and will be certified as to their genuineness by the U. S.
Mortgage & Trust Co. of New York, and will be approved by John C.
Thomson, of New York, a copy of whose opinion will be furnished to the
successful bidder free of charge. Purchaser to pay accrued interest.
-At
ESTANCIA, Torrance County, N. Mex.-BOND ELECTION.
the regular April election $50,000 water-supply system and $10,000 sewer
bonds are to 130 voted upon.
--On March 15 the
-BOND SALE.
EUNICE, St. Landry Parish, La.
$150,000 5% street-improvement bonds (V. 110, p. 785) were sold to
A. Dawson, of Newton, at par. Date Jan. 1 1920. Int. M.& S. Due
Jan. 1 1941.
-On March 18
-BOND SALE.
EVERETT, Middlesex County, Mass.
an issue of 841,500 5% coupon tax-free school bonds was awarded to
R. L. Day & Co., of Boston, at 100.51. Date Dec. 1 1919. Principal and
semi-annual interest (J. & D.) payable at the Old Colony Trust Co. of Boston. Due $5,500 Dec. 1 1920 and 34,001 yearly on Dec. 1 from 1921 to
1929, inclusive.
-TEMPORARY LOAN.
FITCHBURG, Worcester County, Mass.
Harris, Forbes & Co. have been awarded at 5.80% discount it is stated a
temporary loan of 3325,0t,0, issued In anticipation of revenue, maturing
Oct. 25 19.2t.
-BONDS VOTED.
-The
FLORAL PARK, Nassau County, N. Y.
voters on March 16 vote to issue $50,000 road, $2,000 Reliance House
House, $2,000 sidewalk and $1,150 fire-hose bonds.
11.
MAR. 20 19e0.]
THE CHRONICLE
Another proposition, to issue $5,500 motor apparatus purchase bonds,
was defeated.
-BOND OFFERING.
FLOYD COUNTY (P. 0. New Albany), Ind.
Proposals will be received until 10 a. m. March 27 by William A. Beach,
-year New Albany Twp. spickert
6
,
Treasurer,for $17,108 20 43 % 5
County
Knob Road No. 2 bonds.
Calif.FRESNO CITY SCHOOL DISTRICT, Fresno County, by D. M.
-Bids will be received until 3 p. m. March 26
BOND OFFERING.
of County Supervisors (P. 0. Fresno), for :680.000
Barnwell, Clerk Board
and
5% gold bonds. Denom. $1,000. Date Aug. 15 1919. Principal
Certisemi-annual interest payable at toe office of tho County Treasurer. Board
Carts Jorgensen, Chairman
fied chock for 5% of proposal, payable 40
of County Supervisors, required.
Bids may be submitted on toe above bonds as follows: (a) For tha whole
or any part of 680 bonds, bonds numbered 2t1 to 880,inclusive, and accrued
bonds numbered
interest. (b) For the whole or any part of 200 bonds, for toe whole or any
201 to 400, both inclusive, and accrued interest. (e) For
and
part of 500 bonds, for bonds numbering 201 to 7010, both inclusive, proaccrued interest. All bids must be unconditional, as no conditional
of the Board will, on application,
posals will be considered. The Clerk
furnish a certified copy of the proceedings to intending purchasers.
-BOND OFFERING.
GALLIA COUNTY (P. 0. Gallipolis), Ohio.
Proposals will be received until 1.30 p. in. March 31 by E. E. Scarberry.
County Auditor, for $43,000 6% coupon highway bonds. Denom. $1,000.
Date April 11920. Int. A. & 0. Due $5,000 yearly on April 1 from 1921
to 1928, incl., and $3,000 April 1 1029. Cert. check for 5% of amount
of bonds bid for, payable to V. J. Niday,County Treasurer,required. Purchaser to pay accrued interest.
GALLUP SCHOOL DISTRICT (P. O. Gallup), McKinley County,
-The $150,000 6% tax-free school building bonds
N. Mex.-BOND SALE.
offered Feb. 28-V. 110, p. 785-have been sold to Keeler Bros. of Denver.
Date Feb. 11920. Int. P. & A. Due Aug. 11044, optional $15,000 yrly.
on Aug. 1 from 1935 to 1944 incl.
Financial Statement.
$2,080,564
Assessed valuation, 1020
6,000,000
Real valuation, estimated
175,000
Total debt, including this issue
7.000
Population 1919, officially estimated
-BOND ELECTION.
GALVESTON COUNTY(P.O. Galveston), Tex.
NAM of $350.000 534% road bonds will be voted upon.
-On April 24 an
-The
-BONDS VOTED.
GARDEN CITY, Nassau County, N. Y.
people on March 16 voted to issue $5,000 fire department bonds, it is
reported.
-Henry
-LOAN'OFFERING.
GARDNER, Worcester County, Mass.
F. Howe, Town Treasurer, will receive proposals until 5 p. m. March 22
for a temporary loan of $200,000 issued in anticipation of taxes, maturing
$50.000 on Nov. 4, 11, 26 and Dec. 9 1920.
0.
GETTYSBURG CONSOLIDATED SCHOOL DISTRICT (P. the
-On Mar. 18
-BOND SALE.
Gettysburg), Darke County, Ohio.
-V. 110. p.
school-erection bonds, offered on that date
$100.000 55 %
interest, a
1000-were awarded to the Detroit Trust Co. at 100.025 and 1927,incl.;
basis of about 4.99%. Due $1,000 March 1 and Sept. 1 1923 to
to 1931, incl.•, $2,000 March 1 and
$2,000 March 1 and $1,000 Sept. 1 1928
Sept. 1 1032 to 1935, inel.•, $3,000 March 1 and Sept. 1 1936 to 1944,incl..
and $3,000 March 1 and $6,000 Sept. 11945.
-On
-BONDS VOTED.
GLENDALE, Maricopa County, Ariz.
March 5 the $35,000 water, $25,00i street-paving and $20,000 light-plant
bonds (V. 110, p. 678) were voted.
-BONDS SOLD IN PART.
GLOVERSVILLE, Fulton County, N. Y.
-Of the $60,400 435% registered sanitary
-REMAINDER RE-OFFERED.
1109-$11,400, maturig
sewer bonds offered on March 15-V. 110,
p.
32,500 in 1922, $500 in 1924 and $8,400 in 1925, has been sold. rceive
For the balance, $49,000, E. A. James, City Chamberlain, will
proposals until 2 p. m. March 22. Denom. $1,000. Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the City Chamberlain's office,
or at the Mechanics & Metals National Bank of N. Y. Due yearly on
Jan. 1 as follows: $9,000 1921, $11,000 1922, $13,000 1923, $12,000 1924
and $4,000 1925. Certified chock for 2% of amount of bid required.
Purchaser to pay accrued interest.
-BONDS AWARDED
GONZALES COUNTY (P. 0. Gonzales), Tex.
-Of the throe issues of 53.6% bonds, aggregating $258,000
IN PART.
-year serial Road District
-the $54,000 27
offered March 1-V. 110, p. 785
No. 6 bonds, dated July 1 1919, wore awarded on that day to C. W. Arlitt
of Austin, it is stated.
-O'Brien.
-BOND SALE.
GOWANDA, Ca ttaraugus County, N. Y.
Potter & Co. of Buffalo inform us that they recently purchased an issue of
year serial registered bonds.
% 1-5
$8,308.00
--BOND OFFERING.
GRAHAM, Alamance County, No. Caro.
P. A. Holt, Town Clerk, will receive bids until 12 in. April 1 for the following 6% bonds:
$100,000 sower bonds. Due yearly as follows: $2,000, 1921 to 1930 incl.,
$4,1100, 1931 to 1950, incl.
50,000 school bonds. Due yearly as follows: $1,000, 1921 to 1900,
incl., and $2,000. 1931 to 1950, incl.
Denom. $1,000. Date April 15 1920. Prin. and semi' ann. int. payable
in Now York. Cert. check for 2% required.
-The issu-BONDS VOTED.
GREENPORT, Suffolk County, N. Y.
ance of $32,500 fire-dept. apparatus bonds was authorized by a vote of the
March 16.
people on
At the same time the voters defeated a proposal to issue $9,000 Main
Street wharf purchase bonds.
HAMBURG (Town) CONSOLIDATED SCHOOL DISTRICT NO. 10,
-An issue of $17,000 6% schoo-BOND SALE.
Erie County, N. Y.
bonds was recently purchased by O'Brian, Potter & Co., of Buffalo. Due
yearly from 1020 to 1933, and $2,000 in 1934 & 1935.
$1,000
-Ernest E.
-BOND OFFERING.
HAMILTON, Butler County, Ohio.
Erb, City Auditor, will receive bids until 12 in. Apr. 6 for the following
5 % coupon special assessment bonds:
$10,524 Reservoir St. sanitary sewer bonds. Duo $1,052 40 yearly on
Feb. 1 from 1921 to 1930, incl.
8,664 Ridgelawn Ave. sanitary-sower bonds. Duo $766 40 yearly on
Feb. 1 from 1921 to 1930, incl.
6,708 Wayne Ave. Improvement bonds. Due 3671. 80 yearly on Feb.
1021 to 1930 incl.
7,818 Franklin St. Improvement bonds. Duo $781 80 yearly on Feb. 1
from 1921 to 1930, incl.
Date Feb. 1 1920. Prin. and semi-ann. int. payable at the City Treasurer's office. .Cert. chock for 5% of amount of bid payable to the City
Treasurer, required. Bonds to be delivered and paid for within .0 days
from time of award. Purchaser to pay accrued interest.
-The City Council has decided to hold an election
BOND ELECTION.
April 6 for the purpose of submitting to the voters a proposition to issue
$150,000 library re-building bonds, it is reported.
HAMILTON UNION HIGH SCHOOL DISTRICT, Glenn County,
-Proposals will be received until 10 a. m.
-BOND OFFERING.
Calif.
March 29 by W. 11. Salo, Clerk of Board of Supervisors (1'. 0.Willows),for
-V. 110. p. 1000. Denom.
$10,000 5% coupon school-bldg.-impt. bonds
$1,000. Date May 11020. Int. M.& N. Duo $1,000 yearly from 1925
to 1034, incl. Certified chock on some reliable bank in California for 5%
of the amount of bonds bid for, payable to the Chairman of Board of Supervisors, required. Bonds to be delivered and paid for within 10 days from
date of award.
-BOND SALE.
-On
HANCOCK COUNTY (P. 0. Findlay), Ohio.
% 1-10-year serial road bonds, dated daye of sale
March 15 the 335,000
V. 110, p. 1000), wore awarded. to the Detroit Trust Co. for $35,025
100.071) and interest, a basis of about 4.49%. Duo $3,500 yearly on
March 15 from 1021 to 1930, inclusive. Other bidders were:
$35,025 00
Tucker, Robinson & Co., Toledo
Par, joss $200 fees.
Buckeye National Dank, ofF indlay
-BOND OFFERING.
HARDIN COUNTY (P. 0. Kenton), Ohio.
Dean C. Jones, County Auditor, will orceive proposals until 12 m. March 26
for $17,800 6% Geiger Pike bonds. Donom. 16 for $1,000 and 1 for
$1,860. Date April 1 1020. Principal and semi-annual interest payable
at the County Treasurer's office. Due yearly on April I as follows: 34,000
1921. $5,000 1022, $4,000 1923 and $4,860 1924. Certified check for
14
1217
$500 required. Bonds to be delivered and paid for at the County Treasurer's office within 15 days from date of award. Purchaser to pay accrued
interest.
-On April 5
HARLEM, Blaine County, Mont.-I30ND ELECTION.
$40,000 water bonds are to be voted upon.
-At a recent
-BONDS VOTED.
HARRISON, Kootenai County, Ida.
election $36,0001 water. $10,000 electric light plant and $2,500 town hall
bonds were voted.
HARRISON SCHOOL TOWNSHIP (P. 0. Bluffton), Wells County,
-Proposals will be received until 10 a. m. April
Ind.
-BOND OFFERING.
2 by George Higman, Township Trustee, for the following 5% coupon
school bonds:
$63,000 bonds. Due $2,500 each six months from May 15 1921 to Nov415
1932, incl. and $1,500 May 15 and Nov. 15 1933.
20,500 bonds. Due $1,500 May 15 1921 and $1,000 each six months from
Nov. 15 1921 to Nov. 15 1930, inclusive.
Denom.$500. Date May 15 1920. Prin. and semi-ann. in (M.& N.),
Payable at the Studebaker Bank of Bluffton. A certified check for $1,000,
payable to the Township Trustee is required with each issue. Bonds to
be delivered and paid for by May 15.
-The
HARTFORD, Washington County, Wisc.-BOND SALE.
$35,000 5% electric light lymds offered without success on March 2-V.
sold, it is reported, to local investors at par.
-hays been
110, p. 1110
-By
HARVEYVILLE,Wabaunsee County. Kans.-BONDS VOTED.
a vote of 145 to 0, $10,000 5% electric-light bonds were authorized on
bonds will probably be offered on April 1.
March 8. The above
-After
-BOND ELECTION.
HAYWARD, Alameda County, Calif.
several weeks of deliberation the Town Trustees have decided to call an
a
election for a bond issue of $25,000, it is stated, for the purchase of of
memorial and baseball park for the city. Petitions containing names
15% of the qualified voters were presented with requests to call the election. The move has been sanctioned by the American Legion.'
-BOND OFFERING.
HENRY COUNTY(P.O. Mt. Pleasant), Iowa.
Sealed bids will be received until Mar. 22 by the Board of Supervisors, for
$100,000 5-15 year (opt.) tax-free coupon hospital bonds.
-On Mar. 12,
-BOND SALE.
HERKIMER, Herkimer County, N. Y.
it is stated, two issues of 5% assessment paving bonds, aggregating $6,032 78, were awarded at par to the Herkimer National Bank and the First
National Bank of Herkimer.
-BONDS VOTED -Time $5.00:0
HEYBURN, Minidoka County, Ida.
-Swan & Co. of
6% 10-20-year electric bonds reported sold to Wright
--have been voted.
p. 1110
-V. 110,
Denver
SPECIAL ROAD AND BRIDGE DISTRICT, Pasco
HIGHLANDS
-A. J. Burnside, Clerk of Circuit
-BOND OFFERING.
County, Fla.
Court(P.0. Dade City) will reeive bids until 12 m.April 5 for the $750,000
5% road and bridge bonds mention in V. 110, p. 1110.
-BOND SALE.HOT SULPHUR SPRINGS, Grand County, Colo.
Benwell Phillips, Este & Co. of Denver, have purchased $10,000 6% 1-21$500.
year serial refunding bonds. Denom.
-The $55,000
-BOND SALE.
HUDSON, Lenawee County, Mich.
-have been
-V. 109, P. 2006
% paving bonds, voted last November
sold to the Eloies State Savings Bank, of Hudson, for $55,050 equal to
100.091. Int. J. & J.
-BOND ELECTION.
HUMBOLDT COUNTY (P.O. Eureka), Calif.
Newspapers say that the county will vote on a $500,000 bond issue.
PARK CITY SCHOOL DISTRICT, Los Angeles
HUNTINGTON
-The William R. Staats Co. has purchased,
-BOND SALE.
County, Calif.
according to reports, the $32,000 534% 1-32 year serial bonds, dated March
on March 1.-V. 110, p. 891.
11920. offered
INDEPENDENCE SCHOOL DISTRICT (P. 0. Independence)
-The Harris Trust & Savings
-BOND SALE.
Buchanan County, Iowa.
Bank of Chicago has purchased an issue of $36,000 5% tax-free coupon
refunding bonds. Denom. $1,000. Date April 1 1920. Prin. and semiann. int. (A. Sc 0.) payable at the office of the above bank. Due yearly
April I as follows: 33,000, 1921 to 1928, incl.; and $6,000, 1929 and 1930.
Financial Statement.
$2,790,000
*Value of taxable property
36,000
Total debt, this issue included
4,500
Population estimated
•The constitutional debt limit is 5% of the value of taxable property.
.The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
-On March 15
-BOND SALE.
JACKSON, Jackson County, Mich.
-V. 110,
the $142,000 5% tax-free trunk sower bonds offered on that date
p. 1110-were awarded to the Jackson City Bank of Jackson at par and
interest, less a commission of $2,740. Due $10,000 ycrly from 1922 to
1936 incl. and 12,000 1937. Other bidders, both of Jackson, were:
National Union Bank, $139,241 and accrued interest.
Peoples National Bank, 97.75 and accrued interest.
JACKSON TOWNSHIP (P. 0. Fostoria), Seneca County, Ohio.
-On Feb. 17, it Is reported the issuance of the $100,000
BONDS VOTED.
-carried by three votes.
school bonds
--1V. 110. p. 679
-At a recent
-BONDS VOTED.
JENNINGS, Pawnee County, Okla.
election $60,000 sewer system and $25,000 water extension bonds were
voted by 2 to 1, it is reported.
JESSUP DRAINAGE DISTRICT, Seminole County Fla.-BOND
-It Is stated that W. B. Williams of Sanford, bidding $25,700
SALE.
(98.84), was awarded the $26,000 6% drainage bonds offered on March 2.
-V. 110, p. 786.
-BOND OFFERING.
JOHNSON COUNTY(P.O. Clarksville), Ark.
Sealed bids will be received until March 23, it is reported, by Frank Smith.
for $415,000 Road District No. 4
President of the Road Commissioners,
and $375,000 Road District No, 6 6% road bonds.
-BOND OFFERJOHNSTON COUNTY(P.O. Smithfield), No. Caro.
-Sealed bids will be received until 12 in. Apr. 5 by D. B. Oliver,
ING.
Chairman of Board of County Commissioners, for the following 5% township bonds:
$40,000 Elevation Twp. bonds, dated July 1 1919. Due July 1 1949.
40,000 Pine Level Twp. bonds, dated Jan. 11920. Due Jan. 1 1930.
35.000 Bentonville Twp. bonds, dated July 11919. Due July 11949.
50.000 Oneal Twp. bonds, dated Jan. 1 1920. Due Jan. 11950.
Prin. and semi-annual int. payable at the National Exchange Bank of
New York, or at the County Treasurer's office. Opinion of Shaffer &
Williams of Cincinnati, will be furnished the purchaser. Purchaser to
pay accrued interest.
-BOND SALE.
KING COUNTY SCHOOL DISTRICT No. 86, Wash.
-s-The $35,000 1-10 year serial school bonds offered March 71-V 110,
-were awarded on that day to the State of Washington, it is staied.
p. 436
-At an
-BONDS VOTED.
KITTANNING, Armstrong County, Pa.
election held Mar. 9 the voters, by 372 to 6, authorized the issuance of
$114,003 bldg. bonds.
-BOND SALE.
LAKE SCHOOL DISTRICT,Kings County, Calif.
-V.110, p.
On Mar.6 the $16,000 6% 1-16 year serial school building bonds
891-were awarded to the Freeman, Smith & Camp Co., for 316,176
1101.10) a basis of about 5.82%. Denom. $1,000. Date Fob. 20 1920.
Int. semi-ann.
LARAMIE COUNTY SCHOOL DISTRICT NO. 10(P.O. Hillsdale),
-The $26,200 6% school bonds offered without sucWyo.-BOND SALE.
-have been awarded, it is stated, to Keeler
cess on Jan. 29-V. 110, p. 679
Bros. of Denver.
LAS CRUCES HIGH SCHOOL DISTRICT (P. 0. Las Cruces),
-The $120,000 6%
Dona Ana County, N. Mex.-BOND ELECTION.
high-school bonds mentioned in V. 110, p.891, will be toed upon April 13.
-BOND OFFERING.
LE FLORE COUNTY (P. 0. Greenwood), Miss.
--A. R. Bow, Clerk Board of County Supervisors, will receive bids until
about 2 p.in. April 5for $45,0006% Agricultural nigh School bonds authorized by a vote of 227 to 186 at an election held Feb. 10 1920. Prin.'and
annual int. payable at a place to suit purchaser. Official circular states
that no previous bond issues in this county have ever been contested and
that the county has never defaulted in the payment of principal or interes
1218
THE CHRONICLE
woL. llo.
on any previous issues and that there is no litigation pending or threatened a sum equal to 2% of the par value of bonds with 0. A. Bloomquist, City
affecting in any mannar the issuance of the bonds.
Treasurer,
Financial Condition of Minneaplis March 3 1920.
Financial Statement.
Estimated value of taxable property
$75.000,000 Assessed {Real property
$175,696,283 00
valuation, Personal property
Assessed value of property (1919)
51,337,412 00
19,982,879
Money and credits
Total bonded indebtedness including this issue
82,655,089 00
855.000 ' 1919
Tax levy for previous year for all purposes (including State and levee
Assessed valuation 1919
district), 25% mills.
$309,688,784 00
Actual valuation (estimated) •
Population of county is estimated at 50,000.
557,000,000 00
Population (National Census), 1900.
301,408
LEVY COUNTY (P. 0. Bronson), Fla.
-BONDS VOTED.
-An issue Outstanding(Total non-serial bonds 202,718; 1910
$25,846,200 00
of $400,000 road bonds has been authorized, it is stated.
bonds
{This issue
388,724 43
(Total serial street improvement bonds
LEWIS & CLARK COUNTY SCHOOL DISTRICT NO. 25 (P. 0.
4,906,056 07
Craig), Mont.
-BONDS VOTED.
-On Feb. 21 the voters authorized tho
Total
Issuance of $18,000 6% school bonds by a vote of 55 to 26.
$31,140,980 50
Water works bonds included in above
2,100.000 00
LIBERTY COUNTY (P. 0. Hinesville), Ga.-BOND ELECTION.
- Sinking Jetty of Minneapolis and other bonds
$2,437,898 00
On April 20 $200,000 44% road bonds will be voted on. W.0. Hodges
fund (Cash
•
11,891 07
Is Clerk of County Court.
Total
LIBERTY SCHOOL TOWNSHIP (P. 0. Liberty Center), Wells
$2,449,789 07
The city has never defaulted or delayed payment of principal or inCounty, Ind.
-BOND OFFERING.
-Proposals will be received until 2
p. m. April 2 by Ilerbert F. Smith, Township Trustee, for $31,000 coupon terest on its bonds.
school building bonds. Denom. $500. Date May 15 1920. Prin. and
MISSION INDEPENDENT SCHOOL DISTRICT (P. 0. Mission),
semi-ann. in (M. & N.), payable at the Farmers State Bank of Poneto.
-On March 9 $48,000
Due each six months as follows: $1,000 May 15 1921, $1,500 Nov. 15 Hidalgo County, Tex.- BONDS REGISTERED.
5% 10-40 year bonds were registered with the State Comptroller.
1921. $1,000 May 15 1922 and $2,000 Nov. 15 1922 to May 15 1929. Cert.
check for $1,100 payable to Herbert F. Smith, Township Trustee, required.
MISSOULA COUNTY (P. 0. Missoula), Mont.
-BOND OFFERING.
Bonds to be delivered and paid for by May 15.
-The "Montana Record-Herald" of March 10 reports that "an issue of
LIMA, Allen County, Ohio.
-NOTE OFFERING.
-David L. Rupert, $75,000 county road bonds is to bo placed on sale in accordance with a
City Auditor, will receive proposals until 12 m. Mar. 22 for $485,000 5%% resolution passed by the County Commissioners. The $75,e00 worth of
Collett Street Sewer (General and Special Assessment) notes. Date date bonds are the first of the $250,000 bonds which were voted upon by the
of issuance. Int. semi-ann. Due Jan. 1 1925. Cert. check on a solvent county last September--V. 109, p. 1201. Under a ruling of the Attorney
bank. for 2% of amount of bonds bid for, payable to the City Treasurer. General it was possible to hold the bonds and sell them as needed in order
required. Bonds to be delivered and paid for within 90 days from date of to make the interest rates less. Bids for the bonds will be advertised for
immediately. The.bids will be opened April 6. A bond of $5,000 is reaward. Purchaser to pay accrued interest.
quired with each bid."
LINCOLN UNION SCHOOL DISTRICT, Placer County, Calif.
BOND OFFERING.
-A. S. Fleming, Clerk Board of County Supervisors,
MOHAVE COUNTY (P. 0. Kingman), Ariz.
-BOND ELECTION.
(P. 0. Auburn), will receive bids until 10 a. m. Apr.6 for the $50,000 school On April 6 the $300,000 road and $80,000 county hospital bonds
-V. 110.
bonds authorized by a vote of 163 to 77 at the election held Feb. 15-V. 110, P. 2191-are to be voted upon. J. S. Withers, County Clerk.
D. 891. Cert. check for $500, required.
MOORESVILLE, Iredell County, No. Caro.
-BOND SALE.
-An
LOGAN COUNTY (P. 0. Bellefontaine), Ohlo.-BOND OFFERING.
-N.W. Corbett, County Auditor, will receive bids until 2 p. m. March 22 issue of $50,000 6% street impt. bonds was sold to Stacy & Braun of Toledo.
for the following 5% coupon Pike bonds:
MORGAN COUNTY (P. 0. McConnellaville), Ohio.
-BOND SALE.
$27,000 Middleburg-No. Lewisburg Pike bonds. Due $3,000 on Jan. 1 -On March 13 the First National Bank of McConnellsville was awarded
and July 1 in 1921, 1922 and 1923; $2.500 on Jan. 1 and July 1 in at par and interest the $6,000 5% road bonds offered on that date
1924, and $2,000 on Jan. 1 and July 1 1925.
V. 110, p. 1111.
34,000 Quincy-Rum Creek Pike bonds. Due $3,500 on Jan. 1 and July 1
in 2921, 1922. 1923 and 1924, and $3,000 on Jan. 1 and July 1
MT. PLEASANT UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
Pleasantville), Westchester County, N. Y.
1925.
-BOND SALE.
-On Mar. 17
Denom. $500. Date April 1 1920. Prin. and semi-ann. int. (J. & J.), the $40,000 5% 4-23-year serial school bonds, dated May 1 1920-V. 110.
payable at the County Treasurer's office. Cert. check for 5% of amount p. 1001-were award to the Mount.Pleasant Bank of New York at 101
of bonds bid for, payable to the County Treasurer required. Purchaser and interest, a basis of about 4.94%. Other bidders, both of New York.
were:
to pay accrued interest.
Sherwood & Merrifield
100.53 bee. B. Gibbons & Co
100.33
LORDSBURG, Grant County, N. Mex.-BOND ELECTION.
-On
April 6850,000 sewer system bonds will be voted upon. W.E. Holt, Clerk.
NASHUA, Hillsborough County, N. H.
-LOAN OFFERING.
-The
City Treasurer will receive proposals until 10 a. m. March 26 for a tempoIV LYNN, Essex County, Mass.
-TEMPORARY LOAN.
-A temporary
loan of $100,000 maturing Nov. 2 1920, was awarded on Mar. 17, it is rary loan of $150,000 issued in anticipation of taxes, dated March 29 and
reported, to Harris, Forbes & Co., of New York, on a 5.80% discount basis. maturing Dec. 1 1920.
LYONS, Burt County, Neb.-BOND SALE.
NASHVILLE,Tenn.
-The State of Nebraska
-BOND OFFERING.
-Sealed bids will be received
during February purchased the following 6% bonds at par:
until 10 a. m. April 6 by J.W. Dashiell, Secretary Board of Commissioners,
$7,300 intersection paving bonds. Date Jan. 6 1920. Due Jan. 6 1940, for the following
5% bonds:
optional in 10 years.
$43,000 hospital bonds. Date March 1 1918. Prin. and semi-ann. Int.
4.140 paving district bonds. Date Jan. 6 1920. Due yearly.
Apayable at City Treasurer's office or National
M• &
LYONS, Wayne County, N. Y.
-BOND OFFERING.
-II. F. ZimPark Bank, N. Y., at holder's option. Due yearly as follows:
merlin, Village Clerk, will receive bids until 12 m. Mar. 25 for the $42,000
$1.000 1921 to 1928, incl.; $2,000 1929 to 1938, Incl.. and $3,000
registered road bonds to bear interest not esxceeding 5%. Denom. $1,000
1939 to 1943, incl.
& $500. Prin. and semi-ann. int. (J. & J.) payable in New York City, or 180,000 street opening and improvement bonds. Date
March 1 1920.
at a local bank. Due $1,500 yearly from 1922 to 1949. incl. Cert. check
Prin. and semi-ann. Int. (M. & S.), payable at City Treasurer's
for 2% of amount of bid, required.
office or Irving National Bank, N. Y. at option of holder. Due
yearly as follows: $1,000 1021 to 1925% incl.; $2,000 1926 to 1032,
MADISON COUNTY(P.O. Huntsville), Ala.
-BONDS NOT SOLD.
incl.; $3,000 19.53 to 1938, incl.; $4,000 1939 to 1043, incl.; $5,000
The $22,500 5% refunding bonds offered on Mar. 10-V. 110, P. 891
1944 to 1947. incl.; $6,000 1048 to 1950. incl.; $7,000 1951 and
were not sold.
1952; $8,000 1953 to 1955, incl.; $9,000 1956 to 1958, incl., and
MAINE (State of).
-BOND SALE.
-On March 16 the $2,500,000 5%
$10,000 1959 and 1960.
tax free gold road bonds maturing $100.000 yearly on April 1 from 1930 to 600,000 Memorial Square
bonds. Date March 1 1920. Prin. and semi1954, Incl., and the $500,000 5% tax free gold bridge bonds, maturing
ann. Int. (M. & S.), payable at the City Treasurer's office or
$50.000 yearly on April 1 from 1921 to 1930, Incl.-V. 110, p. 1110
-were
Irving National Bank, N. Y. at holder's option. Due yearly as
awarded to Harris, Forbes & Co., E. H. Rollins & Sons and Coffin & Burr,
follows: $8,000 1921 and 1922; $9,000 1923, $10,000 1024 and
jointly, at 100.93, bases of about 4.96% and 4.80%, respectively.
1925. $1,,,000 1926, 312,000 1927 and 1928,$13,000 1929 and 1030,
MANLIUS, Onondaga County, N. Y.
$14,100 1931, $15.000 1932, $16,000 1933, $17,000 1934, $18,000
-BONDS VOTED.
-By a vote
of 69 to 29 the citizens approved a proposition to issue $20,000 water supply
1935, $19,000 1936, $20,001 1937, $21,000 1938, $22,000 1930,
bonds, it is reported.
$23,000 1940, $24,000 1941, $25,000 1942, $27,0eu 1943, $28,000
1944, 830,000 1945, $32,000 1946, $33,000 1947. $35,000 1948.
MARBLE TOWNSHIP, Sequoyah County, Okla.
-BOND SALE.
$37,000 1949 and $38,000 1950.
The American National Bank of Oklahoma City has purchased $20,000
300,000 sewer sanitation bonds. Date March 11918. Prin. and semi6% 25-year tax free coupon road bonds. Denom. $1,000. Date Oct. 14
ann. Int.(M.& S.), payable at City Treasurer's office or National
1919. Prin. and semi-ann. int. (J. & J.), payable at the Oklahoma State
Park Bank, N. Y., at option of bolder. Due yearly as follows:
Fiscal Agency, which is the Mechanics & Metals National Bank N. Y.
$2,000 1947, $33,000 1948, $35,000 1949, 337,000 lbso, $39,000
Due Oct. 14 1944.
1951,342,000 1952,$44,000 1953,$47,000 1954 and $21,000 1955.
Financial Statement.
380,000 street bonds. Date April 11920. Prin, and semi-ann. Int. (A. &
Assessed valuation
$
O.), payable at City Treasurer's office or Irving National Bank,
Total debt, this issue only
6A883
N. Y- at holder's option. Due yearly as follows: $42,000 1921
.
Area of township
56 sections
to 1925, incl.; $12,000 1926 to 1930, incl., and $11,000 1931 to
'
MARICOPA COUNTY UNION HIGH SCHOOL DISTRICT (P. 0.
1940, inclusive.
Phoenix), Ariz.
-An issue of $500.000 5 % 20-year
-BONDS VOTED.
Denom. $1,000. Cert. check on a national bank or upon any bank or
bonds was authorized by a vote of 427 to 64 at an election held Feb. 18.
trust company in Tennessee for 2% of the amount of bonds bid on required.
MARION SCHOOL DISTRICT (P. 0. Marion), Marion County, Bonds
registerable as to principal in New York City, will be prepared and
Ohio.
-On Mar. 11 the $250,000 53.4% 16%-year (aver.)
-BOND SALE.
coupon school house bonds
-were awarded to Sidney certified as to genuineness by the U. S. Mtge. & Trust Co., N. Y. The
-V. 110, p. 892
Spitzer & Co., of Toledo, at 100.4244 and interest, a basis of about 4.96%. legality of the Memorial Square bonds will be approved by Caldwell &
Due $5.000 on Mar. 1 and Sept. 1 in each of the years from 1924 to 1948,Incl, Masslich, N. Y., and the legality of the other IBRIles will be approved by
MASSILLON SCHOOL DISTRICT (P.0. Massillon), Stark County, Caldwell & Raymond, N. Y. These approving opinions will be furnished
-NO BIDS RECEIVED.
Ohio.
-It is reported that there were no bidders the purchaser or purchasers without charge. All bids must be upon blank
for the $300.000 5% coupon school bonds offered on Feb. 27-V. 110,p.486. forms which will be
furnished by the above Secretary or the said trust
MATAGORDA COUNTY LEVEE DISTRICT NO. 1, Tex.
-BOND company. The bonds will be delivered in Nashville or at the office of the
-An issue of 3150.000 5% levee bonds has been c isposed of, it is
SALE.
U. S. Mi ge. & Trust Co., N. Y., at purchaser's option on April 15 1920.
stated. They went to A. J. Harty of Bay City at par and interest.
The official notice of this bond offering will be found among the advertiseMEMPHIS, Tenn.
-NOTE OFFERING.
-Sealed bids will be received ments elsewhere in this Department.
until 2.30 p. m. March 23 by 0. 0.Pashby, City Clerk, for $300.000 5%
coupon revenue notes. Date Jan. 1 1920. Prin. and int. payable at the
NELSONVILLE, Athens County, Ohio.
-BOND OEFERING.-ProU. S. Mtge. & Trust Co., N. Y. or at the city hall in Memphis at option posals will be received until 12 m. April 3 by A. W. Linton, Clerk of City
of holder. Due Sept. 1 1020. Cert. check on some solvent bank or trust Council, for $15,000 65 water-works bonds. Auth. Sec. 3942 and 394d
0
company for $3,000, payable to the "City of Memphis" required. The (len. Code. Denom. $1,000. Date March 1 1920. Due $1,000 yearly
legality of the notes has been approved by john C. Thomson of N. Y., and on March 1 from 1921 to 1935, incl. Cert. check for 2% of amount of
the Union & Planters' Bank & Trust Co., Memphis, will certify as to the bonds bid for, payable to the City Treasurer, required.
genuineness of the notes. The notes shall not be sold for less than par and
-TEMPORARY LOAN.
accrued interest to date of delviery, free from all commissions and broker- It NEW BEDFORD, Bristol County, Mass.
is reported that Hangs, Forbes & Co. of Boston have been awarded a
age; provided, however, that should it be necessary, a bid as low as $99 on
the $100 face value, plus accrued interest to date of delivery, and free from temporary loan of $300,000, maturing Nov. 1 1920.
commissions and brokerage, may be accepted by a four-fifths vote of the
NEW BETHLEHEM, Clarion County, Pa.
-BOND SALE.
-The
Board of Commissioners. These notes will be delivered in Memphis, in $25,000 5% borough bonds offered on Jan. 12-V. 110, p. 186
-have been
New York or the equivalent of N. Y. at option of purchaser. Payment awarded to the First National Bank of New Bethlehem at 100.406. Due
shall be made in Memphis or New York funds. Delivery will be made $1,500 yearly on Jan. 1 beginning 1921.
within 48 hours after sale. If the notes are delivered in New York, legal
NEW LONDON, New London County, Conn.
-BOND SALE.
-On
opinion will be delivered at same time as notes, other wise within 4 days
March 18 the $50,000 434% coupon park bonds, dated Jan. 1 1920 and
thereafter.
maturing July 1 1942(V. 110, p. 1001), wore awarded to the Savings Bank
MINDEN, Kearney County, Neb.-BOND SALE.
-An Issue of $35,000 of New London at par.
water works bonds has been sold.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-On
MINNEAPOLIS, Minn.
-BOND OFFERING.
-Proposals will be received until 2 p. m. March 26 by A. A. McRae, President of the Park Com- March 18 a temporary loan of $60,000, dated March 23 and maturing
missioners, for the following 1-10-year serial tax-free bonds at not exceed- Sept. 3 1920, was award, it is stated, to Harris, Forbes & Co. on a 5.80%
discount basis.
ing 5% interest:
$383,724 43 parkway improvement bonds.
NEWTON FALLS, Trumbull County, °Mo.-BOND SALE.
-On
5,000 00 park improvement bonds.
March 11 Sidney Spitzer & Co. of Toledo were awarded at 101.23 a
Denoms. $50. $100, $500 and 21,000, as required by bidder. Date of about 5.86%, an issue of $50,000 6% 1354-year (aver.) high basis„
school
May 1 1920. Prin. and semi-ann. int. (M. & N.) payable at the Fiscal bldg. bonds. Denom. $500. Date Sept. 2 1919. Int. A. & 0. Payable
Agency, New York City, N. Y. The purchase will be required to deposit semi-annually.
1,
MAR. 20 19201
THE CHRONICLE
1219
-BOND ORFFRING.-Proposals for
READING. Berks County, Pa.
County,
NEWSUM LAKE DRAINAGE DISTRICT, Quitman 1 p. m. Miss. the following 4W'I tax-free coupon or registered bonds will be received
o
until
-BOND OFFERING.-Seakd bids will be received CommissionersApril 1 until 10 a. m. April 7 by 0. B. Howard, City Controller:
(P. 0.
by R. T. McPherson, Secretary Board of Drainage
Bingaman St. Bridge bonds. Date Oct. 1 1919. Int. A. & 0.
Marks), for $149,772 6% drainage bonds(V. 110. p. 679). Certified check $210,000 Due $35,000 Oct. 1 1924, and $7,000 yearly on Oct. 1 from 1925
for $5,000 required.
to 1949, incl.
J. &
-Pro-BOND OFFERING.
422,000 General Impt. bonds. Date July 1 1920. Int.1 fromJ. Due
NOBLE COUNTY (P. 0. Albion), Ind.
1922 to
314,000 July 1 1921, and $34,000 yearly on Oct.
posals will be received until 3 p. m. March 23 by Morton P. Thomas,
Twp.
1933, incl.
County Treasurer. for $22,200 4 % Noah Stump et al. Washington Due
Denom. $1,000. Cert. check for 5% of amount of bonds bid for, payable
$555. Date May 15 1920. Int. M. & N.
road bonds. Denom.
to the "City of Reading," required.
$1.110 each six months from May 15 1921 to Nov. 15 1930, inclusive.
-BOND
0. Hill.
RICHLAND COUNTY SCHOOL DISTRICT NO. 5, Mont.
NORWICH TOWNSHIP RURAL SCHOOL DISTRICT (P. Ninegar.
-BOND OFFERINO.-J. P.
SALE.
-Recently $55.000 6% school bonds were awarded, according to
aids), Franklin County, Ohio.
proposals until 12 m. April 2 for reports, as follows:
Clerk of Board of Education, will receive
Co., Detroit, at 102.20.
$30,000 6% coupon deficiency bonds. Denom. $500. Date April 11920. $25,000 bonds to Dansard-Hull-Bumpus
30.000 bonds to local bank at par.
Int. A. & 0. Due $1.500 April 1 and Oct. 1 in 1921 and 1922; $2.000
1 1924 to 1927,
Interest J. & J.
April 1 and Oct. 1 in 1923; and $2,500 on April 1 and Oct.
Inclusive. Certified check for $200, payable to J. F. Ninegar, Clerk of
RIDGEFIELD SCHOOL DISTRICT (P. 0. Ridgefield), Clarke
-By 121 "for" to 42 "against,"
Board of Education, required. Bonds to be delivered and paid for within County, Wash.
-BONDS VOTED.
ten days from date of award. Purchaser to pay accrued interest.
$24.000 school bonds were voted March 8. issue to be offered for sale
- as soon as possible.
SCHOOL DISTRICT, Orange County, Calif.
ORANGETHORPE
-On March 16 the $75,000 water-NOTE SALE.
-R. II. Moulton & Co. were recently awarded the $60,000
BOND SALE.
ROCHESTER, N. Y.
at works impt. notes, maturing eight months from date at the Central Union
5% 1-20 year serial school bonds dated March 1 1920 (V. 110, p. 1001)
-V. 110, p. 1112-wtre awarded to S. N. Bond & Co.
Trust Co. of N. Y".
par and interest.
York on a 6% interest basis, plus $7.50 premium.
ORLAND JOINT UNION HIGH SCHOOL DISTRICT, Glenn and of New
-Sealed proposals will be
-BOND OFFERINO.-Proposals
ROCHESTER, Beaver County, Pa.
Tehama Counties Calif.-BOND OFFERING.
'
received until 10 a. m. March 29 by W. II. Sale, Clerk of Board of Super- will be received by James W. Doncaster, Secretary of Town Council, until
bonds
isors (P. 0. Willows), for $22,000 coupon 5% high-school-bldg.M. & % tax free bonds. Denom. $1.000. Date
N. 8 p. m. April 5 for $15,000
V. 110, p. 1001). Denom. $1,000. Date May 1 1920. Int.
Cert. check for $200.
1937,
Duo $1,000 yearly from 1925 to 1934. Incl., and $4.000 from 1935 toof the Jan. 15 1920. Int. semi-ann. Due Jan, 15 1950.
incl. Certified check on some reliable bank in California for 5%
payable to the Borough Treasurer required. Purchaser to pay accrued
to the Chairman of Board of Supervisors, interest.
amount of bonds bid for, payable
required. Bonds to be delivered and paid for within 10 days from time of
The official notice of this bond offering will be found among the advertiseaward.
-BOND ments elsewhere in this Department.
DISTRICT, Glenn County, Calif.
ORLAND SCHOOL
-An issue
ROCK COUNTY (P. 0. Janesville), Wisc.--BOND SALE.
-W.II. Sale, Clerk of Board of Supervisors (P. 0. Willows),
OFFERING.
the Beloit
school6%
will receive bids until 10 a. m. March 29 for $42,000 Datecoupon 1 1920. of $25,000 5% highway bonds has been sold, it is reported, to
May
Denom. $1.000.
Bank of Beloit at 101.24, a basis of about 4.70%.
Savings
-V. 110. p. 679.
building bonds
$3.000
-BOND SALE.
Int. M.& N. Due $2,000 yearly from 1925 to 1930,'al.,andbank inyearly
Edgecombe County, No. Caro.
ROCKY MOUNT,
Califrom 1931 to 1940, incl. Certified check on some solvent
According to reports, the Wachovla Bank & Trust Co., of Winston-Salem,
• fornia for 5% of the amount of bonds bid for, payable to the Chairman of was awarded the 3125,000 6% 1-20-year serial coupon (with privilege of
Board of Supervisors, required. Bonds to be delivered and paid for within registration) consolidated funding and improvtment bonds, dated Jan. 1
10 days from time of award.
1920, offered on March 11 (V. 110, p. 1002) at 100.24-a basis of about
Paradise), Butte
PARADISE IRRIGATION DISTRICT (P. 0. newspaper reports, 5.94%.
-According to
-BOND OFFERING.
ROSEBUD COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Rosebud),
County, Calif.
4 -20-year
-We are informed that the $125,000 53 6
-BOND SALE.
bids will be received until March 31) by G. C. Bile, Secretary Board of Mont.
-37-year bonds recently voted (V. 110. p. 1111). serial coupon school site and building bonds dated Jan. 1 19t$ offered on
Directors, for the $140,000 5
been sold to the contractor.
-have
893
PAWHUSKA SCHOOL DISTRICT (P. 0. Pawhuska), Osage March 5-V. 110, P.
-The
-BOND SALE.
-Reports state that until April 5
ST. ANTHONY, Fremont County, Idaho.
County, Okla.-130ND OFFERING.
for $50,000 5% American Bank & Trust Co. of Denvee have purchased $2e,000 6% water
A. C. Seely, Clerk Board of Education, will receive bids 11920.
Denoms. $1,000 and $500. Date March
school bonds.
bonds.
-The
ST. MARTIN PARISH SCHOOL DISTRICT(P.O. St. Martinsville),
PAWNEE COUNTY (P. 0. Pawnee City), Neb.-BOND SALE. sold
-Bids will be received up to 11 a. m. on April 1
-were
-BOND OFFERING.
La.
% bridge bonds offered on Jan. 16-V. 110,_p. 186
$50,000
at par. Date Dec. 1 1919. Due by W.0. Perrault, Secretary of the School Board, for $300.000 5% 30-year
during February to the State of Nebraska
school bonds. Denom. $1,000. Interest annual. Certified check for
Dec. 1 1939, optional in five years.
No report has yet been received as to the disposition of the $75,000 $5,000 required.
funding bonds offered on the same date.
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Nor-Subject to election shortly
-SALE.
-BOND ELECTION
-Local wood), Colo.
PEPIN COUNTY (P. 0. Durand), Wisc.-BOND SALE. bonus the $28,t.00 6% school bonds
-have been sold to Keeler
-V. 110. p. 1002
Soldiers'
investors have been awarded, It is reported, the $20,000
of Denver, it is reported.
Bros.
bonds, offered on Jan. 31.-V. 110. p. 487.
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Tellu-On March
-BOND SALE.
PIKE COUNTY (P. 0. Petersburg), Ind.
-Subject to election March 24
-SALE.
-BOND ELECTION
- ride). Colo.
Road impt. bonds
2 the $16,800 434% W. W. King et al. Madison Twp. Trust Co. of Peters- 390.000 5;i% 5-24-yr. serial scaool bonds have been sold to 13enwell.
V. 110. p. 787-were awarded to the Peoples Loan &
of Denver. .
Phillips, Este Co.
burg.
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0. Cleve-Carl A. Palmer.
PIONEER VILLAGE SCHOOL DISTRICT(P.0.Pioneer), Williams land), Cuyahoga County, Ohio.
-BOND OFFERING.
Flora, Clerk of Board of
-0. G.
-BOND OFFERING.
until 12m. April 5
County, Ohio.
Clerk of Board of Education, will receive proposals bonds. Auth. Sec.
$150.000 535% schoolEducation, will receive bids until 12 m. March 29 forDenom. $1.000. Prin- for $300,000 5% coupon school building.completion
Gen. Code.
house bonds. Auth. Sec 7625-7627,
7625-7627, Gen. Code. Donom. $1,000. Date day of sale. Prin. and
cipal and semi-annual interest payable at the office of the Treasurer of the semi-ann. int.(A.& 0.) payable at the Village Treasurer of Shaker Heights.
31.000 1922 to
Board of Education. Duo yearly on March 1 as follows: to 1936, Inclus- Due $15.000 yearly on Oct. 1 from 1924 to 1943 incl. Cert, check on some
1932
of amount of bonds bid
1926, inclusive: $2,000 1927 to 1931. inclusive; $3.000
$6,000 bank other than the one making the bid for 10%
ive; $4,000 1937 to 1940, inclusive; $5,000 1941 to 1944, inclusive;1953 to for, payable to the District Treasurer, required. Bonds to be delivered
and
1945 to 1948, inclusive; $7.000 1949 to 1952. inclusive;after $8,000 1 1940 and paid for within 10 days from date of award. Purchaser to pay acMarch
or
on
1956, Inclusive; all of said bonds which matureon or after
1 1940. crued interest.
are subject tp call on any interest-paying date County, for March amount
-BOND OFFERING.
1% of
SHELBY COUNTY (P. 0. Sidney), Ohio.
Certified check on a bank located in Williams
for within ten W.A. Harman, County Auditor, will receive proposals until 10 a. m.April 1
of bonds bid for, required. Bonds to be delivered and paid
impt. bonds:
Perry Twp.
from date of award. Purchaser to pay accrued interest. Bidders for the following 5% couponRoad Impt. road 19 bonds. Denom. $200.
days
No.
may submit two bids, one for the entire $150.000 and one for the $125.000 $2,400 Tawana-Maplewood
Due 3400 each six montns from April 1 1921 to Oct. 1 1923 incl.
first maturing.
16,800 Pemberton Road Impt. No. 34 bonds. Donom. 12 for 31,000, 12
-BOND OFFERfor $400. Due $2,800 eacn six months from April 1 1921 to Oct. 1
POINTE COUPFE PARISH (P. 0. New Roads), La.
1923 incl.
ING.-Louls Savour°, President of the Police Jury, will receive bids until
$400 and
April 8 for the following bonds authorized at an election held Feb. 24: 4,4;10 Haines Road Trapt. No. 151 bonds. Denom. 10 for to April 1 2 for
12 m.
1923
$200. Duo $800 each six months from April 1 1921
$47,900 road district No. 4. Cert. check for $1,500 payable to the Presiincl. and $400 Oct. 11922.
dent of the Police Jury, required.
6929, Gen. Code. Date April 1 1920. Prin. and semi-ann.
district No. 5. Cert. chock for $3,000 payable to the PresiAuth. Sec.
101,500 road
int. payable at the County Treasurer's office. Bonds to be delivered and
dent of the Police Jury required.
of award.
proper legal
The successful bidder will be furnished a road district.opinion as to the paid for at the County Auditor's office within 5 days from date
at the expense of the
Purchaser to pay accrued interest.
validity of the bonds
-BOND
SCHOOL DISTRICT NO. 20, Mont.
DISTRICT(P.O.Ponca City), Kay County,
SHERIDAN COUNTY
PONCA CITY SCHOOL
-Until 3 p. m. April 6 bids will be received by C. R. Tank,
-The $98,000 school bonds recently voted-V.110, OFFERING.
-BOND SALE.
Okla.
exceeding
sold.
.District Clerk ()'. 0.Plentywood),for $60.000 school bonds at notsemi-ann.
-have been
p. 1002
Denom. $1,000. Date April 1 1920. Prin. and
-On 6% interest. at a bank in some financial centre to be designated by the
-BOND SALE.
PORT CHESTER, Westchester County, N. Y.
-V. 110. p. 1002-.--were int., payableDue April 1 1940, subject to call $4,000 yearly on April 1
11, It is reported, the following 5% bonds
March
purchaser.
award to the l'ort Chester Savings Bank for $42,020, equal to 100.047, from 1925 to 1939. Incl. Cert. check on some reliable bank for $1,000,
a basis of about 4.98%:
payable to the above clerk required. Said bonds will be printed by said
f bonds. Denom. $1,000. Principal and semi-anual district and ready for delivery within 15 days from date of sale, accom$26,000 tax-relie
interest payable in gold coin of the United States of the present panied by the approving opinion of Chester B. MasslIch of N. Y.
standard of weight and fineness. Due April 1 1923.
e),
SIMPSONVILLE SCHOOL DISTRICT (P. 0. Simpsonvillan Green.
4.000 sewer and drain assessment refunding bonds. Int. A. & 0. Due ville County, So. Caro.
Issue of
-It is stated that
-BOND SALE.
$2.000 on April 1 In 1921 and 1923.
of.
refunding bonds. Int. A. & 0. Due $3,000 on April 1 In 1921. $38,000 school bonds has been disposed Calif.
12,000
-It
-BOND ELECTION.
(P. 0. Yreka),
SISKIYOU COUNTY
1922, 1923 and 1924.
Is stated that May 5 is the date set for the county election on the $1,050,000
Date April 11920.
bond proposal-V. 110, p. 788.
highway
PORTLAND WATER DISTRICT (P. 0. Portland), Cumberland
SKIPPER BAY DRAINAGE DISTRICT (P. 0. Provo), Utah Coun•
-It is reported that $200.000 4J..% 20-year
-BOND SALE.
County, Me.
-BOND OFFERINO.-At 8 p. m. March 31 the $15.000 6%
bonds dated Mar. 1 1920 have been purchased by Harris, Forbes & Co. at ty, Utah.
-will be offered for sale. Due $1,000
-V. 109, p. 2008
drainage bonds
a basis of about 5%•
92.30.
annually beginning Jan. 1 1926. Denom. $500. Int. A. & 0. Dated
HIGHWAY DISTRICT (P. 0. Potlatch), Latah April 1 1920. LeRoy Dixon, Secretary.
POTLATCH
-Owing to depressed bond market and
-BIDS REJECTED.
County, Ida.
-BOND OFFERING.
St. Joseph County, Ind.
offered on
unsatisfactoriness of the bids received for the $350,000 bondshighest bid 3.SOUTH BEND,Comptroller, will receive proposals until 11 a. m. March
A. Swygart,City
and no bonds were sold. The
March I the bids wore rejected
for $400,000 45i% tax free coupon water works bonds. Denom.$1,000.
24
received was for (Is at par.
Date April 1 1920. Prin. and semi-ann. Int. (A. & 0.), payable at the
bank which the purchaser
at any
PUTNAM COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1, National Park Bank of New York orApril 1 other
in 1925, 1930. 1935 and 1940.
the 345,000 534% 25- may designate. Due $100,000 on
-Newspaper reports say that
-BOND SALE.
Fla.
to the "City of South Bend" required.
year coupon bonds dated Feb. 2 1920. offered on March 1-V 110, p. 787 to Cert, check for $2.000, payable for on or before May 10. The official
Bonds to be delivered and paid
have been sold to G. B. Sawyer & Co. of Jacksonville for $42,800, equal
circular states that there is no litigation pending or threatened. affecting
95.11. a basis of about 5.82%.
this issue and that no default has ever been made in the payment of the
RANGER SCHOOL DISTRICT (P. 0. Ranger), Eastletnd County, city's obligations. Purchaser to pay accrued interest. Total debt (incl,
-Out of 209 votes cast on a $200,000 bond issue this issue), $1.053,500; assessed value, $126.096,285; population. approxi-BONDS VOTED.
Tex.
mately. 80.000.
for schools 205 were in favor of the bonds, it is stated.
-BOND OFFERING...-.
SOUTH RIVER, Middlesex County, N. J.
-Proposals
-BOND OFFERING.
READING, Hamilton County, Ohio.
8 p. m. Mar. 22 by August Ness, Borough
be
will be received until 12 m. April 6 by Carl M.Bemis, Village Clerk,for the Proposals will thereceived until
following 2 issues of 5% coupon (with privilege of reesCollector, for
coupon bonds:
%
following
$1,500 street-Improvement bonds. Date March 1 1920. Due $500 Sept. 1 tration) bonds:
Int.
$7.500 emergency bonds. Denom. $500. Date Mar. 31 1920. incl.;
1929 and $1,000 Sept. 11030.
J. & D. Due $1,000 yearly on Dec. 31 from 1921 to 1927,
6,000 street-lighting bonds. Date March 1 1920. Due $1,000 yearly on
and $500 Dec. 311928.
Sept. 1 from 1921 to 1926, inclusive.
fire apparatus bonds. Denom. $1,000. Date Apr. 1 1920. Int
2,500 Salaries funding bonds. Date May 1 1920. Due $1,000 on 10,000 (A. & 0.). Due $1,000 yearly on Apr. 1 from 1921 to 1930, incl.
Sept. 1 in 1927 and 1928, and $500 Sept. 11929.
Cert. check for 2% is required. Bonds to be prepared and certified by
Auth., Sec. 3939, Gen, Code. Denom. $500 and multiples thereof.
New York; legality approved by Caldwell &
Principal and semi-annual interest payable at the Reading Bank,of Reading. U. S. Mtge. & Trust Co., of
Raymond, of New York. Purchase to pay accrued interest.
Certified chock for 5% of amount of bonds bid for, required.
1220
THE CHRONICLE
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Holland),
Lucas County, Ohlo.-BOND OFFERING.
-Proposals will be received
until 12 in. Mar. 29 by Foster McCord, Clerk of Board of Education, for
$60,000 5% school-building bonds. Denom.8 for $500 and 56 for $1,000.
Date April 6 1920. Prin. and semi-ann. int. payable at the office of the
Treasurer of the Board of Education. Due yearly on Mar. 15 as follows:
$2.500 1921 to 1924 incl.; $3.,000 1925 to 1936 incl., and $3,500 1937 to
1940 incl. Cert. check, on a Toledo bank for $300 required. Bonds to be
delivered and paid for at the Ohio Savings Bank & Trust Co. of Toledo
on April 6. Purchaser co pay accrued interest.
A similar issue of bonds was offered on Feb. 23--V. 110, p. 584.
[vol.,. 110.
TAOS COUNTY SCHOOL DISTRICT NO. 1, N. Mex.-PRICE
PAID.
-The price paid for the $30,000 6% school building bonds awarded
on Mar.4 is reported In V. 110, p. 1112
-was 100.10.
TEHACHAPI SCHOOL DISTRICT, Kern County, Calif.
-BOND
OFFERING.
-Bids will be received until 11 a. in. April 5 by F.E. Smith,
Clerk Board of County Supervisors (P. 0. Bakersfield), for $27,500
6%
bonds. Denom. $500. "Both principal and interest
money of the United States of America on the 8th days payable in lawful
of September and
March of each and every year out of the interest and sinking fund of said
Tehachapi School District, upon presentation and surrender to the Treasurer of Kern County of the interest coupons attached to said
bonds."
Due yearly on March 8 from 1921 to 1930 incl. Cert, check
or cash
10% of the amount of bid, payable to Stanley Abel, Chairman Boardfor
of
County Supervisors, required. Assessed value of taxable property
1919.
$559,805.
THE DALLES, Wasco County, Ore.
-BOND SALE.
-Reports say
that the following bonds were recently sold
$29,000.00 Columbia Highway bonds to the Lumbermen's Trust Co.
of
Portland for $29,925, equal to 103.189.
25,123.80 general impt. bonds
-V. 110, p. 1112
-to Morris Bros. of Portland for $25,313.80, equal to 100.756.
TONAWANDA, Erie County, N. Y.
-BOND
-O'Brian, Potter
& Co., of Buffalo, recently purchased $11,000 5%SALE.
1-11 yr. serial registered
bonds.
STAFFORD,Tolland County, Conn.
-BONDS VOTED.
-On Mar. 17
the people voted to issue, it is stated, $125,000 1-25
-year serial school-bldg.
bonds, to be dated July 11920.
STARK COUNTY(P.O. Canton), Ohio.
-BOND OFFERING.
-W.C.
Schick, County Clerk, will receive bids until 10 a. m. March 24 for the
following 6% road bonds:
$32,000 Navarre-Berlin road bonds. Due yearly on April 1 as follows:
$4,000 1921 and 1922, $3,000 1923 to 1930, Ind.
48,000 Navarre-Berlin road bonds. Due yearly on April 1 as follows:
$5,000 1921 to 1928, incl., and $4,0013 1929 and 1930.
52,000 Canal Fulton-N. Lawrence road bonds. Due yearly on April 1 as
follows: $6.000 1921 and 1922, $5,000 1923 to 1930, incl.
35,000 Canton Canal Dover road bonds. Due yearly on April 1 as follows: $4,000 1921 to 1925, incl; $3,000 1926 to 1930, incl.
36,000 Brewster Village road bonds. Due yearly on April 1 as follows:
TWIN FALLS, Twin Falls County, Ida.
-BOND ELECTION &
$4,000 1921 to 1925, incl.•, $3,000 1926 to 1930, ncl.
OFFERING.
-Subject 1,o the election Mar. 23 an issue of $25,001, municipal
Denom. $1,000. Date April 1 1920. Prin. and semi-ann. int. payable coupon park bonds at
at the County Treasury. Certified check for $500, payable to the Board 29. Denom.$1,000. not exceeding 6% interest will bo sold at 8 p. m. Mar.
Date July 11920. Prin. and semi-ann. Int.(J. &J.)
of County Commissioners, required.
payable at the office of the City Treasurer or at the National
City Bank,
N. Y., at option of holder. Due July 11040
SUPERIOR, Douglas County, Wis.-BOND OFFERING.
-M. G. check on a national bank or trust company for optional July 1 1930. Cert.
Beckley, City Clerk, will receive proposals for $100,000 5% school bonds
10% of
bid for, required. Official circular states that there the amount of bonds
until 11 a. m. March 25. Date April 1 1920. Prin. and semi-ann. int.
has never
default in the pay ment of either principal or interest on any issuebeen any
payable at the office of the City Treasurer. Due $10,000 yearly on April 1 no
and that
from 1931 to 1940 incl. Cert. check for $2,500 required. Bonds must be no previous issues of any bonds have ever been contested and that there is
controversy or litigaiion pending or threatened, the corporate
taken and paid for not later than April 201920.
existence
of the boundaries of this municipality or the title of it present
SUQUALENA CONSOLIDATED SCHOOL DISTRICT, Lauderdale their respective offices or of the validity of these bonds or any officials to
other outCounty, Miss.
-BOND OFFERING.
-Bids will bo received until 2 p. m. standing bonds. .
Financial Statement.
Apr. 6 oy Geo. F. Hand, Clerk of the Chancery Court (P. 0. Meridian),
for $5,500 6% sc_cool bonds authorized by a vote of 37 to 11 at an election The true valuation, approximate
• $11,010,000 00
held Feb. 24. Dcnom. $500. Date Apr. 1 1920. Prin. and ann. Int. Assessed valuation for 1919
4,637,455 89
(Apr. 1)-payable at County Treasurer's office. Duo $500 yearly on Apr. 1 Totaloonded debt, this issue includeo, other than water
Pcal
works
from 1925 to 1935, incl. Cert. check on any bank of Meridian for $500,
397,0K 00
Water works bonded debt
required.
455,000 00
Sinking fund
Financial Statement.
None
True value of real estate and personal property is approximately one- Floating debt
Population, et timateel
fourth more than the assessed value.
9 ne 1.1
, 00
No0 00
Assessed value of real estate, 1919
$78,365
TWIN FALLS INDEPENDENT
Assessed value of personal property, 1919
21,030 Twin Falls), Twin Falls County, SCHOOL DISTRICT NO. 1 (P. 0.
Ida.
-DESCRIPTION OF BONDS.
Assessed value of railroad propertieb, 1919
12,157 The $100,000 5% 10-20 year (opt.) school bonds
awarded on Fob. 12 to".tho
State of Idaho at par-V. 110,
-are in denom. of $1,000 and_are
Total assessment of all properties
$111,552 dated Mar. 1 1920. Int. M. & p. 789
S.
There is no controversy or litigation pending or threatened affecting
corporate existena or boundaries of said district.
UPPER SCIOTO DRAINAGE & CONSERVANCY
DISTRICT,
Hardin County, Ohio.
-BONDS OFFERED BY BANKERS.
SWITZERLAND COUNTY (P. 0. Vervay), Ind.
-The
-BOND SALE.
- Kauffman-Smith-Emert Investment Co.,
of St. Louis, has
The $19,557 Henry Neahause et al Posey Twp. and $18,886 W. P. Fruit is now offering to
investors at par, an issue of $306,i 00purchased and
et al Cotton Twp. 4 % road bonds, maturing semi-annually from May 15 Donoms: $1,000
5 % bonds.
& $100. Data Jan. 2 1920. Prin. and semi-ann. int.
1921 to Nov. 15 1930-V. 110, p. 1112
-were awarded on Mar. 13 to the (A. & 0.) payable at the office
of the State Treasurer, Columbus. Due
First National Bank of Vevay and the Vevay Deposit Bank, at par.
yearly on Oct. 1 as follows:
NEW LOANS
FINANCIAL
FINANCIAL
•••••••••••••••••••
Adrian H. Muller & Son
Loans of the
AUCTIONEERS
City of Philadelphia
OFFICE No. U WILLIAM STREET
Corner Pine Street
Bought and
Sold
Regular Weekly Sales
oy
STOCKS and BONDS
Biddle & Henry
104 South Fifth Street
Philadelphia
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-11 VOS07 Street
F. WM.KRAFT, Lawyer
Specialising In Examination & Preparation of
Private Wire to New York City. Call John 5086
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorising Same.
MUNICIPAL BONDS
Rooms 51T-520 '111 W. Monroe St.,
4
Harris Trust Building
of Texas Municipalities
Yielding from 5 to 5.22%
Circular on request
CHICAGO, ILLINOIS
HAROLD G. WISE & CO.
Government and Municipal Bonds
11241 First Nat'l Bank Bldg.. Houston, Tex
Tax Exempt7::7'r.
Pennsylvania and New JerseyV
Municipal Bonds
421 Chestnut Street
Philadelphia
Telephone, Lombard 710
Secured Gold Notes
Due Dec. 1. 1922•
Principal and semi-annual interest payable in Now York.
Complete description on request.
Price 973i and interest
Yielding 7%
BOND DEPARTMENT
Fifth-Third
National Bank
CINCINNATI, OHIO
GEO. B. EDWARDS
INVESTMENTS
U Broadway, NEW YORK. N. Y.
POR SALB-Timber, Coal. Iron. Ranch ont.'
other properties.
Confidential Negotiations, Investigation,
Settlements and Purchases of Property
United States.
West Indies.
Canada.
Lists mailedjupon request.
M. M. FREEMAN & CO.
CINCINNATI GAS
& ELECTRIC CO.
6%
ACRIV
7
MOP
Corporations Naiad
Bond Issues
Underwritten
ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
THAYER,DREW & CO.
MUNICIPAL BONDS
111 Broadway
Now York
Telephone
ector 8418
BUFFALO
/AMERICAN MEG. CO
CORRESPONDENCE INVITED
CORDAGE
MANILA. SISAL, JUTE
noble & West Streets, Brooklyn, H. Y. City
MARK HARRIS
STOCKS and BONDS
Main Office
Canadian Brand)
Mutual Life Bldg,
Rcffal Bank Bldg.
Buffalo, N. Y.
Toronto, Out.
1919 Numbers Wanted 1919
CHRONICLES
January 4
September 6
January 18
September 13
July 10
September 20
August 2
November 1
BANK & QUOTATION SECTION
January
May
July
RAILWAY[EARNINGS SECTION
Januaryi
February
ELECTRIC[RAILWAY.SECTION
March
1221
THE CHRONICLE
MAR. 20 1920.]
-The
-BOND SALE.
WATER VALLEY, Yalebusha County, Miss.
$13,000, 1921 $16,000, 1924 $19,000, 1927 $22,300, 1930 $26,100, 1933
14,000, 1922 17,000, 1925 20,000, 1028 23,500, 1931 27.400, 1934 $10,000 5% 53 -year (aver.) school building bonds dated Feb. 1 1920
-have been awarded, according to re15,000, 1923 18.000, 1926 21,100, 1929 24,800 1932 29.100, 1935 offered on .an. 20-V. 110, p. 282
ports, to the Peoples Bank of Water Valley at par for 54s.
-BOND OFFERING.VIGO COUNTY (P. C. Terre Haute), Ind.
-The
WATERTOWN, Middlesex County, So. Dak.-BOND SALE.
Geo. A. Sella& County Treasurer will receive proposals until 10 a. m.
March 22 for $7 400 43i% I. L. Eastman Honey Creek Twp. road bonds. $175,000 5% 20-year electric light system bonds offered unsuccessfully on
-have been sold, it is stated, to Schanke & Co. of
Int. M. & N. Due $370 each six Jan. 19-V. 110, p. 488
Donoin. $370. Date Oct. 15 1919.
Mason City at par less 2% for expenses.
months trom May 15 1921 to Nov. 15 1930 inclusive.
-BOND OFFERING.
WEBSTER GROVES SCHOOL DISTRICT (P. 0. Webster Groves),
WABASH COUNTY (P. 0. Wabash), Ind.
-By 96 "for" to 79 "against,"
Valentine Froising, County Treasurer, will receive bids until 5 p. m. March St. Louis County, Mo.-BONDS VOTED.
% bonds:
$183,000 school bonds were voted on March 6. This is a suburb of St.Lottis.
29 for the following
Chester Twp. road bonds. Denom. $660. Due
$66,000 A. Bechtel et al
-The
WEST POINT, Cuming County, Neb.-BOND ELECTION.
*3,300 each six months from May 15 1920 to Nov. 15 1929. incl.
at the next regular
6,500 Lynn et al Noble Twp. road bonds. Denom. $325. Due $325 City Council will submit a proposition to the voters extension bonds for
municipal election for the issuance of $20,000 water
each six months from May 15 1921 to Nov. 15 1930, inclusive.
35,000 Park Hospital repair bonds. Denom. 60 for 11500 and 20 for the proposed improvements, it is stated.
$250. Duo each six months beginning May 15 1921.
-BONDS
WHEELER
8,500 J. W. Spence ot al Liberty Twp. road bonds. Denom. $425. REGISTERED. COUNTY ROAD DISTRICT NO. 4, Tex. $20,000
-The State Comptroller registered an issue of
Due $425 each six months from May 51 1921 to Nov. 15 1930, incl.
5% 10-20 year bonds on Mar. 9.
66,000 Ben Coble Chester Twp. road bonds. Denom.$660. Due $3,300
each six months from May 15 1921 to Nov. 15 1930, Inclusive.
WHITE OAK SCHOOL DISTRICT NO.2, Bladen County, No.Caro.
31,500 J. E. Ohmart et al Pleasant Twp. road bonds. Denom. 60 for -BOND OFFERING.
-Proposals will be received until 12 m. Apr. 5 by
$500 and 10 for $150. Due each six months beginning May 15 1921 C. Monroe, Chairman County Board of Education (P. 0. Elizabethtown).
88.000 W.H.Ifornaday Chester Twp.road bonds. Denom.80 for $1,000 for $6,000 6% 20-year school bonds. Int. payable annually or semiand 20 for $400. Duo each six months beginning May 15 1921. annually. Cert. check for 10% of the bid, required.
11,000 Landerson et al Waltz Twp. road bonds. Denom. $550. Due
$550 each six months from May 15 1921 to Nov .15 1930, inclusive.
WHITES CREEK SCHOOL DISTRICT NO. 4, Bladen County.
Date March 15 1920. Int. M. & N.
-C. Monroe, Chairman County Board of
No, Caro.
-BOND OFFERING.
Education (P. 0. Elizabethtown), will receive bies until 12 m. Apr. 5 for
WALKER SCHOOL TOWNSHIP (P. 0. Manilla), Rush County,
-year school bonds. Int. payable annually or semi-annually.
Ind.
-BOND SALE.
- $4,000 6% 20
-On March 10 the $10,000 5% refunding bonds
V. 110, P. 789
-were awarded at par to the Manilla Bank at par. Due Cert. check for 10% of the bid, required.
81.000 each six months from July 1 1921 to Jan. 1 1926 incl.
-BOND SALE.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
-BOND OFFERING.
WALBRIDGE, Wood County, Ohio.
-0. Metz- The $5,016 Ira W. Wolfangle et al, and $8,060 James A. Tucker et al 434%
ger, Village Clerk, will receive bids until 12 m. April 3 for $3,500 5 % Union Twp. road bonds, which were offered without success on Jan. 2
Perry St. improvement bonds. Auth. Sec. 3939, Gen. Code. Denom. -V. 110, P. 488
-have been purchased at par by the Farmers State Bank
$350. Date Sept. 11019. Int. M.& S. Due $350 yearly on Sept. 1 from of Churubusco. Due each six months from May 15 1921 to Nov. 15 1930
1921 to 1930, inclusive. Certified check for 5% of amount of bonds bid incl.
for, payable to the Village Treasurer, required. Bonds to be delivered and
-BOND
NO. 13,
WHITMAN
paid for within two days from dato of award. Purchaser to pay accrued int. OFFERING. COUNTY SCHOOL DISTRICTApril 3 by Wash.
B. F. Manning,
-Bids will be received until 10 a. m.
-BOND SALE.
WALTERS, Cotton County, Okla.
-John Nuveen & County Treasurer (P. 0. Colfax), for $20,000 school bonds at not exceeding
Co. of Chicago have purchased $125,000 water bonds at par and expense 6% interest. Authorized by a vote of 160 to 61 at an election held March 6
Incident to issuing the bonds.
1920. Denom. $1,000. Principal and annual interest payable at the office
of the County Treasurer. Due $1,000 yearly from 1921 to 1940, inclusive,
WARREN, Trumbull County, Ohio.
-BOND OFFERING.-Geo. T. the district reserving the right to redeem said bonds, or any of them, at
Hecklinger, City Auditor, will receive proposals until 12 m. Apr. 1 for the any time after one year from tho date thereof. All the bidders except the
following 531% coupon assessment bonds:
State of Washington will be required to deposit a certified check for 1%
$9,200 No. Park Ave. sewer bonds. Denom. $500 & $200. Date Feb. 1 with the County Treasurer.
1920. Due $4,000 Feb. 1 1921 and $5,200 Fob. 11922.
Financial Statement.
52,000 Kenilworth Rd. paving bonds. Denom. $500. Date Mar. 1 1920.
Due each six months as follows: $2,000. Mar. 1 1921 to Sept. 1 1924, Assessed valuation of district, 1919, about 45% of actual value, $439,251.
Incl.; $3,000, Mar. 1 1925 to Sept. 1 1928, incl.; and $2,000, Mar. 1 School Census, 1919, 210 children.
District incorporated prior to 1888.
1929 to Sept. 11931, incl.
Auth. Soc. 3939 Gon. Code. Prin. and semi-ann. int. payable at the District is composed of about 5,880 acres offarmland,the principal products
being grain, and includes the town of Uniontown.
office of the Sinking Fund Trirtoes. Cert, check for $500, payable to
the City Treasurer, required. Bonds to be delivered and paid for within District has no outstanding bonds.
Warrants outstanding March 11920, $11.90.
5 days from date of award. Purchaser to pay accrued interest.
Cash on hand March 1 1920, $1,324.91.
WARREN COUNTY(P.O. Warrentown), Mo.-BONDS DEFEATED.
-The $400,000 bond issue was voted down at the election held March 13.
-BOND OFFERING.
WHITMIRE, Newberry County, So. Caro.
-V. 110. p. 1003.
Sealed bids will be received until Apr. 1 by F. E. Child, Chairman of the
NEW LOANS
NEW LOANS
$1,503,000
$15,000
Borou4h, Pa.
CITY OF NASHVILLE, TENNESSEE RochesterBONDS
BONDS FOR SALE
P The undersigned will receive sealed bids at his
$300,000 SEWER SANITATION
office In Nashville until 10 O'CLOCK A.M.
BONDS
TUESDAY, APRIL 6, 1920, for the purchase of
all or any one or more of the following 5 per cent
Dated March 1,
Bond issues of the City of Nashville. Denom- March 1, 1920. 1918. Interest accrues from
Principal and semi-annual
ination $1,000.
interest (March and September 1), payable at
City Treasurer's office or National Park Bank
New York, at holder's option; maturing: $2,000
$43,000 HOSPITAL BONDS
Dated March 1, 1918. Interest accrues from 1947: $33,000, 1948;$35,000, 1949: $37,000, 1950
1951; $42,000, 1952; 344,000, 1953
March,1 1920. Principal and semi-annual in- 339,000, 1954; $21,000, 1955.
terest (March and September 1), payable at City $47,000,
Treasurer's office or National Park Bank, New
F $380,000 STREET BONDS
York, at holder's option, maturing* $1,000, •
Dated April 1, 1920. Principal and semi1921 to 1928; $2,000, 1929 to 1938; $3;000. 1939
annual interest (April and October 1), payable
to21943.
at City Treasurer s office or Irving' National
Bank, Now York, at holder's option; maturing:
$180,000 STREET OPENING &
$42,000. 1921 to 1925; 312,000, 1926 to 1930;
311,000, 1931 to 1940.
IMPROVEMENT BONDS
These bonds are declared by law to be the
Dated March 1, 1920. Principal and semi- absolute and
annual interest (March and September 1), pay- an unlimited general obligations of the City, and
general tax levy for
able at City Treasurer's office or Irving National is required by law and authorized bytbeir payment
ordLnances.
Bank, Now York, at holder's option; maturing
Bonds,
principal in New York
$1,000, 1921 to 1925; $2,000, 1926 to 1932 City, will registerable as to certified as to genuinebe
and
33,000, 1933 to 1938; $4,000, 1939 to 1943 ness by the prepared States Mortgage & Trust
United
15,000, 1944 to 1947; • $6,000, 1948 to 1950 Company, New York. The legality of the
37,000, 1951 and 1952; $8,000, 1953 to 1955 Memorial Square Bonds will be approved by
39,000, 1956 to 1958; $10,000, 1959 and 1960.
Caldwell & Masslich, Esqrs., Now York, and the
legality of tno other issues will be approved by
Caldwell & Raymond, Esqrs., Now York. These
$600,000 MEMORIAL SQUARE
approving opinions will be furnished the purBONDS
chaser or purchasers without charge.
Dated March 1, 1020. Principal and semiAll bids must be upon blank forms which will
annual interest (March and September 1), pay- be furnished by the undersigned or said Trust
able at City Treasurer's office, or Irving National Company,and must be accompanied by a certified
Bank, Now Yorlc, at holder's option; maturing:
check upon a National Bank, or upon any Bank
38,000-1921 $14,000-1931 324,000-1941 or Trust Company in Tennessee for two (2%)
8,000-1925,000-1942 per cent of the face value of the bonds bid on.
15,000-19.32
9,000-1023
The Bonds will be delivered in Nashville, or
16,000-1933
27,000-1943
10,000-1924
28,000-1944 at the office of the said Trust Company in Now
17,000-1934
10,000-1925
18,000-1035
30,000-1945 York, at purchaser's option on April 15, 1920.
11.000-1026
The right to reject any and all bid.s is expressly
32,000-1946
19,000-10:36
12,000-1927
20,000-1937
33,000-1947 reserved.
12,000--1928
21,000-1938
35,000-1948 Nashville, Tennessee, March 5, 1920.
J. W. DASHIELL, Secretary,
13,000-1929
22,000-1939
37,000-1949
Board of Commissioners.
23,000-1940
13,000-1930
38,000-1950
GEORGE W. MYER, JR
Certified Public Accountant
FEDDE & PASLEY
2 RECTOR ST.. NEW YORK
Audits, Investigations,
Estate Amounting,
Inoome Tax Return.
Telephone Rector 5441
C'ertfiteb public SAttatintants
55 Liberty St.,
New York
TO WHOM IT MAY CONCERN:
Notice is hereby given that the Borough of
Rochester, a municipal corporation, in the
County of Beaver and State of Pennsylvapia,
will sell to the highest responsible bidder, on the
5TH DAY OF APRIL, 1920, at eight o'clock
P. M. in the Council Chamber on Adams Street
in said Borough, Fifteen Thousand Dollars
($15,000.00). par value of Fire Bonds of said
Borough in denominations of $1,000.00 each,
Interest at the rate offour and one-half per centum
per annum, tax free, interest payable semiannually, said bonds bearing date January 15,
1920, and maturing January 15, 1950; the said
bonds will not be sold at less than their par value
plus the accrued interest, and the right Is reserved
to reject any and all blds.
Each bid must be accompanied by a certified
check in the sum of $200.00, payable to the
Treasurer of the Borough of Rochester, as evidence of responsibility of the bidder.
All bids shall be sealed and mailed or presented
to James W. Doncaster, Secretary of Town Council, Rochester, Pa., and shall be marked "Bid
for bonds."
All bids will be opened at a meeting of the
Town Council of said Borough to be held at the
time and place above mentioned for the sale of
said bonds.
This notice is given pursuant to a resolution
of tho Town Council of said Borough.
THE BOROUGH OF ROCHESTER,
By WILLIAM C. DARLING.
President of Town Council.
Attest: JAMES W. DONCASTER,
Secretary of Town Council.
Rochester, Pa., March 1, 1920.
$110,000
TOWN OF MILFORD CONNECTICUT
43% Coupon Bonds
Sealed proposals will be received by the Town
Treasurer. at the office of the Board of Selectmen,
Municipal Building, until 8 P. M., MARCH 24th.
1920, for the purchase of the above named bonds
amounting to $110,000.00 with interest at four
and one-half (434) per cent per annum, bonds to
be dated April 1st, 1920, and maturing as follows:
$10,000.00 each and every year beginning April
1st, 1921, and ending April 1st, 1931. Bonds
and interest payable at the Milford Trust Company, Milford, Connecticut.
Right reserved to reject any and all bids.
For further Information address
SANFORD HAWKINS,
Town Treasurer.
THE CHRONICLE
1222
Town Commission for $65,000 water works and $65,000 sewerage 53i%
-year bonds. Time and place of payment of interest and denomination
40
of bonds at option of purchaser. Cert. check for 2% of the amount of
bonds in each instance payable to "Town of Whitmore," required.
WICHITA FALLS, Wichita County, Tex.
-BOND ELECTION.
-An
election will be held about April 20 to vote on the $300,000 5% 10 -year
-40
(opt.) bonds
-V. 110, p. 682.
WILLOWS SCHOOL DISTRICT, Glenn County, Calif.
-BOND
OFFERING.
-Bids will be received until 10 a. m. March 29 by W. H. Sale,
Clerk of Board of Supervisors (P. 0. Willows), for 3123,000 5% coupon
school-building and impt. bonds.
-V. 210, p. 1113. Denom. $1,000.
Date May 1 1920. Int. M.& N. Due $3,000 yearly from 1924 to 1927,.
Incl., $4,000 yearly from 1928 to 1931, incl., and $5,000 yearly from 1932
,
to 1950, incl. Certified check on some reliable bank in California for 5%
of the amount of bonds bid for, payable to the Chairman of Board of Supervisors. required. Bonds to be delivered and paid for within 10 days from
time of award.
PRWINCHESTER, Middlesex County, Mass.
-TEMPORARY LOAN.
On Mar. 17, according to reports, a temporary loan of $250,000, issued in
anticipation of revenue, dated Mar. 20 and maturing $125,000 Nov. 23
1920, and $125,000 Jan. 17 1921, was awarded to the Winchester National
Bank on a 5.89% discount basis, plus $59 premium.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank of Worcester was on March 18 awarded
at 5.46% discount a temporary loan of $400,000. dated March 19 and
maturing July 15 1920.
XENIA SCHOOL DISTRICT (P. 0. Xenia), Greene County, Ohio.
-BOND SALE.
-The $25.000 5M% school bonds, offered on Mar. 11V. 110, p. 894-were purchased by Seasongood & Mayer, of Cincinnati,
who are now offering the bonds to investors at a price to yield 5.25%.
Due $500 each six month from Aug. 12 1921 to Feb. 12 1946, incl.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 7 (P. 0.
Laurel), Mont.
-NO BIDS RECEIVED.
-No bids were received for the
-year school bonds offered on March 8-V. 110, P. 1004.
242,500 6% 20
YUMA COUNTY (P. 0. Yuma) Ariz.-BOND ELECTION CONSIDERED.
-An issue of $125,000 highway bonds is soon to be voted
upon, it is reported.
CANADA, its Provinces and Municipalities.
BUCKLAND R. M., Sask.-DEBENTURE SALE.
-W. L. McKinnon
& Co. have purchased, according to reports, 451,590 debentures.
DUCK LAKE Sask.-DEBENTURES AUTHORIZED.
-The town has
been given permission, it is reported, to issue $1,500 7% 15-year sidewalk
debentures.
KAMSACK, Sask.-DEBENTURES AUTHORIZED.
-An issue of
$20,000 7% 15-year electric light debentures was recently authorized by
the Local Government Board.
MIMICO, Ont.-DEBENTURES AUTHORIZED.
-The Council on
March 8 authorized the issuance of $4,000 sewage plant machinery purchase
debentures. according to reports.
NOKIMIS, Sask.-DEBENTURE OFFERING.
-W. A. Armour, Town
Secretary-Treasurer, will receive proposals until 8 p. m. April 4 for $20,000
-year installment electric light debentures. Date April 1 1920.
7% 15
Prin. and ann. int. (April), payable at Nokomis.
ENGINEERS
[VOL. 110.
PLAINVIEW SCHOOL DISTRICT, Man.
-DEBENTURE SALE.
-It
is reported that $3,000 T% 20
-installment school debentures have been
purchased by H. J. Birkett & Co.
PRELATE,Sask.-DEBENTURE SALE.
-It is reported that the village
has sold $1,750 of its debentures to W. L. McKinnon & Co.
QUEBEC (Province of).
-DEBENTURE SALE.
-A syndicate headed
by the Dominion Securities Corp, ltd., and Wood. Gundy & Co., has
purchased at 92.55, New York funds, an issue of 23,500,000 6% gold 6
year debentures.
RENFREW, Ont.-DEBENTURES NOT SOLD.
-No sale was made
of the $40,549 13 20-year and $8,205 30
-year 6% installment local impt.
debentures offered on March 12-V. 110, p. 895.
ST. LOUIS SCHOOL DISTRICT, Man.
-DEBENTURE SALE.
H. J. Birkett & Co. have purchased, it is stated, $3,000 6% 20-installment
school debentures.
SARNIA, Ont.-DEBENTURE SALE.
-On March 8 the several issues
of debentures offered on that date
-V. 110, p. 895
-were awarded to
Wood, Gundy & Co. of Toronto as follows:
$35,000 534% 10-year water works at 96.16; $50,000 531% 20
-year
hydro at 94.50; 26,460 6% 20-year sower at 98.52; 24.265 68 6% 3
-year at .
98.52, and $5,313 87 6% 5-year sidewalk and curb at 98.52
Prin. and int. payable at Sarnia.
Three other issues offered at the same time were not sold.
SASKATCHEWAN SCHOOL DISTRICT, Sask.-DEBENTURE
SALE.
-The following ,according to the "Monetary Times" of Toronto,
is a list of sales reported by the Local Government Board from Feb. 16 to
Feb. 28 1920:
Two Rivers $5,000; Saskatchewan General Investment and Agency Co.
Saline Creek, t1,200; Regina Public School Sinking Fund, Regina. Green
1
vale $2,700, undle, $3,500; Waterman-Waterbury Manufacturing Co.,
ine.
The following is a list of authorizations granted by the Local Government Board from Feb. 16 to Feb. 28 1920:
Yorkton, $15,000 20
-years 6% annuity; Milton, 21,000 10-years 8%
Installment; Govan, $2,500 10
-years 8% annuity; Elfros, $1,800 10
-years
7% annuity; Bunkerhill, $900 10-years 8% installment; Bogend, $900
-years 7% annuity; Tepeee, $4,500 10-years 8% annuity.
5
i
debentures.
Ref
SCARBORO TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.On March 8, it is stated. the Council passed by-laws, authorizing the issuance of $130,000 water works and $13,000 school completion debentures.
SOUTH VANCOUVER, B. C.
-DEBENTURE SALE.
-An issue of
$227,000 6% debentures has been sold to New York investors at 94, according to reports.
STRASSBURG, Sask.-DEBENTURES AUTHORIZED.
-The Loca
Government Board has authorized the town to issue $6,000 634% 15
-year
sidewalk debentures, it is stated.
THOROLD, Ont.-DEBENTURE SALE.
-The 87,832 6% 30-year
sewer dthentures offered on March 1 -V. 110, p. 895
-were awarded to
C. H. Burgess & Co. of Toronto at 97.13.
WINDSOR, Ont.-DEBENTURE SALE.
-The following debentures
-have been sold, according to reports, to Wood. Gundy & Co., of Toronto.
at a price to yield 64V; $7,300
% 30-year school; $350,000 54%
30-year school; 210,000 6% 20-year patriotic: 2235,045 85 04% 10
-year
local impt., and $150,000 6% 20
-year hydro-electric system debentures.
ENGINEERS
-
_
FINANCIAL
Italiana Di
Viele, Blackwell & Back Banat which are incorporated Sconto
with
the
ENGINEERS
STONE &WEBSTER
-
FINANCE industrial and public
utility properties and conduct an
investment banking business.
DESIGN steam power stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, warehouses and buildings.
CONSTRUCT either from their
own designs or from designs of
other engineers or architects.
MANAGE public utility and industrial companies.
REPORT on going concerns,
proposed extensions and new
projects.
NEW YORK BOSTON CHICAGO
YOUNGSTOWN
SAN FRANCISCO
PITTSBURGH
SEATTLE
Designs and Construction
Hydroelectric and steam
Power Plants
Transmission Systems
Industrial Plants
Reports - Appraisals
49 Wall Street
New York
THOMAS T. GRAY
Consulting Petroleum Engineer
Societe Bancarie Italians
and the
Societe Italians di Credit° Provincial.
:spited Fully Paid Up
Hirto 315:000 000
41 00 :000
Zaservo Fund
%moat and Current Accounts
(May 91, 1919)
•
'2,6911,000,000
Central Management and Head Office:
ROME
•
Special Letters of Credit Branch In Rome
formerly &bast' & Rosh), 20 Piazza di fipagne.
Foreign Branches: FRANCE: Paris, 2 Rue Is
eeletier angle Bould. des. Hallow; BRAZIL; Has
eaulo and Santos; NEW YORK:Italian Discount
it Trust Co.. 399 Broadway.
Offices at Genoa. Milan, Naples. Palerme:
rurin. Trieste. Venice, Florence. Bologna.
•latania. Leghorn, and over 100 Branches in the
i .
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68 Fenchurch Street. E.O.
(VERY KIND OF BANKING BUSINESS
TRANSACTED.
Investigations, Appraisals & Reports
on Oil Propositions
NO North Broad Street,
ELIZABETH
NEW JERSEY
Telephone Elizabeth 2706
Lincoln Menny Oppenheimer
BANKERS
DETROIT
PARIS
FRANKFORT-o-M., GERMANY
Cable Address "Openhyni"
MINING ENGINEERS
THE
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CORPORATION
H. M. CHANCE & CO.
minim Engineers end Geologicts
!
COAL AND MINERAL PROPERTIEExamined, Managed, Appraised
Orestel rkidg.
EASTERN
EXCHANGES
Constructor
Buildings-Industrial Units
Public Utilities
Reports-Valuations----Estimates
43 EXCHANGE PLACE NEW YORK
FHILADELFMIL
SILVER
BULLION
Engineers
INVESTMENT SECURITIES
FOREIGN EXCHANGE
Weektg "Bullion Letter
Sent on keenest.
SRINIVAS R. WAGEL
1W YOREPhone JOHN SW
BERLINER IIANDELS-GESELLSCHAFT
BANK
Berlin W. Behrenst
32.33
(Founded in 1850)
Fully-paid capital &
M 144,500,001
All kinds of banking business transacted
Special attention given to foregn exchange and
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!shed.
Cable Address tlandeloes herbs
@FedFRASER