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MAR 2 8 1921
TWO
SECTIONS—SECTION_ONH
INCLUDING
Bank &
Quotation Section
Railway & Industrial
Section
Bankers* Convention Section
Railway Earnings Section
CCrvmBHTEp,H192»Brw.LL«am
B.DANA COMPANY, NEW york.
Issued
VOL. 112.
Electric
Railway Sectlo©
State and
EKTERED A3 SECOND-CLASS
MATTER UUHE 23,
1s79, AT THE POST OFF.CE AT N EW
YORK, NEW VO*K, WDER THE ACT OF
Weekly
NEW
110.08 Per Year
YORK, MARCH 26
:ff manual
City Secriosa
MARChI 18^.
WIUmi B. Dana Co., Publishers
13i Front St, Pt.,Y.
City.
1921.
.^financial
RJ A
M
9QH0
U. ZyUi?.
Jffnamfal
CHARTERED 1822
HARVEY FISK
& SONS
THE FARMERS' LOAN & TRUST
THE LIBERTY BANK
32 Nassau St.
COMPANY
NEW
of New York
YORK
CAPITAL
475 Fifth Avenue, at 41st Street
NEW
NEW YORK CITY BONDS
AND OTHER CHOICE
CARE
OF
DOMESTIC AND
OF
$6,000,000.00
UNDIVIDED PROFITS.$2,400,000.00
UNITED STATES BONDS
YORK
MANAGEMENT
$6,000,000.00
SURPLUS
16, 18, 20 and 22 William Street
Correspondents in all
K
Special facilities
countries
in Scandinavia
INVESTMENT SECURITIES
ESTATES
SECURITIES
FOREIGN
BANKING
FOREIGN
OF
The
EXCHANGE
LETTERS
Harris, Forbes & Co
COMMERCIAL
CREDIT
New York Trust
Pine Street, Corner William
NEW YORK
10
Company
LETTERS
FORBES & CO., Inc.
BOSTON
HARRIS TRUST
26 Broad Street
ACCEPTANCES
Drapers Gardens, London, E. C.
HARRIS,
&
SAVINGS BANK
CHICAGO
Act
5th Avenue and 57th Street
as
and corporations and
Government, munici¬
pal, railroad and public utility
deal
LONDON
fiscal agents for munici¬
palities
PARIS
in
BONDS
Capital, Surplus and Undivided
Member Federal Reserve System
and
New
York
Clearing
Profits,
House
FOR
List
on
INVESTMENT
Application
Cable Address SABA, NEW YORK
$14,400,000
;
Established
*
1874.
John L. Williams & Sons
BANKERS
Corner 8th and Main
Edward B. Smith & Co
Streets
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
Established 1810
&
CO..
Inc.
The
Mechanics
GARFIELD
NATIONAL BANK
23rd
STREET,
where
AVENUE
Crosses
A
Broadway
$1,000,000
-
Metals
OF THE CITY OF NEW YORK
FIFTH
Capital,
and
Bank for
Surplus,
Philadelphia
New Yore
National Bank
The Chase National Bank
,
-
of the
$1,1
Capital, Surplus, Profits
the Builders of Business
Deposits, Feb. 21,1921
ESTABLISHED 1784
-
$193,000,000
67
Foreign Exchange
Bond
Trust
BROADWAY
CAPITAL..
$16,000,000
SURPLUS AND PROFITS
DEPOSITS
The Bank of New York
City of New York
$26,750,000
21,168,000
(Feb. 21 1921)
Service
297,827,000
OFFICERS
A.
Department
BARTON
Chairman
National Banking Association
HEPBURN,
the Advisory
ALBERT
H.
r
Board.
WIGGIN,
Chairman of the Board of Directors.
EUGENE
CAPITAL & SURPLUS, $9,000,000
V. R. THAYER.
Vice-Presidents
Samuel H. Miller
Our
136
years'
service
of
experience
our
is
at
Carl J. SchmidJapp
the
depositors
AMERICAN EXPRESS COMPANY
George H. Baylor
M. Hadden HoweU
Schley
Alfred C. Andrews
Robert I. Barr
Comptroller
Thomas Ritchie
SECURITIES
Cashier
William P. Holly
DEPARTMENT
DIRECTORS
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
SECURITIES
1
Newcomb Carlton
Frederick H. Ecker
Guy E.
GOVERNMENT
NO.
William E. Purdy
Reeve
Philadelphia
CHARTER
Edwin A. Lee
Gerhard M. Dahl
First National Bank
of
President
Assistant Vice-Presidentii
Gerhard M. Dahl
Tripp
Hill
Daniel C. Jackling
Eugene V. R. Thayer
Carl J.
SchmidJapp
James N.
Charles M. Schwab
Wm.
A,
LAW,
President
»
65 BROADWAY
NEW
Andrew Fletcher
Wm. Boyee Thompson
Reeve Schley
Samuel H. Miller
YORK
Kenneth
F. Wood
Edward R. Tinker
H. Wendell Endicott
Edward T. Nichols
William M. Wood
©tablets of Jfoteipi Cxtftange
SnbtStaunt ©ousts ant)
MORGAN & CO.
J. P.
Wall Street, Corner
Maitland, Coppell & Co.
Corner of 5th
and Chestnut Streets
MORGAN,
agent* of
Issue Loans.
Letters
and sold on Commission.
Commercial Credits.
Foreign Exchange,
NEW YORK
of Credit
Commercial and Travellers
Provincial: & Union Bank
England, Ltd., London,
National
The
18 Broad St
BOSTON
Telegraphic Transfers,
of Exchange,
X-XflX'^X
PARIS
115 Devonshire St
Corporations and negotiate and
of
Letters of Credit
Vendome
14 Place
Securities bought
CO.,
&
as
Bills
Broad Street
HARJES
all Investment Securities.
Orders executed for
Act
MORGAN, GRENFELL & CO., LONDON
No. 22 Old
KIDDER, PEKRORY & CD.
NEW YORK
PHILADELPHIA
CO.,
&
STREET
52 WILLIAM
of Broad
NEW YORK
DREXEL
[VOL. 113.
CHRONICLE
THE
a
Messrs. Mallet Freres & Cie, Paris,
v.*'
i
and V/'V'
Principal Places in Mexico.
Cable Transfers.
In all
Letters for Travelers, available
-4.......
parts of the world.
Circular
on
Bank of Australasia.
Agents for the
TRAVELERS' LETTERS OF CREDIT
BROTHERS & CO, LTD.
BARING
LONDON
August Belmont & Co.
BROWN BROTHERS & CO.
s
frnt.AnET.MnA
-
■
i
-
'
■
Members New York Stock
j
-'"- v
■
Agents and
SONS, Baltimore
ALEX. BROWN <fe
PLACE, NEW YORK
43 EXCHANGE
Bostok
NEW YORK
Exchange.
Correspondents of the
ROTHSCHILD,
Messrs.
London, Paris and Vienna
Investment
OF CREDIT
ISSUE LETTERS
Securities
for Travelers
Foreign Exchange
Available in all parts
Deposit Accounts
.
& Co.
& W. Seligman
Transfers
Credits
Commercial
of the world.
and make Telegraphic
Draw bills of Exchange
the purchase and sale
Execute orders for
of
Wall Street
Ng_54
Stocks.
Bonds and
Travelers' Credits
NEW YORK
& CO,
BROW, SHIPLEY
Bonds
Equipment
T. Suffern Taller
James G. Wallace
Grenville Kano
FREEMAN & CO.
Street
Pine
34
NEW YORK
TXILER&CO
Members
10 Pino Street, New
New York
Stock Exchange
York
FitaMMa
Philadelphia
New York
Pittsburgh
Investment Securities
Lawrence Turraure
&. Co.
64-66 Wall Street,
Baltimore
Washington
Investment Securities
New York
and sold on com¬
available through¬
Investment securities bought
Winslow, Lanier & Co.
59 CEDAR
STREET
Travelers'
mission.
out the United
Central
America
and
in and issue drafts
NEW
YORK
Bankers:
London
London
Bank,
Received
Subject
on
Bought
and
Philadelphia and
Pittsburgh Stock Exchanges.
Joint City &
Heine & Co.
Draft, Interest
to
Deposits,
collections
Limited.
Midland
Paris Bankers:
Allowed
Make
Spain.
and cable transfers on above
Members
New York,
countries.
BANKERS.
Deposits
credits,
States, Cuba, Puerto Rico, Mexico,
Securities
Sold
on
HEIOELBACH, ICKELHEIMER & CO.
Commission.
37 William Street.
HUTH
Foreign Exchange, Letters of
Credit
MEMBERS
N.
STOCK
Y.
Execute orders for
& CO.
EXCHANGE.
purchase and sale of
New York
30 Pine Street
Stocks and Bends.
Foreign Exchange Bought and Sold.
Bonds foi*
Investment
Credits
Issue Commercial and Travelers'
available in all parts
Foreign Bonds & Investment Securities,
Commercial Credits, Deposit Accounts,
Foreign Exchange
of the world.
Correspondents of
BERTRON, GRISGOM & CO. INC.
Keaii, Taylor &> Co,
40
John Munroe & Co.
BOSTON
NEW YORK
Letters
of Credit for Travelers
Land Title
Wall Street
NEW
Foreign Exchange
& CO.,
BOISSEVAIN
Building
&
CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
52
INVESTMENT
FOREIGN
SECURITIES
DEPARTMENT
EXCHANGE
ALDRED & CO.
40
Wall Street
New
York
Fiscal Agents
Cable Transfers.
MESSRS.
MUNROE & CO.,
Paris
London
PHILADELPHIA
YORK
COMMERCIAL
Commercial Credits.
HUTH
SECURITIES
INVESTMENT
Piitshurph.
Tfeu> "Sferfc.
FRED?
,
PIERSON & CO.
Amsterdam, Holland.
Public Utility and
for
Hydro-Electric
Companies
March 26 1921.]
THE
CHRONICLE
HI
investment anU jKnandal fttmstt
Goldman, Sachs
Lee, Higginson & Co.
NEW
Millett, Roe& Hagen
YORK
137 So. La Salle Street
60
Congress Street
CHICAGO
Investment Bankers
14
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
PHILADELPHIA
411 Olive Street
Boston
ATLANTA, GA.
Title Insurance
Building
LOS ANGELES, CAL.
Chicago
MEMBERS
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80,
INVESTMENT SECURITIES
24 Marietta Street
ST. LOUIS
New York
& Co.
60 Wall Street
Lombard St.
Commercial Paper
Securities
London, E. C.
bought and
sold
NEW YORK
STOCK
EXCHANGE
v,
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
in
all
Letters
parts
of
of
the
Credit
52 WILLIAM ST.
NEW YORK
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
railway
equipment
Investment Securities
bonds
Bonds
.
NEW
Preferred Stocks
MEMBERS
YORK, BOSTON AND
CHICAGO STOCK EXCHANGES
Direct wires to all
Acceptances
EVANS, STILLMAN &, CO.
Members New York Stock
principal markets
GO
Main Office: National
City Bank Building:
Uptown Office: Fifth Avenue and 43rd St..
Exchange
BROADWAY
NEW
YORK
Correspondent
Boston
Chicago
Detroit
Providence
Established
Offices in 50
Cities.
Portland
Underwriters & Distributers
1888
Industrial
Bonds
Public
&
Preferred,
Utility
Robinson & Co.
Stocks
U. S. Government Bonds
Securities
Equipment Trust Certificates
Investment Securities
Counselman & Co.
Founded 1797
V
Investment Bankers
112
W.
ADAMS ST.,
CHICAGO
26
Exchange Place
<
New. York
Members New York Stock
Exchange
Seasoned
Investments
Conservative
Investment Securities
Underwritten
&
Distributed
30 Pine Street
Investment Securities
Yielding 6%
New York
to
8% '
Federal Securities
Peabodj;
Corporation
EarsiyBros. & Co.
38 South Dearborn Street
BLAKKERS
CHICAGO
MEMBERS PHILADELPHIA STOCK EXCHANGE
RongMcling &Co.
EST. 1865
Investment
Securities
1421 CHESTNUT STREET
Distributers
366
Madison
Corrigan & Bertles
Investment
GRAND
Bankers
RAPIDS,
MICH.
Marshall Field, Glore, Ward & Co.
h.
f. bach man
Established
& co.
H.
Collins, President
Southern
Securities3
1866
64 PEACHTREE,
CHICAGO
INVESTMENT
NEW
BANKERS
ORLEANS
Members N. Y. and Phila. Stock
1425 Walnut St.,
HOLTZ &
MEMPHIS
Exchanges
61
PHILADELPHIA
T.
ATLANTA
JACKSONVILLE
BIRMINGHAM
H.
New York
sre URIT1ES 5 ALETS CO.
B.
STREET
Chicago
Ave.,
Howe, Snow,
PHILADELPHIA
187 SOUTH LA SALLE
INC. 1918
10 So. La Salle St.
Underwriters
NEW
Broadway
YORK
RAILROAD, INDUSTRIAL,
GOVERNMENT)
FOREIGN
CO.
AND
MUNICIPAL BONDS
INVESTMENT
harper
&
INVESTMENT
BONDS
turner
FOR
INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39 SOUTH
LA SALLE
CHICAGO
STREET
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
>
fimmial
Jfinattdal
^financial
FINANCE
WE
ESTABROOK & CO
Members New York and
Stock Exchanges
Electric Power
Boston
earnings.
BOSTON
15 State Street#
-
24 Broad Street#
NEW YORK
and Light Enter¬
CHASE & COMPANY
records of established
j..:g >
prises with
BONDS
INVESTMENT SECURITIES
•
[Vol. 112.
CHRONICLE
THE
IV
WE OFFER
Bankers
Dealers
Investment
and
Proven Power
BOSTON
19 CONGRESS ST.,
and Light Securities
Correspondence Solicited
SPRINGFIELD
PROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Co.
Richardson, Hill &
71 BROADWAY,
NEW YORK
Arthur Lipper
& Company
Place
New Street and Exchange
Established 1870
NEW
MUNICIPAL AND RAILROAD
BONDS
Securities
Investment
YORK
SECURITIES BOUGHT AND
For
60 Congress
Conservative Investment
SOLD ON
COMMISSION
St.
BOSTON
R. L.
York Stock Exchange
(Boston Stock Exchange
New
Chicago Stock
Exchange
Day & Co.
35 Congress
St., Boston
Branch Offices
Members
N. Y. Stock Exchange
Waldorf-AstoriaHotel ,N. Y.
N. Y. Cotton Exchange
11 East 44th St.,
N. Y.
N. Y. Coffee & Sugar Exch. Saratoga Springs,
Philadelphia Stock Exch.
New York
Correspondents
Chicago Board of Trade
West End,
N.J.
Long Beach, N.
REMICK, HODGES & CO.
N. Y.
N.J.
Atlantic City,
Y.
Co.
W. F. Ladd &
PARKINSON & BURR
Members of the New York
Investment
and
Boston Stock Exchanges
Securities
53 State Street
7 Wall Street
We
Specialize in
Government and
Municipal Bonds
BOSTON
NEW YORK
William R.(pmpton(o.
INVESTMENT BONDS
New York
14 Wall
BONDS
St
Street, New York
Cincinnati
Louis
New
Chicago
Baker, Ayling & Young
ESTABLISHED 1865
Orleans
BONDS
RAILROAD
INDUSTRIAL BONDS
BOSTON
6 Nassau
MEMBERS NEW
Underlying
Tax-exempt
55 William
Railroad Bonds
and
PAUL
BONDS
WATSON *
H.
INVESTMENT SECURITIES
Deal in
I
^
PHILADELPHIA
YORK STOCK EXCHANGE
■
PUBLIC UTILITY
St., N. Y.
Telephone—John 1832
St., N. Y.
f"'. 'V::
Guaranteed & Preferred
H. MOUNTAGUE VICKERS
Telegraph Co. Stocks
Railroad &
49
Hollister.White & Co.
(*€0H»0»4rE0
Bonds
Wall
Street
Guaranteed Stocks
1852
FOUNDED
Investment Securities
fnvestment
Securities
Exchange
Credit
Travelers'
Philadelphia, Pa.
Boston, 9, Mass.
Foreign
Letters of
BROADWAY, NEW YORK
60 Congress St.
North American Bldg.
116
Checks
Correspondents Throughout
Thomas C. Perkins
Krnutf) Narhoti&Kulwf
Members New York
Constructive Banking
lllC.
15 State Street
Boston, Mass.
FOUNDED 1854
Municipal, Railroad,
225 4th Ave
•
-
New York
Industrials.
and
underwritten and
distributed
Industrial Securities
mmiNS 8s co..
is
7 Wall Street
-
Exchange Sr.
BOSTON
new York
Cable Address
,
Utility
of established and pros-
Entire stock issues
Main Office
New York
36 Pearl Street
Hartford, Conn.
Specialist for eighteen
years' in the Financing
erous
I
Stock Exchange
Equitable Building
Public
FACTORS
the World.
Quomakel
<
March 26
1921.]
THE
CHRONICLE
v
CanaWan
BANK OF MONTREAL THE CANADIAN
Canadian
Established
Government
and
bonds
offer
exceptional
they
now
PAID
UP
$22,000,000
-
Rest
tunities for sound investment.
ehased
BANK
OF COMMERCE
Years
100
HEAD
CAPITAL
Bonds
These
over
Municipal
oppor¬
If pur-
yield
will
from
22,000,000
UNDIVIDED
SIR
1,251,850
-
TOTAL ASSETS
SIR VINCENT
7% to 8%
PROFITS
560,150,812
MEREDITH, Bart., President.
CHARLES_GORDON, G.B.E., Vice-Pres.
Principal and interest payable In
Head
United States funds
Particulars
C-21
$15,600,000
President, Sir Edmund Walker. O.V.O., LL.D., D.O.T
General Manager, Sir John Alrd.
Assistant
General Manager, H. V. 7. Jones.
New York Office, 16 Exchange Place
F. B. FRANCIS,
1
C.
L.
C.
General
request.
on
J.
[Agents
FOSTER,
STEPHENSON,]
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collections
Manager.
made at all
Wood. Gundy & Co.
.$15,000,006
RESERVE
Office—MONTREAL
Sir^Frederick Williams-Taylor
Full
OFFICE. TORONTO
PAID UP CAPITAL
Branches and Agencies:
points.
Travelers' Cheques and Letters of Credit Issued
all parts of the world.
available in
Incorporated
14 WALL
Throughout Canada and Newfoundland.
At
STREET, NEW YORK
In
Banking and Exchange business
description transacted with Canada.
Toronto, Winnipeg, Montreal, London, Eng.
London, England, and
Paris,
Bank
of
at Mexico
Montreal
In the United States—New
York,
Spokane,
San
City.
(France).
Chicago,
Francisco—British American
by the Bank of
Bank (owned and controlled
Montreal).
LONDON
of
OFFICE—2 Lombard Street,
everj
E, O:
BANKERS IN GREAT BRITAIN-
,
The
Bank
of
England,
The
West
Indies, British Guiana and West
Africa—The
Colonial
Bank
(in which an
Interest is owned by the Bank of Montreal).
Bank
of
Scotland,
Lloyd's
Bank,
Limited.
THE
Jl'&Jlnxcs
&
established 1889
<2o
ACsobers Toronto Stock
Sotchang*
.
United Financial Corporation
jTonmto
INVESTMENT BANKERS
Montreal
VictoriaUC.
1869
$19,000,000
19,000,000
690,000,000
Reserva Funds
Total
XBowrmrumt. Mun icipal & Corporation,
Securities
Established
Capital Paid Up
Limited
(B&ricLcii&rt
ROYAL BANK OF CANADA
Montreal
London
Toronto
Chicago
Assets
Head Office
Montreal
BIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Director
C. E. NEILL, General Manager
700 Branches
throughout CANADA and NEW
FOUNDLAND,
in
CUBA.
PORTO
RIGD.
REPUBLIC.
HAITI.
OOSTA
RICA, COLOMBIA and VENEZUELA, BRFDI8H and FRENCH WEST INDIES, BRITISH
DOMINICAN
1
Affiliated
with
HONDURAS and BRITISH GUIANA.
Guaranty
Trust Co.
York.
New
of
ARGENTINE—Buenos
Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paul*.
URUGUAY—Montevideo.-
R.
Co.
&
Canada
CANADIAN
GOVERNMENT,
C/
Bank of Toronto
Montreal
Royal
(France), PARIS, 28 Rue
Quatre-Septembre.
Bank
de
af
MUNICIPAL
AND CORPORATION BONDS
Mep&mHoifadStodibKtovgo»
17 St. John Street
and J. D. Leavitt, Agents.
AUXILIARY: The
FRENCH
pNETT.
"PORBIK
00
Daly
A.
SPAIN—Barcelona: Plaza de Cataluna;
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beateon, E. B. Mclneray
Building
Canadian
Government, Provin¬
cial, Municipal and Corporation
Bonds
TORONTO, ONT.
Bought—Sold—Quoted
STOCK AND BOND BROKERS
V
GREEN SHIELDS & CO.
The Dominion Bank
HEAD
Paid
CANADIAN
OFFICE, TORONTO
Up Capital
Total
Assets
INVESTMENT
Clarence A. Bogert,
London Branch, 78 Cornhill
S. L. Jones, Manager
McDonagh, Somers & Co.
Dominion Bank Building
TORONTO, CANADA
City Bonds
(Small Denominations)
CANADIAN
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
HENRY NIGHTINGALE & CO.
MUNICIPAL
Offerings on Request
Correspondence Invited
New York Agency, 51 Broadway
C. S. Howard, Agent
Specialize in
New York
Montreal
CANADIAN
General Manager
President
CANADA
We
John Street,
INVESTMENTiSECURITIES
BANKCR8
TORONTO
St.
7,669,000
...140,000,000
-
Sir Edmund Osier,
ffOUSSERVbOO^OMPANr
17
Stock Exchange.
Canadian
Bond
Issues.
in
$6,000,000
Reserve Funds &Undivided Profits
SECURITIES
Montreal
Members
Dealers
TRAVELERS'
AND
LETTERS
BONDS
COMMERCIAL
OF CREDIT
HERDMAN & COMPANY
Members Montreal Stock. Exchange
Canadian, Mexican and Foreign Government
Securities
Phone
Bankers
Dominion
R.
Adrian
H.
&
Brokers
BROADWAY
42
Broad 7118
Muller A Son
Express Building
MONTREAL
C.fMatthews & Co.
CANADIAN BONDS
AUCTIONEERS
CANADIAN
OFFICE
No.
55
Corner
WILLIAM
Pine
STREET
Street
C.
P.
R.
TORONTO
Bldg.
BONDS
Regular Weekly Sales
OF
Stocks
Nesbitt, Thomson & Co.
and
Limited.
Bonds
EVERY WEDNESDAY
Canadian
Municipal, Public Utility &
Industrial
At
the Exchange
14-16 Vesey
Sales Rooms
Strest
^Emilius
bonds
Established
222 St. James St., MONTREAL
Hamilton
Toronto
London, Ont.
Jarvis & Co
INVESTMENT
JARVIS
BLDG.
BANKERS
1891
TORONTO
CAN*
[vOL. 112.
CHEONICLE
THE
I
VI
Jforetgn
New
and
Australia
Zealand
LONDON JOINT CITY AND
BANK OF
NEW SOUTH WALES
MIDLAND
(ESTABLISHED 1817.)
Fsld-Up Capital
124,655,500
Kturre Liability
24,655,500
of Proprietor*
The
$66,061,000
Aggregate AiMtiSQth Septr.
JOHN
Sir.
S.
K.B.E.
"andTAGENCIES
in the
Zealand, Fiji, Papua
(New Guinea) and London.
The Bank transact*
a very description of Australian Banking Business.
Wool and other Produce Credits arranged.
:
OFFICE:
DIRECTORS:
OVERSEAS BRANCH
THE UNION BANK OF AUSTRALIA United
Incorporated 1860
Atlantic Office*:
"
10,859,800
-
-
10,859,800
-
OFFICES
371,841,968
-
E.C.2.
LONDON,
STREET,
AND
ENGLAND
IN
WALES
OLD BROAD STREET, LONDON, E.C. 2.
65 & 66,
:
£38,116,050
-
THREADNEEDLE
5.
WOOLLEY
W.
E.
Capital
1J00
-
HYDE
Deposits (Dee. 31st, 1920)
HEAD
•,
McKENNA
R.
Reserve Fund-
OVER
Established 1887
F.
Paid-up Capital
London Office
89, THREADNEEDLE
STREET, E. C. 8
Head Office
Hon.
MURRAY
B.
Subscribed
857
BRANCHES
Australian
States, New
CIEORGE STREET
SYDNEY
Right
JOINT MANAGING
1920 $362,838,975
RUSSELL FRENCH,
General Manager.
LIMITED
BANK
v:,CHAIRMAN
"
16,750.000
Reserve Fund
"Mauretania"
"Imperator"
Aquitania"
CapitalPald Up
Reserve
£7,500,000
Issued
and
Authorized
AFFILIATED
ToFund-_£2,630,000/gether
Capital $2,500,0001
Reserve Liability of
Total Issued
£5,180,000
Proprietors—£8,000,000
BELFAST BANKING CO. LTD.
OVER
110 OFFICES IN
BANKS:
THE CLYDESDALE BANK LTD.
OVER 160 OFFICES IN SCOTLAND
IRELAND
Capital & Reserves,£10,180,000
The Bank has 42 Branches in VICTORIA, 89 to
NEW SOUTH WALES, 19 in QUEENSLAND,
Iflln SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA, 3 In TASMANIA and 44 in NEW
011 ALAND.
Head Office: 71 CORNHILL. LONDON, E. C.
Manager—W. J. Essame.
Assistant
The Mercantile Bank of India Ltd
International Banking Corporation
WALL
60
Manager—W. A. Lain#
$10,000,000
Capital and Surplus
THE
in
San
Francisco
-
Reserve Liability of Proprietors
and Undivided
in
India,
New
Philippines
on
York
Bankers to the Government in British East
Africa and Uganda
2,000,000
demand,
Hong Kong & Shanghai
6, Bishopsgate, London, E. C-
Paid up Capital (Hongkong Currency)000,WX
Head
Reserve Fund in Sliver (Hongkong Cuit.)H$23,000,000
Office,
Sydney,
London
Birchin
Lane.
South
New
Wales
Reserve Fund In Gold Sterling..
Office:
Lombard
Street.
Oeylon.
and
Kenya
Zanzibar.
£4,000,000
Paid-Up
£2,000,000
Reserve
Fund
£2,800.000
The Bank conducts every description of banking
and exchange business.
£l,500,00f
GRANT DRAFTS, ISSUE LETTERS OF CREDIT
C.
K.
Aden
Capital
Capital
CORPORATION
BANKING
Burma.
Branches
in
India,
Colony and at
Subscribed
in Australia and elsewhere.
Bills on Australasia
•negotiated or collected.
Remittances cabled..
(.$.
£785,701
Mauritius
Agency, R. A. Edlundh, 64 Wall Street
Head Office:
payable
Profits..*.
Ceylon, Straits Settle
Burma,
NATIONAL BANK 0F INDIA Limited
2,040,000
£6,040,000
and Letters of
Credit are issued by the London Branch on tbe
Head Office.
Branches and Agencies of the Bank
Drafts
£l,500,0et
£750,064
£750,00®
Santo Domingo
Spain
£2,000,000
Fund
Shareholders......
Panama
Java
Established 1834.
Incorporated in New South Wales.
Street, London
ments, Federated Malay States, China and
Straits Settlements
India
Japan
Capital
Reserve Liability of
Branches
Lyons
China
LIMITED
Reserve
$4,000,000
Branches
London
Office
Capital Authorized and Subscribed
Capital Paid Up
Reserve Fund
Commercial Banking Company
of Sydney
PaidUp
Profits...
Undivided
Head
15 Gracechurch
STREET, NEW YORK CITY.
NEGOTIATE OR COLLECT BILLS PAYABLE IF
CHINA, JAPAN, PHILIPPINES,
TLEMENTS, INDIA.
<
St.,
A.
JEFFREY.
Agent.
36
Wall
New
Established
BET
Yori
Incorporated by Royal Charter.
every banking facility for transaction
1B79
ROBERT BRUNNER
Offers
with
90
STRAITS
J.
Ionian Bank, Limited
Greece,
where
and
years,
it has
has
been
Branches
established for
throughout
Banker and Broker
tbe
Country.
Also
78
at
Alexandria, Cairo,
Head Office: Basildon House,
Ac..
In
Moorgate Street,
LONDON,
rue
de
la
Loi
Egypt.
BRUSSELS, Belgium
The Union Discount Co.
E.
Gable Address: Rennurb.
C. f.
of London, Limited
English Scottish and Australian Bank, Ltd.
Pald-Up
Capital
10
539,437 10
89 CORNHILL
Telegraphic Address, Udisco: London.
Address:
5 Gracechurch
St., E.
C.
Head Office: London, E. C. S
Authorized
Capital
£3,000.000
0
Reserve
Fund
585,000
0
Subscribed Capital
1,078,875
0
Capital Paid
Manager.
NOTICE
RATES
Oppenheimer
IS
OF
30 Years
STERLING.
HEREBY
INTEREST
on
GIVEN
allowed
that
for
the
money
deposit are as follows:
At
Call, 5 Per Cent.
At 8 to 7
Days'
in Export
Banking
Nojtice, 5 M Per Cent.
The Company discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time', and
grants loans on approved negotiable securities.
mercantile
CHRISTOPHER R.
BANKERS
■FRANKFORT-o-M.,
5,000,000
$5c=£l
Banking and Exchange business of every de¬
scription transacted with Australia.
Lincoln Menny
5,000,000
0
Remittances made by Telegraphic Transfer.
BlUs Negotiated or forwarded for Collection.
E. M. JAN ION,
Up
Fund..
Reserve
539,437
Further liability of Proprietors
More Than
Capital Authorized & Subscribed.$10,900,000
NUGENT, Manager.
GERMANY
Cable Address "Openhym"
INVESTMENT SECURITIES
The
FOREIGN EXCHANGE
National
Company,
85ICORNHILL
The NATIONAL BANK
Over 500 Branches In Africa
Limited
Capital
$21,166,625
Paid Up
Capital
$438,000,000
Fund
2,500,000
INTEREST
as
facilities for the extension of trade and com¬
merce
between this country and Africa.
New York Agency
R.
-
-
44 Beaver St.
E. SAUNDERS* Agent.
by
years
of
actual residence in
experience
the
coun¬
is essential when
transacting business abroad.
STERLING.)
allowed for money
on
Deposit
are
23 Branches in South America
1 Branch in
Mexico^
Offices in
Europe
9
follows:
"5% per
Otters to American banks and bankers its superior
and
of
people,
4,233,325
Reserve
($5=£1
-
KNOWLEDGE
the needs and habits ©f the
tries themselves,
NOTICE Is hereby given that the RATES OF
"Total Assets Exceed
INTIMATE
acquired
LONDON, E. C.
Gable Address—Natdls London.
Subscribed
d SOUTH AFRICA, Ltd.
Discount
annum at
call.
BH % at 7 and 14 days notice.
Approved Bank A Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE,
Manager
Anglo-South American
hbank, limited
New York Agency. 49 Broadway
March 26 192LT
THE
TH
CHRONICLE
Jforefgn
Jnttigw
Agency
NATIONAL BANK
liMillMib
27
Mm
Pine St.
New
York
of EGYPT
27 Pine St.
Banque Nationale de Credit
New York
Established
Capital.....
Banks
Permit
I
to
draw
frs.
Deposits
.....
I
and
20
the
Reserve
a
I
4
Branches in fthe
of
Fund..
£2,000,000
Rhenish Provinces
KING
7
WILLIAM
ST.,
LONDON, E. C., 4t ENGLAND.
THE
Credit
Cable
fctetrtteN
AND
6
330 Branches in France
Foreign Ezehange
Letters
Law
LONDON AGENCY
In
East.
Far
Egyptian
Capital, fully paid....£3,006,600
Office
PARIS
branches
other
and
90,000,000
under
June, 1896, with the exclusive right to
Issue Notes payable at sight to bearer.
_frs.2,200,000,000
_
Head
Yokohama
Enrepe
500,000,000
on
Shanghai,
Hong Kong,
frs.
Surplus
drafts
direct
Head Office—Cairo.
Transfers
GENERAL BANKING
BUSINESS
Capital: Frs. 150,001),DDI
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
Limited
•
■■
Royal Bank of Scotland
SUBSCRIBED CAPITAL
SWITZERLAND
£2,000,000
£1,082,278
£39,114,727
Rest and Undivided Profits
Deposits
Head Office
St. Andrew
-
Cashier and General
London Office
-
Glasgow Office
839,034,620
-
836,195,208
FUND
Government, State and Municipal
Office:
15, Bisbepsgate, UndoB, England,
for Investment
with
Offices
numerous
in
England
and Wales
Apply to
Bishopsgate, E.C.B
-
-
-
Head
BONDS
Square, Edinburgh
3
-
•
-
Manager: A. K. Wright
-
6199,671,800
PAID-UP CAPITAL
RESERVE
Incorporated by Boyal Charter. 1727.
Paid-up Capital
($5=£1.)
Exchange Square
172 Branches Throughout Scotland.
Every Description of British, Colonial and
Foreign Banking Buslneea Transacted.
Correspondence
SWISS BANK CORPORATION
ROTTERDAMSCHE
BASLE
BANRVEREENIGING
ZURICH
Invited
GENEVA
Amsterdam
Rotterdam
Branches all
ever
Switzerland and in London
The Hague
BANCA COMMERCIAL ITAUANA
CAPITAL
LIT.
LIT.
CAPITAL AND
400,008,000
SURPLUS
186,008,000
DEPOSITS
Head Office,
LETTERS
Capita! & Reserves
Constantinople
HEAD OFFICE—ZURICH
60 branches in
Italy, at all the prin¬
cipal points in the Kingdom
*ANCA
COMtMER CI ALE
ITAUANA
—Sophia and branches
(France)
St.
Gall,
THE COMMERCIAL BANK Of SCOTLAND, 111,
Established
Heald
Bank
The
1
&
ITAMENNE
POUR
transacts
description
every
Capital
£1,750,888
Deposits
£36,071,181
MAGNUS IRVINE, See,
London Office—62 Lombard Street, E. O,
Glasgow Office—118 Buchanan Street.
Reserve.
.
.
_
£1,000,009
ALEX. ROBB, Gen. Mgr.
9 AN CO ITALIAN©—Lima and branches
SOC3ETA
i£5,800,0*8
250,000 "A" shares of £29 each £5 paid-..£1,2SO,SO«
600,000 "B" shares of £1 each fully paid
£ 500,088
branches
ITAUANA
CREDITO
EM
COMMER¬
S8CETE GEWERALE ALSMENNE
CIALE—Vienna, Trieste and branches
3ANCO
1810
Office—EDINBURGH
(Subscribed)...
Paid up—
of
banking business
L'AMERIQUE DU SUO—Paris, Buenos Aires,
Sao Paulo, Rio de Janeiro and branches
BANCA DELLA SVIZZERA ITAUANA—Lugano
and
-
Lausanne,
Vevey.
Geneva,
E BULGARA
UNGARO-ITALIANA—Budapest
FRANCAISE
s
1
Sucarest and branches
«AN QUE
STOCKS AND SHARES
Berne.
La Chaux-de-Fonds,
4ANCA COMMERCIALE ITAJLIANA E ROMENABANCA
EXCHANGE
PURCHASE AND SALE OF
BRANCHES
Basle,
INSTITUTIONS
—Paris, Marseilles and branches
4ANCA COMMERCIALE ITALIANA
-Frs.64,200,000
OF CREDIT
FOREIGN
Broadway
Office, 1 Old Broad Street, E. C. 2
AFFILIATED
COLLECTIONS
Established 1863'
Milan, Italy
New York Agency, 168
London
RESERVE FUND....F.105,000,608
BANQUE FEDERALE (S.A.)
LIT.4^71,970,662
....
FRANCES
DE
CHILE—Santiago,
Drafts, Circular Notes and Letters of Credit 1m««8
description of British, Colonlaljand Foreign
0E BANQUE
Val-
paraiso.
BANCO FRANCES E ITALIANO DE COLOMBIA—
and every
Banking and Exchange business transacted.
Now York Agent*—American Exchange Nat. Bank
Fondee In 1881
Bogota
Siege social:
Strasbourg
ArnoldGilissen&Co.
CREDIT SUISSE
4, Rue Joseph Massol
Established 1856
Capital, ICOJmillions de francs entierement
80 81 Damrak
AMSTERDAM
verses
Capital paid up..frs. 160,000,060
Funds
Reserve
frs.
36 Agences notamment
30,000,000
Gable Address:
a
METZ
COLOGNE
MAYENCE
LUDW1GSHAFEN
HEAD OFFICE
MULHOUSE
Achilles-Amsterdam
FRANCFORT
Established
1871
BANKERS AND STOCKBROKERS
SARREBRUCK
Zurich, Switzerland
THE HAGUE
ROTTERDAM
FOREIGN EXCHANGE
Branches at Basle, Berne,
Frauenfeld,
Geneva, Giaris, Kreuzliagen, Lugano,
Lucerne, Neuchatel, St. Gall.
GENERAL
The United States Life
Foreign Exchange
IN THE CITY OF
Organized 1850. Non-Participating Policies only*
PRAGUE CREDIT BANK
HEAD OFFICE.
Capital paid up
tsisi ii (Surplus)—
Total Resources
CsXr.
"
"
100,660,006
64.000,000
1,100,000,800
Letters of Credit
on
holders.
KONIG BROTHERS, LONDON
JOHN
P.
MUNN, M.
D., PRESIDENT
and
Good
Established in 1870.
CD.
Forty-Five Million Dollars Paid to Policy¬
PRAGUE.
Branches throughout Czechoslovakia.
&
Commercial and Travellers
NEW YORK.
Doeumentary Business,Letters of Credit
Over
BROTHERS
168 Purl Strut- MEN YORK
Insurance Co.
BUSINESS.
BANKING
KSNI6
territory
open
for
class
persona
with
the
producers,
under
Gompany.
Address Home Office, 277 Broa way
New York Oity.
direct
high
contracts
NEDERLANDSCHE HANBEL-MAATSCHAPP
ROTTERDAM
VIII
THE
CHRONICLE
[VOL. 112.
Ranter* anb ^Brokers ©utsibe .fietajgorfc
CHICAGO
MILWAUKEE
EDGAR, RICKER
CHICAGO
<5t CO.
Cast Water and Mason Streets
MILWAUKEE, WIS.
Specializing
WISCONSIN CORPORATION ISSUES
A. G. Becker & Co.
TIMBER
and Wisconsin Industries.
South
1ST
Investment Securities
322 so. Michigan Av., Chicago
La Salle Street
NEW
YORK
SEATTLE
ST. LOUIS
SAN FRANCISCO
LOS ANGELES
First Wisconsin Company
Investment
y
ofunderlyingassets
CHICAGO
Bought and Sold.
SCOTT
& STITT
INVESTMENT BONDS
Securities
MILWAUKEE
expert verification
INVESTMENT SECURITIES
Financing of Milwaukee
BONDS
based always upon
COMMERCIAL PAPER
WISCONSIN
W. Monroe
111
Oreenebaum Sons
St-
CHICAQO
Rnnlc andTrust Company
CINCINNATI
Southeait Corner La Salle and
Second Ward Securities Co.
Second
Ward
Sayings Bank Bldg.
MILWAUKEE
GENERAL BANKING
6% CHICAGO FIRST MORTGAGE
for
Estates,
La Salle St.
BONDS
Miami Conservancy District Ohio
Individuals
and
Trustees
5H% Bonds
Write for Bend Circular C 25.
CHICAGO
Oldest Banking House la Chicago.
Due
A State Bank
June
Interest
Specialists in
Price
MUNICIPAL BONDS
and
First Mortgage
Corporation Bonds
High Grade Investments
Hyney,
MoRRl£ltB0X&CO.
CURIT1E3
«9
South
Note
Bond
York
5.30
Savings
Department
O.
& Co.
CHICAOO
Salle St.
CHANNER & SAWYER
I
INVESTMENT SECURITIES
MilwaukclWg
MATiOMM. «*HM SIM
Underwriters
and
Wisconsin
our
Yield
CINCINNATI.
f»»»T WlftCONSlN
Write
1—New
Bank & Trust Co.
Issues
Emerson
La
Dec.
District 800,000
The Provident
Short Term
Industrial
Imvebtm
1987-1941-1944
and
Population
Wisconsin Municipals
I
$75,000.00
Capital and Surplus, $2,000,000
Suitable
108 So.
Madison Sts
Specialists in
A. O.
Slaughter & Co.
Union Trust
Bldg.,
CINCINNATI.
OHIO
Members
Issues
New York Stock Exchange
Ohio
Chicago Stock Exchange
Chicago Board of Trade
Trading Department
Securities—Municipal
New
York Stocks and
Bonds
Bonds
WEST MONROE STREET
110
CHICAGO,
SPRINGFIELD, ILL.
ILL.
DEALERS
IN
INVESTMENT SECURITIES
Matheny, Dixon, Cole & Co.
Powell, Garard & Co.
SPRINGFIELD, ILLINOIS.
INVESTMENT SECURITIES
IRWIN, BALLMAN & CO.
328-330 332
39
Dealers in
Municipal
and
and
Corporation
Illinois
Farm
Bonds
South
La
Salle
Street
Walnut St.
CINCINNATI, OHIO
Chicago
Philadelphia
St.
Louis
Mortgages
ssssr bonds
BUFFALO
EDGAR
FRI EDLANDER
DEALER
Cincinnati
Slocum, Eckardt & Company
SaiPKEn
OHIO
CINCINNATI
Formerly
SHAPKER, WALLER & CO.
INVESTMENTS
420
i COMPANY
IN
Securities
184
SOUTH
LA
SALLE
STREET
TOLED
O
CHICAGO
Ellicott Square
BUFFALO, N. Y.
TUCKER, ROB 1 SON & CO.
JOHN
T. STEELE
Government,
Mnnicipa
Corporation
SPECIALISTS
to
David Robison Jr. & Sons
Investment Securities
BUFFALO, N. Y.
and
Successors
John Burnham & Co.
La
Salle
and
Monroe
Chicago
Bonds
Bankers—Established 1876
Municipal, Railroad and Corporation Bsndi
Toledo
Gardner
and
Building,
Ohio
Securities
TOLEDO, OHIO
IN
Buffalo and Western New York Securities
F.
WM. KRAFT, Lawyer
Specializing in Examination & Preparation of
County, Municipal and Corporation
IRVING
T.
LESSER
Proceedings Authorizing Same.
STOCKS AND BONDS
Graves, Blanchet & Thornburgb
Bonds, Warrants and Securities and
Rooms
617-620, 111 W. Monroe
Harris Trust Building
St.,
MUNICIPAL BONDS
GARDNER BUILDING
TOLEDO, OHIO
176
Ellicott
Square
BUFFALO, N. Y.
CHICAGO,
ILLINOIS
I
March 26
1921.]
THE
CHRONICLE
IX
JBanfeer* anb Jirokerg <^utstoe J^eto gorfe
ftTTSBURGH
MICHIGAN
MICHIGAN
gordon
&
company
Member* of Detroit Stock Exchango
a. J. Hood &
INVESTMENT BANKERS
fembers Pittsburgh
Ualea Bank Building,
Phase
(Established
INVESTMENT
BOUGHT—SOLD—QUOTED
PITTSBURGH, PA3264-5
Charles A. Parcells A Co.
Years)
20
MICHIGAN SECURITIES
Stock Exchange
Court
Company
Specialize in Michigan Stocks and Bonds
PENOBSCOT
BUILDING
SECURITIES
PENOBSCOT BUILDING,
.
DETROIT, MICH.
DETROIT
lyon, singer & co.
INVESTMENT
Members Detroit Stock Exchange
BANKERS
Commonwealth Bldg„,
PITTSBURGH
Securities of Pittsburgh District
Pennsylvania Municipal
Richard Brand
HUGHES, GORDON, BRASIE & CO.
Company
Specializing Detroit Securities
High Grade Bonds
Bonds
DIME
BANK
BLDG.
We
invite
inquiries
your
1721-3 Dime Bank
DETROIT
Bldg., Detroit
Geo. W. Eberhardt & Co.
OLIVER
BUILDING,
Stocks,
and
PITTSBURGH
PROVIDENCE
Bonds, Grain
Members
New
Members
York
Stock
Municipal Bonds Corporation Bonde
BODELL & CO.
Pittsburgh Stock Exchange
Chteago Board of Trade
Members
WHITTLESEY, McLEAN & CO.
Provisions
Exchange
10
WEYBOSSET
Preferred
STREET
PROVIDENCE
a.
e.
masten
Established
& co.
New
2064-66-68 Penobscot Bldg.,
York
1891
NEWARK,
N.
FENTON, DAVIS & BOYLE
J
Chicago Stock Exchange
(Chicago Board of Trade
(New York Cotton Exchange
Ave.,
INVESTMENT SECURITIES
Wheeling, W. Va.
List
W. Carson Dick &
INVESTMENT
Investment
CONSERVATIVE
Pittsburgh, Pa
Branch Office—
Company
BONDS
DETROIT
Boston
[New York Stock Exchange
| Boston Stock Exchange
Members-^ Pittsburgh Stock Exchange
323 Fourth
Stocks
Active Members of Detroit Stock Exchange.
upon
Chicago
Bankers
Detroit
Grand Rapid*
request
F. M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
BUILDING
KEANE, HIGBIE & CO*
NEWARK, N. J.
l
MUNICIPAL
190-896 UNION ARCADE BUILDING
67
TEXAS
GRISWOLD
BONDS
ST.
DETROIT
PITTSBURGH, PA.
J. E.JARRATT& COMPANY
INDIANAPOLIS
Investment
Fletcher American Company
Bankers
INVESTMENT
Penobscot
San Antonio, Texas
-
*
.V
Inc.,
BANKERS
DETROIT, MICH
Bldg.
Members
Detroit
Stock
$1,500,000
Specializing In Indiana and Indianap¬
olis
& CO.
Bonds
Municipal
INDIANAPOLIS
Capital
KAY
Corporation and Municipal bonds
DUNN & CARR
Exchange
GEORGE M. WEST & COMPANY
1893
Established
and stocks.
Investment Securities
BANKERS
INVESTMENT
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
Cincinnati
Detroit
Union Nat. Bank
HOUSTON
Chicago
Bldg.
TEXAS
....
UNION TRUST
DETROIT,
BLDG.
Members Detroit Stock Exchange
Milwaukee
Investment Securities
MACON
Municipal Bonds
Indiana Corporation Securities
W. M. DAVIS & COMPANY
Southern
NEWTON
TODD
Local Securities and
Indiana
Corporation
418 Lemcke
Municipal Bonds
INDIANAPOLIS
HAMLIN &.CO
Members
Stock
Detroit
Exchange
AND
Motor Stocks, Public Utilities &
Guaranteed Stocks
Bonds and Stocks
Bldg.
W. A.
GEORGIA
MACON
Oils
DETROIT, MICH
1010 Penobscot Bldg.,
BALTIMORE
& Co.,
Joel Stockard
R. Lancaster Williams & Co., Inc.
INVESTMENT SECURITIES
the
MARYLAND
LOCATE
firm
disposal
Equitabla Building
BALTIMORE
TO
that
has
you
what
quire, insert
an
for
re¬
ad in the
INVESTMENT
Inc.
BANKERS
Municipal, Government &
Corporation Bonds
Members Detroit Stock Exchange
Penobscot Bldg.,
•
DETROIT
•
Cherry 8601
Classified Department
Scott &, Stump
INVESTMENT£SECURITIES
Stock Exchange Building
PHILADELPHIA
Pkonoot
Locust 6480. 6481. 6482. 6483
Keystone:
Race 2797
of The Financial Chron¬
icle
(faces
back cover.)
the
Harris Small &
Lawson
inside
INVESTMENT
160
SECURITIES
CONGRESS
ST.,
DETROIT
W.
Jleto gorft
PattfeeriS anb ^rofeers €>uts(be
PACIFIC
PACIFIC COAST
COAST
PORTLAND, ORE.
Pacific Coast Securities
Howard Throckmorton
[You 112.
CHRONICLE
THE
X
HALL A COMPANY
INVESTMENT BONDS
BONDS
CALIFORNIA SECURITIES
of MUNICIPALITIES AND
CORPORATIONS
{Government
Municipal
Corporation
Local and Pacific Coast Securities
PORTLAND, OREOOft
LEWIS BUILDING
having substantial assets
and earning power.
San Francisco
MINNEAPOLIS
Commercial Building
Alaska
WILLIAM R. STAATS CO.
LOS ANGELES
Furnished
Information
and
Quotations
Pacific Coast
PASADENA
FRANCISCO
SAN
on
Mevens^&-(£o.
ESTABLISHED
-
I Q 1 O
Securities
Established
1853
•ClOlMiM
SUTRO & CO.
i
INVESTMENT BROKERS
Members
San Francisco Stock
San Francisoo
CH) Montgomery St.
SUiAUt
MlNN&XkDLnS
Hunter, Dulin & Co.
DENVER
and Bond Exchange
Municipal and
MUNICIPAL
CORPORATION
California Securities
AND
Corporation Bonds
v
DfiMnQ
DVJ1NL/»J
DISTRICT
COMPANY
H. WADE
WILL
INVESTMENT
BANKERS
Second Floor U. S. National Bank Bldg.
Aronson and
Company
California
Los Angeles,
Los
Angeles
DENVER
San Francisco
"
San
Pasadena
Diego
AUGUSTA
Oakland
CLEVELAND
JOHN W. DICKEY
We
TheGundling-JonesCompany
Augustm, Ga.
specialize In California
Municipal
Corporation
&
Southern
BONDS
Established
STOCKS—BONDS—NOTES
Securities
1880.
DRAKE, RILEY &, THOMAS
BANGOR BUILDING,
CLEVELAND
Van
Nuys Building
LOS
ANGELES
E. BUSH & CO.
WM.
Augusta, Ga.
OTIS & COMPANY
Stocks
Acceptances
Bonds
Members of New York, Boston, Cleveland, Chicago
and Detroit Stock Exchanges, the New York
Cotton
Exchange and the
of Trade.
Chicago
Board
R. H. MOULTON & COMPANY
SOUTHERN SECURITIES
MILL STOCKS
COTTON
CALIFORNIA MUNICIPALS
Tide Insurance Building,
LOS ANOELSS
American Natl Bank Bldg.,
SPARTANBURG, L C.
San Franoieeo
CLEVELAND
Boston
Detroit
Columbus
Toledo
Akron
Dayton
Denver
New York
Cincinnati
Youngstown
Colorado Springs
A. M.
DEALERS IN
Stocks
851-853
Stocks
Bonds
SAjN
Acceptances
Montgomery Street,
FRANCESCO, CALIF.
Stocks and Bonds
SHORT TERM
NOTES
Information
and
Quotations
on
and
Bonds
Southern Textiles
all Pacific
a
Specialty
SPARTANBURG, S. C.
Coast Securities
RITTER COMMERCIAL TRUST
LAW & CO., Inc.
CHAPMAN DE WOLFE CO.
Members San Francisoo Stock & Bond Exchange
CHATTANOOGA
CLEVELANDBnineanwrated
IM Euclid Ave.
BUFFALO
Niagara Life Bldg.
NORFOLK, VA
LEWIS BURKE & CO.
MOTTU & CO.
THE
<
KtlPFEL-WASHBURN - BERKLEY
Established
SECURITIES
CO.
NEW YORK
NORFOLK, VA.
INVESTMENT SECURITIES
Sad Floor National City
LOCAL AND SOUTHERN
1892
60
Bldg.
Broadway'
CHATTANOOGA
James Building
INVESTMENTS
CLEVELAND, O.
Warren
Dayten
Bucyrua
MONTGOMERY
Listed
-
Unlisted
-
B. W.
Inactive
Stocks & Bonds
SOUTHERN
Strassburger
INVESTMENT
Montgomervt
ALBERT
CLEVELAND, O.
BOSTON
HUNTER GLOVER & CO.
Ashtabula
of the
England
Springfield
any one
can
be
small
/
FINANCIAL CHRONICLE.
Yielding 6to 8%
Our
Classified Department
inside back
CLEVELAND
New York
Departments
ad in the Classified Department
Industrial Securities
Investment Securities
Philadelphia
capable head for
obtained by inserting a
New
Cincinnati
and
of your
FOYER
Leader News Bldg.
ERIE BUILDING,
SECURITIES
Ala.
A BUSINESS EXECUTIVE
J.
85
MURRAY WALKER
Devonshir©$tr«et
Boston
cover.
faces the
March 26
1921.]
THE
OHEONIOLE
XI
Jtanfcera anb JBrofeer* i^ataftie
JJete
'.""iiAftiiviiwiinnrifin
MARX &
COMPANY
BANKERS
THAYER, BAKER &
y
Graham, Parsons & Ca
CO.
411 OHESTNUT ST.
BIRMINGHAM,
-
.
ALA.
.
S»
PHILADELPHIA
Southern Municipal and
PINK
NEW
ST.
YOB*
Investment Securities
Corporation Bonds
INVESTMENTS
NEW ORLEANS
Deal In
and
Purchase
•
Commercial Trust Bldg.,
PHILADELPHIA
Issues of
MUNICIPAL BONDS,
BONDS, NOTES AND PREFERRED STOCB
of
Southern Municipals
RAILROADS,
x
INDUSTRIAL
UTILITIES
AND
CORPORATIONS
of
ESTABLISHED
VALUE.
Bond Secured
Short Term Notes
Cable Address "Graco," Philadelphia.
8% Convertible
Preferred Stocks
Commercial
Bankers
10-Year Gold Notes
Paper
To'Yield 8%%
Strong,
well-managed
Public
Utility serving population of
225,000 in one of the richest and
most rapid
growing sections of
the country, has
applicable net
earnings over three times interest
charges for this issue. Collateral
security, sinking fund provision
and conversion
privilege make
Acceptances
Hibernia
Securities
Company
this
(Incorporated)
Investment
Securities
unusuallv attractive of¬
an
tut na
Wire
Mint,
•
phiudelphu
•
Telephone Locust 4731
Send for Circular CC-65
HMByllesby & Co,
Incorporated
Direct Private
44 Pine Street
Members Philadelphia Stock Exchange
fering.
New Orleans
New York Office
Boles&Westwood
Service
New\brk
Broadway
^
111
Chic ado
208 SLaSalle St
JO
€.UI.eiarR$£0.
SfcxSfSrccC
ST. LOUIS
*
BANKERS
Lorenzo E. Anderson & Company
310
Municipal
N.
8th
and
St.. St.
Corporation
Established
Bonds
New York Stock Exchange
New York Cotton Exchange
Members
311 Chestnut St.,
1
Chicago Board of Trade
(Established
80
MAIDEN LANE
Members New York and
NEW
Are
SMITH, MOORE & CO.
your
Holdup
and
YORK
MfCwmtCft
Bonds,
Fire, Automobile,
Liability policies properly
written?
Advice
INVESTMENT BONDS
given
BANKERS
policy contracts, flro
on
protection and loss adjustments.
ST. LOUIS, MISSOURI
Prompt
desired.
coverage
procured
wherever
Land Title
Members
ST.
Philadelphia
Stock Exchanges
Tel. John 4376
William H. Burg
M* OLIVE ST.,
1868)
Insurance Brokers
Charles W. Moore
1837
Edward E. Hall & Co.
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
fferndon Smith
Philadelphia
Louis
Bldg., Philadelphia
Philadelphia Stock Exchange
LOUIS SERVICE
Pennsylvania Tax Free Bondi
NARK C. STEINBERG & CO.
PAUL & CO.
dembers New York Stock Exchange
dembers St. Louis Stock Exchange
N.
300
Broadway
Mentors Philadelphia Stock Exchange
ST. LOUIS
i
1411 Chestnut Street
The Future of
PHILADELPHIA
Our Railroads
Members St. Louis Stock Exchange
STIX
discussed in
current
issue of
Frederick Peirce
& CO.
BONDS
FOR
Investment Securities
& Co.
1421 Chestnut Street,
809
OLIVE
ST.
ST.
MENT
Philadelphia
LOUIS
Free
on
request
Over
BOYLE, BROCKWAY & GRAHAM, INC
MATTERS
INVEST-
Of the Banks in
30^
NATIONAL
27 Pine
Street New York
New York City
SAFETY
use
PAPER*
FOR THEIR CHECKS
FINANCIAL
George La Monte & Son
Uaiea
Arcade
Pittsburgh,
F»t
i 61
Broadway
New
Yor
[Vol. 112.
CHRONICLE
THE
XII
Current ®onb Snqutrtejs
American
UNLISTED
Light & Traction
Acker, Merrall & Condit 6s, 1923
Atlas Portland Cement 6s,
Atlas Portland Cement
1925
Central Union Gas 5s, 1927
Burroughs Adding Machine
C. & O., Warm
Spgs. Val. 5s, 1941
Croweli & Thurlow S. S.
Clev. Akron & Columbus 5s, 1927
Kensico Cemetery
N. Y. & East River Gas 1st 5s,
'44
Nash Motors
Terminal Warehouse 5s, 1942
Standard Underground
Ward
West
Cable
Texas & New Orl. Cons. 5s, 1943
IOBEV&KHtK
Baking
Members
Virginia Pulp & Paper
Investment
'
York Stock Exchange
New
Broad
25
United Lead Deb. 5s, 1943
Ward Baking 6s, 1937
St., New York
_
BerheU UrotlierH
_
Southern Pacific
Securities
$uhUt Utility Securities
111 Sraafotuag, SNeta
San Francisco Terminal
First Mortgage 4s, 1950
Detroit Edison Co.
3%, due 1931
Davies, Thomas & Co.
Y.
Members N.
Stock
Idaho Power Co.
Exchanoe
8%, due 1930
Telephone
New York
5 Nassau St.
Telephone
Rector
$ork
-
Broad 3500
Kansas
City Pr. & Lt. Co.
8%, due 1940
5520
Louisville Gas & Elec. Co.
8%, due 1923
Municipal Gas Co. of Albany
American Can Deb. 5s, 1928
American Tobacco 6s,
Central
1944
Argentine Ry. 6s, 1927
East or. L or- Int Wat as, 1942
nast St
l. & inc.
war. 5s
N. Y. Chic. & St. L. 6s, 1931
o
*
i
..
T
.
_
8%, due 1922
Oklahoma Gas & Elec. Co.
SpdlCer IVask & Co.
*
„
,
c
'
KT
v
8%, due 1931
Penn. Ohio Pr. & Lt. Co.
i
Broad Street, New York
albany
boston
8%, due 1930
Chicago
Public Ser. Co. of No.
Members
New
York
Stock
Exchange
Seaboard Air Line 7s, 1923
Southwestern Pr. & Lt. Co.
8%, due 1941
Swift & Co. 5s, 1944
United Gas &
Trinity Bldg. Corp. 5V2s, 1939
THQI7DU
JUjLrn
2 Rector
I7PDCDT
LUdLK I
St., N. Y.
Tel. Rector 92G1
'
So*
Member,
New
Provincial, Municipal and
Corporation Securities
on
Westheimer
&
Cincinnati
Stock
Chicago
Board
Baltimore
Exchange
Exchange
of
Stock
te
Philadelphia and
Due June 15, 1921
the
Stock
Phones
_
_
,
,
.
CINCINNATI, OHIO
and July 1, 1921
...-
^
MILLER & COMPANY
SUTRO BROS. & CO.
Trade
Exchange
Boston
Pennsylvania Co. 4y2s
Company
of
York
Phone Rector 99S0-6, 97*8-7, 59*1-8
Private
4}^s, 5s and 6s
Canadian Government
INDIAN REFINING CO.
•
Co.
8%, due 1930
I. & Pac. Ref. 4s, 1934
St. LSouthw.Ry. Ry. issues)
(all (all issues)
Grand Trunk Pac.
PROCTER & GAMBLE CO.
,i
United Lt. & Rwys.
Gen. 4s, 1956
Chic. R.
Impt. Co.
8%, due 1923
tfi0_
Erie Gen. 4s, 1996
Cuban Govt.
tir
111.
8%, due 1930
Members Chicago Stock Exchange
-.
Members N. Y. and Phila. Stock Exchanges
110 Broadway.
NEW YORK
Telephone: Reetor 7350
of New York Stock Exchange
1*0 BROADWAY,
'Phono 7500 Rector, N. Y.
Members
BALTIMORE, MD.
Bought—Sold—Quoted
EASTMAN
Public
KODAK
COMMON
f3991]
Utility Stocks and Bonds
Telephone 3992 Rector
3993
Amer. Light & Traction
Amer. Power &
Light
.3994
Potomac Elec. Pr. 6s, 1923
ALFRED F. 1 NGOLD&CO.
Northern States Pr. 7s, 1923
International
Miss. Val. Gas & Elec. 5s, 1922
United
Railways
Light & Railways
Amer. Gas & Electric 6s, 2014
Union
Ferry
74
Lima Locomotive 6s, 1932
United Gas & Electric
United Gas
& Electric 6s,
William St.,
New York
'Phone Hanover
Y.
GLOVER & MACGREGOR
1945
145
Fourth
Ave., PITTSBURGH, PA.
Amer* Wat* Wks. & Elec* 5s, 1934
Stone, Prosser & Doty
52
Broadway, N.
West Penn Traction 5s, 1960
St. Paul Union
7783
•
Depot 7s, 1923
West Penn Power deb* 6s, 1924
March 26
1921.]
THE
CHRONICLE
XIII
Current Jionb 3nqutrie$
Allied Packers 6s, 1939
Am. Tel.& Tel. 6s,
Abitibi P. & P. 6s, All Issues 'KCanadian War Loans
1922 & 1924
Chinese
Beaver Board 8s, 1923
Government
6s,
Eastman Kodak
Ford Motor of Canada
Firestone Tire Com & Pfd.
1921
Grand Trunk Pacific Issues
Brazil. Trac. Lt. & Pow. 6s, 1922
Goodyear T. & R. Com & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com & Pfd.
Rochester Ry. & Lt. 5s, 1944
Sen Sen Chick 6s, 1929
Shaffer Oil 6s & 7s
Columbia Graph. 8s, 1925
Denv. Gas & El. 5s, 1949 & 1951
Packard Motor Com. & Pfd.
Texas Electric Ry. 5s, & 6s
Victor American Fuel 6s, 1940
Woodward Iron 5s, 1952
Empire Gas & Fuel 6s, 1924 & '26
Federal Lt. & Trac. 5s, 1946
Georgia Lt. Pow. & Ry. 5s, 1941
United Lt. & Ry. Com. & Pref.
Rochester Ry. & Lt. 5% Pref.
Willys Corporation Stocks
Merrill, Lynch & Co.
Grand Trunk Pac. Ry. 3s, 1962
120
Int. Ry. 5s, 1962
Broadway, New York
Telephone 6070 Rector
Private
Louisville Gas & Elec. 8s, 1923
toires
to
Chicago,
Traders Telephone 7688 Rector
Detroit,
Cleveland,
Youngstown,
Grand
Rapid*
and
Lansing
Milwaukee Coke & Gas 7V^s,1933
Rio de Janeiro 6s,
Russian Govt.
1931
Albany & Susquehanna 3V£s, '46
Chic. St. L. & N. 0.1st 5s, 1951
Chicago & Eastern
5^8, and 6^8
Savannah & Statesb. 1st 5s, 1953
Chic. Ind. & Lou. Ref. 4s, 1947
Central Vermont 4s, 1920,
Illinois R. R.
General 5s, 1951
Chic. Mil. & Pug.
Preferred Stock
Mil. Sparta & Northw.
4s, 1947 r
Minn. St. P. & S.S. M.
Cons.4s/38
-
Common Stock
Morton Iachenbruch&Cq
42 Broad Street. NewVbrk
Sd. 4s, 194S
N. Y. & Erie 4th Ext.
5s, 1930
St. L. Iron Mtn. & So.
Gen.5s, *31
(When Issued)
Wisconsin Central Ref. 4s, 1959
Pri-Mte IVires to, CHICAGG-PHILADELPHIA -ST. IflUJS
PDOUEfiB-DETRDIT- CLEVELAND-GRAND EAPIDS
C. C. Kerr & Co.
S
Rector
St., N. Y.
R. W.
Phone 6789 Rector
40 Wall
DO YOU
That
KNOW
In
their
use
and
Chronicle
the
John 807
Classi¬
this
Trac. of Buff, unstpd.
Railroad Bonds
4s, 1949
Minn. St. P. & S. Ste. M. 2d 4s, 1949
Department
use
High Grade
Columbus & Hocking Valley 4s, 1948
when
the
in
occa¬
N.
Y.
Investors
New York
arises.
Corp. 43^8, 1921-24
Northern Pacific
Terminal
6s,
& Long Branch
1933
Prince & Whitely
4s, 1941
Members N.
CONSTABLE
'
66
Telephone
Choctaw Okla. & Gulf 5s, 1952
S. P. LARKIN & CO.
WM.
WW.
1946
Chic. St. Paul Minn. & O. Deb. 5s, >30
Int.
mind for
sion
respective
consult
Department.
Keep
AA
efficient
most
men
Financial
Susquehanna 3^8,
©
**
Canada Southern Stock
the
fields
fied
Albany &
PRESSPRICH
Street,
New York
CONSTABLE
Broadway N Y
& FLEMING
K. L. FLEMING \JSL
-
\telj Rector 7270
RAILROAD
48
52
'
Tel. Broad 6323
BONDS
Exchange PI.
Private
New
York
wires to
Philadelphia, Boston,
Baltimore, Richmond, Now Hovon
City
Telephone: Hanover 6457
|
Y. Stack Exchange
Broadway
St. Louis Iron Mtn. & So.
5s, 1931
St. Louis San Fr. Gen. 5s, 1931
Long Island Consol. 5s, 1931
Manitoba Pacific Ext. 4s, 1940
Railroad
Bond
Dept.
Public
Kentucky Central 4s, 1987
Cin. Wabash & Mich. 4s, 1991
Public Service, N. J., 7s, 1922
Cent. Ga., Chatt. Div. 4s, 1951
So. Ry., St. L. Div. 4s, 1951
Cent. RR.&
Canadian, Cuban,
Mexican
Utility Dept.
Federal Lt. & Traction 5s, 1942
United Light & Ry. 5s, 1932
Denver G. & E. 5s, 1949 & 1951
Bkg. Co. Ga. 5s, 1937
4^s, 1935
N. Y. Penn. & Ohio
Utah Pr. & Lt. 5s, 1944
N. Y. Chic. & St. L. 1st 4s, 1937
Southern Power 5s, 1930
Savannah & Statesboro 5s, 1953
Peoria Terminal 4s, 1937
American Power & Light Com.
Macon Terminal 5s, 1965
SECURITIES
British American Tobacco Common
Imperial Tobacco Com. & Pfd..
Republic Ry. & Light Common
Norf. & West. ext. & impt. 6s, '34
K. C. Ft. Scott & Memp. 6s, 1928
Northern States Power Common
Industrial Bond
United
Light & Railway Pref.
Dept.
Cuban
Telephone Com. & Pfd.
American Real Estate 6s
Cuban
Telephone 5s, 1951
Dominion Coal 5s, 1940
Bank Stock
Dept.
Havana Electric Com. & Pfd.
Norwalk Steel 4^8, 1929
Chase National
Havana Electric 5s, 1952
Keystone Steel & Wire 7s, 1921
Lake Superior Inc. 5s, 1924
Hanover National Bank
Babcock &
Wilcox, Ltd.
Grand Trunk Pacific 4s, 1955
Grand Trunk Pacific 3s, 1962
Consolidation Coal 5s,
Fairmont Coal 5s, 1931
American
Kuczynski & Co.
Broadway
New York
Cyanamid Pref.
Spalding Pref.
Picture Corp. I
K. C. Ft. Scott & Memp. Pref.
N.
Y.
Motion
Amer. Smelters Securities "B"
American Wholesale Pref.
Telephone Rector 6834
s
CORRESPONDENTS
All
Important Foreign Capitals
PRIVATE
Montreal
WIRES
Right!
Chatham & Phenix Nat. Bank
1950
Mechanics & Metals Nat.
Ban|s
Industrial Stock Dept.
A. G.
120
Seaboard National Bank
Nat. Conduit & Cable 6s, 1927
%
Mississippi River Power Com. & Pfd.
Bank
Gillette
Razor
Ogden Mine RR.
Standard Oil
\
Atlantic
Standard Oil of California
Standard Oil of New York
Standard Oil Indiana
South Penn Oil
CARRUTHERS, PELL &
15 Broad Street, New York
Dept.
Refining Common
CO.
Phones 5161 to 5169 Hanover
Toronto
Philadelphia Phone, Locust 572
Bait.
Phone, St. Paul 9389
THE
[VOL. 112.
CHRONICLE
Cnmnt ?8onb 3ttqtdrie«
F.
York Stock Exchange
New
UimtMri
61
El
J
Paso
Mobile
&
5s,
Racine Water Co. 5s
1934
Canada
Wichita Water Co. 5s
4s
Queens County Water Co. 5s
Otero Irrigation District 6s
Railway
1st
of
4s,
Leavenw.C'y&Ft.L.Wtr^gjSsjSs
'47, '51
Ry. & Coal 5s,
H. C. SPILLER & CO.
1937
Railroad
INCORPORATED
,
17 Water St., corner
Railway 1st 5s
Railroad
Delaware
Central
New York Interurban Water 5a
Acquackanonk Water Co. 5s
Southern Lines 4s, 1939
Rio Grande Junction
Texas
Joplin Water Co. 5s
Railway, 5s
Marquette RR. collateral trust 4s
&
Clinton, Iowa, Water Co. 5s
1930
Birmingham RR. 4s & 5s
Mexico
Philippine
of
Ry.
5s,
Dodge RR. 4s, 1935
Louis
St.
&
Northern
Manila RR.,
Ulster
Birmingham Water Co. 5s
Middle States Water Works Co. 5»
Railway
Island
Rock
&
Minneapolis
Great
Pere
J
Vermont
Des Moines & Fort
New
Peoria Water Works 4s and 5s
BROADWAY, NEW YORK
Central
WE DEAL IN
WANTED
J. LISMAN & CO.
1st
4s
&
63
Devonshire St., BOSTON
Wall Street,
NEW YORK
5s
1923
5s,
—
AND ALL RAILROAD AND STEAMSHIP SECURITIES
American Tobacco
Underlying
VILAS &HICKEY
BOND
Crowell & Thurlow SS. Co.
Railroad
New York
Wall Street
49
BROKERS
Scrip
Babcock & Wilcox
MacAndrews
& Forbes
Bonds
Orders Executed in Railroad
Specialists
in
all
Tobacco
Securities
and Active Bond Issues for
Dealers
on
Bristol £ Bauer
Commission
12 0 Kfoadrtay £££ Phone-. Rector 4594
Telephone Hanover 8317
a
•
i
n_
•£:^
01/—
WOOD, STRUTHERS & CO.
1000 '
Central Pacific 3/2®? 1929
5
Canadian Pacific 6s, 1924
Nassau
Street
Austin & Northwest 1st 5s, 1941
NEW YORK
Indiana Steel 1st 5s, 1952
Bang. & Aroos. RR. underly'g bda.
Central Vermont 5s, 1930
Cleve. Akron & Col. 4s, 1946
Duluth & Iron Range 5s, 1937
New York Tel. 6s, 1949
New York
Telephone 4*48,
Cleveland & Marietta 4*4s,
Tri-City Railway & Lt. 5s,
Argentine Govt. 5s, listed &
Nor. Ontario Lt. & Pr. 6s, 1931
Rio de Jan. Tram. L. & P. 5s, 1935
Santa Fe Pres. & Phoenix 5s, 1942
Shawinigan Wat. & Pr. 5s & 5J^s
Soo Leased Line Guaranteed
Utica Clinton & Bing. 5s, 1939
Wisconsin Central Ref. 4s,
McKinley & Morris
Members New York Stock Exchange
Finlay & Davenport
;
1
BROADWAY, N. Y.
Specialists in
Railroad Terminal Bonds.
72
Lt. & Trac.
Central Petroleum
Western Power
Christopher & 10th St. RR. Stk.
Broadway & 7th Ave.
Eighth Ave. RR.
Brooklyn City RR.
Columbus & 9th Ave. 5%, 1993
Nassau Electric RR. 4%, 1951
Bklyn City & Newtown 5%, 1939
South Ferry 5%, 1919
MacQuoid & Coady
GARDNER
&
'
1
=
your
Classified Department
of
the
.
'
A. B. Murray & Co.
14 Wall Street
'
Manitoba Pac. Ext. 4s,
1940
Northwest. Teleg. 4*4s,
1934
1949 Western Union Tel. 5s,
1938
1926 Man. S. W. Col. 5s,
1934
2008
—
Phone 1053 Rector
New York
& P. 6s, 1922
111. 5s, 1939
Southern California Edison 5s & 6s
Brazilian
Cleveland
J
Trac.
Elec.
Power
5s,
6s
West
Penn
Utah
&
7s
Securities 6s, 1922
Gilbert j. Postley
16
-
faces the
cover.
Argentine Government 5s, 1945
Citizens Lt., Ht. & Pr. of Pa. 1st 5s, '34
Dallas Gas Co. 1st 5s, 1925
Penn. Pub. Service Co. 1st 5s, 1962
Penn. Pub. Ser. Corp. 6s, '29; 7^8, '35
Penelec Coal Co. 1st 6s, 1924
CO.
-
.
Ch. & N. W. Ext. 4s,
fill vacancies in
Inside back
Tel. Rector 7430
Ch. M. & St. Paul Gen. 4s 1989
|
to
organization through the
Tel* Reotor 7580
Broadwayf N. Y»
20 BROAD STREET, N. Y.
!
capable men
Our Classified Department
Members New York Stock Exchange
ISO
.
locate
FINANCIAL CHRONICLE
Tel. Reotor 9970
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N. Y.
THEODORE L. BRONSON & CO.
Members New York Stock Exchange
Union Pac. Ref. 4s
ABRAHAM & CO.
27 William St.,
(
Pacific Gas & Electric
I
1959
Tel. Rector 6881
Trinity PI.
Tel. Bowling Green 2160 to 2167
N. Y.
1990
1st 4s,
Mallory Steamship 1st 5s
Empire Gas & Fuel 6s, 1926
14 Wall St.,
Mich.
Westchester Lighting 1st 5s
Nassau Electric 4s
Home Insurance Co.
Amer.
Kanawha &
Union Terminal of Dallas 1st 5s
unlisted
60
1947-52
Fonda John. & Glov.
City of Sao Paulo 6s
1939 \ Chicago Memphis & Gulf 1st 5s
1935, Drydock E. Bway & Battery 5s
1923 Illinois Central-Cairo Bridge 4s
BROAD STREET
NEW
YORK
March 26
1921.]
THE
CHRONICLE
xv
Current JBaufc Hfoqutdea
American Glue,
& pfd.
com.
Bkln. Un. Gas Co. 5s, '45,
& 7s, '29
New Amsterdam Gas Co. Cons. 5s, '48
American Hosiery Co.
Central Union Gas Co. 1st 5s, 1927 '
N. Y. & East Riv. Gas Co. 5s, 1944-45
Brookside Mills
Chicago & Erie RR. Co. 1st 5s, 1982
N. Y. & Queens E. L. & P. Co.
Chace Mills
Clev. Akron & Col. Ry. 5s, '27 & 4s
N. Y. & Westch. Lt. Co. Gen.
4s, 2004
Edis.
Dartmouth Mfg., common
Everett Mills
Parr
El.
111.
Edison El.
Equitable
Alpaca Co.
K.
C.
'40
Co., Bklyn. 4s, 1939
III.
Co.
N.
Y.
5s, 1995
Cf. L. Co. N. Y. 5s, 1932
Sou.
Ry. Co. 1st 3s, 1950
N. Y. Penn. & Ohio P.-L.
5s, 1930
4^8, 1935
Northern Union Gas Co. 1st 5s,
Nor.
1527
Westchester Light Co. 5s, 1955
Standard Gas
Light Co. N. Y. 5s, 1930
Hamilton Mfg. Co.
Kings Co. E. L. & P. 5s '37-6s, 1997
Westchester Ltg.
Co. 1st 5s, 1950
Naumkeag Steam Cotton Co.
Kings Co. Elev. RR. Co. 1st 4s, 1949
N. Y. Mutual Gas
Light Co. Stock
Sharp Mfg. Co.
Wm. Carnegie Ewen
Soule MiH
Tel. Rector 3257-3273-4 and 3294
Sanford Mills, common
HOTCHKIN
& CO.
Telephone
53 State
Main 460
Boston
9,
Clinchfield Coal
St.,
Mass.
2 Wall Street, New York
Beth. Steel Marine
Eq. 7s, 1935
Davis Coal & Coke
Delaware Lack. & Western Coal
Union Tank Eq. 7s, 1930
Indiana & Illinois Coal
Canadian Nat'l Eq. 7s, 1935
Corp.
Kan. & Hock. Coal & Coke Co.
Lehigh Valley Coal Sales
Pennsylvania Coal & Coke
BULL a ELDREDGE
West
Virginia Coal & Coke Co.
Members of the New York Stock Exchange
20 BROAD
ST., N. Y.
Bought—Sold—Quoted
Rector 8460
Tel.
Federal Farm Loan Bond*
Specialist* In Short Term Securities
Equipment
Wm. C. ORTON & CO.
Bonds
Specialists Reorganization Securities
28 Broad
U. S.
GRADE
Stl
OA
Standard Tank Car Co.
1
af
Par
L
Valu*
Preferred stock
Henry D. Boenning & Co.
Members
Dealer*
In
Philadelphia Stock Exchange
Stock Exchange Building
PHILADELPHIA
»
Stock
Direct
Telephone
CARL H* PFORZHEIMER & CO.
Ptoaae*
PENNSYLVANIA
TAX-FREE SECURITIES.
Eastman Kodak
0
Tel. 7166<l-t Broad
WE WISH TO BUY HIGH-
Mortgage & Trust Co.
STANDARD
Standard!
St., Nsw York
Standard
4860-l-S-*~* Brand.
Oil
We
Securities
to
Berdell Bros.,
N.
Y.
Specialize in
Goodyear T. & Rub. Com. & Pf.
25 Broad St., N. T.
Peerless Motors Stock & Notes
Rollins, Kalbfleisch & Co.
INQUIRIES INVITED
Members N. Y. Stock Exchange
ROBINSON &
61
Telephone Broad 7064-5-0
B'way, N. Y.
SMITH
Tel. Bowling Green 10098
WE OFFER
East St. L. & Interurb. Wat. Co.
1st 5s,
due July 1942
TO NET
Liberty Registered Bonds
81/4%
NEWBORG & CO.
Uembers
60
New
York
Stock
Exchange
EDWIN BANCKER & CO.
BROADWAY, N. Y.
Telephone
PRIVATE
4399
WIRE
Bowling
TO
ST.
Green
INVESTMENT
SECURITIES
118 Broadway
New York City
Rector
LOUIS
0944-5-6
Chic. & East. Illinois 5s, 1937
Delaware & Hudson Ref.
Evans. & Terre H. 5s, 1941 & 1942
Chic. & East. 111. 5s, when issued
Mason
Central Vermont 1st 5s, 1930
"Nickel Plate" 2nd 6s
Atchison Rocky Mt. Div. 4s, 1965
Ced. Rap. Mfg. & Pow. 5s, 1953
Wichita Falls & N. W.
Portland Ry.,
4s
City & Fort Dodge 4s
Georgia Sc. & Fla. 5s
Cin. Ind. & West. 1st 5s, 1965
Paso & Rock Island 5s, 1951
5s, 1940
Georgia Cons. 5s
Southern Pacific 4s, 1929
Canadian Northern 6S, 1924
Burlington C. R. & No. 5s
Peoria
Ry. Terminal 4s, 1937
1952
Hocking Valley RR. Common
Cincinnati Wab. & Mich. 4s
Suffolk & Carolina 1st 5s,
New Orleans Tex.
Hudson & Manhat. Com. & Pref.
Erie—Penna.
Ogdensb. & L. Champl. 4s, 1948
E.
WOLFF & STANLEY
Telephone Rector 2920
72
Trinity Place, N. Y.
Central
of
Toledo &
Miss. Kan.
Coll.
Gen.
4s
& Tex. Issues
SAM'L
Phone 5380-1-2-3 Bro.d
Advance Rumely 6s
Granby Mining 8s
& Mexico 6s
Ohio Central
Lt- & Power 5s, 1942
Rocky Mtn. Coal & Iron 5s
Adams Express 4s, 1947
Liggett & Myers 7s
Conn. Valley Lumber 6s, 1923 & '25
Hocking Valley Products 5s
Little Rock R. & E. Ref.&Ext. 6s, '38
United Traction & Electric 5s
5s
Manila Electric Ry.,
Pr. & Lt. 5s
1949
Cuban Government 5s,
Mexican
Govt.
Valvoline
Oil
& RR.
Issues
Preferred
GOLDSCHMIDT
25 Broad Street
Current Jfonti
WANTED
Arizona Power 6s,
Columb. Ry. Pow.
$nquitit*
Fe Gen. 4s,'95
Atch. Topeka & S.
& Lt. 5s, 1940 111. Cent. 1st 4s, '51 (Sterling)
Gt. Falls Power 5s, 1940
Advance
Co. Conv. 7s, 1923
Chile Copper
1933
[VOL. 112.
CHRONICLE
THE
XVI
N. Y. Chic. & St. L. 1st 4s, 1937
Rumely 6s
Providence Securities 4s
Sierra & San Fran.Pr.5s & 6s
South. Cal. Edison 6s, 1944
St. Paul Gas
Light 5s, 1944
Reading General 4s, 1997
Spring. & Peor. 5s, 1939
Mexican Govt. Securities
Topeka Edison 5s, 1930
Union Gas Co. Coll. Tr. 5s, 1935
United Water Gas & El. 5s, 1941
St. L.
HUGHES & DIER
-r.
tr.
Stocks—Bonds—Grain
ARTHUR E. FRANK & CO.
Philadelphia Stock Exchange
Pittsburgh Stock Exchange
Chicago Board of Trade
Members
HANSON & HANSON
72 Trinity Place
New York
-
-
-
Members of New York Stock Exchange
New York Produce
160 Broadway, N.
Exchanlge
Tel. Rector 6300
Y.
42 New Street,
Telephone: Whitehall 1056
New York
Telephone Broad 5140
PortlandJRy. Con. 5s, 1930
Portland Ry. Lt. & P. Ref. 5s, 1942
Westmorel. Wat. Co. 1st 5s, 1964
Guaranteed Stocks
Caddo Cent. Oil & Refg. 6s, 1930
Write
St. P. & K. C. Sh.Line
Ry.Lt.& P. 1st & 2d Pref.& Com.
Tennessee Ry. Lt. & Pow. Pref.
Sheets.
Quotation
for
Iron Mt. Ref. 4s, 1929
Portl.
Ifnscpfc ^Stalker Si j&otis
61
New York
Broadway
Bros.
Montgomery
Philadelphia
Building,
221 Lafayette
Lake Shore 4s, 1928
FLEMING
GEORGE N.
Members New York Stock Exchange
26 Broad St.,
Telephone
Atchison Adjustment 4s, 1995
Butte Anaconda & Pacific 58,^1944
4%s, 1941
Broad
New
8063
City Southern 3s, 1950
Kansas City Terminal 4s, 1960
L. & N., St. Louis Div. 2nd 3s, 1980
Louisville & Jeffersonville Bridge 4s, 1945
Kansas
American Glue Common
Douglas Shoe Preferred
Mortgage Bond Co.
New York Telephone 4J^s, 1939
Norfolk & Western Cons. 4s, 1996
Jessup & Moore Paper Com.
Chemical
Merrimac
U. S.
Alliance Realty Co.
Utah Northern 5s, 1926
Steel
Private
Securities
BOSTON, MASS.
Congress St.,
Telephone New
Telephone & Telegraph
TPhone 8800 Hanover
Exchange Place
42
Tel. 6460 Bawling Gram
Securities
Investment
DILLON
NEW YORK, H. Y.
Broadway
& CO.
DUNHAM
WALTER S. PLACE
35
71
Washington Water Power 5s, 1939
Pref.
M.
FRANK J.
»
Union Pacific Refunding 4s, 1947
Preferred
Power
Wickwire-Spencer
M
Oregon & California 5s, 1927
*
Oregon Wash. RR. & Navigation 4s, 1961
Co.
Envelope Common
Western
Central Union Trust Co.
N. Y. Penna, & Ohio 4M«, 1935
Bond & Share Pref.
Elec.
York
Consolidation Coal 5s, 1950
Adirondack Pwr. & Lt. Pref.
York sad Philadelphia
"Main 7688"
Willys Corp. (all issues)
Goodyear Pfd.—Packard Pfd.
Rolls Royce Pfd.—National
H. H. Franklin Mfg. Common
A
Specialty
Specialists
CHICAGO
SECURITIES
Motor
R. B.
Bought, Sold A Quoted
Tire
Stocks
and Rubber
Stocks
Hathaway & Co.
Y.
Tel. John 5020-1
Joseph Gilman
Investment Securities
84 Pine
New York City
Street
20 Nassau St., N.
'Phone 5691-4
John
BABCOCK, KUSHTON & CO.
Members
New
York.
Stock
Chicafo
Exchanges
MOMS IN8.BLDG..
CHICAGO
and
Boston
ALL
7 WALL STREET
NEW YORK
F©REION
V
CHECKS
::
S3
^
USE AND CONSULT
BO KIDS
the Classified Department of
CURRENCIES
'By and by is easily said."
—SHAKESPEARE
M
the
Our Classified
inside back
Action
V
Financial Chronicle
is the
r.a.soich;&co.
Department faces the
tween
Exchange Place ** New York
Phones: Bowling Green 3230-39
16-18
cover.
connecting link be'
resolve and
Acadia
I
Sugar 7s, 1921-40
Traction 6s, 1922
5s, 1915
Binghamton L. H. & P. 7s, 1925
■
FORE1GNJBONDS
Argentine
Belgian
Beaver
Brazilian
French
Consolidated Textile 7s
Hudson
& Manhattan 1st
by
particular attention
special needs.
Our experience, personnel,
^
and
resources
are
factors
consider if
*
A
«
f'
W
"
JSit
<
** 1!
to
!?-*'•
j
KWT Y
Russian
W
""
A
Pw "
HI
the bank's
to
fcSaKlKsf
you are
AmericanTCyanamid
Atlas Portland Cement
Amer. Light & Trac. Com.
Bordens Com.f& Pfd.
British-American
politan
& Pfd.
choosing
banking
impor¬
a metro¬
connec¬
tion.
Tobacco*
(2
Childs
'
Firestone
f
We invite inquiries
Goodyear Tire & Rubber
Imperial Tobacco
Rio de Janeiro 6s
St. Louis Springf. & Peori aM ,1939
Savannah & Atlantic 6s,I 935 *
State of Santa Catharina^6s |J 3 '-J
Woodward Iron 5s, 19 2 m
us
kfR
i
a
4j^s, 1957
TS 'K"
to
with
,
German
Italian
Middle
San Paulo 6s, 1943
M
M
ISEBi
Japanese J
Haytian-American Corp. 7s, 1922-24
Laclede Gas Light 7s
West Utilities 8s, 1940
Ohio Cities Gas 7s, 1921-25
Portland Ry. 5s, 1930-42
Province of Buenos Aires 6s, 192611 ^
Port Wentworth Term. 8s, 1950
jdYS
sent
tant
H
Board 8s
Empire Gas & Fuel 6s, 1924-26
Georgia Light, Power & Rv. 5s
Grand Rapids & Muskegon Pr. 5s, 1931
General Asphalt 8s, 1930
Grand Trunk Pacific 3s, 1962
General Gas & Electric 6s, 1929
'*
g
is
correspondent banks is
handled without delay and
Brazilian
Buenos Ayres Consol.
Any business
plishment.
which
accom¬
f
Kansas
&
Tire
&
Gulf
Rubber
our
service
about
from out-of-
w
?"»
!
f
L
Scottish-American
town
Royal Baking Powder Com. & Pfd.
P7*
E3
Oil
V.
T.
banks.
C.
Willys Corp. Pfd.
METROPOLITAN
ernest smith
& co.
TRUST
OF
20 Broad
StreetJ, New York
Tel. Rector 6157-8, 2558, 6852
DIRECT WIRE CONNECTIONS TO CHICAGO, DETROIT, GRAND RAPIDS
,
.
THE
COMPANY
CITY OF
60 WALL STREET
NEW YORK
716 FIFTH AVENUE
Mabch 26
1921.J
CHRONICLE
THE
Accountants
jfinanrial
INCOME TAX PROBLEMS
•/
:
.
y^yyy-
West. N. Y. & Pa.Gen. 4s, 1943
FINANCIAL REPORTS
G. R. G. H. & M.
;
,
BAUER
Associates
Financial and
I-- ..';,yyy..
Ry* 1st 5s, '26 Western Penn. Pow. 7s, 1946
Ind. 2d 4s, 1936
y-.
•;:;v.
■;
•.
yy
,
'yyyyy y.y' ".y--:."
....
<
.
■;y'l!,;-y;
;
•
.
'y
";yy : '-y-v
v-.: y.-y
.y-yy.y ,;y-'' yy;".
New York
GEORGE W. MYER,
Philadelphia
New York
Pittsburgh
35
.,v
MOORE, LEONARD & LYNCH
Tax Consultants
Wall Street
Certified
General Asphalt 8s, 1930
j',; \y;";:
!
;v..
63
Portland Railway 5s, 1930
Consol. Trac. of N. J. 5s, 1933 Penn. Wat. & Pow. 5s, 1940
Gr. Rap. &
and
:
r .•
y"
(
Pitts. Ch. & L. E. 1st 5s, 1940 Caddo Cent. Oil & Ref. 6s, '30
AUDITS
JOHN
xvn
JR.
Public Accountant
NASSAU
ST., NEW
YORK
Income
Tax
Public Utility
Returns
Telephone Rector 5441
Established
410 Chestnut St.,
Industrial
Investment Bonds
1865.
&
Bioren
Municipal, Railroad
Government,
Audits, Investigations,
Estate Accounting,
Co.
A. B. Leach & Co., Inc.
Philadelphia.
Members New York and
Philadelphia
Stock Exchanges.
We
Investment
offer
subject to
and change In price:
Securities
and
own
prior sale
62 Cedar
State of Florida Everglades Drainage
District 6s, due 1926-1936 @ 100
105 So. La Salle St., Chicago
St., New York
Philadelphia
Buffalo
Baltimore]
City of Philadelphia 5s, due 1951,
@ 4.70% basis
City of Calgary, Canada, 6s, due
1924, @ 7.60% basis
Boston
Scranton]]
Pittsburgh
Cleveland
Minneapolis
Detroit i
,
Milwaukee
i'.Ly yy. y Vyy'.y'y
Aluminum Co. of Amer. 7s, 1925
We WiU
Armstrong Cork 7s, 1931
J. S.
FARLEE & CO.
RAILROAD
Heinz Co. 7s, 1930
Jones &
66
Buy
or
Sell
Gulf Oil 7s, 1933
Laughlin Steel 5s, 1939
BROADWAY
SECURITIES
CO.
Illinois Cent. Stock Coil. 4s
CANADIAN
Government, Provincial
Rector 1195
and
INVESTMENTS
J. H.
Municipal
Bonds.
&
Holmes
Members New York Stock Exchange•
Co.
Tel. Broad 7746
25 Broad St.
Stock Exchanges
Members N. Y. and Pittsburgh
61
Hartshorne & Battelle
NEW
YORK
Union Bank BIdg.
Broadway
New York
Pittsburgh
Direct Private Wire Connection
Central Pacific ColL Tr. 4s
Portland Ry. 1st & Ref, 5s, 1930
Portland Ry., Lt.
& P. Co. 5s, 1942
Pitts. Shen. & L. E. 1st 5s, 1940
CENTRAL
Chic. Milw. & St. Paul 4s
N. Y. New Haven & Hartford 4s
Japanese 5s, 1907-47 (French Issue)
AND ALL FOREIGN
Lehigh Valley RR. Cons. 6s, 1923
NATIONAL
Lehigh & N. Y. RR. 1st 4s, 1945
Western Penna.
1st 4s,
1928
BONDS
MAXWELL B. SMITH
67
Phone—Rector 8411
Exchange Place
DEBENTURES
Price $115 per
share
Biddle & Henry
Paid
104
Fifth
South
PHILADELPHIA
7% in Cash
Private
Wire to New
York
Call Canal 8437
10% in Participations
at par
in 1920
or
your
Bank
own
Denver Gas
Broker
or
& Elect. 5s,
1949-51
28
West
44th
New
York.
For
an analysis and Report on
Security you own or propose
buying.
Facts
and
Impartial
Criticism
for Investors.
Investment Registry
of America, Inc.
Rochester Ry.
G00DELL & CO., inc.
1
Southwest Missouri El. Ry. 5s, 1923
Danville Champ. & Dec. 5s, 1938
Kentucky Tract. & |Term. 5s, 1951
Syracuse Gas 5s, 1951
Southwestern Pr. & Lt. 5s, 1943
Danville Urb. & Champ. 5s, 1923
FERGUS0N-
ONE DOLLAR
any
Great Western Pr. 5s, 1946
Buy through
SEND
Street
Westchester
& Lt. 5s, 1954
Ltg. 5s, 1950
St.
Louis Levenson
Public Utility—Industrial—
Short
Term
Tel. Broad 4931
Securities.
27 William St., N. Y.
608 Chestnut
Street,
Philadelphia
[VOL. 112.
CHEONICLE
THE
XVIII
Bfbtoenb*
©tbfoenbs
COMPANY.
READING
Wl NSLOWjLAW ER&CO
General Office, Reading Terminal.
Philadelphia, March 17, 1921.
The Board of Directors has declared from the
net
earnings a quarterly dividend of one per
cent (1%) on the Second Preferred Stock of the
Company, to be paid on April 14, 1921, to
stockholders of record at the close of business,
March 28, 1921.
Checks will be mailed to stock¬
holders who have filed dividend orders with the
HARRIS COMPANY
DRIVER
59 CEDAR
Notice of
JAY
V.
Secretary.
HARE,
The Board of Directors,
held
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad Street, New York, March 15, 1921.
THE
lar
1921:
at a meeting
APRIL 1st, 1921.
Cleveland & Mahoning Valiey Ry. Co. Reg. 5s.
Cleveland & Pittsburgh RR. Co. Gen. Mtge.
payable April 15, 1921, to
stockholders of record at 3:00 o'clock p.
m.,
March 31, 1921.
Checks in payment thereof will be mailed to
stockholders at the addresses last furnished the
business
the current fiscal year,
iti
^
Transfer
April 1, 1921, inclusive.
Preferred
Checks will be
CORPORATION
a dividend of one and one-quarter
(1M %) on the Five Per Centum Cumu¬
DIVIDEND
stock
•
NATIONAL
BANK
quarterly
per share on
able April 1,
Checks will be mailed by
HANSEL,
until
that
date.
WM.
E.
Cashier.
CABLE, Jr.,
JONES,
>
v
Treasurer.
THE WESTERN UNION TELEGRAPH CO.
March 8th, 1921.
DIVIDEND
NO.
208
A
quarterly dividend of ONE AND THREEQUARTERS PER CENT has been declared upon
the Capital Stock of this Company, payable at
the office of the Treasurer on
day of April,
HANOVER NATIONAL BANK
of the City of New York.
New York, March 18th, 1921.
The Board of Directors have this day declared
a
dividend of EIGHT PER CENT, payable
on
and
after
April 1st, 1921.
The transfer
books will remain closed from March 19th, 1921,
THE
and
the New York Trust
v
CLINTON
1921.
25. 1921.
GRAY, Cashier.
PHILIP F.
j■
WITT
DE
dividend of Three Dollars (S3.00)
the capital stock of this Bank, pay¬
1921, to stockholders of record at
of business March
the close
H.
March 22,
New York,
of Preferred
Company of New York.
Treasurer.
March 22,1921.
The Board of Directors has this day declared
stockholders of record
The Transfer Books will not be closed.
declared
of this
GEORGE
YORK
New York,
a
dividend
has been
on
Common stocks at the close of business Tuesday,
March
15th, 1921.
of $1.50 per share
on the capital
Company, payable
April 6th, 1921, to stockholders
of record at the close of business
on March 23rd,
1921.
A
Second Preferred Stock of tbis Company,
payable March 31, 1921, to stockholders of record
March 21, 1921.
H. B. CLEVELAND, Treasurer.
lative
1921)
1921;
year
able to
2.
NO.
sum
a
the Preferred Stock, payable
April 1,
a dividend of $1.50 per snare on
the Common Stock, payable April 1, 1921, pay¬
ENGINEERING
COMBUSTION
(from
aside for the payment of $7.00 per share for
the
INTERNATIONAL
and
NEW
dividend
A
dividend of one and three-quarters
per cent \l%%)
on the Seven Per Centum
Cumulative First Preferred Stock of this Com¬
IRVING
have been declared:
of $1.75 per share
Corporation
set
N. Y.,
has declared a
per cent
Co.
1921.
UNITED
DYEWOOD
CORPORATION.
New York, March 1, 1921.
Preferred Capital Stock Dividend No. 18.
Common Capital Stock Dividend No. 18.
The following dividends on the stocks of this
1921.
WATER. LIGHT AND
RAILROAD COMPANY,
pany,
10th,
Indianapolis School Building 4% % Bonds.
ELMIRA
Elmira,
1921.
REEVES, Treasurer.
Directors of the
of
5th,
APRIL
"
E.
P.
Board
APRIL
Ft.
Wayne &
Chicago
Ry.
and Original Stock div., l%%.
Pittsburgh
HAND, Secretary.
March 21,
The
,
Transfer
mailed.
Agent.
G. C.
1921.
26,
Marion County.
books will close from March 27, 1921, to
w
^
March
on
4^s and 3^s.
Indiana.
Pittsburgh Ft. Wayne & Chicago Ry. Co. Com¬
mon and Special Stock div., 1M%-
%) on the outstand¬
quarterly dividend of ONE (1) PER CENT
has tnis day been declared upon the Preferred
Stock of this Company, from surplus earnings of
ing preferred stock, for the quarter ending
March 31, 1921, payable on April 1, 1921,
to stockholders of record at the close of
A
DURING THE MONTH OF APRIL.
HOUSE
quarterly dividend of one and three-
quarters per cent (1 %
DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
March 7, 1921, declared the regu¬
on
FOLLOWING COUPONS AND
THE
Quarterly Dividends
Preferred Stock Dividend No. 34
Treasurer,
•
STREET
NEW YORK
HARRISON, N. J.
AND
GAS
HOUSTON
CO.
FUEL
the
and after the 15th
1921, to shareholders of record at
on the 25th day of March
close of business
1921.
Texas.
Houston,
March
For
1921.
16,
The
regular quarterly dividend of one
and
three-quarters per cent (J %%) on the Preferred
stock of this Company has been declared pay¬
able March 31. 1921, to stockholders of record
March 16, 1921.
J. A. McKENNA, Secretary.
the
Meeting
Annual
the
of
purpose
of
Stockholders, to be held on
Wednesday, the
13th day of April next, the stock transfer books
will be closed at the close cf business on the
25th day of March
instant, and be reopened
the morning of the 14th day of April next.
G. K. HUNTINGTON,
on
Treasurer.
ELEVATOR COMPANY.
11th Ave., New York City,
March 23, 1921.
OTIS
26th St. &
The
$1.50 per share
dividend of $2.00
per share on the Common Stock will be paid
April 15, 1921, to stockholders of record at the
on
quarterly
the
dividend
of
Preferred
Stock and
a
business
will be mailed...
close
of
March
on
H.
R.
Year 7%
of
on
the
April
trustee
1,
in
April 1,
Notes
Office
NO.
3.
Borough
of
Manhattan,
Light
Company has been declared,
payable
April 1, 1921, to stockholders of record at place
of business March 19, 1921.
CHESTER C. SMITH, Secretary.
Improvement
Due October 1, 1222
terms
of
April
on
the
will be
these
A
quarterly
dollars
per
15,
1921,
dividend
in
New
York
in
or
their
Boston,
paid in New York at the Bankers Trust
16 Wall Street.
D.
MILNE,
Treasurer.
declared,
March
19,
cent
payable on April
of record at the close
DAMON,
CHEMICAL
Treasurer.
CO.
Richmond, Va., March 24, 1921.
DIVIDEND NO. 102.
(two
of this
1921.
W.
JOHN
OF
VIRGINIA-CAROLINA
per
the capital stock
on
been
OFFICE
NO. 87
of two
to stockholders
of business
',N
payable by
FRUIT COMPANY
share)
Company has
notes,
1921, at the office or agency
1,
Company
G.
UNITED
The
Directors
of
the
VirginiaCompany
have
this day
consecutive quarterly divi¬
dend
of $2
per
share (2%)
on the preferred
stock
of
this
company,
payable
Friday,
April
15,
1921,
to
stockholders
of
record
at
the close
of
business
on
Saturday, April
Board. of
Chemical
Carolina
declared
the
102nd
2, 1921.
Co.
Transfer books will not be closed.
E.
terly dividend of one per cent (50c. per share)
on the Common Stock of this Company, payable
April 15,
from
Coupons
Arch Streets.
Philadelphia, March 9, 1921.
The Directors have this day declared a quar¬
N.
Telephone & Telegraph Co.
Three Year Six Per Cent Gold Notes
Company,
R. A. NICKERSON, Treasurer.
of The United Gas
W. Corner Broad and
American
City, Mo., March 22, 1921.
The
regular
monthly dividend of Sixty-Six
and Two-Thirds (66 2-3) Cents per Share on the
First Preferred Stock of Kansas City Power &
DIVIDEND
City of New York, will be paid at the Guaranty
Trust Co. of New York, at 140 Broadway.
„
DIVIDEND
PREFERRED
CO.
Kansas
1925
payable by their
1921, at the principal office
the
FIRST
CITY
Telephone Co.
these Notes,
Coupons from
terms
Treasurer.
Convertible Gold
Due
Checks
1921.
PEPPER,
Southwestern Bell
Five
31,
POWER AMD LIGHT
Kansas City, Missouri.
KANSAS
Internationa!
1921, to holders of Common Stock of
The
record at the close of business March 31, 1921.
Checks will be mailed.
1. W. Morris, Treas.
Board
of
E.
COLES,
Treasurer.
Agricultural Corporation
New York, March 17th, 1921.
Directors of the International
Agricultural Corporation has this day declared
quarterly dividend of one and one-quarter
(114%) per cent on the preferred stock of the
corporation, payable April 15th, 1921, to stock¬
a
FEDERAL
SUGAR
REFINING
COMPANY.
A regular quarterly dividend of one and onehalf per cent (134 %) on the Preferred Shares of
this Company, and the regular quarterly dividend
of
holders of record at the close of business March
31st, 1921.
May 2nd, 1921, to stockholders of record at the
close of business April 22nd. 1921.
PIERRE J. SMITH, Treasurer.
March
15,
1921.
AMERICAN GAS AND ELECTRIC COMPANY
PREFERRED
STOCK
DIVIDEND.
New York, March 14, 1921.
regular quarterly dividend of one and
one-half per cent (134%) on the issued and out¬
standing PREFERRED capital stock of Ameri¬
can Gas and Electric Company has been declared,
for the quarter ending April 30 1921, payable
May 2, 1921, to stockholders of record on the
books of the Company at the close of business
April 16, 1921.
FRANK B. BALL, Treasurer.
The
A
per
MATI4IESON
ALKALI
WORKS, (Inc.)
New York, March 14, 1921.
quarterly dividend of one and three-quarters
cent (I K %) has been declared upon the
THE
olders of record at the close of 1, 1921, to stock6referred stock payable April business March 21,
1921.
THE
Transfer books will not be closed.
MATHIESON
FRANCIS
B.
ALKALI
WORKS
(Inc.)
RICHARDS,,Treasurer.
DULUTH EDISON ELECTRIC CO.
PREFERRED STOCK DIVIDEND NO. 60.
The regular quarterly dividend of 134 % on the
Stock
of
the
DULUTH
EDISON
Preferred
ELECTRIC
COMPANY
has
been
declared,
payable April 1, 1921, to holders of record of
Preferred Stock at the close of business March 21,
1921.
T. C. HARTMAN, Treasurer.
The transfer books will not be closed:
J. WATSON, JR., Treasurer.
JOHN
and three-quarters per cent (1 V\%) on the
Common Shares of this Company will be paid
VERDE EXTENSION
MINING COMPANY.
DIVIDEND NO. 20.
UNITED
one
233
Broadway, New York, March 21st, 1921.
The Board of Directors of the United Verde
Extension Mining Company has this day declared
a
quarterly dividend of twenty-five cents per
share on the outstanding capital stock, payable
May 2nd, 1921, to stockholders of record at the
close of business April 5th, 1921.
Stock trans¬
AMERICAN CYANAMID COMPANY.
dividend of 134 % on the Preferred
three months end¬
ing March 31, 1921, has been declared payable
April 1, 1921, to stockholders of record as at the
close
of
business
on
March
21,
1921.
The
A quarterly
Stock of this Company for the
Transfer Books will not be closed.
C.
GRANT,
M.
Treasurer.
fer books do not close.
C.
terly
SANDS,
Treasurer.
Studies in
Power Corporation
Western
The
P.
and one-half (134%) per
cent on the Preferred Stock, payable April 15,
1921, to stockholders of record at the close of
dividend of
History, Economics,
and Public Law
Board of Directors have declared a quar¬
one
business March 31, 1921.
H. P. WILSON,
Secretary.
Edited
by
the
Faculty
Columbia
By Robert L.
That a divi¬
(2%) be declared out of
undivided profits upon the Common Stock of this
Company, payable April 30, 1921, to stockholders
of record April 15, 1921.
W. R. JORALEMON, Secretary.
DIVIDEND
of two
THE
NO.
per
OF
Paper
covers.
Hale, Ph.D.
Price $1.{>0
8.—Resolved,
cent
STEEL
Science of
No. 185—VALUATION and RATE-MAKING
CRUCIBLE STEEL COMPANY OF AMERICA.
dend
of Political
University
TUBE COMPANY
AMERICA.
&
The regular quarterly
dividend of one and three-
No. 215—RAILROAD CAPITALIZATION
By James C.
Paper
Bonbright, Ph.D.
covers.
Price $2.00
"The most recent and authoritative treatises
important phases of the problem of
government regulation of railroads."
on
two
Longmans, Green & Co., Publishers
Dept.
"S
Fourth Av. and Thirtieth St., NEW YORK
A. A. SCHLESINGER,
President.
March 26 1921.]
THE
CHRONICLE
Jfftianrial
XIX
jfinantial
"THIS WILL
INTRODUCE
sion to refer
w
ft
of yours to
we
hope
you
touch with
customer
some
a
Bonds
Buffalo bank,
will put him in
Among the attractive issues
us.
You may be sure that
properly
care
on our extensive list of for¬
eign Government offerings are some of the better known
will
we
Brazilian
Government
sterling issues.
for his bank¬
Their safety is assured
ing needs and do all we can to
w
Government
Brazilian
The next time you have occa¬
be of service in other
They enjoy
ways.
8
an
beyond a reasonable doubt.
active market.
Their yield is extremely attractive.
tbe
They offer
Marine Crust
Company
ciation
in
Inquiries
cash, or carried
conservative terms.
Inactive and unlisted securities.
and sold for
speculative value due to the possible appre¬
are
invited from investment houses and banks.
American express company
STOCKS AND BONDS
bought
a
sterling exchanget
on
65
broadway—new york
Telephone. '
Inquiries invited.
Bowling green kiooo
FINCH &. TARBELL
Members
186
New
York
Stock
Exrhan"-
NF.W
BROADWAY,
Texas
VO»s<
Municipal Bonds
High Yield
Short-Term County Notes
J.
141
Tel.
Member
The
L. ARLITT
New York
Broadway,
Texas
f
4514
Rector
Bankers'
First National Bank
Association
of Boston
Transacts commercial
banking
business
nature.
of
Make it your New
every
>
England correspondent
Capital, Surplus and Profits, $37,500,000
1836
Chartered
THE GIRARD Trust
Company offers to
banks, bankers and in¬
dividuals the services of
its Real Estate
ment
for
the
examination
Depart¬
care
and
of proper¬
ties in
Philadelphia and
vicinity.
This
Department
com¬
Equipment
Bonds
rolling stock
among
or
secured
upon
railway
They
the strongest forms of corporate
ity, and have
Upon
are
marine equipment.
request
a
are
secur¬
remarkable record of stability.
we
will
advise
you
especially attractive issues.
regarding
^
bines every advantage of a
'real estate agency with the
'
added
security
of
a
trust
W. A. Harriman & Co.
company.
GIRARD
1
NEW
TRUST COMPANY
Broad & Chestnut Sts.,
Philadelphia
YORK
25 Broad St.
INCORPORATED
SYRACUSE
BOSTON
Onondaga Bank Bldg.
35 Congress St.
[VOL. 112.
CHRONICLE
THE
XX
^financial
UNITED
CORPORATION
BOARD EMERGENCY FLEET
STATES SHIPPING
Offers For Sale Steel and Wood Ships
AND WOOD HULLS
AND STEEL
OCEAN-GOING TUGS
private competitive basis in accordance with the Merchant
office of the United States Shipping Board, 1319 F Street N. W.?
Washington, D. C.
/
The ships offered for sale include steel vessels and wooden steamers.
The steel steamers are both oil and coal burners.
The Board has established a minimum
Bids will be received on a
and Marine Act at the
price
on
these vessels.
.
Terms
|
on
Steel Steamers.
months
10 per cent of the purchase price in cash upon delivery of the vessel; 5 per cent in 6
thereafter; 5 per cent in 12 months thereafter; 5 per cent in 18 months thereafter; 5 per cent
in 24 months thereafter; balance of 70 per cent in equal semi-annual installments over a period
the rate of 5% per annum.
types, as follows: Daugherty; Ballin;
Peninsula; Pacific American Fisheries; Allen; Lake and Ocean Navigation Company; McClel¬
land; Ferris; Hough; Grays Harbor. Also have a number of wooden hulls of various types.
of ten years; deferred payments to carry interest at
The wooden steamers for sale are of ten different
Terms
'
10 per
on
Wooden
Steamers.
Balance in equal semi-annual installments over a
cent cash on delivery.
period
of three years.
be submitted for one or more vessels or for any combination of above vessels,
accompanied by certified check made payable to the United States Shipping
Board for V/i per cent of amount of the bid.
Further information may be obtained by request sent to the Ship Sales Division,
1319 F Street, N. W., Washington, D. C.
The Board reserves the right to reject any and all bids.
Bids should be addressed to the UNITED STATES SHIPPING BOARD, WASH¬
Bids may
and must be
INGTON, D. C., and indorsed "BID
FOR STEAMSHIP (Name of
Ship)."
Sale Under American Flag.
Ship and
The
The
WESTERN
&
NORFOLK
the
RAILWAY
CO
Meeting of the Stockholders of
& Western Railway Company will
at the principal office of the Company
Annual
Norfolk
be held
Virginia, on Thursday,
of April, 1921, at 10 o'clock A. M..
City of Roanoke,
in the
the 14th day
Directors, to elect independent auditors
to audit the books and accounts of the Company
for the fiscal year, to consider the annual report
of the Directors for the year ended December
to elect
31, 1920, to ratify and approve all action of the
Directors set forth in such annual report and in
the minutes of the Company, and to transact
such other business as may properly come before
the meeting.
The meeting has also been called by the Board
of Directors as a special meeting to consider and
proposal to alter and amend Article I,
Article I, Section 7; Article II, Sec¬
Article II, Section 4, of the Com¬
pany's By-Laws by striking out in such secticn«
reference to the Chairman of the Board; Article £.
Section 6, to provide that the Assistant Secretary
act upon a
Section
Insurance Company,
A
Ltd.
6;
tion
and
3,
shall in the absence of the Secretary act as Secre¬
tary at all meetings of the stockholders; Article
II, Section 3, to provide for the holding of Direc¬
STbCK COMPANY
tors' meetings in Philadelphia instead of New
York; and Article II, Section 1, by eliminating
obsolete matter
A copy of the proposed amend¬
ments will be mailed at least thirty days prior
.
73 Years
in
the
United States
the
to
meeting
in
a
postage
prepaid envelope
stockholder at his address as
the books of the Company.
Transfer Books will be closed at
3 o'clock P. M., Friday, March 25, 1921, and re¬
addressed
to
each
entered upon
The Stock
Statement, 31st December 1920
Real
$542,643.73
Estate
1,530,625.00
5,548,905.00
First
Mortgage on Real Estate
Government, State, Municipal and County Bonds. __
Railroad and Other Bonds and Stocks
6,145,168.20
1,755,777.34
Cash in Banks and Offices
4,075,776.07
AU^Other Assets.
Total Admitted Assets
$19,598,895.34
_
15,051,832.81
Unearned Premiums and All Other Liabilities
$4,547,062.53
Surplus
opened at 10 o'clock A. M.f Friday, April 15,
By order of the Board of Directors.
I. W. BOOTH, Secretary.
NEW
Walter C.
&
HONDURAS
MINING
New
pany
ROSARIO
COMPANY.
York & Honduras Rosario Mining Com¬
will be held at the office of the Company on
Wednesday, April 6, 1921, at 2 P. M., for the
election of directors and for action upon all ques¬
tions
that
may
properly be brought before the
meeting.
The Stock transfer books will be closed at 12 M.
on
DIRECTORS
YORK
Battery Place, N. Y., March 23, 1921.
The annual meeting of the stockholders of the
17
1921, and remain closed until 10
April 7, 1921.
J. PERLMAN, Secretary.
March 26,
A. M. of
Hubbard, Hubbard Brothers & Co., New York.
Brown, Brown Brothers & Co., New York.
Wheelock, Brown, Wheelock Co., Inc., New York.
Edward W. Sheldon, Pres. United States Trust Co., New York.
GENERAL
Thatcher M.
William H.
Bertram H.
Borden, M. C. V. Borden & Sons, New York.
EXECUTIVE OFFICE—WASHINGTON PARK,
NEWARK, N. J.
ELECTRIC COMPANY.
that for the purpose of
Notice is hereby given
holding the Annual Meeting of the Stockholders
of the General Electric Company at Schenectady,
New York, on May 10, 1921J the stock transfer
books of the Company will be closed at the close
of business hours on Saturday, April 9, 1921, and
will remain closed until Wednesday, May
11.
1921.
Hugh R. Loudon, Manager
J. B. Kremer, Deputy Manager
Robt. H. Williams, Asst. Deputy Mgr.
T. A. Weed, Agency Supt.
By order of the Board of Directors.
M. F. WESTOVER, Secretary.
March 26
THE CHRONICLE
1921.]
xxi
^financial
for
our
Investment
Department the
and more commo¬
dious quarters on the third of the
four floors occupied by this Bank.
opening of
new
With added conveniences and great¬
ly increased facilities this Depart¬
ment
Bank
Experience Means
investment
will continue
f
.
to
the
conserve
i
.
1
interests or investors and to render
Safety
comprehensive personal assistance in
the selection of sound securities.
A cordial invitation is extended you
to
call and become better acquainted
with the many phases
Investment
of
our
service.
Department
Union Trust Company
Capital and Surplus $4,700,000
South
7
CHICAGO
Dearborn St.
Telephone Central 523
30E
Good Bond
BANK
NATIONAL
HE
Salesmen
OF
Good
SOUTH AFRICA,
bond
every
LTD., AN'
Are
NOUNCE THE
REMOVAL OF
wanted
bond house.
salesmen
are
in a position
accept one?
to name your
you
price
or
by
Our SO Lesson Course of Investments
THEIR
NEW
YORK
and Securitv Selling — the course that
is being used by hundreds of successful
AGENCY
bond
TO THE NEWLY ERECTED KERR
ING,
44
BUILD'
salesmen
today
—
will
not only
you the information you need to
be of real service to your clients, but
give
\frill
give you a training in Security
Selling that will practically insure your
BEAVER STREET, NEW YORK.
success.
It contains the
information
which distinguishes the Bond Salesman
from
R. E. SAUNDERS, Agent
.
fhe order taker.
/
A request will bring you an
MARCH
19, 1921
Write for Bulletin
=H
EXEMPT
ALSO
■
FROM
NEW
FEDERAL
YORK
STATE
3E
=
INCOME
TAX
INCOME
TAX
Wellesly Hills, Mass.
Ingen & Cor
M5JL6364
New Yorfc
JACOB
INCORPORATED
Coupon 5s
6. J. Van
60B-t
BABSON INSTITUTE
NASSAU COUNTY, NEW YORK
46 Cedar St„
Outline of
Course and copy of'' What the Investor
Likes in a Bond. Salesmangratis.
Branch
Office, 9156 Exchange
So. Chicago, 111.
Ave.,
German, Austrian, Hungarian, Checho¬
slovakian, Rumanian, and Jugoslav Gov t
Bonds and Currency.
BACKER
FINANCIAL
Exehanga Bank Bldg.
BROKER
St. Paul Minn.
«
THE
xxn
CHRONICLE
,
,
[Vol. 112*
jftnanrial
,
Behind These
Here
the
are
lineage figures of bank and investment
advertising in Chicago evening
of
February,
Figures
newspapers
for the month
1920:
Daily News
51,979 lines
Post
34,234
66
66
Journal
.27,787
___
66
American
26,487
_
Figures like these
the
are
paper's advertising status.
can't get around them.
nition
space
on
that
in
a news¬
But
you
can—and
you
You
should—get
judge their real significance.
figures and what do
you
find ? Recog¬
the part of the shrewdest buyers of advertising
that the
offers the
definite index of
You can't dispute them.
behind them, if you want to
Get behind these
one
newspaper
with
a
circulation of
over
400,000
biggest market for the sale of good securities; and
reaching 7 out of 9 English-speaking
persons
in
Chicago who read the English language, The Daily News
does
actually reach the greatest number of investors reach¬
able
through
Get
financial,
it
is
any
behind
as
single
these
newspaper.
figures and
in practically
every
you
will know why in
important classification,
always—
The
Daily News
First in
Chicago
v
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Week
The Chronicle
Clearings
1921.
$10 00
6 00
For One Year._
1
13 50
7 75
11 50
European Subscription (including postage)
European Subscription six months (Including postage)
Subscription (including postage)
Canadian
NOTICE—On
for
tances
of the fluctuations In the rates of exchange, remit¬
account
advertisements
and
subscriptions
European
must
be
made lu
York funds.
Subscription includes follovHng Supplements—
Railwat & Industrial
(semi-annually)
Bank and Quotation (monthly)
Electric Railway (semi-annually)
Railway Earnings (monthly)
Bankers' Convention (yearly)
Btatk and City (semi-annually)
Cleveland.
___
Detroit
Milwaukee.
....
Columbus
45 cents
agate line
per
Peoria
Rapids
Grand
Dayton.;...Evansville
—
On request
-
Telephone State 5594.
Office—Edwards & Smith, 1 Drapers' Gardens. E. C
Chicago Office—19 South La Salle Street,
——
Youngstown
Rockford
.—
...
Bloomington
Quincy
WILLIAM
B.
_
Fort Wayne
Lexington
DANA COMPANY, Publisher.,
Akron.
-
—-------
Canton.--—
Front, Pine and Depeyster Streets, New York.
Decatur
Springfield, O—
morning by WILLIAM B. DANA COMPANY.
Presi¬
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
Published every Saturday
D. Biggs;
Address of all, Office of tbe Company.
Secretary, Herbert D. Seibert.
South Bend
Mansfield..
_
HOUSE
The
indicates that the total bank
United States for tbe week ending to-day
§8,865,705,497
$6,256,885,545, against §7,405,770,539 last week and
the corresponding week last year.
7 ; .'7.w'7"
been
have
'7:77"'7'.y.;-p
Per
Clearings—FMurns by Telegraph.
Week ending March 20.
Cent.
1920.
1921.
;
_
_■* _■...„
Philadelphia..+.
Boston..
.
->
... .
„............ *...
....... _
+
-
--Ci.
San F ranclsco^_ i_.
Pittsburgh
...........
Detroit
Baltimore.
.....
N ew Orleans
.......
.. ... .. ....
Eleven
5 days.
days.
cities,
;.
Total all
cities,; 5 days...
.
*
Partly estimated,
r.
......
Francisco-..
Los Angeles—-..
Portland..
—31.2
—14.4
Salt Lake City...
—30.8
Spokane--- —
—31.1
Tacoma
—44.0
Oakland-----—
—34.4
Sacramento
—13.3
San
—31.7
—
--------
-
-- -
-
Diego
Stdckton
—37.3
San
—46.0
-
Fresno
—18.7
Yakima
— -
Joser.--_
—.
Pacific..
—30.6
ending March
19.
City..—
Mnneapolis
Omaha
St. Paul
-
-
Inc. or
Dec.
1920.
Joseph
Des Moines
St.
Sioux City
Wichita
— -
1918.
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
....
Rochester
Scranton
Syracuse-
_
Reading
Wilmington
Wilkes-Barre
4,028,018,668 5,293,360,881
546,275,015
432,732,181
182,846,262
169,415,318
92,906,098
80,787,160
49,799,124
37,448,644
18,873,183
17,685,744
4,203,580
4,397,369
13,794,406
9,214,103
4,683,844
4,695,551
4,719,262
3,794,568
2,860,000
2,500,000
4,098,030
2,492,463
2,879,122
2,437,021
$
Lancaster
—33.2
84,096,797
21,323,523
15,141,764
4,286,142
8,991,821
+ 0.3
3,647,657
—24.8
—6.3
+ 4.6
—19.2
—12.6
—39.2
—15.4
+ 4.7
3,345,449
2,200,000
3,287,674
2,359,383
4,082,563
2-.350.000
2,566,036
1,209,017
—16.4
.2,569,911
—17.0
1,784,120
—18.3
850,000
1,172,600
854,269
—0.5
757,100
886,220
1,000,000
1,571,290
—36.4
1,239,000
877,606
_
841,178
532,446
+ 4.4
4,066,360
1,284,636
2,131,831
Trenton
_
Erie.
:
Binghamton
Greensburg
Chester...
Altoona
957,500
410,488
Montclair
Huntington
Bethlehem
—13.0
{167,437,696
4,950,008
3,104,695
3,589,829
1,536,986
5,185,506
2,995,472
Wheeling
York
—23.9 4,325,403,377
—20.8
452,568,996
—7.3
7.
Total Middle..
2,040,178
2,881,187
1,969,413
Incl.
Not
In
4,817,418,307 6,243,051.432
—3.5
+ 13.3
—23.7
874,669
361,396
3,026,182,450
334,999,896
80,404,843
48,349,978
19,603,471
13,034,478
4,277,744
6,041,819
3,686,307
3,885,392
2,468,362
2,952,577
2,265,236
4,013,425
3,257,396
2,439,565
1,189,536
1,933,976
818,000
850,000
1,304,274
818,089
434,723
+ 3.6
total.
—22.8
Duluth.—----Waterloo
Helena
-----
—
Fremont.
—
-
Boston
Hartford
New Haven
Springfield
Portland
...
Worcester
Fall
River
New Bedford
Holyoke
...
Lowell
Bangor.
Stamford
Total New Eng
286,318,923
9,895,500
8,255,449
5,888,737
4,372,342
2,350,000
3,465,945
1,378,892
1,296,352
650,000
1,339,965
675,000
—3.7
1,177,488
772,169
800,000
2,462,513
—32.5
—13.3
611,146
905,424
616,856
364,901,266
303,874,102
9,300,639
7,017,530
4,960,405
2,300,000
4,577,864
2,415,876
1,919,362
—11.2
1,020,858
325,692,898
—42.9
—25.3
Not
Incl.
in
458,517.061
—16.1
—11.9
—2.2
—24.3
+ 3.6
3.613,869
2,071,366
1,998,230
2,847,876
894 ,332
Aberdeen
—
oth. West
Tot.
St.
—
Louis
New
—.
Orleans....
Louisville
Houston
....
Galveston
------
Richmond
Fort
Worth....
Memphis
Atlanta-
-
—
Savannah
Nashville
Norfolk
Birmingham
Augusta
...
—
Jacksonville
——
Little
Rock...
-.
Charleston
Oklahoma
—7.7)
—15.5i
+o.o;
—30.7,
+ 43.61
—21.71
+ 0.5
3,245 ,563
total.
880,138 Not incl. in
386,509,105;
173,748,986
68,595,344
45,585,911!
969,389
2,400,256,
5,706,422
1,586,989,
2,886,554
752,254;
1,230,3561
Billings
—43.7
1,658,543
1,057,476
1,314,066]
523,933
1,306,454;
719,614
1.009,124
484,682
959,872
445,999,078
—13.3
312,515,815
219,011.283
271,014,523
44,379,365
82,331,512
20,936,318
24,363,902
22,345,230
16,779,941
12,674,897
13,274,705
7,683,141
3,412,656
3,328,924
1,422,87
1,239,378
2,736,949
7,110,942
2,857,437
1,958,264
1,150,958
1,085,413
1,221,067
1,692,990
—35.9
193,453,401
37,242,421
62,198,077
15,365,692
19,412,728
212,868,960
33,005,603
64,342,926
15,273,598
21,720,387
20,768,104
11,040,178
10,764,227
8,754,278
5,120,354
4,400,000
1,999,583
+ 54.6
—44.6
+ 90.8
—25.3
—47.7
17,232,458)
■43.2
10,035,330;
—44.0
10,079,278,
10,473,444;
—9.9
—48.8
5,016,155'
—14.3
3,106,270
2,375,454'
—29.0
—31.8
—28.8
—12.3
869,914*
803,381)
—19.7
2,399,749
5,082,240
—44.6
1,583,304)
+ 47.4
1,954,544
—50.2
—27.5
—38.4
—27.3
795,062
603,013
754,231
736,427
2,016,836
4,771,974
2,706,117
1,687,586
1,136,759
699,243
987,237
1,246,235
1,238,263
1.091,016
413,302,609
545,001,387; —24.1
402,594,213
426,645,624
134,068,635
44,771,919,
27,539,288
24,138,569
6,335,077
42,689,093
13,195,215
15,700,382
45,447,441
3,970,236
18,578,978
7,301,761
18,327,839
1,652,282
12,120,434
2.000.0C0
190,725, 090
—29.8
167,872,398
55,935,199
18,448,261
165,201,781
54,105,735
24,277,505
14,800,000
5,000,000
42,943,889
15,055,568
13,490,836
47,219,725
6,174,878
14,431,552
7,335,465
4,840,382
3,983,017
4,568,313
1,572,840
2,605,243
5,397,939
4,409,646
3,000,000
9,250,829
2,000,000
5,000,000
3,075,080,
9,924,7281
5,758,292
2,000,000
24,220,369
4,227,202
2,363,340
67,075, 122;
12,544 645
28,062, 974
7,251, 300;
66,914, 971
21,537 805
29,888 697
—33.3
+119.5
—14.0
15,701,685)
—12.6
5,773,299
55,373,335
13,720,566
16,969,164
54,575,521
5,873,498
15,759,261
7.659,176
14,086,276
3.589,650
9,425,887
1,442,446
2,272,140
4,695,248
6,081,098
3,332,729
9,716,648
—36.2
—38.7
—47.5
72,887, 190
—37.6
11,295, 102
25,363 209
—64.9
—26.8
10,138 326
—28.0
21,308 929
5,663 871
—14.0
—70.9
14,489 253
—16.4
2,493 ,814
3,332 ,992
—19.8
14,121 ,305
9,274 ,797
—29.7
,829
—54.8
4,425
13,134
8,036
2,000
—7.7
—37.9
,612
+ 84.4
,675
—47.1
1,800,000
,000
+ 18.2
272,706
700,000
376 ,722
—27.6
12,613,728
317,730
814 ,164
—14.0
552,738
8.858,110
4,131,415
30,216,013
—38.8
—32.4
8,706,782
2,724,079
27,388,883
2,832,980
13,500,000
3,200,000
14,477 ,000
5,267 ,235
46,262 ,065
5,100 ,000
516,784,404
714,268.694
-27.7
545,240,405
483,849,156
Total all
total.
—28.9
+ 6.6
—13.2
572,610
—
Knoxville.
5,110,200,403 3,565,211,537
263,505,085
11,996,900
7,147,814
4,943,485
3,603,825
2,100,000
3,339,804
2,880,180
1,971,064
617,785
1,000,000
768,160
—30.2
13,251,100
—
Hastings
Mobile
329,456,960
8,932,400
7,942,142
4,554,404
3,888,489
2,204,386
3,099,825
1,349,269
410,149,628
9,654,420
5,297,364
8,038,972
786,004)
Chattanooga
Providence
—1.4
11,040,996
883,000
Pueblo
Fargo
York
12,050,000
—19.2
2,301,488;
Springs
Colorado
1919.
%
New
31,472,820
—28.6
12,388,009
4,400,668
39,943,803
18,187,395
11,670,780
9,533,324
7,098,345
11,958.788
3,920,825
2,923,796]
...
Denver
Topeka..
Cedar Rapids.-
at—
1921.
—24.9
5,797,710
2,513,635
5,336,134
4,227,239
1,771,143
1,422,890
3,742,084
44,528 .036
18,184 ,253
15,340 ,860
7,817 ,583
11,195 ,721
5,439 ,757
2,895 ,360
5,779 ,100
5,001 ,020
1.771 ,142
2,053 ,505
2,605 ,638
92,956,937
27,617,000
33,705,906
20,853,890
11,419,912
8,344,660
4,958,459
5,555,814
3,469,378
2,007,901
1,989,053
2,069,966
889,915
§7,395,612,818
1,470,092,679
Lincoln....
Clearings
45,745.428
3,260,446
clearings being made up by tbe clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to' press Friday night J
Detailed figures for the week ending March 19 show:
Week
+ 7.0
Long Beach..-..
■-,v7:
' v7" 7::.. 7..77/7;7;77:7
week covered by the above will be given next Saturday.
927,253
317,010
117,112
—26.4
—29.2
Total
+ 8.7
800,000
750,000
833,466,735
—24.2
... -
—42.21
146,993,900
36,871,000
700,000
furnish tbem to-day,
cannot
—18.0,
955,282,679
—
—29.4
—19.6!
1,027,628
1,205,642
1,116,296
1,108,448
908,442
462,694
1,100,428
776,220
1,182,384
511,206
136,087
—24.9
Reno
§8,865,705,497
—47.1)
4,991,136
3,807,847
3,804,195
2,300,000
1,194,979
1,591,532
2,438,406
2,095,049
1,483,641
1,511,458
4,555,000
3,000,000
1,021,028
1,296,585
1,070,253
1,148,288
550,000
557,703
—14.0
—30.2
The full details of the
We
2,115,065
1,891,044
1,819,064
1,266,008
—45.2,
—28.5
—23.01
6,034,262
176,164 ,286
82,932 ,000
60,150 ,913
150,500,000
88,714,000
44,276,041
33,443,661
12,974,449
$6,195,138,549
1,200,474,269
$6,256,885,545
1,689,083
1,510,532
1,526,957
8,228,000
4,071,639
538,935,271
58,515,221
72,081,289
53,842,015
29,572,593
13,512,000
9,295,700
10,349,909
946,063,216 1,260,139,811
Tot .Mid .West.
San
Kansas
Total all cities for week..
—16.2
—36.5;
64,230,823
1,020,478,943
—
—25.3
472,582
63,475,708
$5,236,406,602
.....t
1,500,000
3,286,166
1.984,804
11,144,000* —38.3
6,338,406'
124,087,433
123,000,000
33,495,570
12,615,000
12,470,800
11,389,942
5,020,534
4,695,337
3,224,310
4,348,753
2,151,039
1,163,587
—5.8
—28.7
1918.
S
517,098,111
68,878,690
—25.0
300,000
„———_
Santa Barbara...
All cities. 1 day
—3.9
—17.1
Adrian
Pasadena
Other cities, 5
—11.6
Ann Arbor
106,000,000
$4,326,365,200
910,041,402
1,986,514
2,000,000
4,582,532
2,816,748
2,386,189
1,905,725
—23.4
—4,9.5;
151,997,4.85
103,957,239
*66,427,536
51,596,595
34,671,059
St. Louis...
2,780,153|
—20.4
943,839
640,449
213,812,491
145,176,743
132,433,280
114,800,000
.....
—21.9
—11.4
476,947
696,398
Owensboro—.—
375,990,630
298.768,460
205,755,904
_
...
..
5,166,765
—22.2
—36.2
458,600,663
119,688,470
95,261,920
Kansas City..
—23.6
—22.0
1,757,643
1,452,552
§4,184,652.266
§2,881,127,534
392,696,192
260,382,861
...
-
_—
Chicago..
5,304,489
7,177,830
4,950,723
—31.0
1,500,000
839,844
Seattle
New York
—24.0
—14.7
Lima—
following table, made up by telegraph, &c.,
clearings of all the clearing houses of the
152,593,188
159,877,700
42,849,135
18,005,000
14,101,300
17,148,336
514,377
Lansing
RETURNS
—15.5
1,038,053
328,470
Danville
Jacksonville, 111—
CLEARING
—25.5
80,114,063
33,401,005
14,000,000,
12,500,000!
13,654,212
4,050,937
5,495,752
4,375,591
4,033,255
2,670,761
1,646,194
1,500,000
4,317,625
2,007,208
1,783,850
1,596,963
6,878,000
3,476,046
1,207,996
1,628,235
1,600,000
1,463,568
_
Indianapolis
702,349,309
115,969,398
110,405,180
Cincinnati
1919.
WffS
523,492,805
67,728,923
Chicago
Springfield, 111-_
Terms of Advertising
London
Dec.
1920.
%
Toledo
Transient display matter
Contract and Card rates
19.
Inc. or
PUBLISHED WEEKLY
New
ending March
at-
Subscription—Payable in Advance
For Six Months
City Section
NO. 2909
SATURDAY, MARCH 26, 1921
VOL. 112.
Terms of
Railway Section
7,405,770,539 9,667,912,463
-23.4
Outside N. Y._
3,377,751,871 4,374,551,582
-22.83,365,331,404 2,805.875,987
Macon
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas..-
Shreveport
Total Southern
—21.6
—34.7
384,991
568.652
7,701,906
2,686,534
2,341,924
7,690,734,781 5,832,058,437
I
1194
iONICLE
THE
.
%
tunately, this Oriental demand
^:;£X$TBE.
FINANCIAL SITUATION.
initiated
change in the method of computing the ratio of
usual
a
We believe that
weekly return issued last Saturday,
reserves
Federal Keserve banks
to liabilities for the
it is
which deserves mention here because
direction
the
mained loaded up
of
The an¬
conservatism.
greater
step in
a
silver
all
the Reserve banks.
to
notes, silver, etc.,
stands at $209,250,000
now
against only $125,745,000
a
therefore, that the item of lawful
truly the position of the Reserve banks
the statement
[meaning the weekly return] has been
slightly recast in form, the main change occurring
in the
Then followed some explana¬
deposit block."
clear
tory remarks which were not as
have
they might
as
been.
A brief way
Previously what are termed
deposits.
included in the
the other hand from the amount
availability items"
on
thus arrived at there
was
were
deducted the amount ap¬
the other side of the account under the
on
calculated
reserves
basis, the ratio of
wholly
whatever
money,
gold basis.
on a
reserves
On that
to deposit and Federal
Reserve liabilities combined in last
ment would have been
(by the
Saturday's state¬
method of using
new
deposits) 46.6%.
The cotton crop
that the computation is now on the
deposits where before it was on the
deposits, but
pearing
no more
We repeat,
of indicating the nature of the change
basis of gross
basis of net
Marfck 21. 1919.
on
composition, should be entirely eliminated, and
gross
would be to say
"deferred
its
$67,736,000
and
year ago
connection
more
At
events, the aggregate of the holdings of legal
tender
than
veal
re¬
subsequently further amounts of
nouncement made
by the Federal Reserve Board in
with the matter said:
"In order to re¬
since
ever
with this unwelcome silver.
transferred
were
materialized
never
and the Federal Reserve banks have
Washington, in its
Tlie Federal Reserve Board at
[VOL. 112.
.
estimate of the Department of
Agriculture, issued in December last, is proved not
to have been excessive
(as
ters at the time of its
was
claimed in
some quar¬
announcement) by the final
ginning report of the Census Bureau of the Depart¬
of
ment
this
Commerce for
ginning report
1920-21.
runs
On
the
contrary
somewhat ahead of the Ag¬
designation "uncollected items and other deductions
ricultural
from
ally the case. The Department's estimate, made public
cluded from the
appear as
Now both amounts are ex¬
deposits."
gross
computation, though the items still
part of the weekly return.
The effect of the change
percentage of
reserves,
"uncollected items" used
variably
last
Saturday, the aggregate
of
the
For
on.
"uncollected
(for the twelve banks combined) $716,-
was
Now
Census
the
000
bales
of
the earlier
that amount.
In neither
case
is the amount of lin-
than
the
tained,
rapidly that
under the
even
new
tion the Board is able to
reserves
to
so
method of computa¬
report the ratio of total cash
deposit and Federal Reserve note liabili¬
ties combined up to
of
improving
51.0%.
Under the old method
calculating the figures the ratio would have been
52.6%.
We
suggest that while the Board is
gaged in the task it
go a
the
on
reserves
entirely
step further and compute
It is true that while in the
Reserve notes the statute
(which is fixed at
of
gold,
on
ful
is
as
now
of Federal
reserve
minimum of 40%) must consist
reserves
required to
against the deposits (the minimum
being 35%)
money."
case
stipulates that the
the other hand the
be maintained
here
a
en¬
the basis of gold, instead of
including legal tender notes, silver, etc.,
done.
consist either of "gold
may
or
law¬
Nevertheless, gold is the only true
re¬
serve.
There
is
an
additional reason for eliminating
money" (in the shape of legal tender notes,
silver, etc.) in the circumstance that the amount of
•
"lawful
this lawful
money
and still
son
000
20,
is
very
larger than two
we
have
an
returned
years ago.
900,000 bales
some
The Bureau's
bales
counted
over
as
half
over
1919-
1918-19, but 3 million
report makes the yield of lint cot¬
13,197,775 bales, which includes
an
estimate of
211,893 bales to be ginned after March 1, and the
total of linters
we
estimate at say
Department's estimate
lbs. gross
was
500,000 bales. The
12,987,000 bales of 500
each (excluding linters) but this latest
re¬
port gives the average weight of bales marketed
as
506.4
lbs.
gross,
making the Census total of lint
equivalent to 13,365,754 bales of 500 lbs. each,
754 bales above the
or
Department's estimate.
378,-
As
re¬
gards comparison of the ginning of 1920-21 with that
of 1919-20
we
note the
gain indicated
came
almost
entirely from the Southwest—Texas, Oklahoma and
Arkansas—although a satisfactory increase in yield
occurred in Arizona and California.
WThile
time
supply and demand have been from time to
during the
season
the
explained in our issue of February 19 dumped
large amount of silver into the Reserve banks. As
will be ob¬
bales under 1914-15.
elucidation, there has
Treasury has in the
100,000 bales
increase of nearly 1,800,000 bales
an
thai last year
rea¬
some
last year
aggregate yield of about 13,700,-
The chief
much larger
for the increase is that the
the total
running bales (round
bales)
ton
would
of
(in¬
estimate—exceeding it by
less
been
crop
statement
moderate amount estimated to be ginned
a
bility items" $570,000,000. However, the position of
has
1.1%
after March 1) is at hand and it comes within
400,-
included, but assuming that
late
area
usu¬
there had been
high record
ters
of
planted
Bureau
882,000, and the aggregate of the "deferred availa¬
Reserve banks
is
as
gain in yield of lint of about 13.5%, making the
cluding
items" previously added
a
year
out-turn the heaviest since the
larger than the amount of the "de¬
runs
ferred avail ability
items"
the amount of
as
a
1914-15.
a
approximation,
last, indicated that from
deduction almost in¬
as
s
larger than in the preceding
is to reduce somewhat the
inasmuch
Dec. 13
Department
the subject of discussion and
never
been
reason
to question
adequacy of supplies of cotton to meet
tive
requirements until another
crop
consump¬
should become
way
available, and current statistics offer ample sub¬
a
stantiation of that contention. Mill
there
the
pointed out
amount
of
an
increase of
"legal
tender
over
$50,000,000 in
notes,
silver,
shown in the return of the banks for Feb.
was
explained by the Reserve Board
to
transfer of silver accumulated
a
with
a
view to
as
etc.,"
27, 1920,
due "largely
by the Treasury
meeting Oriental demands." Unfor-
at home and
than
a
ier.
The Census Bureau
year
operations, both
abroad, have not only been less active
earlier, but the supply of cotton is heav¬
announced
stocks of cotton and linters in
ments and in
public warehouses and
the United States of
as
of
July 31
consuming establish¬
compresses in
4,072,812 bales, which combined
March 26
with the
r<TrprvKnrrnr p
inn
17,772,812 bales.
This, however, does not
Carried
include the amount
at
over
1195
UlLKUiNlijLll/
13,700,000 bales produced in 1920-21 gives
total of
a
TTTT?
1921.]
plantations, in
2Y2 millions from South America, 5% millions from
British
India, a little under 6 millions from China,
millions from Hong Kong and 1% millions from
1 y2
private warehouses and cotton in transit at the close
Australia.
of the
1920-21
which the Bureau has estimated at
season,
500,000 bales,
nor
afloat at that
time—1.260,000 bales—or the stock at
mills abroad of
ternational
the amount in European ports and
948,000 bales,
Federation.
It
as
reported by the In¬
safe to assume,
seems
therefore, that the supply of American cotton avail¬
able to meet
was
in
consumptive requirements of the
of 20 million bales.
excess
position
now
leave
no
doubt
of the
season
low
Furthermore, the
regards supplies is
as
to
as
a
year
so
easy as
eight months of the fiscal
$256,251,500 against
was
comparatively
a movement
direction in 1919-20 and 1918-19 of
$8,096,518
respectively.
either direction
The
foreign export total of the United States for
for any
to be the smallest reported
proves
month since June 1918, in addition to being
much below the aggregate
riod of the two
preceding
for the corresponding
pe¬
Lower prices, of
years.
have played their part in reducing the to¬
course,
tals, but quantities have also fallen off in
This is
stances.
some
conspicuously true in the
case
in¬
of
cotton, pf which the shipments were only 493,426
bales
in
February, 1921, against 640,320 bales in
February 1920.
With the price
—only 17.26 cents
last year,
cents
pound this
per
quantities in
densed
There has been
shoulders,
lbs, though
increased
on
with amelioration of
of the adverse conditions
some
hamper operations during the last
1920, has taken
is
believed that greater ease
15.847,799 lbs. against 24,217,-
heavily.
contrasts with
merchandise exports
a
from
between
eight months since July 1, 1920,
the
a
contraction of 103% million
previous
year,
comparison being
$5,126,520,690 and $5,230,213,254, but there
1918-19.
over
Mer¬
tendency in materials
factors
and
housing situation to
tant future.
hibiting
a
two years, ex¬
loss of 253 million dollars from the
corre¬
a
an
tivity.
The Dow Service
lions
larger than in 1918-19.
The net result of the
year
is
an
export bal¬
however, of $274,785,805, this contrasting with
$177,742,905
a year ago,
972,738 in 1919.
The
our
net credit
$2,368,182,378 against $1,995,133,-
$2,449,185,036 respectively.
excess
the
of that for
ther net inflow of
$1,036,005 and
reached
in
closing months of 1920,
January and showed
$43,386,386.
were
a
fur¬
Exports totaled only
mainly to Mexico.
But imports
$44,422,391, of which 10% millions from
England, 13% millions from France,
lion from the remainder of
a
short mil¬
Europe, 2 millions from
Canada, Mexico, West Indies and Central America,
materials, bringing
levels, intimates
long expected turn in the construction
ket
come,
has
exhaustive
mar¬
and its conclusions, based upon
an
investigation, is that New York at least
definitely started
building
Our
ac¬
:
that the
upon
program
the most active habita¬
of recent times.
February compilation of contemplated out¬
lay for building operations at 185 cities in various
sections of the
of the
over
country offers complete confirmation
foregoing in that it shows
the
a
January aggregate and
considerable gain
compares more
vorably with the corresponding period of the
vious year
than has been the
The total of intended
the
only,
case
fa¬
pre¬
since June last.
outlay reaches $99,008,263 and
as
far
as
February is concerned,
unprecedented aggregate
($117,381,258)
of
1920, while comparing with about 35 millions two
and 30 millions and 60 millions respec¬
years ago
what
Furthermore,
were
allow¬
to be made for the difference in cost of mate¬
rials this year and
more
creases
last, the contrast would be some¬
favorable to 1921.
New York is
The result for Greater
quite close to that of
in the
a year ago,
in¬
Bronx, Queens and Richmond bor¬
oughs largely offseting decreases in Manhattan and
The current aggregate for the city is
Brooklyn.
$22,120,822 against $24,577,129 and compares with
but
ago.
gold movement of February 1921, although
less extensive than
in
but comparing with $349,-
For the eight months
abroad stands at
918 and
was
478 millions less
period of 1919-20, but 824 mil¬
February foreign trade this
ance,
or
now un¬
additional stimulus to
of them down close to pre-war
some
has
a
a year
Building Report, in drawing at¬
ance
aggregate is $2,757,338,312,
compared with
tention to the decline in various
For the
the
as
' VO-
tively in 1918 and 1917.
than for the similar
marked decrease in cost of
to be obtained where building is
dertaken, is proving
sponding time in 1920 and of 21 millions from 1919.
elapsed portion of the fiscal year 1920-21
relieving the
In this city the exemption from taxation for
ago.
ten years,
to
over
in
noted, contractors in various
drop of from 15% to 25%,
stands second
exception, the smallest in
whole, will be stimulating
parts of the country furnishing estimates showing
imports in February, at $214,525,137, al¬
that
neces¬
great extent in the not dis¬
a
Already
little greater than in January,
with
as a
construction has been
though
were,
in obtaining
instrumental
prove
chandise
a
turn for the better, and it
a
financial accommodations, and the declining
sary
Feb¬
value of $489,310,942, which
gain of 745 million dollars
a
for
$645,145,225 in 1920 and $585,097,012
For the
aggregate records
dollars
now
tion
1921 covered
in 1919.
against 75,891,195 lbs., and
the other hand the exports of lard
Specifically, the
is
shrinkage
milk, 22,071,301 lbs. against 43,941,300 lbs.;
ham and
ruary
a
number of other directions—con¬
a
bacon, 31,612,140 lbs.
the
against 41.32
year,
small, result¬
Building construction work in the United States,
r
only $44,332,540 for the month in 1921, against
was
706
much lower
the value of the cotton shipments
$135,950,127 in 1920.
in
so very
in
movement
was
ing in a net export of $478,759, and increasing to
$1,844,721 the outflow for the eight months, against
$69,299,621 last year and $163,215,847 two years ago.
half of
February 1921
in the opposite
$319,287,061 and
silver
during the month
that had served to
price ruling at the present time.
The
year
(July 1 to Feb. 28) the net inflow of gold
to
large carry-over at the end
and thus account for the
For the
$8,125,613 and $4,328,691 two and three years
Outside of this city the estimated expenditures
provided
amount to
for
under
the
contracts
entered
804,129 in 1920 and 27 millions in .1919.
of the individual cities losses from the
of
last
into
$76,887,441, ahd this contrasts with $92.-
year
are
At most
heavy totals
exhibited, Cleveland, Omaha, De¬
troit, St. Louis, Philadelphia, Pittsburgh, Atlanta,
Dallas, Washington, Fort Worth and Houston be¬
ing conspicuous in that regard.
notable
gains
are
On the other hand,
to be found at Chicago, Boston,
»
OH! SONICLE
THE
1196
San Francisco, Buffalo, New Orleans,
Baltimore,
Denver, Birmingham, Chattanooga, Jersey City and
As arranged by us in groups, the
Portland, Ore.
cities of New
England record
an
augmentation in
contemplated expenditure of nearly one million dol¬
lars
February last year, but the Middle division
over
the Polish
[VOL.112.
representative in Paris.
The London
cor¬
respondent of the New York "Herald" cabled that
"on the
is
eve
of the
plebiscite in Upper Silesia feeling
running high and is only kept from breaking into
violent expression
reinforced
by Allied troops, which have been
recently by six British battalions."
In
a
(exclusive of Greater New York) shows a loss of 4
dispatch from Kattowitz, Silesia, made public here
millions, the Middle West 3 millions, the Pacific
Sunday morning, it
Coast
decrease in
a
only
nominal
a
Western" 3 millions, and the
lions.
the^e
sum,
the "Other
South close to 6 mil¬
Compared with the three preceding years
important gains in all sections.
estimated outlay
are
For the two months of 1921 the
reaches $161,574,155.
at the identical 185 cities
1919
and for
967
Greater
approximately 59 millions.
New York's share of this
The
$252,406,659,
result for the two months of 1920 was
year's aggregate is $34,801,-
New England's
$11,041,697 for 26 cities is nearly 5 millions
against $55,150,224 a year ago.
total of
and that of $23,343,760 for 46
less than last year,
municipalities in the Middle group (Greater New
York
excluded)
The Middle West
173
below 1920 by 13
falls
millions.
aggregate (34 cities) at $43,367,-
with $64,692,265, the Pacific Coast
compares
(15 cities) shows a decrease of 7 millions, and the
"Other Western"
(25 cities) of
11 y2 millions.
over
At the South the contrast is between
$18,583,740 and
Reports from Canada indicate that although, as
in the United
States, the housing situation is acute,
the reduction in cost of
building operations has not
yet been sufficiently great to appreciably stimulate
Tn fact at most points much less was done
in
February of 1921 than in 1920, Montreal and
Westmount
the Dominion the amount involved by
40 cities in
the
For
being the only notable exceptions.
permits issued in the month this year is only a
little
over
3 million dollars,
against 5% millions last
with the two months' totals 5% and 9% mil¬
year,
The cable advices from
anything definite
evening, in which it
in
perfect order."
is
keener interest in the lead¬
was
la^t Sunday to decide whether Upper Silesia
to the control of Poland or remain un¬
her
meet
rule, than in
Europe.
of the rich
ized that if
Poland.
troops."
their
the
The Allies real¬
to
was
France favored
fear of political dis¬
attending incident of the voting.
also
that
undue
influence
by the Germans to turn the plebiscite
favor.
Allies
Special
the
objection
was
raised
by
reported assembling of German
troops near the Upper Silesian frontier. The French
Ambassador
filed
proceeding.
The Council of Ambassadors in Paris
a
"collectively drafted
subject."
was
protest
a
was
was
said that "the German
reminded that the maintenance of
involved in
sowitz."
In
was
ernment, would be held
trict."
A
occur,
armed
given that the Berlin Gov¬
responsible for
any
should either regular
forces
warning of
dispatch from Tarmade that
was
exception of
Inter-Allied Plebiscite
suspending telephonic and telegraphic
communications
with
outside
the
world, with the
dispatches -which, however, were
press
subject to the approval of the Silesian authorities."
The Council of Ambassadors received
which
it
German
tier."
"without
declared
warning, in
foundation
military preparations
A
reply from
a
the German Government to its note of
on
reports of
the Silesian fron¬
special correspondent of the New York
"Times" likened the
scene
on
Saturday evening to
a
He said that 900,000 actual residents would
picnic.
vote, while 200,000 so-called "out-voters" would also
sults
first definite statements
were
a
received here
Associated Press
relative
to
the
re¬
Monday afternoon through
dispatch from Berlin.
In it Dr.
Simons, Foreign Minister, "announced that
the returns showed
complete German victory." The
a
event, the colors of the German Republic and of
Prussia
penetrate
similar sort
incident
or
irregu¬
into the dis¬
was
handed to
r
being hoisted." President Ebert telegraphed
to the German
representatives in Upper Silesia "an
expression of his joy
over
according to reports,
tricts has been
violent
that
a
it remains
in
one or
even
if,
two dis¬
resort to unjust and
an
indisputable fact
overwhelming majority of the Upper Sile¬
an
sian
the result, adding,
our success
prejudiced by
methods,
people has decided in favor of Germany."
turns characterized
as
Re¬
"official" received in Berlin
Monday forenoon, indicated that "876,000 votes had
been cast for
Germany and 389,000 for Poland."
that
was
time, it
At
said, only two districts were miss¬
Commenting
ing.
upon
what was involved in
tht
plebiscite, the Associated Press representative in
Berlin said:
as
German
fights with British troops at Las-
Associated Press
owing to the order of the
exclusively the task of the Inter-Allied Commis¬
might
bands
probably the returns would be "delayed somewhat,
during the plebiscite in Upper Silesia Sunday
which
an
Polish
Rosenberg and be¬
witz, Upper Silesia, the suggestion
in
sion, and the warning
lar
against this military
note to Germany on the same
In the note it
Government
order
that
ings already have been decorated in honor of the
disputed territory.
an
from Kattowitz, Si¬
come
to win be¬
was eager
deposits and other natural
intimations
would be used
in
Germany
coal
Naturally there
as
reported collisions with Brit¬
Reports had
crossed the Silesian frontier into
came
m
further asserted that "there
correspondent added that "the Government build¬
Germany lost she would be less able to
were
was
other single event of
any
reparations obligations.
turbances
There
It
lesia, during the day "stating
no
\
Sunday
claimed that "the plebiscite
was
confirmation of
no
ish
an
in the
issued in Berlin
was
Upper Silesia has been carried out everywhere
Walter
resources
to the results of the voting.
as
semi-official statement
scite
cause
Berlin, London and Paris,
published here Monday morning, did not contain
ing European capitals in the outcome of the plebi¬
the week in
armed, will attack the soldiers
in this district to-morrow."
The
Probably there
der German
,
enter¬
participate in the election.
lions, respectively.
should pass
were
night before that "the population,
which is known to be
Commission
$31,375,153.
activity.
tained there the
said that fears
was
"Palm
Upper Silesia,
one
war.
square
have
Peace
likely to go down in history
of the most momentous
ment of E uropean
cent
Sunday, the day of the voting
seems
The
days in the adjust¬
boundaries growing out of the re¬
area
involved, comprising some 5,000
miles, was the largest section of territory to
its
fate
Treaty,
submitted
but
even
to
a
more
■
i
plebiscite under the
important than the
March 26
1921.]
size of the district
THE
the material wealth contained
was
in its varied mineral resources,
cluding also iron,
shown
and
zinc
mainly coal, but in¬
lead.
Germany
has
by her representations to the Allies how
vital she considered these
to reconstitute herself
rations
materials to her ability
economically and meet
demands, while the need of the
1197
CHRONICLE
repa¬
resources of
be
accomplished through
whole
the
be
partition by the Allied
a
"instead4 of deciding the fate of the
authorities,
province by the total vote."
According to
understanding in London "to each country will
given the districts where they obtained
tial
majority, except small
difficulties
ill
are
the
substan¬
a
where geographical
areas
way."
Actually
it
Upper Silesia for the economic well-being of Po¬
thought that the partition would be made
land has been
lows:
hardly less strenuously insisted
upon
To
by the Polish people."
Later returns received in Berlin indicated
er
small¬
a
majority for Germany than at first claimed, Dr.
Simons
estimating that the total for that country
would be
713,700 votes and for Poland 460,700.
On
Tb
Germany—Krewzberg and all the territory west
be uncertain.- The entire
to
In
special dispatch from the Ger¬
a
capital to the New York '"Times,"
different
light
was
thrown
instance, the assertion
was
partially
a
the situation.
on
For
made that "yesterday's
was
re¬
"according to the vote by communes, which gives 'to
Paris
man
said
was
French press
ported to have demanded that the division be made
final official vote
406 for Poland.
The fate of Betheun
of the River Oder.
Poland the
716,408 for Germany and 471,-
fol¬
Poland—Pless, Rybnik and Tarnowitz.
Tuesday the Inter-Allied Commission announced the
as
was
as
took
mining and industrial centres."
correspondent of the New York
The
"Tribune"
decidedly strong position in favor of Poland
a
and
France in
last
Sunday.
discussing the results of the voting
In part he said:
"The results of the
plebiscite in Upper Silesia show
sweeping victory
a
plebiscite does not decide the Silesian question final¬
for Poland and her
ly,
reports from German sources, that Germany had
and consequently German apprehensions have
by
quieted down.
no means
assert
case
in favor of
her influence
in the
of
It is feared France will
Rybnik and
Poland, especially
Piess,1
where important
coal and zinc mines and cement works
and where the
ed
situated,
are
Poles, with the alleged aid of import¬
laborers, achieved overwhelming local1 majorities.
In
German
industrial
circles
yesterday's
would count for little in that case,
ed that
Silesia,
she is forming
as
nomic and industrial
lost such
victory
it being contend¬
one
undivided
eco¬
unit, would be paralyzed if she
important centres for
raw
products and
won,
tal
it
was
lin
correspondent of the New York "Herald"
mented in
part as follows
result of the
on
the result:
com¬
"The net
Upper Silesian plebiscite has been
as
expected, Germany winning the manufacturing
was
centres and Poland the most
gions.
important mining
fanfare of triumph, in of¬
ficial circles it is feared that the
of the vote will
too
re¬
But while the early news of the vote brought
from the German press a
of
The Ber¬
geographic division
give the Allied Supreme Council
ready ethnographical authorization for
a
a
industrially
also
reflected
York
in
later
"Tribune"
situation
"final
a
representative in Berlin made the
fixation of
Allied Supreme
plebiscite
ment
on
of the
which
neWj
The New
comment.
little clearer still when he
a
German-Polish
Upper Silesian region
the
press
now
suggested that
frontier in the
rests in the hands of the
Council in Paris.
was
The function of
to indicate to the Allies the senti¬
inhabitants
of the
various communes,
they could base the establishment of the
frontier."
Treaty of Versailles, the commune is the vot¬
The result of the plebiscite
sovereignty.
all
plans for the payment of Germany's
cussed hitherto
will
probably
According to the Associated Press
in
Silesia favorable to
voting
and fair
from
were
As
expression of the popular will."
Warsaw
jubilant
stated
over
the week
that
the
was
was
not
as a
free
Dispatches
people of that city
so
the
plebi¬
decisively in favor of Germany
at first believed.
eral that the final
The idea became
on a
Ger¬
verdict
re¬
correct, all
are
Generally speaking, all
mines, and
ore
great part of the rich
a
agricultural lands of the province,
district that voted for Polish
Germany had
a
region."
within the
are
sovereignty, although
majority of the votes in
cities in the Polish
a
number of
came
Word
from Ber¬
yesterday morning that the "Inter-Allied Com¬
mission
has
town and
proclaimed martial law
in
Betheun,
district, Kattowitz, town and district, and
Pless."
Whila first attention
in
Upper Silesia, sight
the
more
as
gen¬
disposition of Upper Silesia would
was
was
given to the plebiscite
not lost for
reparations question itself.
the outcome of the
plebiscite
In
presenting to
mittee
on
was
the
the
1921
report
on
as
having
that question.
Senate—before
French
held—the
moment of
regarded
was
extremely important bearing
plebiscite
a
As has been shown,
an
on
Germany
cial
pays,
the
the Finance Com¬
budget, Henry Cheron was re¬
ported to have made the following statement:
"If
France will emerge from her finan¬
difficulties, notwithstanding the colossal bur¬
dens left
"the
by the
French
war;
if she does not
the problem
France, M. Cheron said that
debt, which in August, 1914, stood at
on
March 1 of this
to 307,000,000,000 francs, to which
added in thelfuture
thus
pay
Going somewhat into detail regarding
27,000,000,000 francs, amounted,
year,
mated
the results.
progressed the European cable ad¬
vices stressed the idea that the result of
scite
a
which the
on
scrapped.
reported
into Polish hands.
the coal and
the financial status of
that, except for
plebiscite could be challenged
that
bill dis¬
parts of Silesia which are of any practical value
will pass
lin
means
war
Germany, whereas if the
as now
ter-Allied Commission announced
incidents, nothing occured
be
many's offers have all been dependent
is insoluble."
results of the
laid down
ing unit which decides between Polish and German
correspondent at Kattowitz, Upper Silesia, "the In¬
few minor
favored Po¬
as
policy
This tone is
integral unit."
an
majority, the vot¬
in the
partitioning Upper Silesia, which hitherto has
been
a
communes
By the terms of the plebiscite,
the
organization."
Germany
land.
how to make
of the accumulated fruits of genera¬
gave
ing in the most important
by-products to Poland, which would hardly know
use
Contrary to early
brought out to-day that although the to¬
popular vote
sults of the
tions of German labor and
ally, France.
at
far
another
had
pensions and
war
must be
damages, esti¬
218,000,000,000 francs.
France
38,000,000,000 francs
on
Germany's account, consequently there would
be
paid
180,000,000,000
be added
pay."
to
her
out
francs
more,
with
interest,
obligations if Germany
did
to
not
I
said to have been
An unofficial announcement was
Berlin
in
made
marks
account of
on
billion
reparations obligations,
Monday that the first
on
her
supposed to be paid on or before March 23, would
not be forthcoming at that time, and that a formal
note to that effect would be dispatched to the Repa¬
rations Commission.
It was received early Tuesday
in
upon
at
Advices from that centre
Paris.
stated that,
its receipt, the Commission went into session
The New York "Times" correspondent in
once.
Paris cabled that the German note
said three things:
"First—Germany did not owe the money
asked for.
Second—If she did owe it she could not pay
—However, Berlin would talk it over
Relative to the Allied reply he
lies."
it. Third
with the Al¬
said that "the
Commission to-night
[Wednesday]
reply to Berlin saying Germany could not
Reparations
drafted
a
question the figures of the Commission and had not
met the demand to fulfill the treaty terms.
To-mor¬
row
the Commission will send to
ments notification that
the Allied Govern¬
Germany has failed to ful¬
reparation terms of the treaty, and advising
fill the
Announcement was made in an
action."
Associated
dispatch from Paris Thursday evening that
Press
"the German Government was notified by the
Allied
the
total
Reparations
to-day
Commission
that
20,000,000,000 gold marks, due under Ar¬
amount of
ticle 235 of the Peace Treaty,
[Vol. 112.
CHRONICLE
THE
1198
must be paid by May
initiative to
published
paper
4. Greater freedom must
extent.
some
be allowed to the
co-operative societies."
a
The same
Washington dispatch last Satur¬
day in which the assertion was made that even then
being given to the possibility of
"consideration is
It was added
resumption of trade writh Russia."
th^t "no decision has been reached yet by the Presi¬
dent and his Cabinet
and there
ciated
under
Russia's
many
internal
policy,
debates
strenuous
concluded its deliberations on March 17.
donment of the seizure of
foodstuffs, to be replaced
and
In
dispute regarding trades unions Lenin's
sort of taxation in kind, was decided upon,
a
regulations permitting free trade were adopted.
old
the
resolution obtained 569 votes,
while that proposed
The decision
by War Minister Trotzky received 50.
of the
previous Congress dissolving the co-operative
organization
Herbert Hoover, Secre¬
revoked."
was
tary of Commerce, in a long statement, made
in
Washington
economic
and
on
public
Monday, declared that the present
system of the Soviets must be abandoned,
production of goods resumed before the United
States could think of
resuming trade with Russia.
1, or additional penalties will be inflicted upon Ger¬
the German
delegation in Paris, with the request that it be trans¬
cient
suffi¬
He also declared that Russia does not have
The note was delivered to
many."
mitted to the home Government "as
sible."
It
was
quickly
as pos¬
reported in a Paris cablegram yes¬
terday morning that "another Allied conference will
be held in the near future to decide what action to
A
take."
dispatch from Paris last evening said that
would not take action
the Allied authorities
after the Easter
until
gold to enable her to do business with the
The opinion prevailed
United States.
and
Secretary of State Hughes,
In the New York "Herald"
a
week ago this morn¬
representative of that
"In
;
munist
a
remarkable speech to the Tenth Com¬
Congress, Nikolai
whole Bolshevik program.
so
mad
to expect
as
in Russia. It was dated
The first paragraph read as fol¬
Reval, March 18th.
lows
paper
a
Lenin
the
abandoned
He said that no one was
world revolution, ajid that,
Washington advices
the
On
Tuesday
a
wireless dispatch was received in
stating that
with
relations
Russia."
own
also
a
grant of
capitalists and farmers, who must
their land,
giving
a
part of it as taxes and be¬
It
Soviet Government proposes
to the United States to
On
was
added
that
"the
to send a delegation
negotiate
a
trade agreement."
Wednesday it was admitted at the White House
that such
a
communication had been received and
transmitted to the State Department.
from
Stockholm
on
from
as was
"themRussian
appealed to Presiaent Har¬
ding and the American Government to resume trade
ments
indispensable,
given.
Thursday were somewhat to
on
Moscow
from
made that "tons of
were
and that recog¬
contrary.
therefore, agreements with the bourgeois Govern¬
concessions to
Harding
nition of the Lenin Government would not be
Soviet Government has
ing there appeared a long dispatch from the special
in Washing¬
ton that he reflected the ideas of President
London
holidays.
on
in which Premier Lenin
day, the Communist Congress at Mos¬
Aban¬
carried the
by
pursued,
different opinions."
"After several
appeared:
cow
to the course to be
as
In an Asso¬
Press cablegram from Helsingfors, Finland,
date of March 20th, the following statements
are
Russia
by
In
a
dispatch
Wednesday the assertion
gold
way
are
was
coming to Stockholm
of Reval.
In Stockholm the
gold is melted, gets the Swedish Mint stamp, and is
thrown upon
the markets of the world."
The under¬
He said that private
standing there was that "the American State De¬
enterprises of artisans will be permitted until the
partment has eliminated the necessity of a certifi¬
ing allowed the sell the rest.
big Socialist enterprises
hence
or more.
He
are
established ten
years
urged free trade intercourse with
capitalist countries, saying 'that without foreign
sistance
we
cannot
as¬
progress.'" The statements cred¬
showing the origin of the gold, which makes
cate
possible the admission of Russian shipments of the
metal into the United
ited to the Bolshevist leader attracted considerable
without
attention in this
On Wednesday the State
ish
Department at Washington announced that it had
the
received
situation
country.
dispatches confirmatory of the New York
"Herald"
dispatch.
nouncement it
was
In the State Department
set forth that "four of his
an¬
pro¬
posals have to do with strictly internal affairs and
1.
are:
More freedom must be1 effected in the
change of goods
must be
only
iet
a
among
the people.
ex¬
2. The peasants
permitted to sell their farm products, and
portion of them shall be delivered to the Sov¬
regime
as a tax.
3. The operations and organiza¬
tion of smaller industries must be
left to
private
States,
as
American Consuls
in Sweden, it is stated, may approve
gold shipments,
tracing them further back than their Swed¬
origin."
Dispatches from Washington later in
day indicated that this understanding of the
In
an
was
correct.
address in the House of Commons
Tuesday
evening Premier Lloyd George defended the trade
agreement entered into by
Soviet Government of
dependence of nations.
that "Lenin is
got to trade.
Great Britain with the
Russia, because of the mutual
The Prime Minister added
beginning to realize that Russia has
He thought he could run the State on
theories of Karl
Marx, but instead he found, starva¬
tion and famine and his
railways completely out of
March 26 1921.]
repair.
THE
CHRONICLE
You cannot patch up locomotives with Karl
Marx doctrines."
Minister, in
New York
Mr.
Piip, the Esthonian Foreign
special cablegram from Reval to the
a
"Herald,"
quoted
was
as
having said he
thought "the basic principles of Bolshevism
forever and Lenin would be unable
gone
them later on, even
if he
were
wTere
to restore
desirous of doing so."
The next
day the Minister
paper
having observed that Lenin's conversion
was
as
"merely
was
quoted in the
moral coup d'etat."
a
same
It would be in¬
teresting to know what the Minister actually said.
The dispatches from
Washington on Thursday indi¬
cated that both the Treasury and State
Departments
in favor of
were
resuming trade with Russia, if they
could be convinced of the
sincerity of Lenin.
Yes¬
.
terday morning, however, the representative there
of the New York "Herald" said that "President Har¬
ding and his Cabinet will decide the question of
newing trade relations with Russia only after
ful consideration has been
problem."
given to
every
re¬
care¬
side of the
The
1199
cablegrams from that city said that "soldiers
opened fire and wounded at least five persons, two
of whom
A few
reported to be in
are
serious condition."
a
days later "seven soldiers and
a
killed, and several wounded, and
were
bers of the
attacking party killed, in
military and police
Dublin
Cork."
near
policeman
seven mem¬
an
ambush of
Dispatches from
Monday morning told of the killing of eleven
members of the Government forces and of the wound¬
ing of eleven others in various ambushes
"week-end.
A
departure
new
ish Government in
on
over
the
the part of the Brit¬
handling the Irish situation
was
reported to have been made in the establishment of
a
publicity bureau at Dublin Castle
the Sinn Fein
directed in
a
propaganda.
as
offset to
an
Special attention
dispatch from London Thursday
was
morn¬
ing to the fact that from last Saturday until Wed¬
nesday inclusive, "the casualties reported in Ireland,
comprising Crown forces, Sinn Feiners and civilians,
total
63 killed and 67 wounded."
An
attempt of
Speaking in the House of Commons
on
members
Thursday, in behalf of the Government, and in
re¬
prisoners under death sentence in the jail in Cork
ply to
question, Cecil Harmsworth said "he hoped
a
that from the Russian trade
agreement
erge
a
without
treaty
peace
would
em¬
of the
Irish
Republican Army to release
on
Thursday, was thwarted by "the extraordinary
precautions which had been taken by the authori-
prolonged
very
delay."
Former
Advices from Berlin and Dusseldorf
week stated that the Allied forces of
pressed further into Germany.
It
early in the
occupation had
was even
said that
United
Premier
Rene
States last
He is to proceed
Viviani
Saturday
on
sailed
for
promptly to Washington,
riving in New York, for
a
probably "the fixation of the tariff line in the newly
occupied area will be from a point about six miles
Harding.
north
the
special mission.
a
upon ar¬
conference with President
tal that the chief
purpose
of
Hamburg, right along about
east of the Rhine until it strikes the
head, and would leave Essen about
miles to the east."
ing
Cologne bridge¬
two and one-half
Germany has also had to
tend the present week with another
munism.
miles
seven
The advices from Berlin
outcrop of
con¬
com¬
morn¬
distinctly disturbing in that respect.
were
Thursday
They
told of the seizure of the
the
shipyards of
City Hall in Hamburg and
private firm. Workers in other
a
shipyards
to
It
were reported to have left their jobs and
begun organizing "mass demonstrations."
have
was
said further that in
wisch and other cities
Communists
directed
in
Although various reports have been pub¬
lished, it is generally understood in the French capi¬
of the trip is to make the
position of the French Government "clear to the new
President
on
international matters."
many
of the mission
as
follows:
official
no
mission.
But
the Council will be in
position to respond to ques¬
tions which will be asked and to define French
pol¬
icy relative to problems which occupy American di¬
plomacy
as
well
as
European diplomacy."
Leipzig, Dresden, RodeCentral
their
Germany,
efforts
General regret
"the
continued to be expressed over the
resignation of Andrew Bonar Law from the
houses, city halls, public banks and police headquar¬
According to telegraphic advices received in
British
Berlin,
Saturday afternoon for
ters."
was
exploded in the court house at
Cabinet and from
house of Lord
via
fered him
London, said that the Communist uprising had
even
more
general
in
Germany.
Mr. Bonar Law
Hamburg
tinction
said
yesterday morning that "the Communist revolt
in the middle German industrial
be
in
area
is believed to
receding, although minor outbreaks
new
sections."
the New York
sertion
was
In
a
are
reputed
special Berlin cablegram to
"Evening Post" last evening, the
made that "the
the Communists has been
ders in Central
as¬
Hamburg outbreak of
put down, but the disor¬
Germany continue."
see
material change in the
any
was
in circulation in London
ten
Chamberlain,
election
been unanimous.
nesday of "the
were
as
In
two bombs
couple of military lor¬
bored
the centre of Dublin.
institutions
near
the
Exchequer,
as
leader of
was
luncheon
a
Members
of
The
said to have
thq
on
Wed¬
Coalition
the participants in the lunchean party
that both
street
speech at
styled, Lloyd George made
that
a
a
New
instance, in Dublin, at the beginning of the week,
patroling
of
actually took place, and
England is really
a
rumor
Sunday that Aus¬
the Unionist forces in the House of Commons.
Disorders, often resulting in bloodshed, occur al¬
most daily, in one important centre or another.
For
thrown at
on
Chancellor
political
A definite
would be selected to succeed Bonar Law
on
were
said to have declined the dis¬
was
because he wished to "return to
political situation in Ireland from week to week.
ries
King George of¬
hearing of his resignation.
life in the House of Commons."
Group,"
It is difficult to
He left London last
brief stay in the country
complete rest.
peerage, upon
Central
Associated
Press
a
a
Government leader¬
Beaverbrook, before proceeding to the
South of France for
correspondent in
The
the
ship in the House of Commons.
Leipzig, the roof blown off and the building gener¬
ally wrecked. Advices from Berlin later in the day,
become
the former President of
a
sudden
bomb
"M. Viviani started for
Washington yesterday morning. He is invested with
against court¬
a
Perti-
in the "Echo de Paris," explained the purpose
nax,
Socialism.
a
vigorous attack
He asserted that the Labor
a
Party in
Socialist party, and declared
"Socialism
for
is fighting to
destroy everything
parties—Unionist and Liberal—have la¬
generations to upbuild.
are
as
much menaced
Parliamentary
as
private inter-
THE
1200
ests, and the rule
of class organization is to
be sub¬
stituted for them."
ordinary securities
£91,142,983
leading European centres
Vienna and
6% in Paris, Rome
and Madrid; 7% in London, Sweden and Norway,
and 434% in Holland.
In London the private bank
rate has not been changed from 7% for short bills
and 634% f°r three months.
Money on call in
London remains as heretofore at 5%%.
So far as
can be
learned, no reports have been received by
cable of open market discounts at other centres.
continue to be
quoted at 5% in Berlin,
Switzerland; 5J^% in Belgium;
national financ¬
continued the
the Bank of England
Clearings through the
week were £675,086,000.
In
7% minimum discount rate.
London banks for the
last
£781,324,000
statement of
Bank of
and
tabular
of the different items of the
preceding the total was £669,044,000
the week
year.
comparisons
append
We
a
England return:
BANK OF ENGLAND'S
COMPARATIVE STATEMENT.
1921.
1920.
1919.
March 24.
March 26.
March 27.
£
£
£
-.129,536,000 101,136,645
Circulation..
securities.
Other
securities
—
;
73,649,165
£
38,289,135
47,817,095
25,623,455 43,842,000 49,945,343
101,168,000 131,757,028 121,759,947 137,548,000 129,647,012
24,000,000
45,394,854
56,992,644 55,951,000 24,003,237
101,021,000
91,142,983
79,451,680 112,356,000 139,610,254
22,982.000
Govt,
1917.
March 28.
£
1918.
March 23.
Other deposits
statement of
and £79,451,680 the year
Notwithstanding numerous reports
to the contrary,
Public deposits
The British Treasury
against
at £101,021,000, as
now
year ago
a
that.
before
Official discount rates at
[Vol. 112.
CHRONICLE
.
19,763,290
17,241,000
33,096,541
29,053,285 31,244,184 34,169,994
ending March 19 indicated that outgo
bullion...128,326,518 115,783,186
84,252,450 60,611,279 54,009,039
had again exceeded income with the result that the
Proportion of
\
13.89%
21.89%
19.70%
17.22%
19.02%
Exchequer balance was further reduced £1,070,000,
7%
6%
5%
5%
5H%
to £2,917,000, as against £3,987,000 a week ago.
Expenditures for the week were £24,012,000, against
The Bank of France continues to report small
£23,319,000 the previous week, while the total out¬
gains in its gold item, the increase this week being
flow, which includes repayments of Treasury bills,
167,050 francs.
The Bank's gold holdings now aggre¬
foreign credits, advances and other items, was
gate 5,503,910,300 francs, comparing with 5,584,026,£109,364,000, against £107,342,000 for the week
070 francs last year and with 5,542,691,166 francs
ended March 12.
Among the heaviest repayments
the year previous; of these amounts 1,948,367,056
for the week were £48,288,000 in Treasury bills and
ing for the week
Reserve notes & coin
Coin and
reserve
to liabilities
Bank
£27,850,000 in advances. The total of receipts
all sources was £108,294,000, which compares
£107,136,000 a week earlier.
from
with
Of this amount reve¬
yielded £41,980,000, against £38,847,000 last
week, and savings certificates £800,000, against
£950,000.
Sundries brought in £201,000, against
£225,000, and "repayments" £6,016,000, against
nothing from this source in the previous statement.
From advances the sum of £2,750,000 was derived,
nues
in the preceding week.
bills totaled £56,347,000,
contrasting with £5,350,000
issues
New
of Treasury
£56,686,000, while
Treasury bond sales were £200,000, against £285,000.
Owing to the fact that Treasury bill sales were larger
than; the amount repaid, the volume outstanding
was expanded to £1,095,356,000, in comparison with
£1,087,879,000 the week before. Temporary ad¬
vances, however, were reduced to £158,706,000, a
falling off of £25,100,000 from the laist week's total.
The total floating debt aggregates £1,254,062,000,
which compares with £1,271,685,000 last week.
In
the corresponding week of 1920 the floating debt
comparing with sales last week of
£1,227,202,000.
was
rate
francs
deposits
were
the other
000
During
and 1,978,308,484 francs in 1919.
the week silver increased 478,000
francs and general
augmented by 16,367,000 francs.
On
hand, bills discounted were reduced 4,824y-
francs,
advances decreased
10,675,000 francs,
deposits fell off 24,600,000 francs. A
contraction of 112,578,000 francs occurred in
and Treasury
further
circulation, bringing the total outstanding down
note
to
This contrasts with 37,-
38,132,815,370 francs.
568,964,825 francs on the corresponding date last
year
and with 33,771,660,760 francs the year before.
Just
prior to the outbreak of war, in 1914, the amount
was
only 6,683,184,785 francs.
Comparisons of the
various items in this week's return with the statement
of last week and
are
as
corresponding dates in 1920 and 1919
follows:
BANK OF FRANCE S
'
Changes
COMPARATIVE STATEMENT.
:
for Week.
Mar. 24 1921.
Francs.
Inc.
167,050
No change
Francs.
3,555,543,244
1,948,367,056
Inc.
167,050
5,503,910.300
Gold Holdings—
In France....
Abroad
Status as of
Mar. 251920.
Francs.
3,605,747,654
1,978,278,416
Mar. 27 1919.
Francs.
3,564,382,681
1,978,308,484
478,000
265,307,495
247,158,190
4,824,000
2,859,119,298
1,777,640,672
Advances
Dec. 10,675,000
2,221,264,000
1,585,503,103
Note circulation..Dec. 112,578.000 38,132,815,370 37,568,964,825
5,542,691,166
313,011,921
1,000,447,204
1,228,259,983
33,771,660,760
526,343,251
3,512,652,422
46,857,538
3,012,705,977
Total
5,584,026,070
Inc.
Silver
Bills discounted
—
Dec.
deposits.Dec.
deposits..Inc.
Treasury
General
The Bank of
held abroad in 1921, 1,978,278,416 francs
were
in 1920,
24.600,000
16,367,000
39,668.000
3,103,963,000
England this week reported another
In its statement, issued as of March 14, the Im¬
albeit total
perial Bank of Germany shows that gold was reduced
reserve, was
heavily reduced, viz., £1,428,000, in
nominally 4,000 marks, while total coin and bullion
consequence of an expansion in note circulation of
£1,429,000.
Furthermore the proportion of reserve gained 449,000 marks. Treasury certificates in¬
creased 214,314,000 marks, notes of other banks
to liabilities, which during the last few weeks has
shown encouraging gains, fell off to 13.89%, as expanded 376,000 marks and bills discounted 4,170,against 14.80% a week ago. Last year the reserve 000,000 marks. There was also a huge increase in
ratio stood at 21.89%.
Public deposits increased deposits, namely, 5,094,843,000 marks. Advances
were
augmented 6,501,000 marks and investments
£4,071,000, but other deposits were reduced £6,090,000.
Loans on Government securities expanded 7,185,000 marks. Declines were reported in note
circulation 423,069,000 marks, in other securities of
£476,000.
Loans on other securities registered a
contraction of £1,055,000.
Threadneedle Street's 162,057,000 marks and in other liabilities of 435,marks. Gold holdings are reported as
stock of gold on hand now stands at £128,326,518, 006,000
which compares with £115,783,186 last year and 1,091,609,000 marks, which compares with 1,091,£84,252,450 in 1919. Reserves total £17,241,000. 360,000 marks a year ago and 2,239,820,000 marks
small
increase—£1,019, in its /gold item,
1920 the amount held was
In
£33,096,541 and the
before £29,053,285. Circulation is £129,536,000
comparison with £101,136,645 and £73,649,163
year
in
one
and two years ago,
respectively, with loans on
in 1919.
marks.
and
a
Note circulation aggregates 67,484,755,000
In 1920 the
year
total
was
42,504,640,000 marks
earlier 24,371,200,000 marks.
*
March 26
1921.]
THE
CHRONICLE
Somewhat to the surprise of those who had been
forecasting
improvement
funds to the
follow
to
the
of
return
banks, last week's statement of New
York
Clearing House banks and trust companies,
issued on Saturday, made, on the surface at
least,
a
rather poor
showing.
Not only
surplus cut
was
heavily, but loans expanded $33,120,000—probably,
however, in connection with the March 15 income
tax
Net demand deposits fell off $27,574,000, to $3,740,420,000.
Government deposits,
payments.
the other
on
hand, moved
increase for the week in
to $162,493,000,
up
this item of
an
less than
no
1201
expected iii the immediate future.
:here has been
declines in Sears Roebuck stock
3usiness of the mail order
country
In
circles
some
disposition to regard the continued
a
as an
indication that
houses, and in turn of the
whole, will not improve
as a
as soon, and to
predicted at the beginning of the
The railroad labor situation is practically un¬
he extent,
year.
that
changed from
was
week
a
Bankers do
ago.
not
report
large increase in the liquidation of industrial
any
ac¬
commodations, that have been outstanding from three
to six months.
In other
words, conditions
sufficiently mixed to make it difficult
still
are
to
predict
$145,571,000, indicating that the Government has
definitely regarding the business of the country, the
been
stock market
large depositor at the banks this week
a
result
of
collections.
tax
Cash
in
as
vaults
own
members of the Federal Reserve Bank declined
456,000, to $78,586,000 (not counted
held in other
companies
of member
Bank
reserve
depositories by State banks and
registered
$481,070,000,
banks
to
feature which
trust
$9,094,000.
with the
contraction
a
$1,-
Re¬
Federal Reserve
of
$34,956,000,
to
directly responsi¬
the drawing down of surplus, and indicating
ble for
a
was
heavily diminished borrowing at the Federal Reserve
banks.
to
Aggregate
declined
reserves
$449,045,000, while surplus
030,
$34,820,000,
reduced to $3,440,-
was
loss for the week of $31,243,900.
a
figures for surplus
the basis of
are on
the money market.
or
situation is far from
satisfactory.
The European
It only helps to
complicate things in this country.
companies
to $8,881,000, while the
expanded $52,000,
of
reserve), but
in vault of State banks and trust
reserves
increased $84,000,
serves
as
a
The above
reserves
above
Dealing with specific rates for
have
the
loans
money,
ranged during the week between
same
as
week
a
6^%, which
call
on
and
6
7%,
Monday the high
ago.
was
also the renewal basis, with 6%
On Tuesday a maximum of
7% was reached;
low.
was
the minimum
6}^%, although renewals
was
put through at this figure.
Wednesday,
when the
still
were
An easier tone developed
call
funds
ranged
between
6 and
6^%, with the ruling rate still 63^%.
On
Thursday a single rate of 6^% was quoted, this being
the high, low and renewal basis for the
day. Friday the Stock Exchange
Good
Friday, and
no
was
closed in observance of
official quotations
made.
were
legal requirements of 13% for the member banks of
During the greater part of the week call loans
the Federal Reserve system, but not
be
in vault to the amount of
banks
Saturday last.
on
statement
$78,586,000 held by these
The Federal Reserve Bank
slightly confused by the change in the
was
method of
including cash
computing the
ratio.
reserve
Under the
method the ratio is determined by
new
adding net
deposits to outstanding circulation and dividing the
sum
into total cash
tation
was
the
on
basis
availability items"
items"
deducted
Under the
lojver.
the
of
being
from
net
the
case
even
the
"uncollected
deposit
fund.
ratio is slightly
reserve
of the New York Reserve Bank
new
decreased
counts
serve
on
and
regular
improvement in position
ratio
compu¬
deposits, "deferred
added
system the
new
In the
Previously the
reserves.
basis is up to
$141,500,000,
note circulation
decided that the
was so
was
45.8%.
while
Redis¬
Federal
reduced $1,500,000.
Re¬
The
bank's cash holdings were augmented $51,700,000.
round amounts at the lower levels.
The above fig¬
apply to both mixed collateral and ail-industrial
ures
loans alike.
The local call money
The
to
as
market
was
prevailing renewal quotation
were
arranged at 6%, but this
afternoon of the
spoken of
as
being
and the supply of funds.
rates
was
was
6J^%.
not true
four-day week for the
Loans
on every
money
market.
Because of the fact that for the greater part
of the
time the market
was
held at
disposed to
say
that actually monetary condi¬
were
tions could not be
sented.
The
as
easy
6J^%,
they had been
as
a
stand to the contrary,
will be sufficient funds for all
Those who express
be
pend
on
ket.
some
that there
legitimate demands.
a
fairly active stock market.
time money very
in
ported
The idea
was
sudden outburst of
on
well
expressed
on
as
the
excess
was more
of what
money mar¬
Thursday that the
speculative activity
Wednesday
warranted and in
as
on
no
little business is
important loans
maturities.
any
Offerings,
were re¬
* not
while
abundant, could be had at 7%, but borrowers were
said to be holding off on the
ground that quotations
likely to go lower shortly. The range remains
63^@7% fot sixty and ninety days and four months,
and 63^@6^% for five and six
months, without
are
at
alteration.
Mercantile paper has ruled quiet and featureless.
Prominent local institutions
market
are
reported out of the
temporarily and whatever business is
acted is for country
banks..
of
and
choice character
names
reached
not
so
trans¬
Quotations for sixty and
ninety'days' endorsed bills receivable and six
continue
well known at
at
7%%.
months'
7}^@7%%
Transactions
only moderate proportions.
Banks' and bankers' acceptances have shown a fair
degree of activity.
were
in the
ured
buyers.
as
however,
Brokers
were
are
in money
Both local and out-of-town banks
market.
Local
savings banks also fig¬
Transactions
rate
of
Detailed
are
as
the
aggregate,
again said to be predicting increased
conditions in the not distant future.
market rates for demand loans
ceptances
in
smaller than those in recent weeks.
are
the
still
quoted
American
at
ease
Open
against bankers'
5^2%.
The
Acceptance Council is 6%.
follows:
Spot Delivery
Ninety
Days.
Delivery
Sixty
Days.
Eligible bills ol member banks
6J^@6
6
®SV%
Eligible'bills of non-member banks...—6H&6
Ineligible bills
7
@6%
7
@6H
Thirty
wUhin
Days.
30 Dayt
6H@5^8
7
6# bid
6$-$ bid
7U<*
the Stock
than conditions
might be logically
ac¬
posted
quotations have not greatly changed and
however, that whether it develops will de¬
other conditions,
Exchange
repre¬
this opinion believe that there wit
enough to finance
say,
observers
prevailing opinion is, although
bankers still take
They
some
In
passing and practically
names
easier, both
could
negotiated at from 5 to 5J^% outside of the Ex¬
change, and it was said that funds were available in
There have been
no
Reserve Bank rates.
changes this week in
The
following is the
/**'
'
of rates
CHRONICLE
THE
1202
in effect for the various classes of paper
now
RATES
IN
OP
THE
EFFECT
within
••
•
'
'
"•
'
>■
:•«
'''
r
;•
,
bills
90
member
maturing
Agricul¬
lb-day col¬ Bankers'
accep¬
secured by-
banks'
notes)
Trade
tural and
accep¬
lice-stock
disc'ted
tances
paper
fteserte
Bank of—
Treasury
Other¬
Liberty
V rv-v'j,
r\
certifi¬
of
'
.
bonds
wise
for
maturing
maturity
and
secured
member
within
91 to 180
indebt¬
Victory
and
banks
90 days
days
edness
»"V
notes
unsecured
cates
f
•';.
-i
Boston
fi
\
.
6
6
Philadelphia
6
scarcity of commercial offerings, the material
;■>"
8
7
Washington authorities might be expected to
attracted
6
8
6
.......
6
6
8
6
6
8
5M
7
6
7
7
Chicago
6
6
7
6
7
7
8
BH
8
BH
6
8
by>
6
7
6
BH
7
t8
8
8
5H
6
«
6
6
7
6
7
7
6
6
6
6
6
6
..."
8t.» Louis
...
Minneapolis..
Kansas City..
Dallas
San
"■
8
6
Richmond...
Francisco
t Discount
rate corresponds
collateral with minimum of 5%
'
*
Louis
St.
lor
offer
and
City
Kansas
normal
are
As to the
rates
of basic lines fixed for each member bank
Rates on discounts In excess of the basic line artof accom¬
modation extended exceeds the basic line, except that In the case of Kansas City
the maximum rate Is 12%.
applying
discounts not in
to
fractionally
3
Sterling exchange continues to mark time pending
reparations question,
and, although price levels have been firmly held,
dealings
in
if anything,
were,
week
the
preceding,
quotations
way
one
that much of the time
largely nominal, with fluctuations
were
either
restricted than
even more
so
the other devoid of special sig¬
or
In the initial transactions the trend
nificance.
upward, and demand bills
marked
were
up
was
fraction¬
ally to 3 90%.
On Tuesday advices that Germany
had refused to
comply with the Allied demand for
a
depressing effect and prices reacted slightly.
proved to be only
London sent
to
temporary affair and soon after
a
higher quotations, which promptly led
reports that the prospects for some kind of agree¬
ment
the
over
brightened,
indemnity
with
result
the
here, demand going
up
had
payments
prices
that
to 3 91%.
again
stiffened
At the extreme
close of the
week, with the widespread observance
of the Good
Friday holiday,
little business wa^
dull to the point of
very
put through and trading was
stagnation.
As
was
f
the
case a
,
week ago,
London still completely
dominates the market with the German
dispute overshadowing all else
Bankers and others
are
now
as
a
indemnity
market factor.
looking with
some
de¬
of hopefulness to the conference of experts which
gree
it is understood is to be called
shortly.
One
very
prominent authority is responsible for the statement
that
a
development of the
near
future is likely to be
arrangement between this Government and the
an
Allies, whereby the latter's
ments will be funded for the
interest
enormous
present at least.
pay¬
It is
intimated that if the Washington authorities could
see
their way
est
for
reparations
situation
period of
question
matter.
easy
clear to waiving payment of this inter¬
stated
a
has
been
the
to
some
Allied
on
the present
some
extent
forced
for
the
the
to
to
advance
on
still
the part of
to
trading
restricted in volume.
was
undertone continued
3
On Monday the
firm, with rates
up
another %c.
91%@3 91% for demand, 3 92%@3 92% for
cable transfers and 3 86@3 86% for sixty-day bills;
increase
no
in
activity
sagged
3
noted.
was
slightly reactionary trend
There
was
a
Tuesday and prices
on
light trading; demand bills sold down to
on
90%(§>3 91, cable transfers to 3 91@3 91%, and
sixty
days
3 84%@3 85%;
to
attributed to the German note
indemnity
fixed
as
better
was
Allies for that. date.
by the
Wednesday's market,
the weakness
refusing payment of
still quiet,
though
received
support and following the receipt of better-
quotations from London, sterling rates advanced to
3
characterized trading on Thursday; prices, however,
were
for
3
well maintained and moved up to 3
91@3 91%
demand, 3 91%@3 92% for cable transfers and
87%@3 88% for sixty days.
On Friday
more or
less general observance of the Good Friday holiday,
both here and
abroad, caused
of business and
close to the previous day's
3
a
very
figures; demand ranged at
90%@3 91, cable transfers at 3 91%@3 91%, and
sixty days at 3 85%@3 87%.
3
were
3
practical suspension
quoted rates ruled nominally at
87% for sixty
Closing quotations-
days, 3 91
91% for cable transfers.
for demand and
Commercial sight bills
finished at 3
90%, sixty days at 3 83%, ninety days
82%, documents for payment (sixty days) at
84%, and seven-day grain bills at 3 89. Cotton and
at
3
3
grain for payment closed at 3 90%.
The week's gold
arrivals comprised $1,775,000 from London on the
Aquitania and SI,920,000 from India
vessel.
A
received from Montevideo.
Tom
on
the
same
consignment of $40,000 in gold has been
Rotterdam
The Nieuw Amsterdam
brought in about $220,000.
shipments of the precious metal
are
expected
Carlsholm, the Lapland and the Celtic.
reported that
seven
Announcement that the
Department of State had eliminated the
necessity of
a
metal,
in for
came
the
It is also
tons of Russian gold are now on
;heir way to this country.
United States
Large
on
certificate showing the origin of the
a
good deal of discussion.
further
into
As to the Continental
features of
ful week
an
otherwise
were
exchanges, the outstanding
quiet and relatively unevent¬
the rise in Austrian
kronen and the
purpose
of enforcing their demands,
sharp drop in lire exchange, which j took place early
militate
strongly against anything
in the
amicable agreement over existing differences.
?w
transfers
subject of foreign credits.
hand, Germany's stubborn refusal to
Premiers
seem
comparatively
a
terms, coupled with threats
Germany for the
uld
to
settlement of the
of bringing the United States Gov¬
ernment into line
On the other
be
In the opinion of
express purpose
come
years,
would
cable
90%@3 91% for demand, 3 91%@3 92% for cable
This transfers and 3 85%@3 86 for sixty days. Dulness
preliminary payment of 1,000,000,000 marks had
a
3 89%@3 91 %,
to
on
steady and demand bills advanced
was
91%@3 92%, and sixty-day bills to 3 85%@3 86;
to
settlement of the troublesome
the funds to make extensive
nor
day-to-day rates, sterling exchange
Saturday last
excess
by the Federal Reserve Bank.
subject to a M % progressive increase for each 25% by which the amount
a
for export,
purchases for import at this time.
'
v
shown
contrary, it is not believed that Russia has much to
with Interest rate borne by certificates pledged a*
In the case of Kansas City and 5H% In the case
of Philadelphia.
Note.—Rates
little attention in exchange circles,
very
since, despite constantly repeated declarations to the
8
Atlanta...............
Cleveland
account
Rumors that
formally recognize the Russian Soviet Government
6
8
the
heav^ influx of gold, would easily
prevailing firmness of rates.
7
6
the recent
for the
-
7
6~
6
7
v".
5H
te
7
7
5H
—
New York
in¬
an
fair way
a
easing in local monetary conditions, not to speak of
(including
days
the trouble is in
speedy adjustment, but others take the position
that the
tances
lateral
Federal
of
BANKS
RESERVE
FEDERAL
MARCH 25 1921.
Discounted
bility of sterling exchange price levels to be
fallible indication that
at the different Reserve banks:
DISCOUNT
[Vol. 112.
market observers believe the present sta¬
week, carrying the quotation down
points to 3 84,
as
4 09 for bankers'
some
20
against last week's high recprd of
sight bills.
The recession, however,.
March 26
1921.]
THE
not taken very
was
bankers
as
a
more
seriously,
it
on,
regarded by
kronen,
after
finished
at
as
was
4 02.
is
Later
remittances.
For, lire
consequent
Exchange
the mid-European republics ruled steady
Italian Consul-General and
of
return
it
in the
confidence
is
that
rumored
future
the
of
Italian
at
on
previous levels, with the exception of Polish
change, which advanced
political affairs.
been
manipulating
exchange
difficult, not to
impossible, is
say
speedy relapse in the value of this
in
an
That this is
by the
proven
How¬
currency.
ever, the outlook in Italian affairs is undoubtedly
improving and another explanation of the strength
is that because of the German restrictions
to France and
Belgium, Germany is
her products to Italy who in turn
on
Czecho-Slovakian exchange, after
is re-exporting them,
that the increased demand for exhange on Rome
therefore
due
erests in this
German exports.
to
country
are
German int¬
also said to be transferring
Italy, while still another factor often lost
sight of is the steady flow of remittances to Italy
yearly by Italian residents of this country, which
certain
to
officials
banking
aggregates
advance to 1
34%, declined and finished at 1 31;
against 1 38%; Poland at
0.15, against 0.12, and Finland at 2.75, against 2.80
the
week
Greek
before.
exchange
was
stagnant,
ruling at 7.55 for checks and 7.60 for cable transfers,
the
same
change.
last week.
as
Nothing
exports
exporting
now
ex¬
improvement in Poland's
on
Bucharest closed at 1 37,
has
4 06% and 4 07%.
range was
Institute
attempt to "peg" lire above 4 cents.
according
for
396
was
sight bills and 3 97 for cable transfers.
finances,
funds to
close
the final
an
is
00.24%
A week ago
Government through the Banca Italia and the Italian
so
and
the
and
reacted
00.29,
checks
for bankers'
issued by the
Italian
to
for
was a recov¬
generally attributed to the favorable trade
reports
cable
advancing
00.23%
While the recent sensational advance in
support was again tendered and there
lire
1203
less natural reaction from the
or
violent and too rapid rise of the previous week.
ery to
CHRONICLE
values,
rency
of moment took place in neutral
new
Trading
quiet and featureless.
was
however,
sustained,
well
were
Swiss francs continue to range at very
high level of
week
a
Christiania
both
were
In the Scandinavian exchanges
remain
remittances
cally throughout,
and
close to the
Guilders ruled strong and
ago.
fractionally higher.
ex¬
Cur¬
practi¬
unchanged
but Stockholm and Copenhagen
higher, though the volume of business
transacted
in
nearly
almost enough to offset Italy's current adverse trade
Pesetas
balance here.
instance
every
small,-
was
advance for the week.
ago
Announcement
made
was
few
a
days
Bankers'
of the arrival here of the Managing Director of
Banca Commerciale Italiana of
Milan,
a
former dele¬
sight
commercial
sels, who is said to have
this country for the
mercial
conditions between
ago.
of
purpose
studying
exchange
the United States and Italy.
Reichsmarks showed
to
1.64
Silesian
it became known that
preceding
was
likely to lose the
Silesia.
upper
Advices of
"Soviet"
uprisings in various parts of Germany also
exercised
an
Vienna there
unfavorable influence.
little
with
a
are
making to
ex¬
French francs
were
against last
week's
Antwerp exchange
quite
though the market
light trading,
point of
7 34,
usual followed suit.
as
exception of lire, which
that for
high
easier and hov¬
on
were
some
may
while
With the
dealt in to
time, trading
a
greater
was
dull,
be said to have been spotty
with here and there small spurts of feverish activity
irregular fluctuations.
accompanied by
celebration
to
came
Good
of
an
Friday
almost
as
a
With
the
holiday business
complete standstill with closing
The official London check rate
York
6
as
on
Paris closed at
compared with 56.38 last week.
sight bills
90%,
against
17.15
and
23.05
and cable
16.09 for cable
the
were
at
finished
Sweden
on
closed
transfers, against
at
Norway closed at 15.99 and
on
Final quotations for Spanish
13.96 for checks and
transfers, which
13.98 for cable
with 13.91 and 13.93
compares
a
week earlier.
As to South American
in
exchange, weakness
evidence, with the check rate
33.60 and cable remittances at
and 33.72
at
a
week ago.
on
was
still
Argentina at
33.77, against 33.55
Brazil, however,
14.75 for checks and 14.81 for cable
was
firmer,
transfers, in
comparison with 13.92 and 13.99 the previous week.
Argentine
in
that
definite
trade.
newspapers
report widespread uneasiness
Government's lack of
country over the
a
policy regarding the stabilizing of foreign
It
is
stated
the
that
deficit in the current budget
it, and that
recourse
country faces
with
no means
a
big
of meeting
will probably be had to another
addition to note circulation.
In New
the French centre finished at
on
6 94%;
cable transfers
at
6 91%,
after
Chilian exchange was
receding to 3.91, recovered and closed at 3.93,
unchanged.
Far Eastern
exchange is
against 61 @61%.
tion is
6
86% last week.
Antwerp francs closed at 7 22 for
checks and 7 23 for
cables, against 7 27 and 7 28
a
Closing quotations for Berlin marks
for checks
Last week the close was 1
1 57 for cable
transfers.
59% and 1 60%.
Austrian
and
given
Yokohama
Manila,
as
follows: Hong Kong,
against 46@46%; Shanghai, 63%@64%,
48@48%,
92%, and commercial sixty days at 6 82%, against
1 56
exchange
transfers, against 16.05 and 16.15 in
preceding week.
pesetas
This
Friday of the
on
transfer^ 23.15, against 22.95 and
23.00, while checks
6
were
17.42
Checks
17.25.
against 6 95%; commercial sight at 6 88%, against
week earlier.
and
Copenhagen
week.
week
easier, closing at 14.29, against 14.58, while Peru,
prices nominal.
56.40,
17.41
com¬
a
for bankers'
17.18
17.33 for checks and 17.43 for cable
mid-European repub¬
ered around 6 94 and 6 98 for checks
extent
a
deposits of Government securities and
other collateral.
as
checks,
said to be the direct result of
tend loans to Austria and other
on
on
quotation of only 00.18%
arrangements the Allied Premiers
lics, based
exchange
further advance to 00.29 for
was a
week ago,
over a
In
and
cable remittances.
17.19 for
with
compares
Germany
important coal regions of
which compares
Swiss I francs finished at
preliminary returns of the
of the
news
on
net
closed at 34.36,
Amsterdam
sight at 34.42, against 34.29,
sight bills and
plebiscite, but later declining to 1,55% when
fractional
a
sixty days at 33.94, against 33.95
irregularity, advancing
some
on
at
against 34.35; cable transfers at 34.48, against 34.45;
gate to the Inter-Allied Financial Conference at Brus¬
come to
closing
steady,
were
46@46%,
45%@45%
Improvement in the silver situa¬
explanation for the advance in rates.
finished
at
48%@48% (unchanged);
as
against
(unchanged);
46@46%;
Bombay,
Singapore,
26@26%
(un¬
changed), and Calcutta, 26%@26% (unchanged).
V
.
in their
Clearing House banks,
York
New
The
CHRONICLE
THE
1204
institutions, have
a result of the cur¬
operations with interior banking
gained $9,439,580 net in cash as
rency
movements for the week ending March 24.
V
\
v.-
..
-
aggregated
while the shipments have reached $1,-
$10,753,480,
313,900, as per the following
CURRENCY
table:
BANKING
SHIPMENTS BY NEW YORK
INSTITUTIONS.
RECEIPTS AND
\9!:
■
Into
24.
Banks.
reason
expect serious trouble, and
to
low, "come around and see us
Now the results of this
if that did fol¬
tive
again."
fooling with the most
seri¬
The regula¬
Commission has experienced a change of heart
attitude.
Still, the unnatural attempt persists
of
ous
subjects
one
now
are
before the country.
broad treatment of the
immovable arithmetic
the
whole subject,
comes
on
the
$9,439,580
$1,313,900 Gain
scene
Fed¬
possible
to show the effect of Government operations on the
Clearing House institutions.
The Federal Reserve
Bank of New York was creditor at the Clearing
As the Sub-Treasury was
House each
executives
to Banks.
$10,753,480
taken over by the
Dec. 6, it is no longer
eral Reserve Bank on
pinch of in¬
prematurely alarmed; there did not appear any
were
but
Banks' Interior movement
[Vol. 112.
■
frowned and said the railway
crease, or
to make
Gain or Loss
Banks.
Week ending March
.
body either grudgingly granted a
that
and
.
Out of
Y-
■
receipts from the interior have
Their
;
day as follows i
diversion from the grim
either larger net earnings, not
and will not allow any
alternatives it offers:
obtainable
(as far as human foresight can
go) ex¬
cept by cutting the payrolls, or financial collapse
and more Government aid, which tends straight
slough of Government control
towards the former
ownership,
or
or
the Plumb plan, or some other un¬
which may yet be
people will permit.
Aggregate
Friday i
Wednesi'v, Thursday,
Tuesday,
Monday,
Saturday,
The encouragement in the present, as compared
for Week.
March 24. March 25.
March 19. March 21. March 22. March 23.
with past line-ups, is that the thing is so clean-cut,
$
$
$
$
$
45,037,107 Cr. 326,583,611
66,035,602 68,945,726 48,458,754 49,558,475 48,547,947
so sharp and grim, so uncompromising, and so im¬
possible to cover over with any palaver, that now
The foregoing heavy credits reflect the huge mass
one path or another must be taken, for dodging Is
of checks which come to the New York Reserve Bank
exhausted; added to this is the greatest encourage¬
from all parts of the country, in the operations of
ment, the practical certainty that the American peo¬
the Federal Reserve System's par collection scheme.
ple are awakening or soon will be.
These large credit balances, however, show nothing
We have the brotherhoods protesting, and Mr.
as to the results of the Reserve Bank's operations
Gompers repeats his warnings of revolutions just
with the Clearing House institutions.
They repre¬
ready to hatch and his declarations that there is a
sent only one side of the account, as checks drawn
"conspiracy" (there is, but he and his associates
upon the Reserve Bank itself are presented directly
are the conspirators), while the railway employees
to the bank and never go through the Clearing
DAILY CREDIT
BALANCES OF NEW YORK
AT
FEDERAL RESERVE BANK
important variant of destruction
CLEARING HOUSE.
caught up—if the American
$
$
the
that
assert
House.
executives
are
not
sincere
and
that the
open shop means closing to union labor.
This is
The following table indicates the amount of bul¬
familiar, but as thin as stage thunder. Plain speak¬
lion in the principal European banks:
ing is best for everybody now, and the plain truth
through the ranks of unionism runs a cry
March 25 1920.
March 24 1921.
France
.
a__
Silver.
£
England.
Spain
32,768,000
53,010,000
Netherl'ds.
Nat. Belg.
10,661,000
21,733,000
15,652,000
12,643,000
8,115,000
7,524,000
Sweden...
Norway
_
..
Total week
Prev.week
a
£
"
148", 000
589,687,748
589,562,047
50,160,650 639,848,398 575,898,542
49,619,500 639,181,547 578,372,613
holdings of the Bank of France this year are
Gold
Total.
£
115,783,18(i
9,880,000 154,109,906
1,841,900 56,409,350
54,567,450
2,369,000 13,313,000
10,944,000
98,123,000 25,249,000 123,372,000
3,004,000 35,198,000
32,194,000
52,811,000
11.918,000 10,657,000
29,257,000 21,148,000
15,652,000 14,717,000
12,791,000 12,597,000
8,127,000
8,115,000
823,000
53,634,000
1,070,000
3,432,000
24,580,000
Tsmoo
11,727,000
14,717,000
12,783,000
8,127,000
47,854,900 623,753,442
47,640,750 626,013,363
exclusive of £77,934,682
present wages and hours (or just a little more of one
and a little less of the other) are impossible.
Dispo¬
sition to
but the
THE RAILROAD LABOR
SITUATION—HANDS
OFF BY THE GOVERNMENT.
than the fondest of
men
has of
demands,
bled white
on
developed naturally out
differences that
by the politicians and the public
coming forward and demanding more
they expected to get (so as to afford a basis for
so-called
"compromise") and the sham arbitrators
invariably begged,
whether
crease.
the
men
assuming
by
were
it,
the
not
as
question
really entitled to any in¬
They had two answers: that the question
whether the roads could pay more was
far
are
In the old days when the roads
indifferently, each set of employees took
their turn in
a
course
but has some
really encouraging.
than
crying for
in
parents can set the full moon
the cradle when the
darling occupant yells for it.
and
.
everybody—that is,
for
and excepting the case of the thou¬
who have suffered most in the last ten years
nominal wages
sands
suffered
might
themselves
were
aliunde
concerned; or that they
as
were
competent to pass upon it but that if the roads
could not stand the pressure
lative Commission for
a
they could ask the
rate increase.
as
in
well set
silence—are
a
coming
down;1
one
board fence across the path of an
Alpine glacier as try to prevent.
of pretended "arbitrations" of la¬
of the long course
looked
present,
Wages—everywhere
Now if
present sharp line-up between the railroads
and their
were
grant them all they ask might be
ability to do so is lacking; employers can no
give them what most of them are
more
and
bor
of
-
held abroad.
The
of unions for continuance
is that the demands
£
|
128,326,518 115,783,186
152,821,730 144,229,906
1,257,000
Switz'Iand.
Denmark
Silver.
425,650 55,002,150
2,369,000 13,313,000
23,293,000 122,330,000
3,000,000 35,768,000
1,544,000 54,554,000
99,037,000
Italy.....
10,600,606
54,576,500
10,944,000
.
Gold.
£
128,326,518
142,221,730
Aus.-Hun.
Germany
Total.
£
Gold.
regu¬
In its turn,
everybody would have the sense to see
immovable fact of the near future,
saved
a
lot of verbal gas,
time and wage
this
there might be
of .minatory talk, of loss of
and production, and of harm to every¬
body from the tallest to the shortest
in size by usual
worldly measures. It is impossible to think the prac¬
tical
American people so
experience
as
they
go
dull as to pay for their
and refuse to profit by what
they pay for.
1
Not the
Railway Labor Board, or the regulative
Commission, or the return Act of last year, or
gress—or
Con¬
to
all combined—can prevent the return
hardpan and ultimately to
bedrock; the return can
unnecessarily pain¬
retarded, and it can be made
be
ful
anil wasteful—but prevented it cannot be.
One of the most
unhappy mistakes the railways
made, long ago (although
with the excuse that no¬
the foundations of the
body had then dreamed that
March 26 1921.]
earth
THE
to be
were soon
took to deal with
shaken)
the wage
was
when they under¬
problem jointly among
themselves instead of
independently.
icle"
the
foresaw the
action, which
sion of collective
all
result
was
and
The "Chron¬
earnestly deprecated
misconception and
a
CHRONICLE
bargaining.
We had this
perver¬
upon us
through the term of weakening the roads, and it
survives
as one
mins Act.
of the
compromises of the Esch-Cum-
A centralized control of
wages
and work¬
ing conditions is just what the A. F. L. and the
vicious
"Amalgamated" and all the rest of them
long dreamed and struggled fior.
skin to
core,
have
It is wrong from
being contrary to natural laws,
an un¬
alterable part of which are the laws of human
ture.-
The progress
already made, the
na¬
progress mak¬
ing from week to week, and the only living solution
of the labor
men
man
problem,
are
just this and nothing else:
getting together, employer
to man,
troubles
and handling their
across
the outside
one
and employee,
as
for the
time) bluntly condemns all centralized
arrang¬
ing and national agreements
prolific of misun¬
as
derstandings and full of the seeds of discord, he
what is
Senator
himself
says
distinctly show?
To
as never
and
before, to
govern
action
clined, from
causes
rect ;
managers are not ready,
straight down to hardpan fact
go
accordingly.
which
Traffic
fire
a
He
"Board"
or
other, and
you
leave
smouldering that will presently blaze again.
experience in the Pennsylvania,
speaks from
which has formed
an
"industrial republic" and has
been
trying earnestly (and is step by step succeed¬
ing) to get down to an understanding of facts with
its
men.
but the main trouble, as the firm finger of the
points out, is that the roads are strug¬
gling under the swollen payrolls immediately forced
on them
by the taking-over, plus the long series of
increases in the last twenty years.
what is too
Why investigate
plain for doubt, and if
prove
the
could
change?
anew
inquiry
The people have
of
Railway Securities, Mr. S. Davies Warfield
forward with
National
a
plan.
Railway Service, made
to be selected from themselves
Inter-State
be
board of
a
seven,
two
Commerce
up
are
of five members
Commission.
There
group
would
boards of
to be chosen by the roads and
by the shippers in each
"four group rail¬
group;
boards, and forty committees in all."
way
a
by the members of the
forty members; four
of whom five
comes
He would have constituted
ganizing the Association Mr. Warfield
public service, and his views
are
In
or¬
rendered
a
entitled to respect;
but, while according that respect the "Chronicle"
must
regretfully dissent from him
necessary to examine the
would
Can it be
now.
details of
a
plan which
bring in (or continue) the Governmental in¬
terference, the complications, the hampering of rail¬
executives in their work of management, the
keeping of the owners of the properties from any con¬
way
trol of them—in
short, the resort to
more
of the tan¬
accomplish
a
merce
the
on
27th, the chief theme is to be "in the
ment, less Government management in business."
For the
railroads, the
celerated and
marked relaxation of the
railway
managers
very
grip which has prevented
from doing and almost discour¬
aged them from trying to do their best; let us learn
from experience, and not turn backward when we
are
looking for
Hardly
more
have looked
been
on
if it
distant instead of
were
ate affairs and
waiting for the politicians and the
fight out the problem of what shall
follow.
A
insistent
able
general,
concern
lively,
to
uncompromisingly
an
subject, and
have
it
an
viewed
unmistak¬
and
treated
according to the laws of business (not any batch of
statutes) this is what the situation needs most to¬
day, and nothing
can
take the place of it.
A real,
constructive, level-headed public opinion is the lack
of the
hour; it is doubtless growing, but it should
grow more
we
rapidly and become
to go on,
to
some
manifest.
more
Are
bitter end, in the helpless habit
of
awaiting, like so many fatalists, on whatever our,
politicians may hand out to us? The people, says
Gen.
Atterbury, have reached the parting of;the
ways;
No
they have, yet they do not
seem
to realize it.
serious question now confronts
us,
"One road leads to Government
more
he adds.
ownership, nation¬
alization, Blumb
plan-ism
other, to industrial
one
peace
initiative,
and
road is 'National
syndicalism;
energy and
responsibility
The sign-board
Agreements';
'Negotiate directly with
the
and the continuation of
peculiarly American.
on
your own
on
the other it is,
employees.'"
EMERGENCY LEGISLATION—ILLUSORY
can
be given to Senator
a
Congressional
A
AID
week
or
The trouble, he says, may be
or
to inefficienc}', or to
the excessive cost of material and
supplies,
or
to
un¬
two
ago,
Washington
news
reported
President
Harding of the opinion that, on the whole,
domestic subject most pressing for revision and
during the past
a
in the
determination
the
year.
re¬
labor unions to
correction is
mismanagement,
right at hand in
spect to importance, each attending to his immedi¬
inquiry into the operating and finances of the roads
" to
indifferently while the roads have
bled, and they still view the subject too much
TO THE FARMER.
Cummins's intended resolution for
due
ac¬
owner¬
as the "Chronicle" has over and over pointed
out, these essential properties belong to all the peo¬
ple. Oblivious ito this unalterable truth, the people
recovery.
approval
In both service and
ship,
that individual
a
people.
most needed thing is
one
of wakening the people shall be
deepened.
which is
and' not
regulated,
a
public interest, more business methods in Govern¬
lated,
issues
towards
right to know the facts,
They have, and they are learning.
meeting of the U. S. Chamber of Com¬
gling and meddling which have brought us to the
plight we are now in? We still have rates regu¬
security
three months'
a
what is known to-day,
the Senator.
At the annual
as
On behalf of the National Association of Owners
de¬
can cor¬
arithmetic
that the process
themselves, and they will stay set¬
some
has
investigation
no
their differences
call in
any
proposes a
important road whose
no
Here is the theme for the American
tled ;
a
cut, "from the President down," and there is
wage
because it is so, not because he
says so.
Here is the crux of the whole case: let men settle
so
estop
fling about selfishness, the Pennsylvania
says
now
But
the way to running into
open
variety of charges and denials in investigating what
is already known, as the
figures submitted by the
what
So, when Gen. Atterbury (and not
first
why spend time and
hearing could
the serpent in Eden.
as was
compensation paid to those, from Presi¬
down, whose labor operates these roads."
differences and
regulator and intervenor; but he is
incurably disturbing
dent
This leaves out
own
table.
common
as
reasonable
1305
taxation, and in this opinion
number of his fellow-citizens
then
the
story
came
are
a
vast
disposed to concur;
that to the Cabinet the most
THE
1206
relief for the farm¬
told that Mr. Harding has come
pressing subject appears to be
sened his former social
.
and now Ave are
think that should have preference.
ers,
to
This is
a
time of
well-distributed dissatisfaction.
creased difficulties of
under the in¬
living—the teachers,
getting a
employees, the police, and
generally, except those in the very
clergymen, the postal
the
salaried workers
large corporations—have made the least
those who have suffered least, or have
benefited
(if
said to have
isolation, and it is scarcely
Is
It is hard to
disputable that his bank account has sAvollen.
he
really in great comparative
think
so.
due him?
lief is
been most
considerably large class can be
benefited by the insane destruction of
some
attempted re¬
proposed, though some
bill "imposing
prod¬
ucts to meet present emergencies, to provide re Avenue,
and for other purposes."
Who really believes that
hungry Europe has a high billow of surplus foods
ready to roll over to this country? The new revenue provided would hardly be realized; the "other
purposes" would offer to the farmer, already al¬
call for
any
if
That fiercest emergency, an em¬
bargo, is not yet seriously
complaint;
need?
,
But what if he is and Avhat
suffered most deeply
Those who have
[VOL. 112.
CHEONICLE
it; the proposition is for a
duties upon certain agricultural
temporary
air with howls,
threats. No more dog¬
ged, more selfishly blind, and, withal, more patiently
lowed to build a wall: around' his granary, another
endured, set of profiteers than the labor unionists
Avail that might permit him to raise the cost of food
have plagued the country; profiteering has been as
still more.
But the "other purposes" served, though
widely scattered as loving one's self much more than
unintended, might include a sharper outcry over the
one's neighbor, and nobody has been louder in de¬
costs of living, an interference Avith manufactures, a
nouncing it than the class whose conduct has done
fresh outbreak of labor troubles, and a suffering in
more than almost any other to produce the high cost
whose distribution the farmer could not escape, for
of living.
Strict judgment cannot absolve the
the effects of higher prices for what he has to sell
farmer entirely.
He has troubles; but instead of
would surely reach him in higher prices for what he
being chased by Government he has been petted.
has to buy.
The extent and distribution of disturb¬
Because he is at the very end of the line and Ave have
ance nobody can foresee; but hoAv can any careful
been shivering over the possibility that he might
observer of the past doubt that disturbances would
decide to grow only Avhat food he needed for him¬
come?
self (a contingency as dreadful as if the sun should
Everybody is AAdlling to receive a "crown of life,"
get tired of shining and should strike) the farmer
but nobody likes the cross which is not merely the
Avas especially exempted in the
LeA^er and similar
price of the crown but itself becomes the crown, its
laws; he was left free to Avithhold and hoard and
thorns blossoming into garlands.
We recall seeing
combine and do anything that promised to give him
a sketch of a number of persons who had received
larger prices, and GoArernment offered him a practi¬
their crosses, and nobody was satisfied.; all but one
cal bounty for more Avlieat-growing.
Traders Avere
Avere trying to trade Avith others, and that one had
suspected and attacked; the meat industry was put
laid his down and Avas laboring to saw off a piece.
and kept under special fire; every dealer in any¬
The artist was thoughtful, but forgot one thing: he
thing Avas held presumptively a profiteer, and even
should have shoAvn some of them boldly attempting
cold storage was accused of conspiracy; but the
the last seven
years) have filled the
complaints, accusations and
farmer
'
Avas
and
absolved
stimulus
(figuratively
speaking, of course) Avas offered him. '<
The President suggests a tariff, to be started by
a
joint resolution rushed through, to be about "two
six months, while more
inches broad" and to stand
permanent changes can be evolved. The first objec¬
tion is that emergency Avork is hurried Avork, and
liability of applying the wrong medicine
involves
and at the wrong-
place.
It is less than seven years
fallen
jumping
(August of 1914) when the Avar had suddenly
the world and some Congressmen were
upon
decapitated foAvls, eager to do something
about like
and do it
One
immediately, but vague about what to do.
proposition
to
Avas
rise in the cost of food
countervail the expected
by putting a tax on exports,
by prohibiting such exports, lest Ave ourselves
come short. The Constitution stands in the way, for¬
or
bidding any State, except by consent of Congress,
to
lay
on
AA'hat is
either imports or exports any tax beyond
absolutely necessary for executing its own
to tie their OAvn crosses to
is the Avay
of mankind.
those of others, for that
Trouble has come on the
Avorld, and hardly the remotest tropical island
escaped feeling it.
has
Yet here are men, trying un¬
successfully to separate and segregate themselves
"classes," beseeching relief; "something must
into
and shall be done for
us," is their cry.
They are not
thinking of others, but their demand, when put into
practical results, is that others shall be
of
terms
squeezed still more, that they may draAv freer breath.
The labor unions babble nonsense about the "aspira¬
tion"
guaranteed by the Constitution and their right
to Avhat
they
are
pleased to call an American stan¬
dard of
them
an
living, and only here and there one among
remembers that there also is or ought to be
American
to be relieved
of conduct.
standard
For this
by casting part of one's troubles on
manlike,
somebody or anybody else is not heroic, not
not
an
over
cry
evidence of that character AArhich can
adverse circumstances
by
bravely
triumph
suffering
it is also not reme¬
will find a way to
react upon him Avho would shirk his.
About seven years ago, Senator Colt of Rhode
Island, himself once on the bench of a Federal court,
inspection laws, and also declaring unconditionally
them; as a climax to its defects,
duty shall be laid on articles ex¬
dial, for a cross tied to another
"no tax
that
or
ported from any State."
One Congressman offered
proposition for empowering Congress
an
amendment
to
lay such a tax; and since the Constitution does
not
forbid
prohibiting exports, two bills for such
told
the
Senate some of the many
interpretations
"unfair competi¬
laAv capable of so many con¬
might give to the phrase
prohibition as to foods Avere brought forAvard in one
the courts
Aveek.
tion," and said that a
structions "Avould certainly lead to endless confu¬
General
been
improving in
years.
the
testimony is that the farmer's lot has
many ways
in
the last
thirty
The rural free delivery, the rural telephone,
automobile
and
the
lyceum haATe greatly les¬
sion and would be most
up
injurious"; also that to set
supervision over busi¬
prohibit anything they chose to deem un-
five men to have a police
ness
and
March 26
1921.]
THE
fair would be unwise
must
we
change
legislation and if it is done
ideas of liberty.
our
CHRONICLE
He
was re¬
ferring to the Clayton and the Tirade Commission
bills, then threatened and
soon
and he
Nearly everybody hand¬
was
wholly right.
after put through,
ling material things (the farmer excepted) has been
pursued, and there is not
whole
that
thing has done
it
has
done
good, while the probability
is
harm
almost
overwhelming.
audacity, and speculative buying and selling
under the sole
ful
practices, still,
own
his
own
But
For
it would
piled orders and
ears,
and lias read
us,
of
ourselves, and still
far from content.
are
talks of
The
reforming
in spite
us
incompetent teacher
shining example
a
join would be to
on
not quite virtuous and
correcting himself, and
ler has set
to
we are
tedious lessons
us
business methods and morals,
pro¬
a
now
now
that Gov. Mil¬
good work for
us
all
that he reduces his swollen
see
size, relaxes his meddling, and cuts his wastes.
and
more
least, this is
Rally
up.
short
courage
leaders
liberty.
At
Brace
and manhood, and if you seem
Think less of your own share in the
burdens, and
more
found
Governments
on
and
clear lesson of the situation.
a
growth.
world's
the
individual intiative
either look for their roots and try to start
on
their
to less reliance
move us
on
silent
who
repeat
of others, especially of
more
Turn away
ones.
falsehoods
promising truth, and
pay
from self-chosen
which
they
Seek the bare
pleasant to hear.
are
heed to it.
have
uncom¬
Change
quar¬
reling into co-operation, and all pull together to
smooth
obstacles
share, and
your
and
increase
gradually lightens (as it will, if
and
meanwhile
which will
ous.
■
lend
hand
a
surely make
abundance.
do not hinder)
you
to
other's
some
yours seem a
almost,
a
'
'
for
ours
We want
set forth
we
Fleece of
the
a
are
pro¬
news.
wealth of
newspaper
pittance.
Naturally,
just passed, the great
one
The cries of hun¬
up.
foreign trade.
when
have the
lar courage
opinion,"
founded
again
treading
if
we are,
talked-of world
trade,
a
judgment which
The
merce,
consciousness of
up a courageous
world
wants
to
Mr. Hoover, the
abid¬
us as
much
as
buy, but much of it
Secretary of Com¬
new
outstanding economic trouble is that
farmers and
food,
,.
one
confidence
draws this picture:
"Another
with
our reason,
world, and at present needs us more.
whole
cannot pay.
we
Speaking of the much-
antecedent to effort: the world needs
need the
that
popu¬
monitor "consensus of
will but exert
we
ing truth should bolster
So
lack the
psychological allusions. Yet
terra firma.
on
cannot have
we
courage we
common
many
flowing wind
restrictions.
on our
and that
camouflage under
here
And these
and
personal
a
adventure of the Golden
our
modifications
we
and
an open sea
on
without
our
We
suffering, disorder, and State contentions, de¬
before
we
Sometimes,
whirlwind of world
very
deep of confidence is broken
ger,
load,
little less griev¬
very
as
he cannot
or
agencies that help and
by the
such
war
say,
know too much.
we
very
enterprise which is
a
large scale
a
by the
confused
confidence.
on
must believe what the financiers
We live in
us.
Take
it uncomplainingly until it
carry
seem
are
after
help, who refuses
to the sticking place.
press us.
Possibly it is in the plan of Providence that suf¬
fering shall
tect
on
courage
bewildered
We
doubt¬
strength of purpose, dies by
rightly is founded
a man
producers
wasters—has boxed
our
are
inertia.
instance,
and
his
on
courage
bring his
on
the artificial
on
proceed
cupidity,
often he who hesitates is lost,
very
and he who waits
Government—that chief of blunderers, dullards and
hibitions
chief urge of
or
to
of evidence that the
a scrap
any
sheer
1207
raw
manufacturers
our
are
overloaded
material and goods that we cannot
market abroad, and at
the same time great masses
people overseas are cold and hungry. These peo¬
ple can only purchase on credit pending their own
of
COURAGE,
As
long
CONFIDENCE, CONCENTRATION.
individuals, firms and corporations
as
are
permitted to do business, they must take chances,
must incur
of
the
economics,
operate as
an
hazards
no
production
bitions
desires of
plicitly rely
enterprise.
insurance policy in trade.
elements in
and
of
No theory
intervention of Government,
The
men.
between
can
The primal
undismayed by the
are
farmer
may
am¬
im¬
the unfailing laws of growth—but
on
he is
powerless to control the winds, storms, rain¬
fall.
The manufacturer may
article,
an
the
or
the laws of need,
on
the appeal of
on
diversity of popular interest,
of taste, or
garies of transportation.
character,
or
the
the economy of substitution,
or
power
the
va¬
All systems, of whatever
unable to overcome lack of courage
are
Thus, in the present condition of domestic and
repeatedly assured, by leading
foreign trade,
we are
business
that they believe the lowest round of
men,
7
*/
depression has been reached.
with
They speak, of course,
caution, and in general terms.
For they
are
cognizant of the fact that always, in our periods of
highest prosperity, there
are
victims of
the midst of all
are some
lines of trade that
comparative dulness.
Therefore, in
comment, in the face of all analysis,
the
and
areas
of
whole national interest is for
something out.
under-consumption.
our
bankers to work
Foreign credits are better than rot¬
ten food."
Apt
Yet
this is, it is not new, and is an abstract.
does not leave this without the
as
Mr.
Hoover
suggestion of greater co-operation on the part of all
by combinations in the interest of both buying and
selling.
And he lays the groundwork for this, but
only the groundwork, by saying:
economic difficulties
no
business.
in
us
Congress has provided the way for creation of for¬
eign credits by banking under co-operation under the
Edge Act, and the logical and economic thing in the
rely, in the making of
but he cannot control the spirit of invention,
use,
economic recuperation, and our own recuperation
depends greatly upon theirs. We are thus not fac¬
ing over-production, but a break-down of credit links
doubt solve themselves with
amount of
"There are some
arising from the war that will
time, but
an
infinite
misery could be saved if we had the same
spirit of spontaneous co-operation in every commun¬
ity for reconstruction that we had in war."
Let
us
translate the vague
word "reconstruction"
used here into renewal and extension.
the actual
confidence.
the war"?
And behind
physical processes is that We denominate
How
Think
a
to
regain that
as
of old "before
bought Lib¬
moment of this—who
erty bonds and even borrowed to buy them ?
in
sight of varying conditions, and in the presence
viduals
of
all
their
free
and
Indi¬
otism.
"opinion," all statistics,
ahead without the touch of
while
haphazard
no
business
personal
enterprise entered
can
courage.
into
go
And
through
Did
in
men
bors would
wait to
own
see
power
patri¬
what their friends and neigh¬
do, wait until everybody was good and
1208
ready,
each
THE
sometimes crassly say? By
as we
for
himself, and
CHKONICLE
bought generously and then bought again and again.
Here
"spontaneous co-operation."
was
By individual concentration,
I
whether
individual
This concentration
co-operation
part,
a
community.
or
the individual's
on
And how?
doing
each
own
problem,
this
doing and daring for one's share, without timid¬
ity or hesitation, or fear, this was consecration—
and saved the
day.
Has it application now?
concentration on one's
Yes—
own business that it resume
and increase—this is the most
Judging by the past,
no means—
for the whole country
all
practical form of
[Vol. 112.
within the
We may be
reasonably sure, to put the matter briefly, that or¬
ganized labor will not attempt to induce factory
workers, even in slum cities, to forsake a wearing
and
cramping occupation for the independence of
life close to the soil.
On the contrary, judging the
past, the attempt will be made to show that mechani¬
cal
workers, both skilled and routine,
to the best of
swer—they
operation.
Courage needed—yes—and confidence.
Yes, but concentration on the work in hand will re¬
many ways
each.
on
All
FARM LABOR VS. FACTORY LABOR,
tion of Labor to
spend
"publicity" takes
well consider.
to economic.
million dollars in organized
political importance
on a
We say
this.
questions
capital and labor, so-called, to per¬
Our
political future in
the
"equality before the law" is involved
in
conditions and opportunities of "human
it is
we may
political in contradistinction
We need not enter into the
at issue between
ceive
a
sense
of
than
more
relations";
dependent
<^n character in citizenship. We may,
argument, admit the right of publicity,
union labor, but we are
compelled to admit also
for sake of
to
that the sole
selfish elevation of the
factory work¬
if allowed to proceed without relation to other
er,
or
workers, tends to establish classes
public; and because of
become
the
within
peculiar
our
the
resources
foundation-nourishing of*
a
Re¬
may
dangerous
of
farmers and farm workers with these federated la¬
bor
unions, not much real
efforts.
In the first
has attended the
success
place there is !not the associa¬
tion of intimate
contact, there is territorial separa¬
tion, and there is no kinship of environment. The
East and
the old
Northeast, with
Northwest, is
the interior
valley,
South, constitutes
our
thrust into what
a
was
manufacturing territory;
the Middle West, North and
or
our
agricultural territory.
while modifications must
ensue,
divisions in the main will
And
these geographical
always obtain.
Yet
we
all citizens before the law.
are
And any
study of
in unity and harmony cannot ignore the
influence of occupation and environment
upon hu¬
progress
man
character.
but cannot
And this
propaganda may influence,
change.
We enter here
upon the consideration of one of
the primal problems of world
development and
itual advance.
spir¬
As
we are informed
by many recent
reviews, the Norwegian noval by Knut
Hamsun,
"Growth of the
Soil," is a remarkable study in this
direction—to
put
it
tween the town and
inadequately—a
country
contrast
be¬
human destiny by
reason of character and
thus upon Government.
Im¬
mediately the campaign of publicity
in
behalf
on
contemplated
of
"labor"
*
becomes
tance, therefore, aside from
tions involved.
How much
does it
of
national
impor¬
the current labor
ques¬
of
unity in citizenship
contemplate? What will it do to show the
influence of the soil
upon human thought?
Will it
seek to show forth the
influence of
upon
any
free farm life, and the
Will it exhibit
conception of these deeper forces affecting all
life?
are
intervene to alter
they
Nor
the
can
the individual's
on
that cannot evolve from
in
we
few
a
go
para¬
the man,
upon
factory service.
future revolution in this
in
nate
the
factory, not
machine and
If there is
country,
the farm.
on
blank wall
a
A whirling
are a
poor substitute for
expansion of soul due to the open spaces. And
repeat that a matter of politics in the highest
is embraced in the consideration.
sense
to
of
a red pro¬
against the injustice of all things, it will origi¬
test
we
effect
character,
mould all alike—however far
may
something, not to be described
the
law and Gov¬
ultimate
graphs, about the influence of soil
a
form of Gov¬
our
not equal in their
helpful, "better working conditions." There
strength there is in "overcoming" is denied
workers in
many
these
mechanical
industries.
They should be paid and well paid, because of the
non-expansive character of the work
feeling and aspiration.
upon
and
In fact the
machine,
returns.
The lack of
and
perfect
light and leading in the stan¬
confined
occupation is inherent and
potentially unchangeable.
honest basis
for
greater
equable returns—under
compels
no man
own
choice.
ness
of
There is, therefore, no
wage
to follow
an
factory
for
which
occupation not of his
of all large¬
and beauty,
with the farmer worker lies in
as
conformity not opposition.
facture, has
ture.
system
The secret of all
success,
This constant "kicking
against the pricks" in the natural
no
storms come,
evolution of
manu¬
parallel in the occupation of agricul¬
If farmers
because
grow,
returns—only
political
a
life, of all education in wisdom
with the
were as
disgruntled because weeds
seasons cannot be
controlled, because
venting their animus on the soil rather
cultivating it, that is loving it and harmoniz¬
ing with it, there would be
ers
the forces
even more
effectual, lightens the struggle and insures the
dardized
than
thought,
But the task is not harder
than this contrasted eternal battle with
of nature.
who hate
acter thus
a
parallel to those work¬
capital (the soil of manufacture) and
refuse to respect
it, and to work with it.
human relations" which defend
derly
And char
engendered has much to do with "better
liberty, law, and
or¬
processes.
THE PORT AND HARBOR IMPROVEMENT
pent factory life
reverse?
guaranteed the pursuit
are
occupations
work and environment
to be
mere wages
"happiness"—light, love and
They
inducement of this joy in life.
The
attempts to unite the
But
ernment
sectionalism.
Though there have been
should have
ernment.
is
an¬
organ¬
enough to teach that in
this, not the possession of it, by
that
But will
buy it?
men
towards
entitled
might say—in
we
they cannot get it—because
laughter, in life.
The recent determination of the American Federa¬
And
if they can get it!
are,
ized trades labor be honest
will not
are
everything despite their passion for
circumscribed city life.
co¬
act
of these things will come
none
purview of organized labor.
PROJECT.
There is
of the
no
subject to which to-day the attention
public should be
The welfare of every
more
strenuously directed.
citizen, the permanent growth
March 26
of the
State,
weeks ago
some
are
We called attention
involved.
to the magnitude and pressing im¬
portance of the problem and the physical difficul¬
ties to be
time in
at
cious and
a
handle the tonnage even
done it
made, and the Governor lost
persistent and plausible but mali¬
were
needed in the
involve
an
special
message
a
outlining the situation, and is sup¬
ported by all the chief associations concerned with
the interests of the
precipitates itself
at any
ance
The opposition which
city.
upon
of the
the public put in no appear¬
hearings which were held
many
to their
fest
more
than three
years
thoroughness which is worthy of the impor¬
undertaking.
In
many
relations this is
greatest and most difficult piece of
constructive
It is
no
which
passes
United
of
less than
dealing with the harbor through
half
the
foreign
commerce
of
tl^e
States; about which reside eight millions
people within the area to be treated; having more
industries than the four cities of
manufacturing
rejected for obvious and deci¬
plan finally taken up and recommended is
automatic electric system,
elements of this
based
on
the general
The essential
system are:
"A belt line railroad in New
Jersey, reaching all
Jersey railroads that give pier-station serv¬
the New
ice; a joint yard and transfer station on the belt
line; two parallel but independent tracks of stan¬
dard gauge,
engineering hitherto attempted in the country.
bet¬
principle of the moving platform, or a continuous
task, and have done their work with a mani¬
tance of the
the
given
any
operating through tunnels,
f ■:' -v v:7''7
reasons.
The
an
It would also
suggestion of improved water transfer were
and the
sive
future.
platform, placed deep underground.
by the Commission during its work.
The Commission have
Cable trunk lines
both considered and
now
near
requirements of the problem
not meet the
ter.
important service in
present needs,
plan of a great bridge, urged by some, would
ing the public mind and in delaying the prompt
rendered
meet
1
struction.
The
not
excessive and prohibitive cost for con¬
preliminary action which is required.
Governor
any ex¬
possibility of the expansion that
will be
city officials, which has resulted, we fear, in confus¬
The
would
If it
really ignorant attack, chiefly by certain
possible to
of the West Side by
pansion of the existing elevated or subway systems.
and would leave no
presenting it to the Legislature, where
it met
once
mission concluded that it would not be
Since then the report of the
overcome.
Commission has been
no
Furthermore, after careful investigation the Com¬
Metropolis, and in no small degree the inter¬
ests of the
1209
CHRONICLE
THE
1921.]
running in
a
loop, mainly in separate
tunnels, from the yard to Manhattan and back to
yard; a series of multiple-story terminal build¬
ings over the loop in Manhattan, with car elevators
from the underground siding tracks to the surface;
the
separate connection and transfer station in Man¬
Railroad; a fleet
a
hattan for the New York Central
electrically operated cars, and a fleet of small,
trailer trucks.
Inbound freight will
Philadelphia, Chicago, Cleveland and St. Louis com¬
of
bined; with 12 great railway systems pouring into,
four-wheeled
out
of,
single
through it 76 million tpns of freight in a
or
and in the same period receiving 45 mil¬
year,
lion tons
coming and going by water; in con¬
more
nection with which has grown up an
tricate but
quite inadequate
elaborate, in¬
handling
of
system
freight which must eventually be done away with,
while at the
until the
same
new
time it must remain undisturbed
works
created and
are
proved satis¬
is
It
for
sufficient, therefore, to
now
asks two
say
that the Gov¬
things: prompt authorization
compact with New Jersey for the creation of a
a
Port
District, and the establishment of
thority with defined
when
joint transfer station to trailer
trucks, which will be borne by the electrically op¬
erated cars,
mainly in eight-car trains, to the Man-
The trains will (be despatched as
possible at uniform intervals and run at
uniform speed, not Exceeding 14 miles an hour, mak¬
ing it safe to move the trains at short intervals. At
hattan stations.
nearly
as
the stations the cars will be raised to the
one
at
surface,
time, in the elevators, and their loads ex¬
a
changed at the top for trailers bearing outbound
factory.
ernor
be transferred at the
powers
to
carry
adopted; for which the bill
now
Port Au¬
a
out the plan
attacked
was
freight, after which they will be lowered and de¬
spatched in eight-car trains to the transfer station
in Jersey and unloaded into standard freight cars.
The electric cars will move around the loop in one
direction
only, each loop forming an independent
line."
The trains will be
run
automatically, without train
The
introduced; and also the eventual approval of the
operators, and controlled by the despatcher.
comprehensive plan of the Commission, after giving
plan has been approved by leading electrical engi¬
it
neers
the
prolonged and careful consideration it de¬
This
plan will be before
the
public
for
some
months, but requires the preliminary action by the
Legislature
which has
is
the
Governor
project be understood.
magnitude and its novelty,
detail.
The most
has
The debate
asked
on
|
we
Because, both
present it in
pressing element of the problem is that
the
greatest congestion both
business; there also is
introducing
any
There
of people and of
the greatest difficulty in
changes because of established
cus¬
manufacturing companies.
system is being installed by the Post
A
Office
Department of the British Government in London.
Estimates both of the construction and operating
costs of the automatic electric
system are so satis¬
factory that the Commission recommends its adop¬
tion
as
the ideal for Manhattan.
Many details of
design remain to be settled by the body undertaking
the
construction,
practical tests.
v.
of railroad service to and from Manhattan.
is
and
the plan
It is important that the main fea¬
yet to come.
of its
!
which
just been taken.
tures of the
some
and electrical
similar
serves.
tend. the
which will make the necessary
Plans have been worked out to ex¬
system to embrace the remaining railroads
of the Port and to extend the service to upper
Man¬
hattan.
Other
parts of the Port now having direct rail¬
road service have at
present no need of the new sys¬
toms, the great cost of any remodeling and of real
tem, though it can be extended to embrace the whole
estate, the crowded area,* and the physical
area,
tion from other
Side
but
parts of the Port District.
isola¬
Its West
problem has long been under acute discussion,
even
if it
were
satisfactorily solved, the other
sections would be left
unprovided for.
if in the future this is found desirable.
The
*
plan begins with a joint railroad yard east
of the Croxton
yard of the Erie Railroad.
matic electric line will pass
the Hudson River to a
The auto¬
under Bergen hill and
point in Manhattan at about
47th
able
St., theh passing south by certain streets suit¬
for terminal stations to Battery Place, and
by another set of terminals to the
from there back
The line will be
minals,
sewers, or
the way
of
any
hattan may
A
Man¬
far below the surface in
so
existing ter¬
water-mains, and will be out of
future rapid transit system that Man¬
special connection will be made with the New
St., and a yard will
be built similar to the
that
one
be
can
rental
sets aside
owner
that in the event of sale for less than
so
the cost
demolition the
or
portion of the
a
protect the principal of his
it is obtained to
as
investment,
capital will not be im¬
There is but one natural off-set against de¬
paired.
constructed,
of
the
in
equipped, and put in
which
If well located it
growing value of the land will
building has been erected.
that the
occurs
match the deterioration of the structure;
a
possibility
increase in the value of the site upon
an
often
in New Jersey.
system proposed has a great advantage
it
the loss becomes considerable and to keep
years pass
terioration of structures and that is the
require.
York Central Railroad at 60th
The
begins to deteriorate, since constant use and the ele¬
outside. As the
ments work destruction inside and
himself whole the
starting point, the yard in New Jersey.
hattan that it will not interfere with
[Vol. 112.
CHBONICLE
THE
1210
otherwise
replacement fund is essential to protect the land¬
hampering the opera¬
present facilities. This is important, as
at least three years would be required for its con¬
struction.
The two main lines, with their inde¬
lord.
pendent elevators and platform at each terminal, are
sum
operation without in any
way
Sinking funds are a common method of overcom¬
tion of the
against
assurance
an
from accident
on
any
disabling that might arise
78%
freight
more
float-car system.
the
Subway $255,000,000,
The cost of
cost
would
be
$1.82 per ton, as against
$2.25 of the present float system.
above
and the
$241,000,000
the basis of the 1918 prices.
on
5% interest
beside this
The real saving,
the investment, would include
on
difference
the
incidental advan¬
many
tages of time gained in delivery, the saving of
ishable
per¬
articles, avoiding interruption from fog, and
the like.*
The
eral
one
York
Central
Railway.
'The
Central's
merchandise, perishable foodstuff and
a
East
new
brought
along the Harlem River
yard, and its other freight
the West Shore Railroad,
over
water-front
River
gen¬
express
or
to
a newT
It is also
ural gas
the
front of lower
are
that dividends
ed and if he has not had the
a
of
Channel
Improvement,
the
Commission; and the subjects of
Highway
Freight Handling Machinery,
Accessibility,
Repair Plants
for
These principles and customs are so well un¬
pal.
derstood
by bankers, trustees of estates and large
investors,
that
well
as
.:>■
But both the
a
ter will he fit himself for
facts to
lay out
tion of the
for the
Their
a
on
the basis of these
better physical plan of organiza¬
Port; and third, to work out
a
legal plan
accomplishment of the result.
work
tion and will
is
before
the
whose income is
It
intelligent and large-minded attention.
ous
The
principle of amortization
as
Until
*Geo. W.
applied to
prop¬
Alger, in tlie "Atlantic," reports one-fourth
of
Yorks goes to the dumps; one-third of the oranges ^nd onefifth of the eggs received are rotten and unsalable, and an¬
over
earnings derived
person
be
may
deterioration is
as
reaches maturity both
undergoing the building
are
Then begins what perhaps is the most joy¬
No
power
age
of development and
until the prime of life,
reaches what is for him the top of
one
may
foretell whether earning
will be curtailed by sickness
before
it
hence
the
should
or
accident long
its height,
necessity for beginning the
amortization
to
naturally reach
at
earn
Disease is
the
senses
the
earning
once,
his way
sure
just
when
the
individual
of
com¬
through life.
to deteriorate the
as a
and
process
body and dull
building deteriorates and in time
powers are
lessened.
As the earning
ca¬
pacity declines there should be something available
supplement the smaller earnings of the individual,
up
to the old standard.
If the earner has amortized
himself he is in the happy
from outside
sources
position where an income
makes him less
dependent
or
perhaps entirely independent of his own earnings.
perishables received at the wholesale markets of New
nually
a
far
so
period of existence, the
power
upon
something to round out the total income and keep it
erty and indebtedness is well understood an^ in con¬
stant practice.
As soon as a building is erected it
the
age.
professional efforts.
or
building
increasing earning
to
AMORTIZING ONESELF.
happy old
body, with all its faculties,
body and the mind
process.
people for considera¬
eventually be in the hands of the Port
useful and
dependent
new
a
concerned.
the
mences
Authority for carrying into much-needed effect.
should have
a
Particularly is this true of every man and woman
the ladder.
second,
be he wage-earner or employer,
young man,
when each person
;
amor¬
applied to oneself, and the earlier
accepts this truth and applies it to himself the bet-
looked.
—first, to get the facts
;y/
principle and the practice of
tization should be
in life
by managers of corporations,
as
argument is required to advocate their ap¬
no
Vessels, the Barge Canal, Harbor Pollution, and
possible War Emergencies have not been over¬
The Commission had before it three definite tasks
forethought to set aside
portion of his income he will have lost his princi¬
for
river
forward to the
time when all of the assets will have become exhaust¬
The human
the
paid out of the sale of
are
must look
investor
the
and
likened to
Manhattan, which has had the special
attention
practice for investors in land
a common
either from manual labor
proposed
be paid out
companies to amortize their investments for
reason
assets
tracks should then be removed.
changes
investment in
sinking fund at maturity.
The West Side
yard east of the Hudson.
Extensive
aside yearly for
set
companies, timber companies, mining, oil and nat¬
complete solu-
problem of the West Side tracks of the
business would be diverted
to
be accurately determined just what
be
plication.
amplified plan offers the
tion of the
New
should
order that the entire indebtedness may
system will
than the present
moving freight from the New Jersey yard
Manhattan
to
per year
It would cost $200,000,000, while
Railroad
Elevated
that it may
so
of the
either line.
With 12 terminals in Manhattan the
carry
ing funded debts. They have been figured to a nicety,
7,000,000 pounds of fruit and 3,000,000 pounds of
vegetables are carried by the dump scows to the
sea.
But how may one
range
with
some
amortize himself?
He
may ar¬
reliable insurance company for the
payment of annuities beginning at a fixed date.
some
In
respects this is the simplest method, but it may
•
March 26
bind the
1921.]
participant to future payments which he
be unable to meet, and he has no tangible asset
may
entirely within his
own
meet
they arise.
emergencies
Again
V
he
as
control and available to
the
on
twenty-payment plan, which provides for the
ment to the
date, which
investment
of
assured
at
sum
pay¬
fixed
a
when paid would be available for
sum
so
definite
a
to
as
yield
income.
an
One advan¬
tage of this plan is that the fund comes to him after
of experience which are likely to teach him
years
not to
squander the money thus obtained and at a
time of life when he has sound
An excellent
plan, if
money
income in
or
mit the interest to be added
a
fixed
percen¬
savings bank and
a
per¬
yearly to the principal.
difficulty with this method is that because there
is not
definite
a
the person
make
pressure
bank
meet
obligation to be met at
fixed date
a
interested will be in danger of failure to
deposits, either through negligence
for the
of his
use
for
resources
system is that the
requirements in
chase of
some
home
a
cases
of emergency, for the pur¬
to engage
or
An account in
a
may
And the
in business.
savings bank might well be
sup¬
Whenever
$1,000 is accumulated in savings the
money
be invested in bonds which will yield an income
greater than the rate of interest paid by
a
high yield.
savings
a
bank, but securities should be selected with
safety rather than for
a
view of
Among the ad¬
vantages of securities is the greater return in the
way
for
use as
a
collateral in
case
par
appeals strongly to
are
purchased below par
This lis
an
attraction which
begin to amortize himself
as soon as
own
way.
By
he
so
goes
doing
strengthen his self-respect and the esteem in
which others hold
and lessen
certain to
come
him; he will add to his independ¬
anxiety
over
highest and best type.
tribulations which
are
THE
UNITED
STATES
STEEL CORPORATION.
If the
and steel
trades
no
company
is better
prepared for it than the United States Steel Cor¬
poration,
thought
annual
One is
on
a
forcibly
impressed
with
that
study and analysis of the company's
report for the calendar year received the
present week.
The position of the company has
long been one of exceptional strength, and with the
enlightened management that
I
It is not necessary
able
showing.
a
no
other company has
wonderful record of successful results based
wise and
should
serve
to
an
as
a
that the income account
say
a
very
such
commendable','regularity had long
apparent
fore in that
in the
favor¬
The quarterly statements issued with
that
and
the
complete
what
respect.
was
As
a
report
already known
Yet the figures
story they tell.
made
ago
annual
are
be¬
impressive
matter of fact, the whole
history and record of the corporation is impressive,
not
only in the particulars already mentioned, but
in all other
respects, and fully warrant the superla¬
tive form of
those not
expression
we are
using and which to
acquainted with the facts might
seem
a
piece of extravagance.
The great
the vast
its
financial
resources
of the Corporation,
surplus accumulated during the period of
existence,
illustrations of the truth of
serve as
these statements.
Take for
example the
expenditures of the Corporation.
new
capital
These have
now
aggregate falling but little short of
an
thousand million dollars. This appears
ment in the
from
a
one
state¬
report saying that the total net amount
expended since April 1, 1901 (the date of organiza¬
Steel
tion of the
Corporation) to January 1, 1921
(but including expenditures by the Tennessee Coal,
Iron & Railroad
Company from November 1, 1907,
only) for additional
construction,
and
property
equals $991,257,487.
The
these
.
most wonderful
feature
in
connection with
capital outlays is that they
new
are
still be¬
ing continued in huge amounts, and yet in all recent
years they have been carried out without the slight¬
est addition to the indebtedness of the concern.
is the funded debt is
truth
The
being steadily reduced
heavy capital outlays.
During the
under review the capital expenditures
year
(less
$1,708,625, written off to Depreciation and Replace¬
ment funds for investment cost of
improvements and
equipment dismantled and retired) by all companies
for the
acquisition of additional property and for
additions and extensions to
was
plants, less credits for
far-sighted management.
the
Its adminis¬
bonded, debenture and mortgage
reduced, through sinking fund operations
and other processes
of retiring debt, in the sum of
In like manner in the calendar year
1919, when the capital expenditures amounted to
$87,091,515, there
of
$13,921,885.
was
a
net
decrease
The truth is
current assets.
$30,000,000
mained
a
appropriation
further
income, which
7
was
Surplus account.
was
for
additional
referred
even
to
after the
there
re¬
surplus of $29,059,425 out of the
aside out of income for
there
debt
The remainder needed came, of course,
property.
out of
in
In 1920, $30,000,000 was specifically
appropriated from surplus income
vear's
such
they must set
for the twelve months of 1920 makes
vided
on
reason
standard for all others.
further
Surely
if those di¬
as
example of corporate efficiency and prudent and
lapse of each additional year that feature becomes
emphasized.
world, and it is
with the idea that for that
$13,870,450.
country faces a long period of depression
in the iron
The Steel Cor¬
the largest indus¬
recting its affairs had from the first been imbued
Nevertheless
OF
as
property sold, aggregated no less than $102,956,133.
with old age.
REPORT
in the
concern
debt
ANNUAL
believe, still ranks
we
in face of these
best_every individual
seems
out into the world to make his
ence
ne¬
many persons.
By whatever method
he will
wishes to
at maturity the principal of the
investor is increased.
should
owner
'
paid at
are
the
loan.
When well-secured bonds
and
trial
of income and the availability of the securities
gotiate
the
reached
tyty
plemented with the investment habit.
or
of
are
other
is always available to
money
money is obtainable without discount.
|500
through
or
One of the great advantages of the savings
purpose.
employees and in provision for their welfare
surpassed nowhere, and its accounting methods
merely emphasizes
would faithfully adhere
one
it, would be to deposit regularly
tage of earnings
a
mind to
a
provide him with the requisite capital.
may
The
to what
as
in business for himself the insurance
engage
to
judgment
Or if he has
constitutes safe investments.
of its
is
poration,
purchase life insurance
may
mi
CHRONICLE
THE
carried forward to Undi-
In 1919 no amount was set
new
capital additions, but
surplus net income of $26,159,780, which
trative methods have been in accord with the best
along with current assets was available for the pur¬
modern
pose.
standards, its liberal policy in the treatment
CHRONICLE
THE
1212
[Vol. 112.
According to the balance sheet the grand aggre¬
surplus net income of $59,059,425, of which, as al¬
gate of accumulated surplus at the end of 1920 stood
ready noted, $30,000,000 was set aside to apply to
at the
appropriations for additional
the
This was
imposing figure of $523,454,890.
amount, too, after having formally written off
This
$162,795,509 for appropriations made from surplus
net income
tion to
prior to January 1, 1908, and is in addi¬
$140,898,914 of appropriations made out of
net income since
Of course,
Steel
like other industrial undertakings, the
Corporation is carrying increased inventories,
but here
again
we see
the Corporation's strength il¬
lustrated and also the conservative
in its
policy pursued
accumulated
fund to
serve
creased
from
cover
a
substantial
at which
the in¬
part of
inventory items are
additional $5,000,000
an
was
set aside
earnings and added to this fund which now
amounts
to
absorb any
$95,000,000 and which is available to
sudden and violent diminution in inven¬
report also tells
conditions which
of
us
that owing to financial
prevailed during the latter part
1920, the subsidiaries
were
required to carry
increased amount of credits to customers,
ceivables
Judge Gary points out that
due from
pendent
ceive
an
these re¬
totaling $149,412,717 at December 31, 1920,
compared with $92,806,000
is
railroad
the
at
a very
1919.
of
close
considerable part
companies and interests de¬
them, which have been unable to
upon
re¬
currently guaranteed and other balances due
them from the United States.
working capital locked
up
The total amount of
in inventories, receivables,
agents' balances, and accounts due from the U. S.
Railroad Administration increased
ing 1920, but the Corporation of
culty in taking
It
is
the strong
while the
duced
care
worth
of the
$81,859,981 dur¬
had
course
diffi¬
no
evidence
of
financial condition of the property—that
holdings of cash during the
year were re¬
$43,000,000, they still stand at the large
figure of $123,660,954. Including this cash and the
inventories and bills
receivable, already referred |to,
$150,350,616 of what
marketable securities
Bonds and
are
called
"sundry
Treasury Certificates)" the total of the
prodigious
sum
of $702,-
As against this the total of the current
liabilities, including payrolls and current accounts
payable,
as
tions
prevailing,
referred to.
tend with the increased
vances
in labor rates and
costs of the
er
chase from
wise
of
costs
had to
course,
con¬
arising from the ad¬
freight rates and the high¬
materials it
raw
required to
was
pur¬
It was like¬
outsiders, especially fuel.
handicapped from April to July inclusive by
the
inadequate railway service then to be obtained,
due
principally to strikes and shortage in fuel
well
as
The
suing
Corporation,
a
sup- *
accrued taxes and accrued inter¬
is well known, has been pur¬
as
labor policy distinctly its own, not only in
the elaborate and well-devised
the welfare of the
increasing
And
made.
On Feb. 1, 1920,
wages.
previous advances,
numerous
there
in the year as
average
$7.00
be
may
salary
stock dividend payable March
on
Dec. 31, 1920, no more than
In other words, the current assets
exceed the current liabilities in amount of
over
$545',-
000,000.
Thus in three years
1917.
day.
asmuch
as
times
showing for 1920 it
only necessary to say that the earnings before
deducting interest
sidiary companies
on
bonds and mortgages of sub¬
were
$185,095,359, which
with $152,290,639 in 1919.
com¬
After the usual
per
no
less than
day cannot be
an average
1920.
the
for the
average pay
employees has been raised three dol¬
It is pointed out by Mr. Gary that in
the wage
during the
does not
advances accrued at different
the
year,
average
of $7.00
per
day
fully reflect the rate paid at the close of
For the month of
month, it is stated, the
October,
average
a
representative
rate of pay was $7.23
day, while for the month of December it
was
$7.19 per day.
With income very
war
the Steel
mous
much smaller than during the
Corporation
income and
no
longer
pays
the enor¬
profits taxes to the Federal
war
Government that it did while hostilities
were
500,000 for estimated Federal income and
tax
under
Yet the income account for 1920 included $37,-
wray.
contributions
and
was
out of
As for the
$52,000,000.
the
excess
In 1919 the amount
large profits of 1918
1917, when the Corporation was turning out
amounts
enormous
poses,
With reference to the income
to bring up the
It compares with
set aside for these taxes
common
30, 1921, aggregated
was
day of $6.17 in 1919, $5.38 in 1918, and $4.16 in
entire force of
per
was
increases later
employee to
Certainly $7.00
day.
per
top of the
by reference to the re¬
seen
or wage per
considered poor pay.
per
still other
were
on
further increase
a
The result of all this
port.
provision made for
employees, but also in voluntarily
26,1921, and
pares.
an¬
deviated from the schedules
never
The company,
profits taxes payable in 1921.
is
prices
The Steel Cor¬
spring of 1919.
est, and the preferred stock dividend payable Feb.
$156,745,195.
but by
year,
of
schedules
the
by the Industrial Board of the Department
of Commerce in the
(including U. S. Liberty Loan
current assets reaches the
370,464.
nounced
the
good part of
a
adhering strictly to
lars per
same.
noting—as additional
some
besides
prevailing for
plies..
tory valuations.
The
outside steel producers
many
charging the extraordinarily high market prices
ing to take advantage of the unusual market condi¬
compared with such values at close of 1915.
During 1920
obtained not by following the
wras
practice pursued by
1920
during the past five years a re¬
unit values
carried
satisfactory showing of net income, it should
remembered,
poration, seeking price stability, and being unwill¬
$353,363,497, but against this total there has
been
con¬
According to the report, total
management.
amount invested in inventories at the close of
was
be
of
January 1,1908.
and
property
struction.
ness,
and
was
the huge
of iron
making
sums
a
and
steel for
war
pur¬
large profit out of the busi¬
then contributed by this great
corporation in the shape of Federal taxes will long
stand
the
as
a
record
in
profits of 1918
set aside
for
corporation history.
no
account
Out of
less than $274,277,835 was
of
Federal
income and
wrar
liberal allowances for
depreciation and replacement
profits and
funds there remained
$109,694,227 out of which to
earnings of 1917 there was a similar appropriation
pay
dividends, this comparing, with $76,794,582 in
the year
of
7%
mon
1919.
on
The dividends payments at the rate
the preferred stock and 5%
stock, took $50,634,802, leaving
on
the
even
com¬
then
a
of
excess
$233,465,435.
profits taxes, while out of the
For the four years combined, there¬
fore, the contribution of this single corporation to
the Federal Government for taxes
less than
$600,000,000.
wTas
only
a
little
V
March 26
1921.]
THE
CHRONICLE
The
RAILROAD
GROSS
AND
NET
EARNINGS
FOR
reviewed the
1920 totals there
and net earnings
gross
the
of United States railroads for the twelve months of
the late calendar year, and
dismal exhibit.
In
the
found that they made
present article
and,
far from there being
so
showing, the results
The
worse.
falling
off
month in 1920 reaches
of the net,
case
and
in the
much
The amount of the gross
there is
gross
higher
in
rates
force.
as
being
loss of $33,226,587,
against 8503,011,129 in January
6.60%.
or
stated, is in face of the much higher
freight rates in force the present
the increase authorized
Commission at the
follows, of
was
That this
was so
July.
The falling
from the fact that the volume
a
year
ago.
will be plain to every one cognizant
of the condition of trade and business and informed
to the reduction in the force of
that has been
going
on
all
extraneous
an
falling off in the
as
shall
we
bound to
were
July's advance in
wages
by the Labor Board and with the shrinkage in
nues
as
additional
an
burden
the
deduction of taxes, our figures
net
(before the
being always
basis) for January 1921 is only $28,451,745
$88,803,107 for January 1920,
will be
as
reve¬
that
on
as
against
by the
seen
following:
Month of January—
1921.
1920.
Int.
(+)
or
Dec.
(—).
232,492
231,513
+ 979
0.42%
earnings......w......$469,784,542
$503,011,129
—$33,226,587
6.60%
414,208,022
+27,124,775
Operating
expenses..
that item
441,332,797
..
Net earnings.....
The true
$28,451,745
present year—when
drastic
$88,803,107
significance of the
—$60,351,362
earnings, instead
In
only six
upon
67.96%
was so
months
ago—
kept plainly in view, especially at this junc¬
virtually
wage
every
reductions
last
At the
results
for
not
be
time it is important that
comparison with
overlooked—a
factor
was one
of
special circumstance.
stance that should be
for
1921
exceedingly
are
poor
The
in
coincident
employees, speaks
augmentation
of
$27,-
the
notwithstanding
expenses,
great
much smaller force
very
less eloquently of the
no
conditions
with
which
the
the
was
only
salvation—through
seeking to remedy—that being their
now
reductions and the
wage
abolition of the national agreements for dealing with
unskilled
labor which
are
operation of the roads.
the award made
proving
costly iii the
so
It will be recalled that by
by the Railroad Labor Board last
was
in amount of
This
an
being
found entirely
Our compilation
increase in the
r
fact that
of
gross
January still
responsibler for the
It
was
confined
magnitude of
a
cause,
too,
entirely to the
the
cause
was
gains
then
whose
month
operation
of
The bulk of the increase occurred in the mail
carriers had
a
windfall
of considerable
ex¬
this monthly
as
present
year
With gross revenues
1920.
still keep expanding,
expenses
matter of
point it is only
for
$27,000,000 larger than those
month of
a
reduction in the force
the
expenses
contracting while
course
that the net
necessary
earnings
On that
to say that gross revenue
$469,784,542 for January 1921 has yielded net
no
more
than
$28,451,745, and this, too, before
the deduction of the taxes.
in
operating costs
as
In other words, the
result of the higher
a
rise
wage
schedules has been such that the expenses now con¬
about
sume
94% of the
leaving the taxes
gross,
entirely out of consideration.
How
serious
still
appears
of
turns
the
more
the
some
the
of
railroad
roads.
most
examine the
re¬
student
of
Let
no
important railroad systems
because of the shrinkage in
with the coincident continued augmentation
in expenses,
penses.
England
fell
become
notwithstanding the heroic efforts
of their managers, are,
traffic
we
has
of this pregnant and dismal fact
the
country,
situation
clearly when
separate
affairs lose sight
revenues
magnitude.
the
ran over
same
January.
and the explanation was found in the fact that the
overcome
dwindling to insignificant proportions.
that
single
proving to
after the great
even
employees
in
A
means
month to the
a
of the roads.
How difficult it is
$49,809,654,
137.98%.
$52,000,000
over
swelled
addition to the expenses is made apparent by the
January 1919 ip the large amount of $101,778,760, or 25.90%, while in the net there was a gain of
or
less than $625,000,000.
no
addition of
an
kept in mind in measuring the
falling off in 1921.
un¬
carriers
obliged to contend, and which condition
are
of
now
in
story of the falling off in traffic in eloquent
have been
of
over
was
But, entirely
falling off of $33,226,587 in the
they
ago
It is this special circum¬
January 1920 registered
recorded.
The
fortunate labor
served
a year
which
of the strikingly good months of the
1920, and the explanation
of
entirely missing the
course
in face of the tremendous increase in rates tells
gross
the
now
greatly to augment the extent of the falling off.
extent
January
themselves.
for the
same
other factor in the
a
of
was
apart from the adverse comparison with 1920, the
(in addition to the large
January 1920, with which comparison is
in
and
year
present year, should not be overlooked.
leading carrier is proposing
adequately with the situation at its present
critical stage.
made,
actual loss
judging of the extent of the present year's falling
special factor, which served to swell the totals
are
year
$50,000,000
an
off this
to cope
very
of showing close to
of about $3,000,000.
it follows
one
$101,000,000 increase in
improvement, would have recorded
dismissals of employees already referred to) in order
should
eliminated there would have been
6.55%
showing for the
poor
vastly better showing
a
confidently counted
ture when
for this
were
increase of only $48,000,000, while the net1
gross an
penses
should be
and net
July the annual pay-roll of the railroads
Miles of road.
1919
result
a
addition in that way
gross
shrinkage in traffic and the
Expenses
gross.
result of last
a
words, both
There
however,
and
as
enlarged to the extent of this $53,000,000.
124,775
presently refer, which likewise contributed to the
increase
other
fashion.
was,
1918
less than $53,000,000.
no
railway employees
circumstance, to which
estimate covering
an
years
The
1919.
the country with the
over
consequent growth in idleness.
also
23
at that time instead of the
as
and
result of
year as a
much smaller than
very
This,
passenger
by the Inter-State Commerce
close of last
course,
of traffic
1920,
for the
speaking roughly,
With
loss
a
Dec.
on
reason
corresponding
for January 1921 is $469,-
784,542
a
the
from
In
great deal
a
prodigious proportions in the
even
notwithstanding the
improvement
any
actually
are
included
was
pay
January
decision of the Inter-State Commerce Commis¬
a
was,
year,
Gross
of
a
sion
we
mail
at
revenues
accruing to the Railroad Administration
present
in the
as
back
figures for the month of January of the current
the
off
extraordinary addition to the mail
that time followed from the fact that in the
JANUARY.
A week ago we
1213
failing to
This
group
$1,144,944
is
earn even
conspicuously
of roads.
short
of
The
bare operating
true
New
meeting
its
of
ex¬
the
New
Haven
road
expenses
in
$1,088,049
$896,208 short, besides
January' 1921; the Boston & Maine fell
short and the Maine Central
which
Central of
the
also failed to earn
Vermont
the
systems
be
may
in
fall
country
the
no
weather
results the
part in the poor
having been extraordinarily
present year, the winter
winter
count for much in the
never
results, the show¬
ing for the separate roads is as poor as in any
section, and in
& Nashville is
respects worse.
some
one
1909
1910
.....
1911
.....
.....
.....
other
The Louisville
important system in the Southern
which has failed to meet its ordinary running
expenses, and the Southern Ry. has earned a mere
trifle above the expenses, while the Central of
group
107 —60 ,351,362
469,784 502 503,011 ,129 —33,226,58728 451,745 88,803, M
1910,
239,808; in
Louis and
enjoy the distinction of having failed
Northwestern and Southwestern roads
have fared
Neither the Milwaukee & St. Paul,
Chicago & North Western nor the Great
ages
Our
do
the
Northern
and the Northern Pacific man¬
above expenses.
figures, too, it must always be borne in mind,
to show only a meagre sum
not
cluded
take account of the taxes.
failure
to
earn
With these in¬
would extend to
expenses
virtually all the leading roads in the country.
It is this
trate and
situation
last
emphasize the desperate character of the
and which makes drastic measures for the
of the losses
as
absolutely
compared with
as
The extent
necessary.
a year ago
has been,
already shown, exaggerated by the large special
contribution by way of
the $53,000,000 extra mail
preceding there had been
nothing to boast of in the January net earnings for
pay,
a
but
even
in the
roads,
In the comparison with
the inclusion in last year's totals of the
year
extra
mail pay
factor
just
ingly
as a
as
counted of
important
course as an
it did in the general totals, and accord¬
result of this and the shrinkage in traffic
and
combined the list of decreases in both the gross
the net is
long
a
In the following we show all
one.
changes for the separate roads for amounts
whether increases
or
in
excess
decreases, and in
and net:
GROSS EARNINGS IN JANUARY.
Decreases.
Increases.
$3,866,714 Chicago Burl & Quincy.. $2,570,548
1,961,502
1,360,103 Chicago R I & Pac (2)..
Delaware & Hudson.—
1,657,029
1,024,573 N Y N H & Hartford...
Dela Lack & Western
1,303,466
941,798 Chicago & North West.
Philadelphia & Reading.
1,141,302
862,081 Southern Pacific (8)
Elgin Joliet & Eastern..
/.
942,887
705,588 Missouri Pacific
Chesapeake & Ohio
850,761
622,307 Michigan Centra!
Illinois Central.
723,585
601,521 Yazoo & Miss Valley
Norfolk & Western
712,258
560,618 Pere Marquette
Lehigh Valley
._
710,558
532,503 Boston & Maine
Cent RR of New Jersey681,116
512,483 Mo Kan & Texas (2)....
Baltimore & Ohio
622,432
423,038 Central of Georgia
Union RR of Penn—
394,147 Chicago St P M & 0__
510,239
Virginian
460,098
371,177 Seaboard Air Line.
Bessemer & Lake Erie..
439,463
364,623 Denver & Rio Grande._
Maine Central
416,567
359,493 Cleve Cin Chic & St L__
Florida East Coast
398,406
291,816 Nash Chatt & St Louis..
New York Connecting.
396,897
283,732 Wabash....
Western Maryland
Pennsylvania Ry Co (2).
_
—
_
all-controlling feature that serves to illus¬
relief of the roads
248,477; in 1918, 204,046; in
nothing further to say beyond what has
is
PRINCIPAL CHANGES IN
has met its expenses,
157,629 miles of road; in 1909,231,970;
1912, 237,888; in 1913, 235,607; in 1914,
With reference to the returns of the separate
there
both gross
expenses.
better.
1911, 242,479; in
248,732; in 1915, 246,959; in 1916, 247,620: in 1917,
1919, 232,655; in 1920, 232,511; in 1921, 232,492.
several others
no
57,373,968 —3 483,309
52,960,420 —7 ,019,714
45,495,387 + 18 ,781,777
65,201,441 —12 ,451,572
•890,982
,582,992 52,473,974
,899,810 51,552,397 + 27 ,347,413
,748,904 79,069,573 + 8 679,331
,038,704 83,475,278 —66 ,436,574
.222,169 13,881,674 + 22 ,340,495
4-4Q
,809,654
,908,709 36,099,055
494,706 125 392,927 ,365 + 101778 760
of $100,000,
earn
+ 6 918,577
409.657 50,491,080
890,659
,940,705
,277,164
,749,869
+ 4,248,770
—2,440,307
246,663, 737 208,535 060 + 38,128,677
233,073 ,834 24.9,958 ,641 —16,884,807
220,282 196 236,880 747 —16,598.551
267,043 635220,203 ,595 + 46,840,040
307,961 074 267,115 ,289 + 40,845,785
Georgia, the Nashville Chattanooga & St.
to
155,152, 717
173,352 799 + 9,617]219
183,264 063 + 27,776,971
282,394 665 294,002 ,791 —11,608,126
395,552 020 284,131 201 + 111420819
1920
$
673,269 26,996,772 + 11, 676,497
809,874
287,044 37,096,918
659,241 41,155,587 —11 496,346
295,374 41,036,612 t + 9 258,762
10,176,033
—20,025,624
123,664, 663 +
210,808 ,247
210,704, 771 213,145 ,078
1914
Increase or
Preceding. Decrease.
S
%
$
106,741, 980 + 21,824,
of already been pointed out.
Indeed, in the South, where the rigors
'mild.
Given.
S
1908
In
remembered, too, that adverse
played
Decrease.
Nole.-r-In 1908 the returns were based on
Wheeling & Lake Erie.
conditions
Preceding.
Year
Year
128.566, 968
133,840, 696
135,127, 093
182,970, 018
211,041, 034
215,0.56, 017
1917
mentioned the Pere Marquette,
Hocking Valley, the Grand Rapids & Indiana,
the Lake Erie & Western, the Toledo & Ohio Central
It should be
Increase or
January.
the
and the
111999223658
Year
Given.
1907
category.
same
Year
1906
The
Lehigh Valley, the Long Island RR. and the Erie,
among others, are conspicuous in this respect in the
Middle States group, while among Middle Western
of
Net Earnings.
Gross Earnings.
Year.
Numerous other roads in different parts
expenses.
[Vol. 112.
CHKONICLE
THE
1314
years
long previous time with only one or two exceptions.
Kansas City Southern. __
New Orl Tex & Mex (3) N Y Ontario & Western
_
Pittsburgh & Lake Erie.
Mobile & Ohio....
Duluth Winnipeg &
Pac
West Jersey & Seashore.
Indiana Harbor Belt
Cent RR of New
England
Long Island
.....
Bangor & Aroostook
Toledo & Ohio Central.
N Y Susq &
.
Western—
Kansas Okla & Gulf—.
267,343
264,356
224,359
182,592
153,278
142,638
134,864
130,243
128,902
115,922
114,997
113,464
104,650
104,635
Representing 35 roads
in
our
compilation..$16,260,558
Western
Pacific.
394,869
_
Chicago & East Illinois.
378,475
Atlantic Coast Line
368,997
279,687
276,605
Minn St Paul & S S M._
El
Paso
&
Southwestern
221,264
211.622
Chicago Great Western.
Hocking Valley
....
Norfolk Southern
205,924
195,508
Spokane Port & Seattle..
Cine New Orl & Tex Pac
St Louis Southwest (2).
Lake Erie & Western—
191,453
179,703
172,687
172,009
150,851
Monongahela Connecting
Georgia Southern & Fla.
Bingham & Garfield
133,250
132,842
128,639
Rich
Fred &
Potomac..
New Orleans & Nor
E__
127,533
D€CT€CLSeS• Louisville & Nashville.__
115,391
Topeka & S Fe (2). $4,903,940 Nevada Northern
106,605
(2).—.—
4,667,544 Tennessee Central
Detroit Toledo & Ironton
102,955
Great Northern
3,872,696
101,169
Southern Railway
3,352,747 Northwestern Pacific—
New York Central
3,244,580
Northern Pacific
2,990,968;
Representing 59 roads
Chicago Milw & St Paul.
2,945,934
in our compilation..$46,825,561
Note.—All the figures in the above are on the basis of the returns filed
with the
Inter-State Commerce Commission.
Where, however, these
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (incl. the former Pennsyl¬
vania Company)and the Pittsburgh Cincinnati Chicago & St. Louis com¬
bined, the Pennsylvania RR. reporting $4,664,737 increase and the P. C. C.
& St. L. $798,023 decrease.
b These figures cover merely the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central/the "Big Four," &c., the whole going to form the New
York Central System, the result is a loss of $4,181,896.
•
Atch
Union Pacific
—
It is true that in January
gains,
satisfactory
recovery
1919 there had also been
simply
constituted
these
but
(and only partial recovery at that) from the
extreme losses
weather
sustained in January 1918, when the
conditions
encountered
the
were
worst
experienced in the entire history of railroading ip
this country.
States
was
That
the time when the United
was
engaged in the prosecution of the
war
against Germany, and when intensely cold weather
PRINCIPAL CHANGES IN NET
prevailed, with freight congestion and traffic em¬
bargoes
and
reported
blockades
state the situation in
a
nutshell,
everywhere.
our
compilations showed $111,420,819 increase in
and $22,340,495
608,126 decrease in
gross
and
summary
year
of the January
back to 1906.
we use
no
Below
furnish
we
comparisons for each
For 1911, for 1910 and for 1909
the totals of the Inter-State Commerce Com¬
mission, but for the preceding
sults
less than $66,436,574
1918.
just
as
registered by
years we
our own
give the
tables each
Delaware & Hudson—
Baltimore & Ohio
gross
increase in net, but following $11,-
decrease in net in January
a
To
January 1919
re¬
year—
...
Delaw Lack & Western.
Central RR of N J.___
New York Connecting.
Central RR of New Eng
Union RR of Penn
Mo Kan & Texas (2)
Norfolk & Western
West Jersey &
Seashore
Louis
(3)
N Y Chicago & St
N O Texas & Mexico
N Y Ontario & Western
City Southern.
Wichita Fails & No W.
Chicago Junction
Kansas Okla & Gulf
Kansas
_
.
years,
owing to the refusal at that time of
some
of
give out monthly figures for publication.
543,801
491,399
349,285
286,776
265,678
247,299
213,886
205,345
187,055
167,937
151,323
137,425
136,412
118,866
116,097
115,119
114,541
nnn
ne,n
Decreases.
Atch Top & Santa
New York Central
Union Pacific (2)
Fe(2)
Chicago Burl & Quincy.
Southern
the roads to
$1,255,105
611,479
585,434
Representing 24 roads
in our compilation.. $6,300,262
arportion of the railroad mileage of the country being
always unrepresented in the totals in these earlier
EARNINGS IN JANUARY.
Dpcrpatp^
Increases,
Pennsylvania RR. (2)_.
StLouis-SanFrancisco(l)
Elgin Joliet & Eastern. _
Railway.....
Snnthprn
PaHfin
Northern
Northern Pacific
N Y N H & Hartford..
$2,659,604
2,471,553
2,382,991
Chicago R I & Pac (2)_.
2,364,493
2,203,108
1,787,030
1,779,245
Great
Chicago Milw & St
Missouri Pacific
Paul
Chicago & Northwest'n
Louisville & Nashville.
Boston & Maine
Clev Cine Chic & St L.
Atlantic Coast Line
1,549,085
1,491,816
1,038,850
_
959,797
943,090
Maine Central
817,890
801,249
676,295
638,868
Minn St Paul &SSM.
Chic & Eastern
Illinois.
Chic St P Minn & Om.
Denver & Rio
.
Grande._
Central of Georgia
617,792
Pere
520,829
Marquette
Wabash
520,116
Michigan Central
510,640
488,092
Erie
(3)
,
466,610
457,983
'
438,890
Cine New Orl & Tex Pac
El Paso & Southwestern
Hocking Valley
Nashv Chatt & St Louis
Western Pacific
$7,747,931
5,654,117 Los Angeles & Salt Lake
4,990,144 Yazoo & Miss Valley
3,421,018 Chesapeake & Ohio
3.330,771 Internat & Great North
2,861,615 Seaboard Air Line
428,746
387.583
382,956
369,740
338,009
321,419
314,730
March 26 1921.]
THE
Decrease.
Richm Fred & Potomac
$312,324
292,189
Chicago & Great WestAlabama Great South'n
Lake Erie & Western.
New Orl & Northeastern
Minneapolis & St Louis.
Norfolk Southern
$160,703
144,552
126,286
_
Texas &
Long
*
Island
118,865
117,243
115,842
112,166
104,611
Pacific
Central Vermont
209,219 Lehigh & New England189,277 Tennessee Central.
179,951
170,960
Representing68 roads
in our
165,736
compilation..$62,673,537
.
Indianap & Louisv
This
a
Pacific.
Rapids & Ind
City
Atlantic
260,256
237,098
232,222
Spokane Port & Seattle.
Chicago & Alton
Georgia South & Fla.__
Chic
Grand
Deer ease
i
Northwestern
289,342
.
.
i,
CHRONICLE
The
combined, the Pennsylvania RR. reporting $2,642,370 increase and the
P. C. C. & St. L.
$1,387,265 decrease.
5 These figures
merely cover the operations of the New York Central
itself.
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a loss of $7,428,896.
arranged in
are
groups
or
geo¬
graphical divisions according to their location, it is
found
that
every
group
with the exception of the
Eastern and Middle
group sustained a loss in gross,
and every group
Our
net.
without
summary
by
any
exception
groups
is
as
a
loss in the
follows:
January 1920,
carloads
against
as
11,775
and
.
Omaha
at
10,371
<
In the South the roads had to contend with
off in the cotton traffic
well
as
a
falling
with acute business
as
depression arising out of the great decline in the
price of the staple.
The cotton shipments overland
216,242 bales against 273,831 bales in Janu¬
were
1920, 262,182 bales in January 1919, 238,475
1918 and 275,573 bales in 1917.
At the
ary
bales in
Southern
outports the receipts were only 550,190
against 901,596 bales in January 1920 and
597,414 bales in January 1919,
-Gross Earnings—
Section or Group—
%
•
1921.
1920.
Inc.( + ) or Dec. (*•—)
January—
S
S
S
%
Group l( 9 roads), New England
19,480,650
21,026,866
—1,546 ,216
7.35%
Group 2 (34 road3), East & Middle.137.987,794 130,007,353
+ 7,980 ,441
6.14%
Group 3 (28 roads). Middle West... 46,528,129
49,598,388
—3,070 ,259
6.19%
cars
at Kansas City they reached 9,906
against 12,297.
cars
bales
SUMMARY BY GROUPS.
the other
on
comprised 29,141 carloads against 29,741
cago
.
When the roads
livestock movement,
somewhat smaller than in January last
For the month this year the receipts at Chi¬
ran
year.
is
the result for the Pennsylvania RR.
(including the former
Pennsylvania Company) and the Pittsburgh Cincinnati Chicago & St. Louis
Western
hand,
in
1315
the
will
as
by
appear
following:
..
Groups 4
Groups 6
Groups 8
Group 10
Total
& 5 (32 roads) Southern
65,210,562
70,294,125
& 7 (31 roads), Northwest.101,089,375 120,723,038
& 9 (42 roads), Southwest. 76,754,569
84,580,679
r
._
(11 roads), Pacific Coast.. 22,733,463
(187roads).
26,780,680
-Mileage
January—
Group No. 1
1921.
Groups Nos. 6 & 7.
70,762
Total
of
Galveston
1920.
Inc. (+) or Dec. (—).
s
$
%
1,787,796
—4,713,305 263.64%
6,528,649
—786,866
12.05%
2,709,590
8,007,470
—5,297,880
66.16%
4,529,463 14.244,194
—9,714,731
68-20%
7,306,680 29,036,586 —21,729,906
74.84%
8,453,481 21,097,579 —12,644,098
59.93%
2,636,257
8,100,833
—5,464,576
67.46%
$
232,492 231,513 28,451,745 88,803,107 —60,351,362
NOTE.—Group I. includes all
••
67.96%
259,361
Bales
301,694
1920,
•:"
1919.
1918.
242,280
1917.
1916.
176,460
227,443
133,029
11,186
20,948
80,367
18,599
20,313
281,748
32,962
158,778
201.214
139,233
43,873
17.949
193,942
4,328
98,994
7,400
Pensacola, &c., Fla...
11,457
2,718
7,344
3,615
5,000
Savannah
7,745
6,050
51,198
146,715
39,030
51
28,500
101,268
8,500
78,882
B pun wick
12,600
6,000
101,336
14,200
26,083
20,209
19,943
6,197
14,145
10,535
2,399
11,865
35,139
27,843
2,080
26,360
Texas City, &c
New Orleans
Charleston
5,610
Georgetown, &c
w
Wilmington
3,610
Norfolk.
Newport News, &c._.
-
-
-
-
56,981
11
-
19,291
44,822
31,874
185
1,683
550,190
Total
of the New England States.
1921,
\J■
6.60%
Earnings-
19,025
Groups Nos. 8 & 9. 53,591
Group No. 10.
13,452
1916.- y
January.
1920.
Mobile
37,983
70,480
53,334
13,440
1917" AND
Ports.
7,363d£2,925,509
29,888
5,741,783
7,404
Group No. 2...... 30,163
Group No. 3
18,909
Groups Nos. 4 & 5. 38,211
1918,
1921.
1921.
1920.
1919,
7.23%
-19,633, 663 16.26%
—7,826 ,110
9.25%
—4,047 217 15.11%
469,784,542 503,011,129 ^-33,226,587
-Net
RECEIPTS OF COTTON AT SOUTHERN PORTS IN
JANUARY
+
—5,083 563
901.596
68,777
87
...
818
684
24,824
597,414
541,928
509,200
669,937
Group II. includes all of New York and Pennsylvania
except that portion west
Pittsburgh and Buffalo, also all of New Jersey, Delaware and
Maryland, and
the extreme northern portion
pf West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan
except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
AN OLD CONDITION BY A NEW NAME—
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
"INVISIBLE" GOVERNMENT ALLEGED.
Groups VI. and VII. combined include the northern peninsula of
Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
A
and Missouri north of St. Louis and Kansas
City, also all of Montana, Wyoming
Nebraska, together with Colorado north of a line parallel to the State line
fore
and
passing through Denver.
of Denver, the whole of Texas and the bulk of
Louisiana, and that portion of New
north of a line running from the northwest corner
of the State through
Santa Fe and east of a line running from Santa Fe to
El Paso.
Mexico
Group X. includes all of Washington, Oregon, Idaho,
California, Nevada, Utah
and Arizona, and the western part of New
Mexico.
While merchandise and general traffic suffered
heavy reduction by
reason
larger grain traffic.
ran
a
of the depression in trade,
Western roads, on the other
hand, had the
a
advantage
Even the wheat movement
heavier than last year, an'd of
barley and
the
four
wheat, corn, oats,
combined the aggregate receipts for
rye
weeks
ending
Jan.
bushels the present year as
bushels in the
29
82,148,000
were
against only 45,959,000
corresponding four weeks .of last
The details of the Western
usual form appear
Jan.29—
grain movement in
in the table
we
now
Flour.
Wheat.
ms.)_
(bush.)
Corn.
639,000
1,029 COO
364,000
1920
481,000
3,944.000
1,484,000
157,000
418,000
285,000
196,000
156,000
240,000
»
907.000
423,000
704,000
2,731,000
958,000
868,000
420,000
1,168,000
1,880,000
789,000
498,000
3,378,000
3,090,000
2,952,000
57,000
12,000
3,588,000
32,000
29,000
v-
1920.
168,000
-
87.000
....
284,000
706,000
114,000
87,000
714,000
32,000
28,000
156,000
84,000
332,000
68,000
1,739,000
1,622,000
2,020,000
15,000
Duluth—
1921
1920
'
440,000
25,000
Minneapolis—
325,000
970,000
33,000 1,413.000
1921
8,280,000
1,811,000
1,029,000
1,287,000
1920
427,000
9.570,000
952.000
1,029,000
799.000
811,000
8,282,000
1,684,000
5,690,000
1,114,000
590,000
644,000
Kansas City—
1921
1920
Omaha &
_
„
■
Indianapolis—
1921
2.074,000
1920
1.369,000
Total of All—
1921
1920
4,105,000
4,059,000
1,628,000
1,959,000
v
1.165,000 26,228,000 35.031,000 15,010.000 3,-540.000 2,339,000
1,905,000 20,837,000
2,034,000 17,013,000 2,592,000 3,483,000
form, representatives in the Capital, ready to
any time in arriving at correct
legislators at
knowledge of conditions in law-making.
discover the
name
though it has
made to
certain
ences"
of
the A.
an
of L.
nor
We do not
in
is
the
any
list,
refer¬
alleged building to be erected by
farming "interests."
are
F.
"temple" there;
a
taken for
Perhaps these "influ¬
granted.
"
forever
knocking
at
the
What class has
Congress to be heard?
efforts,
go
seen
down into disintegration?
raised the alarm cry:
Who
"the trusts! the trusts!"—now
passed into desuetude?
The propaganda put forth
by political, industrial and labor classes is responsi¬
As
now.
unwise law.
And the individual's
long
as
indefensible rights
forces,
are
not
protected properly by Government, they must de¬
fend.
353,000
...-
some
aid
and is
160.000
Peoria—
1920
in
business life has long been in the grip of these
164,000
194,000
1921
of a variegated list of indus¬
trial, social and political organisms. They have all,
ble for
many an
Detroit—
1921
ernment" is made
up
doors of
7,679,000
Toledo—
-
cording to published reports of the statement, which
we
reproduce on another page, this "Assistant Gov¬
organization after organization, each attempting col¬
276,000
-
or¬
Ac¬
lective
1921.^..______
-
Government."
(bush.)
St. Louis—
-.
farmers'
a
at
now
949,000
:211,000
»
is
(bush.)
94,000
63,000
1921....
"Assistant
What organization is
5,247,000
6,774,000
Milwaukee-—
1920
the
as
It
(bush.)
(bush.)
1.656,000
1920
designated by the representative of
ganization
our
introduce:
government"
Rye.
18,986,000
1921
invisible
Barley.
1,008,000
1920
"the
Oats.
Chicago—
1921.
termed
Washington—namely, "the interests."
ence
year.
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks end.
has been found for what has hereto¬
name
been
)>"■''-\V
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas
City, Colorado south
of
new
; V
Take taxation
the
people
are
to-day,
It is
so
heavy
a
The wit and half-wit of Senators and
tives in
extract
jects
Congress is strained to find
a
upon
pal taxes
dollar from
toil and
Representa¬
new
means
trade, and
which to lay a tribute.!
are
burden that
groaning and business is stunned.
new
to
ob¬
State and munici¬
everywhere increasing.
There is
on
part of every tax-levying authority a dragnet
cast out to draw into the coffers of Administration
the
As an example
income tax law in the State of New York
is taxed on income from property that
possible source.
dollars from every
in the
a
new
resident
not, accord¬
into it. Pro¬
non-resident is taxed on all
in the State, and may or may
never was
continent
and
where
time
being
brought, out
smaller
Our
entire
confine
the close
The design being
a-goinV
who delight in paying taxes.
There may
There
be some
untold numbers who while they
are
take no
the
conceived in extravagance
and waste and applied on
effective
not. And while classes
principle of "getting the revenue" by
the
whether equitable or
means,
clamor for the control and even
ownership of indus¬
try, and a population engages in war and then re¬
fuses to demand disarmament, and a creeping hate
representatives of the so-called "peo¬
in the bosom of
ple," meaning the poor by class contrast, airily says,
pay," and thereupoh, forced to ac¬
"make the rich
tion
by
imperative emergency, these "representa¬
an
proceed to enact a tax law conceded to be "the
tives"
history, just so long there will be a flock¬
worst" in
individual
ing to Washington to try to preserve the
States has
point—so much injustice exists in its
to this
come
the United
Taxation in
business life.
90%, conceded, of a three to
four billion Federal tax
bill, for war, past, present,
question
future, that self-defense demands a man pay
only that which he must pay, after careful interpre¬
tation, and in justice to his own interests.
Invariably appear
While
offerings of the month immediately preceding.
aim
make
statements
our
Size is not our aim and large
Unless care is exercised to exclude all is¬
completeness.
except such
actually find a market the totals are
as
likely to run too large rather than
exaggerate the
them
we
themselves furnish no criterion of either accuracy
totals in
sues
comprehensive,
very
against swelling the totals be¬
nevertheless to guard
yond their true magnitude.
or
after
and purport to show
we
to
too small—that is, to
capital demands instead of reporting
new
It is proper to mention that though our
inadequately.
is to cover the entire country it is obviously out
purpose
question to include every stock or bond that may be
of the
Minor issues, of course, have to be ignored, since
put out.
stupendous, and
otherwise the task would be altogether too
furthermore the sources of information for the purpose are
If for instance
lacking.
out
a
tions
$25,000
or
entirely by insiders, knowledge
taken
are
to
to
come
sum
regarding
majority of cases is not likely ever
However, the omission of insig¬
public notice.
is of little or
this kind
issues of
since the
small private corporation puts
a
$50,000 bond issue and the new obliga¬
a
the matter in the great
nificant
consequence,
no
total of them all will never reach any great
aggregate.
A more
important matter in our estimation is to eliminate
the issues that are
never
carried to
At times of¬
success.
ferings are only tentative and when they do not meet with
of
they
withdrawn and some other means employed
are
obtaining the
In order to indicate in a
desired.
money
general way the plan we are pursuing in our compilations,
would say that we make every effort to
we
ments
securities
such
to
offered
iu
limit
our
state¬
States
United
the
as
actually pass beyond the issuing corporation's control for a
we
FLOTATIONS.
CAPITAL
NEW
CURRENT
We
to show
United
States.
In
capital flotations in the
the current new
each month
other
government financing as represented by the new stock and
bond issues brought out
occasion
tabulations
our
On the present
during the month.
cover
the months of January and
February, and to make the figures additionally valuable
and instructive
years
To the
cier
we
furnish comparative figures for the two
preceding.
and
V
authentic
investor,
reliable
and
information
with reference to current demands upon the investment and
markets
money
obviously
are
Particularly is this, true
these
now,
2.
offering bankers stated they had pur¬
underwritten.
or
Issues which,
while it was not claimed were directly
purchased or underwritten,
a
definite commitment
their part.
on
3.
the
as
offered by such banking
were
give practical assurance of
houses to
Subscription privileges extended to shareholders where
right to subscribe to additional stock was of such value
to make
the
taking of the additional
stock
a
practical
certainty.
student, as well as to the banker and the finan¬
the
rigidly restricted to the following:
are
Issues which the
1.
chased
it is intended to furnish
words,
of corporate, municipal and foreign
summary
a
statements
monthly hereafter, and which are in¬
to continue
mean
tended
In pursuance to this practice our
monetary consideration.
which
begin to-day the presentation of compilations,
of
the
utmost
inasmuch
as
importance.
since the
4.
Offerings by
where
assurance
corporation of its
a
was
securities direct
own
to be had that the securities had been
sold.
On the other hand offerings of the following nature
have
war
been excluded:
flotations
capital
new
have
assumed
magnitude.
No
such
comprehensive
pilations as
we
have
in
before
in
certain
this
It
country.
publications to
mind
have
has
report
long
the
and
demands.
proposed
some
utility, afford
no
the practice
terialize, that is,
never
reaches
guide to the
large
still-born.
incorpora¬
new
figures,
capital
where the
even
ma¬
never
get beyond the initiatory stage,
Furthermore,
the
of
but these though
Many projects of this kind, often
capitalization
com¬
attempted
capital
new
proceed further than the taking out of
effect
elaborate
been
tions each month in the different States,
not without
tremendous
been
ever
or
charter, being in
a
demands
for
new
1.
was
Offerings by brokers where it was uncertain if issue
underwritten
or
only being sold on
a
commission basis
and amount disposed of was not known.
2.
Offerings by corporations of their own securities, di¬
rect, where it could not be ascertained whether or not the
sold.
had been
same
Stated
in
brief,
totals embrace merely definite and
our
tangible flotations—those that actually found a market and
passed
taken
selves,
into
the
hands
of. investors and bankers,
thus
arrived
at,
definite
we
and
sub-divide
fore information relating to new corporations, or the filing
analysis and study.
of certificates for the issuance
of the total issue consisted of bonds, how much
service for
More
our
bonds, is of
show the
new
some
stock
of the
and
bond
month, but these, being hastily thrown together,
have
necessarily
ously
advertised
dealt merely with
the
been
in
the
to
the
newspapers
offerings
and
have
States
extends
3,000 miles
allot
the
issues
Equipment and
the
Iron,
panies
Other
and
each
class
to
those
manufacturing
and
certain definite
(2) Public Utility corporations;
related concerns;
Manufacturing concerns;
Industrial
of notes and
The groups comprise the following:
Coal. Copper and
Steel,
generally
across
under
(1) Railroad corporations;
(3)
in
of closer
Then we make a further sub-division
of enterprises.
conspicu¬
the flotations in the New York market,
United
limited
and
groups
for the purpose
In the first place wre show how much
hojv much of stock.
recently summaries have appeared in
issues each
no
purpose.
daily papers purporting to
whereas
or
rules,
were
segregate,
accordance
with
or
The totals them¬
by the owners of the enterprise.
capital come mainly from existing corporations and there¬
of stocks
.
renders it out
the
success
and
do not
All the newspaper summaries on
second day of the month
or
we
in this city, or even to
the figures immediately
present
to
of the month.
the first
on
apportionment—so much wrong is imbedded in its
causation—more than
offerings
the
to
much
a
begin to-day is to
we
the fact that
And
the subject that have come to our notice
mean
delight in it desire to do their duty. But a spirit of
resistance is born in honest men by unjust taxation
tabulations
the
to
course,
absorbed.
brought out on the Atlantic Seaboard,
those
ceeding beyond this, a
State.
and
country.
ourselves
of
(though,
extent)
in
purpose
the
cover
smaller offerings are all the
larger or
aggregate
besides
centres,
other
numerous
are
York,
of
evidently to "catch 'em a-comin' an'
there
New
ing to chance circumstances, ever come
income earned inside the
[Vol. 112.
CHKONICLE
THE
1316
motor
Manufacturing
(5)
(4)
Motor com¬
accessories;
companies;
(8)
(7)
Oil
1
March 26
companies;
(11)
1921.]
(9)
THE
Realty
(10)
concerns;
Shipping corporations, and (12)
Rubber
CHRONICLE
prises,-which latter includes everything not embraced
der
the
other
the following
In
groups.
un¬
indicate just
we
what companies are included under each of the
groups:
Railroads.—Steam
panies.
and
v',';
,
Public
roads
and
railroad
steam
terminal
and
bridge
railways and
electric light,
gas,
heating companies.
water
power,
J:-"V
Iron, Steel, Coal, Copper, Etc.—Manufacturers of iron and steel bars,
sheets, structural shapes, wire, etc.; coal and coke companies and pro¬
ducers
of
".'•''V'.':-
zinc, etc.
copper,
Equipment Manufacturers.—Manufacturers of
Motors
and
Accessories.—Consists
excluding tire manufacturers, which
Other
Industrial
manufacturing
and
land
finished
v:...
refining,
Realty.-—Theatres,
industries,
included under rubber.
are
into
■
Oil.—Producing,
allied
Manufacturing Companies.—Includes all companies
materials
raw
where.
and
products,
nqt
included
else-
•''
v
office
apartments,
buildings,
farming
and
companies, etc.
other rubber products.
and
commercial
and
producers
make
we
is made
sents distinctive
or
other sub-division.
one
show how much of the total
new
case
as
knowledge goes to
our
A
other.
refunding
separate the
obligation takes
up
what
made
from
one
is
investments.
perma¬
It may involve an appeal to the money
market for the time
being, but it does not involve
or
the latter is concerned it
any new
additional demand upon the investment market.
as
ity for
the
-The
record.
nishes
ruary
to
a
As far
market
March
the
had
become
among
congested
and
time
permit of their absorption.
of the
summary
new
municipalities and
ments—in comparison
importance of knowing the amounts put out for purely
re¬
funding purposes is made apparent by the table, for it
ap¬
that
large portion was for refunding in each of the
a
years—$120,646,875 in 1921, $112,862,598 in 1920, and
than
$172,704,501
further
far
additional
below
these
in 1919.
facts
the largest
by
has
reason
had
to
on
of
be
The following fur¬
issues for January and Feb¬
on
behalf
of foreign
Govern¬
with the corresponding two months
FINANCING.
largely
the
■
V
of
a
$108,025,600
Short
Capital.
Refunding.
Total.
JANUARY—
$205,206,086
$74,767,480 $279,973,566
45,000,000
Municipal
88,801,501
45,000,000
89,194,396
.
Total
purposes in
Contrariwise,
$18,534,500.
Foreign government-
the refunding
Total
explanation
funding under the head of stocks.
"392",895
ing, there can be no refunding of capital stock.
re¬
What often
does happen,
however, is the taking up of preferred stock
with
stock and
common
stock, either
common or
in 1921
preferred, is
$593,937,602 against $653,950,082 in 1920 and
were
$380,189,81^ in 1919.
Here also some striking features
observablei
financing by municipalities (covering
The
new
State and municipal issues)
item.
1919
In
the
has become
only $51,371,973; in 1920 there
was
141,533, and
Municipal
their
tax
have
steadily growing
municipal issues
was an
increase to $111,-
distributions
issues
excellent
become
while
rather
made
in
demand
on
the
by
other
prominent
In
soldiers.
to
being
are
in
features,
isssues have
extensive
ment
been
exempt
State
of
a
further increase to $146,774,016.
a
bonus
new
reason
for 1921
obligations
of
reason
now
are
new
aggregate of the
the
some
by
cases,
building
of
The placing oil foreign Govern¬
obligations in the United States has also been
of
recent
financing.
a
fea¬
In the two months of 1919 the
only foreign Government loan floated
was
....
TotalJ.W--^------wA-.A^..-.--A
Britain and Ireland, and this went to take up other issues;
in
gated $50,000,000 and in 1921 $69,000,000.
$45,486,500 $300,416,515
1920
the
69,000,000
146,774,016
1.607,895
It
59,187,515
69,000,000
148,381,911
$593,937,602 $120,646,875 $714,584,47
$86,782,098 $377,615,173
25,000,000
1,598", 500
82,708,172
$396,942,747
$88,380,598 $485,323,345
$201,975,474
$23,820,500 $225,795,974
25,000,000
""66l",500
30,693,361
FEBRUARY—
Corporate
Foreign government
T
-
25,000,000
30,031,861
-
thus happens that
and
As
.
$257,007,335
....
$24,482,000 $281,489,335
2 MONTHS ENDED FEB. 29—
$492,808,549 $110,602,598 $603,411,147
50,000,000
50,000,000
111,141,533
2,260,000 113,401,533
Corporate.
Foreign government.
Municipal
_
Total
...
-
$653,950,082 $112,862,598 $766,812,680
$178,675,196
$75,078,600 $253,753,796
23,778,975
Total..
1,311",650
25,"09"0",625
$202,454,171
$76,390,250 $278,844,421
$150,142,650
FEBRUARY—
Municipal
27,592,998
$64,801,000 $214,943,650
28,179,000
28,lj79,000
4
30,927,249
3,^34,251
Total
$177,735,648
$96,314,251 $274,049,899
Corporate
Foreign government
so
the part of corporate undertak¬
a
greatly reduced scale,
aggregating only $378,163,586 for 1921 against $492,808,549
1920
and
financing,
issues.
$328,817,846 for 1919.
too,
applications
has
were
changed.
represented
The present year,
Last
The character of the
the
year
largely
by
capital
new
preferred
stock
with business depressed and prices
declining, preferred stock issues no longer command favor
and
to
resort
a
bonds
total of
has
been
found
$492,808,549 of
new
necessary.
In 1920,
financing by corpora¬
tions, exclusive of that for refunding, $303,093,797 consisted
of stock issues;
notes
and
the remainder was made up of $44,405,000
In 1921,
$145,309,752 bonds.
out of a
total of
$378,163,586, only $69,854,400 consisted of stocks, and this
and notes
_
...
on
behalf of the
motor
There has also been a change in the
manufacturing
companies
$380,189,819 $172,704,501 $552,894,320
have
costly.
have
been
a
or
on
capital
largely
was
been
or
behalf of general industrial and
undertakings.
point is
more
Last year the appeal
corporations engaged in making motors
accessories,
Another
$328,817,846 $139,879,600 $468,697,446
28,179,000
28.179,000
51,371,973
4,645,901
56,017,874
/
$94,713,666.
and investment markets.
2JMONTHS ENDED FEB. 28—
Corporate.
Foreign government..
on
concerned those were on
character of the undertakings making appeals to the
Foreign government../
Municipal
-
were
mainly by oil companies, while bonds comprised $213,595,520
1919.
JANUARY—
Corporate
Total
applications
as
are
out of
Total
the new capital flotations
municipalities and the placing of foreign loans here.
far
for
$290,833,075
25,000,000
81,109,672
Total..
aggre¬
large in 1921 because of the increase in borrowing by States
ings
1920.
....
foreign Government loans placed here
24,000,000
1,215", 000
JANUARY—
Corporate
Foreign government
Municipal
the $28,179,000,
20-year, 5%% gold bonds of the United Kingdom of Great
$44,271,500 $217,229,000
$378,163,586 $119,038,980 $497,202,566
_
Municipal
.
A word
Of course, strictly speak¬
$75,160,375 $414,167,962
2 MONTHS ENDED FEB. 28—
Foreign government
..
which
be desirable with reference to the
may
$254,930,015
/
.
by bonds,
re-
than
no more
$100,504,480 in 1921—this be¬
$172,957,500
24,000,000
57.972,515
—
Municipal
Municipal
$28,439,000 of the
ing mainly by railroads and public utility concerns.
of
as
maturing old
$31,644,000 in 1919, increased to $53,920,-
248 in 1920, and has run up to
♦
Corporate.
»
notes took up
new
fupding was by the issue of notes and in 1921
amounted to only
then
was
$139,879,600
1919, the large amount
$339,007,587
Municipal
of
as
in the main
financing
On the other hand in 1920 only
notes.
ture
Foreign government
FEBRUARY—
was
out
reference
refunding,
.
Corporate.
Ml
term
with
the
less
no
statement
done through the issue of notes, and
was
matter of fact some of the
too,
1921.
Corporate.
In 1919,
Accordingly,
vogue.
highways and good roads.
New
•
learned
are
refunding operations.
detailed
corporate financing wTas concerned,
as
hand
"
the
issues of notes, bonds and stocks, the new capital flotations
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT AND MUNICIPAL
,
From
security
new
last year.
.
of
The
sometimes issued to provide means to take up bonds or notes.
this year—comprising the offerings by corporations
by
and
year,
months
a new secur¬
greatly reduced scale, but during Jan¬
on a
previous offerings,
heavy
allowed
two
same
Eliminating the amounts put out in retirement of existing
of
and February the offerings were
these
and
simply substitutes
month
current
issues have been
uary
$552,894,320 in the
with
1919, the period immediately succeeding the armistice.
old one.
an
During
as
the
already
outstanding and therefore adds nothing to the total of
nent
repre¬
impor¬
a very
tant distinction and yet no attempt has ever been
far
but 52 million dollars less than the huge
or
refunding for corporate
capital and how much
This is obviously
find that the
oper¬
That is, we
issue in each
new
applications for
purely for refunding.
was
comparing
still
largely of thel packing industry,
distributing organizations.
up
we
doubt,
any
to the actual
for the two months of 1921 aggregated
flotations
by means of note issues.
tires
of
Miscellaneous.—This group
Finally,
was
After sifting
as
offerings in the corresponding two months of last
to
Shipping.—Shipping and related industries, including steamship
ating companies, shipbuilders, repair and dry dock companies, etc.
sugar
capital
transporting and marketing.
hotels,
Rubber.—Manufacturers
raw
placement of which there
pears
railway equipment.
automobile
of
everything down and eliminating offerings
$714,584,477,
com¬
"-'•vS ..j,
\
Utilities.—Street
These figures are worthy of careful
study.
concerns;
Miscellaneous enter¬
izn
The
present
the
year
oil
foremost.
worth noting.-
Borrowing has
grown
In other words, the new bond and note issues
offered at prices and rates of interest
considerably higher return to the
purchasers.
yielding
As illus-
THE
1218
trations
we
mention
may
CHRONICLE
Southern California Edison
the
Co., which in January 1919 sold $8,000,000 of its General
6% bonds
and Refunding Mortgage
found
it
in
necessary
floating
on
a
6.16% basis, but
additional block of the
an
issue in February 1921, to offer a return
same
the investor.
attract
of 7.10% to
1919, the
In January and February,
siderably
[VOL. 112.
more
for
the
of 15-year bonds on a
similar issues of the
Western
were
they
money
Two years ago the Illinois
Pennsylvania
placed at
a
obtained the necessary funds at
and
Similarly railroads of the highest credit must now pay con¬
dustrial
7%, whereas not
Chicago
issue
&
North
Some of
our
concerns
Oil Corporation
ricultural
a
company
4% to 5%.
Among the in¬
of such standing as the Gulf
recently paid 7%% and the American Ag¬
Chemical
Co.
7%%.
STATES.
1919.
1920.
1921.
they could have
many years ago
STATEMENT OF NEW CAPITAL FLOTATIONS IN THE UNITED
COMPARATIVE
an
strongest railroad companies have been obliged recently to
7.25%, while the 16
public utility bond issues shown in our table for January
and February, 1921, ranged in yield from 7.10% to 8.15%.
between 5.80%
and
price to net 6.58%.
borrow at
ranged
raise.
to
basis to yield 5%%, while this year
yields of 21 public utility bond issues included in our com¬
pilation
undertake
Central RR. brought out
JANUARY.
Total.
Refunding.
New Capital
New Capital.
Refunding.
Total.
New Capital.
Total.
Refunding.
Bonds—
S21.190.42C
Public
Iron
uti'itics
$72,000,000
750,000
46,940,000
5,000,000
10,500,000
coal, copper, &c
steel,
accessories
and
Motors
$50,809,580
46,190,00(
5,500,000
..
~
27.054JOC
-
5,"035"966
20,100,000
manufacturing companies
Other Industrial and
Oil
3,000,000
1,615,000
Realty
32,090,000
23,100,000
1,615,000
$3,000,000
51,565,000
25,000,000
$8,340,000
$8,340,000
18,362,752
15,600,000
2,625,000
275,000
$26,138,248
44,501,000
12,000,000
.............
27,600,000
2,625,000
275,000
2,875,000
15,995,666
66,565,000
4,500,000
■IIZZIIII
$3,000,000
$15,000,000
10,000,000
400,000
u...
■
2,875,000
25,000,000
■'
4,500,000
10,000,000
'
15,995", 66cr
400,000
100,000
100,000
590,000
""225",boo
590,000
28,300,000
28,300,000
5,000,000
5~,000,000
$64,595,480 $186,470,000
$93,062,752
$38,138,248 $131,201,000
$99,465,000
$15,000,000 $114,465,000
$1,656,000
12,900,000
$4,000,000
9,855,000
1,150,000
$4,000,000
34,794,000
1,150,000
$12,000,000
7,725,000
710,000
$45,"078",600
$12,000,000
52,803,600
15","000",000
1,800,000
22,550,000
Rubber
Shipping
"
225,000
M iscelianeo
Total bonds....
..................
"SJS- VS.
;
$121,874,520
...
....
NotesRailroads
Pu
$1,656,000
-
utilities
c
$9,772,000
3,128,000
-
accessories- ...
Industrial and manufacturing companies
Mo'/t s and
Othe
$24,939,000
1,750,000
5,000,000
100,000
s.Yso'odd
8",850",000
1,750,000
250,000
1,750,000
100,000
9,'192,166
Oil.
9",192",166
750,000
"mood
2,600,000
$30,598,166
$26,605,000
$51,544,000
$33,385,000
$3,730,400
$1,410",000
400*666
1,350*660
5,000,000
-
Realcx
—
-
710,000
1,800,666
~
mi'
'
-
«
«
7,550,000
250,000
i7o"ob",666
Misc.-1; neous
$10,172,000
$20,426,166
Total notes
$24,939,000
1,007666
'
$60,078,600
2",boo"; 000
$93,463,600
Stocks—
$3,730,400
Public utilities.
$1,410,000
10,020,000
$3",boo", 000
$3~,667666
24,929^775
$13,48b~650
38,410*425
32,227666
32",227600
8,624,200
85,168,620
4,800,000
4,800,000
28,520,885
7,273,147
1,000,000
3,700,196
3,700,196
1,100,000
1","i"o~o",666
"625" 000
76,544,420
28,520,885
7,273,147
1,000,000
6,000,000
15,467,096
$62,905,400
$171,165,323
$73,656,000
63,570,400
10,500,000
$12,340,000
29,627,752
26,770,000
2,625,000
25,204,775
10,020,000
manufacturers
Equipment
accessories
Motors and
2,300,666
Oil
..
.
Realty
2,300,666
56,250,000
Other industrial and manufacturing companies
56,250,000
_
Rubber
Sh nnlng
M
"625",000
-eellaneous
Total stocks.
_
.
■.
....
$62,905,400
.
6,000,000
1",boo",000
17,067,096
1,005,000
1,005,000
$23,704,850 $194,870,173
$45,825,196
$45,825,196
$12,340,000
80,705,000
38,770,000
2,625,000
38,685,425
96,893,620
30,270,885
23,518,147
$15,000,000
Total-
Railroads
...
....
Public utilities
$22,846,420
53,048,400
accessories.
Motors and
_
30,704",100
manufacturing companies
Realty
5,435",900
36",140",000
3,000,000
84,350,000
1,715,000
Shipping
__
-
Total corporate
10,042" 166
10,042,166
$74,767,480 $279,973,566
59,290.000
28,710,000
$15,000,000
$60,"078",600
119,368,600
28,710,000
34,020",000
34","027666
16,850,000
15,000,000
31,850,000
13,700,196
400,000
2,100,000
13,700,196
400,000
1,100,000
6,590,000
46,117,096
8,bob",000
8,605,000
$86,782,098 $377,615,173 $178,675,196
$75,078,600 $253,753,796
1",boo",000
$290,833,075
-
securities
13,480,650
8,624,200
44,517,096
$205,206,086
M iscellaneous..
12,000,000
30,270,885
23,518,147
1,100,000
6,590,000
.
_
$51,"077",248
88,269,420
81,350,000
1,715,000
Other industrial and
Oil.
Rubber
$50,809,580
10,522,000
5,000,000
5,500,000
coal, copper, &c
Equipment manufacturers
Iron, steel,
2,100,000
'
1919.
1920..
1921.
FEBRUARY.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
Bonds-
§22,786,000
Railroads
Public utilities
&c
Equipment manufacturers.
Iron, steel, coal,
copper,
\
.
Motors
accessories
and
..
Other industrial and manu acturing
companies.
Oil
Realty
_;
$15,495,000
18,275,000
2,500,000
550,000
2,000,000
6,000,000
37,750,000
810,000
6,914,000
1,500,000
Rubber.
$38,281,000
25,189,000
4,000,000
550,000
2,000,000
810,000
"150",000
12,boo",000
847,000
1,000,000
3,850,000
""700",000
1,000,000
3,003,000
8,944,500
2,bbb",666
,\n
i 5*0*666
Shlpping
$22,070,000
23,573,000
14,400,000
31,270,000
720,000
4,381,666
49,750,000
4,427,000
15,"o"o"o",000
"700",000
*
$6,070,000
5,300,000
9,973,000
525,000
$167503",500
4,766,000
16,270,000
720,000
8.944,500
6,000,000
$16,000,000
18,273-000
$388,000
394,000
$16,"115",500
5,160,000
525,000
2","ob766o
4,387666
900,000
900 COO
350,000
350,000
300,000
$91,721,000
Miscellaneous
$35,909,000 $127,630,000
$52,247,000
$15,782,000
$68,029,000
$51,124,000
$16,644,000
$67,768,000
$4,000,000
3,750,000
40,000,000
$375b"o",666
$7,2bb", 000
$9,700,000
6,503,000
1,500,000
250,000
$30,000,000
16,447,000
$^9,700,000
S3,"700",660
i2,"o"ob"666
i,bb766o
..
Total bonds
300,000
NotesRailroads
Pub lc uti ities
$4,000,000
3,287,500
...
1,500,000
1,500,000
600,000
5,750,000
5,750,000
1,750,66b
1,760,000
iVioo'ood
accessories
and
Other industrial and
manufacturing companies.
17,boo",000
10,000,000
__
—
1
7",5b"o",666
17,000,000
17,500,000
—
1,100,000
3,400,000
22,950,000
"boo",000
manufacturers
Equipment
Motors
$462",500
40,000,000
Iron, steel, coal, copper, &c
1,500,000
250,000
i3",bo7666
...
Rubber..
Shipping
400,000
400,000
3,400,000
25,boo",000
25,boo",000
$8,302,500
$82,650,000
$17,800,000
S3,500,000
$21,300,000
$55,453,000
S47.947.000 $103,400,000
S"624~666
$8,822",440
$350,000
$9,~172~440
$10,bob",000
$10,000,000
Miscellaneous
-1
.
Total
not"8
$74,287,500
StocksRailroads.
"$624", 000
Public utilities
Iron, steel, coal, copDer. <fcc
Motors
5,200,000
5,200,000
manufacturers
Equipment
and
"sco.ooo
1,000,000
....
1,000,000
4,825,666
accessories
Other industrial and manufacturing companies.
4,"825",000
9,425" 000
50,684,534
29,178,000
1,000,000
11,750,000
2,178,500
13,790,000
$6,949,000
$131,928,474
500,000
/
Oil
Realty
Rubber
Shipping
Miscellaneous
Total stocks
$6,949,000
3",168",500
9,425" 000
53,753,034
29,178,000
1,000,000
1,100,000
15,563,150
14,012.500
"490,000
1,100,000
.
—-
210,000
15,563,150
14,012,500
"~7"O7666
11,750,000
2,178,500
14,810,000
2,400,000
$4,538,500 S136,466,974
$43,565,650
$210,000
$43,775,650
S36.070.000
$4,238,000
394,000
$32,875"946
$25,700,000
34,776,000
18,168,500
90,773,034
29,898,000
11,694,500
$61,770,000
56,523,000
15,900,000
775,000
2,100,000
32,913,150
14,012,500
2,050,000
700,000
1,020,000
2,400.000
TotalRailroads
$26,786,000
22,186,500
Public utilities
42.500.000
Iron, steel, coal, copper, &c
Equipment
Motors
and
manufacturers
550,000
accessories
Other industrial and
2,500,000
24,000,000
47,750,000
810,000
manufacturing companies.
Oil
Realty
$42,281,000
29,563,000
$28*.637",940
44,000,000
550,000
2,500,000
24,000,000
67,250,000
11,466,000
6,125,000
$44,271,500 $217,229,000
$201,975,474
810,000
....
...
"
Shipping
<
Miscellaneous
corporate securities
"150", 000
5,725.000
$172,957,500
/
150*666
~
400,666
11,860,000
11,473,000
775,000
10,725",000
10,725*666
72,604,534
29,898,000
11,694,500
11,750,000
7,659,500
17,540,000
19,5"O"O"6O6
,
Rubber
Total
$15,495,000
7.376,500
1,500,000
2,100,000
30,566,150
14,012,500
11,750,000
2,050,000
490,000
21,747,000
4,427,000
2,347,000
210,000
7,659,500
18,560,000
28",200,000
28,200,000
$23*.820,500 $225,795,974
$150,142,650
$64,801,000 $214,943,650
1,"020",000
March 26
1921.]
THE
CHRONICLE
1319
1921
TWO
MONTHS
ENDED
FEBRUARY
1920.
1919.
28.
New Capital.
•#
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
1
Bonds—
Railroads..
Public utilities
§43,976,420
64,465,000
$66,304,580 $110,281,000
7,664,000
72,129,000
6,500,000
14,500,000
1,125,000
4,971,000
28,650,000
$8,340,000
61,004,500
32,760,000
2,625,000
975,000
34,145,000
720,000
24,939,500
100,000
4,971,000
28,650.000
$145,309,752
$53,920,248 $199,230,000
$150,589,000
$4,000,000
41,994,000
2,650,000
$21,700,000
14,228,000
2,210,000
250,000
1,800,000
19,550,000
8,000.000
550,000
Motors and accessories.
Other industrial and manufacturing
companies
Oil
550,000
2,000,000
33,054,100
6,035,900
15,000,000
57,850,000
Realty
2,425,000
Rubber
.......
1,125,000
-
Notes—
Railroads
2,000,000
38.090,000
72,850,000
2,425,000
$26",526",248
12,394,000
15,000,000
720,000
24,939,500
100,000
"150", 000
Shipping
Total bonds
$8,340,000
34,478,252
20,366,000
2,625,000
975,000
19,145,000
$213,595,520 $100,504,480 $314,100,000
;
Iron, steel, coal, copper, &c
Equipment manufacturers
150,000
$19,000,000
69,838,000
34,973.000
5,300,666
5,366",000
$31,644,000 $182,233,000
$6,070,000
20,300,000
$25,070,000
90,138,000
39,400,000
525,000
1,000,000
8,350,000
10,000,000
2,450,000
4,427,000
525,000
1,000,000
7,503,000
847,000
10,000,000
2,450,000
--------
$5,656,000
6,415,500
40,000,000
$10,234,500
$5,656,000
16,650,000
40,000,000
$4,000,000
13,555,000
2,650,000
Other industrial and manufacturing companies
18,350,666
"606", 000
18",756",000
"eoo.ooo
400,000
Oil
14,600,000
15,000,000
100,000
7,500,000
22,500,000
100,000
14,600,000
1,750,000
! 2,000,000
9492.166
"4"O"O"666
9~,592" 166
1,100,000
4,150,000
i",i"o"o",666
$94,713,666
$18,534,500 $113,248,166
$44,405,000
$28,439,000
$72,844,000
$88,838,000 $108,025,600 $196,863,600
$4,354,400
$4,354,400
$10,232,440
15,220,000
$350",000
$10,582*,440
$i6,"obo"566
15,220,000
3.000,000
34,354*775
13,480,650
11,792,700
Public utilities-
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors
and
Realty
aorp.ssorles
•
Rubber
Total
$30,000,000
61,525,600
S51.700.000
75,753,600
2,210,000
250,000
1,800,000
36,050,000
16.566",000
1,750,000
2,000,000
.—
i","oo"o",666
Shipping..
Miscellaneous
notes
Stocks—
$28,439,000
'
f,"o66"66o
28,100,000
4,150,000
28,100,000
Railroads
Public utilities-
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing companies
500,000
3,300,000
56,250,000
500,000
3,300,000
47,835",425
$io",6"o"o"66"
3,000,00
33","320",000
33,320"000
138,921,654
57,698,885
8,273,147
12,750,000
8,178,500
20,363,150
17,712,696
20,363,150
17,712,696
31,877,096
3",'405,000
.
5,450,000
127,128,954
57,698,885
8,273,147
12,750,000
8,178,500
29,257,096
$69,854,400
$69,854,400
$303,093,797
$28,243,350 $331,337,147
$89,390,846
$210,000
$89,600,846
$49,632,420
Oil
$66,304,580 $115,937,000
17,898.500
93,133,400
6,500,000
54,500,000
$12,340,000
58,265,692
38,236,000
$40,700,000
94,066,000
40,183,000
$36,070,000
81.825,600
4,427,000
550.000
2.625.000
2,500,000
60,140,000
151,600,000
2,525,000
35,929,775
160,873,954
$12,340,000
113,580,940
50,630,000
2,625,000
49,410,425
187,666,654
60,168,885
35,212,647
12,850,000
14,249,500
64,677,096
$76,770,000
175,891,600
44,610,000
775,000
36,120,000
17,347",000
64,763,150
27,712,696
2,450,000
56,250,000
■
y
Re^ty
Rubber
-
Shipping
Miscellaneous
5,450,666
Total stocks
TotalRailroads
Public utilities.
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing companies
Oil..
Realty
Rubber.....
75,234,900
48,000,000
550,000
2,500,000
54,704,100
129,100,000
5,435,906
22,500,000
"160", 000
2,525,000
150,666
'460",000
15,767,166
16,167,166
Total corporate securities
OF
NEW
CAPITAL
12,394,000
13,480,650
26,792,700
62,057,096
$378,163,586 $119,038,980 $497,202,566
DETAILS
$55,315*248
60,168,885
35.212,647
12,850,000
14,249,500
...
Shipping.
Miscellaneous
2,620,000
FLOTATIONS
2,620.000
$492,808,549 $110,602,598 $603,411,147
DURING JANUARY AND
1,596",000
775,000
36,120,000
47,416,150
27,712,696
2,450,000
2,590,000
1
V210",000
1~,~800~666
3,405", 66'
210,000
36,805",000
2,800,000
36,805",655
$328,817,846 $139,879,600 $468,697,446
FEBRUARY
1921.
JANUARY 1921
'*•
>: ■■
BONDS
To Yield
Amount.
Purpose of Issue.
Price.
About.
Railroad—
12,000,000
60,000,000 Refunding; other corp.
95.40
purposes..
7.00 Grand Trunk Ry. of Canada 6^ % eq. tr. ctfs., "F," 1936.
Offered by Dillon, Read & Co., Natlona 1
City Co., Guaranty Co. of N. Y., Blair & Co., Inc., Lee, Higginson &
Co., Bankers Trust Co., Con¬
tinental & Commercial Trust & Savings Bank and Union Trust Co. of
Pittsburgh.
6.58 Pennsylvania RR. sec. 6^s. 1936.
Offered by Kuhn, Loeb & Co., Nat'l City Co., Guaranty Co. of
N. Y., Dillon, Read & Co., Harris, Forbes &
Co., Kidder, Peabody & Co., Lee, Higginson & Co.,
Blair & Co., Inc., Cassatt & Co., Union Tr. Co. of PIttsb. and Cont'l &
Comm'l Tr. & Sav. Bk., Chic. *
99
72,000,000
Public Utilities—
1,725,000 Improvements and extensions
400,000 Additions and improvements
500,000 Fund capital expenditures
3,600,000 Refunding; fund floating debt...
30,000,000 Construction
Company and Issue, and by Whom Offered.
%
New equipment.
98
8.15 Empire DIst. Elec. Co. 1st L. & G. 8s, 1949.
Offered by Halsey, Stuart & Co. and Arthur Perry & Co.
7.80 Iowa Ry. & Light Co. 1st & ref. M. 7s, 1932.
Offered by Harris Trust & Savings Bank.
7.20 Maritime Tel. & Tel. Co. Ltd. ref. 7s, 1945. Offered
94
90,
,000 Extensions
,000 To reduce floating debt
125,
500,
,000 Extensions and improvements....
7.30 Northwestern Bell Telep. Co. 1st M. 7s, "A," 1941.
95K
10,000,000 Additions, extensions, &c
8.00 Mississippi River Power Co.
96M
expenditures
97H
9\%
7.40 Ohio Power Co. 1st & ref. M, "A" 7s, 1951.
Offered by Dillon, Read &
and Continental & Commercial Trust &
Savings Bank.
91M-90H
7.10 Palo Verde Mutual Water Co. 1st M. 6s, 1933-34-35.
Offered by Wm. R. Staats Co., Los Angele3.
Pittsfield Electric Co. l§t M. 6s, 1933.
Offered by Company.
7*30 Utah Power & Light Co. 1st L. & G. M. 7s, 1941. Offered by Harris, Forbes & Co. and Coffin & Burr.
by.Harris, Forbes & Co., and Royal Sec. Corp.,Ltd.
s. f. deb. 7s, 1935.
Offered by Kidder, Peabody & Co., Stone & Webster, '
Inc., Estabrook & Co. and Parkinson & Burr.
Offered by J. P. Morgan & Co., Kuhn, Loeb &
Co., Kidder, Peabody & Co.,
First Nat. Bank, N. Y., National City Co., Bankers Trust Co.,
Guaranty Co. of N. Y., Harris, Forbes & Co. and Lee, Higginson & Co.
97
Co., Lee, Higginson & Co.
46,940,000
Iron, Steel, Coal, Copper,
&c.—
500,
,000 Construction of new plant...^..._
100
,000 Refunding; capital expenditures..
10,000,
8.00 La Salle Steel Co.
1st M. 8s, 1930.
Offered by Hyney, Emerson & Co. and Tilden & Tilden.
7.40 Steel & Tube Co. of America gen. 8s, "C," 1951.
Offered by Dillon, Read & Co.
95 H
10,500,000.
Other
550,000
30,000,000
350,000
500,000
Industrial'and Manu facturing—
Liquidate bank loans...
Additional capital; refunding.....
100
Reduce current liab.; working cap.
Additions and betterments
99 H
100
190.000 Real estate mortgage.___________
500,000 Reduce current liab.: working cap-
8.00 Altorfer Bros. Co. 1st M. sinking fund 8s, 1930.
Offered
7.75 American Agricultural Chemical Co. 1st ref. 7Hs. 1941.
8.05 Black & Decker Mfg. Co. lstM.conv. 8s, 1930. Offered
by
8.00 Continental Portland Cement Co. 1st M. 8s, 1922-27.
97 H
by Elston & Co., Chicago.
Offered by Lee, Higginson & Co.
Baker, Watts & Co. and Fidelity Sec. Corp.
Offered by Mark C. Steinberg & Co. and
Pape, Potter & Kaufman, Inc.
7.00 Dallas Brass & Copper Co. Bldg. 1st M. real est. 6s, 1921-29.
Offered by Central Tr. Co. of Illinois
8.00 La Crosse Plow Co. 1st M. 83,1921-31.
Offered by Stanley & Blssell.
-
To net
100
.
32,090,000
Oil—
15,000.000 Reduce current liabilities, &c
6.50 Atlantic Refining Co. 6}■£
99^
8,000,000 Acquisitions, refunding, &c_._^.__
100,000 Extend plant operations..
% deb., 1931.
Offered by Brown Bros. & Co., White, Weld & Co., Graham
Parsons & Co., Redmond & Co. and
Equitable Trust Co. of N. Y.
8.45 Barnsdall Corp. sink, fund conv. 8s, 1931.
Offered by Lee, Higginson & Co.
7.00 Raritan Refining Co. participating 7s, 1929.
Offered by company to stockholders.
offered by Hell wig & Reutter.
97
100
'
23,100,000
Unsold
portion
Realty—
385,000 Real
estate mortgage
900.000
To yield 7.00 Berknor Realty Co. 1st M. leasehold 6s, 1922-28.
Offered by Tillotson & Wolcott Co.
8.00 Capital Theatre and Office Building 1st M. leasehold 7s, 1921-30.
Offered by Farson, Son & Co.
6.00 Coyne Cromwell Comm'l Bldg. 1st M. r. e. 6s, 1922-31. Offered by Greenebaum Sons Bk. & Tr. Co.
99.80 to 94.15
250,000
100
80,000
From
8
to
7^%
Le Roye Percy 1st M. plantation
714s, 1921-31.
Offered by Wm. R. Cornpton Co.
1,615,000
Miscellaneous-
225,000 Corporate
To yield 7.00 Agar Provision Co. 1st M. 6s,
purposes.
1922-25.
Offered by Union Trust Co., Chicago.
notes
Railroad—
%
1,656,000 New equipment
To yield 6%
Long Island RR. 6% equip, tr. ctfs., 1921-32. Offered by Plympton, Gardiner & Co., Cassatt & Co.
Paine, Webber & Co. and Strother, Brogden & Co.
Public Utilities—
450,000 Refunding
..
98
.
1,250,000 Extension & improvements, &c
7,500,000 Refunding
1,500,000 Refunding; corporate purposes
1,200,000 Acquisitions, extensions^ additions
1,000,000 Refunding; working capital
97
99.45
9814
100
99
8.35 Oklahoma Ry. 8s, 1928. Offered by Mississippi Valley Trust Co.
8.30 Southwestern Power & Lt. Co. bond-sec. 8s, 1941. Bonbright & Co., Inc., and Halsey,
Stuart&Co.,Inc
8.30 United Gas Improvement Co. 8s, 1923.
O'fe 'ed by Drexel & Co. and Harris, Forbes & Co. I
7H United Rys. & Elec. Co. of Bait. sec. 714s, 1931. Offered by Alex. Brown & Sons.
7.50 Washington Gas Light Co. 714s, 1926.
Offe ed by Crane, Parrls & Co.
9.00 Wisconsin-Minnesota Lt. & Pr. Co. 8s, 1922. Offered by Paine, Webber & Co.
12,900,000
Other Industrial
and
Man ufacturlng100
250,000 Reduce curr. liabil.; work. capital1,500.000 Refunding; working capital, &c___
99 X
8.00 Grand Rapids Brass Co. 8s, 1921-31.
8.05 Hercules Corp. 8s, 1936.
Offered by Stanley & Bissell.
Offered by P. W. Chapman & Co. and A. B. Leach & Co., Inc.
1,750,000
Oil-
5,000,000 Acquisition, develop, of prop., &c.
95
Realty—
100,000 Real estate mortgage...
98.96 to 98.36
9.SO Empire Gas & Fuel Co. secured 8s, 1924. Offered by Henry L. Doherty <k Co.
7K (P. J. S.) Montgomery 1st M. 7s, 1925-29. Offered by Wm. R. Staats Co.
Miscellaneous—
6,000.000 RetPe bank loans; development.
100
8.00 Atlantic Fruit Co. conv. 8s, 1926. Offered by company to stockholders; underwritten.
1,192,166 Additions, extensions, &c
Approx. 10% basis International Products Co. 8s, 1922. Offered by company to stockholders; underwritten.
2,000,000 Reduce curr. liabil.; work, capital.
100
8.00 Selznick Corp. coll. tr. s. f. 8s, 1931. Offered by Utica Investment Co.
_.
9.192,166
*
[Vol. 112.
CHRONICLE
THE
1220
stocks
Par or No.
a
Involved.
Purpose of Issue.
of Shares.
To Yield
Price
Amount
Share
per
Company and Issue, and by Whom Offered.
About.
Utilities-
Public
.
Offered by company to consumers.
Offered by company to customers.
Offered by H. C. Warren A Co., Inc.,
Chas. W. Scranton Co., Richter A Co. and Hincks Bros. A Co.
"C
85
7.00 Los Angeles Gas & Elec. Corp. 6% cum. pref.
80
$1,000,000
1,690,400
1,040.000
SI ,000,000 Additions and betterments..
$1,690,400 Additions, Improvements, Ac
$1,000,000 Plant additions
7.50 Pacific Gas A Elec. Co. 6%
$3,730,400
Other
Industrial
Man ufacturing
and
—
$1,800,000
100
50,000
25
100,000
blO
.....
...
Farr
100
350,000
$1,800,000 Working capital
$350,000 Additional capital...
$50,000 Working capital
$100,000 Additional capital
1st pref.
Southern New England Telep Co. capital stock.
104
Offered by company to stockholders.
Alpaca Co. capital stock.
Offered by Straus Bros. Co.
Offered by company to stockholders.
Offered by company.
8.00 Sldway Mercantile Co. 8% cum. pref.
Whitlock Coil Pipe Co. capital stock.
Wizard Check Endorser A Printing Mach. Co. 7% pref.
$2,300,000
Oil—
/
'
*200,000 Development of proper ties...... .
$1,000,000
2,750,000
11
52,500,000
Mid-Colombia Oil A Development Co. capital stock.
ers of Transcontinental Oil Co.
Underwritten.
5
*250,000 Acquisition of additional property
•8,500,000 Take over So. Pac. oil lands
15
......
$56,250,000
'
Miscellaneous—
$400,000 Additional capital.......
$225,000 Working capital
Shares of no par value,
a
8.00 (J. Hungerford) Smith Co. 8% S. F.
and Albany.
100
Preferred stocks are taken at par while in tbe case of common Btocks the amount
FEBRUARY
•
■fev.'V;.
*K
Offered by Stephens A Co.
pref.
Offered by Edie, Sweet & Richards, Boston
City of Paris Dry Goods Co. common.
100
$400,000
225,000
...
$625,000
*
Offered by company to stockhold¬
Middle States Oil Co. capital stock.
Offered by company to stockholders. Underwritten.
Pacific Oil Co. capital stock.
Offered by Southern Pacific Company to stockholders
is based on the offering price
.
1921
f-VV-^bonds
-
:
^
;v
To Yield
%
Railroad—
$
Company and Issue, and by Whom Offered.
About.
Price.
Purpose of Issue.
Amount.
Offered by Kuhn, Loeb A Co.
privately. Central of Georgia Ry. 6M % eq. tr. ctfs. "M", 1926-36.
Offered by Kuhn, Loeb A Co., and National City Co.
6.58 Chicago A North Western secured 6Ms, 1936.
Offered by J. P. Morgan A Co.
6M Louisville A Nashville eq. tr. 6Ms, "D", 1922-36.
Missouri Pacific eq. tr. 6Ms, "A", 1925-36.
Placed privately.
Offered by Kuhn, Loeb A Co.
Nashville Chattanooga A St. L. 1st cons. 5s, 1928.
Placed privately.
Offered by Clark, Dodge A Co.
Paris-Orleans RR. 6% bonds, up to 1956.
92
Offered by A. Iselin A Co., Halsey, Stuart A Co., Hemp¬
hill, Noyes A Co.
99
Offered by Dillon, Read A Co.
7% United Rys. of the Havana A Regla Warehouses eq. tr. 7Ms, 1936.
Placed
650,000 New equipment
15,000,000 Refunding
11,025,000 New equipment
"T"
99 H
100
1,836,000 New equipment,
495,000 Refunding..
3,275,000 (Fes. 50,000,000) New equip.
Ac.
v
^
,
$.000,000 New equipment.
38,281,000
Public Utilities-
Offered by Potter, Bros. A Co., and Coffin A Burr, Inc.
7M Cohoes Power A Lt. Co. 1st 6s, 1929.
Idaho Power Co. 1st Hen A gen. 7s, "B", 1947.
Offered by Harris, Forbes A Co., Coffin A Burr,
91
725,000 Additions and betterments
1,000,000 Additions and extensions
750,000 Acquisitions
94 %
—'
7M
Inc.
Lake Shore Motor Bus Co. 1st s. f. 8s, 1935.
98
7H
95
8
7.68
92
8,000,000 Capital expenditures-
"1"
95
800,000 Additions and extensions.
5,000,000 Extensions
Offered by Stanwood A Co.
Offered by Tucker, Anthony A Co.
Milwaukee Coke A Gas Co. 1st coll. 7Ms, 1922-33.
Offered by Dillon, Read A Co.
Oklahoma Gas A Elec. 1st A ref. 7Ms, 1941.
Offered by Bonbright A Co., Inc., E. H. Rollins A
Sons, Spencer Trask A Co., Federal Securities Corp., H. M. Byllesby A Co., Inc.
Pennsylvania Pow. A Lt. 1st A ref. 7s, "A", 1951.
Offered by Guaranty Co. of N. Y.,*Harrls,
Forbes A Co., Halsey, Stuart A Co., and Brown Bros. A Co.
Portland (Ore.) Gas A Coke 1st lien A gen. "7s of 1940".
Offered by Harris, Forbes A Co.
Southern California Edison gen. A ref. 6s, 1944.
Offered by Harris, Forbes A Co., E. H.j.Rollins
A Sons, National City Co.
7.30 Manchester Trac., Lt. A Pwr. 1st ref. 7s, 1952.
96 a
914,000 Refunding
2,000,000 Capital expenditures
6,000,000 Refunding; extensions A additions.
7M
87M
7.10
95X
7.40 Follansbee Bros. Co. 1st 7s, 1941.
25,189,000
Iron, Steel, Coal, Copper, &c.
4,000,000 Refunding; addns., wk. cap
Equipment Manufacturers—
550,000 New equipment
-----
Motors
and
Offered by First National Bank, Pittsb.; J. H. Holmes
*•
A[Co.
Accessories.—
Other Industrial and Manufact
2,000,000 Additional facilities & work. cap,-.
1,000,000 Erect mill & working capital——
3,000,000 Ret. bk. loans; new cereal plant
!a:co.
Offered by Central Tr. Co. of 111.; Hambleton
Stewart-Warner Speedometer conv. 8s, 1926.
8
100
2,000,000 Acquis.; capital expends., Ac
-
on^i
Offered by Stlx A Co., First Nat'l Bank, Sharon, Pa.
7M Standard Tank Car eq. tr. 7Ms, "TC," 1931.
100
uring—
8.20 Davison Chemical Co.
98 M
100
s.
f. deb. 8s, 1936.
Offered by Blair A Co., Inc.
8
8
100
6,000,000
Oil7 X Gulf Oil Corp. s. f. deb. 7s, 1933.
Offered by Union Tr. Co. of Pittsb., Guaranty Co. of N. Y.,
Bankers Tr. Co., Nat. City Co., Mellon Nat. Bank.
Offered by King, Hoagland A Co., Bolger, Mosser A WlllaSH Mid-Co. Petroleum Co. 1st 8s, 1921-27.
man, Chandler A Co., Inc., Howe, Snow, Corrigan A Bertles.
6.67 Tide-Water Oil Co. 6M's, 1931.
Offered by J. P. Morgan A Co., First Nat. Bank, Nat. City Co.
98
35,000,000 Refunding; capital expenditures.._
99H-96H
2,750,000 Fund floating debt; working capital
12,000,000 Fund current debt; add'l facilities.
98M
49,750,000
Realty—
500,000 Real estate mortgage
Price
on
100
150,000 Farm loan
160,000 Farm loan
...
100
........
Stephens A Co.
applica'n Bay Farm Island, Inc., 1st 7s, 1924-31.
Clover Hill Plantation 1st 7s, 1923-28.
*
7
Offered by First Tr. A Savs. Bank, Chicago.
Rosedale Plantation 1st M. plantation 8s, 1926-31.
Offered by Wm. R. ComptonJCo.
i
8
810,000
Shipping—
Glen Transportation Co., Ltd., 1st marine 8s,
100
150,000 Mortgage on vessel...
1922-26.
Offered by Tillotson A Wolcott Co.
Miscellaneous—
600,000 Farm loan
300,000 Farm loan
Fruit Co. 1st 7Ms, 1923-39.
Offered by Bond A Goodwin, Blyth, Witter A Co.
7M California Orchards A Vineyards, Inc., 1st 7Ms. 1922-32.
Offered by Girvin A Miller.
7 M Arlington Heights
100
100
900,000
notes
S
Railroad—
100-101
2,500,000 New equipment
to
1,500,000 New equipment
4,000,0^0
%
6M-6.40 Minn. St. Paul A Sault Ste. Marie equip. 6Ms "J," 1926-35.
Offered by Dillon, Read A Co.
Offered by National City Co.
yield 7-6.75 Western Maryland Ry. equip. 7s, 1922-36.
Public Utilities—
100
250,000 Additional trackage
Offered by Company to employees and customers.
conv. 8s, 1931.
Offered by Federal Securities Corp., H. M. Byllesby
Bonbright A Co., Inc., Spencer Trask A Co., E. H. Rollins A Sons.
Portland Ry., Lt. A Power Co. 8s, 1926.
Offered by company to employeesjand customers.
Galveston-Houston Elec. Co. 8s, 1926.
8
8M Oklahoma Gas A Elec. secured
96M
2,500,000 Refunding; exts. A additions
A Co., Inc.,
100
1,000.000 Additions and Improvements
8
1
3,750,000
Iron,
Steel, Coal,
Copper,
&c.—
8-8.30 Copper Export Assn., Inc., secured 8s,
100-99
40,000,000 Finance export of copper
1922-25.
Guaranty Co. of N. Y., Nat'l City Co., Kidder,
Halsey, Stuart A Co., Union Tr. Co,
A Savs. Bk., Illinois Tr.
Peabody A Co., Lee, Higginson A Co., Dillon, Read A Co.,
of Pittsb., Mellon Nat'l Bank, Cont. A Comm.Tr. A Savs. Bank, First Tr.
A Savs. Bank.
Other
Industrial
and
Man ufacturing—
97.94
3,500,000 Capital expenditures
10,000,000 Fund current liabilities
3,000,000 Additional working capital
500,000 Fund floating debt
7.8 Aluminum Goods Mfg. Co. s. f. 7Ms, 1931.
Cont. a Comm. Tr. a Savs. Bank.
99
Offered by Union Tr. Co. of Pittsb., First Wisconsin Co.,
7.65 Deere A Co. 7Ms, 1931.
Offered by Central Tr. Co. of 111., Guaranty Co. of N. y.
•SH De Laval Separator Co. 8s, 1931.
Offered by Dominick A Dominick, White Weld A Co.
Evans A Howard Fire Brick Co. 1st real estate 6s, 1921-26.
l 6
Offered by Mercantile Trust Co.,
98 M
100
St. L.
17,000,000
Oil-
10,000,000 Purchase crude oil, Ac._—.
7,500.000 Refunding
100
7
Empire Oil Purchasing Co. participating 7s, 1923.
Offered by H. L. Doherty A Co.
7s, 1931.
Offered by Blyth, Witter a Co.
7.10 General Petroleum Corp.
99H
17,500,000
Miscellaneous—
$400,000 Refunding
100
7M Wheeler Timber Co.
(San Fran.) secured 7Ms, 1926.
Offered by Lumbermen's Trust Co.
stocks
Par or No.
of Shares.
a
Purpose of Issue.
Amount
Price
Involved.
To Yield
Share
per
Company and Issue, and by Whom Offered
About
Public Utilities-
$624,000 Additional capital
Motors
and
...
at par, $100
United Illuminating capital stock.
Offered by company to stockholders.
at
$624,000
Yellow Cab Mfg.,
Offered by company to stockholders of Walden W.
Accessories—
$500,000 Additional working capital
500,000
par,
$10
Shaw
and
$500,000
500,000
Other
$500,000 Construct
Industrial
Corp.
Man ufacturing
$500,000 Additions, improvements, Ac
Class B stock.
^nill; corporate purposes-
100
b96
Che3cbrough Mfg. Co. 7% cum.pref.
Offered by company to stockholders; underwritten
8.33 Vermont Milling Products 8% cum. pref.
Offered by Barstow, Hill A Co.
.
7
$1,000,000
Miscellaneous—
$3,375,000 Acq. A develop sugar properties...
$3,375,000
at par, S25
Caribbean Sugar capital stock.
by
$450,000
$225,000
10 sh. pref.
450,000
jConstruct and equip theatre
l
$1,000,000 Equipment and working capital...
1,000,000
Richardson.
Hill A
1$100 Circle Theatre Corp.—8%
5 sh. com. J
at par, $100
Offered by United Drug Co .to stockholders; underwritten
Co.
cum.
pref.
Offered by E. T. Wiley A Co., Inc., Baltimore.
do
Common
Southeastern Express Co., capital
stock.
Offered by
do
do
company.
$4,825,000
b With a
10% bonus In common.
a
Preferred stocks
are
taken at par, while in the case of common
stocks the amount is based on the offering price.
do
March 26
1921.]
THE
CHRONICLE
FOREIGN GOVERNMENT
JANUARY
1321
LOANS
1921.
To Yield
Amount.
Issue.
Price.
About.
;L'
.
S
30,000,000 Belgium
(Kingdom of) External
Loan 20-year 8% s. f. gold bonds,
J.
due Feb. 1 1941
100
8.16%
15,000,000 Danish
Consolidated
Municipal
Loan 25-year 8% s. f. external
gold bonds, due Feb. 1 1946—
98
Offered by.
1
r'\1
'
%
P.
Morgan & Co.; Guaranty Co. of N. Y.; First National
Bank, N. Y.; National City
Co., N. Y.; National Bank of Commerce in N. Y.; Bankers
Trust Co., Chase National Bank
Liberty National Bank; Central Union Trust Co. of N. Y.; Lee,
Higginson & C<t>.; Kidder, Peabody
& Co.; Dillon, Read & Co.
Harris, Forbes & Co.; Halsey, Stuart & Co.; Continental
& Co'mmercia 1
Trust & Savings Bank, Chicago; Central Trust Co.
of Illinois,
Chicago; First Trust & Savings
Bank, Chicago, and Illinois Trust & Savings Bank, Chicago.
8.29 National City Co., New York.
'1
$45,000,000
\
FEBRUARY 1921.
To Yield
Amount.
Issue.
Y': Y'- 'X
Price.
About.
$
Yv■>.^
■:Y;
■''Y./Offered by.
(Republic of) 20-year
sinking fund gold bonds,
Feb.
1
8%
J. P.
Morgan & Co.; Kuhn, Loeb & Co.; National City Co., N.
Y.;
Forbes & Co., and First National
Bank, N. Y.
due
1941
&uxvmt
99
gvents and CjisettssimK
CLOSING
A
CONTINUED
OFFERING
OF
BRITISH
TREASURY
The
usual
offering of ninety-day British Treasury bills
disposed of this week by J. P. Morgan & Co. on a dis¬
basis
count
of
6%, the rate which
time past.
some
OF
has
been
in
The bills in this week's offerings
effect
are
AMERICAN
F It EX C11
The
.4.7'
French
this week
on
dated
TREASURY
■
.
BILLS
discount
March
25.
basis
Banking Corporation at Port
■
advices
disposed
The
of
bills offered
'
DEUTSCHE
BANK
\YY'U
"V"-.V-.V
TO
GERMAN
BILL
RATE
the
on
March 10
March 11,
In the
our
on
unfunded debt;
and, if
Bank authorities with
Mr.
Chamberlain;
a
I
so,
view to
a
reduction of 1 % in the
have
if representations could be made to the
early reduction to 6%.
I
anything
explained to the House
than
more
'
now.
once
TARY
consultation, that the time
safely be made in the rate for Treasury bills.
As from to-morrow, therefore, the rate of discount at which
three-months
when
reduction
a
Treasury bills will be
on
can
sale will be 6% and twelve months bills will also
be put on sale at the same rate.
The interest rate
was
The
Allied
Germany to
stipulated,
at
Amsterdam.
INDEMNITY—GERMANY'S
UNITED
Reparations
STATES.
Commission,
in calling upon
1,000,000,(X)0 gold francs by March 23,
indicate in another article, that the money
pay
as we
deposited with the Bank of France, the Bank of England
or
the Federal Reserve Banks in the United States.
lowered
on
the
11th inst. Yi of 1 %,
bringing it down to 6%, this representing
the first change since April of last year.
Associated
money,
March 16,
Press
said:
Inclusion by
as
a
dispatches
As to
depository for the
from
Washington,
YNY
.
the Allied Reparations Commission of the American Fed¬
eral Reserve banks
ments
1
•
Treasury bills
011
GERMAN
the naming of the Federal Reserve
desire, however, to take this opportunity of informing the House that
come
FOR
RESOURCES IN
the
'
I have decided, after careful consideration and
has
branch
be
considerations governing Bank rate and Treasury bill
rate, respectively, and
cannot add
new
NAMING OF FEDERAL RESERVE BANKS AS DEPOSI¬
evening Lieut.-Col. Assheton Pownall
an
a
combines its interests with those of the Becker
company.
about £10,000,000 annually on the interest
payable
save
June,
of Commerce" from
says:
respecting the lowering
asked the Chancellor of the Exchequer whether
Bank rate would
Deutsche Bank will open, in
23,
Huettenwerke, having lost Works in Lorraine, has bought
the Reinholdhuette, near Crefeld, from the Becker
Steel Works.
It now
are
of Commons last
House
March
BRANCH—
The Rombacher
furnished in the following, which
take from the "London Financial News" of the 11th inst.:
on
DUTCH
COMBINE.
Exchequer in
Treasury bill rate by the Bank of England, made
effective
we
BANK
ENGLAND.
The remarks of the British Chancellor of the
the House of Commons
BY
OPEN
STEEL
special cablegram to the "Journal
The
OF
March 10:
The first consequence of the
embargo laid on German custom receipts is
that orders amounting to 60,000,000
marks, which had been given to
works in the Rhine iron and steel districts
canceled.
were
of
TREASURY
Bank of Canada at Port
RECEIPTS.
A
IN
Prince has been closed and its
au
From Frankfort-on-the-Main the "Journal of
Commerce"
Frankfort-on-the-Main,
REDUCTION
1
«
by foreign firms, have been
(p/o'/c.
ninety-day Treasury bills
a
IN HAITI.
said:
EFFECT OF EMBA RGO ON GERM A N CUSTOMS
for
CONTINUED
18
cablegram received from the American Minister at Port au
Prince,
dated March 15 1921, reports that the branch of the
American
dated
1
OX
BANK
Reports" of March
reported the following
RATE
Guaranty Co. of N. Y.; Harris,
business transferred to the branch of the
Royal
au Prince.
March 21.
of
"
Haiti,
Foreign
BILLS.
are
'3:\;VYX'
8.21
"Commerce
was
•
%
$24,000,000 Chile
optional depositary for German indemnity pay¬
brought from Treasury officials to-night the statement that the Com¬
as
an
mission possibly had two purposes in view:
First—To enable the
which it is said to hold
German Government to call upon "vast credits"
through private agents in the United States.
Second—To employ in favor of the Allied Governments the tremendous
difference in exchange rates.
Information gathered by the Reserve banks was said to show that since
the armistice
OPERATION OF
THE NATIONAL
EXCHANGE INSTI-
run
Rome,
ported
Assistant
the
on
Department of Commerce
Exchange Institute, which
supervise and
was
at
A.
Osborne, at
Washington
was
formed in
December 1917
Italy's financial dealings with other countries,
originally authorized to continue its activities up to six months
control
fqllow-
ing the end of the
war.
The date of the war's cessation
was
officially de¬
termined last autumn as Oct. 31 1920.
Accordingly, by the terms of the
decree which first chartered the Institute, the latter would have
automati¬
cally gone out of existence April 30 1921.
Jan. 24 and published in the "Gazzetta
By Royal Decree No. 8, dated
Ufficiale" of Jan. 26, the life of the
institute is to be prolonged beyond April 30 next for
an
indefinite period,
until the exchange conditions that require its
supervision no longer exist.
In addition' to extending the existence of the
makes
some
changes in the organization.
stitute, which
was
formed
Institute, this
recent
decree
Formerly the stock in the In¬
banking corporation to deal in foreign ex¬
change, under the close control of the Government, was held by the four
as
a
principal credit institutions of the country, ail of which
were represented on
Hereafter they will nob have such representation.
Under the changed regime the board of directors will consist of six
members
the board of directors.
—The
in the
Director-General of the
Treasury, the Director-General of Credit
Ministry of Industry and Commerce,
a
representative of the office of
the Attorney-General,
and
issue—Banca d'ltalia,
Banco di Napoli, and Banco di Sicilia.
one
deleagte from each of the three banks of
other modifications, the National
With few
Exchange Institute will continue
use
to func¬
There had been
its
no
ment's banks would
tions
were
sion's proposal,
several
serve as
concerned,
as
the reparations note forwarded to
The
mere fact that this Govern¬
practically neutral territory,
was not
accepted
as
the full
reason
although the Reserve banks have acted
foreign Governments since the beginning of the
Some
S30.000.000 is
ment of the
now
so
Germany, although
a
far
as repara¬
for the Commis¬
as
depositaries for
war.
held for foreign Governments, the weekly state¬
Federal Reserve Board shows, and to receive
technical
enemy,
that additional credit to the nations
would
mean
a
deposit from
only the placing of
designated by the Commission.
Officials gave no explanation of methods employed by the Germans in
building
up
their supply of funds in this country.
It
was
said that their
Government had used similar tactics in Holland, in the Scandinavian
tries, and
more
British that the
In
some
lately in London, after
assurance
coun¬
had been given by the
deposits would not be confiscated.
quarters it was believed that Allied intelligence agents had dis¬
covered the existence of the German funds here and that the Commission
had acted
payments.
the feeling that Germany would use the money in indemnity
The suggestion also was made th^t Germany might attempt
States, in which case the shipment of gold to Europe
on
to borrow in the United
would react favorably on the exchange situation, now strongly
against all
the Allied nations.
No information has reached the Treasury, however, it
indicate
financial houses here.
would
intimation given the United States Government that
banking system might be employed
Berlin to-day suggested, officials stated.
tion in general as it does at the present time,
subject, of course, to future
fit to make.
sum
into many millions.
This money, it was said, was presumed to be for
in Germany's future trade, much of which would centre in the United
changes the Government may
see
States national
No approximate
States.
re¬
March 15 the receipt of the following information
The National
to
Trade Commissioner A.
of individuals.
names
estimate of the amount could be obtained, but officials said the
TUTE IN ITALY EXTENDED.
-
From
Germany has been amassing credits in United
banks, holding the funds in the
that
was
said, that would
Germany had sought ot would seek loans through private
*'
the "vast" resources which
to
Conflicting accounts as
marks of
$3,000,000,000 In gold
-:;-
•
coin.
Germans
due the Reparations
of payment
means
on
the
Commission will hear
other than in money, but it wants
marks gold demanded by May 1 as
As for the other 11,000,000.000
balance of 20,000,000,000 then
called for.
reply will constitute a
Paris papers point out that this
the way for an extension of the penalties against Germany.
which says that Germany must pay during 1919
refusal will open
Article 225 of the Treaty
the sum of 20,000,000,000 marks
Commission as
equivalent is cited by the
the
gold or its
ample justification for its demand
of 1921, in the manner called for by
1920 and the first four months
Reparations Commission,
just made on Berlin.
It is true that Article
XII., Annex II., of the reparations
into the United States, as
approve
chapter of the
amount of 20,000.000.000 marks bonds not paid by
May 1 shall be cared for by an issue of interest-bearing bonds for the noninterest-bearing bonds now held by the Commission.
But the Commission
contends that Article 235, upon which this section depends, clearly gives it
what proportion of the
remain unpaid on May 1.
lowed to
It may be
recalled that Germany has
these provisions,
20,000,000,000 marks shall be al¬
suggested referring to arbitration
it was empowered to construe
In the meanwhile the representatives
of the devastated regions are de¬
of the billion marks be turned over at
The "Times" also
rate of exchange.
As most of the
has resulted in
exports
printed
on
March 18 the following local
assembled and turned over to the
Allied Reparations Commission through
bankers profess little or no
knowledge of them; but if there are, they are not supposed to amount to a
very considerable sum in the aggregate, nor is it expected that they will be
German credits here, although
available
So far as the
Reparations
the
for
Commission.
The attitude of the United States
appointment of the Federal Reserve
banks as depositary for
Commission is concerned, the general belief yesterday was
that the action was taken merely as a step toward settling up machinery
which may become
In this respect, it was
held by the Alien Property Custodian were
Government might, if it
uesful at some future time.
said that, if the property now
to be released to
its original owners, the German
minded, undertake to arrange some sort
curities for the dollar credits which
the dollars to the Reparations
But this is
regarded
minute.
as a
of exchange of German se¬
would be created and could then pay
Commission through the Reserve banks.
of the
thing of the distant future, and certainly not
York
was
follows:
as
Gold is not easily hidden, it was
None,
American banks.
so
far
as
is known, has been handled in this way.
were
either
on
Director of the Mint,
BANKS
BY
BUSINESS
SUSPEND
TO
AND
FRENCH
somewhat misunder¬
of gold were
coming here from Sweden numerous inquiries as to the exact status of such
gold were made by business interests.
The facts are as follows:
1. Gold bearing the mint stamp of any recognized nation with which
the United States is on friendly relations will be accepted by the United
States mints.
This is not a new procedure.
It is the traditional policy
of the Administration has perhaps been
the announcement that heavy shipments
and with
stood,
of the United States mints not to
of business with
WITH
'
as
well
as
the Swedish mint mark without further
a
the
taken by Hamburg importers, are made known in
"Times" advices (copyright) from Berlin March 17, which
German banks, among them the Reichsbank,
Discontogesellschaft, &C., have agreed to stop all
Bank,
Deutsche
business
with
English and French banks, because of uncertainty as to what might become
of payments
French
and
or
deposits when the new reparation laws now before the
The same fear is gradually
English Parliaments take effect.
paralyzing the whole German export and import trade with these countries,
and it is believed many German
few
factories will have to close within the next
days on account of lack of foreign orders.
extraordinary meeting of importers yesterday passed a
In Hamburg an
resolution
pledging the members not to buy either directly or indirectly any
products in countries which approve the penalties.
Britain,
is not technically at war,
a
will be considered as free from any
Sweden, will not make acceptable the
FRANCS FROM
from Paris, March 20, in
a
copyright cablegram to the New York "Times," which says:
The "Journal des Debats" reveals to-night that in the last ten days Ger-'
many
has succeeded in getting out of France through the mediary of neutral
bankers 200,000,000 francs.
vent Allied seizure
The money was
The purpose of the transaction
was to pre¬
of this money on reparations account.
partly payments made by France under the Spa coal
agreement and partly funds placed abroad by Germany according to the
reported
$50,000,000 worth
reported to be in the hands of banks and business
country and which have not been recast
nation, minted, and marked.
Inquiries made to-day were largely in connection with the
Government to these Russian rubles.
attitude of the
In all cases the reply was that
such
and that this
policy, which was made known some time ago, had not been changed.
This position will be adhered to by the mints of this country unless at
some future date the Harding Administration rules that it shall be changed.
The shipments of gold from Sweden appear in a different light.
The
press dispatches stated that seven tons had gone forward Sunday and would
soon arrive in this country, and that ninety tons more were at Stockholm
awaiting shipment.
All of this gold, it was stated, had been received at
gold would not be purchased by the United States mints,
the mints of Swreden and bore the mint
mark of the Swedish Government.
the case, it will be acceptable at the mints
in this coun¬
medium will be established.
$660,070, or
pounds)
would be wortb $727,649.
If the seven tons now said to be en route to this
country are short tons, the value in the United States will be $4,620,490.
(2,000 pounds) is worth approximately
$20 67
an ounce.
they are long tons the value will be
If
come
suspicion or
into bars and
described in the above
paragraph.
To make these $50,000,000 worth of rubles of any value for
trade purposes here, under the present policy, it would be necessary to have
interests in this
If this proves to be
FRANCE.
by Germany have
which the United States
stamped with the mint mark of a friendly nation, as
Reports of the withdrawal of 200,000,000 francs from
France
of
Holland, Japan, China, Norway,
ruling, while making acceptable shipments such as are
the way from
of Russian rubles which are
at the rate of about
200,000,000
succinctly in the
coinage or mint stamp of the Government
Italy, Belgium,
France,
Sweden, Denmark or other recognized nations with
A short ton of gold
WITHDRAWS
bear the mint mark of
acceptable at any of the mints
position of the United States mints is expressed
The
gold bearing
its origin.
the United States.
try, and its value as a trade
GERMANY
as to
Russian rubles or Russian gold which does not
them sent to some foreign
give in part herewith:
the large
research
friendly and recognized nation will not be
and assay offices in
But such
steps
All
This policy would
permit the purchase by the mints of the United States of any
possibility of Soviet origin.
German banks looking to the suspension
English and French banks,
question the origin of gold which bears
recognized nationality.
the mint mark of a friendly and
following instructions which mint officials must carry out:
BANKS—ACTION
IMPORTERS.
Baker,
the United
There had been
Offices had not been modified.
relieving of restrictions of which he was aware.
no
on
Action taken by
this country.
the attention of Raymond T.
today, he explained that the policy of
States Mints and Assay
"Gold bearing the official
ENGLISH
and the published reports that ninetyin Sweden
gold which had been converted into ingots
the seas or would soon be shipped to
When the matter was brought to
Great
GERMAN
of gold
importance today as a result of the effort
Government is making to obtain the acceptance of a trade
tons of Russian
seven
2.
the United States was not
said, and it would be
large quantity of the metal with
that Germany has stores of gold in
virtually impossible to "ear-mark" any
we
Department toward the acceptance
of Russian origin took on a new
,
A report
taken seriously.
Government toward the
dealt with in a special dispatch to the New
"Times" from Washington, March 23, which we quote
sbijiment
The policy
the Reparations
over
reliable reports, the Bolshevist gold reserve
175,000,000 gold rubles.
generally doubted yesterday by bankers.
the Federal Reserve banks, was
There may be
small.
totals only
Gold exports to England, however, are very
agreement by the United States,
"vast credits" in this country which may be
bankers, they are making
kilogram, as compared with
to only 2,562 kroner per
amounts
2,942 for America.
which the Soviet
The idea that Germany has
were so
gold was bought by Swedish
The gold traffic, together with the curtailment of credits,
a decline in American exchange.
The English rate on gold
large profits.
The attitude of the Treasury
advices:
made
in Stockholm are already
the ban on Russian
of gold of this type for
The first shipment
for reconstruction work.
once
them further back than their
hopeful that many
gold can now be negotiated.
America, amounting to seven
tons, is reported to have gone forward Sunday on board the Swedish steamer
Carlsholm.
About ninety tons more are in Stockholm, having been for¬
warded and restamped.
This gold is said to have been sold months ago,
subject to the possibility of its non-delivery.
Some remaining stocks of the
metal are rapidly being taken up by Americans at the rate of $664 per
kilogram delivered in Washington, or 2,942 Swedish kroner at the present
American deals held up by
Reparation Com¬
the financial clauses of
the Treaty.
manding already that France's share
gold shipments without tracing
According to
which she calls ambiguous, but that the
mission replied that
State Department has
Swedish origin.
treaty says that the
the right to say
makes possible the
which
showing the origin of the gold,
admission of Russian shipments of the metal
American Counsuls in Sweden, it is stated, may
necessity of a certificate
eliminated the
Russian and American firms
1,000,000,000 marks in cash.
i'It is also generally believed that the German
refusal to turn over the sum
from Russia by way of Reval.
Mint stamp and is thrown
melted gets the Swedish
the markets of the world.
|
The understanding here is that the American
upon
of which she can pay the
particularly in the United States, resources out
$250,000,000 called for, and in addition possesses
gold are coming to Stockholm
In Stockholm the gold is
days by the Reparations
Germany possesses abroad,
Commission that the latter has evidence that
the
Tons of
1,000,000,000
regards payment of the
gold demanded of Germany within eight
SWEDEN."
the United States from
Sweden has figured in the more important news of the week,
announcement of this having been made in Associated Press
dispatches from Stockholm, March 22, which said:
shipment of Russian gold to
A
March 71, said:
It is tho general point of view as
FROM
RUSSIAN GOLD SHIPMENT
:
,
holding in this country
have appeared in the daily papers following the publication
of the above.
A Paris cablegram (copyright) to the New
Germany is credited in the above as
York "Times,"
[Vol. 112.
CHRONICLE
THE
1232
If ninety
seven tons
be
as
$5,093,543.
additional tons were sent to America, making a
available for trade purposes, the value
follows:
shipment
were
bureau
Many
$70,581,953.
Washington advices respecting the
gold
Commerce"
report from its Washing¬
made available in the "Journal of
yesterday (March 25), which in a
ton
total of ninety-
in American money would
Short tons, $64,026,790; long tons,
Some additional
of
A long ton of gold (2,200
said in part:
questions connected with the program for resumption of trade
Russia and the United States, falling within the
plan she had followed for the past year and which gave her also control of
relations between Soviet
considerable funds in England and America.
province of the Treasury, are being held in abeyance and a decision on
them deferred until the State Department has further completed its policy.
which has called
next
on
The Reparations Commission,
Germany to send over 1,000,000,000 marks gold by
Wednesday,! contends
that Germany can
uay
that sum out of the credits
ties exported to
at the Bank of France, the Bank of
origin and the
serve
bank.
England
or an
American Federal Re¬
way
does not
Indicate willingness to meet the Allied demand for a billion by March 23.
coming into the country for payment of
Russia by the United States shall be
Soviet authorites is a question
*
Germany's action in getting her Paris funds out of harm's
commodibarred because of its
circumstances under which the gold was acquired by the
Whether Bolshevik gold
she has abroad, and to that end notified Berlin that payment could be made
of the
which has not been decided as yet.
question that is pending before the Treasury for decision is that
minting of Russian gold with the mark of Sweden in order that cur-
Another
March 26
1921.]
THE
might be made available
rency
for the payment
CHRONICLE
of Russian imports.
Treas¬
to the United States.
officials declared to-day that they are not at all sure that the fact that
the gold has been stamped with the mark of the Swedish Government will
serve to
in the
It was never for a minute supposed that
Japan would
of those islands, because she had received her share in Shan¬
be allotted any
ury
dispel objections to the acceptance of Bolshevik gold.
Decision on
this point will be held up until the State
Department has been consulted.
Secretary Mellon, however, said that all gold of Russian origin coming
here under the mint mark of
a friendly country would be received.
An¬
other question eventually to receive attention is that of whether the Govern¬
ment should attach
shipments of Bolshevik gold coming into the country
for the purpose of securing advances made
by the United States to the for¬
mer
Russian Government and which have not been repaid by the
present
tung, which seemed to be ample in view of her insignificant participation
war.
One of the objects of the statement, it is reported, was to
show the unreasonableness of any
request that the United
States cancel the war indebtedness to it of the Allies.
The
following is the statement
Although, this question will be decided along the lines of the State Depart¬
stead it is
it is not thought here that such
is probable.
a move
In¬
vasion of Russia by the United States.
iiews
IVTarch
Journal" of
There is
of local bankers
the subject of
were
a
respecting the reported ship¬
the following in the "Wall Street
of
believed to have
was
come
New York bank."
to
the
satisfaction
tentative
per
Includes indemnity
provisions
of the
paid and to be paid by Germany
treaty,
without enlargement by the
Reparations Commission, estimated amounts and divisions of indemnity
of
the
hitch
State
Column No. 3:
Is the net financial loss to each nation, with credit for
unpaid.-
as matters now
as to
certification to the effect that
This difficulty
Department,
was
evidently
the same
as
stand with inter-loans and interest
'
It
overcome
consignment
back to the United States again, without having been
came
off the
some
of Russian origin.
was not
immediately
taken
to have been
seems
2:
Column No. 2—
As the U. S. Assay Office refused to
accept this gold at that time, it was returned to Sweden without ever having
left the ship's hold.
There
Supported by Schedules 1 and 7, attached.
as
No.
directly from the
Government Bank of Sweden but bore the suspicion of Russian origin.
this gold
credits extended, estimated amount to be
paid in pensions and insurance.
indemnity allowed, and
shipment of gold reached this city from Sweden
Drottingholm which
a
,
Includes total military cost, civilian cost and damage,
1:
land.
In the latter part of 1920 a
consigned to
No.
being those made by Prof. J.M. Keynes, King's College, Cambridge, Eng¬
Supported by Schedule 9, attached.
24:
deal of extravagant talk about the large amounts
great
Column
France, Italy, Belgium,
Japan.
relief contributions, loans and
Column
Soviet Russian gold coming from Sweden, according to local bankers.
the
Between United States, Great Britain,
as
China and
power.
It is expected that in reply to such representations by the United States
the Soviet Government will make a counter-claim for indemnity for the in¬
The
[Prepared by Fred A. Dolph from data and authorities quoted.]
Trial Balances
likely that the Treasury will await the outcome of the Russian
political situation before presenting its bill to the Government then in
was
in the "Congressional
appears
WORLD'S WAR ACCOUNT, AS OF JAN. J. 1921.
ment's policy,
on
it
as
Record":
regime.
ment
1233
ship in Sweden, this time consigned to another New York
Column No. 1—
Nation.
United
States
Great
nity.
$44,173,948,225
51,052,634,000
54,272,915,000
18,680,847,000
8,174,731,000
565,376,000
481,818,000
$2,300,000,000
9,850,000,000
16,000,000,000
3,500,000,000
5,700,000.000
100,000,000
250,000,000
$41,873,948,225
41,202,634,000
38,272,915,000
15,180,847,000
2,474,731,000
465,376,000
231,818,000
$r*7.402,269,225
$37,700,000,000
$139,702,269,225
____
Britahui..
France
Column No. 3—
Final Loss.
Indem¬
Credit
Gross cost.
—
Italy
Belgium
China
Japan
bank, the National Bank of Commerce.
Total
Considerable part of the gold received by the National Bank of Com¬
from the Sveriges Riksbank was English bar gold, with the stamp of
Great Britain.
The purely Swedish gold was all properly Swedish mint
merce
stamped, and fully certified to the entire satisfaction of all the requirements
of the State and
Bankers
believe
who
Treasury Departments.
informed
well
are
that there is
a
much of it of Soviet
to vaults of Swedish banks.
be sent to the United
Furthermore,
under present conditions,
these bankers
seriously
are
inclined to doubt that any of it has been sent to England, or that,
present it would be received
the
up to
by the Bank of England.
As to the current reports from Stockholm that
restamped Russian gold
affairs
Sweden,
of this gold is finding its way
more
But this gold cannot,
States.
Scandinavian
of Russian gold in
amount
origin, and that
and
Swedish
in
considerable
are now
about 90
Swedish
tons of
in Stockholm and destined to be gradually
fed out to other countries, principally to the United States, well informed
bankers who know the Swedish situation, look upon such reports with great
Gold is
United
States
seriously talked of
never
measured
so
practically,
a
ton
However, it
assay.
as
being measured in tons.
of gold would be valued at
entirely possible that
seems
Were
$496,080,
is
nothing in the
necessitate
the
trade balances
be called for
as
Swedish
economic
to
or
Extra cost Government functions under
per
now
to
of
no
such shipment would
exist.
referred
was
to
in
issue
our
Russian origin from Sweden
of
Nov.
13,
On
1902.
page
Dec. 25, page 2468, we reported the announcement by the
Treasury Department of the suspension of rules and regula¬
tions
of
restricting the exportation of coin, bullion and
Bolshevik
dealings
or
Russia,
transfers of credit
Russia.
as
exchange
The
or
well
against
and
Russian rubles
exchange transactions' with Bolshevik
prohibitoin of
against Soviet gold
currency
the restrictions
as
transactions in
was
United
the
also referred to in
States
issue of Jan. 8,
our
Other
contributions
TO ALLIES ESTIMATED AT OVER
the Allied nations, and of the credit
been established for each
the resulting balance,
in the war, was
177
one
the
war
to every
indemnity
as
of the Allied
far
as
one
of
it has
nations, and
showing the net loss of each nation
presented for insertion in the "Congressional
by Senator Spencer of Missouri
(prepared by Fred A.
on
March 5.
Dolph) places the
This
gross
military cost, civilian cost and damage, relief contributions,
pensions and insurance,
amount of credit
$177,402,269,225; of
at
indemnity paid
or
In the
case
this
the
as
$139,702,-
of the United States the total
war
cost
is figured at $44,173,948,225 and the final loss at $41,873,-
Great Britain's
gross
cost is estimated at $51,052,-
634,000, while its net loss, according to these calculations,
will be less than that of the United States, the amount
ing placed at $41,202,634,000.
000.
000.
For France the
gross
be¬
cost
$54,272,915,000, and the final loss at $38,272,915,-
Japan will have the least burden to bear, with its final
$231,818,000, against
loss at
Cross
amount
490,000,000
100,000,000
Corporation.
60,375,000
Credit given by War Department
50,000,000
Credit given by Shipping Board
3,580,000
Credit given by American nationals to European nationals,
bulletin of Bankers Trust Co.
per
Government loans to
1,921,481,000
European nations, including unpaid
interest
9,760,000,000
_
,
_
$44,173,948,225
______
Credit—
Received
:<V
of German
an amount
;.v:-
shipping unknown, but it is
expected that the amount, together with other receipts,
sum
of $2,300,000,000, the amount of the
civilian loss, pensions, &c.
For further explanation see
Schedule No, 9.
Schedule
No.
2—Great
Britain.
Paid Out—
War cost, estimated by,
national'
from present
cluding
Canada,
deducting
pre-war
national debts
indebtedness of Great Britain, in¬
Australia,
New Zealand,
India,
and
Union of South Africa, which produces
And by
$39,902,634,000
adding abnormal taxes collected during the
since
war
and
1,300,000,000
.....
Civilian damages and pensions account, as per Prof. Keynes
Total
a.gross
c^>st to it of $250,000,-
A paragraph contained in the statement says:
With reference to the
overseas
Square Miles.
' 384,169
—
_
on
Indian Ocean.
Foreign
trade, $24,750,000; cattle, 3,993,000 head; sheep, 6,398,1,010 miles of railroad.
trade,
$17,889,056;
47^,585 head; goats,
seven
years, over
possessions of Germany in Africa and the
-
-
With 930 miles coast line
eign
on
205,643
head;
sheep,
diamonds
taken
out in
cattle,
500,000;
$35,000,000; 1,304 miles of railroad.
(c) Togoland (Africa).
33,700
With its vast forests and 228 miles of railroad.
105,120
(d) Pacific islands
New
Guinea,
Bismarck
Archipelago,
Samoan
and
Solomon.
(e) German shipping, a proportion of ships taken from Ger¬
845,439
many.
The
foregoing items
were
turned over to the Allies for general account,
but have since been allotted to Great Britain.
For further explanation see
Schedule No. 9.
Schedule No. 3—France.
Paid Out—
Estimated
on
basis of
deducting pre-war from present na¬
tional debt and adding abnormal taxes
$38,272,925,000
Civilian damages and pension account, as per Prof. Keynes.
Total
16,000,000,000
$54,272,915,000
_
Credit—
(а) Saar Basin mines, producing 14,000,000 tons per annum.
(б) Coal in two allotments, totaling deliveries in 10 years of
210,000,000 tons.
(c) Chemicals: Benzol, 35,000 tons; coal tar, 50,000 tons;
sulphate ammohia, 30,000 tons.
*
(d) Live stock: Stallions, 500; fillies. 30,000; bulls,
milch cows,
90,000;
rams,
1,000; sheep,
2,000;
100,000; goats,
10,000.
(<?) Alsace-Lorraine: 5,605 square miles; population, 1,871,702;
and other European countries had taken the European territory, that the
gallons wine, 21,136,265 tons iron, 3,795,932 tons coal,
possessions would go to England, minus a few islands in the Pacific
76,672 tons salt, has 5,000 miles paved roads and 1,305
322,450
For¬
the Atlantic Ocean.
Pacific islands, it was naturally expected, in view of the fact that France
overseas
9,850,000,000
$51,052,634,000
___________________
to be paid by Germany is
placed at $37,700,000,000, leaving the final loss
is put at
Red
(&) German West Africa
loans and credits extended, estimated amount to be paid in
948,225
ono-half
at
Congressional European relief
Credit extended by Grain
000 head; and
DOLLARS.
A trial balance of the gross cost of
269,225.
2,300,000.000
978,512,225
(a) German East Africa
BILLION
Record"
as
Credit—
COST OF WAR
statement
conditions,
4,500,000,000
estimated
With 620 miles coast line
now
war
Treasury
102.
page
*
$24,010,000,000
Red Cross contributions.
will reach the
Last year's gold shipment of
States.
Secretary of the Treasury
Total
bankers
say,
Certainly
right exchange.
conditions
situation,
$45,000,000 in settlement
shipment of anything like
1—United
Swedish
bankers may have $4.5,000,000 Russian gold in their vaults.
There
No.
Secretary Houston
as per
Civilian damages, lost shipping and pensions to be paid
as
doubt.
it
Schedule
Paid Out—
Military cost,
annual
budget,
$18,512,326;
produced
2,672,318
THE
1224
miles of railroad; all
paid to Germany from territory to be
taxes
and Germany was to issue some
off Belgium'sforeign debt,
war
of bonds, with varying
repaid.
maturities, that were to be
<{/) State Bank of Morocco- Turns over to
bonds.
from present na¬
$15,180,847,000
3,500.000,000
tional debt and adding abnormal tax
Damages and pension account as per
■.v•
Prof. Keynes. _ _
divide; but not so.
at least
string in the path between
that those islands would be
Credit—
:
$18,680.847,000
Hawaii and the Philippines, and it was thought
that was not
It
within 10 years,
German treaty.
from Austrian
Austrian treaty.
$3,000,000,000 of bonds.
See
will be the
and pension
damages
$3,174,731,000
Prof.
account as per
—
5,000,000,000
— - - -
$8,174,731,000
Keynes
Total..........
Credit-—
•
_
~
.
_
://;!'
•' X
\//'
— -
...
:/
"
-
i'j.
of this statement and more to
into the last account we have used
deducted its value after.
estimates of these damages
However, as we have shown, any other items or
the United States has invested
other nation.
to
off foreign
pay
LEWIS G:\HARRIMAN
loans.
$700,000.
HOPEFUL FOR THE REMOTER
FUTURE.
id) Moresnet, both the original
Lewis G. Harriman,
(e) Kriese of Eupen and Malmedy,
determined
both to be eventually
See
$4,000,000,000.
of
(/) 'Bonds: Allotment
Schedule
before the Buffalo Real Estate Board at
/
in the
No. 9.
Schedule No. 6—China.
,
Vice-President of The Fidelity Trust
of Buffalo, speaking on/'Present Conditions"
its regular luncheon
Company
plebiscite.
by
Iroquois Hotel
Before
Out-
we
lay
on
March 16, said in part as follows:
the basis for real
deducting
debts
_
pre-war
.>
_
from present national
$465,376,000
100,000,000
________ ... ________
Add civilian damages and pension account
comparatively easy.
A great many
Banks' ratio of
_ __
...
from 42% to 60%
reserves
as
(after 35% has been set aside against
sign that liquidation is going
a
will be much easier.
Total:
..
__
_
_
$565,376.000
-
-
__ _.-
Credit—
$97,875,000
—
100.000,000
$465,376,000
.
Net loss
represents reduced
To put
debts
national
only about l-30th of the total betterment.
it in another way, if reserves of the Federal
only 45% today.
$481,818,000
_
___ _ ____ _
_ _ ___.
__ _ _ _
____ __
a
'
(a) Shantung, with 308 miles of railroad and two
concessions; 40 mines and equipment, which
mines with an output
v
high and that they too must eventually
that
Cables.
(c)
Item
(a)
All German-owned cables in above territory.
given to Japan directly by the treaty and the other two
was
and the commission to Japan.
foreign balance; due us, apparently the
which
are
now
as
Between Nations
France would charge
Great Britain.
off
a
All Loans and Extended Credits
Are Paid with Interest.
$39,112,915,000
total loss of
32,502,63^,000
_
United States
Italy
___
Belgium
______________
China
___
_____
Japan
29,788,512,225
19,140,847,000
2,474.731,000
•
265,376,000
31,818,000
___
Schedule No. 9—Indemnities.
The treaty provided that
Germany should pay and Germany engaged to
only three general items of indemnity:
pay
1.
Repay Belgium for all foreign loans
made by it to prosecute the war,
Belgian citizens
including all fines and taxes imposed by Germany upon
during
occupation/
2.
All damages to persons and property of
3.
Pension and dependency claims,
civilians.
capitalized
on
the basis of the French
rates.
Ninety-five per cent of all moneys spent by the United States was for
items not coming under any of those three
for cost of operation of
heads.
All of the
money spent
the War and Navy Departments, relief-work, contri¬
butions, and economic assistance of whatever character is a dead loss.
are
only to be reimbursed for
a
We
little lost shipping and for pensions and de¬
pendency claims, at the French rate, which is considerably less than our
own;
that no doubt half or two-thirds of our pension and dependency
so
claims will be
a
*
dead loss.
The treaty fixed at the time wjiat was then
supposed to be the maximum
indemnity that Germany was to pay on account of the three items.
was
to
She
give up certain territories in Europe, which were then and there
divided and given to
Belgium, France and other countries.
The United
States, of course, did not ask for or get any of that indemnity.
Then she
required to make certain deliveries of coal to Belgium, France and Italy;
of chemicals to France and live stock to both France and Belgium.
The
was
overseas
possessions in Africa and the Pacific Islands, some 847,000 square
miles, were to be held for'he joint account of all allies.
right these
countries have been
higher go the unsettled balances
estimated at perhaps $4,000,000,000.
deflation
While it is true that
the rise of approximately 130%, which took place in commodity prices
between July 1914 and March 1920, is now greatly reduced, say 45%, from
the high—or putting it in another way. that of the 130 point advance,
100 points have already been taken off, this deflation has not been reflected
as already
pointed out in broad liquidation of credits.
It will not do
however, to regard 1914 price level; as at all basic and as marking probably,
the ultimate price bottom.
We may very well be in for a period of perhaps
ten or fifteen years of declining prices, for conditions do not look right for a
resumption of general price advances again as far ahead as one can see.
Gold production is falling rather than increasing.
A great part of world
purchasing power has been cut off and this cannot be righted in a moment .
Also the fields of Europe again are under cultivation.
Normal production
in other lines will be resumed.
Energies used in military affairs will be
turned to the increase of wealth.
In certain ways the same conditions which
obtained in the years following the Civil War and the Napoleonic Wars may
be seen again.
It will not do to overlook what is commonly called the
liquidation of labcr—meaning by this term not only the actual reduction
in wage scales, but much more important the increase in personal efficiency,
both of which mean increased production and lower cost of production.
The renewal of competition between individuals and nations should also
Considerable capital has been
Schedule No. 8—Trial Balance on Basis that
It must not be thought
No less than $704,000,009 loans of foreign
placed with the investing public since the armistice, but it is a problem simi¬
lar to that of Tantalus for the more effort made in the way of liquidating
Total, 1,040 square miles.
items have been allotted by the Powers
liquidate.
jthe banking community have not made strenuous efforts to
two factors.
Pelew group, includes Yap; Caroline
Islands; Marshall Islands.
unfortunately even yet show
and slow agricultural loans on
caused great
that mercantile and manufacturing loans are still
rapid liquidation of which would have
It is also true
distress.
includes coal
of 814,000 tons per annum; 2 iron
The causes are principally two—
delayed?
rising rather than a declining tendency,
cotton, wheat, etc., the
railroad
mines, and 2 gold mines,
(ft) Pacific islands.
of
namely, the balances due us from abroad which
credit
Why has liquidation been so
Total
Credit—
Reserve banks had
ratio would stand at
It is, therefore, apparent that the popular conception
contraction is incorrect to a considerable degree.
$231,818,000
250,000,000
Estimated amount of civilian loss and pension account
,;'
reduction in net deposits of
their reserve against customers' deposits,
remained stationary since last September the reserve
.__
___
note circulation, for the
member banks, which represents
amounts to
Schedule No. 7—Japan.
charged to increased
importation of gold
Nearly all the rest, or one-quarter of the whole improvement.
from abroad.
Out—
Estimated cost by deducting pre-war from present
primarily at least, as is popularly assumed—
holdings, most of which simply represents the
reserve
___:_
;
.
substantial, but it will pay
The reason for this improvement has not
three-quarters of the improvement is to be
nearly
2,125,000
________
analyze the reasons for it.
been the contraction of credit,
(ft) German property in China outside of Shan¬
tung
to
deposits)
forward and that very shortly money
<■
this improvement in the reserve ratio is
No w.
us
(a) Cancellation of Boxer indemnity,
Paid
business prosperity there must be a
people point to the improvement in the Federal Reserve
reasonably long period where money is
Cost estimated by
'
neutral and the Prussian
territory.
Paid
$670,000,000
in the World War than any
more
; .
bonds
first-lien
or
go
will not change the fact that
sheep: 15,000 sows.
(c) Cash
finally
property before invasion, and
,-i:
;
delivered.
(ft) Live stock: 200 stallions; 5,000 mares; 2,000 fillies; 2,000
bulls; 50,000 milk cows; 40,000 heifers; 200 rams; 30,000
(a) 80,000,000 tons of coal to be
If the
be de¬
columns No. 2, and the final difference
illustrate the elements
the tentative issue of
bonds provided for in various parts of the treaty, aggregating $25,000,000,000, and in distributing the items in column No. 2 we have used the compila¬
tions of Prof. J. M. Keynes in his book entitled "Economic Consequences of
Peace."
In that work he went over the subject of damages to property and
persons with great thoroughness, ascertained the original value of the
that must
estimated by deducting pre-war from present na¬
civilian
small, the
representing the net loss
same.
For the purposes
Out—"
tional debt and adding abnormal taxes
effect upon the final figures
ducted from both columns No. 1 and
Schedule No. 5—Belgium.
War cost,
indemnity, so that whatever it is, large or
appearing in the last column on the first sheet of this statement.
amount collected is large, it will be added; and if it is small, it will
About 12,000 square miles.
Schedule No. 9.
Paid
of the United States.
(See Schedule 8.)
should participate in any
intended that the United States
in the German
amount will have no
(b) Trentino, Istria, and part of Dalmatia
territory.
never
was
manner
financial participation in the
million against our thirty billion, or about
one-tenth of 1 % of the participation
V.y'
(c) Bonds: An allotment of
might ex¬
conceded to the United States, but
They were given to Japan, whose
be.
to
World War turns out to be thirty
Total.^_--~
(a) Coal, 85,500,000 tons, to be delivered
one-half by rail and one-half by water.
the Samoan Islands, and we
interest in those islands over to America,
The islands north of the Equator lie in a
pect England to turn Germany's
or
cost by deducting pre-war
war
ample in view of her
war.
The United States had holdings in
4—Itgly.
Out—
Estimated
tung, which seemed to be
in the
and thedast item was or will be allotted to France;.
Schedule No.
Paid
France by
ber share in Shan¬
insignificant participation
because she had received
be allotted any of those islands,
last were specifically given to
territories, that the
minus a few islands in the Pacific
minute supposed that Japan would
to England,
go
It was never for a
to the United States.
See Schedule 9:
the treaty,
had taken the European
possessions would
overseas
(ft) Bonds: Is to receive $15,000.000,000 of German
All of the above items except the
expected that, in veiw of the fact that
and other European countries
France all stock
nationals.
of. Germany and German
Add
and the
France
possession of Germany in Africa
With reference to the overseas
Pacific Islands it was naturally
1912.
•'
$25,000,000,000
delivered to the Repara¬
allotted.
tion Commission, to be by it
(f) Equatorial Africa: All rights under contracts between
Germany and France, dated Nov. 4 1911 and Sept. 28
•
cash was to be raised with which to pay
Seven hundred thousand dollars in
private property of German nationals,
fully 65% of all property in territory; all
which is
[VOL. 112.
CHRONICLE
has taken
be
an
made of the fact that a great
place through the fall in commodity prices.
important element.
factors which appear gloomy mean
for a long period. Even though we
are now in the throes of a depression and may be some time in working out
of it, it will be du-ing these very months that the foundations of real pros¬
perity will be laid, for with the easing of rro ley. business can go ahead and
production increase and that is what really builds up a country.
Buisness
on a lower scale op prices may still be. done at a safe and attractive profit.
During the next few months we must, I feir, go through further tribu¬
lations.
There must be further liquidation, particularly in certain
line
not greatly touched so far—further passing and reduction of dividends and
perhaps more failures.
The foreign situation is still acutely dangerous and
this must be cleared up, or at least put on the right road, for under present
It is
that
no
a
fallacy to assume that these
prosperity is to be experienced
conditions,
we
are
at the parting
of the ways go far as
foreign trade ig
March 26
concerned.
When the 8% bonds
not sell at par
of the foreign countries of best credit do
further financing is impossible, and when foreign trade bank¬
ing corporations
hardly be floated at all, and then only with the greatest
can
difficulty, there will be little hope of paying off current balances owing us
for these
if not quite reached
nearly
have
now
a
before
year
their possible limit.
real solution is arrived at.
a
comments
I
think
have
we
improving
abroad,
but with a slow liquidation,
slowly improving political
and
situation
banking
the
gloomy, but I believe that they reflect only
appear
rather slow year ahead,
a
conditions
There are no patent nostrums to
fundamental economic law. The elements
improvement is certain.
substitute for the working of the
and courage are the things which must
of time, economy
slowly work the
all these temporary disturbing
factors we may
Behind
transformation.
We have the raw materials
business capacity, a wonderful banking system, the most
remarkable credit position as a nation imaginable.
It is a paradox almost
worthy of a Chesterton that there is some source of comfort in the very
feel that
is coming.
great period of prosperity
a
the minerals, the
and the very life of
that it is going to be
foreign situation directly affects the well-being
This is the reason
is so bad and its proper solution
one-half of humanity.
nearly
The railroad situation
solved.
so
vital
Such problems as taxes and tariffs are
solved.
that it must and will be
important and are challenges to the far sightedness and genius for adminis¬
our economists and statesmen.
To believe that they cannot be
tration of
worked
would
out
be
The times
estimate of human capacity.
sorry
a
unpalatable, but they are working and
the passing of a few months should see us firmly established and on a solid
basis to go ahead with confidence to a security and prosperity hitherto
trying, the remedies temporarily
are
In
(Bank of British North America v. Cooper, 137 U. S., 473; Bank
China,
Limited,
and the Straits,
Japan,
1894,
C.,
A.
Reports
page
Zimmermann, 182 App. Div., 862).
that the banker agrees to
American Trading Co.,
v.
266; Atlantic Communication Co. v.
The terms of the contract are in such
send
cablegram establishing
a
a
credit with
The contract, it is said, is executory until the
foreign correspondent.
his
741; A. C. Whit-
of the cases this purchase of a cable transfer is referred to as a
some
a case
172 App.
Guaranty Trust Co.,
credit has been established and that upon failure to send the message the
rescind the contract and sue to get back his money or else sue
customer may
Whether the transaction be considered
for breach of contract.
it
concerned,
is
money
is
a
mere
In either
matter of nomenclature.
case
the
foreign credit is established.
marked distinction between these transactions which I have
a
transmit
of the person paying the money, and until the
transmitter is the agent
Such were the
is sent holds it as agent or trustee for the owner.
money
of Musco
Zottiv.
United Surety Co. (132 App. Div., 300) and People ex
v.
App. Div. 276).
(135
Flynn
In these latter transactions the
that the money he gives to his agent shall be sent
intention of the payer is
It is the amount which he gives that is to be
abroad.
it is sent may be
certain
a
In such cases the bank or
specific sum of money to a person abroad.
rel.
purchase
trust relationship; the banker does not hold the money
a
agent or trustee until the
There is
cases
a
So far as this case
paid by the customer to the banker becomes the latter's property and
does not establish
as
determine.
executory contract, we need not now
or an
just described and a direction to a bank or other person to
magnitude of the problems, facing us.
The
v.
Foreign Exchange, sec. 26, p. 89).
contract
Law
condition and that we are now passing through the worst.
the temporary
(Strohmeyer & Arpe Co.
Div., 16; Katcher v. American Express Co., 109 Atl. Rep.,
aker on
of
1
;
********
These
these transactions are matters of purchase and sale and create no trust re¬
lationships
I
lines, but I believe it will take at least
expect renewed efforts along these
1225
OHEONIOLE
THE
1921.]
How
transmitted.
If there be time, currency might be
immaterial to him.
If not, it may be transmitted in any form recognized
purchased and sent.
almost undreamed of.
in financial circles.
It is not at all necessary that the sender or agent have
credit in the place to
which the money is to be sent.
On the other hand, in
rather
the contract for credit it is not a specific sum which is to be sent, but
a
ON ACCOUNT OF
COURT HOLDS DEPOSITS
Y.
X.
ARE
TRANSFERS
CABLE
-
TRUST
NOT
The actual thing that
recognized
important decision affecting cable transfers of money
An
handed
was
decision
The
1.
March
by the New York Court of Appeals on
down
the ruling of the Appel¬
reverses
Division, which had held that the Mechanics & Metals
late
Co., and deposited by
paid by the latter to A. Bolognesi &
the firm
fore
money
Mechanics & Metals National Bank.
with the
was
the
made by A.
Be¬
could be transmitted a general assignment
Bolognesi & Co., and the money was claimed
The
it.
to
the
whether
tuted
moneys
around
as
to
thus deposited with the bank constL
said:
To establish
question
the
In deciding to the contrary the Court
trust fund.
a
of Appeals
hinged
litigation
firm was indebted
-
In
A.
ferred creditor, that the
City of New York under the firm name of
a banker at No. 64 Mulberry Street,
transaction is in the nature of a trust, and checks
specified purposes, is apt to lead to much confusion, especially
when those who have
developed this method of doing business into a well-
in the City of New York, who was
against the hank by Mr. Legniti to
In the action brought
the
Court
money
judgment
gave
clusions
on
Judge
of
Platzek
State
the
Supreme
basing his con¬
for the defendant,
authority of a previous Appellate Court de¬
the
the Ap¬
Notwithstanding its findings in that case,
cision.
Division decided
pellate
that the bank should return the
of Mr. Legniti's deposit on the ground that
amount
But Justice Shearn
fund.
it had
specific purposes, and hence became a trust
been paid for
wrote a dissenting opinion.
An
appeal was taken to the Court of Appeals, which has now
reversed
the Appellate
Division and sustained Judge Plat¬
Court of Appeals,
written by
unanimously concurred in.
The opin¬
The conclusions of the
zek.
Justice Crane, were
ion of the Court appears as
follows in the "New York Law
y
Journal":
best rate for the transfer of 18,000 lire to
of Feb. 101914, he made his
bank having a
a
and finan¬
usually represented by draft or check.
sents the
a
credit with a correspondent in a foreign country will sell
such correspondent, to a purchaser who de¬
foreign payment.
The draft is not the credit, but repre¬
credit, or, in other words, it is a notification to the correspondent
directed.
The draft is a
It is simply used as
such.
The money paid the bank by the putchaser of the draft becomes the
bank's money.
The transaction is that of purchase and sale.
No trust
relationship is established (Taussig v. Carnegie Trust Co., 213 N. Y., 627.)
or
foreign representative to pay the money as
direction to pay.
This practice of
It is not itself money or credit.
seling credit by means of drafts or checks grew up among
merchants and bankers with the expansion
With
commerce.
the increase
international relationships
of selling credit to be
the development of
Thus the custom has developed
established by cable or wireless.
not receive a draft or check
A purchaser does
which is to be transmitted by mail, but pays for
credit, which will be given him in the foreign country by an
cable
wireless from the seller to his correspondent at the
or
The thing
as
of trade and the necessities of
of foreign trade and
The
immediate
foreign point.
sold is the same in the case of the cable or wireless transaction
in.the case of the draft or check.
means
of establishing or
of the transaction.
It is the credit of the bank or seller.
transmitting the credit is simply an incident
In the one case it is a formal paper drawn up and
signed
make payment of the
In the other case it is a similar
by the seller directing his foreign correspondent to
amount and to the person
direction
mean a
transmitted
by
therein stated.
cable
or
wireless.
on
transfers,
therefore,
method of transmitting money by cable wherein the seller engages
that he has the balance at the point on
that
Cable
which the payment is ordered, and
correspondent at such
described in the cable.
All
receipt of the cable directing the transfer his
point will make payment to the beneficial
I need this money to reach Naples
plaintiff's office
&
Co.,
day
Lire
shall attach to
sequence
other
$3,462.37,
be forward by cable from New York.
cabling, $1.24—$3,463.61; paid
ck.
Payments required in cash
Bolognesi & Co., Maselli.
executed after
liability
in con¬
mistake in transmitting this message or for any
cheques, otherwise order, if accepted, will be
certified
or
Bolegnesi
Banca
Mr. Angelo Legniti, bought of A.
Cable transfer to Italy to pay by cable to
5:19 7-8,
18,000 at
A few
bill which reads as follows:
a
52 Wall St.
3,450 (cash 13.61).
Caesari Conti
tomorrow."
boy from Bolognesi & Co. brought
a
Commerciale Italiana, Napoli, advice to
It is fully understood and agreed that no
of
us nor
delay or
any
beyond
cause
correspondent for any loss or damage
to our
our
control."
Thereupon the plaintiff delivered to the messenger a certified
check for
This check was
in the Mechanics
& Metals National Bank of New York, collected and credited to the account
of the depositor.
The cable credit was never transmitted, as on the 11th
day of February A. Bolegnesi & Co. made a general assignment for the
benefit of creditors.
Later, in March of 1914 a petition in bankruptcy was
filed against them, resulting in the election on the 14th day of August 1915,
of the trustees, parties to this litigation.
On the 10th day of Feb. 1914,
the firm of A. Bolegnesi & Co. was indebted to the defendant the Mechanics
$3,450 indorsed to A. Bolegnesi & Co. and $13.61 in cash.
deposited the next day by A. Bolegnesi & Co. in its account
& Metals National Bank of New York in the sum
of $51,329-90 for moneys
and notes.
There was a
balance on deposit with the defendant the Mechanics & Metals National
Bank of New York to the credit of A. Bolegnesi & Co. of $18,985.05, which
advanced,
was
secured
discounts,
by
acceptances
increased by the deposit of the
Bolognesi &
Co. and
$6,241.65 in
reduced by three checks
plaintiff to A.
This amount was
check delivered by the
addition thereto.
aggregating $732.94.
As against this balance due
offset under the
above stated.
has been brought by Angelo Legniti upon the theory that
Bolegnesi & Co. became his agents for the sending of 18,000 lire to
its depositor the
defendant bank claims the right to
Bankruptcy Law the indebtedness of A. Bolegnesi & Co. as
This action
A.
Naples, Italy, and that
as
the money was not sent he may recover
the bank into whose possession
it, charged with
was
a
trust to pay
It
"Q. As I
given number of American dollars a certain
understand it,
you
sold for a
number of lire to be delivered in Italy to
That
was
somebody else?
A* To be trans¬
Q. That was the transaction in
ferred from my account.
A.
evidence here of any trust.
Alessandro Bolognesi in his examination as follows:
stated by
matter?
it from
The bank, he claims, holds
it to him; it is his money, he says, as he never
it can be traced.
We do not think there is
lost title to it.
this particular
Q. What is the difference
lire credit in Italy? A.
the regular transaction.
between that and the sale of a draft for so many
Only that the draft is advised by mail and this is
communication by cable and wireless met the
insistent demands for haste and dispatch.
a
to the
Bolegnesi
send the cable immediately,
know, on account of the failure of
as you
overdrawn.
am
minutes before 6 o'clock on that
Thus
its draft or check, drawn upon
sires to make
for me to Italy on condition that you
to-night, because,
I
arrangements for this purpose with A.
representatives: "I give you the order to cable this
He said to their
money
to
Crane, J.—It has long been an established custom among banks
cial institutions to sell credit,
several banking houses in New York to obtain the
Naples, Italy.
On the afternoon
He applied to
at once.
in arrears in Naples on account of the
place
Caesari Conti and needed to transfer some money to that
one
collection of cheque.
established custom have never treated them as such.
recover
The plaintiff was
"New York, Feb, 10 1914.
deposited with banks upon the purchase of credit are trust funds held for
certain and
specific sum
Bolognesi were co¬
February of 1914 Alessandro Bolognosi and Aldo
Bolegnesi & Co.
failure of
»
rule that in a case like this the claimant becomes a pre¬
a
a
The facts, there¬
right of recovery.
fore, must be briefly stated to determine this question.
& Co.
by the bank to offset sums to which the
plaintiff's agent,
It is frankly conceded by the attorney for the respondent that
the former the plaintiff has no
partners doing business in the
intended for the purchase of foreign exchange,
niti, money
Legniti and A. Bolognesi & Co. a purchase
of credit or the direction to transmit, as the
of money?
if it be
and banks has
In the case now before us was
difference; so have the courts.
a
the transaction between Angelo
Bank of New York should refund to Angelo Leg¬
National
is done by the sender in both of these cases
not be the same but the practice of the merchants
may or may
FUNDS.
The amount paid varies with the
specific credit which is to be purchased.
market.
It will be noted that the bill
of Feb. 10 above quoted, upon
stated
that
he, Mr.
advised by cable."
presented to the palintiff late in the afternoon
which the plaintiff parted with his money,
Angelo Legniti, bought of A. Bolegnesi &
Co. cable
This
Naples
after being exchanged for lire.
It was a case of 18,000 lire being needed
in Naples and the purchase of A. Bolegnesi & Co.'s credit with the Banca
transfer to Italy— to pay
was
not the case of
a
by cable to Banca Commerciale Italiana.
specific sum of American money being sent to
Commerciale Italiana for this amount, which credit was to
for the benefit of
Legniti.
Commerciale Italiana for Legniti.
10
It was A. Bolegnesi & Co. who on Feb.
1914 had either money or credit at the Banca
Naples, the
use
be used by and
The money was not to be sent to the Banca
of which for compensation was
Commerciale Itliana of
sold and transferred to the
plaintiff.
We are
naturally impressed, as anyone must be, with the fact that
the
plaintiff gave his money to establish a relative value or worth in Naples,
and that the receiver kept
this money the
the money and did not deliver the value, and that
bank now holds.
Why should not the plaintiff get it back?
Upon the failure of A.
Bolegnesi & Company many
existence besides this of the
far
claims sprang into
plaintiff, and it is the duty of the courts as
possible to adjust these relationships according to well
as
Bank of New York also had given
S51,329.90.
establish
claim for
were also many other claimants to the assets.
To
in a case like this plaintiff becomes a preferred creditor,
$663.36 as against $619.77 the previous
was
There
that the transaction is in the nature of a trust, and that checks
with banks upon the purchase of credit are trust
INCREASE
funds held for certain and
method of doing business into a
who have developed this
when those
well-established
custom have never treated them as such.
,
hat of the trial court
Division.
oncur.^;^
of
and Andrews, JJ.
271
the
State of New York
779,000,
;
Hiscock, Ch.J.: Hogan, Cardozo, Pound, McLaughlin
Dee.
Dec. 31, 1920, totaled more
of the .State
1920 has set a new record in the his¬
growth and progress of mutual savings banks in
According to the Savings Banks Association
the amount
The phenomenal increase in
the United States.
during the year 1919 was equalled and
surpassed,
amounted to $437,215,815.74,
for while the increase for 1919
$474,760,884.84 exceeded it by
the increase for 1920, namely
great Influence in the promotion and develop¬
1918, was 9.45%.
eighteen States in which
December 31, 1920 ,there
was on deposit in the 619 strictly mutual institutions in the United States,
$5,442,044,674.27.
In five States it is not customary to give in banking
reports separate totals for deposits in mutual savings banks.
For ex¬
ample, New Hampshire reports ordinarily include figures for the fourteen
savings departments of trust companies and the eleven guaranty savings
banks in the State.
The total just given, however, obtained by special
reports, represents the deposits in only mutual institutions.
For the sake of comparison, however, since separate figures for Decem¬
ber 31, 1919, were not obtainable, the table printed herewith includes fig¬
for
ures
banks show that
mutual savings
are
the
Vermont,
For
1919.
31,
on
December 31, 1920, and
of other banks for both
small number
a
December
in the savings
deposits
depart¬
included; for Minnesota, two
stock savings banks; for Pennsylvania, one stock savings banks; for New
Jersey, one stock savings banks, namely, the Paterson Savings Institution.
of
ments
thirty-eight
trust companies
fact that the dates of
Because of the
For example,
unobtainable.
October 31,
of
the figures for Massachusetts
1920; those for Minnesota, as of November 15,
December 29, 1920 ; West Virginia, January
ana,
No.
are
1920
Increase
$
5,863,100
Increase
1919.
%
5.84
Incr'se
1919.
$
5,314,020
rust
;
responded to the requests of our Government for assistance during the war.
"It is to be noted that there are savings and loan associations in 51 of
the
5.59
144,317,229
9,317,229
Connecticut..
Massachusetts
action
will
"No
8,000,000
in
2,112,637,421
York...142 2,532,652,512
7,26
10.01
147,995,467
7.53
New
Jersey
(incl.
bank)
9,631,635
26,435,791
80,420,778
7.65
7.77
137,160,914
L50
Pennsylvania (incl.
stock bank)
265,256,713 11.69
225,384,694 11.03
19,549,223 10.62
20,336,233 12.42
1
203,582,394
27
1
10
Maryland
306,677,202
2
Delaware...
19,065,071
124,603,722
17
198 3,186,580,901
Vlrgnia
19,976,902
1,123,060
6.96
6.26
19,077,669
1,645,619
4,192,616
3.48
310,098,514 10.78
2,185,219
1
7.12
10.09
279,036,231
10.74
135,979
7.48
231,440 11.84
3,802,657
5.66
1,017,048
6.77
939,219 25.66
Ohio
3
70,956.137
Indiana
5
16,040,743
Wisconsin
3,959,479
6.26
1,025.482
7.32
886,857 31.99
6
(Incl.
4,598,909
9
57,008,975
5,092,942
9.81
10,719,912 26.02
23
stock
1920,
sidered
the
was
that
fact
^
The
Dec.
31,
to
combined
based
for
a
were
148,604,764
10,851.938
7.87
16.591,730 13M
1
72,473,123
12,908,476
4,150,949
6.07
1,432,577 12.48
301,132
.44
3,989,830 53.29
2
85,381,599
5,583,526
4,290,962
Total United States..686
5.535.389,904
Pacific States—
■
California
1
Washington
credit
1920
year
"The total
which
The total expenditure
the
decrease
a
year.
accumulated
■
$522,809,
This is due
of the Land Bank, as of Dec. 31, 1920, were
resources
shows
of
as
prescribed in Section 390 of the Banking Law was
expenses
the beginning of
at
part of
amounted
$32,538, which is equal to $8.06 for each thousand dollars of
capital
a
to $5,524,274 which,
accumulated capital at the beginning of the year,
the
for
earning rate of 6.08% per annum.
average
operating
$28,980,-
funds of all savings and loan associations
$5,367,569.
earnings
the amount of
an
paid to share¬
was
guaranty fund for the protection of their shareholders.
the previous
from
of $73,03 9.
year
entirely to the fact that the Land Bank has not been able to market its
bonds
under
conditions
present
as
the
return
revenue
does not compare
other securities which are exempt from Federal taxation.
these bonds were exempted from Federal taxation, it would materially
the
assist
Land
the
and
Bank
savings
associations
loan
and
which
it
serves.
"The
Dec.
total
resources
their
institutions
members
the
of
State,
increase of
an
reported
as
$1,149,366
over
the beginning of the year.
are
and
Unions
$2,303,871,
amounted to
1920,
31,
"These
Credit
the
of
organized for the purpose of making small loans
the
serve
needs
small
of
borrowers
who
were
for¬
the
De¬
merly the victims of the so-called 'loan sharks.'
the
"During
partment.
nineteeA
Credit
Unions
Metropolitan and New
have
Legislature
a
authorized by
were
'.V.:
Associations
the
year
.
v;''.
York
proposed and had
State
Leagues
introduced in
•
■'
-V:-v
of Savings
and
the present
number of minor amendments which
are
Loan
session of
based principally
the provisions of the savings bank article of the Banking Law.
Department has appeared before the Legislative committees in
This
support of
the bills.'v
J. DREHER ELECTED
HAROLD
474,760,885
6.99
(L38~
437,215,816
Note.—619 mutual savings banks, 11 guaranty savings banks,
banks and savings departments of 52 trust companies.
5.68
~9A5
4 stock savings
VICE-PRESIDENT
OF
FEDERAL INTERNATIONAL BANKING CO.
Harold
J.
Dreher, formerly Assistant Cashier National
City Bank of New Y^ork, and later First Assistant Requisi¬
tion Officer of the American
2
banks)
there
period,
same
v
guaranty
1920,
net
on
shows
.
institutions, like savings banks, are required to
"These
their earnings
"The
the
during
shares and withdrawal of dues and dividends
54!.
12,592,016 11.67
Middle Western States—
Minnesota
membership during the year was 40,175 and the increase
holders for matured
Southern States—
West
year.
The total number of members as of
249,174 and the shares outstanding 2,871,392.
"In connection with the increase in resources, there should also be con¬
upon
stock
,
closed by the Superintendent of
loan association was
and
outstanding shares was 520,702.
Dec. 31,
6.29
7.358,690
Eastern States—
New
associations were authorized by this
pending upon which favorable
new
undoubtedly be taken.,
during the
"The
462
fourteen
year,
savings
Banks
to
113,568,351
15
116,585,351
80
425,399,744
...196 1,206,546,997
58
Rhode Island
0.90
4,975,053
4.58
10,813,005 10.22
24,793,775
6.19
92,233,305
8.28
38
incl.
the
the amount reported at
savs.
cos.)
State.
counties of the
62
Department and there are several applications
%
New Hampshire (lncl. 11
banks
and 14 trust cos.)
70
members and at the same time
which these associations have assisted their
If
Ratio of
Increase
1920.
1920.
New England States—$
Maine
43
106,219,752
Vermont
requests of their members for mortgage
favorably with
Ratio of
Dec. 31
1920.
as
Indi¬
;
10, 1921.
Deposits
of
Banks.
Slate.
guaranty
loans before making other
investments.
Of their total resources as of Dec. 31, 1920, there were in¬
vested in mortgage loans $102,167,041.
Their bond investment account
on the same date amounted to $4,466,230, which is made up almost wholly
of Liberty and Victory' bonds.
These figures show the great extent to
reports by the banks to the banking
1920, are prac¬
associations to first
provisions of the Banking Law require these
meet the
are
departments vary, figures for all States for December 31,
tically
(the greater part of whom are
by assisting the members
"The increase in
Reports from the Banking Departments of the
there
thrift
"During
Although the actual volume of increase in deposits was considerably
greater in 1920 than in the previous year, the ratio of increase showed a
very slight slackening up for the country as a whole.
9.38% was the 1920
increase over December 31, 1919, while the 1919 increase over December
31,
of
"The
The statement goes on to say:
$37,545,069.10.
reported on
wage-earners) in building and buying homes.
of New York, the year
of deposits
the
than 115,-
Superintendent McLaughlin in his report
1919.
"These institutions exercise
ment
loan associations of
and
savings
on
_''
says:
SAVINGS DEPOSITS IN 1020.
Y. McLaughlin, the re¬
George
increase of $15,520,000 over those
an
31,
\v ■'■.■v---'
Judgment accordingly.
LOAN
York State
According to the annual report of the New
Superintendent of Banks,
sources
,
Appellate Division must therefore be reversed and
affirmed, with costs in this court and in the Appellate
The judgment of the
OF SAVINGS AND
RESOURCES
IN
ASSOCIATIONS OF NEW YORK STATE.
deposited
specified purposes, is apt to lead to much confusion, especially
tory of the
estate bonds and mortgages.
invested in real
was
value to A. Bolegnesi & Company and has a.
rule that
a
000
1920,
According to the Savings Banks Association $128,000,-
year.
The Mechanics & Metals National
The average deposit per depositor De¬
date in 1919.
same
c-ember 31,
established
principles, usages and customs.
money or money
[Vol. 112.
CHRONICLE
THE
1226
and
more
Expeditionary Forces in France,
recently connected with the Foreign Commerce
Corporation of America, organized by J. P. Morgan & Co.,
has been elected Vice-President and director of the Federal
International Banking Co. of New Orleans, the new foreign
trade
bank
recently established
under
his
new
position at
the
Edge Act by
Mr. Dreher will
twelve hundred Southern banks.
assume
As stated in these columns Feb. 26
once.
(page 789) Archibald Kains has been elected President of the
Federal International
INCREASE IN NUMBER AND ACCOUNTS OF SAVINGS
1920.
BANK DEPOSITORS IN
First Vice-President;
Banking Co.; Thomas J. Caldwell is
Haynes McFadden is temporary Secre¬
tary, and A. F. Jennings is Assistant Secretary.
Two savings banks' records were shattered in 1920 when,
according
to official
figures made public by
Banks Association of the State of New
the small
savers
of the Empire
York,
the
on
State added $265,256,712 to
NEW
this
by more than 159,000.
year
At the close of business December 31,
resources
of the
State aggregated more than
of
per
open
accounts
141 savings banks in the
$2,730,000,000, and the number
totalled 3,817,926.
The
inhabitant, December 31, 1920, based
figure of 10,385,227 was $243.87
as
on
average
the 1920
against $218.36
deposit
census
on
the
YORK
The Stock Exchange
their accounts and the number of depositors was increased
1920, the total
SUSPENDED FROM
EINSTEIN, WARD & CO.
Savings
March 14,
city,
was on
STOCK EXCHANGE.
house of Einstein, Ward & Co., of
Thursday of this week suspended for one
from membership on the Exchange.
It is said that the
Governing Committee of the Exchange, through one of its
sub-committees,
had conducted
an
affairs of the firm with the result,
firm
was
investigation into the
it is understood, that the
formally charged with violating the following reso¬
lution, adopted on Feb.
13 1913:
March 26
The
1327
1921.]
acceptance and carrying of an account for a customer,
member
stitute
improper
either
The
a
legislature of five States, namely, Mississippi, Louisiana,
kota, Georgia and Alabama, have enacted laws for the express purpose of
detrimental to the interest and welfare of the Exchange; the
preventing the Federal Reserve Banks from collecting, at par, checks drawn
on
the banks located in those States.
The Mississippi law purports to re¬
customer's securities by a member or his firm is an act
use of a
not in accordance with the
just and equitable principles of trade; reckless or
unbusinesslike dealing is contrary to just and equitable principles of trade.
quire all banks within the State, including national banks, member banks,
non-member
and
banks,
by
DWIGHT
DIRECTOR
AS
NAMED
DAVIS
WAR
OF
Dwight F. Davis, of St. Louis, Mo., was
appointment by President Harding as a direc¬
tor of the War Finance
The
similar
Corporation.
of
COLLECTION CONTROVERSY.
its annual report
the
controversy anent the par collec¬
progress
Reserve
has been made during the year in the
check clearing and collection system.
south
During the
Arkan¬
South Dakota, Washington and Oregon
States in which all banks on the par
Reserve Banks.
On January 1, 1920, checks on all
Arizona, Wisconsin, Minnesota,
sas,
—have been added to the number of
lists
the
of
Federal
could be collected at par
through the Federal Reserve Banks.
On January 1, 1921, checks on all but
1,755 of the 30,523 banks in the United States could be thus collected.
These 1,755 banks are all located in the following seven States of the
Southeast: Tennessee,
South Carolina, Louisiana, Mississippi, Alabama,
Georgia and Florida.
Consequently, every bank in 9 of the 12 Federal
Reserve districts is on the par lists, the three districts in which there re¬
main any non-par banks being those of Richmond, Atlanta and St. Louis.
This development in the check clearing and collection system has been
accomplished in the face of continuous opposition on the part of some
of the 29,557 banks in the United States
but 3,996
collection
are
well organized and their
are
It
banks.
is evident that as the merits
In order to
of par
becoming more widely known fewer banks are participating
opposition, but the banks which continue to oppose par
the
in
non-member
and
member
collection
opposition appears to be as vigorous as ever.
present clearly the issue involved in the controversy over par
development of the
That history is
given at some length in the letter of the Governor of the Federal Reserve
Board, dated January 26, 1920, to the President of the Senate in response to
Senate resolution No. 284 of January 19, 1920.
This letter was printed as
it is necessary to review the history of the
collection,
check-collection
the Federal
under
system
Senate Document No.
Reserve Act.
they
as
purport
Board
that this
is
June
21,
1917, provides that Federal
receive on deposit "checks and
Reserve
drafts payable upon presenta¬
tion," the checks which those banks are authorized to receive on
deposit not
being limited, as they were prior to the amendment, to checks on "solvent
member banks."
The proviso at the end of the first paragraph of section
reads:
13
nothing in this or any other section of this Act shall be construed
"That
prohibiting
as
member
a
non-member bank
or
from
making reasonable
charges, to be determined and regulated by the Federal Reserve Board, but
in no case to exceed 10 cents per $100 or fraction thereof, based on the
checks and drafts and
ment of
but
collection or pay¬
remission therefor by exchange or otherwise;
drafts presented at any one time, for
total of checks and
against the Federal Reserve Banks."
such charges shall be made
no
by the Attorney-General, and as recently held by the United
Circuit Court of Appeals, Fifth Circuit, these provisions prohibit
As construed
States
the
Federal
from
Banks
Reserve
paying exchange
charges to member or
non-member banks.
that if Federal Reserve Banks in their capacities as clear¬
It is apparent
to render full service to their member banks, they must
clear checks drawn on all banks including those non-member banks, now
ing houses
in
few
has
are
number, which decline to remit at par.
Consequently, the Board
approved the action of the Federal Reserve Banks not only in soliciting
also in collecting by presen¬
at the counter checks drawn on non-member banks which decline to
non-member banks to agree to remit at par but
tation
at par.
remit
Opposition
on
concrete
ous
the part of the banks against par collection has taken vari¬
Since Federal Reserve Banks cannot pay exchange
forms.
charges, when non-member banks refuse to remit at par the Federal Re¬
serve
Banks have no choice, if they are to collect the checks drawn on
suitable
selected agents.
These agents may be employees of the
or may be banks, express companies, or any other
through
Federal Reserve
Banks
Reserve
Banks
take
to
liance
have
various
obstacles
in making
as
the tender of payment in a manner calcu¬
much time
as
as
possible,
or
the refusal of payment in re¬
agent to find a notary public willing to make
the inability of the
on
encountered
such
presentation of checks,
lated
The employees and agents of
in the same town.
agents located
Federal
the
banks, but to make presentation of such checks at the
non-member
those
counters
The Board has been advised of one instance where a duly ap¬
pointed agent has within a few days after appointment given notice to the
Federal Reserve Bank that he would no longer act as agent for fear of
protest.
injury to his business.
Other
of
banks, including some member banks, have resorted to the device
stamping legends
valid
not
On
if
their blank checks to the effect that the check is
made through the Federal Reserve Banks.
January 22, 1920, a number of non-number banks filed a petition in
Ga., for an injunction restraining
Federal Reserve Bank of Atlanta from collecting checks drawn on the
the
of Fulton County,
Superior Court
the
plaintiff banks in
was
of
decision
Court
case
any
manner
transferred to the United
trict
of
has
the
the district
court
through the mails.
was
The suit
Court for the Northern Dis¬
the complaint upon the merits.
The
by the United States Circuit
affirmed
the Fifth Circuit on November 19, 1920, and the
been appealed to the Supreme Court of the United States.
The
Appeals
now
other than
States District
which dismissed
Georgia,
of
restraining
of
on
presentation is
order,
for
obtained
by the plaintiff banks at the commencement
pending the appeals to the Circuit Court
suit, has been continued
Appeals and the Supreme Court of the United States; and this accounts
in large part for the fact that no material progress has been made by
the Federal Reserve Bank of Atlanta in adding to the number of banks
of
whose
checks it
can
collect at
par.
account of the refusal
such refusal is based alone on the
The Federal Reserve Board
banks, and State banks which have
to make exchange charges against
opinion
no
the constitutionality of the
to
as
they purport to affect non-member State banks, believing
as
question which can be settled only by the courts.
Prior to
of the South Dakota and Louisiana laws, all banks in South
a
the enactment
Dakota, and in that part of Louisana which is located in the Eleventh Fed¬
eral
District, had been placed upon the Federal Reserve Bank par
Reserve
lists, and the Federal Reserve Banks of Minneapolis and Dallas have since
the enactment of those laws continued to receive for collection at par all
drawn
checks
In
those banks.
on
Board's attention was called to certain charges
February the
made
by State bankers in Nebraska that employees of the Omaha branch of the
Federal
Bank
Reserve
had
and
used
Kansas
of
City had acted in an unseemly manner
methods in
oppressive
the presentation
of checks on non-
The Board held
member banks.
hearings on February 24, 25 and May 5
to inquire into these alleged acts and methods, at which hearings the
Federal
Reserve
Bank officials and employees involved were examined
under oath and denied the charges in every particular.
The hearings were
attended
by
bankers
delegation of Congressmen from Nebraska, and the State
charges and their witnesses were also invited to be
a
making the
of
For the convenience
present.
committee
members hold
its
of
submitted in
In
specific charge of improper
support of the charges consisted of a series of affidavits#
was any
the Omaha branch substantiated.
the part of an employee of
on
all the circumstances, and at
view of
In
hearing in Nebraska.
in the Board's opinion,
instance,
no
conduct
latter the Board offered to have a
No witnesses on
produced, however, and the only evidence
the
a
behalf of the State bankers were
the request of some of the op¬
this
Banking and Currency Committee of the House of Repre¬
persistent oppo¬
In this letter the Board called attention to the
sentatives.
sition
to
Banks
were
collection and
par
encountering,
the obstacles which the
to
be
to
collection of checks should continue
with a view to recommending
Federal Reserve Banks,
of
function
a
further amendment to
standing in the
Banks by
the
for
par
which would either remove the obstacles
collection at the present time or permit both
against the Fed¬
such charges, of course, to be reimbursed to the Federal
the banks sending the checks for collection.
par
collection of
attention of Congress, not
it brought the matter to the
checks, and
because of any doubt on its part as to the effect
law, but because the issue involved the propriety of the legislation
the
of
law
thoroughly convinced of the advantages of a universal sys¬
The Board is
tem
of
way
the
non-member banks to make exchange charges
eral Reserve Banks,
Reserve
itself.
The
occasion to point out that in their
has frequently had
Board
origin exchange charges were justified on account of the
the
Federal Reserve
and suggested that the committee might deem
it advisable to consider whether the par
a
Con¬
for such action as that body might care to take.
In accordance with
determination the Board on May 5, 1920, addressed a letter to the
member and
;
.
System,
Reserve
obtained
has
far
so
chairman of the
of
on
Banks.
Reserve
laws in
require national
to
Federal
the
joined
provides that the Federal Reserve Board may act as a clearing house for
Banks and may require those banks to act as clearing
houses for their member banks.
Section 13, as amended by the so-called
the Federal Reserve
amendment"
such non-payment is
position that these laws are clearly unconstitutional in so far
gress
may
whatso¬
but merely
pay
cash item, when
such
pay
provisions of the Federal Reserve Act which relate to check clearing
and collection were last amended by the Act of June 21, 1917.
Section 16
Banks
agency,
ponents of par collection, the Board concluded to present the facts to
"c"
184.
The
"Hardwick
other
exchange, and the laws of Mississippi, Louisiana
further provide in terms that "there shall be no right
to
Dakota
to
The
development
States—Virginia, West Virginia, Kentucky, North Carolina,
11
year
any
not mandatory,
action, either at law or in equity, against any bank in this State for a
refusal
Federal
checks, and we take therefrom the following:
Federal
are
ground of the non-payment of such exchange."
the Federal Reserve Board devotes
considerable space to the
Substantial
other States
the four
any
agency
has taken the
of
and remitting"
The laws of Mississippi, Louisiana, South Dakota and
officer of the respective State from protesting any
prohibit
such
any
of
tion of
of
charges.
Alabama
and
In
collection agency, or by
any
or
laws
check for non-payment, when
FEDERAL RESERVE BOARD'S REVIEW OF PAR
THE
collecting
"for
purport to give to all banks within the respective State the right to make
On March 23
a recess
company,
ever."
FINANCE CORPORATION.
charges
bank, banker, trust company, Federal Reserve Bank, post-office, ex¬
any
press
make
to
presented to the payer bank for payment through or
cash items which "are
given
South Da¬
non-member, without proper and adequate margin, may con¬
or a
an act
actually transporting currency,
high cost of,
conditions
those
charges
can
necessity for, and
but that under existing
be justified upon no scientific or economic
principle, since the payment of checks at places other than where the drawee
banks are located involves little expense and that is borne by the Federal
Reserve Banks.
Even the banks which decline to remit at par to the Fed¬
Reserve Banks
eral
receive the benefits of the Federal Reserve
check-clear¬
collected through a
correspondent bank which is a member of the Federal Reserve System al¬
though they contribute nothing to the strength of the system.
To the extent
that the practice of charging exchange is continued under the operattion of
the Federal Reserve System, it is an anachronism which permits the charg¬
ing banks to impose a charge upon commerce and industry after they have
ceased to perform the service which in former times justified the imposi¬
tion of such a charge.
In this connection the following is quoted from a
letter dated April 1, 1920, address by the Board to a United States Senator:
ing facilities by having the checks which they receive
"Since the establishment of the Federal Reserve
Banks the cost of trans¬
ferring balances from one section of the country has been almost entirely
Each Federal Reserve Bank carries a portion of its gold reserve
eliminated.
in
gold settlement fund, which is kept in the
a
and there is
Board for all
fund
is
Treasury at Washington,
daily telegraphic clearing conducted by the Federal Reserve
12 banks and for their branches.
The amount of gold in the
a
practically
a
stable quantity, but its ownership varies from
day
different banks. Trans¬
banks and also for
non-member banks through the medium of member banks, by telegraph
without any charge whatever to the member bank or its client, all costs
being borne by the Federal Reserve Banks.
Thus a bank in Wisconsin, or
California, Maine or Texas, can secure an instantaneous transfer to any
day, according to the debits and credits to the
to
fers
are
one
of
the
branch
sum
made
by the Federal Reserve Banks for member
Federal
12
Federal
total
of
Reserve
Reserve
these
fund above referred
Banks
transfers
to.
is
cities
or
to
the 20 cities where there are
without
any
settled
daily
The Federal
expense
whatsoever, and the
settlement
through the gold
Reserve Banks pay all costs of trans¬
porting currency to or from their member
banks, as well as transportation
sent them by non-member banks in payment of checks.
"The. total volume of transactions through the gold settlement fund in
charges
the
on currency
1919
year
cluding the
was
expense
approximately $74,000,000,000, and the total cost,
of the leased wires, was about $250,000.
in¬
This cost
borne
by the Federal Reserve Banks and does not represent any expense
whatever to the member banks or their Customers.
Thus it will be seen that
was
the basic cost of making
cent
for
amount
expense
entire
each
domestic exchange in the year 1919 was 0.3 of a
$1,000 transferred.
A charge of 10 cents per $100 on the
through the gold settlement fund would have involved an
cleared
of
$1
amount.
for each
$1,000 transferred,
or
about $74,000,000 for the
[Vol. 112.
THE CIIKONICLE
1328
"The intradistrict
clearings made by the Federal Reserve Banks,
eliminat¬
amounted to about $185,000,000,000, and the total ex¬
pense of these transfers was borne by the Federal Reserve Banks.
Had the
Federal Reserve Banks been obliged to pay for these transfers at the Tate of
10 cents per $100, it will be seen that the total expense would have been
ing duplications,
amount is far in excess of the total earnings of the
been absorbed by them.
$135,000,000, which
On
lars which had
stantial
such transactions, which
increased since the discontinuance of the subtreasuries
further
volume of
and
number
the
in
have
been
with
which the bulk of such deposits
$135,000,000."
at least
Act
Reserve
impose
Federal Reserve par
vigorously
developing and maintaining the
collection system, while the opponents of par collection
it the
upon
duty of
The opinion of the United States Cir¬
the contrary view.
urge
the Federal
Board believes that the present terms of
The Federal Reserve
previously referred to, decisively upholds the Board's
cuit Court of Appeals,
of fur¬
binding
all parties the final interpretation of Section 13 of the Federal Re¬
Act by the Supreme Court of the United States.
Consequently, unless
point of view, and, Congress having taken no action in the matter
ther legislation on the subject, the Board will, of course, regard as
upon
serve
court
that
the decision of the United States Circuit Court of Ap¬
reverses
that Congress desires the Federal Reserve
heretofore, to develop
will assume
the Board
peals,
Board and the Federal Reserve Banks to continue, as
during the year ag¬
$73,984,252,000 in 1919, $50,$5,533,966,000 in 1916, and
$1,052,649,000 in 1915, making a grand total of $250,602,968,000 since
the operation of the fund was begun on May 20, 1915.
A comparison of
the amounts of the average weekly settlements shows clearly the growth
251,592,000 in 1918, $27,154,704,000 in 1917,
of the volume of transactions.
Average Weekly Volume of Clearings and Transfers.
bank, might constitute an actionable wrong and one that might be
prevented by injunction, we do not think the amended bill presents any
such case.
There is no specific charge in the bill of any threat to present
the checks
accumulated
in any
oppressive
or
manner,
on
which a court of
Nor does the bill charge the appellee
with acting from a merely malicious motive, if that is material.
It
aver that the purpose of
the appellee was to compel the appellants
equity would be justified in acting.
bank
does
to
accept the lesser of two evils and to remit at par for checks drawn upon
borne out by the exhibits, which it is not, it would
If this charge was
it.
not constitute
legal duress,
which
on
a
legal complaint could be predicated.
system of universal par clearance
The exhibits show that the adoption of a
banking policy,
The adoption of
appropriate means of the appellee bank to accomplish this end cannot with
any propriety be attributed to malice on its part against appellants and
other banks in like condition.
Nor does the adoption of the method of
was
advocated in good
and
as
well
faith by the appellee bank
as a proper
by Congress and the Federal Reserve Board.
presenting checks over the counters of the drawee bank imply an attempt
coerce them into becoming member or depositing
banks.
The Federal
to
Bank
Reserve
interested
was
its member and
to
supply
clearance
universal
a
1,422,774,000
1919
1918
—
1917
106,422,000
31,898,000
1915
the
For
clearings
that
of
transfers
drawn.
If drawn
upon
the checks and remittance of the proceeds
checks
such
collect
by
presentation
reasonable to
therefore
in
payment
inetrest
of
October 15,
due
through the mails.
that its declared
suppose
It could only
to the drawee bank.
purpose
It is
of making such
established.
Extraordinary transac¬
settlement fund operations include
payments covering the sale and re¬
was
the
gold
with
connection
When
without the
gold
fund
the banks,
total
wires and
salaries
This represents
generally
imposed,
SECRETARY
Reserve
districts.
have
would
A
WAR
OF
AND
WEEKS
depositing
banks
with
it.
It
constituted
essential
an
of War John W. Weeks and
the
in
addressing
that
fact
dealt with by Secretary
were
Joseph W. Fordney, Chairman
Chamber
the
its
meet
of
Commerce of
March 19.
on
Government
the
months will have to
to
CONGRESSMAN
Ways and Means Committee of the House of Repre¬
sentatives,
without
step
AND
PROBLEMS.
TAXATION
to
or
the
GOVERNMENT'S FINANCIAL
ON
ing facilities to its member banks, arid was not for the purpose of injuring
which universal par clearance was not possible of accomplishment."
$100, if
Treasury and
cents per
to
expense
an
Pittsburgh, at its annual banquet
destroying the drawee banks, or of coercing them into becoming member
leased
$370,000.
charge of 10
involved
The Government's finances
of the
to the
value
entire cost of the
country of $92,625,000.
FORDNEY
I
incalculable
of
including the
accountants, was approximately
of the
commerce
been
the public.
and
the basic cost of effecting the domestic exchanges between
Federal
several
the
of
dollar of gold, it will be seen that the
a
operation,
of
expense
credits were
of the leased telegraph wire system
have
operations
transfers of gold
enormous
means
physical movement of
Government,
the
that these
instantaneously by
settlement
The
October 15, 1920.
it is considered
made almost
the
loan issues
the redemption of Anglo-French
presentations was in furtherance of its policy of furnishing complete clear¬
or
15, transfers incident to
$6,000,000,000 Liberty
approximately
on
and transfers incident to
bonds maturing on
a
person
transfers
affecting
in
of $2,271,555,831.55 for
record .figure
demption of Treasury certificates on October
at par for
non-member and non-de¬
positing bank, which refused to remit at par, it was disabled under the
statute from handling such checks through the method of transmission of
whatever banks
the
15-21
and
week
funds
of
ing from its member and depositing banks all checks tendered it by them
upon
October
week
combined
tions
,,
522,206,000
It could accomplish this only by accept¬
depositing banks.
1,015,399,500
—
1916
collection system:
drawee
$1,793,584,000
1920
of course, be regarded as
The following extract from that opinion sustains in every re¬
unnecessarily
and maliciously injure his neighbor, even though his act is otherwise lawful, is also invoked.
Conceding that the accumulating of checks, and their
presentation, when accumulated, with the intent to embarrass and injure the
simplify interoffice accounting.
gregated $92,625,805,000, as compared with
Circuit Court of
conclusive as to the construction
principle that one must so use his property as not to
2,
clearings and transfers through the fund
Combined
spect the position which the Board has always taken that its duty under
the law as it now stands is to develop and perfect the Federal Reserve par
"The
February
and
2
January
service and to
pending before it, the opinion of the United States
of the law.
and
authorized,
respectively, to settle direct with
other Federal Reserve Banks and direct settling branches through the gold
settlement fund under arrangements described in previous reports, whereby
branches of Federal Reserve Banks were authorized to settle direct with
other Federal Reserve Banks and direct settling branches through the gold
settlement fund in
order to facilitate the development of branch bank
effective
perfect the Federal Reserve par collection system.
Until the United States Supreme Court renders its decision in the appeal
Appeals must,
Bank of San Francisco
of Chicago were
the Detroit branch of the Federal Reserve Bank
and
now
had previously been made.
Angeles branch of the Federal Reserve
The Los
dol¬
immediately in a sub¬
previously been the rule. This resulted
increase
transferred to the
depositors of the checks, so it will be seen that a charge of 10 cents per
$100 upon the business handled by the Federal Reserve Banks would have
involved last year a cost to the commerce and industry of this country of
the charge would have had to have been
settlement
amount, instead of in even
against national bank notes to be made in any
Federal Reserve Banks and therefore could not have
If not absorbed,
through the gold
April 10 the Board authorized payments
by Federal Reserve Banks to the Treasurer of the United States for
account of member national banks for credit to their 5% redemption fund
fund
within
the
Referring
next
thirty
provide something like $17,000,000,000
running
and
expenses
operations,
refunding
Secretary Weeks said:
FEDERAL RESERVE BOARD
ACTIONS
THROUGH
ON
GOLD
VOLUME OF TRANS¬
SETTLEMENT
This is
an
infinitely greater task than was ever undertaken by any nation
in the world in time of peace, and there is no one,
FUND.
skilled in financial opera¬
tions though he may be, who does not view the prospect with more or less
"the volume of transactions through
The statement that
the
gold settlement fund has shown
continued and steady
a
during the
year,
tary Weeks, who declared that in
not
was
crease^ volume of inter-Federal Reserve Bank rediscounts,"
is made in the annual report
of the Federal Reserve Board,
presented to Congress last month, and some extracts from
which
were
given in
our
issue of Saturday last.
As to the
Weeks
a
continued
the
and
increased
of the
check
Banks
affected
to
a
during the
occasioned,
year,
in
shown
by
part,
clearing and collection facilities of the Fed¬
Bank
Reserve
large
years,
rediscounts.
the gold
extent by
the
During the past
year,
settlement fund operations have
fiscal
operations of
Large amounts of transfers have continued to be made
on
the Treasury.
Treasury certificates of indebtedness, and the payment and
on
The
tion
the
excess
Reserve Bank and
the
fully
in
pre¬
began telegraphing the
settling branch
the account
of
1,
each
whereby each
other
Federal
direct settling branch before the final closing of the books
arrangement the
a
settlement is
now
made
their
The
resources
effected
by the Board the same day, telegrams are dispatched to each bank and direct
so
the tariff
a
more
revenue
which
should
were
made
each
previous day.
Reserve
Banks
morning
The
new
Bank
for
of
the
made and their books
Under the original plan, settlements
credits
wired
to
the. Board
as
of
the
plan has resulted in the elimination of the interwhich had previously been carried by some
Reserve Banks on account of payments receired
"float"
other
they
a
were
on
on
point where it must make
New problems
seem
asso¬
to him that the amount
be. produced from
He is further quoted
year.
importations
as
a
follows:
Whatever may be finally determined it wuld seem to me
posed should be based
on
the duties im¬
the normal rate of exchange, and that the Secre¬
tary of the Treasury should have the power to change the rates of duty to
correspond to
any
material change in the rate of exchange.
under conditions like the present,
would
no
on
needs in
our
an un¬
nearly
|
revenue
some
the past and now has been to provide for our own
and protection, but
in framing
a new
tariff law we must
consideration, if for no other than the most selfish reasons, to
markets.
cost of
placing
those countries where the rates of exchange are
Our first purpose in
give
Otherwise,
tariff rate could be imposed which
protect this country against some nations without
bearable burden
Federal Reserve
than
complicated question than usual, he de¬
normal.
finally closed for the preceding day.
less
exchange, growing out of the war, made
clared, adding that it would
settling branch so as to reach them in advance of the opening for business
are
much during 1930 that
were
change in its tariff system.
the
following morning, when the necessary entries
instances
Pittsburgh dispatches report Mr. Weeks
ciated with rates of
of
Secretary
large profits in 1919, paying
stating the country had reached
radical
published.
innumerable
were
would be between five and six hundred millions of dollars
March
direct
collected for
Under the new
day.
has been explained
probably would be shown
opera¬
and
amount
gross
in the method of
year
arrangement made effective
Bank
Reserve
the
Board
distribution of
profits taxes.
gold settlement fund, which
reports, was the
Federal
for
and
only important change during the past
of
vious
accounts of income
of
as
there
profits, lost
1921
1919.
Jan. 1
as
these
on
1
that
which
account of trans¬
actions incident to the collection and distribution of funds from the sale
funds
as
concerns
tax
Jan.
by member banks, and, in part, by the increased vol¬
the previous three
during
been
increase
inter-Federal
of
through the gold settlement fund has
steady
use
Reserve
eral
ume
of transactions
contended
where
a
volume
tax,
urged by Secre¬
period of falling prices
a
when the returns for this year were
gold settlement fund the report says:
The
effective
an
will
proposition.
The repeal of the excess profits tax was
of the check clearing and collection facilities of the Fed¬
use
that
occasioned in part by the increased
eral Reserve banks by member banks, and in part by the in¬
of folly to undertake
commitments if they can be avoided, and I assume that no one
new
dissent from
increase
height
With this situation facing us, it is the
alarm.
To impose a greater duty than the
ordinary difference in the
production would mean destroying the possibility of European mar¬
by the correspondent Federal Reserve Bank one day in advance of paymmt
kets, especially where the rate of exchange is such that they cannot pur¬
through the gold settlement fund.
chase
from
us
except under the greatest stress.
March 26
In
1921.]
THE
CHRONICLE
discussing the reorganization of Government depart¬
Secretary Weeks asserted that during the recent
the Treasury has been called upon to redeem.
ments
enormous
expansion of Government activities
had been
paid to the
proper
March 1 war savings certificates
aggregating $111,600,000 were
presented for redemption against $132,760,000 for the corresponding period
a year
ago.
Officials said this reduction indicated a permanent absorption
distribution of those activities
the departments, with the result that there
among
expensive and inefficient hodgepodge.
was
of this
employees an£
PROTEST
consistent
a
As to what he had to
say
a
products,
and is
the
South America, if need be," he said,
be
to
one
"but preserve
tariff protection to save the American standard of
conserved.
our
Mr.
Fordney said:
"Is it not
"Give
a
job."
to
The
plan advanced by former Secretary Houston to levy taxes in the next
thirty months sufficient to pay off $7,500,000,000 Government obligations
falling due in that time was attacked by the speaker.
He said he hoped a
found to convert these short-term obligations into long-time
he said, would be
program,
"There is
a
very strong
a
hardship
The cry
and after the
they
as
contend the
is for simplification.
new
the nation.
obliged to
law is not
pay
;•;]
He added:
The complaint we most
taxation is altogether too compli¬
If, however, tax laws
law is written taxpayers
were
new
on
demand for tax revision.
often hear is that the present system of
cated.
more
in part:
find they
are
are
paying
as
changed
much
or
under the old provisions, they will not
In
a success.
reality what is wanted is
a
reduc¬
tion in the amount of taxes together with a simplification in the tax
pro¬
visions.
All the perplexing questions now confronting the taxpayer cannot
be removed.
As
long
as
there is
an
income tax, and the income
tax is here to
stay, annoying questions will arise in connection with the definition of in¬
The most
come.
ever—that
perplexing and troublesome question of taxation, how¬
invested
of
capital—can
laws, and its elimination will be
a
be largely
eliminated from
welcome relief.
our tax
Congress is committed
to afford substantial relief in the matter of taxation and will undertake this
April 11.
It must be predicated on economy in Government expendi¬
tures and the
The
funding of short-time obligations."
guests of honor at
Davis.
shutting off imports from foreign markets.
"
TO
CONVENE APRIL
proclamation convening the
come out
by President Harding (see
member
was
unfair to
now
assessed
use
1092 of
page
our
between the President and Senator
as
foreign goods.
Marshal Field & Co. of Chicago sent to each
today
a
protest
the
correspondingly measured in the terms of those currencies.
the rate of exchange bears approximately the
currency at
the
to
commodities
American
Comparison of values
existed
as
when
same
exchanges
relationship
same
advance in cost due to higher
actions
as
made
by
ourselves in which the identical goods were imported
in 1914 and
1920 and 1921.
The importations of the pre-war period are
reduced at the normal rate of exchange, and those of the year 1920 and 1921
reduced at the current rate of exchange established by the
the
Treasury Depart¬
The increases in the foreign cost in the latter years more than offset
ment.
depreciated exchanges and
ents much
we
find comparative United States equival¬
higher than the prices of 1914.
Attached to the communication is
from France,
a
list of about ninety articles
Marshall Field
&
Co.
state that under the
on
consequently
would
imports
practically
Lodge).
a
conference
The proclama¬
OF
cease,
INDUSTRY
SUPERVISION
while
the
uncertainties
raw
as
be made by the Execu¬
may
'*./
Details of the final
FEDERAL
UNDER
FAVORED
BY
WAR
report of the War Industries Board,
just completed by its Chairman,
Bernard M.
Baruch,
requires the Congress to
public by the United States Council of National De¬
on
March 20.
The
report recommends,
on
convene
extraordinary occasion
an
in extra session at the Capitol in the City
the 11th day of April 1921, at 12 o'clock
shall be at that time entitled to
act
as
noon, of
are
required to take notice.
radical
a
change
toward
such
of the United States the one hundred and
forty-fifth.
WARREN
G.
'
v
HARDING,
\
President
CHARLES E. HUGHES, Secretary of State.
and
tax
groupings.
This is
one
of the conclusions the Board came to
the result of its direc¬
necessity.
It is held that great public benefits in the way of prices and
of being
groups
abundance of
effected through the mutual cooperation of members of industirai'
and that the present governmental policy of enforced isolation and
1
Check
But
the
as
same
power
benefits may also make
be
created
some
sort
for
vplfare.
Injustices.
born of association
that makes for
of
government
agency
which shall supervise such
checking their opposite potentitalities.
A concise recommendation is also made for the maintenance of
According to figures made public by the Treasury Depart¬
Washington
Victory Notes
current fiscal
year.
on
March 20, approximately $97,000,-
were
retired in the eight months of the
The February purchases, it is stated,
aggregated $53,000,000.
The
advices from Washing¬
press
20, had the following to
Notes as rapidly
next
as
possible in
thirty months.
consequence
of
their maturity
It has been the plan to have the issue,
aggregating around $4,500,000,000, reduced to the point when it matures,
that those bonds
remaining unpaid
may
be converted into what is described
the floating debt and gradually paid off.
a
substantial reduction in the amount of
war
form
and
immediate
way
savings certificates which
skeleton
its
peace-time contact with industry would be capable of
expansion of action in the emergency of another war.
the experience gained in the world war
may
In this
be permanently capitalized.
"One is led to the thought," Mr. Baruch says, "that in a similar emergency
there ought not alone to be a mobilization of man power,
but of things and
of dollars."
is issued in book form from the government printing office,
and is entitled "American
brief report made by Mr.
the Board's general work
promised.
was
—as
it
as
Along with the figures, on bond purchases by the Treasury there is shown
also
its
The report
sinking fund provided for by the Liberty Loan Act began to
a
organization along the lines of the war industries board, which by reason of
say>:
operate last July 1 the Treasury policy has been to reduce the outstanding
potential
for potential injustice, it is recommended that there
associations, both for the purpose of promoting their beneficient possibilities
and
CERTIFICA TES REDEEMED.
as
goods, resulting from economies in production and distribution, are capable
costly competition is not conducive to the general
$97,000,000 VICTORY NOTES RETIRED—WAR SA VINGS
Washington
tion of industry during the war in conjunction with the temporary associa¬
Congress.
new
The
its account of the report and its findings, says
in part:
revision, it is believed, will be the first
subjects before the
in the present attitude of the
tions of the various industries evoked by the war
thousand nine hundred and twenty-one and of the independence
other
associations of industry under Governmental supervision,
"Post," in
which all
members thereof
among
things, encouragement of permanent intimate combinations
Done in the District of Columbia the 22d day of March in the year of our
as
were
made
Government
America, do hereby proclaim and declare that
Victory
material
INDUSTRIES BOARD.
March 22
Proclamation:
.V
within the
since
proposed plan of American
valuation the importer would never know his costs in advance, and that
| Now, therefore I, Warren G. Harding, President of the United States of
Since the
In prac¬
or more
fense
a
tive:
ton, March
imported
Germany, Great Britain, Japan and Switzerland.
1914.
involving
ment at
normal.
were
is reflected in similar comparisons in American goods.
For
example, the attached list of merchandise was selected from actual trans¬
or
000 in
We find,
to United States
ascertained in European commodities compared
so
change will show approximately the
labor, &c.,
day of
Tariff
it
with similar commodities at pre-war prices reduced to normal rate of ex¬
April 1921, to receive such communication
one
saying that
change in ascertaining the value of
Part of his communication stated:
therefore, that the cost of such commodities when reduced
Whereas public interest requires that the Congress of the United States
should be convened in extra session at 12 o'clock noon, on the 11th
Lord
against this plan,
for the
reason
As the currencies of Europe declined the prices of commodities there ad¬
vanced
issue of March 19
tion reads:
By the President of the United States,
her by
rather than
so,
be detected.
soon
the depreciated exchange values upon which duties are
COMBINATIONS
announcing tentative selection of this date in
Washington
in the open and do
This matter of American valuation is meeting with determined
opopsition from many importers.
Sixty-seventh Congress
new
on an
said that
was
CONGRESS
11.
in special session at noon April 11', was issued
persons who
imports
It
would force him to close his factory.
PRESIDENT ISSUES PROCLAMATION FOR
of
on
tariff that would be iniquitous
surrounding the domestic manufacturer who wished to import
I
A
a
tically every case the value in American dollars has doubled
the gathering included, besides
tary of the Treasury A. W. Mellon and Secretary of Labor
J.
dasigned to mask
was
put them into effect under a disguise which would
Secretary of War Weeks and Congressman Fordney, Secre¬
J.
basis
the Republican members of the committee fully realized the criticism they
problem at the special session of Congress called by the President to meet
on
made that the plan to place the valuation
was
American price
committee
Any other
Ways and Means Com-'
mittee, charged with the framing of the proposed bill, said
adequate
Government bonds and distribute the payment over a number of years,
Washington dispatch relative to the.
a
i
way would be
from Marshall
Chicago, according to the New York "Times"
prohibitive rates, they would
employment, while the former American soldier is walking the street out
of
American valua¬
would be under in formulating a tariff, and that if they wished to establish
time,
travesty on justice to permit conditions
a
exist under which the ex-German soldier returns to his home to find
of these protests has
one
views of the sub-committees of the
and result in
home market under
at this
imports;
Denial
up
living."
Speaking of German goods coming into the American market
come
on
Field & Co., of
field for selling
95% of
American-made
an
tion
pf March 24, which in
their goods and thereby raise money to pay their debts to the United
States,
the speaker said that the home market is the one which consumes
IMPORTS.
reported amendment which would place
He found in higher customs duties a means to
stop the importation of
underpriced foreign goods, which, he declared, is hurting American industry.
On the question of whether America must surrender either its home
market
foreign market in order to give European nations
TARIFF LEGISLATION PLACING
VALUATION ON
already been registered against the forth¬
coming tariff legislation, and more especially against the
take the
we
AGAINST
Protests have
following from the Pittsburgh "Dispatch" of March 20:
or some
redemption until they mature.
AMERICAN
Representative Fordney treated of "Our Nation's Diffi¬
culties," his remarks centering on taxation and the proposed
legislation.
for
An entire re-group¬
increase in the salaries of those retained.
tariff
class of securities by investors who probably will offer fewer and
fewer of them
an
ing of the minor divisions of the various departments was
advocated by Secretary Weeks, who urged a drastic reduc¬
tion in the number of Federal
During the eight months
ended
attention
no
1229
Industry in the War."
The preface quotes the
Baruch to President Wilson at the conclusion of
in Dec. 1919, in which
a
full and detailed history
It describes the book—which contains about 150,000 words
"an
analysis and narrative of the War Industries Board, whose function
to
supervise the industries of America that the energies of each should,
was
far
as
practicable, supplement those of all others, and that all should
contribute to the limit of their combined ability to one common purpose—
the
winning of the war."
THE
1230
Cooperation Whole-Hearted.
the whole nation because of their ability,
I found my support to come as
Democrats.
quickly from the Republicans as from the
In the spirit of
national emergency, there were
fused all differences of politics, of ancestry, of religion; all were Americans,
and as such, soldiers of tne common good.
To these men on the Board and
to the American employer and employee goes such praise as the organization
service, because of the world crisis and the
may
have earned."
conservation,
price-fixing labor administration and the work of the board's foreign mission.
administration of clearance, priorities,
attained through the
Control Embraced
machinery
izations developed as problems came
establish
a very
by
forward until in the end "it was found
comprehensive scheme of control over the en¬
the end control was
tire industrial life of the nation, and indeed toward
extended beyond our borders to every part
the result of
national
control of many
sulted."
of the people;
operated with far less machinery of organization than that used
engaged in the war."
Over
the War Industries Board a natural growth that
Had
Tremendous Powers.
the charge that the Board was "an
While denying
mendous powers and no
institution with tre¬
responsibilities, a sort of ruthless tyrant set up by
quality easily suscepti¬
democracy, it is admitted that its powers "were of a
should be entrusted only to men of extra¬
ble to abuse and of a kind which
ordinary integrity and talent."
More than a hundred such men were mus¬
positions under the Board, most of then! serving without
tered for the key
and sacrificing "personal interests, time, money and
sometimes even
health for their work."
While the book gives much
The second part of the report
into
credit to the Board's functions in solving the
requirement
of the priorities
be
to
the
and
introducing order and
systematically comparing
inventories of resources and facilities, the emergency
principle and its elastic and adaptive application are held
greatest
It "was destined to become the most
achievement.
dominating feature of the whole scheme of war-time
and
characteristic
programs
Priority, it is held, established order
fixing and
regulations of the Board.
The rules and workings of
the priorities scheme, which was simply a vast and smoothly working ar¬
rangement by which war material was produced according to priority of
supervision over the industrial forces."
in
production and delivery, stabilized prices, supplemented price
put teeth into all the
need,
are
given in detail.
contracts
success
Priorities
The
mere
annually through substitu¬
insistence that manufacturers of thread should wind 200
instead of 150 yards on
each spool released 600 freight cars a year.
Elimi¬
nating the use of tin for putting the rustle into silk saved 50 tons of then
Tacking certain dry goods in. bales instead of boxes saved
Invaluable tin.
detail the
toluol and other chemicals for
rubber,
disributive processes that
pendices afford a vast
time history and economics.
Trade
a
scheme of
point the way to future reform in productive and
will
no
doubt result in "providing abundantly
in the land."
price-fixing describes
on
the
chaotic market conditions
brought about by government buying on an unprecedented scale in a limited
field of supply, and
and demand
was
points out that the corrective action of the law of supply
non-existent in the conditions that prevailed.
positive control over the major portion of
was
of longer
At the
preparedness measures against some future war.
that the resources and facilities of the
should be
an
should
industries
be
encouraged to
coal tar derivatives,
serious shortage; and (3) certain
&c., of which there is a complete lack, or a
war
maintain skeleton organizations
through which they could rapidly expand the production
munitions and other direct military equipment.
Favors
a
their emergency
the stimulation of the domestic
production of such military necessities as nitrogen,
United States
of guns, airplanes,
Tribunal.
As a; result of the successful uniting of government
and business under
Industries Board for national purposes,
the conclusion further
advises that there should be established some sort
of government tribunal
the
War
which should sanction in the public interest
industries which resulted in such economies
the intimate associations of
and enlargement of production
during the war.
The report,
therefore, recommends that, purely as a
lation be adopted that
civic measure, legis¬
will permit the continued functioning of the
indus¬
represented by the war service committees and the related
associations of manufacturers, whose establishment was forced by the war
trial groups
'
associations
as
they stand," says the report, "are capable
of
They can increase
the comfort of the people by inaugurating
carrying out purposes of the greatest public benefit.
the amount of wealth available for
multiplicity
assist in cul¬
tivating the public taste for rational types of commodities; by exchange
of trade information, extravagant methods of production and distribution
can be avoided through them, and production will tend to be localized in
designed to eliminate wasteful practices attendant upon
rules
of styles and types
of articles in the various trades; they can
places best suited economically for it."
an
associations in peace is recommended as
economic reform pure and simple,
it is pointed out that their existence
organizations" in time of war.
"would be of incalculable aid to the supply
As the associations have power for
as
evil
as
well as good—such for example,
unduly restricted production and lifting
strict
governmental control.
prices—they must be under
The agency of such control should act
both
good of association might be
of co-operation
reflected in reduced costs to the consumers rather than in excessively
positively and negatively to the end that the
encouraged and the evils prevented—that the economies
be
enhanced
profits."
little
or no
pro¬
direct legislative
the food administration, the war trade board, and the shipping
board, the railway administration, &c., were available for the purposes of
the war industries board in enforcing price-fixing as
report holds that
in much else of its work.
price-fixing was necessary not only for the
pro¬
tection of the Government and the public against exorbitant prices, but
means
of stabilizing industry*
abundant
protection.
and stimulating, through assured fair
The patriotic submission of industry to
price fixing is considered a prime factor in its success.
In steel, for example, the result of price fixing was to reduce ship plates
from $12.00 to
$3.25 per hundred, pig iron from $60.00 to $33.00 a ton, coke
dropped from $12.75 to $6.00, copper from 37 cents to 16.67, 23.5 and 26
cents per
COMPARISON
pound, zinc from $22.50 to 12 cents a pound.
not attempt
The report does
to estimate the savings either to the Government or the public
price fixing,
but independent estimates have
placed the saving in
steel and iron alone at more than $3,000,000,000.
Management of Labor.
connection with the Board's labor division, the report sketches the
national management of the labor problem throughout the war.
OF
AND
WAGES
FEBRUARY
AND
EMPLOYMENT
SECLECTEI) INDUSTRIES IN
1921
As with many of the other
cedures of the war industries board, there was
j
nation adaptable to war purposes
accurately known quantity and the nucleus of
control be at all times ready to expand; (2)
Price-Fixing.
authority for price-fixing, but the powers vested in the President, the army
whol
and trade
Board shows the
These areCl) a peace-time skeleton organization following the lines of the War Indus¬
tries Board, which would keep the Government in touch with industry, so
IN
1920.
Continued decreases in February of
signing of the armistice such sweeping regulation was about to be
and navy,
In
success
of the War Industries
It is declared that the experience
need of three
to!consumption.
applied to the shoe industry and trade.
from
for more
increasing willingness on the
part of the interests affected."
duration, would have ultimately controlled prices of virtually all
Tells of
prices,
showing results of an extraordinary
courage
being left to other controlling factors; but as the war
goods from raw production
a
bred
taken under control with an
At first prices were established only on basic materials in
and ultimate prices
The
Success
character.
after trade
"developed!
the industrial fabric,
shortage was occurring or threatening, the regulation of middle
a
progressed the field of price-fixing was widened, and had the struggle been
as
Trade Taken.
which, by the summer of 1918, was
may
Under these circumstances the United States made its first experiment
in price-fixing.
after
declares that the Board had finally
In conclusion, the report
While the continuance of these
for elemental comforts of every person
which
transportation textiles, leather and
related ap¬
reservoir of original material for the student of war
These as well as the 44
machinery and power, &c.
Of Great Value in War.
it is considered that they
chapter
and brass, the nonferrous metals, nitrate,
chemicals, forestry
munitions, industrial
products and building materials, tools,
Reform.
striking were the economies effected by the conservation division that
The
Board as differen¬
principle, is described.
Here is set forth
dealing with the bristling industrial mobilization problems
cases.
Points to Future
So
of more than 350
nearly 500,000 wooden
17,312 carloads of freight space, 140,000 cartons and
packing
the actual work of the
afforded by iron and steel, copper
"These
the report, was largely
on
industry alone it saved 260,000 tons of tin plate
tions.
study of the
groups.
It is in the second part that
Saved.
of the conservation program, says
the establishment of priorities.
It reached hundreds of in¬
dustries, thousands of plants and millions of consumers.
In the canning
dependent
the wrar service committee
largely through
industrial
exigency.
What
The
is devoted to an exhaustive
the agencies through which most of the
Board in price fixing, priorities, con¬
servation, &c., were concretely applied.
They were the universal joints
that articulated the Board with the industries and they in turn effected their
complex problem of industrial mobilization through
them with reliable
industries might have re¬
Industrial Groups.
350
general functional activities of the
successful
it is re¬
marked that this organization, which eventually came to regulate the ex¬
penditures and stimulate or restrict the activities of every person in the
nation, was never specifically authorized by any legislative act.
So truly was
definitenoss
of the principal war
t
57 commodity sections, which were
This came gradually, and it was founded always
common counsel with those directly involved.
It depended
in any other country
pay
and demand that had become effective at
the report, "a system for inter¬
of the world from which war
always in large measure on the good will and sound purpose
and it was
of supply
"If the War had confined," says
drawn.
were
effect in the allied world the
of the mission was to
purpose
coordination
home.
in
bring about a
which this was consum¬
natural evolution by which methods and organ¬
The
of effort."
mated is described as a
as
Another
tiated from general policy and
World.
grand purpose of the War Industries Board was to
supplies
and wool.
same
defines its purposes and treats
by which the board became the one
necessary to
of price control was
system
;
War Industries Board
of the
governmental body that dealt
comprehensively with the exceptional military and civil industrial require¬
ments caused by the war and the resources and facilities with which to
meet them and how the balance bet ween them on the success of which hinged
industrial mobilization and the outcome of the war itself was sought and
The
American
of the book traces the origin of the
The first part
"co-ordination
the
_
in the Council of National Defense,
process
illuminating account of how
adopted internationally to a
large extent.
One purpose of the mission was to insure from the Allies,
particularly the British, reciprocity in pirce and allocation of necessary
materials.
Before this mission went abroad the United States was giving
the Allies the benefit of prices established for itself, but was not receiving
reciprocal treatment in such essential foreign commodities as tin, jute
chapter on the foreing mission gives an
The
'
cooperation, there
being "not one slacker" in the whole business world.
Due to this coopera¬
tion "not one default was recorded on any demand made by the military
establishments" of the War Industries Board.
Of the men who made up
the personnel of the Board Mr. Baruch says: "In my associates, chosen from
for its whole-hearted
industry is praised
American
[VOL. 112.
CHRONICLE
this
year as
compared
industrial lines
are shown by
the Bureau of Labor Statistics of the U. S.
Department of Labor at Washington in making public on
with last year,
in the numbers employed in
March 17 the results of the reports
concerning the volume
received and tabulated from
representative establishments in thirteen selected manu¬
facturing industries and in bituminous coal mining.
The
of
employment for February,
Bureau
says:
1921 with those of identical establish¬
decreases in the number
of persons employed in all industries.
The largest decreases are 44.2%
in hosiery and underwear, 41.3% in automobiles, 36.3% in leather and
35.1% in woolen.
The smallest decreases are 2% in bituminous coal
mining and 0.1% in cotton manufacturing.
When compared with February 1920 the amount of the pay-roll in Feb¬
ruary 1921 shows decreases in all industries.
The greatest decrease, 74.4%,
is shown in the automobile industry.
Respective decreases of 51.3%,
45.8%, and 44.3% appear in the hosie^ and underwear, woolen and
leather industries.
Bituminous coal mining shows a decrease of 1%.
Comparing the figures of February
ments for February
1920, it appears that there were
MAKCH 26
COMPARISON
1921.]
OF
IN
THE
EMPLOYMENT
IN
IDENTICAL
FEBRUARY 1920 AND
CHRONICLE
ESTABLISHMENTS
FEBRUARY 1921.
lishment decreases ranging from 15% to 20% were made while in another
establishment all employees had decreases ranging from
10% to 15%.
One
% of
No. of PeriodNumber on Pay-
Estab-
Industry.
I
of
I lish- ! Payments
116
..
Automobiles
Amount of Pay-Roll
in
'.'f-C'V-
crease
February.
or
RoU.
crease
February.
or
1921.
I
.De-
1920.
crease
1921.
8—24. 2 $13,892 294
moJl88.958 143,228
M
In¬
De¬
1920.
Iron and steel
% of
In¬
Roll In
crease.
$9,274,639 —33.2
44
1 week
157,160
2—41.;
92,302,-41.3
5,063,400
1,298,263 —74.4
repairing
Cotton mfg
50
38,009—16.6
2,719.874
54
^ mo.] 45,587
1 week 53,975
Cotton finishing
Hosiery and un¬
16
1 week
43,903
—.1
10,746—16.0
1,099,144
286,824
2,560,886 —5.8
921,396 —16.2
236,181 —17.7
Car
building and
derwear
12,787
Silk.
week
52
J
weekj 51,150
42
17,080—44.2
33,189—35.1]
567,609
1,279,027
14,827—21.0
22,802—26.6
908,392
1,057,970
11,2091—36.3
455,853
1,676,059
17,034
54,316;—25.1
27,408—10.0
15,755 —7.5
23,909
wks.j
clothing, i
30,614
23,430i —2.0
46
week
'
34
week
18,765
31,058
17,583
Boots and shoes,
84
week;
72,522
Paper
j
making. J
55
Men's
Leather
Cigars..
week
56
Coal
86
(bitumin's)
30,442
week
>+ mo.;
Comparative data for February
following table.
January, and in four
the
woolen
21.1%
a
industry.
1921 and January
and 0.2%,
679,726 —12.5
297,723 —12.6
1,518,176 —1.0
thereVere
increases
compared with
as
in
increase of
an
increase of 20.8%.
an
appear
clothing shows
Per¬
centage decreases of 12.8% and 3.3% appear in car-building and repairing
and cigar making, respectively.
When comparing February 1921 with January 1921 eight industries show
increase in the amount of money paid to employees and six show
an
de¬
a
crease.
The most important increases, 34.6% and 31.4%, occur in men's
ready-made clothing and woolen, respectively.
Car building and repairing
shows a decrease of 14.4%, while the decrease reported in the leather in¬
COMPARISON
OF
EMPLOYMENT
IN JANUARY
1921
IDENTICAL
IN
AND
No. of Period
Number
Estab¬
Roil.
% of
on
January
February
Dec.
1921.
Feb.
1921.
Dec.
114
H mo. 140,511 141,699
40
...
1 week
74,879
$9,784,692
826,042
75,879
+ 1.3
$9,252,021 —5.4
972,844 + 17.8
3,044,055
+ .8
48
mo.
44 461
Cotton
mfg
53
1 week
45,671
2,604,961 —14.4
919,167 + 20.2
236,181 + 17.9
38,764 —12.8
53,808 + 17.8
Cotton
finishing
16
1 week
9,518
10,746 + 12.9
14,258
23,376
14,268
17,229 + 20.8
33,189 + 42.0
14,827 + 3.9
22,463 + 21.1
+ .2
11,945
+ 8.4
51,467
27,809 —3.1
14,524 —3.3
...
60
1 week
52
1 week
Silk
42
2
wks.
46
1 week
36
1 week
11,916
83
1
week
47 457
Paper making..
Cigars.........
54
1 week
28,710
51
1 week
15,015
Coal
79
H mo.
21.4641 20 840
clothing...
(bitumin's)
CHANGES IN WAGE
18,550
219,030
527,740
596,469
496,008
271,493
278,840
693,199
675,588
667,542
269,352
1,224,037
700,834
273,448
1,338,746
Iron and Steel.—All the
decrease of 21%
a
in
per
in the first
hour, affecting new employees only, was reported by
one
fecting all employees.
capita earnings show
Slight business depression
Boots and
Shoes.—Approximately 75% of the force in
by
The granting of
establishment.
one
capita earnings show
for
.
988,633
722,641
289,617
—2.9
1,436,263
+ 13.3
+ 34.6
—.8
+ 23.8
—3.0
—5.6
—6.8
establishments reporting wage rate
were
one
in two establishments had
was
made in two othor plants, affecting all the
men
a
decrease of 25%,
Eighteen
in the second plant.
mill, 50% of the force in
Ninety
per
cent of the
mill, and laborers only in
one
employees in
one
plant received a
decrease of 18%,
A general decrease of 15% was made by one concern,
while in two other
concerns a
force respectively.
15% decrease affected 60% and 90% of the
A wage rate decrease of approximately 12% was made
employees in
one
establishments,
100% of the force.
mill and 95% of the employees in the second mill.
a
Paper.—Ten
cent of the employees in
per
reduction
of
Two plants reported
affecting the entire force in
plant. I
one
mill
one
were
reduced 20% in
improved
earnings showing
an
was
of the force
made to 8% of the
plant, time and one-half
one
mill.
Conditions
In
one
mill, while all
one-half,
men
In
in another concern.
eliminated, resulting in decreases ranging
was
to 14% in earnings.
decrease
A
a
rate
wage
of 10%
Another plant reported the elimination of
but did not
approximate the reduction in earnings.
Automobiles.—A decrease of about 15%
ment, affecting 30%
plant had
of the force.
Department of Labor.
The Bureau's
weighted index number, which includes 327 commodities, or a
series of quotations, and in computing which due allowance
is made for the relative
importance of the different commodi¬
ties
dropped from 177 in January to 167 in February, or
nearly 5%%.
The fall ffom the high peak of prices in
May, 1920, was 383^%.
In making public the details on
March 18 the Bureau says:
from the previous month, the decline in each group being over 7%.
per cent
of the employees
are
are
Following the period of depression
gradually resuming operations, and the per
16.2% greater than last month.
before.
Cloths
materials
and
4 M %
were
decline of nearly 2 J4%
a
Of
from the January level.
thel327 commodities
In 87
cases
are
plants.
reduced
When comparing the
per
those for January, a decrease of 1.9%
capita earnings for February with
is shown.
Manufacturing.-—All employees
another establishment.
in
reported by
one
The
concern.
per
de¬
establishment were
one
Five plants reported a
10%, affecting the entire force in all plants.
wage
employees
rate decrease
of
An average decrease of 7H.%
capita earnings of the workers
increased 2% during this month as compared with last month.
and
Underwear.—Three
decreases of 22H%,
ployees affected.
plants,
a wage
reported
prospective wage rate
15% and 10%, but did not state the number of em¬
of the employees, while one-half of the employees in
establishment
had
a
decrease
decrease of 10%'
of
18 2-3%
in
wages.
per
Increased production
capital earnings
are
was
A decrease of 7.5% in
preliminary
of commodities,
and
subject
A
general
wage
decrease of 20%
to
as
computed by the Bureau of Labor
The figures for the last named month
revision.
The
base
for the calendar
used
year
in
computing
1913.
Index*Numbers of Wholesale Prices, by Croups of Commodities.
(1913 equals 100.)
1921
Feb.
Farm
Fuel and
!__
BuiIding'materials
Chemicals and drugs..
150
208
228
189
300
-
1 62
187
lighting
129
244
—
136
356
Food, etc.
Jan.
237
products
Cloths and clothing
152
239
Feb.
198
?
218
146
222
197
All Commodities.
—
178
283
277
190
180
249
—
goods
182
329
227
House-furnishing
177
167
Comparing prices in February with those of a year ago, as measured by
changes in the index numbers, it is seen that food has declined over 38%,
cloths and clothing over 44%,
maining
groups, except
of metals and 26%
materials
and farm products over 45%.
In the re¬
fuel and lighting, smaller declines have taken place,
case of chemicals and drugs to 22 % % in the case
on
the
in the case of building materials.
contrary,
were
16f4%
the corresponding month of
Fuel and lighting
higher than in February 1920.
All commodities, taken in the aggregate, were
almost 33% cheaper than in
last year.
per
%, affceting the entire
In t^wo concerns
reduction
capita earnings is shown when
establishment was reduced
21% in wages.
mill.
In one estab¬
was
reported by
one
DECREASE IN RETAIL PRICES OF FOOD.
The
comparing February with the January figures.
one
increase.
shown! the index numbers of wholesale prices in the United
these index numbers is the average
force in the
bonus of S3 per week was discontinued, and in addition, a wage
Silk.—The entire force of
an
majority belong
three
5.3% higher than during the previous month.
Woolen.—Three mills reported a decrease of 22
of 7% was made.
In
reported by several plants.
force in two mills and 95% of the force in the third mill.
a
a
reported, affecting the entire force in
was
the first plant, 75% of the force in the second, and 20% of the
third plant.
Of these
ranging from 9% % in the
A decrease of 20% in wages was made by one establish¬
ment, affecting 98%
another
mills
decrease and 33 showed
a
food and clothing.
Miscellaneous
creased 15% in wages, while a reduction of 12% was made to all
a
In the group of house-
price quotations included in the comparison
Statistics^ fori the .months named.
are
Metals and
2%.
change in price was recorded.
the¥groups"of
Below
or
was over
months, 207 showed
no
tobacco,
cheaper and fuel and lighting
decline of nearly 4% and chemicals and drugs
furnishing goods the decrease
for the two
424%
were
cheaper in February than in January.
products'registered
metal
soap,
decreased about 5)4% below the level of the month
clothing
Metals and metal products
Reductions in the number of employees were reported by
wages.
Farm
products and miscellaneous commodities, the latter group including such
important articles as bran, cottonseed meal and oil, lubricating oil, jute,
1920
Car Building and Repairing.—The entire force of one shop was
Hosiery
to
Continued recession of commodity prices at wholesale is
shown for February by information collected in
representa¬
tive markets of the country by the Bureau of Labor Statistics
reported by one establish¬
decrease of 5%, while about 24% of the employees in
a
January, establishments
capita earnings
was
Twenty-five
another plant received a decrease of 4 %.
was
12%
CONTINUED DECREASES IN WHOLESALE PRICES OF
lishments reported irregular operations, due to lack of orders.
in
of
decrease
made by four plants,
was
decreased 2.4% since the January pay-roll period.
earnings reported for this pay-roll period, as compared with
the pay-roll period for January, show a decrease of 6.2%.
Many estab¬
Cotton
appear to
affecting practically the entire force in two plants, 90% of the force in the
The per capita
many
wage
third plant, and 60% of the force in the fourth plant.
General wage rate
reductions were reported by two concerns.
The per capita earnings
States,\byf groups
approximately 1%
20% in
a
of 10%,
those reported for last month; the per capita
over
employees.
of
in
establish¬
increase of 0.1%.
Cigars.—One establishment reported
of the
one
decrease
rate
wage
a
plant and 70% of the force in the other
A 10% bonus was discontinued by
be somewhat
in
in one
the per
of the employees in another establishment had
15%.
employees in another mill received reductions ranging from 8% to 16%.
A decrease of 5% to all men was reported by one concern, while a decrease
and
an
dis¬
increase of 14.2%, when comparing the earnings
an
A reduction of 16 2-3% was made to all employees in
wages.
ment, while 95%
decrease of 10% was made, affecting from 40%
All employees in two concerns had decreases ranging
from 7% to 15% were made to about 10%
time
was
February with those of the previous month.
andlwood pulp, each
from 9%
factory had
10% bonus
a
Due to increased production,
Food articles and building materials showed the largest price decreases
men
plant and 95% of the
one
another mill.
one
and per
i
average wage reduction of 12%.
continued
reported
was
decrease of 1%, when comparing February with
a
January figures.
rubber, newsprint and wrapping paper, millfeed middlings,
In five
establishment,
while another establishment reported a decrease of 30 cents
per day, af¬
mills reported a decrease of 20%, affecting the entire force in 15 mills, 66%
to
re¬
A decrease of 5 cents
of the force in
to all
was
Practically all employees of three tanneries had
wages.
+ 27.3
+ 31.4
RATES AND PER CAPITA EARNINGS.
In 12 of the 14 industries there
men
In three plants approximately the entire force
tannery.
20%
respective wage reductions of 15%, 10% and 7%.
decreases during the period Jan. 15 to Feb. 15 1921.
while
one
duced
of the United States
Boots and shoes.
Leather.
764,397
200,333
un¬
derwear
Woolen
Men's
Leather.—A bonus for full time service was granted by one establishment.
Decreases ranging from 20 to 25% were made to about 60% of the
employees
or
1921.
Car building and
Hosiery and
a gradual increase of business is reported for thoso in
operation.
capita earnings have increased 11.1% during this period.
COMMODITIES IN FEBRUARY.
Iron and steel..
repairing..
closed,
Per
Inc.
or
Jan.
1921.
Automobies
% of
Amount of Pay-Roil in
Inc.
Pay-
ments
ESTABLISHMENTS
1921.
FEBRUARY
Pay-Itoll in
of
lish¬
Industry.
were reported for this industry during the
February pay-roll
period, causing the per capital earnings to be increased 9%.
Men's Ready-Made Clothing.—Weekly reductions
ranging from $2 to $5
were made by one establishment.
While many concerns are still partly
90%
'
dustry is 0.8%.
Increased hours of operation and increased
production
The smallest
and steel and leather.
iron
decrease to 93% of the force. Three mills
affecting all employees in two mills and 90% of
15%
a
the employees in the third mill.
1921 appear in the
The largest increase, 42%, is shown in
Men's ready-made
and hosiery and underwear
increases, 0.8%
674,317 —36.3
254,081 —44.3
1,314,914 —21.5
776,675
340,790
pay-roll in February
decrease.
693,199 —45.8
675,588 —25.6
1,533.950
The figures show that in ten industries
in the number of persons on the
276,523 —51.3
reported
concern
made a decrease of 10%
in
60
Woolen
1331
The retail food index carried by the
Bureau of Labor Sta¬
tistics of the United States Department of Labor shows that
there
age
was a
decline of
9% in the retail cost of food to the
family in February, as compared with January.
aver¬
In
re¬
porting the price decreases in February, the Bureau in its
statement, made public March 18, has the following to say:
articles are reported to the Bureau of Labor
Prices of 43 food
From January 1913 to December 1920 22 arti¬
used in this index, but from January 1921 43 articles are
FRANCE—GREAT
BALANCE ON FOREIGN TRADE IN
APPROACHING THE NORMAL.
BRITAIN
consumed in the aver¬
''weighted" according to the quantity of each article
"The
The issue of
Index," published on
Feb. 21 by the
workingman's family.
age
cles of food were
included in
index number.
the
Month.
One
In addition to the prices of 43 articles received each month, prices on
certain months of the year, and are not
included in the index number.
During the month from January 1921 to
February 1921, all of the 44 articles decreased in price
with the exception of
1%.
articles
13%;
rice, 12%; pork chops, 9%; plate beef and sugar, 8%; chuck roast, lamb,
butter, lard, and prunes, 7%; round steak and fresh milk, fe%; sirloin steak,
rib roast, oleomargarine, crisco and onions, 5%; nut margarine and com
meal, 4%; bacon, flour, rolled oats, navy beans, cabbage, baked beans,
coffee, and oranges, 3%; bread, canned corn, canned peas, canned tomatoes,
and bananas, 2%; canned salmon, evaporated milk, cheese, corn flakes,
The price of
hens.
hems, however, increased less than five-tenths of
the month in the prices of the other
decreases shown during
The
Strictly fresh eggs. 39%; storage eggs, 35%; potatoes,
follows:
were as
of
The statistics show that,
the
the foreign
war,
The
is
of these
: :/
toward equilibrium in the relation of
values, but the trend
States for 1913
As a result of
the favorable balance of trade was much
more
pronounced in 1919.
But with resumption of production on a larger
scale by France and England in 1920 the trade balance of the United
States has rapidly swung back.
The following table shows the changes;
analysis of the foreign trade figures of the United
that imports amounted to 72% of the exports.
An
indicates
influenced by the war,
conditions
period February 1920 to February 1921, the percentage
For the
in all articles of food combined was 21%
decrease
Thirty-seven of the 44 articles
.
follows: Cabbage,
53%; rice, 43%; lard, 36%;
onions,
57%; sugar,
58%; potatoes,
25%;
coffee, 24%; corn meal, 23%; butter and prunes, 22%; flour and canned
tomatoes, 20%; oleomargarine, 18%; plate beef and oranges, 15%; pork
chops, 13%; chuck roast and lamb, 12%; bacon, nut margarine and cheese,
11%; evaporated milk and baked beans, 9%; round steak, fresh milk and
canned corn, 8%; rib roast, 7%; sirloin steak, 6%; ham, bread, and canned
beans, 30%; storage eggs,
crisco, 32%; strictly fresh eggs and navy
Imports
Per ct. of
her
/
The 5 articles which increased in price during the year were:
25%; macaroni, 7%; rolled oats, 3%; cream
1%.
five-tenths of
the
Prices were
same
in February
and February 1920 for
1921
canned
case
of
1920.
1919.
$2,484,018,000 $7,920,425,990 $8,228,759,748
1,792,596,000 3,904,364,000 5,279,398,211
exports.
72%
49%
64%
balance was almost attained in
Great Britain the pre-war
trade.
1920
indicated
As
between British
difference
1913
balances is
1920
and
comparative figures, the
only 2%.
following
by the
I
British Foreign Trade Balances.
Exports
Per ct. of exports to
The
of
the
times
and
a
imports.
trade balance recovery made by France
percentage of
three
the
countries
times
compared.
In
1919
The returns
her exports.
salmon and bananas.
was
greatest
her imports were about three
1920 her imports were only one
her exports, but in
of
amount
half
1920.
1919.
1913.
£768,735,000 £1,626,156,212 £1,936,742,000
634,821,000
963,384,677 1,557,975,000
82%
59%
80%
Imports..
Raisins,
of wheat, 2%; and tea, less than
imports to
the
In
5%; hens, 4%; corn flakes, 1%.
peas,
ces.
1913.
prices were secured on both dates decreased as
for which
61%;
U. S. Foreign Trade Bala
Exports
Year.
One
exports to im¬
ports is now unmistakable.
,
in
Changes
trade of Great Britain, France and the United
normal balance.
In total value the com¬
course, still greatly enhanced over pre-war
countries is, of
decreased less than five-tenths of
prices of ham and cream of wheat,
the year
the close
closely approaching a
States
merce
macaroni, tea and raisins, 1%.
l%-
significance in the foreign trade figures
have just been published for
within a very short period after
nations, which
three leading
the
1920.
of
"Restoring the Balance in Foreign Trade" :
on
comparison discloses special
A
storage eggs are secured only for
York, contained the follow¬
Liberty National Bank of New
ing article
in
Changes
:
Statistics
These average prices are then
prices are made for each article.
average
From these prices
51 important cities.
each month by retail dealers in
[VOL. 112.
CHRONICLE
THE
1232
follows:
are as
French Foreign Trade Balances.
Changes Since February 1913.
For the 8-year period
1913.
The price of hens in¬
and bread, 89%; lamb,
85%; bacon, 75%; pork chops, fresh milk, cheese and potatoes, 73%.
The other articles for which prices were recieved on both dates showed in¬
creases ranging from 22% for rice to 72% for corn meal.
The index number, based on 1913 as 100, was 158 in February 192T1.
combined, was 63%.
increase in all articles of food,
creased 107%; flour, 97%; ham, 90%; storage eggs
1919.
1920.
Francs.
v
.
February 1913 to February 1921, the percentage
Francs.
Francs.
Imports
8,126,58o,000 35,789,000,000 35,404,000,000
Exports...
6,639,400,000 11,879,000,000 22,434,000,000
81%
33%
63%
Per ct. of exports to imports.
EMBARGOES SOUGHT BY
WOOL AND OTHER INTER¬
ESTS—PRESIDENT HARDING'S PROPOSED
PRICES IN
RETAIL
AND
WHOLESALE
IN
DECLINE
TARIFF
LEGISLATION.
FRANCE.
Generate
de
of
Bureau
giving
France),
la
Wholesale
retail
showed
according to
is un¬
index
quotations, the retail on
public by the Board as follows:
WHOLESALE PRICE INDEX NUMBER FOR
Bureau de la Statistique Generale
(Prices 1901-10—100)
Compiled by
of February.
according to family consumption.
quotations, weighted
The details are made
price
wholesale
weighted and based upon 45 price
7%
of
decrease
a
The
compilations.
and, re¬
wholesale
the
8% during the month, whereas
prices declined
prices
these
18
(Bureau of Statistique
France
price indexes for France for the month
tail
Board an¬
from the Gen¬
March 14 the receipt of a cable
on
Statistical
eral
office of the •Federal Reserve
York
New
The
nounced
FRANck
de la France.
■
Raw
Vege¬
table
Coffee
Foods
Min¬
Tex¬
Sun¬
Foods.
January
Sugar,
Animal
Foods.
&Cocoa
(20).
erals.
tiles.
dries.
533.9
1920.
518.3
443.9
509.7
495.4
920.8
511.5
605.2
562.7
532.9
968.9
552.9
647.2
603.3
.
All.
Mat'ls,
(25).
Further
appeals have been made to President Harding
imposition of embargoes on imports of farm
this week for the
referred to the
March 16
and 17 in support of embargoes on wool, hides, meats, butter,
lemons, cottonseed oil and cotton.
On March 19 an em¬
bargo on the importation of meats and readjustment of
freight rates on live stock from the West and Southwest
was urged upon
President Harding by a delegation which
was accompanied by Senator Capper, and
which included
Judge Samuel PI. Cowan of Texas, general counsel of the
Rational Live Stock Association; T. A. Tomlinson, of Den¬
ver, Secretary of the Association, and J.
IP. Mercer, of
Topeka, Chairfrian of the Kamsas Live Stock Association.
Senator Capper is reported to have stated later that he had
also urged legislation to provide immediate relief to agricul¬
products;
Saturday
last
(page
1100)
we
presentments which had been made to him on
tural interests.
February.
571.0
462.4
548.3
March-._
590.1
619.6
465.4
576.9
551.7
1035.0
603.0
692.3
641.0
April.
616.3
612.8
474.2
586.5
60 L0
1114.7
657.6
753.4
appeals in behalf of the farmers brought promises
the 19th inst. for remedial measures
The
679.2
568.7
May
565.8
575.4
449.2
550.8
983.5
660.9
707.5
635.9
June.
568.8
480.5
415.3
502.8
513.1
859.3
569.2
623.1
590.8
444.4
500.0
563.0
873.0
550.3
631.3
572.9
423.2
in the
shape of
569.6-
429.7
from the President on
July-....
546.3
579.5
607.4
430.8
500.0
569.8
862.5
576.4
643.2
Septem'r.
626.6
494.1
577.1
563.6
561.1
836.3
594.0
642.9
607.7
October.
629.4
504.8
447.8
543.2
544.1
745.0
579.6
609.3
580.0
Novemb'r
612.3
468.5
400.0
512.3
509.1
597.1
547.8
548.8
607.8
431.4
376.4
490.9
462.4
556.3
518.6
512.0
502.6
569.6
400.9
357.1
459.6
408.7
538.7
489.0
478.5
470.6
530.9
381.8
358.6
436.8
360.5
465.6
458.8
432.9
434.6
an emergency
tariff bill,- and on the 21st
that the Plouse
suggested to Chairman Fordney
he
532.6
December
inst.
August
.
1921.
January
February.
.
RECOMPUTED
WITH
Ani¬
coffee &
foods.
foods.
Raw
Foods
Min¬
..
.
to the
terials
tariff that would take care of farmers.
upon by the Republi¬
The1 "Journal of Com¬
in Washington advices, said:
Tentative legislation has been
can
members
of
agreed
the Committee.
tariff
without the extra items
which were tacked to the Fordney bill were received at the White House
to-day [March 24], after a conference between the President and Senator
bill for the
cocoa.
(20).
erals.
tiles.
dries.
(25).
All.
.--452
432
419
440
413
7S7
465
525
487
474
436
474
444
828
503
561
522
884
548
600
555
'
the Senate Republi¬
feasibility of early passage of an emergency
Indications that the President may ask
ma¬
Sun¬
Tex¬
as
merce" of March 2.5,
1913=100.
—484
1920.
February
table
PRICES IN
Sugar,
mal
January
Vege¬
Ways and Means Committee sound out
cans
Congress for an emergency
protection of the farmers chiefly and
Willis of Ohio.
After the meeting,
which lasted for three-quarters of an
hour, the Senator
March
--.500
516
439
498
460
April
-..522
511
447
506
507
953
598
653
588
said that the tariff
May
-.-480
480
424
472
459
841
601
614
550
-.-482
400
392
434
428
734
517
540
493
.-.501
370
405
432
469
746
500
548
496
--.515
359
399
432
475
737
524
558
501
September
531
412
544
487
468
715
540
558
526
October
533
421
422
469
453
637
527
528
November
519
390
377
442
424
510
498
Willis said, is to enact a
measure for the assistance of agricultural interests.
It was intimated that
the Chief Executive is not much concerned about the increased tariff pro¬
vided for such items as sugar and wool, which he is inclined to believe might
wait for the permanent tariff legislation.
While this feature was not ex¬
plained fully, it was taken to mean that the Fordney hill as originally drawn
would come nearer to meeting the desires of the President than the later
measure with other productive sections added.
Senator Willis said to-day that he would favor an emergency tariff bill
'just two inches long." which would accomplish the purpose of aiding the
farmers until permanent revision can be undertaken.
When he was asked
if this would be in the nature of an embargo, he said that he did not like
to use that word, but it would be essentially the same.
There was some
question how much the views expressed by Senator Willis represented his
own convictions and to what extent they reflected
the intentions of the
June
—
July
August..
_
502
461
476
|
1
444
435
360
355
424
38|5
475
471
483
334
337
397
341
460
445
415
407
___450
318
338
377
300
398
417
375
376
December. --.515
:
1921.
January
February
.
RETAIL PRICES IN PARIS
(PRICES JULY 1914=100)
1920.
1920.
1920.
January
290
June
369
November-
February
297
339
July
373
December
358
378
September
March
April
May
August
October
373
407
420
_
.426
.424
1921.
January.
February.
.410,
.382
situation
The chief purpose
President.
was
discussed from various angles.
of the President, Senator
March 26
1233
1921.]
within the Alschuler
REDUCES. WHEAT
AUSTRALIA
PRICES
TO
MEET
AMERICAN COMPETITION.
Melbourne
press
prices of wheat exported from Australia
reduced the rate for East Africa and certain islands from
S.
statement
has
must
9
shillings to 7 shillings 11 pence per
This reduc¬
bushel.
made for the purpose
competition.
'
tion, according to the dispatch, was
meeting North American
of
WHEAT PRICE IN FRANCE TO
BE MAINTAINED
AT 100 FRANCS.
Cablegrams
from Paris, March 6,
the 1920 wheat crop will be main¬
quintal, according to an announce¬
daily
to the
stated that the price of
tained at 100 francs per
Oise
the Ministry of
March 6 before an assembly of
Finance, in an address on
farmers.
cablegram from Acting Commercial At¬
Daniel Waters, Lima, under date of March 16 1921, the
According to
tache
a
Peruvian export duty on rubber gum has
payment of the
been
June
suspended in the Department of Madre de Dios until
30 1921.
[The Peruvian export duty on rubber is
ad valorem, except on that from
levied at the rate of 8%
Putamayo, where it is only
one-half of that amount.]
industrial strife
whenever possible.
have been turned loose.
EMPOYEES A VERTED THROUGH
matter of
the amicable settlement on
prevented by the agreement.
he was calling a meeting of
their union employees through the
mediation of Secretary of Labor Davis to representatives of
both sides who called upon him on March 24.
The callers
included Secretaries Davis, Hoover and Wallace and Samuel
This action on the part of the President signified
his view of the importance of the issue as bearing upon the
industrial situation.
President Harding said:
Gompers.
I have learned that
suspension of activities in the packing
of the Cabinet representatives who
have joinred you in this matter, to express the appreciation of the Executive.
I want to say in regard to the controversy that this Administration has
nearest to its heart at all times any righteous helpfulness that it can give in
avoiding a suspension of industrial activities in this country.
I have said
publicly, and I want to say it to you, if we can bring our civilization to a
point where we can meet around the table in advance and adjust our dif¬
ferences righteously we have made a long step toward tranquility.
Please know, those of you who speak for labor and those of you who speak
for management, that the Administration does not want to intrude unduly
on any occasion, but we always want to be helpful in the cause of justice and
the harmonizing of these two elements of American activity.
Please go
away assured of the appreciation of the Executive that you have brought
about a solution of the controversy in the great packing industry.
I am
I have asked you
you
in solely for my own satisfaction.
avoid
have found a way to
American people will be pleased.
preceding day, following a three days' discussion,
The
compromises by both sides, it is stated, made possible a
Employees agreed to accept the wage reduction
settlement.
of 8 cents
ers
an
for
ment
.
hour and 12^% for piece
work, while the pack¬
extension of the war time arbitration agree¬
six months, or until Sept. 15 next.
Another
accepted
an
retention of the basic eight hour
provided in a previous arbitration
The full terms of the settlement are as follows:
important provision was the
day and overtime rates as
ruling.
First—The wage cuts of
for all
8 cents per hour for hourly workers and 12 Yz %
pieceworkers shall remain in effect as of the dates
announced by the
be subject to any further arbitration.If any further
shall be submitted to the administrator.
Second—The basic eight-hour day and overtime rates, as announced in
the latest rulings of Judge Alschuler, shall be restored, subject however, to
packers and shall not
reductions are desired, they
the right
submit to the administrator, if
changes therein.
of the employers or employees to
they desire, any question as to
Third—The agreement
of Dec. 25 1917, and extensions thereof
decisions thereunder (except as
Sept.
15
1921, at which time
and supplements
the agreement and all ^wards
"Our attitude from the
which
administrator, shall
retajin and exercise all of the jurisdiction and
tofore existing,
authority here¬
and the employers and the employees shall
decision in all matters of
abide by his
jurisdiction and power under the administration,
conditions and adjustments thereof ex¬
cepting as hereinbefore set out. The employers and employees shall, how¬
ever,
be permitted to put into operation plans whereby they may develop
a method to handle between themselves all matters of mutual interest so
and
all subjects of hours,
long as they do not
wages,
interfere with the administration.
hours or wages submitted to the
Fifth—Any questions relating to
ad¬
in
of the agreement shall be submitted
briefs, unless otherwise requested by the administrator.
ministrator during the continuance
written
to be taken as
outside of the district, embraced in the agreement,
added to the statement the following paragraph:
Sixth—We understand and appreciate that this agreement contemplates
and covers the exigencies and conditions at this time in the packing houses
The employees
in order to show that their decision was not
binding on fellow-workers
of industrial
He got the gist of the whole matter
economic conditions.
that the question of
when he realized
issue he was
the
in pressing a settle¬
contributed valuable assistance with his
problems of the cattle industry.
are highly pleased that Secretary Davis has
I
eight-hour day.
quickly, and
recognition of the unions was not an
entirely converted to our side, I believe,
Mr. Wallace also
"We
He showed a remarkable
principles and an accurate acquaintance with
grasped the justice of our claims.
he
knowledge
cko
not agree with
him
on
knowledge
committed himself to
all economic questions, but
greatly admire the spirit he showed in the conferences with us.
His con¬
tention that a reduction of wages is the proper way to solve present indus¬
trial
problems, I believe, is
wrong."
James G. Condon and
<^arl Meyer, representatives of the
which read:
packers, issued a statement
After several conferences
with Secretaries Davis, Hoover and
agreed with Secretary Davis to a
have
we
time labor
Wallace
definite termination of the war¬
4
agreement.
This will enable the packers to
adjust between themselves
complete plans, already announced, to
and their employees all matters of
mutual
interest.
It
was
only after the most
companies decided upon wage
They regretted the
careful study of conditions that the packing
reductions and changes in working conditions.
necessity which compelled this decision.
people have the same attitude toward our Government to-day in its
problems now confronting the country that they had
Our
efforts to solve the big
during
the
through
war—co-operation
and helpfulness.
The country is going
result of the war and we want to lend
retard or inter¬
serious adjustment as a
a
possible assistance and do nothing that would seem to
fere with the sincere efforts of President Harding and his
every
in
Administration
solving these tremendous problems.
the call made upon the President on
Davis issued a statement in which he
that lowered wages in the packing industry was
Subsequent
to
March 24 Secretary
asserted
logic of the situation."
"the inevitable
I
am
somewhat
He said:
surprised at the statement of Mr. Brennan, attorney
for
Workmen of North America,
in the press reports, in which he says: "I do not agree with the Secretaries
as to the necessity of wage reductions for packing house employees."
These wage reductions were agreed to by Messrs. Brennan and Lane,
representatives of the employees in the packing industry, after a conference
in my office with Ethelfctert Stewart, Commissioner of Labor Statistics,
in which the cost of living was thoroughly discussed.
Secretary of Agri¬
culture Wallace and Secretary of Commerce Hoover were not present when
the
Amalgamated Meat Cutters and Butcher
the matter of wages was
under consideration.
V 1
,
have received an
increase in wages of nearly 100%.
Mr. Stewart and myself were of the
opinion that it might be wise to accept the wage reduction, stand for the
eight-hour day, time and a half for overtime, double time on Sunday and
the following holidays: New Year's Day, Memorial Day, Fourth of July,
Labor Day, Thanksgiving Day and Christmas Day. induce the packers to
recognize the existence of the war-time agreement and provide for its ter¬
mination at a definite date and refer all other matters to the administrator.
Messrs. Brennan and Lane immediately assented and it was agreed to.
The reduction of wages was the inevitable logic of the situation.
I intend to inject that principle into everything I do.
I know that is what
the President wants.
Nobody will want for a hearing while I am Secretary.
Nobody will get otftier than justice.
I
going to fight for the policy of
give your fellow-man a helping hand, but always do the right thing and I
am sure that if we get a little of that spirit injected into the Department of
Labor, endless good will be accomplished.
Since 1917 the employees
A
thereunder
connected there¬
terminate.
Fourth—Judge Samuel Alschuler or his successor, as
until said date
and all
herein modified) shall remain in effect until
and renewals thereof and understandings
with shall absolutely
officials and their
reduction, he said:
first completely won Secretaries Davis, Hoover
and Wallace.
I want to say that in the past I have never considered
Herbert Hoover friendly toward labor, but I was gratified at the way in
for a wage
pressure
a
industry and I wanted, in the presence
grateful to you for myself and I know the
employees in Chicago on
Commenting on the work of the Government
Sunday.
March 23 of the dispute
packers and
between
$It is
national importance that the
I
Harding personally expressed his satisfaction
Presideht
over
would
understanding has been reached."
Mr. Brennan said that the employees had always been underpaid and had
worked too many hours.
If the ten or twelve-hour day had been allowed,
he said, it would merely have meant the discharge of more men, who would
have circulated among the unemployed to create unrest.
A return to such
a
ment.
GOVERNMENT MEDIATION.
their course, the fury of the men
New leaders would have entered the field.
packers had persisted in
"If the
of the
STRIKE OF PACKING
If the
hostility to the employees, hostilities will be resumed
on Sept.
15 when wartime agreements expire.
The Government got this
agreement through pressure on the packers.
"We agreed to a cut in wages because the three Secretaries held the
opinion that wages must come down and also because we wish to avoid
Mr. Brennan said
RUBBER IN PERU.
Davis
packers continue their
conditions has been
SUSPENSION OF EXPORT DUTY ON
Secretary
The New York "Times"
is to sign a truce to prepare for war.
have really done
we
said that
the statement as follows:
of March 24 reports
What
Secretaries held that wages
eight-hour day.
the
advocated
papers
by M. Paisant, Under Secretary of
ment
a
cut because "the three
come
down."
He also
wage
Redmond
representative of the employees, issued a
in which he asserted that the men agreed to the
Brennan,
board controlling
!
agreement on March 23 was reached
After the
cablegrams from London, March 22, a
dispatch to the "London Times" reports that the
According to
administration, without relation to industrial conditions
generally.
wages
or
of the five big packing houses
lowered wage rates and
which resulted in a threatened
history of the controversy over
changed working conditions,
strike follows:
>..
Feb. 26 withdrew from then war-time
arbitration agreement when,
Federal Judge Samuel A.
Alschuler wras advised there "would be no further use for his
services as arbiter.
The agreement referred to arose out of
The
packers
on
differences between
a
strike
was
The
granted workers a
increase of approximately 875,000,000 a year, an eightday and other benefits.
The packers, it is said, took
could not be
adjusted be referred to Judge Aslchuler.
latter under this
wage
hour
the view that
there
packers and their employees in 1917 (when
threatened and provided that differences which
was
no
agreement is said to have
inasmuch
as
the
war
further need of
had been
over
the agreement.
two years
J. Ogden
1234
CHKONICLE
THE
Armour, President of Armour & Co.
March 8 issued the
on
."7'V/ •
;■
An "orderly and established
Effective March 14 the wage scale for Armour plant employees
average of approximately
an
vised.
e
This does not
The revision
affects chiefly
the killing gangs, whose hours of labor are
by live stock receipts,
which packers have no control.
over
days and
some
To assure employees
he
then eight hours work
more
for 40 hours of work whether or not that
pay
This guarantee very frequently results in
actually done.
mployees being paid for many hours of labor each week for which they acally perofrm no work.
u
We know of
other industry that provides such
no
guarantee or minimum wage to its employees.
dded the penalty resulting from
n
When on top of this is
basic eight-hour day, the burden he¬
a
the last two years,
that will not carry it.
day the following statement
same
issued by
was
Statements that strikes ot* labor troubles would be welcomed by
There
public is not kept in cold storage; it is fresh meat and
eaten by the American
it has to be kept moving from
the time of slaughter until it is on the dealers'
block.
.
is
It
absurb to say that present accumulations of hides have
been inventoried at low values in order to show losses.
We invite those who
equally
stating to buy or find a market for these hides.
are so
Ninety per cent of our employees appreciate that lower production costs
essential and justifiable and we
The revision in hours and wages is designed to make it possible for the
by
dustfy to continue to serve live stock producers and meat consumers,
do not believe they are going to be swayed
cept when there is conflict.
simply that the business cannot exist if its
margins.
than its
much today
as
they were before the war.
as
he main
objective in revising is to
hich
paid, thereby obviating the penalty incurred through the pay-
are
ent of
large
for which
sums
work in return for the wages
assure
work is performed.
no
We will continue pay-
double time for Sundays and holidays and time and one-half for work in
of
xcess
54
hours
week.
a
Despite the lower rate which will obtain,
mployees can probably earn as much
The
ons.
campaign to get back to normal.
The matter of
times
40-hour
monstrated
minimum
wage
than under existing eondi-
or more
with its basic eight hour day
has
ation
averting the proposed strike through medi¬
brought
was
March 11.
on
for discussion at
up
Cabinet meeting
a
On the following day Secretary Davis sent a
telegram to Dennis Lane, Secretary of the Amalgamated
Meat Cutters and Butcher Workmen of North America, at
Chicago, which
at the
virtually identical with the telegram sent
was
time to five
same
big packers.
The telegram read:
The Federal Government is deeply concerned about the maintenance of
positively during the two years that it has been in effect
at it results in decreased
y':Y.;;'.,;Y;
1
regard to wages is a definite part of the whole nation's
is very small in view of the fact that packing
average three
ouse wages
g
Our action with
The fact
expenses are greater
few self-styled leaders, whose jobs and salaries are always in danger ex¬
a
1
The reduction of 12
meat
aid in disposing of big accumulations of meat are wholly erro¬
are no such accumulations.
The great bulk of the meat
as an
neous.
are
he employers' desires under the circumstances are not at issue.
a
strike in order to dispose of accumulated supplies of meat:
greater than the industry can bear and the public has shown plainly,
mes
i;. Wv
method of proceeding in industrial affairs"
Ogden Armour, denying that packers would welcome
packers
equitable earnings despite fluctuations of receipts
industry guarantees
mount of work is
J.
than eight hours
other days.
on
On the
The
eight hours just as usual.
of de¬
purpose
:v.-;"vv.-.
by conference and arbitration is urged in the telegram.
and hours of work will be
12
These receipts vary from day to day, providing much less
work
will be
the elimination of the eight-hour day.
mean
whistle will blow in the Armour plant at the end of
determined
body blow at organized labor for the
at the same time, a
stroying it."
following statement.
educed
[Vol. 112.
The
industrial activities in fullest understanding and hopes there will be no in¬
justment should enable all plant employees to average 48 hours wages
terruption of the continuity of employment in the great packing industries.
r
weekly wage earnings for the employees.
week, and their earnings will compare favorably with the earnings of
milar workmen in other industries.
We
in complete
are
ctualities which
On the
we
same
tion of the
attune these theories
encounter in
n
the
The
necessity for
caused
a
dealing with producers and
over
the country, and
reduce
us to
particularly the conditions
our expenses
(1)
stayed
The values of
are
(2)
(3)
our cost
of doing
decline
severe
ever
experienced.
three
times
as
high
as
in
war
level.
They are
Delegates to
wages
and
America,
on
President
Harding to hold the packers to the Government
March 9 adopted
A telegram
him to arrange
Davis.
The
resolution
a
to
appeal to
then sent the President asking
with the packers to keep the wage and hour
was
changes in abeyance, pending
an
investigation by Secretary
dispatches of that date:
Secretary of Labor
can
investigate charges.
The conference also
resolution requesting the President to "use his good offices to
compel the packers to comply with the agreement entered into by the
a
Government, and that unless the packers consent that he exercise his power
place the packing-house industry under Government control and opera¬
to
tion, and publicly brand the present owners and managers of the industry
as a menace to the Government and
society in general."
A strike warning appeared in the same
resolution, which instructed the
union officers ' 'to take such action
t
esistance to
a
as
will result in
return to the ten-hour
a
assurance
of
action.
Secretary-Treasurer of the
work-day, wage reductions and other
1917," unless President Harding
resolution, according to Dennis Lane
This
union,
means
the
authorization
of
a
strike,
affecting all packing-house employees of the United States and Canada.
During the war, the telegram to Mr. Harding said, "workers of the
packi ng plants were confronted with
mounting living costs, and at the same time
i nformation of the 'enormous
profits' of the packers
was
published broadcast.
"In this national
emergency the employers showed fight and said they
were willing
that a strike should take place.
On the other
hand,
employees' representatives induced them to remain
on
"President
succeeded in
an
the
the job as a patriotic
bringing the packers into conference,
agreement that during the period of the
in existence between your
"We note that you
war
they
continued after the armis¬
packers, and then says:
"Now, at the very beginning of the reconstruction
period, the packers
repudiate their agreement.
They have further announced that, beginning
next Monday, they will reduce
wages 12 H to 15% and reinstate the ten-
eight-hour
day
in
his
first
having granted the employees
award."
charge that the packers, having forced livestock
prices down to
a lower than pre-war level and
having filled their store-houses to overflowing
with meat bought at the lowest of
prices on'the hoof, now propose to cripple
industry deliberately for the purpose of unloading this meat at enhanced
prices upon the public, thereby achieving the double
purpose of enormous
profits by adding to the cost of living to the general
public, and of striking,
date for the conference, and
no
we
have infor¬
This
the conference when you set the date.
"We
next
respectfully suggest that such conference be held in Washington
Friday, March 18,
as we
have
conference arranged here for the 16th
a
of all trades involved."
Heads of
offer.
the
packing houses held
an
all-day session
Mr. Davis's
over
Toward evening a telegram was sent to Secretary Davis by Armour
& Co., saying:
"Your message received.
26.
Will be glad to follow
given out at the
same
your
suggestion."
time by the packers makes
no
by them
mention
Feb.
on
It says regarding the recent announcement of reductions of wages and
readjustment of worldng hours that "except through such
have
measures
as
we
adopted, the possibilty of industrial difficulties that might close our
us in the face."
plants would stare
The statement reads:
"The nation's insistence
time
on a return to
normal and its refusal to pay war¬
prices in peace times has caused the prices of
our
products in the
aggregate to drop to what are practically pre-war levels.
"This has forced the price of live-stock down to
the
very
"Our
a
point which threatens
existence of the live-stock industry.
own
business (the statement was issued by J. Ogden Armour)
been conducted at
loss for two years,but all that time
a
our
has
operating ex¬
remained at the war-time peak.
penses
"Wage
reductions, therefore,
are
not
a
matter
choice.
of
They
are
essential not only from the employer's standpoint but from the standpoint
of live-stock producers, who are
"We
Nor
is
having to bear with
there
can
not
justly be
responsible
an
for
issue
been less than 1,000 cattle on the
as
many as
a
a
on some
Chicago market, while
on
in
This
live-stock
days there have
other days there
work-day of
a
definite number of hours cannot meet
There are bound to be days when employees will
few hours just
run
of hours.
fluctuations
49,000.
such conditions.
only
the losses involved.
the matter
on
day-by-day
receipts—fluctuations illustrated by the fact that
are
us
that the justice and necessity of wage cuts will not be an
assume
issue.
company
the
"We
1
specify
partment and the packers will arrange to select representatives to attend
manufacturing
an
and other regular organ¬
ours
and other organizations who are parties to the agreement between your De¬
The telegram recites that the
agreement
tice at thef request of the
hour day in all their plants,
Judge Alschuler
Department,
mation that the packers contemplate taking advantage of that fact.
would submit all points of difference with their
employees to arbitration.
Judge Alschuler was selected to arbitrate these differences."
was
We accept your tender of service to work
izations and the packers.
"It is obvious that
Wilson
agencies.
trary violation and repudiation by the "big five" packers of the agreement
duty.
and the result was
follows:
as
solution of the present situation brought on by the deliberate and arbi¬
a
now
unanimous and effective
barbaric conditions that existed prior to
sends
was
of the wartime arbitration agreement, which was canceled
telegram to the President asked him to request the packers to hold
abeyance the wage and hour changes, announced as effective Monday,
adopted
A Chicago dis¬
March 12 says:
on
reply of the unions to Mr. Davis's offer of mediation, sent to-day by
Secretary-Treasurer Lane,
A statement
The
until the
t£e hope of finding that solution
accepted the conference plan.
patch to the New York ''Times"
following in regard to the resolution and tele¬
appeared in Omaha
acquainting them
am
Surely there must be a just solution and the good
essential to the promotion of the common good.
so
out
doing business.
Amalgamated Meat Cutters and Butcher Workmen of North
agreement.
sending like request to the employers and
am
offices of this Department are tendered in
with all Governmental
1917.
our cost of
conference in Omaha, called by the
a
helpful in leading
as may prove
just and satisfactory solution.
"It has always been and is the policy of our organization to co-operate
Following the announcement of the lowered
n
I
Agriculture and Commerce, requests that two representatives of
possible such inquiry into the situation
with this reqest to you.
1914.
Our profits have fallen continuously since
effect.
a
gladly.
of industrial readjustment is of such -widespread public
engaged in the packing industry will report to this Department to
The
still at the
are
increased hours of labor, employees of the packing houses
threatened a general strike if the propositions were put in
i
to
down almost to the values of 1914.
Wages $re by far the biggest expense in
gram
labor
Both sides
materials (cattle, hogs, &c.) and of our meat
our raw
Our expenses of doing business
almost
ments of
up.
by-products have suffered the most
They
But
the cessation of operations, such services by
that the Department of Labor, with the knowledge of the Depart¬
concern
of doing business.
great increase in prices, living expenses, and costs of doing
middle of 1920, have been going down ever since.
has
The whole problem
make
Prices and living expenses, which reached their high point the
business
and
consumers.
be helpful in promoting understanding and
can
this Department will be given most
possible to the
economy:
packing Industry, compel
war
business.
as
day Swift & Co. issued the following explana¬
Business conditions all
i
nearly
as
Department of Labor
aid in any way to avoid
can
sympathy with short work day and fair wage theories
nd our problem is to
If the
as
work
there will be days when they cannot take care of
in eight hours.
"The standards of the hours of labor,
established in mines, foundries and
institutions handling non-perishable products,
applied in plants handling perishable products.
able to say that the harvesting of crops must
It would be just
be accomplished
cannot
be
as reason¬
on an
eight-
hour
day basis and extended over a designated period of time.
"Any industry that has not established its working conditions and hours
of labor to handle
is
fundamentally
perishable products in season economically and promptly
wrong.
"The basic eight-hour
working hours.
day was not a measure for determining the actual
It simply served to penalize work in excess of eight hours
and provided no offset
foij work of less than eight hours.
"Any adjustment of wages that requires extra pay for less than fortyeight hours' work per week, unless that work is performed at unusual hours,
is'an unjust tax on the business which the public eventually has to pay.
•
Mabch 26
"Our plan contemplates giving the men
and does not contemplate reducing
forty-eight hours' work weekly
our present
work forces and thereby
In such a situation there can be little question in the mind
tremendously.
of the people
where justice lies.
not intend to be drawn into a controversy
All of the
big packing plants
said to have been operat¬
are
ing with full forces under the reduced
statement issued
Another
scale.
wage
gangs
yards were rather heavy we believe we can
handle them with eight hours of work to-morrow.
conditions make possible eight hours of work every
do not expect to average more than
and which are
They content themselves with stating that they have
at issue.
not now
nor
joined in
They long have
anit-union campaign.
an
operated their plants without discriminating against union labor, having
worked eight hours, and while the receipts of
cattle and hogs at the Chicago
with Mr. Gompers over allega¬
tions which have been thrashed out and disproved long ago,
neither initiated
by J. Ogden Armour on March 14 said:
To-day our killing
do
Pending the results of the Government's investigation, the packers
adding to the great number of men out of employment.".
we
1235
CHRONICLE
THE
1921.]
employed both union and non-union men, although the latter probably
predominate in the ratio of about three to one.
We will be very glad if
day, but, in any event,
PLAN
PACKERS
forty-eight hours of work a week.
public has little reason to fear interruption of the meat supply as the
result of a strike.
It must be obvious even to the union leaders that we
"INDUSTRIAL
DEMOCRACY."
The
Reports from Omaha, St. Louis, Kansas
will be able to continue operating.
City, St. Joseph, Fort Worth, Sioux City and other packing centres th ?
Steps toward the formation of industrial democracy in the
packing industry, through which employers and workers will
have
morning indicated there were several thousand applicants for jobs at our
plant
We firmly
the job.
This is much more than usual.
employment offices.
intend to stay on
believe that the great bulk of our employees
believe that retailers will be able to secure the continuous
"We fully
supplies they need."
The
a
is the first made by
move
labor controversy, and is
of the
cases
the
administration in
new
therefore accepted as an indication
policy to be pursued in that respect in other similar
that may arise in the future.
formulate
PACKERS
OF
PART
CAMPAIGN
NEW
IN
ON
contemplated
plant conference board of five members in each plant, and a
general conference board of three members selected from all
Samuel Gompers,
companies,
Federation of Labor, issued
a
dent, issued
their
that
an
President of the American
statement on March 15 in
their campaign
He calls attention to the fact
hours
in
announcement
this
respect
was
preceded
arbitrary reduction of wages and readjustment of
of labor, arranged without consulting the workers.
alleges profiteering prices were charged by the
He further
packers during the war and since and states that while they
emphasize their desire to serve the public, their real intention
is to "fleece the
He
people."
which agreements cannot be reached
J. Ogden Armour, Presi¬
statement in which he said that the meat
a
cooperation between employers and employees."
The Directors of the company have
must
medium where¬
recognize the responsibility that the business has to the
learn and
public and its limitations in the matter of providing for the needs of both
its owners and the workers.
success
of the business is measured by the returns to
the owners and
No business can succeed if it does
Disagreement means business failure—no dividends
employees and by its service to the public.
not serve
all three.
for the owners, no wages
With
view to making
a
for the workers, no service for the public.
real co-operation possible
a
plan has been evolved
whereby employees are to share with the management in the knowledge of
When organization has been effected,
of mutual interest.
all conditions
will thereby be provided for prompt
means
matters
and orderly consideration of all
hours of labor, working con¬
of mutual interest, such as wages,
ditions, sanitary and safety measures.
A
the owners and
Swift in Chicago, and
that declaration was anticipated by an arbitrary reduction in wages
a lengthening of the hours of labor without consulting or conferring
a
To properly exercise this function, the employees
discussed and adjusted.
says:
The success of the business is measured by the returns to
decided to establish
by matters of mutual interest to the employees and the company may be
The
by
on
It continued:
which he characterizes the scheme as a part of
against the labor unions.
Questions
to be referred to arbitration.
be greater
the Armour and Swift
by
It is intended eventually to have
ing hours and conditions.
a
Bitterly attacking the "industrial democracy" and "mutual
plan
It is believed this method will
permanent plans.
packing industry "had reached a situation where there must
"MUTUAL
RELATIONS PLAN."
relations'*
election for the choosing
an
satisfactorily dispose of questions in regard to wages, work¬
plants.
ANTI-UNION
ALLEGES
they called
by employees of members to compose a temporary board to
are
GOMPERS
equal representation, were taken by Armour & Company
March 14 when
on
synopsis of the plan
Principles—To
give
was
employees
as follows:
conditions of labor.
also given out
voice as to
To
employees, says the announcement of Armour and
provide expeditious, orderly procedure for prevention and adjustment of
yet
disputes.
and
with the employees.
proposed by the packers as a means of affording "employee
The board
is confined strictly
representation"
the execution or carrying
The management
into effect is in the hands of the management.
of employment, etc., the management has the right
and the power to veto.
So
the
practices of years, on the one hand to take ad¬
vantage of their employees and on
boards
The meat packers'
consideration for the public was shown in the sale of
with policies.
through
it.
before
recorded
profiteering prices charged to the public by them during the great war
Forsooth, the meat packers' service to and consideration of the
What the packers
given the employees real representation and which have
measure
public!
seek is the destruction of the trade unions which have
of real freedom, and the substitution of
this representation and
something that will destroy
After
feeling among the men was so tense that they were
seriously considering stoppage of work, to secure some
hands
of
the
packers President
Wilson,
one
in which the packers
The
was
Court in Chicago was
the packers and
agreed
upon as
adjpstor of any differences between
can
have either initiated, or have
campaign, and announce first, a reduction in
consent, be referred to impartial arbitration.
Decisions—All decisions by General Conference
affected.
■■
as
much of "industrial democracy" as
within the gates
Mr.
workers would enjoy
the cattle and the sheep, once
Swift & Co. also have
</■
.
an.intemperate
statement at a time when the economic necessities of the nation demanded
the coolest judgment and unimpassioned thought from those leaders to
We regret
that Mr. Gompers should see fit to issue such
whom large groups
Mr. Gompers has
look for guidance.
said
tion and that has been
a great
deal that is obviously based on misinforma¬
disproved time and gaain by official records.
fortunately, his statement obscrures rather
the situation of
Un¬
than clarifies the essentials of
I
which he speaks.
The packers
The con¬
suming public, however, has insisted, and insisted successfully, that prices
be lowered.
In the meat and live stock industry prices have been reduced
Labor,
very
naturally,
dislikes to have wages reduced.
themselves regret the necessity
a
Their
similar project.
It is the desire of Swift & Co. to establish some means
may meet at
intervals with the management to discuss
their mutual relations
it
can
for its
so
announce¬
i
-
that the company may
whereby employees
all matters affecting
be enabled to do the best
employees and the employees the best they can for the company.
Steps are being taken to work out details of the
plan.
We hope we will
(the employees) cooperation.
CERTAIN CHICAGO PACKERS
COMPELLED TO SHUT
DOWN BECAUSE OF WAGE
Because
CONDITIONS.
they could not realize a profit at the
prevailing
selling price, with the cost of materials and labor at its present
have
issued
through the Institute of American Meat Packers, Washing¬
ton, by a large number of these dealers on March 17, in
defense of proposed wage reductions in the packing industry.
level, the majority of the smaller packers in Chicago
of the packers' plants.
Gompers statement brought the following from the
packers:
Board binding on plants
r.:
ment reads:
and then propose to introduce a scheme of so-called
democracy" in their plants.
It is seriously doubted that they
succeed in putting that into operation, for the
about
basis of
employee representative for the first 500 employees and one additional
Management to name equal number of representatives.
agreement is impossible, matter may, by mutual
the wages of the workers
"industrial
Board.
arbitration.
there were mutually satis¬
Under that arrangement for over two years
factory results achieved, but the packers now
followed into, the anit-union
He will, within ten days,
plan of settlement or refer matter to General Conference
have your
their employees.
tie, it may, on request of either
Arbitration—Where
and the employees' representatives should participate
and which resulted in a fair adjustment of the dispute.
best service was given by the men and production to its fullest height
achieved.
Under that arrangement Judge Alschuler of the Federal
and did participate,
a
for each 1,000.
consideration at the
Secretary Baker and Secretary
the city of Washington
Wilson directed that a conference should be held in
If matter remains
be referred to General Superintendent.
Gneral Conference Board—General Conference Board formed on
consideration to their employees as a result of the then soaring
of living; that when the
Employee and management groups vote separately, each being
a unit.
In case of tie matter reopened and attempt made to
If he does neither, matter may go to
As for the "industrial democracy" proposed by the
ployees it should be known that during the war they refused the slightest
high costs
have
Board—Employees
as
propose a
gained for them a
give to the packers unabridged autocracy and power.
packers to their em¬
of
May elect three spokesmen. Board may
reach agreement.
group,
presented through representatives or
privilege of appearing
call any employee
investigation and discussion the Board will vote on all
Secretary
matters.
and since.
Board concerned solely
Execution in hands of the management.
Procedure of Plant Board—Matters
and
the
on:
and
recreation and athletics, employees' trans¬
portation and other matters of mutual interest.
their tainted canned meat for our soldiers during the Spanish American War,
and the conditions disclosed in the investigation some few years ago,
recommendations
prevention of accidents, health and plant sanitation, hours of labor, educa¬
before board.
thought has been and is to fleece the people.
Conference
equal in number to employees' representatives.
Duties and Powers—Board may consider and make
the other to impose upon the credulity
They blatantly talk of service to the public when their only
of the public.
on
appoint representatives to
Employment and working conditions, wages and cost of living, safety
tional and plant publications,
packers of Chicago have made public their new scheme.
meat
It is in keeping with their
employee representative to each 200-300
Management Representation—Management to
and the employees are supposedly to have equal represen¬
recommending poilcies as to wages,
one
Not less than five employee representatives
Board.
recommendation of policies;
to the
tation and even when they agree upon
hours and conditions
Equal representation for employers and employees.
Representation—Generally,
employees.
<
of effecting a wage reduction.
suspended operations, according to a joint statement
Live stock and meat
in
price, but
wage
products, it is declared, have declined
rates have not shown a proportionate
decrease, and the proposed reduction is coincident with the
general rearrangement of commodity prices in other indus¬
tries.
The existing wage scale has resulted in disastrous
conditions during the past two years, while the war-time
schedule of
a
forty-hour guarantee, and time and a half for
THE
1336
overtime after
eight hours' work where fluctuation of re¬
ceipts necessitated
eight hours had
just established is open to
criticism at all, it is only on the
ground that it does not
The statement reads:
large enough reduction."
a
A number of the so-called smaller packers
companies whose volume of business
nually, today issued
of Chicago, representatives of
into many million dollars an¬
runs
&
Those joining in
the labor situation.
a statement on
the statement include Roberts & Oake, William
Davies Co., Louis Pfaelzer
Co., Boyd-
Sons, The Independent Packing Co., The Brennan Packing
Lunham & Co., and Miller & Hart.
ENCE
It is further
almost ruinous effect
an
ful
Washington
of the
packers in Chicago have suspended
smaller
operations.
They could not operate at a profit with their products selling at present
values and with the cost of
raw
and
down in proportion.
wage rates have not gone
Government"
GOVERNMENT."
in
Farmers'
Union
issued at
was
and Chairman
tional Board of Farm Organizations.
from
and power¬
new
Washington
March 14 by Charles S. Barrett, President
on
of the National
of the
Na¬
The press dispatches
Washington in their account of Mr. Barrett's state¬
ment in the matter
say:,
"The
'assistant*
It is
It is
association of specialists.
an
know all the
of
Government," Mr. Barrett says, "has one advantage
the Constitutional Government.
work.
and
materials and wage rates what they are.
"Live stock has declined tremendously, but so have our products,
"ASSISTANT
alleging the existence of "a
'assistant'
over
"Most
OF
A statement
Charles Roberts of Roberts & Oake,
said:
[VOL. 112.
C. S. BARRETT OF FARMERS' UNION ALLEGES EXIST¬
days of less and some of more than
some
declared that "if the wage scale
constitute
CHRONICLE
and
men
legislative, administrative and bureaucratic
who
women
streets
avenues,
alleys in Washington, belong to this interesting and patriotic collection
and women."
men
Individuals named by Mr. Barrett
The majority of the smaller
effectively trained for Its
more
Eminent
included among these
as
Joseph
are
packers shut down because they were facing an inevitable loss on every hog
Defrees of Chicago, President of the United States Chamber of Commerce;
operations than to sell at a
Alfred P. Thorn, general counsel of the Association of Railway Executives;
U. D. A. Morrow, Vice-President of the National Coal Association;
George
dressed.
found
They
it
cheaper to
cease
grievous loss.
"Wages constitute the largest item in
of livestock.
ment of
results
effect
for
operating
last
the
time scale of
a
two
material necessitate
of
more
reflect
years
facturers;
a
precarious enterprise,and
than eight hours has been an almost ruinous
subject to it and
was
only accepted
as a
imposition
rates."
on
the pack¬
Moreover,
war-time measure.
disadvantage with respect to packers in other packing
Certain packers outside of Chicago long ago
centres.
war¬
John
reduced their wage
II.
Emery, general counsel for the National Association of Manu¬
Willis
Compton
of the
Hardwood
Kir by of the Southern Pine
President
the
of
National Caimers'
Lumbermen's
Government
the
are
Association.
Institute of American Meat
Packers, the American
Automobile Association, the Southern Pine Men, Manufacturing Chemists'
Association of America, Council of American Cotton Manufacturers,
Southern
Industrial
Industries
National
Education
Association,
Bureau
Society,
American
Wholesale
of
Founders' Association,
Automobile
Lumber
of
Chamber
Distributors,
Highway
Commerce,
Mining
American
Congress, American Realty Exchange, National Merchant
•
Association;
Association, and R. T. Strasbaugh,
Other interests which Mr. Barrett says are represented in the "assistant"
half for overtime after
a
days of much less than eight hours and some days
some
it has placed us at a
The
conditions.
disastrous
industry where fluctuation in receipts of raw
an
Cashing, Managing Director of the Wholesale Coal Dealers' Association;
James A.
forty-hour guarantee and time and
eight hours of work in
ers
packing house is
a
W.
general readjust¬
Even with the present wage
commodity prices in other industries.
scale in
and is next to the cost
our expense,
The reduction of wages is a reflection of the
Marine Asso¬
extensive
ciation, League of Commission Merchants of the United States, National
business in this country and Europe, endorsed the statement of Mr. Roberts
Oil Bureau, National Petroleum Association, American Patent Law Asso¬
ciation, National Committee of Gas and Electric Service, National Commit¬
James S. Agar, of William Davies Co., a large concern doing an
added:
and
•
"Packers
stand very little more hammering.
can
If the larger packers
should be persuaded to make any unfavorable revision of the wage
reduction
they have just effected, the action would artificially peg up the wage rate
of all
Chicago packing houses to
point at which many establishments
a
probably would be compelled to remain closed indefinitely.
"Although there is plenty of meat to be had
prices, such
work
a
situation
hardship to
a
as
reasonable wholesale
now at
I have just sketched would reduce production and
If the wage scale which has just been
consumers.
established is open to criticism at all, it is only on the ground that it does not
constitute
tee
tection
Patrick Brennan, of the
of the
market,
as
are
most of the packing
companies in
Livestock is much cheaper now than
ones.
months ago, but our labor costs have been too high, with prod¬
was some
ucts
Freight
Association,
National
Independence, National Association of Colored Races, National Commit¬
of Armenian
tee
the
and
Syrian Relief, National Federation of Federal Em¬
foreign Governments
according to Mr. Barrett, who
their representatives,
without
not
are
says:
"Of course, it is improper for a foreign diplomat to attempt to influence
out
are
Chicago except the largest
it
Dixie
ployees and National Women's Trade Union League.
statement:
"We
Conditions,
American Rights in Mexico, National Popular Government
League, National Committee to Secure Rank for Army Nurses, National
Even
Independent Packing Co., made the following
Utilities
of
Negro Business League, National Voters' League, National Forestry Asso¬
ciation, National Patriotic Press, League for the Preservation of American
largo enough reduction."
a
Public
on
Association for Constitutional Government, National Association for Pro¬
selling at their present levels, to permit
packing industry
was one
a
reasonable margin.
of the first to lower its values.
last to lower its wage rates.
It
was one
The
of the
& Co., Miller &
Hart, and the Brennan Packing Co., indorsed the state¬
executive action, but
or
Legislative committees
bureaus
associated
with
the
a way
has been found to accom¬
names
tangible
Nevertheless, the country which
complete
" 'assistant'
eager to
of the men and
census
Government,"
in both branches of Congress there
do is to consult with
the
or
beneficiary of their activities."
statement is in doubt
a
definite
no
estimated by persons who believe they have correct
every man
under
created
been
These have
Mr. Barrett says no one has yet taken a
"If
DAYLIGHT SAVING LAW OF NEW YORK REPEALED—
have
such like.
the diplomat represents is the
Washington ready and
by the other so-called smaller packers.
or
connection with any accredited diplomat.
women
David Pfaelzer of Louis Pfaelzer & Sons, R. W. Trotter of Boyd-Lunham
legislative
of educational
The moderate reductions just made should
have been effected long ago."
ments made
American
plish this.
but that
"it is
information that for
at least two patriots in
are
instruct him in his duties.
on
a
matter," he continues, "all he has to
member of the inner circle of the 'assistant' Govern¬
a
ment, and he can instantly be set straight."
CITY ORDINANCE AMENDED TO LIMIT PERIOD
TO
FIVE MONTHS.
LITTLE LIKELIHOOD
An amendment to tlie New York City daylight saving ordi¬
nance
passed without debate by the Board of Aldermen
was
March 15, providing for five months of changed time in
on
place of the
this
in
months of other years.
seven
city
will
therefore
commence
Daylight saving
the
last
April and end the last Sunday in September.
tee's
Sunday in
The commit¬
report reads:
An hour of extra daylight
great boon to the
men
and
mercial enterprises of this
recreation
or
of millions
during the spring,
a
who toil in the many industrial and com¬
women
city.
and fall has been
summer
The
use of this extra hour of daylight for
study will contribute to the mental and physical improvement
of our citizens without in
any
way
detracting from efficient
service to their employers.
The Lowman-Betts
ing Act,
was
bill, repealing the State Daylight Sav¬
nicipalities under the
March 11.
on
the last Sunday in March or
operation later than the last
The
by
a
repeal
vote of 27 to 22.
of defeat,
a
measure
was
one
Sunday in October.
within
came
a
vote than
more
margin
necessary,
majority vote of the entire membership of the Senate be¬
ing necessary for the passage of
taining 51 members.
been
The
bill, and the Senate
approval of
previously secured by
act met with
a
a
the
vote of 79 to 60.
on
March 10, to which
a
nevertheless signed the measure
The neighboring
on
the
The
New Rochelle and
lar
ordinances to
public hear¬
The Governor
following day.
State of Massachusetts has adopted the
daylight saving law and in New Jersey
pending.
a
large number of civic organi¬
zations sent delegates to make final
protest.
is
The repeal
strong opposition from business interests and
organized labor, and Governor Miller granted
ing
outlook.
| There will probably be a gradual re¬
sumption of building activity in the spring that will mount
slowly month by month until, by the late summer, it may
reach substantial levels and possibly by the advent of some
fortuitous
circumstance may by
municipalities of
Mt.
a
similar
Yernon,
Jersey City, it is expected, will
that
of
"Business
New
York City.
measure
Yonkers,
pass simi¬
and
men
this
fall take
the aspect of
on
Writing in the current issue of "The Credit
Monthly," Dr. Whyte
activity
spring
says
economists
look
in part:
who
hopefully
predicting
are
to
the
revival of business
a
industry.
construction
They
point out the familiar facts that the country is under-housed, under-equipped,
in
short,
'under-constructed.'
They cite with conviction the familiar
words, 'There is a shortage of a million homes in the United States.' They
have
and
facts
railway
season,
vival of
figures to
power—even
these
thoroughly
mand that must
soon
show that there is
a
shortage
of
be met,
shortage of
a
mileage.
railway
demonstrable facts
here
that
in
a
railway
They
cars,
conclude
tremendous
de¬
and they look for the opening of the building
which usually takes place in April and May, to start a building re¬
large proportions, and thus to give impetus to a revival of business
activity along general lines.
\
con¬
Assembly had
building construc¬
extensive study of the present situation and
an
future
the
from
narrow
was
boom in
research, National Association of Credit Men, who has just
of
passed by the Senate March 3
The bill
securing but
remain in
a
spring, according to John Whyte, Ph.D., director of
completed
Mu¬
law may operate under daylight
new
saving by local ordinance if they so desire. The length of the
period is also optional, but the law stipulates none can take
effect earlier than
There is little likelihood of
tion this
great activity.
signed by Governor Miller
CONSTRUCTION
OF BUILDING
BOOM AT THIS TIME.
Potential
,
"There
There is
exists,
shortage
strange
of
that extends to
does not point to
obvious
seeking homes.
are
ers
is
and
is
but
the
mere
of housing.
existence
immediate demand.
actual and
an
assume
conclusion
to the great shortage
all lines,
almost
Take,
for
example,
of
a
There is
a
the
shortage
each house will shelter four persons.
there
that
are
But these four million people
four
million
not
people who
are
homeless—they
all tucked away somewhere.
They may be potential buyers and build¬
of homes, but to make them home builders or owners, something more
needed
the
as
to the existence of a short age of industrial
as
than the
consciousness
potential
ment
of
demand
railroads
industrial
justifies the
and
into
actual
other
past of the
now
the part
industries
country
are
of the community that they
Something else is needed to translate
and immediate demand.
Under-equip-
on
ought to have homes of their own.
the
Actual Demands.
vs.
doubt
no
flexibility to so-called demand.
million houses
a
"The
course,
doubt, likewise,
no
equipment
of
as
is
well
also
as
an
established fact; and
its present economic status
conclusion that this under-equipment will be relieved.
question in both cases is this;
The
When will this potential, overhanging de-
March 26
be
mand
dustries
translated
involved,
them,
on
for
1921.]
A
consideration
and figures that
facts
of
the
in¬
available
are
the trend in the construction industry
on
statistics
of
Contracts Awarded
Building Operations.
was
written by Judge Cuthbert W. Pound
Hiscock
Judge
as
powers
and
Judges
Cardoza
Hogan,
concurring, and Judge McLaughlin dissenting.
The decision affirms the
.
Contracts
against $22,116,000 for January, 1920.
The figures
represent a smaller volume than the figures for any of the last
years,
with the exception of
January,
1919
(the second month
after the
these
armistice).
There is not much encouragement to be gleaned from
It must of course be emphasized that January figures are
figures.
not in
themselves prophetic of the
Price
"More amenable to
What
is
the
the
is
May
June
or
July figures.
or
right of the State under its police
to deal with the matter of rents and housing in an
is done under the laws in question.
emergency as
tent of the rent laws is that
attempts at forecasting than the figures of Contracts
relative
situation
ties
(Bureau
The
index
here?
Labor
of
number
price
commodities
of
The
building
the
building
industry.
for all
commodi¬
general index number
Statistics)
of
in
the
for
month
materials
of
December
ties
than
is
emphasizes
materials
and
normally the
266.
was
In
exchange
an
of
detail the disparity between
in
the
price
of
liquidated
laborer
household
factors
the
merchant,
or
commodities
only at
struction materials is
tion
economic
considerable
construction
products
at
their
whether
they
commodities
for
the
farmer,
construction
The high price of
con¬
discouraging factors in the construc¬
industry.
The in¬
landlord shall charge
no
exorbi¬
large
item
in
construction
building trades labor for 1921
be
general
a
it
1920.
is
reduction in
is
are
the
though the union scale of 1920
1921,
Costs in
(The union
The
some
scale
wage
likely
labor.
Even
than
it
was
in
and
in
some
be paid to only a few workers; the other workers through com¬
for labor or other factors, receive a higher scale.)
One factor
petition
that
will
reduce
construction costs in a marked degree in 1921 will be
efficiency of labor.
Building trades labor in 1920 was no¬
toriously inefficient.
With great unemployment in the present depression,
the efficiency of building trades labor is sure to be increased
perceptibly.,
One superintendent of
the F. T. Ley Construction Co. is reporting an
increased
of
average
increase
bricks laid
1,400
is,
andlords
be
to
sure,
per
man
unusual and
least indicative of the trend of labor
Investment
against
as
above
far
400
the
last year.
Such
but
average,
it
an
is at
efficiency.
Factor More
funds
in
such
ment
elsewhere.
Money
fewer
There
is
available
The price factor
and
opportunities
will
thus
for
of
if's
are
the forecast.
tively
investment
of
construction
and
to
of
new
houses
is
money
construction.
new
of
But
and
course
a
continued
sav¬
construction.
new
to any
Whether
existod,
not
start
off
with
a
rush
spring
that
it
summer,
will
mount
reach
may
fortuitous
in
the
vation.
slowly
substantial
circumstance
like
month
levels,
by
and
bumper
a
What is likely to
of building activity in
month until, by the late
possibly
crop,
by the
may,
advent
by fall,
take
of
on
aspect of
business
ceive
ward
a
great activity.
If this reasoning is correct, the revival of
activity frequently predicted for the spring of 1921 will not re¬
tremendous impetus from the construction
industry, but will go for¬
slowly
wears
gradually
receiving
on,
impetus
and
it,
to
and
and
impetus
take
from
on
the
cumulative
force
construction
ushering in gradually
a
by
The four
attorneys
the.
for
due
law>
of
process
impaired the obli¬
contract."
a
or
not a
public emergency existed
question of fact, debated
was a
primarily to the Legislature.
If the lawmaking
power
knowledge and obser¬
common
such evidence,
on
permitted by the constitutional limitations
the
That it
promised not to be presently self-curative and called for action
has determined the
existence of the emergency and has, in the main, dealt with it in
affects the class of landlords who
same
legislative
upon
now
a manner
power,
so
far
challenge the statutes, the
To
uphold the right of the landlord to maintain ejectment would be to
crack the legislative design into fragments which would afford little pro¬
tection to the tenants in possession.
The legislative or police power is a dynamic agency, vague and undefined
in its scope,
needs
period
uncontrolled
by
the
or limits its use when great
constitutional
that the State has surrendered
of the attributes of
one
sovereignty for which
While in theory it may be said that the
building of houses is not
a monopo¬
listic privilege; that houses are not public utilities like railroads, and that if
the landlord turns one off,
another
may
take him in; that rents
are
fixed
by econpmic rules, and the market value is the reasonable value; that people
often move from one city to another to secure better
advantages; that no one
compelled to have
legislation
an
of private property
transfer
a
home in New York; that
crisis exists; that to
no
exercise of the police power when it is plainly
for private
of labels which does
a
and without compensation is
use
not affect the nature of the
taking
a
mere
legislation, yet
the Legislature has found that in practice the state of demand and supply is
at
present abnormal; that no one builds because it is unprofitable to build;
that those who
seek the uttermost
own
farthing from those who choose to
live in New York and pay for the privilege rather than go elsewhere; and
that profiteering and oppression have become general.
It is with this condition and not with economic
deal in the existing emergency.
to
theory that the State has
The distinction between the power of
eminent domain and the police power is often fine.
In the main it depends
whether the thing is destroyed or is taken over for the public use.
property rights are here invaded, in
been
If
degree, compensation therefor has
a
provided and possession is to be regained when such compensation re¬
mains unpaid.
What is taken is the right to use one's property oppres¬
sively, and it is the destruction of that right that is contemplated and not
the transfer thereof to the public use.
The taking is therefore analogous to the abatement of
establishment
of
building
Emergency laws in time of
restrictions,
and
is
peace are uncommon,
nuisance
a
within
the
or to
police
but not unknown.
the
power.
Whole¬
sale disaster, financial panic, the aftermath of war, earthquake, pestilence,
famine and fire, a combination of
as
the alternative of confusion
or
men or
the force of circumstances may,
chaos, demand the enactment of laws that
would be thought arbitrary under normal conditions.
cannot become the source of power,
giving
ford
a
reason
for
putting forth
a
Although emergency
and although the Constitution cannot
be suspended in any complication of peace or war,
prosperous
due
the blessings of freedom and to promote the general welfare.
and
relative
public
of
Governments are founded, and made itself powerless to secure to its citizens
season
business."
requirement
Either the rights of property and contract must, when necessary,
yield to the public convenience and the public advantage or it must be found
the
as
industry
of
which takes private property
require,
process.
spring of 1921.
gradual resumption
a
leases executed
on
that the laws "denied them equal protection,,
appeared from public documents and from
on
forecast.
They are almost implicit in
building materials suddenly drops to compara¬
railway credit and public utility credit suddenly
happen is that there will be
presented
and debatable, which addressed itself
new
vital
the whole complexion of industry may be changed.
contingencies, it is more than likely that construction
barring these
the
the
turn
quantity of construction.
and's
levels—if
will
some
the
re-established,
But
the
for
If the price of
low
becomes
and
inevitable
an
commodities
determine the
ings do eventually result in
"There
there
are
rent
The decision reads:
is
enterprises, and the accumulated capital must seek employ¬
becomes
plants.
one
the
recover
pays
The decision,
dispossess proceedings in which
as
them of property without
gation of
call the
lasts,
well
objections
were
deprived
Favorable.
"Saving continues during a period of depression.
The savings at first,
during the early part of the depression, do not usually go into fresh in¬
vestments in construction;
they are likely to be employed to buy up busi¬
ness
enterprises that are on the bargain counter.
But the longer the de¬
pression
actions to
as
interfered with freedom of contract and
commodities in
scale,
wage
is
years may
the
constitutional
for
wages
There
of building trades
scale is the minimum
wage
cost.
discussion.
be in force in
prevailing
cover
expires.
legislation should be upheld.
labor
under
wages
may
likely to be the
more
1921.
always
now
will
after his lease
even
April 1 1920,
unobjectionable tenant who
an
stays had been agreed upon before Oct. 1 1920.
as
Construction
"A
it is said,
any¬
346,
be
reasonable rent
a
price level
a
higher level of
disadvantage.
of the most
one
still
a
community,
exchange
can
a
of
farm
With building materials at
furnishing goods at
in
With
hardly be expected to purchase in
can
thing like his former quantities.
and
the price
other commodities.
price level of 144, the faimer
266
can be bought by other
The index number for all commodi¬
case.
eject
nor
189.
was
commodity for commodity, fewer building materials
materials
rent
tant
after
of Construction Compared with Price of Other Commodities.
Awarded,
to
opinion
Chief
1921
five
of
The
with
and Andrews
Awarded for December and January show
only too plainly how the depression has affected the building industry.
In January, 1921, the F. W. Dodge
Company reported $111,806,900 in
for
1237
CHRONICLE
1921.
Present
"The
of
use
light
some
demand?
actual
an
through the
throw
may
the year
into
THE
an emergency may
af¬
latent governmental power already en¬
joyed but not previously exercised.
Legitimate governmental authority ought to be able to
project unobjec¬
tionable tenants, ready and willing to pay reasonable rents, from wholesale
CONSTITUTIONALITY OF 1920 HOUSING AND RENT
LAWS
UPHELD
BY
COURT
OF
APPEALS.
Supreme Court from the decision
Appeals
the
of
The
on
1920
March 8,
New
which upheld
York emergency
of the
Court
of
the
constitutionality
housing and rent laws.
ruling reversed that part of the decree
of the
Appellate
Division,First Department, which held that the Legislature
legally take from the landlord the right to dispossess
tenant at the time of the
respects the lower court
expiration of
was
on
eleven
each
of
"pooled"
which it
cases
was
a
lease.
In other
upheld, and the constitutional¬
ity of all the laws sustained.
The decision
was
handed down
before the Court of Appeals, in
contended
that the
unconstitutional, with particular reference
1920 laws
to
were
Chapter 947,
which is "an Act to amend the code of civil
procedure, in
relation to actions to cover the possession of real
property
in certain cities," and which declares that in
view of the
public
existing
emergency
no
action shall be maintained
to
the possession of real
property except on the ground
that the person holding the
recover
must
be proven
occupy
in court),
property is objectionable (which
or where the owner wishes to
the property personally
and erect another.
or
stantial
to tear down
a
brought them¬
Legislature by their greed and extortion, without
building
grievance to
a
restraint that
a
ously offends;
one
class of tenants has protection because
homes cannot be provided
of
sub¬
no
class has invited by its conduct.
One class of landlords is selected for regulation because one class
out
could not
a
selves to the notice of the
subjecting landlords who have not offended and tenants who have
Representatives of real estate interests in this city are
said to be contemplating an immediate
appeal to the United
States
evictions for the further enrichment of profiteers who have
with places to sleep and eat.
possession, willing to pay exorbitant rentals
or
all
conspicu¬
who
seek
Those who
are
unable to pay any
rentals whatever, have been left to shift for themselves, but such classifica¬
tions deny to no one the equal protection of the laws.
tween the groups
is real and rests
on a
The distinction be¬
substantial basis.
The rule alike for State and nation is that private contract rights must
yield to the public welfare, when the latter is appropriately declared and
defined and the two conflict.
not
designed to accomplish
a
But if the law is
arbitrary, unreasonable and
legitimate public purpose, the Courts will de¬
clare it invalid.
Laws
and
the
are
directly nullifying
not
some
essential part of private contracts
are rare
lightiy to be upheld by heavy and sweeping generalizations
common
on
good, but no decision upholds the extreme view that the obli¬
gation of private contracts may never be directly impaired in the exercise of
the legislative power.
No vital distinction may be drawn between the
exer¬
cise in times of emergency of the police power upon the
property right and
the contract obligation for the protection of the public weal.
The
State, in an emergency caused by flood or fire, when multitudes are home¬
upon
less,
might conceivably compel
owners
of houses to take in undesirable
occupants in order to shelter them from exposure to storm and cold.
then, would the State have
terms upon
which
a
no
power
reasonably to regulate for
landlord, under such conditions,
may put
a
Why,
time the
his tenants
out, as long as they promptly pay a reasonable compensation for the
of the property?
No constitutional
laws
or an
on
difficulty presents itself in the
way
the ground of uncertainty as to what constitutes
oppressive agreement.
use
of enforcing the
a
reasonable rent
Courts and juries are in civil cases constantly
dealing with questions of proper cafe, just compensation, reasonable con-
unreasonable
dealing with necessaries becasue the language is too in¬
punish the act of making any unjust or
that Congress may not
in
rate or charge
is not what the
the
liability.
The test
jury may say, but what the jury may reasonably infer from
The exaction of an unjust and unreasonable rent makes
uncertain upon which to fasten criminal
definite and
evidence.
be recovered.
The question comes back to what the State may do for the benefit of
the community at large.
Here the legislation rests on a secure foundation.
The struggle to meet changing conditions through new legislation canstantly
goes on.
The fundamental question is whether society is prepared for the
change.
The law of each age is ultimately what that age thinks should be
oppressive the agreement under which the same is sought to
Decisions of the Courts in conflict with
the law.
such decisions have been thought to be unwisely
met
legislative policy, when
hard and stiff, have been
by constitutional amendments, as in the case of the
preme
decision of the Su¬
which led to the
Court of the United States in the income tax cases
this Court on the statute
which fixed an eight-hour-day and the prevailing rate of wages for employees
of municipal contractors, and on the
Workmen's Compensation law.
Each of the latter laws was also approved by the Supreme Court of the
adoption of the Sixteenth Amendment, and of
The reaction on the Courts is that a strong
opinion in any real or fancied
But constitutional
on the power of Government are self-imposed restrictions upon
the people, and qualify the despotism of the majority.
Such
do not yield to strong opinions merely.
They are incorporated
public need has been suggested as the sufficient test.
the will of
limitations
in the fundamental law to
trol the use of his property
Isolated expressions of
whatever private right to con¬
public welfare, reacting
upon tenants as well as property owners.
•
"In addition to causing complete
the many may earnestly desire to deprive him
of.
unconstitutional and arbitrary po\ver. What
not uphold the exercise of
plied to
a
"
Furthermore, these laws have permitted a doubling up of tenancy most
dangerous to public health and morality, also creating unprecedented con¬
gestion in the Courts and preventing consideration of cases other than rent
litigation.
,
"Regardless of constitutionality
books, just
Neither
layed.
ment and reasonableness in
order to bring about a great good to a large class
sacrifice of private rights.
While some
Curative action is needed.
may
question whether it may be
said, without exaggeration, that these enactments promote
or
do in
morals or safety, they
a
vantage in the face of the extraordinary
which the Legislature has, on
The conclusion
the public health
measurable degree promote the convenience
public convenience, and the public welfare and ad¬
of many, which is the
and unforeseen public exigency
is, in the light of present theories of the
police power,
business, however honest in itself, if it is or
business of
renting homes in the City of New York is eminently such an instrument and
has therefore become subject to control by the public for the common good;
that the regulation of rents and the suspension of possessory remedies so far
tend to accomplish the purpose as to supervene the constitutional inhibi¬
tions relied upon to defeat the laws before us.
The order appealed from
become an instrument of widespread oppression; that the
should be affirmed, with costs.
The decision vindicates the
new
legislation proposed by the
declared Senator Charles
C. Loekwood, in commenting on the Court's decision, ac¬
Loekwood
Housing Committee,
cording to
a
of March
statement printed in the New York "Tribune"
9, which reads:
The decision of the Court of
Appeals rendered to-day completely vindi¬
session.
sustained in every particular, the
The constitutionality of all the laws is
Court holding
as
they remain on the
nor
any
method will
unscientific
other
•
Real estate interests will take
immediate appeal from
an
the decision to the United States Supreme Court,
announcement made
an
on
according
March 9. following a confer¬
between the Real Estate Board of New York, the Real
ence
Estate Investors of New York and the Apartment
Association.
obtain
repeal of the housing and rent laws will be continued
a
the
on
Owners'
In the meantime, it is stated, their efforts to
ground that they hamper the building of new apart¬
ment houses.
UNITED
UPHOLDS
COURT
SUPREME
STATES
BERGER'S PAPER.
OF
EXCLUSION
The action of former Postmaster-General Albert S. Bur¬
leson, who withdrew from Victor Berger's newspaper. The
Milwaukee
"Leader,"
privilege
class mailing
second
the
because of alleged violation of the
Espionage Act through
printing articles "tending to create insubordination
loyalty" in the military
naval forces,
or
upheld
was
on
dis¬
or
Mar. 7
Associate Justices
by the United States Supreme Court.
The court sustained the
Supreme Court of the District of Columbia in its refusal
to issue
a
mandamus order compelling the
restoration of the
The New York "Call" which also was barred
the second class mail by Mr. Burleson, was affected by
privileges.
from
the
ruling,
the
appeal to the Supreme Court.
it had joined The Milwaukee "Leader" in
as
of March 8 contained the
The opinion by Justice
Newspaper dispatches
following in regard to the decision:
Clarke, affirming the decision of the lower court to
Berger's publishing company appealed.
which
•The
order
simply
from
withdrew
the
Democratic Publishing Company), the
exclude its paper from other
relator
(the
Milwaukee
Social
second class privilege, but did not
classes, as it might have done, and there was
It was open to the
conforming to the law, and then
nothing in it to prevent reinstatement at any time.
legislation proposed by the housing committee at the special
cates the rent
exemption
Brandeis and Holmes dissented.
sufficient evidence, found to exist.
that the State may regulate a
may
the
long
as
long will the solution of the housing problem be de¬
so
this problem."
solve
The time is
They must be repealed.
coming when tenants will realize this fact, for
statute
of high public consequence, but the Legisla¬
latitude in doing what seems in accordance with sound judg¬
of citizens, even at some
other legal question, the supreme
or any
issue is the repeal of these laws.
To uphold private contracts and to enforce
concrete set of facts.
their obligations is a matter
ture has a wide
which were
thus withdrawn from the ordinary channels of trade and commerce.
arbitrary and what is beneficent must be decided by common sense, ap¬
is
.
stagnation in the building of apartment
houses, these laws have tied up in the Court millions of dollars
the Courts may suggest that whatever the Legis¬
of public policy should be sustained, but the Courts
lature enacts on grounds
Public welfare is more impor¬
issue.
question of constitutionality and the effects of the rent laws
have already shown that they are harmful to the
They forbid the Government to
restrict power.
take from the owner without compensation
may
tant than any
to
United States.
limitations
"The decision is not the paramount
It is quite a different thing to say
duct, fair market value, and the like.
[VOL. 112.
CHRONICLE
THE
1238
tljiat when the rights of property and things conflict with the
rights of people, the rights'of people must prevail as being the first concern
relator to mend its ways, to
publish
a paper
for the second class mailing privilege.
This it did not do,
but for reasons not difficult to imagine, it preferred this futile litigation,
to
apply
anew
undertaken upon the theory
that
a
Government competent to wage war
against its foreign enemies was powerless against its insidious foes at home.
Whatever injury the relator
suffered was the result of its own choice.
Justice Brandeis asserted that Mr. Burleson had gone beyond his authority
of government.
Judge Pound, in his learned opinion, well stated that either the rights
and that the decision of the Court endangered the freedom of the press.
and contract must, when necessary, yield to the public con¬
of property
Justice Holmes announced that he agreed with Justice Brandeis "in sub¬
found that the State has
stance," adding that "the right of free speech is almost as inherent as the
venience and the public advantage, or it must be
surrendered one of the attributes of sovereignty for which governments are
right to use our tongues."
Alluding to some of the articles published in The Milwaukee "Leader"
founded, and made itself powerless to assure to its citizens the blessings of
freedom and to promote
which Postmaster General Burleson based his ruling, Justice
on
the general welfare.
Clarke said:
into detail, it was declared in the quoted articles
unjustifiable and dishonorable on our part, a capitalistic
"Without going much
Praises
Latoyers.
that the
City of New York are under lasting
war
was
war,
which had been forced upon the people by a class to serve selfish ends.
Bernard
Our
Government was
Hershkopf, who have given unreservedly of their time and ability in the
and
The committee and the people of the
obligations
William
to
D.
Guthrie,
Julius Henry
Cohen
and
preparation and argument of these cases on behalf of the people in all the
courts.
cease
In regard to
'a plutocratic Republic,' a financial
this feature, the New York "Times" of March 9
"The decision of the Court of
and it was represented that soldiers in France were becoming
of closed cars were being used to
obeyed,
insane in such numbers that long trains
convey
and the city face another housing crisis.
had the following to say:
diate
as
oppressive, with the implied counsel that it should not be respected—or
%
Representatives of the realty interests in New York claim
that unless the laws are amended, building operations will
practically
denounced
political autocracy, and resident Russians were praised for defaming it.
Other articles denounced the draft law as unconstitutional, arbitrary and
them away from the battlefront.
"These
the
publications were not designed to secure amendment or repeal of
denounced in them as arbitrary
laws
protect criticism and agitation for
Appeals means that there
solution of the housing problem in
can
be
imme¬
no
New York City," according to
and oppressive,
not extend to
law
of the
as
modification
but to create
Freedom of the press may
hostility to and to encourage violation of them.
or
repeal of laws, but it does
protection of him who counsels and encourages the violation
The Constitution
it exists.
was
adopted to preserve our
the Real Estate Investors of New York, Inc., in a statement through Ernest
Government, not to serve as a protecting screen for those who,
L. Pratt, Executive Secretary.
ing its privileges, seek to destroy it.
rent
laws
stopped the
when the present
even
Continuing, the statement said that the
building of apartment houses,
and consequently
laws expire, in November 1922, the situation would be
acute than it is at present.
more
COMPLETE
After declaring that a canvass of the builders in New York
amounted
to
construction went into
"Court decisions
as
of
a
money
stores, lofts and
offices
usually devoted to apartment house
field "not restricted by legislative action."
upholding the constitutionality of the rent laws
building of housing accommodations they will
demand their repeal.
Appeals terminates only
litigation precipitated by the laws.
determined
one
phase of the
granted
Act
Defense
him
were
Their constitutionality will not be fully
transmitted by
Congress.
WAR
FUND
by
announced
on
the
on
under
March
the
9,
National
Mr. Wilson prior to the adjournment
Treasury,
months to make
Appeals is merely
on
the constitutionality
It will not abridge one whit the rights of property owners as
set forth in the
than they had
legislative enactments.
Tenants will have
before the decision was handed down.
no
more
called
for
in
a
the
when
Appropriations made public a report
O'Reilly, Chief of the Divison of
of
funds aggregating $150,-
Congress
a
of
M.fJ.
Bookkeeping and Warrants
that it will require about three
states
complete audit of the accounts.
fund disbursements
An itemized statement of the war
"The decision of the Court of
WILL
given by former President Wilson as
A final accounting was not presented.
until the United States Supreme Court has handed down its
decision.
of the laws.
000,000
are re¬
favorable to their interests by the vast tenant population of New
"The decision of the Court of
WILSON
to the distribution of the two war
House Committee
York City," the statement said, "but when tenants realize the full effect
of these laws in stopping the
Some of the details
resume
the statute books, the statement
building
$51,000,000, and the amount invested in apartments only
$13,000,000, thus showing that
garded
were on
that during 1920 the
OF
TAKE THREE MONTHS.
houses, has
brought the unanimous declaration that these builders would not
operations while the rent laws
AUDIT
City, who have
constructed hundreds of millions of dollars worth of apartment
went on to say
whlie claim¬
resolution,
Gould of New York, and
introduced
by
was
Representative
adopted by the House
on
Feb. 15
rights
by
a
vote of 211 to 79.
Particular interest at that time was
March 26
THE
1921.]
1239
CHRONICLE
displayed in the expenditures of ex-President Wilson during
his attendance at the Peace Conference at Paris, in connection
with data supplied
American
Coolidge, American delegate mission for
Expenses Marcus A.
earlier
by him
resolution
furnished
that
at
the
of
time
Commission at
special interest
total
a
Another entry
The
returned.
amount
Com¬
Line Terminal and Navigation Company
(balance $836,451.74 of the $7,099,083 due these companies, paid from
second appropriation for national defense of $50,000,000)—$6,262,631.26.
W. W.
succeeding Anthony Caminetti.
pended
$5,000,000 for supplies for Russian civilians at
$4,000,000 for the operation of Transand Chinese Railways.
Mr. O'Reilly says:
ated after the manner of a
AND
Characterizing
from
$58,542,942 and the net allotments
Net allotments under the
State...
Treasury
________
Independent
Pood
tion
$24,228.98
control—.
Commerce
6,252,642.60
15,378,830.97
—
Labor—.
2,765,667.74
Justice
2,927,375.94
Agriculture
986,000.00
123,341,761.77
Total.
654,405.81
Interior
Some of the sums
expended by the President from the
$100,000,000 fund
authorized April 17 1917 were:
Alien
Custodian—Expenses
Property
of organization,
&c.,
salaries,
$90,000.
Committee
on
Food and Fuel
of coal
$1,000,000.'
supply, $25,000; educational campaign,
$2,000,000; other expenses,
:v:;
'.■'.'■'•v;'
Trade
,
Board—Administration of Espionage act,
$850,000; other
$1,255,000.
expenses,
International Y. M. C. A.—Buildings,
equipment, &c., $3,000,000.
items were
and other
commissions to Russia, $1,182,000; purchase of Russian supplies, $5,000,000; entertainment of foreign missions, $75,000; expenses of missions
Department—Total, $7,902,507, of which some of the
"confidential work," $345,000; railways, military, publicity
State
sent abroad,
$350,000.
Treasury—Bureau of War Risk, salaries
and expenses, $1,400,000; total
Treasury Department, $6,064,161.
Federal Trade Commission—Cost of
production, steel, lumber and
coal,
$750,000.
Board—Repairs to German vessels, purchase of vessels, re¬
patriating crews of Dutch vessels, &c., $27,011,682.
In addition to these disbursements there were many from the $50',000,000
Shipping
fund.
Some of them were:
State Department,
Aid to farmers in
$600,000
educational work. _ 3,000,000
650,000
intelligence work
5,000,000
drought-stricken regions.
Fighting and preventing forest fires
purchase of stock of Sugar
Food administration for
1,000,000
Equalization
5,000,000
10,000
Board
"Confidential"
Labor Department.
100,000
Organizing Loyal Legion of Loggers and Lumbermen
Committee on Public Information additional
50,000
600,000
building
War Industries Board
Entertaining Prince Axel of Denmark
10,000
and party
Archangel
_;
Improvement of economic conditions in Russia
——
Requisitioning Dutch vessels and returning crews
Purchase of property in Virgin Islands by Alien Property Cus¬
Supplies for civilians at
todian
_
National War Labor and War Labor
Policies Boards
____
— —
—
representatives in Europe
C. Howe, for expenses of commission to Syria—
Bernard M. Baruch, for expenses as
Peace
25.000
Commission
-
Commission.
Mr.
increase a year later was jmade
and cost of supplies was
recommended by Robert Brookin, Chairman of the Price
Fixing Committee of the War Industries Board.
Neither
Mr. Baruch nor Mr. Ryan had any part in the negotiation.
The letter concludes with a warm tribute to the wartime
service of both men.
The text of the letter follows:
by raised railroad rates
My Dear Mr
called to certain
Garrett—My attention has recently been
of Representatives charging
that certain men
had profited out of the
Government as a result of the fixing of the price of copper.
These charges
and intimations have been satisfactorily answered, but a statement of the
facts in the matter of the fixing Of the price of copper during the war, on
my part, may further clarify the situation.
As a matter of fact Mr. Bernard M. Baruch and Mr. John D. Ryan,
whose names have been linked with irresponsible gossip in connection with
the fixing of the price of copper, had nothing whatever to do with the price
fixing negotiations which finally resulted in the statement I made fixing the
price either at the time the price was fixed or subsequent thereto.
Judge
Lovett acted as Chairman of the Committee which considered the price first
fixing of copper, and after due consideration recommended to the President
in September 1917, that ho had fixed the price of 23^ cents per pound on
condition that the wages of the employees of the copper producing com¬
panies should not be reduced below the then prevailing price, which was
—
— — -
25,000
5,000
technical ad riser, American
150,000
distinguished service in the war
rendered
who
based on 27 cent copper.
readjustment of the price was made necessary by an increase
and costs of supplies, and after negotiations which
many months a further increase was recommended by
Mr. Robert Brookin, Chairman of the Price Fixing Committee of the War
Industries Board.
Neither Mr. Baruch nor Mr. Ryan had any part in these
A year
in
later
a
the railroad rates
over
in the fixing of the price
only after an independent
negotiations which resulted
prices were fixed
the
announced by me and
examination and most
the costs of pro¬
Federal Trade Commission as to
thorough report by the
duction.
.
For six months
after the United
furnished all the copper necessary
by our allies without any
purposes
producers
and all that was required
fixed, the producers taking the
for our war needs
price being asked or
position that they
consider fair and just
per
States entered the war the
would furnish all the copper necessary for war
and adjust their business to whatever prices the Government would
admirable
in the circumstances.
The full production of the cop¬
and the Allies and
or the President
mines was placed at the disposal of the Government
urging upon the part of the Government
without unnecessary
notably increased, this being an additional
proof on the part of the men at the head of the copper industry of the country
of their unselfish patriotism.
It was their example of meeting the needs of
the
production of copper was
the country
the movement to increase production
the early stages of the war.
Mr. Baruch or Mr. Ryan had influenced the action
that gave impetus to
all the industrial plants
To state that either
the
Federal Trade
in
of the country in
Commission in ascertaining
attempting to dictate the recommendations
Board or any of the price fixing committees
of
the cost of produtcion or
either of the War Industries
is utterly foolish and without
The price of copper was fixed solely by me upon
the recommendations of the War Industries Board and the Federal Trade
Commission after full examination into the costs of production and without
foundation of any
any
Tl. Crosby, Norman H. Davis and staffs and other
Treasury
Frederic
20,000
of Interallied Commission to
Poland
Expenses of O.
25,000
and party
to Peace Conference
Major Gen. Kernan for expenses
210,000
500,000
200,000
25,000
Riggs mission to Russia
Captain Gheradi, mission to Germany—
General Churchill of Military Intelligence Department
5,000,000
5,000,000
2,500,000
280,000
Special employees, Navy Department
Business men to aid commercial attaches abroad.
Lieut. Col.
the
were
initial stage, and that the
extended
Department of Justice, for war activities
Committee on Public Information, for foreign
March 1 in a letter to Represen¬
a sweeping vindication of the
fixed only after a thorough examina¬
voiced
attacks made in the House
V
Administration—Preliminary expenses, $340,000; control
$3,068,000.
War
and expenses, $1,600,000;
Public Information—Salaries
educational work in Russia,
had profited greatly
the price of copper during the war,
pointed out that ex-Judge Lovett acted as Chairman
Committee who negotiated the price-fixing in its
necessary
1,883,408.90
Navy
against Bernard M.
by the Federal Trade
and report
Wilson
of
13,972,806.11
War—
Prices
two men.
27,303,471.34
_
gossip" and "utterly
of the House on Feb. 21
President Wilson on
tative Garrett of Texas
$46,365,809.
13,184,269.19
__
_____
—
former
combined funds were:
16,906,431.63
______
DEFENSE OF BARUC
RYAN.
"irresponsible
result of the fixing of
as a
appropriation amount¬
$76,975,952.
In the same
the $50,000,000 appropriation were
____$21,102,222.56 Post Office
Executive.
as
IN
by Representative Mason of Illinois
Baruch and John D. Ryan, that they
from the $100,000,000
allotments
total
the
..
foolish", charges made on the floor
the net allotments were
$165,602,106,
manner
WILSON
EX-PRESIDENT
revolving fund, as may be seen from the fact
that while the total allotments
to
a:"vv
and
$100,000,000 and $50,000,000 were in a number of instances reimbursed in whole or in part, and
the amounts of allotments so restored to the appropriation were available
for reallotments, and in this way each of the appropriation accounts oper¬
ed
"
problems.
principal accounts of the appropriations of
The
Senate on the same day.
confirmed by the
was
Archangel,
Siberian
President Harding on March 12 and the
the sums ex¬
Among
$123,341,761.77.
was
Mr. Husband was nomin¬
nomination
Mr. Husband
has spent many years in the study of immigration problems.
In 1905 he became Secretary of the Immigration Commission,
created to study the different phases of the question.
Its
report consisted of forty volumes, and covered the status
of aliens in this country.
Recently he has spent some time
in Russia, the Balkans and Central Europe studying similar
ated by
the crews of Dutch
is mentioned as a specific
The total of the net allotments under the com¬
funds
Johnsbury, Vt., has been appointed
Immigration in the new administration,
Commissioner of
Shipping Board for the repatriation of
bined
HUSBAND APPOINTED IMMIGRATION HEAD.
W. W. Husband of St.
vessels seized in the Hudson River
instance.
reads:
for property of North German Lloyd Dock
and Hamburg-American
pany
appropriations, and the
of $1,265,000 to the
advance
under the $100,000,000 fund
"Dec. 5 1918—Payment
was
advanced to be covered by future
in trust, this money going through the Alien
Property Custodian.
somewhat less than $9,000,000.
of
Dock Company received $47,500 for property
The North German Lloyd
acquired by the United States
The total expenses of the Ameri¬
Paris was given as $1,651,191,
It is
impossible to ascertain at present how much may be added
to this by reimbursements.
In some cases, funds were
fund,
362,000
4,000,000
250,000
Chinese Eastern Railways
Gas experiments
displayed in regard to an item read¬
ing "Damage to property at Hotel de Crillon" $125,870.72.
An entry of $17,534.16 for the ex-President's "confidential
expenses in Paris" was also assailed, because it was asserted,
no explanation had been given for such outlay.
The pre¬
liminary statement made public on March 9 does not elabor¬
ate on these expenditures.
It shows that the balance on
hand of the $100,0100,000 fund Feb. 15 was $224,853. and
that there was $8,373,991 remaining of the $50,000,000
and
Railway Service
Railway Corps in Russia, Russian
Corps
Operating Trans-Siberian and
apportionment of the money to different depart¬
showed the
Peace
information
incomplete in that it merely
was
ments, without itemizing.
can
The
nature.
13,000
Entertaining Sir Eric Geddes and party
Dec. 8 last, in response to an
on
same
5,000
Council of Teschen
kind.
of copper producers or Mr. Baruch or
upon this Government or upon anybody
boards having to do with these vita Imatters.
attempt upon the part
Ryan to exert any pressure
nected with either of the
I
cannot
allow this occasion to pass,
expressing my great
my
dear Garrett,
confidence in the gentlemen Mr.
Mr.
con¬
i
without again
Bernard M. Baruch.
1240
THE
and Mr. John D.
Ryan, whose
with this matter.
There
names
not
was
CHRONICLE
have been unfortunately connected
notable
so
entrusted
suggestion of scandal connected with
a
either of these gentlemen in any of the war activities in which they
which faced
during the critical days of the war.
us
every
so
patriotism.
I
distinguished
cross-examination was conducted by Mr. Walsh.
question of whether negotiations between executives
and employees should be national or local in
scope was first
crisis
In every transaction
dealt with.
know
share
you
admirably covered it in
of
opinion in this matter for you have
my
addresses in the House of Representatives.
your
Cordially
WILSON.
instead of national, was
v
by
J.
ESCH
GIVEN
APPOINTMENT
RECESS
AS
On March 22 John J. Esch, former
Wisconsin,
Harding
sion.
as a
As
a
appointment, however,
tion interposed by Senator La Follette, the special
adjourning
nomination.
on
the
head
ment
BEFORE LABOR
EXECUTIVES
BOARD.
the
between
controversy
tatives of
national
employees
railroad heads
and
agreements during
bers of the Association of
the Board
P.
March
of
examination
wero
mem¬
19.)
(See
The witnesses
page
Labor
no
previously stated that the
were
adopted by the Association
right to
employees, and they argued that national adjust¬
chance and lead
men no
shop and eventually to "the nationalization of
our
railroads in
accumulation of work, which
an
see
the Labor Board break
be prevented, but we feel
can
greater misfortune could happen than an attempt to handle disci¬
pline and interpretation matters by employing the services of examiners,
who, in the nature of things, would be laymen.
line by
any
workers,
for
law contemplates that there shall be a
any
we
of the organizations
in
hundred
by one
or
or on the motion of the Labor Board
purpose of
itself,
unorganized
we were
forced to the
the best interests of the srevice and with the avowed
assisting in every practicable
could best do this by
way to make
undertaking to reach
an
the law a success,
agreement through nego¬
tiation with the representatives of the so-called "standard
recognized labor
railroad organizations" by which the national
bi-partisan labor adjustment
boards
had
own
proposed, would give non-union
as
conclusion that
General W. W. Atterbury. Vice-President
Walsh
boards,
reports were made by Mr. Atterbury
more
Committee and
were based on the idea that the carriers had the
Appreciating, therefore, that the
Pennsylvania RR.; Carl Gray, President of the Union
Pacific, and T. De Witt Cuyler, Chairman of the Asso¬
Mr.
"It does not contem¬
"General Atterbury alone
minority report for local adjust¬
a
We submit that the railroads cannot afford to
that
on
1103 of
far called
so
report said
final appeal to the Labor Board and that this
appeal can be accomplished
Frank
of the
ciation.
Sept. 2—Two
the
They
to a closed
Railway Executives ordered before
witnesses in response to the request of
as
Walsh, counsel for the employees.
the issue
of
down under
the past week have been for
the major part devoted to the cross-examination of the
were not involved.
The
the interest of labor
organizations."
represen¬
the matter of the abrogation of the
on
follows:
as
The majority report of March 29
1920, signed by C. R.
Gray, then Chairman, referred to above read in part:
Hearings before the United States Railroad Labor Board
in
Wages
Boards.
Atterbury submitted
1
negotiate with their
RAILWAY
presented in
special Chicago dis¬
a
decentralization.
June 30 and
•
OF
The documents
listed in
April 10—The Association by a vote of 60 railroads to 41 favored the
Atterbury report.
Thereupon Carl R. Gray, President of the Union Pacific,
resigned as head of the Labor Committee and Mr. Atterbury took his place.
as
the
and
ments
Sept. 3.
CROSS-EXAMINATION
were
road of dealing with such questions through the medium
any
of local Adjustment
session
March 16 without taking action
on
na¬
April 10 following finally adopted
to the New York "Times"
working conditions.
plate depriving
April 3—Mr.
prevented through the opposi¬
was
the
dissents and will present a
minority report."
member of
the Inter-State Commerce Commission; confirmation of
Senate
or
issue of March 12, Mr. Esch
our
March 11 by the President as a
on
over
recommended National Adjustment Boards to
dispose of grievances, rules
Representative from
recess
reported in
was
named
was
given
difference
a
the carriers
March 29 1920—A majority report of the Executives' Labor Committee
appointment by President
member of the Inter-State Commerce Commis¬
was
March 18
on
patch of that date
INTER-STATE COMMERCE COMMISSIONER.
on
member vote of 60 to 41.
a
evidence
JOHN
among
working agreements, but a minority report submitted
by General Atterbury, favoring local boards of adjustment
yours,
WOODROW
opinion in March 1920
tional
With sincere regards,
To Hon. Finis Garrett.
The unions undertook to show from the records
of the Labor Committee that there had existed
they were actuated by the highest
part,
a
to adjust the whole
'The
which they handled for the Government in the varied activities in which
they played
railroadjemployees
agreements.
The
again to say how admirably they served the needs of the nation, and how
unselfishly they devoted their fine talents to the Government in
by the rank and file of
matter of national
played
part and I wish before the closing days of this Administration,
a
[Vol. 112.
em¬
would
be created.
The committee desires to
emphasize the fact
that the proposed plan of
ployees expected to establish:
providing adjustment boards
(1) What led to the carriers' decision to have national agreements abro¬
gated; (2) why the carriers have refused to meet representatives of the em¬
contemplate depriving any road of dealing with all such
questions through the medium of local adjustment boards, and it desires to
point to the manifold advantages derived from a plan which will provide a
ployees
this
on
subject;
interested in
doing
the
agreement;
national
away
(3)
whether
the
executives
are
fundamentally
with the waste and extravagance chargeable to
and
(4)
that national agreements are
hearing
a
basic
program or
sentatives of the railroads and one-half of the
In
upon which labor would be willing
adjust the argument in regard to national agreements,
was
Railway
Labor.
This
tives
to
Employees of
the
American
Federation
of
matters
was
unanimous
counsel contended
the part of the roads, but dominated
on
was
contention of
a
the
The "bill of
1.
an
Eight hours
Payment
for
that
the
The
excess
national agreements had
of the
beginning and ending of
arranged
of
Applicants for employment
they have served
work for
a
an
as
so
as
to
mechanics to be required to show that
On
apprenticeship of four
years, or
.
apparent in the Labor Department no less
as a
whole.
The spirit and purpose of
recently published reports that
no
doubt that this is,
or soon
men
will be, true, and that
year
a
Can
you
not recognize
concentration of control?
in France I witnessed the result of such
concen¬
Every railroad, every industry, every union stopped on May 1,
they had any wage adjustments or grievances under discussion
—merely to show their power—syndicalism in its most highly organized
I
on
each railroad to select
a
quite grant that the proposition of the majority is much "the easiest
It is also clear to me that "laissiez faire" as a policy will ruin the
way."
country.
performed mechanic's
the agreement.
10.
Craft point seniority, limiting
seniority to the local shops or points,
and not permitting
interchange of seniority with other shops, crafts, or de¬
partments of railroads.
The
right to organize and the protection of
employees against dis¬
crimination because of membership in labor
organizations.
Mr. Jewell then stated to the Board:
To acquiesce in the suggestion that we nationalize the voluntary boards
of adjustment is merely
a
demonstrate how
easy it would have been had the railroads been
sincere,
would have been if they were
and how easy it
straightforward now, for the representatives
of railroad managements to meet with
those who have
playing into the hands of those who have in mind
reproduction in this country of the situation in France and England,
The Executives Association is
of
"Class
1"
composed of representatives
railroads, each road having
deciding of matters of policy.
one
Questionings
vote in the
on
March 19
brought out the fact that the New York Central System
controlled
ten votes and
the
Pennsylvania System six.
following specific testimony by Mr. Cuyler denying the
alleged domination of the two lines is quoted| from the
The
New York "Times" of March 20:
"Don't you think you are taking an inconsistent attitude when
you, or
for summarizing these fundamentals
is to
I have
May 1 of last
or
reason
were
not because
similar period.
representatives who shall handle all grievances which
may
arise affecting all
emplpyees of the craft, in accordance with provisions of
Our
such
Railroad Law, as well
Brotherhood of Railroad Trainmen will also join.
.
The right of the majority of each craft
11.
no
organization of over 5,000,000
develop sufficient
The right of the majority in each craft to
determine what organization
shall represent them, this
organization having the right to make agreements
which shall apply to all workers in the craft.
9.
Present conditions call for
in addition the Brotherhood of Locomotive Firemen and
Engineers and the
tration.
8.
committee
The plan adopted was forced on
conditions.
state.
apprenticeship rules
competent and efficient mechanics.
7.
new
in this country.
as to per¬
Clear and concise definitions of the work of
each craft to be performed
formulation
war
the power for evil in such
so
by mechanics and helpers.
The
by
ductors have affiliated themselves with the American Federation of Labor,
and this now gives Mr. Gompers a solid
safety of employees.
5.
occurring before March 1 1920.
I would further call your attention to the
mit of reasonable living arrangements
by employees and their families.
4. Reasonable rules for
protection of health and
6.
was in effect during Federal control
being continued in effect by the Director-General to adjust
the Brotherhood of Locomotive Engineers and the Order of Railroad Con¬
regular eight hours at
work shifts to be
1920 General Atter¬
that the trend at this time is toward a
policy of decentralization.
The pro¬
posal contained in the majority resolution practically reverses the action of
Congress.
the recognized measure of the standard
workday, with
in
against the
as the report of the President's industrial
conference, indicate plainly that public opinion is cognizant of the evils and
by two
approximately $300,000,000 in 1920.
worked
now
The evils of centralization
the
wage.
time
as
resolution provides for perpetuating the same machinery
than in the Railroad Administration
not
proper overtime rates.
3.
employees,
policy.
rights" laid down by Mr. Jewell reads:
as
adequate hourly
2.
roads
loss to them of
con¬
for settling grievances that
the Administration
large systems, the New York Central and the Pennsylvania;
the so-called "spy system" maintained
by the roads, and the
caused
minority report of April 3
The majority
and plan
the
Committee, and which the labor
his
and which is
followed by testimony by the road execu¬
opinion antagonistic to national boards of
adjustment which had existed in the Association's Labor
as
working
bury said:
presented to the Board by B. M. Jewell, President of
the
or
alternative of running the risk of
overloading the Labor Board.
bill of
rights of eleven points,
to
dispose of grievances, rules
clearing house through which disputes may be passed under conditions re¬
quiring the vote of a majority of membership, consisting of one-half repre¬
whether these executives really believe
unworkable, unjust and unreasonable.
At the opening of the
to
ditions does not
been selected and
more
a
specifically, tne Pennsylvania and New York Central roads, determine
policy which affects the lives and safety of 2,000,000 railroad men?"
said Mr.
Walsh.
Mr. Cuyler
replied that "he refused to admit the premise."
March 26
Mr.
1921.]
THE
CHRONICLE
Gray in his testimony stated that it is "impossible to
devise rules which operate justly and
whole
country."
following
The
reasonably
relative
his
to
"Information for the employees of the six mechanical shop crafts:
"That there will be
the
over
mi
retained
cross-
on
no seniority provision for or positions
provided for or
seniority roster of the six shop crafts, at the various points
the
to any
other than employees and members of the international organiza¬
tions affiliated with the Railway Employees' Department, who negotiated
examination, is also quoted from the "Times" of March 20:
and
After outling the activities of the committee, of which he was Chairman,
signed the national agreement, which provided for seniority rights
Mr. Gray explained the basis of his majority report on the subject of estab¬
per
Rule 31 of said agreement and only for those who
lishing national boards of adjustment.
the
as
Railway Employees' Department.
member roads and
of the
a
Pennsylvania,
This report
was
rejected
by the
"J.
minority report of W. W. Atterbury, Vice-President
was
The majority report, Mr. Gray said, was presented with the idea that
easiest way to settle disputes.
"The report was not
urged by the employees,
that they would
was
mind
an open
should be national, regional
on
require too
ma¬
The cross-examination of General
and although
railroads.
Mr. Sheehan asked Mr.
General of Railroads.
technical
yet
on
>
;■(
Mr.
Sheehan
asked
•
.
had
if there
ever
been
"The figures are
"Could any road operate with all these rules in
of these
rules
are
almost impossible to set up any set of rules
increase in
effect?" Mr. Sheehan
March 21.
on
reality,
as
or
$837 61 per
man.
was
4.4% in 1920 over 1917.
Assuming that
to
men
handle the increase in
In
business.
I have shown, we required 229,968 additional men, or an excess
of 176,882
was
$1,010,596,751,
were
business
require 53,086 additional
"It is
He
1917
(number of employees is directly proportionate to the
(an assumption in the employees' favor), it would
the increase in the
which will do justice to all."
took the stand
the payrolls, an increase of 229,968.
caused by the eight-hour day, decrease in production
earnings were $2,444,748,441, or $1,701 20 per amn.
v
men
General Atterbury
was
"The increase in ton miles
principles laid down
Gray said.
loss to the
really grossly under-estimated," declared Mr. Atterbury,
"The total earnings in
restrictive," Mr.
very
a
and increased business," Mr. Atterbury continued.
per man
the
asked.
"Certain
through waste and extravagance, caused
In 1917 1,208,520 men were employed and in 1920 there were
In 1920 the
labor's "bill of rights" by union officials yesterday.
of
persons on
"This increase
"Never," Mr. Gray replied.
Mr. Sheehan then referred to the eleven fundamental
were
1,438,488
continuation of national agreements by the executives.
as
declared,
York "Times"
■?:> ,o:
The statement said that the 1920 pay-roll of the railroads was $4,000,-
unfair
on
he
New
000,000.
.
disagreement
any
The
Executives from data obtained from the Inter-State Commerce Commission.
Director of Operations under the Director
produced extraordinarily unusual and
results."
under-estimated."
and he offered statistics compiled by a bureau of the Association of Railroad
country," said Mr. Gray.
I have had rules before me which seemed reasonable,
applications
loss to the railroads of
figures,
railroads of $300,000,000 in 1920.
experience as an operating official in many
my
as
which
1920,
The counsel for the unions took up the contention of the roads that the
"My feeling is that it is practically impossible to devise rules which
country and
in
national agreements,
such rules.
parts of the
had caused
March 23 said: '
questioning thus far had not borne on the justness or reasonableness of
"I reached this conclusion
fulfilling of the terms of
"grossly
Gray to tell what he thought about national agreements, contending that
operate justly and reasonably over the whole
concluded
was
a
$300,000,000
Upon completing his cross-examination Mr. Walsh turned the witness over
the
Atterbury
presented by him to uphold
were
con¬
v
appointed Chairman.
to James M. Sheehan, counsel for the
Figures
the national agreements
of the Labor Committee
member, he suggested to Mr. Cuyler that Mr. Atterbury be
as a
23.
the contention of the roads that the
men."
many
Mr. Gray stated that he resigned as Chairman
March
on
local
or
against the closed shop—either the closed union shop
shop."
am
closed non-union
whether boards of adjustment
when the member roads adopted the Atterbury report,
tinuing
"The
"I
Atterbury.
or
The objection to regional
local.
or
"That is clearly an attempt to force the men into the unions," said Mr.
the
was
,>C,
.
recommendation," Mr. Gray said.
a
jority of the committee had
boards
'
..
SULLIVAN,
"Acting Secretary of Blair County Local Federation, Altoona, Pa."
adopted instead.
agreement to national boards, which were
H.
represented by
are
employees over what should have been needed.
at the average
These excess
of earning, $1,712, show an excess expenditure, conse¬
quently, of $300,911,653 40."
emphatic in his expressions of opposition to the national
Mr. Jewell
March 23 issued the following statement
on
agreements, which he characterized as a "dog collar" about
summarizing the testimony of three
the necks of the roads
(Atterbury, Cuyler and Gray):
free
to
negotiate
testimony
on
declaring that each road should be
directly with its
this date
"Times" of that date
Rules should be
His
employees.
own
First—That
the establishment of bi-partisam
follows:
as
eight-hour day
especially train service
cannot
men.
that way."
be
roads of the Executives'
universally applied to all employees,
has destroyed the energy
and abolition of piece work would be the
and initiative of shop employes
"most dreadful thing that could happen to railroad
General Atterbury
fronts
us
come
to the
issued
a
employees."
statement which said in part:
No more serious question con¬
parting of the ways.
tion, Plumb Planism and syndicalism—the other road to industrial peace and
the
continuation
of
that
individual initiative,
which is peculiarly American.
agreements,"
on
The sign board
the other road,
energy
on one
and responsibility
road is "National
"Negotiate directly with your own em¬
ployees."
a
railroads by coercion
heritage of private management.
Confusion, misunderstanding and bitterness between officers and employees
are
bound to continue until the so-called national agreements are
General
to
Atterbury declared that he
organized labor
limits it is
a
as
was
wiped out.
not antagonistic
such, and said that within "reasonable
healthy
spur
conditions."
employee has the right to
to bring about fair
He named six conditions which
an
expect and the employer should furnish, as follows:
As
A
be,
a
union
organizations
as
the industrial
that the Pennsylvania
maintained
a spy
the New York "Times" dated March 22 with reference
these features said in part:
The testimony to-day
centred
to
(
on
Mr. Atterbury's claim that he could ne¬
gotiate agreements with his own employees, but that nobody
could negotiate
national agreement.
Walsh, attorney for the brotherhoods, charged
with the railroad's
reactionary and so hostile to labor
so
The Pennsylvahia idea of dealing with
problem is unenlightened, unreasonable and
unreasoning.
be sure, but he wants it on his own terms.
seeking to establish peace on terms conforming to modern,
principles of industrial relations and carrying out both the letter
accepted
and the
dealing with each
have
international in
their scope and application, and yet he opposes all national rules and
agreements to govern the relations between the carriers and their employees.
To use that attitude is so inconsistent that we cannot conceive of its being
Today Mr. Atterbury admitted that the railroads in
other through the
Master Car Builders' Association for many years,
had rules and agreements
approved
that are not only national, but
American people, and we are content to
the fair-minded
by
leave our case to that tribunal.
the national agreement added
As to Mr. Atterbury's figures that
000,000 to the expenditures of the railroads in 1920,
to
the fact
that
those figures are mere
of the Executives' Association.
and
post-war
$300,_
I need only call atten¬
estimates compiled by
thb
Moreover, when such figures ar
inefficient management is
the profiteers during the
periods endeavored to place the responsibility for out¬
fooled then; it will not be
in connection
general treatment of its employees, that prior to
Federal
REBUTTAL
deceived now.
I left in 1917, but the labor
replied in the affirmative.
Board, interrupted at this point,
declaring that the subject did not come under the matters before the Board.
Mr. Atterbury then charged that the unions were using coercion to estab¬
lish the closed shop.
He read a statement from the official "Bulletin" of
the Railway Employees' Department of the American Federation of Labor,
which asserted that no shop craft employee not a member of the union could
kept guns and revolvers," the witness
rights.
The statement follows:
LABOR
BEGINS
hiearings
Railroad Labor Board, began its
by the carriers in support of the
agreements, when B. M. Jewell,
President of the Railway Employees Department of the
American Federation of Labor, presented a statement con¬
abrogation of national
printed pages. In the course
would cost the railroads
establish and maintain local boards of adjust¬
sisting of approximately 1,000
argument he asserted that it
ment.
He
also
read into
the records correspondence to
good relations that existed between railroad workers
and the Director General during Federal control, stating that
show the
the
workers
knew
Judge Barton, Chairman of the Labor
exercise his seniority
OF
EVIDENCE AGAINST
March 24, in the continued
rebuttal of evidence offered
$6,000,000 to
system was maintained up "to the time
on
before the United States
While explaining that
people hadi one at the same time," he added.
Asked if the road did not have "little arsenals at various points where you
CARRIERS'
NATIONAL AGREEMENTS.
by the road's police organization in 1914.
protective measures, Mr. Atterbury admitted that
OF
Railroad labor
of his
this amount covered all
FEDERATION
AMERICAN
He said $800,000 had
spy
man
Mr. Atterbury wants peace, to
We are
control the Pennsylvania maintained a spy system.
a
long as
a
is Mr. Atterbury.
The public was not
the system in 1917, but added that
the "labor people had one at the same time."
He charged
union coercion in maintaining closed shops, and read a labor
bulletin in substantiation.
A special Chicago dispatch to
been spent
so
by
rageously high prices on increased labor costs.
man.
system prior to his leaving
Frank P.
industry,
directed
and
following day General Atterbury under coss-exam-
ination admitted
fair
dictated
war
determining the rules and regulations under which he worked.
The right to be, or not to
a
in the railroad
trying to alibi by placing the blame on labor, just as
Opportunity to elevate himself in his employment.
On the
and
establish peace
the labor policy of the managements is
presented it merely means that extravagant and
+;■:
Time for recreation.
A voice in
his railroad, the Pennsylbania, when that
signed agreements with labor and when that road spent as
no
$800,000 in one year to maintain arsenals, police and a spy
as
agency
/,:■
on
going back to pre-war con¬
espionage system to fight labor unions.
tion
steady employment as possible.
good wage J
much
the
held the balance of power and decided the issue.
prevailed
as
the member
spirit of the labor provisions of the Transportation Act.
.:V:,
■;
The national agreements were superimposed on the
under Federal administration and became
road had
on
Surely the public must see the hopelessness of all efforts to
One road leads to Government ownership, nationaliza¬
to-day.
ditions, such
forced
Association by a vote in which one system,
Third—That the Atterbury program means
J
,
Establishment of the hourly basis of shop work
We have
New York Central,
"Because the Lord didn't bulid the railroads
1
national adjustment boards.
Second—That the Atterbury minority program was
negotiated between officials of the roads and their own
employees across the conference table, "like a game of poker."
The
overwhelming majority of the Labor Committee of the
an
Railway Executives favored bargaining with us on a national basis through
summarized in the New York
was
"adverse witnesses"
Jewell is likely to
money so
Mr
His testiChicago dispatch to
they would get a "square deal."
be
on
the stand several days.
far presented is reported in a
dated March 24 as follows:
the New York "Times"
Abrogation of the national agreements, as
Jewell said, would cost
$6,000,000.
sought by the executives, Mr.
He figured it this way:
Association
of rules
and working conditions to the respective railroads and committees of their
employees for conference on individual lines, the employees' conference
If the request
Obviously the conclusion to be deduced is that it is costing the railroads
of the Conference Committee of Managers of the
Railway Executives were granted remanding the subject matter
of
committee on each railroad would necessarily be
composed of at least one
of the railroad.
too much to earn the money
the figures show that
at a total
required
for ninety days of
the services of 5,158 committeemen would be
daily expense of $65,760, and a total expense
Much of this enormous expense on
both railroad management and railroad
and essential railroad officials and
valuable time of the highly skilled
railroad employees, should be eliminated
recognized railroad
by cooperation between railroad management and the
labor
committee au¬
hand, railroad management and on the
organizations through the creation of a conference
thorized to represent on
the one
the Railway Employees De¬
partment of the American
Federation of Labor was organized, there had not
federated shop craft employees.
He went on:
been one authorized strike of
"It is also
toward the
and working conditions and uniform
significant that during this time the greatest progress
attainment of just and reasonable wages
rules, applying alike to all railroads, was
made.
Federated Shop Crafts Employees, we hold that an
"As representing the
all railroads, will be a great, if not the greatest
factor in assisting to establish efficient and economical railroad operation.
It will remove the costly labor turnover, which always has existed to a great
or lesser extent and is due mostly to the fact that wages and conditions of
employment on one railroad were more favorable than upon another
railroad
the
railroad.
the good relations existing
Mr. Jewell read much correspondence to show
between
employees and the Director General under Federal
control, and said the workers knew they would get "a square deal."
to survive and render
are
the Director General, in
the employees whom they represent can
be relied
upon
our
This
be due, of
may
be due to the
may
ex¬
the service which the people of
question I have proposed must be answered.
and fair administration of existing law.
the prompt
the people have a
after
It
However that
be,
may
right to know all the facts and make up their own minds
intelligent consideration of the entire subject.
an
To that end the
investigation I have suggested ought to be made, and so far as I can influ¬
the matter, it will be made.
ence
There
be
seems to
understand
a
widespread misapprehension with regard to the causes
I find among those who have given some study
prevailing conditions radical differences of opinion both as to the
the
to
and the
cause
from
if not misapprehension, at least a failure to
situation which threatens the solvency of many of the best
a
railways of the country.
This conflict of opinion arises, in my judgment,
remedy.
misunderstanding of the facts which have transpired in the last
a
and it seems to me that there ought to be an immediate inquiry,
attended with the utmost publicity, into the
the railroads since they were returned to
I intend at the
ate
operation and management of
their owners.
With this in view,
opening of the next session of Congress to submit to the Sen¬
resolution proposing the
a
broadest sort of investigation into the sub¬
The people want to know just what has happened during the past
ject.
why existing railroad rates have not accomplished the purpose of the
year,
Act which returned the roads to their owners, and especially why
of maintenance
and operation has not been
the cost
reduced.
It is obvious that rates should not be increased: if for no other reason than
which the net income
can
be advanced:
>
By an increase in the volume of traffic without a corresponding in¬
First:
crease
probably diminish rather than
There are, therefore, but two ways in
enlarge the net railway income.
in the cost of maintenance and operation.
Second:
By
reduction in the cost of maintenance and operation.
a
It is generally believed that
to cooperate willingly
volume of traffic
operation of the greatest industry in our country."
it
speedily, wisely, and justly.
It will be found, I think,
does not lie in the main with additional legislation, but in
that another general advance in rates would
opinion, is the
foundation of successful operation of the railroads during Federal control and
during what was the crucial test of the railroads, thus establishing beyond
question the fact that if cooperation is desired, and that desire is expressed
by the railroad managements, the federation of shop craft organization and
"This policy, announced by
or
unreasonable compensation paid
must be answered
He
went on.
in the
If the railroads
the country must have, the
year,
agreement, applying alike to
inefficiency,
those, from president down, whose labor operates these roads.
to
for this lamentable result, or
other, railroad employees of their particular crafts.
Mr. Jewell asserted that since 1912, when
which they are earning.
or to
cessive cost of material and supplies, or to
that the answer
$5,918,442, besides additional expenses.
labor, together with the consumption of
mismanagement,
course, to
For the 107 roads listed
from each craft at each point
man
£Vol. 112/
CHRONICLE
THE
1242
was
during the latter part of the year 1920 the-
materially less than for corresponding periods in for¬
and, if this be true, it would tend to explain the decrease in net
mer years,
operating income, for the cost of maintenance and operation does not dimin¬
ish in the exact proportion of a
THREE MORE RAILWA Y EXECUTIVES CALLED
The
BOARD.
BEFORE
In addition to those members of the former Labor Com¬
mittee of the Association of Railway Executives who have
already been examined before the United States Railroad
Labor
of the
to
testimony is referred to in another
(their
Board,
item in this
issue) three railroad presidents, also members
committee, have been requested to
appea r on
April 4
"net ton-miles"
number of
W.
are
G.
Besler,
Central Railroad of New Jersey;
of the
President
the
of
ume
was
passenger-miles during the
same
The
time in 1920 was 39,959,099,000,
Measured by this standard, the vol¬
In round numbers, figures for the entire year 1918 are 360,000,-
000,000 and for 1917 350,000,000,000, with passenger-miles for those two
35,000,000,000 and 34,000,000,000, respectively.
years
"Toward the latter part of
and still is
the
and continuing up to this time, there
year,
remarkable decrease in the number of cars of revenue
a
freight loaded.
"Another
which has
indication
of
a
condition
which
began
in
Nov.
and
1920,
progressed steadily up to the present time, is a surplus of freight
that is to say, the number of cars for which there is no present use.
cars;
Chicago, Milwaukee & St. Paul.
period in 1919, the aggregate
same
of traffic upon all the railroads of the country was greater in 1920 than
in 1919.
E. E. Loomis, President
Lehigh Valley, and II. E. Byram, President of the
the
the number of tons of freight carried one mile.
means
while for 1919 it was 39,528,264,000.
was
They
For
It is, I assume, understood by everybody that the phrase
304,425,083,000.
testify concerning their attitude toward national boards of
adjustment.
lessening traffic.
aggregate net ton miles carried from March 1 1920 to Dec. 31 1920
381,482,259,000.
was
Dec.
1920,
21
On
The number rose
the number of such cars was 204,608.
during Jan. 1921, and at the close of that month was 324,186; and Feb. 14
1921, the number was 290,550.
SENATOR
CUMMINS
EXPLAINS
CONGRESSIONAL
NECESSITY
RAILROAD
OF
"These statistics very clearly show that while the volume of traffic for the
last
INQUIRY.
Asserting that, if the railroads
to survive,
some
plan
whereby their operating
expenses
can
lowered, and that the remedy "does not lie in the main with
man
of
existing law," Senator Albert J. Cummins, Chair¬
the
Committee
Senate
on
Inter-State
Commerce,
has furnished the Chamber of Commerce of the United States
with
statement
a
setting forth facts and figures intended to
substantiate his contention that
the present railroad
carriers
Congressional inquiry
necessary
on
in order to furnish
speedy relief from their desperate condition.
Senator's
The
proposed resolution calling for this investigation
mentioned
was
situation is
a
on
page
986 of
our
issue of March 12.)
A
comparison of railway performance under Federal and pri¬
vate
control, he declares, is favorable to private manage¬
ment, but an inquiry to develop details regarding the recent
poor
been
public
may
know the
in rates would
not
be
due
to
that both Congress and the
reason.
He well
solve the
problem,
traffic "account for the
will show."
so
nor
that
an
advance
will diminished
our
operating1 costs, he states,
year
a
diminution
tremendous
in
traffic.
These
there
,
accord
statistics
observation with respect to the decline in business during the latter
"I direct attention now to the
operating revenues and operating expenses
from March 1 1920 to Dec. 31 1920.
The operating revenues of all class 1
roads amounted
Operating expenses, including taxes
and
the
$5,299,654,454.
to
adjustment of equipment and joint facility rents,
$5,289,348,937,
leaving
a
amounted to
net operating income for these ten months of
$10,305,517, and if we assume that the remaining two months of the year
from March 1 1920 to March 1
whole
1921, show
no
better results, then, for the
period, the net operating income will amount to no more than one-
fifteenth of one per cent of the value of the railroads as estimated by the
Interstate Commerce Commission.
"It is interesting and instructive to know that the net operating income
for
1920
March
was
$14,320,571.
In April
there
was
a
net
deficit of
$29,604,417; in May of $13,455,871; in June of $16,284,900; in July of
The great deficit of March is
$10,427,989; and in August of $155,227,617.
probably
accounted for by the back compensation ordered paid to the
employees by the Railroad Labor Board in July.
"In
September, that being the first1 month under the increased rates which
established by the Interstate Commerce Commission, there was
a
net
operating income of $75,310,311; in October a net operating income of
$86,455,487; in November of $54,343,093; and in December of $10,225,583.
income in November and December seems coincident
The decreasing net
with
negligible net income which the
The excessive
inefficient
says
greater than during the
part of 1920 and the early part of 1921.
were
income showing is needed
was
November and proceeding rapidly to the present moment
as
has
additional legislation, but in the prompt and fair adminis¬
tration of
whole
period in 1919, or indeed at any former similar period, yet, beginning
early
as
with
must be formulated
be
are
months of 1920, taken as a
ten
same
the decreasing volume of traffic which began in November and which
is still in progress.
may
PENNSYLVANIA PRESIDENT APPEALS TO MEN.
management, high costs of material
and
supplies, "or to unreasonable compensation paid to those
from President down, whose labor
operates these roads."
justice and fair play would be accorded all, Samuel Rea,
He
President of
two ways by which the net income
may be in¬
(1) Increased volume of traffic without increased
names
creased:
cost, and (2)
Assuring employees
men
reduction in maintenance and operating costs.
He concludes by giving comparative statistics as to volume
nection
of
would be
traffic,
operating
and 1921.
a
number of
revenues
and
cars
of
revenue
expenses
freight loaded, and
for various periods in 1920
The statement follows:
a
weight which
can
be given to the diminished traffic, it will not account for the
negligible net
Neither will it suffice to say that critical
Pennsylvania Railroad
22 requesting
contemplated
their
wage
cooperation in
cut.
is
no
no
promised there
was as
If every man on
your
national organizations."
addressed "to the
men
who work for this
follows:
this railroad could come into my office and
the facts that confront us, I would not be
We have come to the
addressing
you
this
comparison of the railway performance for the
economies have been made in every other way possible.
have been reduced more than 70,000 men.
year just closing, with the
control, is exceedingly favorable to
That comparison, however satisfactory to those who
private management.
Federal
believe in private ownership under public control, does not solve
the prob¬
lem.
and wages
see
for himself
way.
necessity of reducing salaries and wages.
railway
performance under
con¬
unfair reductions put in effect, and that "there
conspiracy to disrupt
railroad,"
that
After explaining
the need for drastic economical measures, he
The statement,
Present operating expenses are too high and both
Congress and the pub¬
lic are interested in knowing the reason.
Giving all the
income which the year will show.
with
the
that company made a personal appeal to the
March
on
of
Drastic
Working forces
With less business to handle,
taking the abnormal sum of nearly 70 cents out of every dollar
the railroad earns, the remaining 30 cents is not sufficient to buy fuel
other materials and
supplies and
pay our taxes
and other obligations.
and
There
March 26
1921.]
THE
CHRONICLE
is only one way left to
keep our expenses within our income and that is to
lower salaries and wages.
Under such circumstances
to ask for your cooperation and I have known
that I do
so
as
these it is necessary
Pennsylvania
Act wage provision when it comes up
to all.
Resumption of local freight and
have given their word that justice and fair
I promise you
in Federal District
Court at Atlanta.
long
men so
without hesitation.
The Directors of this
company
play will be accorded
1243
that policy will be scrupulously
followed.
exception
the
of
"VVaycross
service with the
passenger
Division
announced
was
by
Receiver Buggs on March 21.
You have been asked to send representatives to meet the general managers
to discuss what
conditions.
to
just and reasonable wages in the light of present
are
Committees
at work
are now
submit for your consideration.
what
are
the facts
so
preparing
new
con-
schedules of rates
that all may know
national
your
We are simply face to face with
organizations.
conditions that force the steps we are taking.
You
It is
men
our
have assisted in making this the greatest railroad in the country.
job, yours and mine, to serve the public
efficiently
as
economically and
as
possible.
as
v
and understand.
All I want to ask you is one thing: Be open-minded.
We have no inten¬
tion or desire to reduce wages to unfair levels.
There is no conspiracy to
disrupt
B.& 0. PRESIDENT THINKS FUTURE OF RAILROADS
It is our purpose to tell you exactly
impossible to operate the roads for the interest of the public
interest of the employees.
well
as
as
for the
One of the most unfortuntae features of the
to retain the most efficient
us
employees and to
them for the
pay
they do and the energy, initiative and loyalty they put into the job.
We have succeeded in the past by
and cooperation.
feel that I
can
decided
In that
continue to count
working together with mutual good-will
on
spirit of fair play, common sense and
your
wholehearted service.
the
College
BOARD
The
During
many
Atlantic Railroad
Board
on
Chicago
questioned in
was
a
March 21 by B. L. Bugg,
Birmingham &
brief filed with the
receiver, according to
The hearing in the
dispatches.
press
wage
the
page
The full text of
brief does not appear in the dispatches,
took
the
stand
Feb. 25, he is not a party to
award of
but it is reported he
and not bound by the
on
wage
July 1920, and the Board is without authority to
fix wage rates on
the railroad.
and being charged
benefit of all parties
unquestionably had authority to determine what wages the
receiver could and should pay.
remanding the dispute to further
to
an
admission that the Board
"without
was
jurisdiction to
fixing of
which the road
wages
unable to
was
probable resultant confiscation of property
Fifth Amendment
the
to
unconstitutional."
the
at
Mr.
to
the
pay,
and utterly
Act, which stipulates
wage
Vice-Presi¬
Conductors, and they allege,
a
section of the Newlands
twenty days' notice and a hearing
a
In short
If
reduction
was
placed in effect March 1 1921, by court order after a
The
main contention of the road
was
that it
was
losing $100,000
a
month.
The Board however, ruled that financial ability to pay was without
and remanded the
case
for further conferences between the
carrier and its employees.
Subsequently the road went into the hands of the receivers and the
prgosed wage cut was made.
employees then went on strike with the authority of their inter¬
national officers.
The strike
was
called, however, by local committees of
They
employees, the labor representatives told the Labor Board today.
contended that since the
road had violated the Board's ruling to
tain the wages of the award of July 1920, the employees were
main¬
justified in
Conferences had been
refused them, they maintained.
They declared
they had complied fully with the Transportation Act up to the point of the
walk out and contended that the law did not
deprive them of the right to
Employees representatives declared that the wgae reduction was put into
a
twenty-day riotice and
hearing prior to
under authority of the court."
This, it
explained, referred to present employees, a force the receiver declared
was
The
building up, "out of many applicants for employment,"
question before the Board resolved itself into a decision whether the
action of the Federal Court had removed the case from the jurisdiction
the Board, or whether a conflict of authority
had developed.
would take the matter under advisement, members
its opinion on
this question.
Attorney
so
that there need be no
or not,
having been made possible,
whole continue to want it—and
as a
satisfied with the service
existing policy.
largely
the railroad
upon
of vision and if they realize their responsibilities
are men
well
as
as
semi-
as
trustees of properties of great value owned alike
by large and small investors,
of
as I believe they do; if they feel that the policy
private ownership of property, which has been the fundamental economic
policy in this country since its
be continued and if
as
very
inception, is the best policy and should
good citizens they
are
willing and not only willing, but
anxious to do all they can to make that policy
enduring,
I believe they
as
then I also believe they will succeed in their undertaking.
are,
spite of all the difficulties confronting the railroads at the present
time, I cannot help feeling optimistic, conservatively optimistic, concerning
the
future.
Private
enterprise and private capital together in the past
created in the United States the greatest
permitted will in the future
growing
and most efficient system of trans¬
Private enterprise and private capital, if
provide the additional facilities required by our
commerce.
Railroad freight rates in this country as a whole have been lower in the
past than in any other country in the world and that fact has contributed not
little to the wonderful
development and prosperity of the United States.
Railroad rates and charges in the United States today, notwithstanding
the fact that they have been greatly
still
are
relatively lower than in
any
increased within the last four
I
am
years,
other country in the world, and when
the readjustment which we are now going
through has been accomplished,
confident that railroad rates and charges in this country
lower than in any other country in the
General
of
The Board
will still be
world.
war,
because I do not expect to see wages or
near
future
as
they
were
before the war.
but relatively and compared with other prices, I expect to see the
rates and
charges just
low
as
than in any other country.
fall
on
that basis.
WARE I ELD
railroad
they have ever been in the past, and lower
as
Private ownership can well afford to stand or
'
the
PROPOSES SYSTEM TO All) RAILROADS.
proposed plan for the rehabilitation of the railroads of
it
is
stated
will
insure
annual
sayings of millions,
increase facilities and service, and lower
rates,
the
has been
Warfield,
on
President
railroad fares and
Senator Cummins,
with
Committee
Senate
vies
filed
supervision,
under Federal
to be carried out
country,
which
Chairman of
Inter-State Commerce,
of
the
National
by S.
Association
Da-
of
10wners of Railroad Securties, who has presented a printed
statement accompanied by
mit more
supporting exhibits, and will sub¬
(The proposal by Senator
complete details later.
Cummins for
Congressional investigation of the transpor¬
a
referred to
1104 of the issue
was
of
March
Unless more intensive economical methods
of
operation
19.)
the
Dauglierty,
are
said, and later publish
employed,
on
Mr.
page
Warfield believes future
ownership inevitable, to which, in his opinion,
people have evidenced strong opposition.
said to be
The plan is
amplification of one previously submitted by
an
nection with
Congressional committees in 1919 in con¬
the enactment
of the Transportation Act.
It
provides for the formation by Act of Congress of the Na¬
tional
Railway
powers,
means
Service,
a
Federal body
with
supervisory
supported by various boards and committees, as a
of
co-ordinating
tailed by Mr.
leased for
,
facilities
and
service,
briefly
de¬
Warfield in an abstract of his statement, re¬
publication on March 21 as follows:
J
according to anfAtlanta
dispatch to the New York "Times" dated March 21, has
instructed Federal District Attorney to defend the Newlands
they were before the
as
price of materislas low in the
the Association to
dispute between him¬
employees are glad and willing to work for
the wages he is authorized to pay
was
a
This hearing is to be held March 26.
The receiver, however, declared that there was no
self and the employees as "the
he
be
themselves.
public servants
despite the section of the Newlands Act of July 15 1913, regarding
receiverships which required
cut in wages.
can
wherever
I view the matter, whether private ownership continues to be
as
Government
leave the service under satisfactory conditions.
any
or
tation situation
withdrawing from the service.
effect
people
It
proposed to reduce wages by one-half of the increases granted since Dec. 31
The
they
A
dispute between employees and the road had failed of settlement.
its jurisdiction
that there
interruption of service because of disputes between the
the economic policy of this country depends very
read in part:
1917.
so
of unified direction and control whenever
measure
in the interest of the people.
A Chicago dis¬
reduction is made effective.
patch to the "Journal of Commerce" under date of March 21
A wage
economic policy, but it has also provided
as an
which they receive from the railroads under the
low
other things, violation of
a
were
I do not expect to see railroad rates and charges in the near future as
hearing.
dent of the Order of Railway
before
personally
appear
■>. Employees were represented by E. P. Curtis,
among
a
is "repugnant
Constitution
Bugg's did not
with
there
I shared that opinion at that time.
this in turn will depend upon whether they are
carrier to pay," and the
a
control
Congress by its actions has made private ownership possible, but whether
a
ability of
Federal
policy in this country under the laws
they then existed.
as
will depend upon whether the
discussion between road and union officials, he says, amounts
consider the financial
the
over
rates and
see
other country in the
any
preceding
economic
as an
portation by rail in the world.
.
The action of the Board in
immediately
years
private ownership will actually endure
In
The Federal Court having the road in its possession
he expects to
says
railroads and their employes concerning wages or working conditions.
He adds:
with the duty of administering the property for the
concerned,
Mr.Bugg's
having been appointed receiver
that,
Mr. Willard is optimistic
and
Congress, by virtue of the Transportation Act of
1920 has not only made private ownership and operation of the railroads
987 of the issue of March 12 and page
1104 of the issue of March 19.
an
I feel now, however, the
managers
on
Company, in
who seriously doubted if private ownership and operation of the rail¬
and conditions
con¬
troversy in which this road is involved before the Board was
referred to
the roads,
fear in the future of
of the Atlanta
case
matter
Willard,
students of the Massachusetts Agricultural
Further, it has provided by definite enactment
RULING.
a
Daniel
Mr. Willard said in part:
world.
necessary,
constitutionality of the ruling of the United States
Railroad Board in the
declared
charges continue lower than in
possible
A. B.& A. RECEIVER CHALLENGES LABOR
people,
March 16.
on
of
the fullest
•
ownership of railroads is
the
address to
roads would continue
alone we can succeed now, and I want to
way
by
President of the Baltimore & Ohio Railroad
present situation is the fact that these national agreements make it impossi¬
work
be
to
future
The railroad is opposed to the national agreements, because they make it
ble for
NOT UNFAVORABLE.
.
The continued private
The Inter-State Commerce Commission to select five from among
its members to constitute the Service Division.
This Division to have su¬
"(a)
pervision
the
board
and
or
initiatory
staff
of the
powers to
National Railway Service.
and regulatory
be exercised through
1U4:
CHRONICLE
THE
railroad
"(b) A Board of forty members, subdivided into two divisions—Finance
Administrative, and Railroad Officials, twenty members each.
A
Chairman, four Vice-Chairmen, Treasurer, Secretary and other officials.
Executive
Committee
"(c) Four
and
Group
by each
each
of
four
eleven
as
territories
rate
by the railroads of each
in
group
each
serve
now
into
group
has
Commission
the
Ten committees of five members each to
four
means
Group
committees
will
Railway
cover
Boards,
large
a
and
all.
in
committees
forty
ice ;
is
are:
Normal equipment requirements of each rail¬
additional equipment to be leased from the National Railway Serv¬
study of joint
a
"A
railroad
"(e)
the
operations; working conditions-—wages, etc.) 1
National Railway Service Corporation recently
The
Association
of
Security
by conditional sale
Owners
to
by
Railway Service Board.)
of
the
profits
obligatory by Act of Congress,
individual
committees
group
to
with
bring
about the joint operation and other
proposed methods neces¬
to economical ends.
sary
transportation,"
the
statement continues, certain consolidations of
are
required, but
are
entitled to the benefits of the immediate "co-ordination
far
as
emergency now exists,
practicable of the facilities and
as
existing roads and systems.
It is shown that
"The
which
Act
become
effective
State
any
states
that
"if
notwithstanding.
It then
consolidations
all
the
the decision
or
The
or
carriers
order
dangers
railroads
ity
decisions
porate
the
aid
the
of
States to
allegiance
and
Commission
service"
goes on
as
of
the
follows:
desirable
in
ricultural
and
approved
involved
by
the
assent
Commission
thereto,"
may
the law of
State authority to the contrary
injunctions by dissenting stockholders
the
constituent companies
owe
their
cor¬
business development.
The
heading, "Relief for Short Lines," it is stated that this method
equipment would greatly relieve the short lines.
Besides
lease, they would be saved shop expenses, the
connecting lines taking care of their repairs.
equipment under
Present methods under
which transportation is conducted is discussed at
decision is reached in respect to the
length.
"Before a
suggestion herein
contained," the statement continues, "which means the solution of the
greatest remaining transportation problem yet unsolved, it becomes neces¬
sary for the Congress to consider the conditions under which
the transpor¬
tation system is now
required to function, as a whole—what have been and
are
at present the methods
employed.
Two methods have thus far been
ratio
to
"(1)
The voluntary action of an association
composed of railroad execu¬
tives, each representing distinctly conflicting
interests, which has been
tried; the results speak for themselves.
In the nature of
things voluntary
must
difficulties
has
been
fail
of
and
in
the
effort
transportation
must
and
broader
to
individual
interests
the
of
the
points
deal
its
with
national
under
individual
of
the
view
aspect.
voluntary
railroads
which
public have always
inherent
are
complexity
ented
ment
Prior
action,
of
the
continue
to
be
controlled
consistent
with
the
and must continue
or
extension
of
the
Inter-State
Commerce Commission—the Govern¬
of operations, now properly
employed as emer¬
extension of these
powers,
made permanent, would
authority—into those
gency
This
powers.
Government operation."
mean
bilities
not
if
the
be
method is inconsistent with the con¬
eventually of private operation.
That it throws
already overtaxed regulatory body, the responsi¬
railroad
operation; that the Commission would
likely rather
initiative and
Commission,
of
thus
an
burdened and prefer that its duties continue
to be
regulatory
and confined to the
supervision of the organization or
agency suggested.
That the first-named method is then
the only present means at
command
to bring about economies
by the co-ordination of facilities and service
essential
in
purchase
the
public
equipment
interest.
to
meet
its
That
each
maximum
railroad
is
now
requirements.
required
Its
to
normal
equipment
requirements would hereafter
only have to be financed, its
requirements being supplied under lease—a
great saving in capital
expenditures for equipment by each railroad.
seasonal
Mr. Warfield recalls that last
fall the railroad executives
felt required to request the
Commission to use the1 car
division emergency powers
granted by the*Act.
The extent
to which operation by the
Commission should reach, is dis¬
cussed as follows:
"The question now to be
cern,
is whether the
service
do
not
decided—and its decision is of most vital con¬
to the co-ordination of facilities and
beyond those of regulation and into the field of
powers necessary
extend
The
and
or¬
their return.
upon
(estimated)
appreciably felt.
with
the
necessity
calculations
a
on
the railroads,
of
revenues
selling
have
would
The
price
slowed
have
of
the
down
increase
in
This
of
done
not
was
these
meeting
normal
increase
ex¬
in
the
instead
of
increasing,
de¬
resulted
products
under
normal
with
prompt decision,
a
transported.
Low
prices
for
shipments,
causing the equally unpreced¬
and the expected return has not materialized
revenue
concludes
paper
sity for
conditions.
Economies
must
and they can be met."
a
statement
as
to
the
neces¬
because of the present demor¬
alized condition of the roads through "Government operation
Senator
adjustment."
Cummins is reported as stating that the Senate
Inter-State Commerce Committee will hold
ings
a
series of hear¬
railroad problems soon after Congress convenes in
on
April.
/
GERMANS
■
WIN
REPORTED
Polish
IN
TO
SILESIA
HAVE
PLEBISCITE—POLES
INVADED
SILESIA.
have recently crossed the border of
troops
portion of
Silesia, the
upper
zone
the
which favored
Poland in the plebiscite held on March 20, seized the Gov¬
ernment and issued
in
the
of
name
a
proclamation claiming the territory
according to reports transmitted
Poland,
a Berlin copyright dispatch by the Chicago "Trib¬
Co., published in the New York "Times" of March 24.
through
une
Poland
has
been
intrusted
mandate to occupy
or
of
attempt to incite
an
by the Allied Powers with
Silesia in
case
civil
a
of
a
war,
a
German insurrection,
it is stated in another
copyright cablegram by the Chicago Tribune Co., dated
Oppelu, March 23, and a Polish army has been held in
readiness to
the frontier at
cross
Upper Silesia,
nearly 200
of
an area
iron
nearly 5,000
or
which for
has been under German control,
and coal mines.
Poland,
moment's notice.
a
the country under discussion,
years
square
Its
miles and
possesses
covers
rich zinc,
population, it is said, is about
Its retention by Germany or acquisition by
division between the two Governments, is to
a
be decided.
Article»27 of the Treaty of Versailles fixes the
frontiers between
to
It *s pointed out that this latter
tinuance
upon
their business
of
com¬
conditions.
basing its
drop in railroad
which
consideration
by those who represent
not
The other method is through the enlargement
powers
not
faced
was
unprecedented
gross
65% Polish.
regulatory
$2,750,000
pay
be instituted to meet these conditions,
and
control.
"(2)
,
in
necessarily,
given to the interests of
them,
to
and
back
turned
as
from the average of
the
available:
action
return
a
southeastern
handling
securing
the
control/
the period, March 1st to September 1st,
falling off of 31% from what had reasonably been, expected.
The selling price of commodities—such as cotton,
grain, lumber, general
merchandise, perishable fruits, vegetables, etc., have fallen with such un¬
precedented rapidity that freight rates necessarily show a disproportionate
consistent with competitive service and ag¬
Under the
of
for
advanced
period and
war
Commission,
and
That the organization proposed would
effecting consolidations of railroads as may prove
the public interest
demoralized
The
required by Con¬
of Federal
beginning
was
to
been
rates
and after-war
of any
of
which
conditions.
of
called
Act
adjusted
good repair and in substantially
the
become
No cash
the
in the condition
The
Act
at
$1,113,000,000
and
21%
existence.
in
a
owners
as
in
was
carriers had
the
1920,
and the public
pointed out and that dissenting States will likely challenge the author¬
of Congress to authorize- a consolidation contrary to the statutes or
are
it
believed
says:
combination
revenues of the railroads, adjusted rates to yield the return called
by the Transportation Act.
They rapidly came violent after-war read¬
for
troublesome question arises from the provision of the
a
from
Control
substantially
Commission
traordinary
commqdities
To solve "the great problem of American
an
Federal
as
Had
of
the
and
clined
made
the
gross
to consolidate the railroads into
by the Inter-State Commerce Commission, this
be
that
proportionately as expenses were
they would have been absorbed in general business activities and
increased
established
organize
culminating
disrupted.
justment.
to
the
operations.
;
scheme it will be necessary
to
fact
the
increase in rates of 25% only was made during Federal control
by the Director-General of Railroads.
This it has been estimated yielded
four groups, corresponding to the four rate
groups already
division
great financial necessities, the
Commission
the
not returned to their
approximately
Warfield points out that, in order to carry out the
power
preserved and private owner¬
"An
Service
financing and leasing equpiment under plans it is
said will save many million dollars in preventing duplication of equipment
by the carriers, now necessary when each carrier is required to buy its
maximum equipment requirements.
(The twenty trustees of the Service
Corporation will serve as the Finance and Administration Division of the
Mr.
under
ganizations
the carriers
with extended powers for
National
exists
were
plete equipment
lease is superseded by the National Railway
or
what
yield, Mr. Warfield
each railroads 'in
service
organized
furnish equipment to
below
crisis
gress
surplus property not required in legitimate transportation—cost of carry¬
ing ; purchase of fuel and supplies; application of a standard of efficiency
in
far
railroads
of terminals, yards and shop'facilities;
use
to be
are
private to Government ownership of the railroads is indeed
rates would
standardization of equipment; useless expenditures incident to wasteful
competition;
This is
supervision of the Commission.
the
present return in the aggregate value of railroad properties
of investigation and report.
range
under
Referring to the existing crisis, and
This
These
(Included in which
road ;
service,
incentive and initiative
distance from
with each of
co-operate
from the railroads of each group.
performed by the
be
narrow."
'
"(d)
and
if
of the carriers to the Government with their
four Boards
Railway Officials Division of ithe National Railway Service
the four Group Boards and selected
shall
powers
ship survive.
and two from the shippers located
Board.)
these
"We have always favored extended
regulatory powers being given the
Commission, but should Government regulation be extended to the point of
operation with the tremendous indebtedness of approximately $1,300,000,000
divided
consist of seven members, five
(The twenty officials forming these
territory.
the
as
facilities
which
and whether
regulatory agency alone, or whether Congress shall enable
the railroads themselves to bring about such co-ordination of
compel
essential
organized and selected from
constituted by the Commission in
each
Four Boards in all, each to
selected
will
and
members.
Boards,
of railroads
group
the
the country.
of
Railway
operation;
Governmental
and
An
[Vol. 112.
Germany and Poland, adding in regard
upper Silesia.
"The frontier
the region under dispute,
will be fixed in accordance with Article 88 of the present
Under Article
treaty."
is
charged with
as
to
a
a
88
the
Inter-Allied
definite determination of
On conclusion of the voting
ciated Powers with
mendation
as
a
the number of votes cast in each
full report as to the
to the line which
in upper Silesia.
as
commune
principal Allied and Asso¬
taking of the vote and
In this recomendation regard will be
of the inhabitants
a recom¬
shown
paid to the
by the vote and to the geographical
The Foreign Office points also
provision for handing over to Germany and to Poland the part of the
It
says
this leaves no leg for the German contention.
plebiscite held
on
March 20, and on which the eyes
centred, resulted in a German
territory going to each.
The
of
the
ought to be adopted as the frontier of Ger¬
and economic conditions of the locality."
to the
on
Section 5 of the Annex reads:
vote.
will be communicated by the Commission to the
many
Silesia
division between Poland and Germany based
commune
wishes
Commission
upper
the
whole
majority
of
world
were
approximately 250,000.
to the New York "Times"
The official returns
Simons,
the
A
London dispatch
dated March 21 said:
of the plebiscite in upper Silesia
German Foreign
Secretary, in
a
as
given by Dr.
telegram to London,
are:
March 26
1921.]
THE
Germany 713,700, Poland 460,700, in the whole plebiscite
CHRONICLE
As to what Premier Briand had to
say on March 16 in
defending the decisions of the Conference, we quote the
following copyrighted advices to the "Times":
approxi¬
area, or
mately 61% for remaining German territory and approximately 39% for
incorporation in Poland.
Giving details of the polling, Dr. Simons
says:
"All the towns, especially the industrial centres,
German vote.
There
show
In
overwhelming
an
few words the theme of the Premier's
a
Germany, in
only Polish majorities in the country, especially
are
1245
a
vigorous speech was:
better economic position than France, and without an
dreaming of gaining by industrial imperialism what she
in those parts to which, contrary to the urgent desire of the German Gov¬
exterior debt, was
ernment, troops were not sent in time for the protection of the German
failed to gain by military imperialism.
population, sorely tried by the Polish terror."
The next
day
France and
^
>
Berlin dispatch dated March 22 to the
a
be abandoned until
"Journal of Commerce" reported the result as follows:
on
The final vote in the plebiscite in upper Silesia as announced to-day by
the Inter-Allied Commission is:
Poland will press
for
distribution of the
a
and
Germany
favor
of. Polish
the numerical
Germany
has
claim to the entire region
indicated
regard to the vote by districts
The
given in
are
a
Washington dispatch to the "Journal of Commerce" dated
A
plebiscite, the Polish Legation here announced tonight
Foreign Office at Warsaw.
Of
a
upon
in the rich coal and industrial
are
section, it
receipt
total of sixteen
districts in the province Poland has definitely carried nine,
added.
was
Returns from which the Foreign Office statement was based, the legation
France
criminals.
war
Parliamentary debate in bringing cheers
to whether
The ovation!
yesterday.
not France is united in her purpose to
or
'
'
h?
V
■
bring Germany to
v :-r;-; v- "y:v■
Wall.
M. Briand began by saying the Chamber had sent him to London with
instructions not to recede from the figures of the Jan. 29 accord, and he had
done his duty.
retreat
"I told
allies
our
inch," he said.
one
I
against
was up
wall and could not
a
France should rejoice that allied soldiers were
shoulder to shoulder with French soldiers
Discussing the penalties, he said such
on
the right bank of the Rhine.
program^was the^only
a
course to
take before the attitude of the Germans.
said
we
should have gone further.
I
answer
"you know them.
those
I hear it
the penalties decided
are
by our military chiefs, and lam satisfied that the opinion of Foch, of
Weygand and of Gouraud is wiser in such matters than mine.
We had to
upon
choose the
most efficacious and least
that Allied
all of which
trying to cheat
something
penalties would not
disarmament and punishment of the
"As for the military penalties," he continued,
majority of the district of Upper Silesia were carried by Poland in the
of official advices from its
on
was
was
satisfactory settlement, not only
a
Told Allies His Back Was to the
March 22 which says:
recent
reparations but
terms.
her
the basis of
on
Germany had given
This
program of
from the extreme Socialists who attacked him
voted in
communes
majority, without reference to districts.
latest advices in
■
many
due.
he received should remove all doubt from the minds of the Berlin statesmen
territory in question between Poland
while
rule,
intention to lay
even
as
the idea that
on
the
To this end she
their
permit, and the
M. Briand showed his mastery of
Germany, 716,048: Poland, 471,406.
the Interallied Commission, it is said,
the other Allies of
would not and could not
cannon are
efficacy recall that
we
costly penalties.
Let
us
remember
trained upon Essen, and from the point of view
of
control most of the coal traffic of the Ruhr.
"
said,
were not
complete, but were conclusive and showed that Poland had
gained majorities in 462
communes
and Germany in but 92.
No advices
received concerning the results in the other seven districts.
were
It is evident that the Germans believed this occupation would cause us
The districts claimed by the Polish legation
in its statement
great difficulties, that there would be revolts of workers and that sort of
But the German workers understood perfectly that we did not come
thing.
Pless,
are
make war, but that our
to
penalties
necessitated by the attitude of
were
Rybnik, Sprehlitz, Gleiwitz, Tarnowitz, Hindenburg, Beuthen, Makowitz
their leaders, and fortunately they have not consolidated with certain Of
and Koenigs-Huette.
their imperialistic captains of industry.
y:.'.
"As
The result of the plebsicite will be determined, the legation said, not by a
majority of the general vote cast, but by
commune
The Inter-Allied Mission the message from
for the customs
said, will present to the Supreme Council of the League of Nations the plan
for
A French dealer
into
of Upper
consideration
Silesia
the
on
the basis of the commune vote, taking
geographical
and
situation
economical
of
each
Washington
dispatches dated the following day fur¬
press
nish later advices
to the
as
vote
commune
a
an
50,000
francs
In the ten districts which
voted Polish
as
reported
were
was
meeting of Allied Premiers for
division
in
invited
Germans
will
according to
York
be
"Herald"
should
The total
ma¬
14,808.
dated
enforcing this penalty but
were
confident they could be over¬
was
Germany Hiding Her Resources.
"What
we
must do," he
said, "is to
would like to make herself look
firm
Germany
Will
discover
on
Germany
see
resources
as
she is, and not as she
I predict that if the Allies stand
paper.
which will surprise
dream yet of military revenge, but they seek to guard their
enterprises, to
reparation,
keep their profits, to get into all the world markets, and at the same time
to hide their wealth.
(The
23.
matter
of
"To-day
we
see
Germany the beggar trying to stir up the neutrals by
subsidized newspapers.
But should a day come when we slacken rein and
appear to abandon our rights,
will
see
■.
;
German statesmen furnish the proof, the states¬
of Germany who has no exterior debt, whose taxes are
whose economic position is better than that of France.
REPARATIONS CONFERENCE APPROVED BY FRENCH
ABILITY
TO
Germans at Spa swore they could deliver not more than
Under
monthly.
PAY.
pressure
Deputies
on
March 17 approved,
vote of 491 to 66, the decisions of the London Repara¬
a
tions
Conferences,
occupation of Dusseldorf and the
the
application of the penalties imposed
Allies.
According
the New York
to
cablegram, the only opposition
end of the Chamber
unjustified.
were
on
on
came
Germany by the
"Times"
copyright
Paris called
on
May
1.
He
gave
Germany had violated the
the explanation that
railroads
delivery of coal and payment of 20,000,000,000 marks to the Reparations
could have effect only if it was accepted, and Germany's refusal to accept
entailed the
A
it
penalty which was provided for under the Treaty of Versailles
of the seizure of guarantees until the
notable feature
creditors should
of to-day's debate was
War Minister Andre Lefevre.
pay.
cause
thej right of
While
it
was
was
canceled by German non-acceptance and
previous day (March 16), during the discussions in
the French Chamber of
^
Spokesmen for the Communists,
Socialists,
Republican Socialists and
Radical Socialists attacked the decisions of the London Conference for the
Particularly strong was the declaration of
Vincent Auriol, Socialist, that the penalties
would be ineffective, because,
according to the most reliable statistics. France's part of the duties which it
would be possible to levy, would, after payment of the expenses
show
a
of occupa¬
deficit of 200,000,000 francs annually instead of furnishing
cash for reparation.
Ger¬
But Germany was defeated in 1918
defeated.
Let
conquerors,
Chamber rose and cheered the
but we have no spirit of hate," continued
"In marching into Germany we
perform an act of justice, not
The German people must understand that Germans who
war.
have
The German people must understand that their leaders
against Germany.
When the Ger¬
people understand that it is to the interest of Germany to pay up we
man
M. Briand said the
Government.
man
era."
penalties would not end on vague promises of the Ger¬
The
questions of responsibility for the war, of disarma¬
ment, of reparations and of war criminals must
first be settled.
"You ask what will we do to-morrow?" he went on.
we
"We have a treaty
will enforce it."
He mentioned that the Commission on
many to pay
Reparations had called on Ger¬
12,000,000,000 marks by May 1, 1,000,000,000 of which must
paid by March 23.
"This billion she has in her cash box," he said, "and she must hand it
over."
■
Deputies of the London reparations
negotiations some of the opposition which was expressed
reported as follows in Associated Press cablegrams:
tion,
are
who try to cheat the Allies are working
be
it was not be¬
!
M. Briand.
JAPANESE
'■
DEMOTED
GENERAL
SHOOTING—SENTRY
was
application of the penalties.
longer publish your profits.
no
that if in 1871 France had to pay
he said, had not been defeated.
wealth must pay.
by the letter of the Treaty that the Allied policy must be dictated.
The
you
You have mines, forests,
responsible for the war but because she was defeated.
was
"We French
and
Treaty and that it was by the Treaty that the Allies must
The Accord of Paris
prosperous
Premier.
To this the Premier replied that no provision for permanent control was
made in the
me
At this point nearly every member in the
destroying and surrendering arms, Germany, he said, had kept all the means
i of manufacturing more whenever Allied control was removed.
abide.
so
the right to say to the
whole wealth—all your resources
tell the Germans that since 1871 something has happened."
me
of former
perpetual inspection and control of the manufacture of munitions.
|
she
will enter upon a new
the participation
He wanted the Allies to reserve
and factories
"Von Simons said to
\Of
■
The Paris accord had been handed to the Germans as an ultimatum which
.
your
Pay up.'
punishment of war criminals,
Commission.
'It is
and the presence of our soldiers on the Rhine proves she was
Once more M. Briand had to intervene and give the reason why the Allies
At
for.
—which is pledged for the payment of your debt.
had to extend the occupied area and establish the customs line now and not
treaty on four vital points—disarmament,
800,000 tons of coal
altered their proposals that
so
"In face of this behavior, this chicanery, we have
captains of industry over there:
many,
The cablegram further said:
penalties,
finally they were willing to pay for the first five years what the accord of
from the Communist
the ground that military penalties
lighter than ours,
For instance, the
of penalties they delivered 2,000,000 tons.
London the Germans, in face of the
The French Chamber of
ready to seek
which she failed to win by force of
arms.
"Do you want proof?
You
then you will see another Germany.
the real Germany, who stands there across the Rhine,
in the econmoic domain the conquests
men
by
♦ Berlin.
They do not
v
CHAMBER—GERMANY'S
even
German imperialists
have, under fear of popular uprisings, stood in the shadow.
reparations is referred to in another item in this
issue.)
technical difficulties
come.
they make overtures to
March
receipts would be
the reparations, basis, which meant
He admitted there
Since their defeat the German captains of industry and
copyright Paris cablegram to the
a
on
50,000.
He settled
consideration of the
Brussels, to which the
or
seller
German
the
German
a
with
connection
shortly either in Paris
that end,
German
in the way of
the basis of the
compared with 140 in favor of Germany.
jority claimed by Poland in the ten districts
will be held
on
giving Polish majorities, 507 communes were said to have
as
and
German Government.
much mooted point by saying that after May 1 these
France would get 42% of all.
numerical majority in the entire territory in favor of Germany,
for Poland.
Silesian
a
augmented total number of districts and communes which voted
latest returns
New
buying 100,000 francs worth of German goods would pay
Government
French
put into a common fund and divided
follows:
as
Latest advices received today from Warsaw by the Polish Legation, while
admitting
A
the
German goods in Allied countries
proposed by Mr. Lloyd George. He explained how it would work.
The seller would be reimbursed by the
locality.
showed
has1 no hidden purpose."
M. Briand then said that the tax upon
the Foreign Office at Warsaw
had been
division
penalties, they aroused certain suspicions of France,
but France proclaims that she
majorities.
A note delivered
Feb.
22
to the
t(NOT
American
FOR
LANGDON
GUILTY
Embassy at Tokio
on
by the Japanese Minister of Foreign Affairs, and
transmitted by
cable to Secretary of State Colby, expressed
"deep regret" for the shooting of Lieutenant W. H. Langdon by a Japanese sentry at
to on page
Vladivostok
438 of the issue of Jan. 29)
on
Jan. 8 (referred
and placed the
ma-
Major-General Nishicommanding the Japanese garrison at that point, who
jor responsibility for the affair upon
liara,
since
has
officers were
subordinate
Four
demoted.
been
held jointly
The
responsible and sentenced to prison terms.
R. E. Saunders, New York agent
South
New York,
doing, but
so
"J
finement for false testimony as to the
circumstances of the
The
Japanese note
was
the
in reply to a communication for¬
Washington soon after
shooting of Lieut. Langdon, and is said to be looked upon
Japanese note, as made public by Secretary Colby, follows:
"A
most
thorough
exhaustive examination
and
court-martial, resulting in
of
army
conducted by
was
The
held
court
the
the removal from the active list of the Japanese
garrison at
Major-Genjeral Nishihara, commanding the Japanese
Vladivostok.
that
Nishihara
General
had
been
guilty
of
misinterpretation of the barracks service regulations and had thus incurred
He has been deprived
primary responsibility for the unfortunate incident.
of the command of the
he
previously
been
barracks officer of the rank of major lias
The
held.
for
ment
The assistant barracks officer,
thirty days.
lieutenant, and the
a
regimental commander have both been sentenced to a similar punishment
a period of twenty days.
The company commander has been sentenced
for
lesser period.
to a
commander-in-chief
"The
vostok
has
paid
>:■
the Japanese
of
Expeditionary Force in Vladi¬
manding officer of the ship his regret at the
The
sentry who fired the
orders
and
actions
his
of
squarely placed and who
the
of
com¬
of the incident.
occurrence
fatal shot has been held to be excused by the
superiors, upon whom responsibility has been
to
are
be punished
The sentry, how¬
stated.
as
found guilty of deception in his testimony as to the circumstances
was
ever,
the Legion of Honor in
war.
fatality and for this has been sentenced to
confinement
for thirty
"In
addition to the expressions of regret on the part of the commanderin-chief of the Japanese Expeditionary Force, the Minister of Foreign Af¬
fairs
in
the
communicating
Government
The
Japanese Government,
the
hope
the
at
action
the
the
of
of
expression
court-martial
At
a
meeting of the Executive Committee of the Board of
on March 7, Sigmund Metz and Rudolph Goepel
appointed Assistant Vice-Presidents of the company.
were
of
occurrence
conveys
the
to
with this most
unfortunate
now
considered officially closed,
except for the subject of reparations, which is still open for
Special
Department,
the
Representative
America,
South
in
Manager of the Paris office, Assistant Manager of
Assistant
London
Acting Joint Manager of
office,
the London
office, and Manager of the Constantinople office, which he
He has done
organized.
the
for
he
in
company
on
a
great deal of investigation work
Goepel
Mr.
Europe.
was
born in
Jan. 23 1884 and received his early education
Brooklyn Polytechnic Preparatory School, from which
at the
was
He spent the next year traveling
graduated in 1900.
in Switzerland and
Internationale
at
Germany, and then attended the College
Geneva
for
a
Returning to this
year.
country, he became an assistant buyer in the import depart¬
of
ment
Davis & Co., remaining in that position
Parke,
three years.
He then joined the staff of Schulz & Ruck-
gaber, and eventually became
vited
a
junior partner.
He
was
in¬
join the Guaranty staff last August, and came a
to
month later
Assistant Manager of the
as
Foreign Depart¬
ment.
At
incident."
It is stated the matter is
Manager of the Foreign
which time he has been Assistant
sincere spirit
'that the Government of the United States will fully appreciate
in which the Japanese Government has acted in dealing
during
Mr. Metz has been with the Guaranty since 1915,
deep
regret on the part of the
this sad event,' and expresses
recognition of his services during the
Directors
days.
American
recommendation of the French
; v/
Brooklyn
visit to the U. S. S. Albany and expressed to the
a
March 21 that upon
on
garrison and the rank of Brigade Commander, which
adjudged guilty of responsibility in the matter and sentenced to confine'
'iv"
.
company's Paris office, had been nominated a Chevalier of
The paraphrase of the
satisfactory in official circles.
as
cable
♦——
Guaranty Trust Co. of New York was informed by
Ministry of Finance, Georges Hebmann, Manager of the
fatality at the court-martial proceedings.
warded by the State Department at
newly erected Kerr Building, 44 Beaver Street,
March 19.
; ''
The
sentenced to thirty days' con¬
was
of the National Bank of
Ltd., has announced the removal of their
Africa,
offices to the
sentry who fired the shot was found to have complied with
orders in
[VOL. 112.
CHRONICLE
THE
1246
meeting of the Executive Committee of the Board of
a
Directors
March
on
17
the
following appointments
made: Arthur E. Burke, Assistant Trust
were
Officer; Harry D.
Quinbv, Assistant Secretary; Daniel H. Bender, Assistant
discussion.
Secretary.
RH INELAND
An Amsterdam
STOPS EXPORTS
(Holland)
press
TO
HOLLAND.
cablegram March 11 said:
Exports from the Rhineland to Holland have stopped altogether,
says
the
Essen correspondent of the "Rotterdamsche Courant."
Neither buyers nor sellers are willing
levies.
tax
ITEMS
to risk imposition of the Allied
:
ABOUT
BANKS,
No sales of bank
the Stock
'■
TRUST
trust company
or
at auction this week.
stocks
were
Chase, director and formerly Cashier of the
city, died
on
Mr. Chase
March 18.
made at
retiring
been
a
as
this
of
Cashier in October 1917.
Exchange
was
closed
yesterday in
observance of Good Friday, but will be open to-day (Holy
Saturday), the Board of Governors
at a meeting on March
hating declined to grant the request of members for the
closing of the Exchange to-day.
The Ney York and New
23
Orleans
Cotton
exchanges and the New York Coffee and
Sugar Exchange will be closed to-day in
day.
addition to yester¬
Broadway, this
88
years
He
old.
sixty-two
years,
Mr. Chase also had
director of the New York Plate Glass Insurance Co.
city.
;•
The New York Stock
was
had been connected with the institution for
COMPANIES, ETC.
or
Exchange
■■
William H.
National Butchers & Drovers Bank, of 683
y;,'
«
The final accounting of
the Superintendent of Banks
as
liquidator of the Carnegie Trust Co., which failed in January
1910,
filed
was
approval
the
in
New York
March 17.
on
Supreme
discloses that
It
Court
claims
for
aggre¬
gating 86,968,231 were filed against the trust company and
that
claim has been made for deposits of $6,204.
no
to the creditors
final distribution
of the funds which
will, it is said,
Superintendent
the State
The
come out
of Banks has
♦»—
on
At
a
tional
his
regular meeting of the board of directors of the Na¬
City Bank
resignation
took
March 22, James A. Stillman tendered
President,
as
which the board
man
on
to
take
effect
immediately,
unanimously refused to accept.
this action because
of
the
of
which has been located for
Tontine
new
Street.
The
twenty
years.
of
Kerr
affairs.
A brief
as
President
ten¬
was
Australia
and
have
number of years in the
been -leased
for
a
of
period
of
the Chartered Bank of India, Aus¬
tralia and China, in London, the directors of the institution
will recommend to the stockholders that
a
dividend be de¬
clared for the past half year at the rate of 14% per annum
and
a
bonus of 6s.
3d.
that £100,000 be added
for each share free
to the
reserve
said,
of income
the settlement, the fifth and final dividend, it is
than one-half of 1%.
In other words,
will be less
The Harlem Safe
new
outstanding
tificate from
of
the
new
Deposit Co. of this city is the title of
which has just received
an
institution will be, President, Lionello Perera;
Vice-President, Secretary and Treasurer, A. A. Pinto.
company
a
authorization cer¬
the State Banking Department.
The officers
company
The
has been formed with a capital of $100,000 and
surplus of $10,000, its stock (par $100) being offered at
$110 per share.
The company will begin business about
Sept. 1.
tax;
♦
'
fund; that £35,000
fund; that £100,000
premises account, and that £209,601 be car¬
ried forward.
25% in March 1911, 10% in October 1912, 5%
and 4% in February 1917.
If the Court
each creditor will receive $.004723 for each dollar
At
be added to the officers' superannuation
be written off
were
approves
old
At the approaching annual general meeting
the stockholders
They
in October 1915,
China,
Steamship Co. Building at 44 Beaver
quarters
Already four dividends aggregating 44%,
$6,974,437.
Building at 88 Wall Street, has leased the second
floor of the
1
a
the 3,268 creditors, with claims amounting
$3,098,467, have been paid, all on Supreme Court orders.
meeting reads:
India,
be deducted, leaving $329,501 to be
divided among
to
Bank, held to-day, the resignation of Mr. Stillman
Bank
(the total amounting to $7,527 71), making $340,284 in all.
From this $10,782 must
or
dered, to take effect immediately, but the board unanimously declined to
accept it.
"
Chartered
to be collected with interest
Mr. Still-
At the regular meeting of the board of directors of the National
City
The
some
widespread publicity
which has recently attended his domestic
statement issued after the board
hand, together with
of
a
meeting of the directors of the Brookline Trust Co.
Brookline, Mass.,
on
Mar.1 1 1921, George B. Baker of
Baker, Avling & Y'oung was
elected
a
director of the
company.
March 26
THE
1921.]
Philip A. Hart has been elected President of the Bryn
Mawr Trust
caused
Co.
of
'
;
The
of
Jesse H. Hall
fill the
director of the trust company to
a
'.'v
Baltimore, to which
National
referred Feb. 19, is scheduled for
we
will locate in the old First
Building, at 17 South Street, which was
April 1.
The
Bank
company
bought by Eugene L. Norton, the President of the trust
trust company
The
subscription books of the
The
recently.
company,
closed
March 19 with 745 subscriptions.
a capital and surplus of $1,000,-
on
The stock consists of 10,000 shares of the par
000 each.
value of $50
a
share, which will be disposed of at $100 per
share, $50 of which will
to the capital and $50 to surplus.
go
trust
of the new
The other officers
company
are:
Vice-Presidents; J. Bos-
Laurance Jones and James Bruce,
ley Jessop, Secretary and acting Treasurer; Richard H. Bond,
Assistant
Vice-President
and Donald Reitz and J.
,
will include
tors
following:
dent J. S. Bridges &
Muffler & Safety Valve Co., Presi¬
Co., printers and engravers; President Automobile
Club of Maryland.
W.
Corporation, New York City..
the board, Commercial Credit Co., Baltimore,
and Commercial Acceptance
F. C.
&
Herbert B. Flowers, Vice-President
Loan
J. Thomas Lyon, Baltimore
Reliance Securities Co.
the
respective institutions was disposed of is: Trust Co., $125;
Loan Co.,
$105; Securities Co., $100.
At
a
meeting of the stockholders of the City Savings Bank
and Trust Company of
the
effective
"Sun."
Ezra B. Whitman,
land; formerly
Thomas B. Finan,
With this increased
re¬
capital and surplus, the bank will be in better position
tively engaged.
following named directors for the ensuing
year—A. G. Reeves, W. H. Morgan, S. L. Sturgeon, B. F.Weybrecht,
John Eyer,
W. H. Ramsey, Chas. Y. Kay, J. M. Walker, J. C. Devine,
G. Tolerton.
the following officers—W. H.
Assistant Cashier and F. W. Shaffer, Assistant Cashier.
In its Dec. 31 statement the institution
of
reported deposits
$2,933,968, and resources of $3,244,062.
:y\'
engineer, Public Service Commission, State of Mary¬
President and Chief Engineer Water Board.
President Footer's Dye Works, Cumberland, Md.
regular meeting of the directors of Chicago Trust
Co. at Chicago,
111.,
Deyber has been elected President of the
duties
as
Samuel J.
Commissioner.
District
Prescott, Vice-President of the Second
the stock
prevented his acceptance of the position.
Mr.
Chairman of the Board of the
Deyber has been connected with a number of
Washington banks, namely the old West End
Citizens National,
National, the
the Federal
the Commercial National,
served
he
as
Assistant
Cashier and the
Second National of which he had been later
was
Vice-President.
also formerly President of the Washington
chapter of the American Institute of Banking.
4
;
The Reliance
was
declared, placing
Organization,
the Reliance Savings
Peoples' Trust & Savings Bank, Chicago,
a new
1
$1,000,000.
A
new
the Empire National, is to be opened for
bank,
the northwest side of Chicago.
business July 1, on
tion will be at Ashland and
Chicago
avenues,
The loca¬
a build¬
where
ing has been purchased and plans for its reconstruction into
a
modern
the
of
banking house, have been made.
have received
bank
The organizers
permission from the Treasury
The bank is
Department to go ahead with the enterprise.
being organized by Frank J. Rathje, who is President of the
Mutual National Bank.
Others interested are L. D. Strand
berg, contractor and S. L. Rathje, County Judge, of Wheat/
The bank will start with capital of $2,000,000 and sur¬
business
on
March 5.
The three
during the year; it will conduct a
business.
The Reliance Savings & Loan Co. has an au¬
$5,000,000 and
a
Chicago,
The Union Trust Co.,
of
new
and
more
announces
the opening
commodious quarters, for their investment
department on the third of the four floors occupied by this
bank in the Tribune Building, Dearborn and Madison streets*
♦
The Lincoln State Bank of
dividend of 1%,
Chicago has declared
an extra
besides the regular quarterly of 1%%.
subscribed capital of
$2,700,000 and limits its business to making first mortgage
loans on real estate and the reserving of savings deposits.
Co. has a capital and surplus of
$475,000 and deals in second mortgages and miscellaneous
securities.
The officers of the Reliance Trust Co. are:
Vice-President
of
the
Geneva
Board; Chester G. Dixon,
President; Charles J. Phypers, Vice-President; Harold S.
Craigie, Secretary; Otto C. Eckert, Treasurer; Edward J.
McNab, Assistant Secretary; E.
R. Powell, Assistant
Treasurer.
The officers of the Reliance Savings & Loans
Savings Bank, Chairman of the
»
Co.,
raise to $1,000,000
general banking and trust
Chamberlin,
notwithstanding the recent capital increase from $500,000 to
financial institution in
surplus of $250,000, which it plans to
Reliance Securities
have voted to pay a quarterly dividend of 3% on April 1
on.
companies will be situated in the same banking room at
1630 Euclid Ave.
The Reliance Trust Co. has a capital and
thorized capital of
was
plus of $25,000.
& Loan Co., and the Reliance Securities
Co. all of Cleveland, began
The previous rate
•
Cleveland, which is composed of the Reliance Trust
dividend of 2%
8% annual basis.
an
on
6%, and 2% extra was declared last year.
National had been
but the calls upon his time by his other
has been elected
where
a
•
offered the Presidency
X.
in
growth in all departments of the bank, including the Com¬
Directors of the
Charles
paper
mercial, the Savings and the Trust Departments, in which they are ac¬
At the
Second
National Bank of Washington, D. C., succeeding Cuno H.
Rudolph who resigned in order to devote his entire attention
The
A local
attorneys-at-law.
Baltimore Steamship Co.; formerly of the
Board.
Deyber
incorporat¬
was
.w
A. J. Townsend, Vice-President
Mr.
stock being
new
ferring to the action taken by the stockholders at the annual
C. M. Baker,
Commerce.
National
time will be
same
The institution
capital of $50,000.
a
unanimously
was
capital will become
$125,000, the
$100 share.
ed in 1892 with
new
The surplus at the
April 1.
increased from $100,000 to
Charles F. Stein, attorney-at-law.
Mr.
The
by the stockholders.
Ramsey, President; I. G. Tolerton, Vice-President; S. L. Sturgeon, Cashier;
John E. Semmes Jr., Semmes, Bowen & Semmes,
bank.
Feb. 15 1921, the
on
$250,000
capital from $100,000 to
ratified
The directors later organized and elected
City.
York City.
Joseph G. Reynolds, grain, member of firm of Gill & Fisher, Chamber of
Prescott
Alliance, Ohio,
recommendation of the directors of the institution to increase
Douglas I. MacKay, 30 Church Street, New York
interests
formed and
was
began business in 1914.
The stock of the three institutions
is in shares of $100.
The price at which the stocks of the
Geo. W. Sturgeon and I.
Joseph Mercadante, President the Nafra Co., New
new
organized in Jan. of the present
was
organized in June 1919 and started business
was
1919;
July
Hendley & Co.
T. W. Justus, lumber operator.
his
Chapman, Secretary;
and began business Mar. 5 1921; the Reliance Savings
The stockholders elected the
Air Brake Co., New York City.
and General Manager the United Rail¬
& Electric Co., Baltimore, Md.
C. W. Hendley, O. W.
to
The officers of
Douglas, President;
Phypers, Treasurer; E. R. Powell, Assistant Secretary.
The Reliance Trust Co.
year
Trust, Chicago, 111.
Charles B. Ellicott, Manager Westinghouse
Victor B.
II. J.
Phypers, Vice-President; Charles J. Phypers, Vice-
to care for the
A. E. Duncan, Chairman of
Shipping
are
President and General Manager; L. F.
S. Cahill Co., builders of marine engines,
boilers, &c.
v;..
Co.
meeting to enlarge the capital said:
Manager General Chemical Co., Baltimore, Md.
Edward N. Chilson, J. G. White Engineering
ways
Securities
Reliance
G.
S. Smith, Assistant Secretarys, and
Hammond, Assistant Treasurer.
#
Cahill, proprietor W.
S.
Powell and M.
R.
E.
sold at $150 per
John S. Bridges, President of the Coale
E. F. Brundage,
Vice-Presidents Jones
President Norton,
and Bruce, and the
Gill
The direc¬
Jacobson, Assistant Secretaries and Treasurers.
W.
dents; L. F. Chapman, Secretary; F. C. Phypers, Treasurer;
formerly President of the Equitable Trust Co. of Balti¬
more.
Phypers, President; G. W. Phypers,
who will be President of the Atlantic Trust,
Mr. Norton,
was
J.
Moore, H. J. Douglas and R. R. Newell, Vice-Presi¬
new
institution will have
new
Charles
are:
E. L.
the
4
opening of the newly organized Atlantic Trust Co.
about
Co.
L. V. W.
the board.
vacancy on
V
Bryn Mawr, Pa., to fill the vacancy
by the death of Anthony A. Hirst.
has been elected
1347
CHRONICLE
Hiram Roger
of the Midland
President
Lyon
with
died
Lyon,
Chairman of the Board of Directors
National
on
Sank, of Minneapolis, and formerly
March
12
after
65
years
brief illness.
Mr*
of age.
National Bank of St. Paul.
of that institution but
In 1881 he
the
Midland
he
was
made Cashier
Mandan, N. D. of which he
President at the time of his death.
Mandan,
was
left the bank and in 1885 organized
the First National Bank of
with
a
Mr. Lyon first became identified
banking interests in 1877 when he entered the Second
was
National
was
Besides his connection
and First National Bank of
Vice-President
of. the
Russell-Miller
1248
THE
CHKONICLE
[Vol. 112.
Milling Co., Vice-President of the Electric Steel Elevator
received, and
Co., President of the Northland Securities Co., and of the
cash and the gross and net debt on those
Mandan
Electric
banks.
--
Co.
■.••••
He
also head of
was
country
seven
CASH
AVAILABLE
TO
MATURING
PAY
'
financial institution which
Company is the title of
a new
Deduct—Excess
to aid in the
liquidation of the Peoples Bank& Trust Company
institution has been organized primarily
days
ago
4s, Loan of 1925...............
2s
new
4^ to 6s, certificates of indebtedness......
2s, certificates of indebtedness
3^s, First Liberty Loan..
4s, First Liberty Loan, converted
all deposi
Thomas Wellford, S. N. Meely, L. J. Moss, Henry Hotter, H. G. Dutt-
linger, R. H. McWilliams and R. P. Cary.
It is the intention of the directors who constitute the entire list of stock¬
holders at the present time to shortly increase the capital stock of the bank
$250,000 at which time the present board of directors of nine members
body of
new
selected from the
bank to shortly take over all of the assets of the People's Bank & Trust
Company and expand its general banking business along liberal yet
|V,v"Y.v-\v-'vv;
v. i:
-yyy"
con¬
A strong finance committee has been named to
cooperate
with the officers
of the bank at daily meetings.
Mr,
Rome,
who
Aggregate of interest-bearing debt..
Bearing no Interest
is
Vice-President
and
widely
known in the community, having been prominent in
public
Net debt
many
The now bank will open
up this morning not alone for the primary purpose
of aiding in the liquidation of the old
People's bank, but also for the receipt
of deposits and the
general banking business.
6,605,230
|
6,004,290
24,086,587.955 24,059,298,338
121,256,320
cl07,822,909
favorably
affairs for
and being at present potentate of A1 Chymia Temple of the
Mystic Shrine.
a
784,041,550
11,612,160
:23,852,600,314 23,825,106,290
227,382,411
228,187,758
Total gross debt
years past,
doing of
2,336,915,000
*292,229,450
1,410,074,350
795,338,224
11,612,160
ceased
Deduct—Treasury balance
elected
was
...Mat.
2^s, Postal Savings bonds (1st to 16th series)__J.-J.
Matured, interest
servative lines.
28,894,500
2,347,610,500
x202,229,450
J.-J.
1918-1920.5
stockholders.
With the hearty cooperation of the depositors, it is the expectation of the
new
J.-J.
48,954,180
25,947,400
50,000,000
J.-D. 1,410,074,350
J.-D.
42,469,900
37,157,400
4^s, First Liberty Loan, converted.
...J.-D.
496,387,150
501,677,300
4^8, First Liberty Loan, second converted
J.-D.
3,492,150
3,492,150
4s, Second Liberty Loan
M.-N.
170,108,250
152,517,900
4^8, Second Liberty Loan, converted
M.-N. 3,154,062,900
3,171,201,350
4Mb, Third Liberty Loan.
M.-S. 3,649,932,200
3,649,135,550
4^8, Fourth Liberty Loan....
A.-O. 6,366,157,050
6,365,357,950
3%b, Victory Liberty Loan
J.-D.
790,651,550
784,961,650
4%s, Victory Liberty Loan.
J.-D.a3,450,464,450 a3,452,722,500
4s,
War Savings and Thrift Stamps,
Series
by the directors, who consist of C. C. Hanson, S. B. Anderson, J
will be materially increased
by a number of new directors
$
599,724,050
118,489,900
48,954,180
25,947,400
50,000,000
28,894,500
Q.-F.
Q.-M.
Q.-J.
3s, Conversion bonds
consisting of $100,000 was
bank,
Q.-F.
of 1918-38
3s Of 1961
Oct. 31 1920.
$
599,724,050
118,489,900
Q.-F.
Panama Canal Loan:
2s of 1916-36
and the new institution will
tors in the defunct bank, but also the stockholders.
stock of the
Sept. 30 1920.
Payable.
2s, Consols of 1930
People's Bank & Trust Company, conserving its assets and taking such steps
The entire capital
$285,730,610
$121,256,320 *$107,822,909
INTEREST-BEARING DEBT OUTSTANDING.
this morning, primarily for the purpose of aiding and assisting the
Superintendent of Banks, who is also the receiver in the liquidation of the
to
82,364,965
$3,497,490
94,682,418
102,767,054
84,783,648
$309,859,368
-
Title of Loan—
open up
best caluclated to insure not only the ultimate payment of
25,744,326
$6,745,604
71,782,084
148,966,715
Interest
some
1920.
:
Balance
says:
granted
31
$203,652,027
$177,907,701
warrants.;
Total
S. 8. McConnell, State Superintendent of banks, yesterday qualified the
bank to enter into the banking business.
A charter with a temporary
taken
$434,961,050
belated
receipts
over
_
Bailey, Cashier.
was
OBLIGATIONS.
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings certificates
Temporary officers elected by the Board of Directors are: C. C. Hanson
President; 8. B. Anderson and E. A. Rome, Vice-Presidents, and J. G
capital of $100,000
...23,965,331,635 24,167.121,247
*
Deficit.
x
Of these totals, $32,854,450 bear various rates of interest.
Includes notes deliverable amounting to
a
$15,550; does not include partial pay¬
ments received
amounting to 514,520.
5 On basis of cash
receipts and repayments
by the Treasurer of the United States.
c Add
Treasury deficit.
Note.—Issues of Soldiers and Sailors Relief bonds not Included above:
was $195,400, of which $29,400 had been retired.
^
Total
issue to Oct. 31 1920
The directors of the Fort Worth National Bank of Fort
Worth, Tex., beg to announce the resignation of Thomas J.
Caldwell, Vice-President, Mr. Caldwell having accepted the
Vice-Presidency of the Federal International Banking Com¬
pany of New Orleans, La.
THE ENGLISH GOLD AND SILVER MARKETS.
We print the
following from the weekly circular of Samuel
Montague & Co. of London, written under date of March 3,
1921:
The
First National Bank of Berkeley,
Berkeley Bank of Savings & Trust Co.,
tion of
Egbert A. Brown
effective March I.
of The California
r:-'
Calif., and The
announce
the elec¬
Vice-President of both banks,
as
Mr. Brown
for many years
was
Cashier
National Bank of Sacramento and of The
GOLD.
y-:vv:;
The Bank of England gold reserve against its note issue is
practically
unchanged—£126,511,035
with
compared
as
£126,510,485
The fair amount of gold that was on offer this week
It is reported from New York that
received
Jan.
there from
London.
ounces
week
a
ago.
taken for New York.
was
gold to the value of $6,100,000 has been
The
1921, amounted to 46,956
Dec. 1920 and 43,428
California Trust & Savings Bank of Sacarmento.
Southern
Rhodesian
gold
output for
compared with 46,190
ounces, as
ounces
for
for Jan. 1920.
CURRENCY.
The
Directors
It is reported that the French Mint did not strike
of
kane, Washington,
the
Exchange
announce
National Bank, of
Spo¬
the resignation of O. M. Green,
Directors state "after twelve years
ice,
Mr.
Green
is
leaving to
The
of loyal, faithful, serv¬
the
assume
last year,
management
of
seem
Olympia
National
Bank,
Olympia,
President."
Wash.,
Vice-
as
and
bronze
to mint
a
coins
struck.
were
Some of the
certain amount of silver.
franc, and 8,-
one
issued, and considerably
were
over
100,000,000
American states still
|The Colombian Government has
been authorized to have three million dollars in silver
money and one million
dollars in
and
The
single piece of gold
a
but 3,000,000 two franc, nearly 20,000,000
500,000 fifty centime pieces
nickel
Vice-resident and Director, effective March 4, 1921.
as
nickel money
coined and placed in circulation.
If the variety
quality of the silver coins be identical with those minted in 1918, the
required would amount to about 2,170,000 fine ounces.
amount of silver
y
--
SILVER.
Since
At
meeting of the directors of the Merchants Bank
a
Canada, of Montreal, Canada,
Wilson
was
elected
of
succeeding the late Andrew J. Dawes.
been
the
Mr.
institution
Wilson
has
member bf the board of the bank for many
years
a
well
as
of
March 18, F. Howard
on
Vice-President
as
a
director of the Bankers Trust Company of
last addressed you a short lived
rally ensued in the price owing
activity in the Indian Bazaars where a rumor emanated that an
import duty was about to be placed upon silver in the forthcoming budget.
to
Ltd.,
Mr. Wilson is also President of the J.
C.
yesterday's press disposed of this
imposition of
a
proposals in
which possibly had arisen from the
rumor,
duty Upon manufactured gold and silver.
However,
even
before this announcement appeared the
heavy tone of the market reasserted
itself and the price again began to
droop.
Some purchases
continued to
Wilson,
of the largest paper manufacturers of Canada.
one
we
some
This week's steamer is the last due to arrive before the
commencement of
the fiscal year.
The publication of the Indian Government
Montreal, which is closely associated with the Merchants
Bank.
cover
have
and
been
made
are now
for
shipment to India.
much less
a
for
cash
Bears have
important factor in the market,
China has figured as a considerable seller.
The quotation on the 25th ult.
delivery—31 ^d.—was the lowest since Aug.
was no quotation for forward
delivery.
19
1916.
On that
date there
Advices from Montreal state that
age
firm of MacDougall Brothers of that city had assigned
in favor of creditors.
treal
The firm
was a
member of the Mon¬
Stock Exchange and one of the oldest houses in the
Street.
The
and killed
and
Feb. 23, the broker¬
on
was
Manager, W. A. Holland,
by Major R. W. Griffith,
alleged to have had
a
was
recently
shot
who had lost heavily
grievance against Mr. Hol¬
land.
Reuter cables part of the address of the Chairman of the
Hong Kong and
Shanghai Banking
favorable
to
present the
the
Corporation
future
at
of silver.
the
He
annual
said
meeting,
"China's
even
maintain last year's
SEPT.
SO AND
OF
OCT.
31
UNITED
STATES,
not
are
bare of
its
normal
exceed
the normal pre-war figures.
The markets of the interior
supplies, justifying the anticipations that trade will soon resume
and
The
course.
prospects
of
the
cotton
foreshadow
is equally serious.
a
statements
of
the
public debt and Treasury cash
holdings of the United States as officially issued for Sept. 30
and
Oct.
31
1920, delayed in publication, have
now
been
As
China
are
postponement of the establishment of
notably to
regards the consortium,
no
loan
pay
can
in its present unsatisfactory condition.
at home rather than
revenues
from salt
obligations and admin¬
its disproportionately large
be considered
strife continues and the central Government's hold
a
Financially the position
The Government, in spite of large
istrative requirements,
The
industry in
The political unrest in China and the wide gulf between the
South
and customs, is still in dire straits to meet its many
1920.
at
that
import of 98,-
ounces is
at least doubtful.
Speaking generally, the stocks of
imported goods lying in Hong Kong and China ports are not excessive and
representative authoritative central Government.
STATEMENTS
is hardly
The prospect
500,000
do
encouraging.
DEBT
which
trade balance is
governing factor of the silver situation.
China will be able to increase or
North
PUBLIC
a
3,845,362
Treasury
latter have become the Offices of the new company.
Regard
ing the organization of the latter the Memphis "Commercial
as are
disbursements
Deduct outstanding obligations:
Memphis which failed last month, and the quarters of the
Appeal" of March 22
append
$431,115,688
The
of
by daily statement, &c
Items
began business in Memphis on
March 22.
new
we
Sept. 30 1920. Oct.
Balance end month
The Madison Bank & Trust
dates,
thereof.
summary
't:\
■
interest attaches to the details of available
as
on
so
long
as
army.
factional
the provinces remains
If this results in China borrowing
abroad, so much the better."
March 26
RETURNS.
CURRENCY
INDIAN
Feb. 7
6314
6340
6372
2400
2400
6807
6807
835
and bullion in India
835
835
Total receipts of flour and grain at the seaboard ports for
19 1921 follow:
16414
6807
coin
Feb. 22
16382
2400
Silver
Feb. 15
16356
(In Lacs of Rupees)—
1249
CHRONICLE
THE
1921.]
the week ended Mar.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Silver coin and bullion out of India
New
Gold coin and bullion out of India.
No rupees were
The stock in
Shanghai
on
59,000
1,000
8,000
40,000
244,000
128,000
83,000
6,000
New Orleans.*
80,000
250,000
Montreal
12", 000
St.
16,000
22,000
424.000
5,008,000
50,000
3~,66O
382,000
438,000
4,874,000
75,000
~
135,000
John.....
Boston
14", 000
152",666
70,000
188,000
10,000
1,564,000
45,149,000
2,319,000
19,138,000
578,000
207,000
4,937,000
3,006,000
1,427,000
21,266,000
229,000
4,382,000
1,168,000
8,973,000
3,462,000
32,500,000 dollars, and 900 bars of silver
Total
Statistics for the moorth of February are appended:
Gold.
Silver.
Delivery .Forward Delivery.
Cash
*21
wk.
Since Jan.1'21
Shanghai exchange is quoted at 3s.-d. the tael.
The
176,000
146,000
1,109,000
Since Jan.1'20
and 900 bars of silver, as compared with
the 19th ultimo.
on
834,000
100,000
Week 1920...
the 26th ultimo consisted of about 46,650,000
about 45,900,000 ounces in sycee,
105,000
572,000
25,000
75,000
Baltimore
Galveston
coined during the week ending 22nd. ultimo.
in sycee, 33,000,000 dollars
ounces
211,000
77,000
York...
Portland, Me.
*
Highest, price.
37%d.
36%d.
107s.
2d.
Lowest
31%d.
31%d.
104s.
357,000
292,000
6,784,000
659,000
9,055,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
7d.
price.
'
Silver
Bar
4d.
U.
March 2
d.
32
33
February 28
March 1
d.
32%d.
106s.
Id.
d.
105s.
lOd.
32
32%d.
8d.
105s.
31%d.
Average
105s.
31.687d.
32.041d.
105s.10.8d
7d
quotations today for cash and forward delivery are respectively
The silver
the several seaboard ports for the week
shown in the annexed statement:
|
Wheat.
Flour,
Oats.
Barrels.
Corn.
BuShels.
Exports from—
Bushels.
York..
New
Portland,
730",000
1,254,000
539",000
325,000
1,485,000
574,000
Baltimore
Galveston
382,000
John, N. B
50",000
Week 1920
60,000
188,000
396,315 268,826 256,631
1,500
153,017 331,714 539,600
4,257,241 2,640,968 360,593
52,000 236,346
1,480,004
week
58,606
17,000
~8", 000
| 16,000
—
%d. and %d. below those fixed a week ago.
Total
1,500
26,000
Philadelphia
New Orleans
St.
3,000
22,000
7,000
29,000
_<
Bushels. Bushels. Bushels.
117,315 101,826 139,631
83,000 40,000 59,000
375,968 206,593
146,000 77,000
609,241
512,006
Me
Boston
Peas.
Barley.
Rye.
... -----
d.
31
—
are
Bushels.
d.
32
February 26
ending Mar. 19
Fine.
oz.
106s.
31%d.
——31%d.
...
Mos.
2
Cash.
Quotations—
February 25
Bar Gold p.
Std.
oz.
p.
The exports from
105s.ll.7d.
33.906d.
34.744d.
Average price.
on
4,032
ENGLISH-FINANCIAL MARKETS—PER CABLE.
The daily
closing quotations for securiites, &c., at London,
The destination of these exports
July 1 1920 is
for the week and since
below:
as
reported by cable, have been as follows the past week:
as
Mar. 19. Mar.21. Mar22. Mar.23. Mar.24. Mar.25.
London,
Sat.
Silver, per oz
33 %
__105s.
Gold, per fine ounce
Wed.
34%
Fri.
Thurs.
33%
Tuts.
Mon,
-.d. 33%
Week ending Mar. 25—
33%
104s.lld.
104s.10d.105s.2d. 105s.
Holiday
Consols, 2% per cents
47
47
46%
47%
47%
86%
86%
86%
87%
87
79
79%
79%
79
79%
Holiday
Since
Week
Since
Week
Since
Mar. 19
July 1
Mar. 19
July 1
Mar. 19
July 1
1921.
Ju:y 1 to—
1920.
1921.
1920.
1921.
1920.
Bushels.
Bushels.
Bushels.
Bushels.
Holiday
British, 4% per cents
Week
and Since
Holiday
British, 5 per cents.
Corn.
Wheat.
Flour.
Exports for Week,
33%
(In Paris).fr.
58.15
58.20
58.20
58.10
58.25
Holiday
French WarLoan (in Paris) ,fr.
83.95
83.95
83.95
83.95
83.95
Holiday
French Rentes
The
price of silver in New York on the same day has been:
99%
-'-
—
99%
99%
99%
99%
99%
57%
Domestic
—
57%
58%
56%
57%
57%
TRADE AND TRAFFIC MOVEMENTS.
COAL SHIPMENTS—The shipments
ANTHRACITE
of anthracite coal for the
month of February 1921,
of 1918, when 5,812,082 gross
shipped.
The shipments last month exceeded the
previous month of January, a long month, by 225,563 tons.
The shipments for the coal year (beginning April 1) to
was
in the
war year
tons were
date
total 63,628,960 tons, as against 63,737,213 tons
now
232,045
107,813
So. & Cent. Amer.
54,859
West Indies
50,160
953,255
721,427
769,556 79,542,037
139,000
72,909,010
3,585,634 185,139,452 1,819,139 12,588,785
34,000
177,343
3,326,311
248,607
894,832
18,500
14,019
29,769
Brit.No.Am.Cols.
Other Countries..
23,362
18,043
42,521
4,639,559
284,000
1,184,281
Total
360,593 10,018,601
Total 1919-20.... 236,316 15,459,296
4,257,241 266,032,832 2,640,968 21,663,009
1,480,004 127,067,791:
52,000 2.998.652
The world's shipment of wheat and corn for the week
ending Mar. 19 1921 and since July 1 1920 and 1919 are
shown in the following:
as re¬
ported to the Anthracite Bureau of Information at Philadel¬
phia, Pa., established a new record for that month, aggre¬
gating 5,966,101 tons.
The Bureau's report states that
the nearest approach to this figure for February shipments
during a normal year was in February, 1912, when the ship¬
ments amounted to 5,875,968 tons, and the next nearest
approach
2,480,630
Kingdom. 124,399
Continent
(cts.):.
Silver In N. Y., per oz.
Foreign..
Barrels.
Barrels.
United
corresponding period last year.
we give the shipments by the various carriers for
the month of February 1921 and 1920 and for the respective
Wheat.
:
Corn.
■
'•/;, •.<;
1919-1920.
1920-1921.
1919-1920.
1920-1921.
Exports.
Week
Argentina...
Australia
Week
Since
Since
July 1.
July 1.
Mar. 19.
July 1.
July 1.
Bushels.
Russ. & Dan.
Since
Mar. 19.
North Amer.
Since
Bushels.
Bushels.
Bushels.
Bushels.
India
416,000
2,325.000
2,867,000
24,671,000
782,000
3,800,000
660,000
88,078,000
"350", 606
2",729",606
1,750,665
4,659,000 119,278,000
99,166,000
95,091",000
8,232,000
Oth. countr's
Total
Bushels.
4,684,000 323,781,000 255,644,000
160,000
2",935",000 52,245,000 138,185",000
1,368,000 37,570,000 76,989,000
230,000
l",91l",000
9,403,000 422,218,000 472,729,000
for the
coal years
since April 1:
1920-21.
1,063,508
12,933,334
11,558,050
12,934,447
11,628,611
515,551
920,788
813,191
408,052
827,172
455,003
5,134,211
9,119,914
9,358,091
5,720.217
9,871,581
7,137,786
426,350
394,366
4,907,181
4,545.955
New York Ontario & Western
633,706
153,017
491,608
135,957
5,943,670
1,854,831
6.929,201
1,840,232
Lehigh & New England...
269,237
234,995
2,819,678
3,129,183
Central Railroad of New Jersey
Delaware Lackawanna &
Delaware &
Western..
Hudson
Pennsylvania
Erie
-
I
United
5,966,101
4,913,664
63,628,960
63,737,213
bush.
Baltimore-
Newport News
mJm
Chicago
Flour.
329,000
Detroit
86,000
Barley.
Rye.
683,000
281, 000
50,000
27,000
696,000
601,000
Omaha
Indianapolis..
Same
wk.
Louis
City
Peoria
Indianapolis
1.824,000
Omaha
1918-19
------
155,000
2,000
1,063,000
------
215,000
93,000
40,000
232,000
30,000
998,000
8,000
89,000
5,000
46,000
------
------
3,000
29,000
24,579.000 29,856,000 34,907,000
1,614,000
Total Mar. 12 1921
26,399.000 26,903,000 34,346,000
1,660,000
Total Mar. 20 1920
47,679,000
5,356,000
9,825,000 18,740,000
Total Mar. 22 1919... 101.946.000
2,799.000 25,355,000 15,135,000
------
11,000
2,110,000
2,153,000
3,345,000
9,137,000
20,000 bushels New York, 59,000
1,343,000 bushels in 1920; barley,
Note.—Bonded grain not included above: Oats,
2,000
Duluth:
total,
81,000,
against
126,000; Buffalo, 91,000; Duluth, 1,000; total, 218,000 bushels,
187,000 bushels In 1920,
New York,
6,000
115,000
283,000
110,000
Ft. William & Pt.
against
Canadian—
—I—
52, 000
Montreal
Other
Canadian*
241,000
Arthur.20,486,000
1,549,000
3,000
Yi",66o
Total Mar. 19 1921
22,276,000
5,000
21,000
Total Mar. 12 1921
21,828,000
10.059,000
43,566,000
5,166,000
252,,000
175,000
616,000
3,000
70,000
2,629,000
3,000
3,099,000
2,872,000
12,279,000
■
175,000 14,597,000
179,000 13,790,000
11,000
100,000
400.000
1,702,000
4,479,000
5,861,000
3,000
4,000
5,000
1,977,000
652,000
Summary—
513,000
605,000
587,000
3,000
2,110,000
3,099,000
49,504,000
1,617,000
1,672,000
5,367,000 14,304,000 18,744,000
2,899,000 31,216,000 15,140,000
5,209,000
5,025,000
6,322,000
9,789,00®
24,579,000 29,856,000 34,907,000
22,276,000
175,000 14,597,000
1,614,000
814,000
3,275,000, 1,231,000
Canadian
Total Mar. 19 1921....46.855,000 30,031,000
48,227,000 27,082,000 48.136,000
Total Mar. 20 1920
19,706,000 254,701.000 155,780,000138,362,00020,267,00012,886,000
15,167,000 159,858,000 138,385,000154,054,000 23.702J)00 25,606,000
10,742,000367,041,000 146,080,000 212,175,000 58,351,000 23,189,000
119,000
Total Mar. 19 1921
Total Mar. 12 1921
1919-20...
39,000
—
•
116,000
Since Aug. 1
1920-21
27,000
Total Mar. 22 1919
2,571,000
113.000
91,000
143,000
34,000
12,986,000 13,152,000
685,000
1,159,000
4,583,000
636,000
1,806,000
9,247,000
515,000
838,000
1,230,000
313,000
974,000
3,680,000
2,422,000
115,000
453,000
4,000
280,000
465,000
91,000
Total Mar. 20 1920
2,995,000
------
------
71,000
82,,000
322,000
------
------
30,000
672, 000
3,710,000
3,023,000
3,331,000
186,000
535,000
198, 000
6,570,000
4,951,000
828,000
200,000
184,,000
3,669,000
443,000
147,000
527,000
304,000
377,000
316,000
7,000
1,583,000
285,000
851,000
Detroit
American
'21
'20
Same wk. *19
TotAl wk.
11,000
1,801,000
281,000
561,000
32,000
23,000
2,000
914,000
276,000
39,000
Kansas City..
292,000
674,000
10,000
217,000
-—-WW
160,000
30,,000
354,000
bush.
1,659,000
1,111,000
41,000
Peoria
120,000
58.000
52,000
24,000
13,000
Toledo
Louis
Oats.
381,,000
226,,000
2,019,000
Duluth
St.
Corn.
.
—L..—
Buffalo,
Minneapolis..
Milwaukee-
Wheat.
bush.
1,880,000
Buffalo
Kansas
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs bush. 32 lbs bush A8tbs. bush.bQlbs.
64,000
224,000
1,352,,000
2,967,000
625,000
237,000
Barley,
Galveston
St.
Receipts at—
;/
Rye,
bush.
2,726,000
New Orleans
Minneapolis
brought from page 1317.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years.have been:
'
Oats,
bush.
311,000
■
1,336,000
Duluth
figures
'
Corn,
769,000
w-:
Philadelphia
Milwaukee
Breadstuffs
the stocks in
at lake and
1,153,000
New York
Boston...
Chicago
Commercial audBXiscellaiieous
Wheat,
States—
Toledo
Total
comprising
GRAIN STOCKS.
1919-20.
1920.
1,038,303
928,208
tons. 1,170,753
Philadelphia & Reading
Lehigh Valley........
supply of grain,
at principal points of accumulation
seaboard ports Mar. 19 1921 was as follows:
granary
11 Mos. Coal Yr.Mar.I.
February
1921.
Road—
visible
The
Below
57,738,000
Total Mar. 22 1919—145,512,000
*
Last week's figures; no report
received.
/
1250
THE
CHRONICLE
National
Banks.—The following information
regarding
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
March
15.
+
Capital
Succeeds First National Bank of Bridgeport, Neb,
Correspondent: A. J. Sutherland, Bridgeport, Neb,
March
•
___
$25,000
Shares.
16.
The First National Bank of Hermansville, Mich.
Capital.
Correspondent: Dr. G, W. Earle, Hermansville, Mich.
Capital
Correspondent: A. L. Edwards, Attorney, Osceola Mills, Pa,
''■"•"v
:'v.' March 17.
The Empire National Bank of Chicago, 111.
Capital...
Correspondent: Frank C. Rathje, 29 So. La Salle St., Chicago 111.
25,000
50,000
March 16.
National Bank of
$50 each..
200,000
March
!
Shares.
EXISTENCE
—
.
Bk.
of
$ per sh.
__143
Commerce In St.
Louis
'j
15.
5,021—The First National Bank of Alexandria, La.
Capital._.$300,000
V
To take effect March 1 1921.
Liq. Com., J. A. Bentley,
W. D. Hill, Gus Gehr and L. J. Hakenyos of
Alexandria,
La.
Assets purchased by the City Savings Bank & Trust
Co. of Alexandria, La., which changed its name to the Guar¬
anty Bank & Trust Co., Alexandria, La.
,
11,503—The First National Bank of Jakehamon, Tex. Capital
25,000
To take effect Dec. 4 1920.
Liq. Agt., Walter Nance, Jakehamon, Tex.
.,+/
.++;■
•
.
OF
NEW
YORE-MONTHLY
Slocks.
% persh.
Imports.
1920-21.
1920-21.
1919-20
%
1920-21.
63c.
109
10 Mass. Lighting Cos., com
10 rights
Edison
Elec.
111.
__
November 172,0.54,642 231.808 .185 289 529,113
237,666.749
December. 126,251,896 OOI IRQ ,962,345 414,165 204,779,114
Total.
__
$ persh
-
114%
___.
..$100 lot
72
Shares.
Stocks.
$ persh.
1-3 U. 8. Envelope, common.— 38
25 Gillette Safety Razor
10 National Shawmut Bank
140%
235
5
of
94%
Percent.
$1,000 City of Newton 4s, 1931— 94
1,000 City of Springfield 4%s, 1926 97
500 City of Cambridge 4%s, 1922 98%
2,000 City of Taunton 4%s, 1925- 97%
1,000 City of Chicago 4s, 1925
91
500 City of Medford 4%s, 1925. 96%
5,000 Canal Fish & Freezing 1st 6s,
3 15-16
1927, Dec. 1920
on_,100 flat
coup.
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Stocks.
% persh.
50 Wm. Frelhofer Baking
1
380 United Security L., I. & T
136%
5 Philadelphia National Bank
312
11 North Phila. Trust, $50 ea_175-177
3 Integrity Trust, $50 each
60 Camden Fire Ins. Assn
1 Pa. Acad, of Fine Arts.
Bonds—
1st 5s,
1933, certf. of dep
30
2,000 Union Utilities 1st 5s, 1944. 84
6,000 Muncie Elec. Lt. 1st s. I. 5s,
1932
11 %
28
50
30 Amer. Pipe & Constr., $50 ea__
5%
3 Girard National Bank
385
30 Am. Pipe & Cons. Secur, pref—
200 Mahanoy Vail. Coal, $50each_$ll lot
10 Pacific Office Bldg., Washing¬
P 1944
5
Per cent.
1st
_______
50
__________.
4,000 Reading Co. equip, tr. 4~%s,
series F, 1S26
4,000 Reading Co. equip, tr. 4%s,
series G, 1925
4,000 N. Y. Cent. RR. equip, tr.
—
$27 lot
Traction
-81%-81%
4,000 Tide Water Pow. 1st 5s, '49. 60
2,000 Newport News <fc Hampton
Ry. Gas <fc Elec. 1st & ref. 5s,
1%
;
Per cent-
4,000 Northampton Trac.
220
25 Columbian Paper, $50 each
20 American Cities, preferred
ref.
92
_
44
93%
4%s, 1929
87%
4,000 N. Y. Cent. RR. equip, tr.
4%s, 1932
84%
&
5s, 1943
50
1919-20
$
___
_
Stocks.
12 Bigelow Hart. Carpet, pref
Bonds— |
87
25 Fall River Elec. Lt., ex-div
1
York.
%
323,427,245 179,457 ,378 200 319,661 239,532,410
August
265.399,334 163.182 ,188 160 316,294 264,759,378
September 184,623,524 251.529 .881 174 .781,030i267,365.966
October
179,929.909 214,756 ,732 267 ,317.672i324,627,01.5
108,651,387
$5,000 lot
Exports.
1919-20
July
_
I
sh.
Assn.
10 F. H. Roberts, preferred...
142%
26 U. S. Worsted, com., $10 each.
10 Edwards Mfg.
$1,000 Johnstown
Customs Receipts
S
January
February
Pub.
4 Farr Alpaca, ex-div—_
-
40 Locust Gap Improvement
Bonds—
Month.
Shares.
77
ton, D. C
at New
Press
p.
v
,
Italian
1st 6s, 1938
135
4 Great Falls Mfg___
____144
205 Pepperell Mfg___
197
50 Dartmouth Mfg., common
260
STATEMENT.
Merchandise Movement at New York.
Cy_$2%
8 rights Edison Elec. 111., Brock¬
ton
3 15-16-4%
56%
TRADE
$200,000
,—194
Brockton
FOREIGN
Nat. Bk. of Jersey
Bonds—
____195
5 Home Nat. Bank, Milford
10 Dartmouth Mfg., pref__
3 Ludlow Mfg. Associates
141941.
2,515—The Ephrata National Bank, Ephrata, Pa., until March 15 1941.
2,517—The First National Bank of Greenwich, N. Y., until March 15 1941.
V
*
VOLUNTARY LIQUIDATIONS.
17.
a
$50 lot
By Messrs. R. L. Day & Co., Boston:
Shares.
RE-EXTENDED.
par
200 Nat. Tool & Machine.
TheReaItyCo.ofMass.,$85par_ 35%
EXISTENCE
March
no
7,000 Guffey-Glllespie Oil._$11 per sh.
Subscrip. warrants for 19% sh. 1st
___J20 H
2 Bates Manufacturing
5 Berkshire Gotten Mfg
60,000
2,511—The Merchants National Bank of Cedar Rapids, la., until March
March
Slocks.
Price.
1,000 Murphy Process Corp., com..
per sh.
Slocks.
52 Nat.
EXTENDED.
Hicksville National Batik, Hicksville, O., until March 15 1941.
First National Bank of Gordon,
Tex., until March 8 1941.
First National Bank of
Moody, Tex., until March 20 1941.
First National Bank of Barnesboro, Pa., until March 20 1941.
CORPORATE
Shares.
17.
5,749—The Itasca National Bank. Itasca, Tex., until March 14 1941.
5,754—The American National Bank of Lebanon, Tenn., until March
15 1941.
5,768—The First National Bank of Cresson, Pa., until March 15 1941.
5,802—The
5,759—The
5,774—The
5,818—The
_$1
12 Milford National Bank
Charlottesville,
11.947—The First National Bank of Falmouth, Ky.
Capital.
President, Geo. W. Berger; Cashier, Geo. Bradford.
CORPORATE
41
By Messrs. Wise, Hobbs & Arnold, Boston:
______________
\
Price.
cional, ctf. of dep
$25 per sh.
33,000 Forty-Mile Pow. & Dredg.,
Inc., $1 each———
$55 lot
Va.
_____S100,000
Conversion of tne Commerce Bank & Trust Co.,
Charlottesville, Va.
President, McLane Tilton; Cashier, Thos. B. Behrendt.
;.
Slocks.
200 Ralston Steel Car
$13 per sh.
400 East. Cuba Salt,
Inc., pref.,
___
CHARTERS ISSUED.
Commerce
•
20 Allied Packere,
Inc., com.
temporary
certfs—______$5 persh.
10 Ccmpania
Swift
Interna -
The Peoples National Bank of Osceola
Mills, Pa.
11.946—The
Capital
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange were recently sold
York, Boston and Philadelphia:
Messrs/Adrian H. Muller & Sons, New York:
APPROVED.
.
The Citizens National Bank of
Bridgeport, Neb.
■,
Auction
not
at auction in New
APPLICATIONS TO ORGANIZE
"«
■
[Vol. 112.
280^97,659,356
%
457,600257,101,089
103,427,293 260,144,811237 ,794,460 301,626,954
DIVIDENDS.
Dividends
21,468,214
,281,139
18,392,047
16.140,524
16,845,472
,444,278
first
,740,934
,792,158
rent week.
15.335,704
.023.969
12,190,679
12,265,070
,576,716
,284,852
14,154,349
,323,958
1463765230 1802037796 2031929995' 2097458675
126,792,0591145,468,004
we
we
are now
grouped in two separate tables.
bring together all the dividends announced
show
Then
the
we
follow with
dividends
cur¬
second table, in which
a
previously announced, but which
have not yet been paid.
The dividends announced this week
Movement of gold and silver for the 8 months:
Per
Name oj Company.
Gold Movement at New York.
In the
the
are:
When
Cent.
Books Closed.
Days
Inclusive.
Silver—New York.
Railroads
Month.
Imports.
Exports.
1920-21.
1919-20.
s
*
1920-21.
Imports.
Exports.
1920-21.
1919-20.
1920-21.
(Steam).
Chicago Burlington & Quincy (quar.)—
Special (payable in stock)
Great Northern (quar.)
Norfolk & Western, adj. pref.
(quar.)
Philadelphia & Trenton (quar.)
—
July
August
$
$
%
*
10,945,005
October
—
November
December.
January
__
February
.
393.587
246,300
23,609,186
12,454,509
1,310.313
4,212,285
3,921,003
1,062,356
34,228,556
287.011
274,003
5,279.491
114,561,653
2,683,735
130.000
3,080,163
2,133,024
1,359,391
54,248,571
53,324,215
31,328.278
1,230,283
53,000
12,110,147
791,436
23,246,193
183,085
350,043
124,300
1,511,726
950,187
18,439,803
___
September
1,458,285
234,300
17,790,299
24,814,399
1,595,573
841,850
Total— 329,530,590
8,337,735
5,624,231 113,850,881
1,236,840
10,190,947
1,937,525
709,579
323,010
'
316.556
7,532
557,847
2,800,154
2,137,837
8,790,040
Canadian Bank
Clearings.—The clearings for the week
ending Mar. 17 at Canadian cities, in comparison with the
same
week
in
1920
show
a
decrease
in
the aggregate
RR., 1st pf. (qu.)
Second preferred (quar.)
Kentucky Securities Corp., pref. (quar.)
Lancaster Co. Ry. & Light, com.
(qu.)__
Preferred (quar.)
Clearings
17.
at—
Inc.
1921.
1920.
$
$
Canada—
Montreal
95,505,180
Toronto
89,378,557
40,503,485
13,078,233
Winnipeg
Vancouver—
—
Ottawa
St. John
7,062,519
5,776,516
3,052,730
5,744,080
2,619,568
London
2,893,297
Calgary
125,013,609
99,769,545
40,632,613
15,620,871
8,423,769
4,435,177
4,322,455
5,986,410
2,467,905
4,143,483
3,824,514
594,263
637,165
1,771,473
1,090,462
1,306,378
767,796
Quebec
Halifax
Hamilton
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Peterborough
Windsor
_
Moncton
Canada.
1,114,488
2,698,957
3,167,156
314,107
445,040
1,168,420 Not incl. in
295,001,003
—21.8
95,089,275
66,039,707
—0.3
29,109,051
10,632,602
6,196,126
4,435,172
3,589,461
4,735,503
2,216,345
2,308,359
5,009,582
1,840,602
3,197,996
2,994,803
456,794
—16.3
—16.2
+ 30.2
—29.4
—26.1
•
Prince Albert.
346,654,370
1918.
—8.4
—26.2
—9.0
—24.4
+ 0.4
—8.6
—27.4
—5.4
—10.4
573,043
1,460,200
—28.6
824,311
1,258,474
550,275
432,531
345,353
577,171
!
887,812
674,509
—24.3
325,483
619,946
730,510
1,535,660
852,285
1,208,286
1,126,476
—29.4
74,385,579
53,963,625
45,660,549
9,164,451
5,877,460
3,564,415
2,990,013
4,605,004
2,157,396
2,045,248
6,523,604
1,740,840
3,127,738
3,089,616
—8.8
+ 4.6
—8.8
—15.1
+3.7
+ 29.0
542,194
342,995
497,061
667,133
809,144
561,201
total.
—14.9
227,763,165
Mar. 19a
rec.
Mar. 31a
rec.
Apr.
♦1
May 19 ♦Holders of
rec.
Apr. 30
2%
*1%
-
•
Apr.
12
Apr.
2
15
Apr.
1
to
to
Apr.
11
Mar. 31
Mar. 22
2
Apr.
1
Holders of
rec.
Mar. 23a
Hi
1%
Mar. 31
Holders of
rec.
Mar. 21a
1%
*1%
Mar. 31
Apr.
Holders of
rec.
15 ♦Holders of
rec.
Mar. 31
Mar. 21a
Apr.
2
2
Mar. 31
Holders of
1%
Mar. 31
Holders of rec. Mar. 24a
rec.
Mar. 24a
Apr.
15
1%
Apr.
15
Holders of
rec.
Mar. 31
Apr.
1
Holders of
rec.
Mar. 26
Washington Water Power (quar.)
1%
Apr.
15
Holders of rec. Mar. 25
Holders of rec. Apr.
1
Banks.
America, Bank of (quar.)
Fifth National (quar.)
Garfield National (quar.)
Gotham National (quar.)
Irving National (quar.)
Mechanics (Brooklyn) (quar.)—
Mutual Bank (quar.)
3
Apr.
1
Holders of rec. Mar. 21
2%
Apr.
1
Mar. 29
to
3
Mar. 31
Mar. 25
to
Mar. 31
3
Apr.
1
Mar. 29
to
Mar. 31
3
Apr.
Apr.
1
1
Holders of rec. Mar. 25a
Apr.
Apr.
Apr.
1
1
1
Apr.
2
5
3
2
Holders of
rec.
Holders of
rec.
Mar. 31
Mar. 19a
Mar 25a
Holders of rec.
Mar. 30a
Mar. 27
Mar. 31
to
New York County National
(quar.)
1%
1
Holders of rec. Mar. 25
Public National (quar.)
United States, Bank of
4
Mar. 31
Holders of rec. Mar. 21
2%
Apr.
1
Holders of rec. Mar. 28a
(quar.)
Washington Heights, Bank of (quar.)
3
Apr.
1
Holders of rec. Mar. 31
Trust Companies.
Mercantile (quar.)
2
Apr.
1
Holders of rec. Mar. 15a
U. S. Mortgage & Trust
(quar.)
6
Apr.
1
Holders of
Fire Insurance.
Hanover Fire (quar.)
2%
Apr.
1
Mar. 20
1
Holders of
—
rec.
to
Mar. 26
Apr.
1
Miscellaneous.
Acadia Mills (quar.)
Adirondack Pow. & Lt. Corp.,
pf. (qu.)_
Air Reduction (quar.)
Alabama Co., lst'A 2d pref. (quar.)
Preferred
Preferred
Apr.
1
Apr.
15
1
1
VA
Apr.
Apr.
♦i%
♦$l
Apr. 25
Apr. 25
Apr.
1
Apr.
rec.
to
rec.
Mar. 22
Apr.
1
Mar. 31a
Holders of rec. Mar. 23a
Mar. 22
Apr. 14 ♦Holders of
May 16 ♦Holders of
1
VA
1%
Mar. 22
Holders of
to
Mar. 31
rec.
Apr.
rec.
May
Holders of rec. Apr.
Holders of rec. Apr.
4
2a
8
8
Mar. 22
to
Apr.
1
1
Mar. 26
to
Apr.
1
to
Apr.
VA
common
(quar.)—
Preferred (<?uar.)
Associated Industrials Corp., 1st pf. (qu.)
/
Apr.
1
Mar. 26
VA
(quar.)
Shipbuilding,
Apr.
1%
$1
1%
(quar.)
American Multigraph, pref. (quar.)
American Piano, common (quar.)
Amer.
2
1%
Alabama Fuel & Iron (quar.)
All America Cables
(quar.)
American Bank Note, common (quar.)_
American Ice, common (quar.)
Common (extra)
246,887,016
rec.
Holders of
2 ♦Holders of
-
1%
American Screw (quar.)
~~250~606
Holders of
May
2
(qu.)
Nassau National (Brooklyn)
(quar.)
New Netherland (quar.)
—10.4
—21.0
795,125
1919.
%
3,545,471
3,160,952
8,111,861
2,711,026
5,477,035
3,808,117
650,503
875,817
1,873,102
1,216,798
1,432,242
733,788
646.302
403,344
846,981
936,405
877,563
1,209,206
Sherbrooke
Kitchener
Dec.
7,279,903
559,231
342,800
Hat
or
Mar. 25
♦1%
Manchester Tr., L. & Pow.
(quar.)
Philadelphia & Western Ry., pref. (qu.)_
Scranton & Wilkes-Barre Tr., pref.
—
Week ending March
Total
Eastern Texas Elec. Co., common
(qu.)_
Elmira Water, Light &
of
14.9%.
Medicine
Street and Electric Railways.
Capital Tract., Washington, D. C. (qu.)
Conestoga Traction, pref. (quar.)
2
e54.13
Apr.
1
Holders of rec. Mar. 25a
VA
2%
IX
May
May
2
2
Holders of rec. Apr.
Holders of rec. Apr.
May
2
Holders of
rec.
15
Apr. 15
2
Apr. 15
Holders of
rec.
Apr.
1
15
14a
/•
March 26 1921.]
THE
Per
Cent.
Name of Company.
Miscellaneous (Continued)
Auburn Automobile Co., com.
(quar.)._
Pre/erred (quar.)
Beacon Oil (quar.)
Bliss (E. W.) Co., common
(quar.)
Preferred
$1
-
*$1
1st pref.
IK
Apr.
4
Holders of
rec.
Mar. 24a
IK
Apr.
4
Holders of
rec.
Mar. 24a
$2
Apr.
1
*1K
Apr.
Apr.
Holders of rec. Mar. 26a
20 ♦Holders of rec. Mar. 31
1 ♦Holders of rec. Mar. 22
Apr.
25
*2
2
*2
IK
Second preferred
vquar.)
IK
(qu.
com.
to
Apr.
1
Mar. 19
to
1
Holders of
■ ,••••
Mar. 28
Apr.
IK
Electrical Securities, common (quar.)
Preferred (quar.)
IK
Mar. 22
rec.
Holders of
to
2
Mar. 22
to
15 ♦Holders of
1
Apr.
1
Apr.
rec.
1
May 31
Holders of rec. Mar. 15a
20 ♦Holders of
rec.
Mar. 31
May
Apr.
12
1
Apr.
16
to
May
1
Apr.
1
Mar. 27
to
Apr.
1
May
IK
Apr.
3
Mar. 31
*2
Mar. 31
*1H
May
IK
June
*2
—
Holders of
rec.
Holders of
Mar. 22
rec.
to
♦Holders of
Mar. 31
Mar. 26
rec.
2 ♦Holders of
1
Mar. 21a
rec.
Apr. 22
10
Holders of rec. June
1
2 ♦Holders of rec.
Apr. 22
1
Holders of rec. Mar. 26a
May
IK
Apr.
IK
Mar. 31
IK
Erie Lighting, pref. (quar.)
Falcon Steel, common (quar.)...
Apr.
1
Apr.
Apr.
1
♦Holders of
rec.
Mar. 20
1
♦Holders of
rec.
Mar. 20
Holders of
rec.
Mar. 18a
*2
Preferred (quar.)
Farr Alpaca (quar.)...
Flint Mills (quar.)................
*1K
2
—...
Glidden Co., pref. (quar.).-...
...
Godchaux Sugars, Inc., prei. (qu.)...
Goodwins. Ltd., pref. (quar.)
Greelock Co., preferred (quar.)_____._
Harrisburg Light & Power, prei. (quar.)
Mar. 31
♦2
1
Apr.
Holders of
rec.
Mar. 25
Holders of rec. Mar. 22
♦Holders of tec. Mar. 16
lv
Apr.
IK
Apr.
1
Mar. 19
IK
■
Apr.
1
Holders of
rec.
Mar. 21
Apr.
1
Holders of
rec.
Holders of
rec.
1
Holders of rec. Mar. 18a
to
Apr.
1
IK
Mar. 31
IK
IK
Heath (D. C.) Co., preferred (quar.)...
Hibernia Securities Co., Inc., pref. (qu.)
Holmes (D. H.) Co. (quar.)
Apr.
1
Holders of
rec.
Mar. 28
Apr.
1
Holders of
rec.
Mar. 26
1
Holders of rec. Mar. 26
3K
IK
(quar,)....
Howe Scale, common (quar.).
Preferred
(quar
Apr.
Mar. 31
Mar. 16
Holders of rec. Mar. 16a
1
IK
IK
IK
Apr.
Apr.
1
Holders of
1
Holders of
rec.
Mar. 20a
$1.50 Apr.
6
Holders of
rec.
Mar. 23
Indiana Coke & Gas, 1st pref. (quar.)..
Second preferred (quar.)
Internal. Combustion Engineering Corp.
J ohnson Iron Wks., D. D. & Ship., pf. (qu.)
2
Apr.
1
Mar. 19
to
Apr.
3
Apr.
1
Mar. 19
to
Apr.
3
1
Apr.
Mar. 20a
rec.
Mar. 31
to
Apr.
1
Holders of rec. Mar. 26a
2
Apr.
1
Holdeis of
IK
Mar. 31
Kansas City Power <fc Lt., 1st pf .(mthly.) 66 2-3c
1
Apr.
Lancaster Gas L. & Fuel (quar.)._ a
2
Mar. 31
Lawton Mills Corp. (quar.) a
2
Mar. 31
..._
Loew's Incorporated (quar.)........
Apr.
1
Holders of
1
Mar. 20
50c. May
1
Mar. 31
rec.
to
Holders of
Mar. 24
Mar. 31
rec.
Apr.
16
IK
Apr.
15
Holders of rec. Apr.
Apr.
11
Holders of
rec.
Mar. 31
Apr.
5
Holders of
rec.
Mar. 25
3
Massachusetts Gas Cos., com. (quar.)..
IK
*1K
Michigan Limestone & Chem., pf. (qu.).
Midland Securities (quar.)...
IK
2K
Monatiquot Rubber Works, pref. (qu.)
Monomac Spinning Co. (quar.)..
to
Holders of rec. Mar. 24
2
Maple Leaf Milling, Ltd., com. (quar*.
(quar.)
Mar. 22
Apr.
_...
Mar. 26a
Holders of rec. Mar. 19
IK
...
Preferred
rec.
Holders of rec. Mar. 18a
2K
Louisville Gas & Elec., pref. (quar.)....
Lyall (P.) & Sons (quar.)
Magnolia Petroleum (quar.)
IK
Apr.
18
Apr.
la
18
May
Apr.
Holders of
rec.
Apr.
3a
Holders of rec. Apr.
3a
2 ♦Holders of rec. Apr. 15
15
Holders of rec. Mar. 31a
Mar. 31
1
Apr.
Holders of
Mar. 25
Mar. 11a
rec.
to
Mar. 31
$1
Apr.
1
2
Apr.
15
Holders of
rec.
Mar. 31a
IK
Mar. 31
Holders of
rec.
Mar. 25a
IK
...
Montreal Telegraph (quar.)...
Mortgage-Bond Co. (quar.)
15
Holders of
rec.
Mar. 31a
15
Holders of
rec.
Apr.
...
—
Nashua Mfg., pteferred (quar.).
National Fuel Gas (quar.)
2K
Apr.
Apr.
National Oil, pref.
2
Apr,
(quar.)
National Paper & Type, com. <fc pf. (qu.)
New England Coal & Coke (quar.)
*10
2
Apr.
1
15
Holders of
rec.
Mar. 22
Holders of rec. Mar. 23a
Holders of
rec.
la
Mar. 31a
New England Fuel & Transp. (quar.)...
*2
Newton & Watertown Gas (quar.).....
*2
Noble (Chas. F.) Oil & Gas, com. (qu.).
*3c.
Mar. 30 ♦Holders of rec. Mar. 25
Mar. 30 ♦Holders of rec. Mar. 25
Mar. 30 ♦Holders of rec. Mar. 25
Apr. 15 ♦Holders of rec.
Northern States Power, pref. (quar.)...
Nova Scotia Steel & Coal, com. (quar.).
*1K
IK
Apr. 20 ♦Holders of
Apr. 15 Holders of
Preferred
(quar.)
2
Preferred
Apr.
(quar.)..
(quar.),—.v.-v..,..
Mar. 31
6
._
rec.
Apr. 15
Holders of
rec.
Mar. 31a
Apr.
15
Apr.
1
Apr.
15
IK
(quar.)
1
15
IK
IK
Pittsburgh Rolls Corp., pref. (quar.)...
Providence Gas (quar.)..
Public Utilities Corp., pref. (quar.)
Robinson (Dwight P.) & Co., Inc.—
15
IK
Parke, Davis & Co. (quar.)
.......
Penick & Ford, Ltd., pref. (quar.
Pennsylvania Power & Light, pref. (qu.)
Pilgrim Mills, common and pref. (quar.).
Pittsburgh Coal, common (quar.)
15
Holders of rec. Mar. 31a
15 ♦Holders of rec. Mar. 31
Apr.
Apr.
__.*_
Mar. 31
First preferred (quar.)
Sayers & Scovill Co., pref. (quar.)_
Scott & Williams, Inc., pref. (quar.)
Second preferred (quar.).
Shaffer Oil &
Refining, pref. fquar.)
Shredded Wheat Co., common (quar.)..
Preferred (quar.)
Sinclair Consolidated Oil (quar.).
Sonora Phonograph, preferred (quar.)..
Mar. 31
1
Holders of
rec.
Mar. 15
Mar. 31
Holders of
rec.
Mar. 26a
Apr. 25 ♦Holders of
Apr. 25 ♦Holders of
1
Apr.
Holders of
rec.
Apr.
rec.
Apr.
SI
to
rec.
Mar. 31
8
Holders of
rec.
Mar. 15a
Holders of
rec.
Mar. 15a
IK
Apr.
1
IK
Apr.
1
IK
Apr.
1
Holders of rec. Mar. 28
Holders of rec. Mar. 21
Holders of rec. Mar. 21a
1
Apr.
Holders of
Apr. 25 ♦Holders of
1
Apr.
Holders of
Apr.
1
e2
Apr.
15
*2
Apr.
1
Apr.
1
IK
Apr.
1
5
Apr.
1
Mar. 21a
rec.
Mar. 31
rec.
Mar. 21a
Holders of
rec. Mar. 31a
Holders of rec. Mar. 31
Mar. 23
to
Apr.
1
Holders of
rec. Mar. 25a
Holders of rec. Mar. 21a
Holders of
rec.
Mar. 22
Apr.
1
Apr.
1
Holders of rec. Apr.
9
Holders of rec. Mar. 25
Holders of rec. Mar. 25
Apr.
1
Holders of
rec.
Mar. 20a
IK
(qu.)
Apr.
1
Holders of
rcc.
Mar. 21
2
Apr.
1
Holders of
rec.
Mar, 25a
40C.
1
Mar. 20
to
IK
Apr.
1
Mar. 20"
to
1
Apr.
15
IK
2K
Mar. 21a
rec.
Apr.
Apr. 20
Apr. 28
9a
2a
Holders of-rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar. 17a
Holders of rec. Mar. 17a
Holders of
Mar. 31
15
rec.
Mar. 31a
Apr. 15 ♦Holders of rec. Mar. 31
Apr.
1
Holders of rec. Mar. 29a
Apr.
1
Holders of rec. Mar. 22
IK
IK
Will & Baumer Candle
Corp., pref. (qu.)
2
Apr.
1
Winton Company, pref. (quar.)
Young (J. S.) Co., common (quar.)
IK
Apr.
1
2K
Apr.
1
Holders of rec. Mar. 15a
Mar. 21
to
Mar. 31
Mar. 19
to
Mar. 24
IK
Apr.
1
Mar. 19
Preferred (quar.)
Below
we
not
......
......
_
.
_
_.
_
to
Mar. 24
give the dividends announced in previous weeks
paid.
This list does not include dividends
yet
announced this week.
Per
Railroads (Steam).
Beech Creek (quar.)
Apr.
Apr.
15
Apr.
15
Holders of
When
Cent.
Name of Company.
Payable.
2
Buffalo &
Susquehanna, com. (quar.)
Canadian Pacific, com. (quar.)
IK
2K
Preferred
Mar. 29o
4
Holders of
rec.
Mar. 23a
Apr. 15
2
873^c Apr.
$1.25 Apr.
2
3K
Apr. 15
Holders of
rec.
rec. Mar. 31a
Holders of rec. Mar. 12a
Holders of
Mar. 12a
rec.
Holders of
rec.
Mar. 22a
Holders of
Holders of
rec.
Mar. 19a
rec.
Apr.
2
(quar.)
Reading Company, common (quar.)
1
May
Apr.
2
1
la
Holders of rec. Mar. 14a
IK
IK
IK
IK
Preferred
Apr.
IX
IX
Pittsb. Bessemer & Lake Erie, com
Pitteb. Ft. Wayne & Chicago, com.(qu.)
May
2
Holders of
2
Reading Co., 2nd pref. (quar.)
St. Louis & San Francisco—
rec.
Mar. 18a
Apr.
1
Holders of
rec.
Mar. 15
Apr.
1
Holders of
rec.
Mar. 10
Apr.
5
Holders of
rec.
Mar. 10
May 12
50c. Apr.
...
K. C. Ft. S. & M., pref. tr. ctfs. (qu.).
1
Southern Pacific Co. (quar.)
Southern Ry., M. & O. stk. tr. ctfs
Union Pacific, common (quar.)
14
Apr.
1
IK
April
1
2
Apr.
April
1
2
Preferred
K
2
-
United N.J. RR. & Canal Cos. (quar.).
Western Pacific RR. Corp., pref. (qu.)
1
Apr. 19«
Mar. 28«
Mar. 26
to
Apr.
1
Holders of rec. Feb. 28a
Holders of rec. Mar. 15a
Mar. 13
to
April 12
Mar. 13
to
April 12
Mar. 20
to
Mar. 31
Holders of rec. Mar. 18a
Apr.
10
Apr.
1
Apr.
1 ♦Holders of
*2
IK
rec.
Mar. 21
Apr.
1
Holders of rec. Mar. 12
IK
Apr.
$1,375 Apr.
Bangor Ry. & Electric, pref. (quar.)...
Boston Elevated, common (quar.)
1
Holders of
1
Holders of
Brazilian Trac., L. & Pow., pref. (quar.
Carolina Power & Light, pref. (quar.)..
IK
IK
Chicago City Ry. (quar.)
Cincinnati Street Ry. (quar.)
*1K
IK
IK
rec.
Mar. 19
rec. Mar. 17
Holders of rec. Mar. 15
1
Apr.
Holders of reo. Mar. 12
Mar. 31 ♦Mar. 26
to
Mar. 30
1
Apr.
1
Mar. 17
Apr.
Apr.
1
Holders of
rec.
Mar. 15a
1
Holders of
rec.
Mar. 18a
IK
(quar.)
Duluth-Superior Tract., pref. (quar.)..
Duquesne Light, preferred (quar.)....
Apr.
1
Cleveland Ry.
to
Mar. 31
May
2
Holders of
rec.
Apr.
1
$4.50 Apr.
1
Holders of
rec.
Mar.
la
IK
Apr.
21Kb. Apr.
IK
Apr.
Frankford <k Southwark Pass. (quar.)..
Manila Elec. RR. & Ltg. Corp. (quar.).
Monongahela Val. Trtict., pref. (quar.)
Northern Ohio Trac. & L., pref. (quar.)
1
Holders of
rec.
Mar. 21a
7
Holders of
rec.
Mar. 31a
Ottawa Traction (quar.)
1
1
Holders of rec. Mar. 10a
Holders of rec. Mar. 15
Apr.
1
75c. Apr.
30
Holders of
rec.
$1.50 May
$2
Apr.
2
Holders of
rec.
Apr.
Apr.
1
Holders of
rec.
Mar. 10a
1
Holders of
rec.
Mar. 15
.
Six per cent cumulative preferred—
Traction
(qu.)_
1
Public Service Corp. of N. J., com.(qu.)
Preferred (quar.)———.—-—
1
Mar. 31
*2
Mar. 31
Ridge Ave. Passenger Ry., Phlla.(quar.
$3
Apr.
April
com.
rec.
rec.
IK
Street and Electric Railways.
Asheville Power & Light, pref. (qu.)
(quar.)
1
April
Holders of
Holders of
2
Wisconsin Central, preferred
common
la
rec.
J
Ltd.,
Apr.
1
Holders of
New York Central RR. (quar.)
N. Y. Lackawanna & West, (quar.)
Northern Pacific (quar.)
Philadelphia
18
1
Preferred (quar.)
Porto Rico Railways,
Preferred
(quar.)
Apr.
IK
Minn. St. Paul & S. Ste. M., com. & pf..
Philadelphia Co.,
1
1 ♦Holders of rec. Mar.
Holders of rec. Apr.
Apr. 20
$2
(quar.)
(quar.).
Leased lines
Holders of rec. Mar. 16a
Holders of rec. Feb. 28a
Mar.
10 to
Mar. 31
Holders of rec. Mar.
la
Apr.
IX
Joliet & Chicago (quar.)
Kansas City Southern, pref.
Lehigh Valley, common
Mar. 31
Days Inclusive.
Apr.
*2
Cleve. Cine. Chic. & St. L., pref. (qu.)-.
Great Northern Iron Ore Properties
Books Closea.
,
50c. Apr.
1
Mar. 31
-
Boston & Albany (quar.)
IK
Apr.
Apr.
1
1
la
la
Holders of
rec. Mar. 16
Holders of
rec.
Mar. 26a
♦Holders of rec. Mar. 19
Mar. 16
to
Apr.
1
la
Second & 3d Sts. Pass,, Phila. (quar.).
$3
Springfield Ry. & Light, pref. (quar.)..
Tri-City Ry. & Light, pref. (quar.)
Twin City R. T., MInneap., pref. (qu.)
United Light & Rys., pref. (quar.)
IK
IK
IK
Apr.
1
Holders of rec. Mar. 18a
Holders of rec. Mar. 15a
Wash. Bait. &
1
Apr.
1
Holders of
IK
Apr.
1
Holders of
rec.
Mar. 19a
$1.75 Apr.
1
Mar. 23
to
Apr.
1
1
Mar. 24
to
Apr.
1
2
Holders of
rec.
Apr. 21
May 16
Holders of
rec.
May
May 16
1
Apr.
Holders of rec. May
2
Holders of rec..Mar-12
Preferred
IK
Annap.El.RR.,com.(qu.
(quar.)...
Ry. .Boston,
West End St.
common...
West India Elec. Co.
(quar.)
West Penn Power, 7% cum. pref. (qu.)
West Penn Tr. & Wat. P., pref.
(quar.)
Preferred (acc't accum. dividend)—
Yadkin River Power, pref. (quar.)
Atlantic National
IfSxtra
IX
IK
IK
hlH
IK
(quar.)
1
Holders of
rec.
Mar.
Apr.
1
Holders of
rec.
Mar. 15a
Apr.
Apr.
1
Holders of
rec. Mar. 21
1
Apr.
May
rec. Mar. 19a
2
Apr.
1
Holders ol
rcc.
Mar. 28a
K
Chase National (quar.).......
Chase Securities Corp. (quar.)
Chatham & Phenix Nat. (quar.)
Coal & Iron National (quar.)...
Colonial (quar.)
Commerco, Nat. Bank of (quar.)
Apr.
1
Mar. 28a
1
Holders of
Holders of
rec.
Apr.
Apr.
rec.
Mar. 28a
4
— ...
$1
Holders of
rec.
1
Mar. 20
1
Holders of
Apr.
1
Holders of rec. Mar. 21a
3
Apr.
1
Holders of
Apr.
1
6
to
rec.
10
Apr.
1
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
3
1
Holders of
8
Apr.
Apr.
4K
Mar. 31
Holders of
rec.
2
Mar. 31
Holders of
rec.
Mar. 31
6
Apr.
Apr.
1
Holders of
rec.
Mar. 22a
1
Holders of
rec.
Mar. 19a
Mar. 25a
....
5
rec. Mar.
to
Apr.
1
Holders of
rec.
Apr.
Apr.
1
Holders of
rec.
1
Holders of rec. Mar. 24a
Apr.
Apr.
1
1
Holders of
5
Holders of
rec.
rec.
Mar. 31
Holders of
rec.
Mar. 31a
,
Mar. 24a
Mar. 24a
Mar. 2la
6
Apr.
1
Holders of
rec.
Mar. 21a
3
Apr.
1
Holders of
rec.
Mar. 24a
5
——
Mar. 31
Holders of
rec.
Mar. 21
rec.
Mar. 21a
Trust Companies.
5
(quar.)
Equitable (quar.)
Fidelity-International
—-
Apr.
1
Holders of
6
Apr.
1
Holders of
rec.
Apr.
1
Holders of
rec.
Mar. 19a
Mar. 31
Holders of
rec.
Mar. 21a
3
—
5K
4
...
Mar. 30
Holders of
rec.
Mar. 21a
4
(quar.)
Hudson (quar.)
Mar. 31
2K
Mar. 31
b
(quar.)
Guaranty
Mar. 31
2K
Mar. 31
Holders of rec. Mar. 21a
Mar. 22
to
Apr.
1
Mar. 16
to
Apr.
1
Holders of
Metropolitan (quar.)..
New
York (guar.)
—
—
Mar. 19a
Mar. 20
to
Mar. 31
Holders of rec. Mar. 18
Manufacturers' (Brooklyn) (quar.)
tec.
21a
Mar. 31
Mar. 20a
4
2
Company (quar.)
York, Bank of N. B. A. (quar.)
Park, National (quar.)
Seaboard National (quar.)
Yorkville (quar.)
New
Mar. 20
2K
1
-.
1
Lawyers Title & Trust (quar.)
Holders of
9a
Mar. 18a
...
Empire
Mar. 31
Mar. 31
rec. Mar.
...
(quar.)
Liberty Securities Corp., pref. (quar.)..
Manhattan Co., Bank of the (quar.)
Mechanics & Metals National (quar.)—
Metropolitan (quar.)
National City (quar.)
Central Union
Mar. 31
Mar. 28a
Apr.
Apr.
3
(quar.)...
National.(quar.)
(quar.)...
Hanover National (quar.)....
Extra
1
4
3
Fifth Avenue
Brooklyn
Mar. 31
2 K
.....
....
(quar.)
(quar.)
(quar.)
Columbia (quar.)
1
2
2
Thayer Foss Co., pref. (quar.)...,.
rec.
Golders of
*1K
Kootenay Pow.&Lt.,Ltd., pl.(qu.)
Whitman (William) Co., Inc., pf.
(qu.).
Bankers
Apr.
May
Tecumseh Cotton Mills (quar.)
Holders of
15
50c.
West
National City
IK
1
Holders of rec. Mar.
1
Apr.
Mar. 31
...
rec.
*IK
1
Mar. 31
Apr.
IK
Liberty
1
1
Stover Mfg. & Engine, com. (quar.)
Common (extra)....
IK
IK
2
Apr.
First
Apr.
2,
IK
5c
IK
Greenwich
Apr.
*K
Apr.
IK
8
Mar. 25a
IK
2
rec. Mar .31a
Holders of rec. Mar. 21
Holders of rec. Mar. 31a
Mar. 22
to
Mar. 30
IK
IK
rec.
Holders of rec. Mar. 31o
Holders of rec. Mar.
9«
Banks.
2
*1K
*1K
Holders of
Apr. 21
Mar. 31
6
Mar. 31
Holders of
1
Spicer Manufacturing, pref. (quar.)....
(quar.).
Standard Textile Prod., pref. A & B (qu.)
Steel Co. of Canada, com. & pref. (qu.).
Standard Screw, common
Union Natural Gas (quar.).
rec.
Apr.
Apr.
Southwestern Cities Elec. Co., pref.(qu.)
Tuckett Tobacco, common (quar.)
Preferred (quar.)
■Holders of
♦Holders of rec. Mar. 26
Holders of rec. Mar. 31a
2
—
Traylor Eng. <fc Mfg., com. & pref.
Trumbull Steel, common (quar.)
Preferred (quar.)
Mar. 31
Holders of
Preferred (quar.)
Ottawa Light, Heat & Power (quar.)...
Pacific Gas & Electric, common (quar.).
Preferred
rec.
15
Apr.
Ohio Fuel Supply (quar.
*62 Kc Apr.
Extra (pay. in U. S. Vic. L'n bends).* H2Kc
Apr.
Osborn Mills (quar.)....
*2
Apr.
Otis Elevator, common (quar.).
2
.
1
Mar. 31
rec.
IK
Ohio Brass, common
Holders of rec. Mar. 24c
Holders of rec. Mai. 22c
IK
—-
Mar. 27
IK
Eight per cent preferred (quar.)
Jordan Motor, preferred (quar.)__.....
Lawyers Mortgage Co. (quar.)
Liberty Steel, preferred (quar.)........
2
IK
—
Johnson (R. F.) Paint, 7% pref. (quar.).
_
1
May
Western Power Corp., pref.
(quar.)....
Western States Gas & Elec., pref.
(quar.)
Mar. 18
IK
Apr.
First and second preferred
(quar.)
Washburn Wire, common
(quar.)
Preferred (quar.)
Mar. 31a
rec.
IK
.
IK
Corp., pref. (quar.)..
Shuttle, common (quar.)
Preferred (quar.)
U. S. Printing &
Lithog., 1st pref. (qu.)_
Virginia-Carolina Chem., pref. (quar.)..
Warner (Charles) Co. of Del., com.
(qu.)
and
1
Mar. 12a
IK
IK
Elk Horn Coal Corp., pref. (quar.).....
Elgin National Watch (quar.)
Elyria Iron & Steel, preferred (quar.)...
Empire Safe Deposit (quar.)
(quar.)
Mar. 21a
Apr.
rec.
Holders of
1
1*25c. Apr.
—
Mar. 31
25c.
(.Concluded)
1
15 ♦Apr.
5
to
Apr. 12
1
Holders of rec. Mar. 23a
Mar. 11
to
Mar. 31
2
Holders of rec. Mar. 31a
25c. Apr.
*2
June
Duluth Edison Elec. Co., pref. (quar.)..
Edison Elec. Co., Lancaster, Pa. (quar.)
40
United Verde Extension
Mining (quar.).
U. S. Automotive
Mar. 31
62'Ac. May
12Kc. May
._
rec.
Holders of
1
1
Apr.
Apr.
(quar.)..............
Co., pref. (quar,)._....
(quar.)
Dominion Coal, pref. (quar.)...
Dominion Steel Corp., pref. (quar.)
Driver Harris Co., pref.
(quar.)........
United Gas & Elec.
Engineering Corp...
United Utilities, preferred
Miscellaneous
Apr.
1
Mar. 22a
2
Diamond Match
Gas & Fuel, pref.
Mar. 19
Apr.
2
Dixie Terminal
Houston
Mat. 30
SI
Detroit Creamery (quar.).....
.....
15
Mar. 21
Apr.
25c. Apr.
...
Apr.
IK
♦si
(qu.)
Cosden & Co., com., no par stock
(quar.)
Common ($5 par value)
rec.
2K
IK
.....
Cleveland Automatic Mach., pref. (qu.)_
Cieveland Elec. Ilium., pref. (quar.)
Cleveland Union Stock Yards (quar.)...
Colt'B Patent Fire Arms Mfg.
(quar.)
Congoleum Co., common...
Connor (JohnT.), common (quar.)
Consumers El. Lt. & Pow., N. O., pf.
Holders of
Mar. 31 ♦Holders of rec.
Mar. 30 ♦Holders ot rcc. Mar. 25
1
Apr.
Holders of rec. Mar. 21a
1
Holders of rec. Mar. 21a
Apr.
*IK
Books Closed.
Days Inclusive.
Company.
U. 8. Bobbin &
2
(qu.).
Preferred (quar.)
Holders of rec. Mar. 21a
Mar. 30 ♦Holders of rec.
Mar. 25
Mar. 31
Mar. 22
to
Mar. 31
Apr. 16
Holders of rec. Mar. 31
Apr. 11
Holders of rec. Mar. 26a
*1K
IK
IK
...
When
Payable.
Name of
24
1 ♦Holders of rec. Mar. 24
1 ♦Holders of rec. Mar. 24
Apr.
*15c. Apr.
Chicago Pneumatic Tool, com. (qu.)
Chicago Ry. Equip, (quar.)
Citizens G. L. (Quir
', Mass.) (quar.)_
CitizensGas&F., Terre Haute,
1
Apr.
Apr.
Per
Cet4.
Days Inclusive
1
Holders of rec. Mar. 21a
Mar. 30 ♦Holders of rec.
Mar. 25
*55c. Apr.
1 ♦Holders of rec. Mar.
Central Illinois Public
Serv., pref. (qu.).
Chace Cotton Mills Corp.
(quar.)
Dome Mines
•
IK
Canada Cement, Ltd., common
(quar.)_
Canadian Car «fe Fdy., Ltd., pref.
(qu.)Canadian Cottons, Ltd., com.
(quar.)__
5
Preferred (quar.)
.v.-.
Central Aguirre Sugar
(quar.)
Cincinnati Abattoir <
Payable.
1251
Books Closed.
*3
Preferred B (quar.)
Boston Consolidated Gas
(quar.)
Brighton Mills, pref. (quar.)_._
■
When
CHRONICLE
rec.
Mar. 31
Apr.
1
Mar. 21a
4
Mar. 31
Holders of rec. Mar. 18a
8
Mar. 31
Mar. 27
to
Mar. 31
Per
Per
When
Payable.
Days Inclusive.
Name of Company.
When
Books Closed.
Cent.
Books Closed.
Cent.
Name of Company.
[Vol. 112.
CHRONICLE
THE
1252
Payable.
Days Inclusive.
Miscellaneous (Continued)
(Concluded)
(quar.)
& Trust (quar.)
Tru»t Companies
5
Apr.
Holders of
rec. Mar.
1
Mar. 31
Holders of
rec.
April
April
Mar. 31
Apr.
1
IK
Apr.
1
25a
Apr.
Holders of rec
Holders of
rec.
rec.
Mar. 21a
Amer. Fuel Oil &
Preferred
(quar.)
(quar.)
Preferred
1
Corona Typewriter, common
Holders of rec. Mar, 18a
Apr.
1
1
Holders of
rec.
Mar. 16a
Apr.
Holders of
rec.
Mar. 16a
Apr.
1
Holders of rec. Mar. 16a
Apr.
1
1
Holders of rec. Mar. 19a
Apr.
Apr.
1
Holders of
1
Apr.
1
Apr. 15
Holders of
rec. Mar.
18
May
2
Hoi ders of rec. Apr.
Apr.
1
Mar. 20
16
1
1
Apr. 15
April 1
April
Holders of
Holders of rec. Mar. 15a
Mar. 31
Holders of rec. Mar. 15a
Mar. 22
IK
April
April
IK
Apr.
IK
Apr.
3
Apr.
Apr.
& pref. (qu.)..
—
2
April
1
Apr.
IK
Founders, com. (quar.)
Preferred
(quar.)
Amer. Wholesale Corp., pref. (quar.)...
Amer. Window Glass Mach., com. (qu.)
Amer. Type
Apr
IK
Teleg. (quar.)
American Tobacco, pref. (quar.)
Apr.
IK
Apr.
IK
pref. (quar.)
Arkansas Natural Gas (quar.)
—.
Arlington Mills (quar.)
Armour & Co., pref. (quar.)...
Armour Leather, pref. (quar.)
Asbestos Corp. of Canada, com. (quar.)
Apr.
IK
Amer. Woolen, com, &
Apr.
IK
(quar.)
Apr,
20c. Apr.
1
1
2
Apr.
Apr.
IK
Apr.
IK
Apr.
IK
Apr.
IK
—
(quar.).......
Avery Co., pref. (quar.)
Babcock & Wilcox Co. (quar.)
Apr.
2
Apr.
IK
(quar.)
pref. (quar.)
Apr.
IK
Apr.
to
Mar. 29
to
Apr.
Holders of rec. Apr.
IK
(quar.)
(quar.) —
(quar.)
Steel Corp., com. quar.)...
Bell Telephone of Canada
Apr.
Holders of
Eight per cent cum. conv. pref.
(quar.)
2
Apr.
IK
Apr.
Apr.
2
Apr.
Extra
Brandram Henderson, Ltd.,
Preferred
(quar.)
pref. (qu.)_
Apr.
Apr.
*3
Apr.
Apr.
IK
40c.
(quar.)
Apr.
Apr.
IK
—
Brltlsh-Amer. Tobacco,
IK
2
♦7
pref. (quar.).
Billings & Spencer Co., pref. (quar.)....
Boston & Wyoming Oil (No. 1)
Brler Hill Steel, com.
rec.
Mar. 10a
Holders of rec. Mar. 15a
1
1
Holders of rec. Mar.
21a
1
Mar. 20a
Mar. 2la
Mar. 16a
Apr.
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec. Apr.
Apr.
ll
(Interim)
Brunswlck-Balke-Collender, pref. (qu.).
Bucyrus Co., pref. (quar.)..
Mar. 31
Holders of rec. Mar. 3la
15
1 Holders of rec.
Holders of rec.
1
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
25 ♦Holders of rec.
25 ♦Holders of rec.
Holders of rec.
1
to
Mar. 21
1
to
1 Mar. 21
2K
preference
Brlt.-Amer, Tob. ordinary
to
Mar. 22
9
IK
Apr.
IK
Apr.
Holdersof
(quar.)
Apr.
IK
IK
IK
IK
Great Lakes Towing, common
Apr.
Cambria
$1
Apr.
IK
April
Holders of reo. Mar. 15
Guantanamo Sugar (quar.)
IK
Mar. 31
Holders of rec. Mar. 24
Gulf States Steel, 1st pref. (quar.)
IK
Mar. 31
Mar. 21
to
Mar. 31
IK
Mar. 31
Mar. 21
to
Mar. 31
3K
Preferred
Canadian Westlnghouse (quar.)
Canadian Woollens, Ltd., pref.
(quar.).
Carbo-Hydrogen Co. of Am., pref. (qu.)
Apr.
2
(quar.)
Apr.
IK
Canadian Locomotive, com. (quar.)
Apr.
2
Preferred
Apr.
Apr.
1
IK
8Kc. Mar. 31
4
Mar. 31
Case (J. I.)
IK
Apr.
Case (J.
IK
April
preferred
Plow Works, 1st pref. (qu.).
I.) Thresh. Mach., pref. (qu.) —
Cellu'cid Company (quar.)
Carbon Steel, 1st
1
1
Central Coal <fe Coke, com.
2
Mar. 31
2
Extra
Mar. 31
IK
(quar.)
Apr.
Common (extra). 1
—
Preferred (quar.)—....
Greenfield Tap <fc Die, com.
Holders of rec. Mar. 15
Holders of rec. Mar. 20a
, —. . . - .
—
...
(quar.)
Six per cent preferred (quar.).—...—
Eigtjt per cent preferred (quar.)
H.) Knitting, pref. (quar.)..
pref. (quar.)
com.&pf.(qu.)
Schaffner & Marx,Inc.,pref. (qu.).
Hartford City Gas Light,
Holders of rcc. Mar. 20a
Haverhill Gas Light (quar.)
28
Holders of rec. Mar. 19a
Holders of rec. Mar. 26
Mar.
9
to
Mar. 29
15
15
Holders of rec. Mar. 31a
Holders of rec.
Mar. 3la
preferred (monthly)
(payable in common stock)
Common
Preferred B (monthly)
Mar. 17
rec.
Apr.
to
9a
10
Mar. 31
1
Holdeis of rec. Mar. 19a
Holders of rec. Mar. 15a
1
Holders of rec. Mar. 15a
IK
Mar. 31
April
Mar. 31
Mar. 25
to
Mar. 31
to
Mar. 31
to
Mar. 31
2
Apr.
1
1
Mar. 25
IK
Apr.
15
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Preferred
(quar.)
—
Hlgbee Co., 1st pref. (quar.)
Hillcrest
Collieries, com. (quar.)
(quar.)....
to
Holders of rec. Mar. 14a
Holders of rec. Mar. 22a
Holders of rec. Mar. 26
Holders of rec. Mar. 15
IK
IK
Apr.
1
Holders of rec. Mar. 19
Holders of rec. Mar. 21a
2
Holders of rec. Mar. 21a
Illinois Bell Telephone (quar.).
2
Holders of rec. Mar. 21a
Imperial Tobacco of Canada, ordinary..
Holders of rec. Mar. 10a
Holders of rec. Mar. 10a
15c. Apr.
1
Preferred
Preferred
II
to
Apr.
10
K
Apr.
1
1
Holders of rec. Mar. 15
Apr.
Apr.
1
Holders of rec. Mar. 15
K
May
Holders of rec. Apr.
15
Holders of rec. Apr.
15
Holders of rec. Apr.
15
Holders of rec. Mar. 15
Mar. 31
Holders of rec. Mar. 19a
Apr.
1
Holders of rec. Mar. 15a
Mar
31
Holders of rec. Mar. 30a
*1K
Mar. 30
Mar. 31
Independent Pneumatic Tool (quar.)... *$2
Apr.
♦SI
Apr.
1 ♦Holders of rec. Mar. 21
1 ♦Holders of retjj. Mar. 21
Mar. 21a
15c.
Mar. 31
Holders of
S2
(quar.)
Indiana Pipe Line (quar.).
Indiahoma Refining
May 14
Holders of rec. Apr.
^
Corp., pref. (quar.)...
Mach. (qu.)_
International Cement (quar.)
Internat. Agric.
Internat. Buttonhole Sew.
....
3K
Apr.
1
2
Apr.
2
Indianapolis Water Works Securities, pf.
Interlake Steamship (quar.)
Extra
to
Mar. 31
♦3
Extra
Mar.
flK
K
1
Holders of rec. Apr.
Mar. 21
1
May
Mar. 31
1|
Mar. 31
K
50c.
Holders of rec. Mar. 21
1 ♦Holders of
lApr.
Mar. 31
May
May
IK
Hoders of rec. Mar. 17
Apr.
flK
Apr.
1
IK
__
IK
Holders of rec. Mar. 15a
Holders of rec. Mar. 25a
Holders of rec. Mar. 15a
1
1
1
1
Apr.
Apr.
15
Holders of rec. Mar. 15a
Common and
Apr.
50c. Apr.
IK
IK
Apr.
Apr.
Preferred B (monthly)..
2
Apr.
IK
Common
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Apr.
Holders of rec. Mar. 10
(monthly)
(payable in com. stock)
Holdersof rec. Mar. 15a
1
1
1
1
1
1
19
Apr.
Apr.
IK
1
1
1
1
Common ana pref.
Apr. d2
IK
IK
IK
1
Chicago Nipple Mfg., cl. A (quar.)
IK
75c.
pf.(qu.)
Huntington Devel. & Gas, pref. (quar.).
Hupp Motor Car Corp., pref. (quar.) —
Hydraulic Steel, pref. (quar.)
Ide (Geo. P.) & Co., Inc., pref. (quar.).
Apr.
Cities Service—
d2
Apr. dl
Mar. 25
Hooven, Owens, Rentsohler Co.,
3K
1
Apr.
Holders of rec. Mar. 21a
Holders of rec. Mar. 15a
Apr.
(quar.)
to
Apr.
1
Holders of rec. Mar. 15a
Holdersof rec. Mar. 15a
Apr.
2K
1
1
1
1
Apr.
Preferred
Mar. 31
1
Apr.
IK
Chicago Morris Plan Bank (quar.)
Mar. 16
.
to
April
April
April
Holt, Renfrew & Co., Ltd., pref. (quar.)
Apr.
Mar. 16
Apr.
(quar.).
(extra)
Holders of rec. Mar. 15a
2K
Mar. 31
IK
IK
IK
Common
Holders of rec. Mar. 10a
IK
(quar.)
Chandler Motor Car. (quar.)
Chesebrough Mfg. com. (quar.)
IK
Holders of rec. Mar. 14a
1
2
Second preferred
Holders of rec. Mar. 15a
Mar. 31
Mar. 26
to
Apr.
1
Mar. 26
1
Central States F.lec. Corp., pref.
(quar.)
(quar.).
Apr.
1
Apr.
Central Teresa Sugar, pref.
Certaln-teed Products Corp., 1st pf .(qu.)
Holders of rec. Mar. 15a
Mar. 31
Holders of rec. Mar. 21a
1
1
April
Apr.
Mar. 31
Mar .31
Holders of rec. Mar. 21a
Apr.
IK
Central Petroleum, preferred
Apr.
Apr.
to
Apr.
Apr.
2K
Mar. 22
Apr.
IK
Seven per cent preferred (quar.)..
Mar. 22
Holders of rec. June 21
1
1
1
IK
IK
IK
(quar.)
Holders of rec
1
Apr.
IK
pref. (quar.)
Co., com. (quar.)...
(quar.)
IK
Preferred
Central Leather, pref. (quar.)...
1
July
IK
IK
2K
Preferred
Herring-Hall-Marvin Safe, com. (quai.)
Mar. 29
Apr.
Holders of rec. Mar. 19a
Holders of rec. Mar. 31a
Helme (George W.)
Hendee Manufacturing, pref.
to
Apr.
Heath (D. C.) & Co..
Holders of rec. Mar. 17a
9
Apr.
IK
Holders of rec. Mar. 21
$ 1.12 K Apr.
Holders of rec. Mar, 14a
Mar.
IK
9a
Holders of rec. Mar. 20
1
1
1
$1
Haskell & Barker Car (quai.)
Holders of rec. Mar. 21a
Holders of rec. Mar.
Apr.
Holders of rec. Mar. 25a
*1K
Harbison-Walker Refrac., pref. (quar.).
Harris Bros. & Co.,
Hart,
IK
Holders of rec. Mar. 26a
Holders of rec. Mai.
IK
IK
(quar.)
Apr. 15a
Holders of rec. Mar. 15
IK
April 15
Apr.
1
Holders of rec. Mar. 26a
1
1
2
Preferred (quar.)
Great Western Sugar, com.
Holders of rec. Mar. 15a
1
1
1
1
1
April
IK
(quar.)..
IK
Apr.
Apr.
IK
(quar.)
Apr.
2
Holders of rec. Mar. 15
2
—
(quar.)..
Gray & Dudley Co. (quar.)..
Great Lakes Steamship (quar.).
Hanes (P.
♦Holders of rec. Feb. 28
1
Apr.
IK
Preferred
Apr.
(quar.)
Canadian Gen. Elec., com. (quar.)
Holders of rec.
Mar. 31
Apr.
IK
—
IK
IK
Preferred
Holders of rec. Apr.
Holders of rec. Apr.
IK
—
2 K
Holders of roc. Mar. 15a
22a
22a
la
May
la
Holders of rec. Apr.
15
May 15
Apr.
IK
(quar.)
(quar.)
N.) Co., Ltd., com. (quar.)...
(quar.)..
(qu.).
California Petroleum Corp., pref. (qu.).
(quar.)„
Canadian Consol. Rubber, pref. (quar.).
Canad .Crocker-Wheeler,Ltd., com. (qu.)
Holders of rec. Mar. 19a
May
May
15a
Holders of rec. Mar. 17 a
Holders of rec. Mar. 19
IK
Holders of rec. Mar. 21
Iron
1
1
1
2
2
*1
(quar.)
Holders of rec. Mar. 15
Canada Steamship Lines, pref.
Apr.
IK
(quarv)
Mar. 31
Holders of rec. Mar. 21a
Holders of rec. Mar. 17a
Holders of rec. Mar. 20a
Holders of rec. Apr.
2
2
Goodrich (B. F.) Co., pref.
Apr.
Holders of rec.
Holders of rec. Mar. 17a
May
10c. Apr.
Electric (quar.)
Goulds Mfg., common
Holders of rec. Mar. 15a
Holders of rec. Mar. 20a
IK
Mar. 31
1
1
1
1
1
1
Holders of rec. Mar. 17a
Holders of rec. Mar. 14a
IK
IK
(qua''.)
Apr.
Apr.
Holders of rec. Mar. 17a
1
April
Mar. 31
to
Holders of rec. Mar .21a
Apr.
$2
—
28a
Mar. 21
1
1
IK
-
28a
Holders of rec. Feb.
2
—
2
Preferred
Apr.
Holders of rec. Feb.
2
pf.(qu.)
2
California Elec. Generating, pref.
Apr.
$1.25 Apr.
IK
Apr.
6% pref. (qu.)
hK
Burt (F.
Apr.
IK
General Fireprooflng, com.
Goodwins, Ltd., pref.
Holders of rec. Mar. 19*
Apr.
75c. Apr.
—
Burroughs Adding Machine (quar.)
dividends).
Apr.
3
(quar.)
Buffalo General Electric (quar.)
Preferred (account accum.
Holders of rec. Apr. 30
Mar. 31
Mar. 16
to
April
April
1
1
1
1
1
1
1
1
1
IK
la
Holders of rec. Mar. 19
Holders of rec. Mar. 21
Apr.
2K
(quar.)
General Cigar, deb. p'-ef.
(quar.)
1
May 24
IK
(No. 1)
9
20a
20a
IK
—
pref. (quar.)
1
No. 851:
Mar. 20a
Holders of rec. Apr.
2
pf.(qu.)
General Amer. Tank Car Corp,,
1
Holders of rec.
1
1
1
50c.
—
Apr.
coup.
1
1
1
Holders of rec. Apr.
(quar.)..
Federal Sugar Refg., com.
Grasselll Chemical, com.
Mar. 31
Apr.
Holders of rec. Apr.
(quar.)
l—
Famous Players-Lasky Corp., pf. (qtl.).
Famous-PIayers Lasky Corp., com. (qu.)
Farrell (Wm.) & Son, Inc., pref. (quar.).
Preferred
to
2
2
(quar.)
Preferred
Mar. 20
May
pref. (quar.).
Mar.
Mar. 31
4
9
Apr.
Apr.
May
& pref. (qu.)
General Ry. Signal, pref. (quar.)
General Tire & Rubber, pref. (quar.) —
Goid & Stock Telegraph (quar.)
— _
Apr.
Apr.
Apr. 25
—
Endicott-Johnson Co., com.
(quar.)
to
to
IK
pref. (quar.)..
(quar.)
Firestone Tire & Rubber,
5
Mar. 20
Mar. 20
Apr.
Bros..Inc.,pref.(qu.)
Emerson Elec. Mfg.,
Holders of rec. Mar.
1
1
1
Apr.
IK
General
Mar. 15a
Holders of rec. Mar. 31
IK
Mar. 15a
Mar. 15a
5
Holders of rec. Mar.
Holders of rec. Mar. 15
Co.—
Mar. 15a
Mar, 18a
Mar.?15
Holders of rec.
1
1
Apr.
—
Edmunds & Jones Corp.,
Preferred
Holders of rec. Mar. 15
Holders of rec. Mar. 15
I
1
IK
......
Preferred -(quar.)
Seven per cent
Holders of rec. Mar. 19a
Apr. 15
IK
(quar.)..
(quar.)
General Baking, com.
Mar. 31
to
Mar. 22
25a
Holders of rec. Mar. 24a
Mar. 31
to
Mar. 22
Apr.
ilK
H.), common
Nem .Po wd. .corn. (quar.)
(quar.)Eastern Mfg., common (quar.)
—
Eastern Potash Corp., pref. (quar.)
Eastern Rolling Mill, pref. (quar.)
Eastman Kodak, common (quar.)
Preferred
Apr.
Holders of rec. Mar. 24a
IK
Federal Oil, pref. (quar.)
Mar. 22
IK
IK
-
Fairbanks Co.,pref.
Holders of rec. Apr.
Holders of rec. Apr.
Apr.
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
3
du Pont (E. I.) de Nemours &
Debenture stock (quar.)..
Preferred
Mar. 31
to
Mar. 16
♦Holders of rec. Mar. 15
Apr.
IK
(quar.)
Electric Storage Battery, com. &
Mar. 31
to
Apr.
IK
Apr.
1
to
Holders of rec. Mar. 15a
15
1
1
1
1
1
1
Apr.
Elec. Controller & Mfg., com.
Mar. 17
Apr.
April
preferred (quar.)....
Preferred
Apr.
IK
Holders of rec. Mar. 18
Holders of rec. Mar. 18
Mar. 16
1
1
1
Apr.
1
Apr. 15
2K
Eisenlohr (Otto) &
30
1
Apr.
IK
(quar.)
Seven per cent non cum.
9a
9a
Holders of rec. Mar. 2nd
Holders of rec. Mar. 21a
Apr.
IK
Holders of rec. Mar. 15a
1.
15
15
25
1
1
1
1
1
Apr.
4
IK
Common Class B
6
14
15
Apr.
(qu.)
Galena-Signal Oil, pref. (quar.)
Preferred (quar.)
Bethlehem
r.
Holders of rec. Apr.
Barnhart Bros. & Splndler
First and second pref.
li
Mar. 19a
19
1
IK
rec.
Apr.
to
Holders of rec. Mar. 12
Apr.
1
Preferred
Mar. 11
M
1
IK
Preferred
to
10
Holders of rec. Apr.
2
IK
(quar.)
Second preferred
Holders of rec. Mar. 10a
Apr.
Mar. 26
2
d u Pont (E. I.) de
1
1
Holders of reo. Mar.
Holders of
15
1
15
15
1
1
1
15
1
Apr.
April
April
to
Mar. 22
Apr.
♦1K
la
Holders of rec. Apr.
2
...
rec.
Holders of rec. Mar. 11a
Mar. 31
$1.25
Amer. Telep. &
Holders of
First
Holders of rec. Mar. 10a
1
15
May
(quar.)
Dominion Textile, common
Dunham (James
Holders of rec, Mar. 15a
Holders of rec. Mar. 15a
1
1
Apr.
April
(quar.)
Dominion Iron & Steel, pref. (quar.)
Draper Corporation
Mar. 11a
Apr.
$1
pref. (quar.) —
Preferred
Mar. 20
Apr.
to
IK
Dominion Glass, common (quar.)—...
to
to
Apr.
IK
.....——-—. -
Dominion Canners, Ltd.,
Mar. 12
1
1
Apr.
2
Preferred (quar.)....
Preferred
Apr.
2
Dodge Mfg., common
Common (special).;——
Mar. 20
Apr.
IK
(quar.)
(quar.)....
to
Apr.
! 10
(quar.)
Mar. 12
Apr.
to
10
10
IK
(quar.)
Apr.
to
Mar. 16
IK
(extra)
to
Mar. 16
Apr. 30
Mar. 31
$2
1
1
1
Apr. 10
Apr. 10
Apr. 15
Mar. 16
IK
Co., com. (qu.).
Dominion Steel Corp., com.
Mar. 15
$1
American Surety (quar.)
Beatrice Creamery, common
rec.
IK
Apr.
75c. Apr.
Amer. Sugar Refg., com
Barnet Leather,
1
1
Holders of rec. Mar. 31a
Apr.
IK
(quar■_
Baltimore Tube, Inc., pref.
15
15
1
1
1
1
15
IK
IK
Ault& Wiborg Co., pref.
Apr.
Holders of rec. Mar. 11a
Holders of rec. Mar. 17
Mar. 31
fl
3a
May
Apr.
9
Holders of rec. Mar. 16a
1
1
1
1
$1
—
Dartmouth Mfg., common
Mills
50c. Apr.
IK
*2
Dictograph Products Corp., pref.
Apr.
6
Holders of rec. Mar. 15a
Holders of rec. Mar. 11a
Mar. 31
Apr.
rec.
to
Mar. 31
IK
Holders of
(quar.)
Detroit Edison
Holders of rec. Mar. 22
IK
Amer. Stores, com. (quar.)
First and second pref. (quar.)
Apr.
pref. (quar.) —
Dayton Rubber Mfg., pref. (quar.)
Detroit <fc Cleveland Nav. (quar.).
Apr.
1K
IK
(quar.)
Apr.
IK
Holders of rec. Mar. 15a
"Holders of rec. Mar. 17
Holders of rec. Mar. 19a
»—-
oavol Mills 'quar.),
Holders of rec. Mar. 15a
Mar. 31
to
Mar. 16
IK
(quar.)
(quar.)
Associated Oil (quar.)
Apr.
to
J*
Dayton Power <fc Light,
1
1
May 16
Apr.
IK
quar.)
(quar.)
Preferred
Holders of rec. Mar. 25
1
IK
Locomotive, com. (quar.)
...
(quar.)
American Power & Light, pref. (quar.)..
American Public Service, pref. (quar.)..
Amer. Radiator, com (ouar )——
— 1
Am. Seeding Machine, com. & pref. (qu.)
Amer. Smelters Securities, pref. A (qu.).
Preferred B (quar.)
American Snuff, common (quar.)
—
Preferred
1
■_
.
Damascus Brake Beam
Davis
Holders of rec. Mar. 10
1
2K
Preferred
Preferred
5a
Holders of rec. Apr.
Preferred
Preferred
Holders of rec. Mar. 11a
75c. Apr.
Amer.
Amer. Steel Foundries, com.
21a
Apr.
2
v
American Linseed, pref.
rec. Mar.
Holders of rec. Mar. 19a
IK
Lace Mfg. (quar.)
Am .La France Fire Eng.,Inc.,com. (qu.).
Preferred (quar.)...
Amer. Laundry Machinery, pref.
Holders of rec. Mar. 15a
Apr.
■
Frst pref.
Mar. 31
2
American
Apr.
2
(quar.)..—
Second preferred (quar.)
Creamery Package Mfg., com. (quar.) —
Preferred (quar.) .———
—
Crucible Steel, com. (quar.)
....
t
Crucible Steel, pref. (quar.)—
—
Cuba Cane Sugar, pref. (quar.)
Cuban-American Sugar com. (quar.)—
5c. Apr.
->
Holders of rec. Mar. 19,
Apr.
(quar.) —
Holders of rec. Mar. 18a
20c. Apr.
—
American Hardware Corp. (quar.)
Amer .-Hawaiian S. 8. (quar.).
Holders of rec. Mar.
Mar. 28
$2
1
Mar. 31
2K
(quar.)..
1
Mar. 28
3
Apr.
-
American Gas & Electric, com.
April
5
Apr.
3K
preferred...
Transp., com. (No. 1)
American Fork & Hoe, first
1
1
—
52
(quar.)
American Express
Apr.
2K
Cornell Mills (quar.)...
.
2
Amer. Exchange Secur.
Apr.
IK
Holders of rec. Mar. 12a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
IK
American Cyanamld,
2K
Holders of rec. Mar. 31a
Apr.
IK
IK
(quar.)....—.——
pref, (quar,) — —
Corp. cl. A (qu.)
Amer. Cigar, pref.
2
15
1
Apr.
Holders of rec. Mar. 25a
Holders of rec. Mar. 15a
*1K
Consumers Power, pref.
Mar. 21a
H oldens of
Apr. 15
Apr. 15
Holders of rec. Mar. 10a
Apr.
$1
(quar.).
Continental Can, com. & pref. (quar.)..
Coombs (H. L.) Co., Ltd., common....
16a
Mar. 21a
Holders of rec.
11
April 1
Computing-Tabulatlng-Recordlng (qu.).
Consol. Gas, E. L. & P., Bait, (quar.)—
Consumers Gas (Toronto) (quar.)
Holders of rec. Mar. 24a
"Holders of rec. Mar. 21
1
IK
(quar.)...
———
pref. (quar.)
Preferred
v
IK
IK
Holders of rec. Apr.
IK
American Chicle,
Stone..
Mar. 29
to
Holders of rec. Mar. 26
Holders of rec. Mar. 22
Holders of rec. Mar. 15
1
1
Cluett, Peabody <fc Co., pref. (quar.)—
Columbia Graphophone Mfg., pf. (qu.).
IK
(quar.)
Apr.
Cleveland Worsted Mills (quar.)
3
pref. (quar.)
Amer. Car & Foundry, com.
Mar. 11
Apr.
—
City Investing, pref. (quar.)...
Mar. 3D
to
Mar. 30
to
Holders of rec. Mar. 15
Mar. 22
Cleveland
—
Amer. Can,
Mar. 29
IK
Apr.
Holders of rec. Mar. 19
Holders of rec. Mar. 151
1
1
May 16
Apr. 15
IK
♦$1.50 Apr. 15
May
5
(mtbly.).
Citizens Gas of Indianapolis..——
19a
Mar. 15a
Apr.
35c.
Holders of rec. Mar. 19
Mar. 31
Preferred (quar.)
(quar.)
2
Amalgamated Sugar, 1st pref. (quar.)..
I 2
Amer. Agrlc. Chemical, com. (quar.)...
IK
Preferred
(q uar .)—.———— IK
American Art Works, com. & pref. (qu.)
75c.
Amer. Bank Note. pref. (quar.) —
IK
Amer. Beet Sugar, pref. (quar.)
$1 .25
Amer Bosch Magneto (quar.)
$1
Amer. Brake Shoe A Fdy com (quar.)...
Mar. 15
Apr.
$1
(quar.)—
Cities Service, bankers' shares
1
IK
IK
Amalgamated Oil
Preferred
30
Mar. 23
IK
Ltd.. pre!, (qu.)
Advance-Rumely Co.. pref. (quar.)
Aeolian Company, preferred (quar.)
Aeolian, Weber Piano & Pianola, pf.(qu.)
Allied Chemical & Dye Corp., pf. (quar.)
Allis-Chalmers Mfg., com. (quar.)
Abltlbl Power & Paper,
1
1
1
2
Holders of rec.
Cin. & Suburban Bell Teleph.
IK
Cincinnati Gas <fe Electric (quar.)
Mar. 31
IK
IK
Title Guarantee
Miscellaneous.
Holders of rec. Mar.
Mar. 31
4
Peoples (Brooklyn)
Apr.
1
1
15
Apr.
IK
Apr.
1
IK
62 Kc Mar. 31
Mar. 22
rec.
to
23
Mar. 31
Holders of rec. Mar. 17a
Holders of rec. Mar. 17a
Holders of rec. Mar. 31a
Holders of
rec.
Mar. 15
Holders of
rec.
Mar. 15
MABCH 26
1921.]
THE
Name of
Payable.
Days Inclusive.
Pref e-red (account
accum.
1H
dlvldeuds).
Kelly-Sprlngfleld Tire,
Mar. 24
of rec.
of rec.
Mar. 22a
IK
l2Kc. Apr. 15
•IK
Apr.
IK
IK
Apr.
Apr.
IK
IK
Apr.
rec.
rec.
rec.
Apr.
Apr.
Holders of
rec.
Mar. 15
Mar. 31
Holders of
rec.
Mar. 10a
rec.
Mar. 22
1
1
Holders of
Holders of
rec.
rec.
Apr.
1
rec.
April
1
Holders of
1
Apr.
1
rec.
Mar. 15a
Holders of
rec.
Feb. 28a
Holders of
Apr.
rec.
Mar. 23
Holders of
Mar. 31
rec. Mar. 23
Holders of rec; Mar. 15"
Mar. 31
Holders of
rec.
Mar. 19a
IK
Apr.
1
Holders of
rec.
Mar. 19a
3
Apr.
1
Holders of
IK
Apr.
$1.25 Apr.
1
(quar.)
IK
1
Apr.
15
IK
Apr. 15
IK
1
Apr.
Apr.
IK
Apr.
IK
1
Holders of
Apr.
1
rec.
Mar.
Holders of
rec.
Holders of
rec.
Apr.
Apr.
Holders of
rec.
rec.
Mar. 18a
Mar. 31
Holders of
rec.
Mar. 31a
$1
Apr.
15
Mar. 31a
Apr.
15
Holders of
Holders of
rec.
$1.50
rec.
Mar. 25
Apr.
1
IK
IK
IK
Apr.
Mar. 15a
Apr.
rec.
2 K
rec.
Mar. 21a
Holders of
rec.
Mar. 17a
Mar. 31
$1.25 Mar. 31
4
Apr.
1
April 11
April 1
Holders of
rec.
Holders of
rec.
Mar. 15a
3
April
1
Holders of
rec.
Mar. 10a
April
Holders of
rec.
Mar. 10a
.|Apr.
1
15
rec.
Mar. 31
$1.40 Apr.
15
Holders of
rec.
Mar. 31
Apr. 15
Apr. 15
Apr. 15
Apr.
1
Apr.
1
April 1
April 1
•Holders of
rec.
Mar. 31
•Holders of
rec.
Mar. 31
Extra
1
(quar.)..
;
50c
(quar.)
*2c
*2c
*lc
.
•2
IK
(quar.)
(quar.)
IK
Holders of
•Holders of
rec.
•Holders of
rec.
Mar. 21
rec.
Mar. 21a
rec.
Mar. 15a
rec.
1
Holders of
rec.
1
Holders of
rec.
2 K
Mar. 15a
Apr.
1
Apr.
15
IK
IK
IK
May 31
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. May 1 la
Stamping,
com.
(qu.)
...
(quar.)
(quar.)
Aug. 31
Holders of
rec.
Aug. 11a
Nov. 30
Holders of
rec.
Nov. 10a
Mar. 31
Holders of
rec.
Mar. lla
(quar.)
June 30
Sept. 30
Holders of rec. June 10a
Holders of rec. Sept. 10a
Dec. 31
Holders of
IK
IK
IK
IK
Preferred (quar.)
National Lead, common
(quar.)
National Licorice, pref.
(quar.)
National Refining, pref.
(quar.)....
National Sugar Refg.
I*
(quar.)
Surety (quar.)
New England Telep. A
Teleg. (quar.)..
New River Co., preferred
(quar.)
Mortgage (quar.)
New York Transit
(quar.)
Niagara Falls Power, pref.
(quar.)...
North American Co.
(quar.)
Ogilvle Flour Mills (quar.)
Ohio Oil (quar.).
2
rec.
Apr.
Apr.
Apr.
Holders of rec. Mar. 15a
Holders of rec. Mar. 12
Holders of rec. Mar. 18Holders of rec. Mar. 16a
2
rec.
rec.
April
Apr.
3
15
1
1
Ohio State
Telephone, pref. (quar.)
Oklahoma Natural Gas
(quar.).
Oklahoma Producing A
Refg., cOm. (qu.)
Mar. 31
Feb.
27
to
Mar. 31
Feb.
27
to
Mar. 27
IK
1
75c
IK
(qu.)
Pan-Amer. Petrol. A Trans., com.
(qu.).
Common Class B (quar.)
(quar.)..
(quar.)..
Common (quar.)
Common (quar.)
(quar.)
(quar.)
Penn Central Light A Pow., pref.
(qu.)..
Penney (J. C.), preferred (quar.)
Pennsylvania Water & Power (quar.)...
pf.(qu.)
2
1
1
Holders of
Apr.
1
Apr.
1
Mar. 16a
IK
IK
2
Apr.
Apr.
Apr.
Apr.
April
Mar. 26
Holders of
Holders of
Apr.
Holders of
Prairie Pipe Line (quar.)
Procter A
I
Gamble, preferred (quar.)
—
Preferred
(quar.)....
Pure Oil Co., 5K % pref. (quar.)
Six per cent pref. (quar.)
Eight per cent pref. (quar.)
Quaker Oats. com. (quar.)
Preferred
(quar.)
Holders of
rec.
Mar. 31a
Holders of
rec.
Mar. 25a
—
IK
Apr.
Apr.
Mar. 10a
rec.
Mar. 10a
Mar. 15
Apr.
1
Mar. 31
Mar. 16
to
Apr.
l
Holders of rec. Mar. 26a
Holders of rec. Mar. 20a
5 •Holders of rec.
April 15 •Holders of rec.
Apr.
1
Holders of rec.
Apr.
1 •Holders of rec.
Mar. 31
Mar. 31
Apr.
Apr.
16
1
10
rec.
Mar. 15
April
l
Mar. 10
Mar. 20
Holders of rec. Mar. lla
Holders of rec. Dec. 10a
Holders of rec. Mar. 15a
Holders of rec. Mar. 31
Holders of
rec.
Mar. 17a
1 •Holders of rec. Mar. 25
1 •Holders of rec. Mar. 25
Apr.
1
Holders of rec. Mar. 19 a
Mar. 31
Holders of rec. Mar. 21a
Holders of rec. Mar. 17a
Apr.
1
April
Apr.
Apr.
1
Mar. 16
1
roc. Mar. lla
1
to
Apr.
7
Holders of rec. Mar. 22a
April
21
1
to
Mar. 21
Holders of
Apr.
IK
Apr.
1
Holders of
rec.
April
1
Mar.
April
1
Holders of
Holders of
rec.
IK
rec.
April
1
Mar.
Mar.
4a
Mar. 15
$1.50
6
to
Mar. 19a
4a
31 J*c Mar. 31
Holders of
rec.
Mar. 31
Holders of
Holders of
rec.
Mar. 2la
Mar. 21a
Apr. 25
rec.
Apr. 1 la
Holders of
Holders of
Holders of
rec.
Mar. 18«
rec.
Apr.
rec.
May 16a
Holders of
Holders of
rec.
Mar
2
%
common
Apr.
May
1
2
IK
June
1
Apr.
1
Apr.
1
Apr.
15
50c.
Apr.
IK
IK
15
15a
15a
rec. Mar. 15a
Holders of rec. Mar. 19a
Holders of rec. Mar. 31a
Holders of reo. May 31a
16
Holders of reo. Apr.
July
16
50c. Apr.
37 3* c Apr.
(quar.)
Apr.
5
Holders of rec. July
la
Holders of rec. Mar. 21
Holders of rec. Mar. 21
(quar.)......
5
la
1
Mar. 31
Mar. 16
to
Mar. 31
IK
IK
Mar. 31
Mar. 16
to
Mar. 31
Apr.
Holders of
15
Mar. 31a
Holders of reo. Mar. 21
rec.
3
Apr.
IK
Mar. 30
Mar.
2
Apr.
1
Holders of
rec.
Mar. 24
Mar. 31
Holders of
rec.
Mar. 12
$1
IK
IK
1
Apr.
Apr.
$1
15
15
April
2
*$i
IK
IK
Mar. 31
Mar. 31
$1.50 Apr.
5
$2.50 Mar. 31
1?*
Mar.
2
rec.
Mar. 16
Holders of
rec.
Mar. 17
Apr.
1
to
Apr.
5
Apr.
1
to
Apr.
5
Holders of rec. Mar. 15
•Holders of rec. Mar.
3
•Holders of rec. Mar.
3
•Holders of rec. Mar. 19
1
1
1
1 •Holders of
Apr.
♦1K
Apr.
*25o. Apr.
*20c. Apr.
(quar.)...
to
Holders of
1
Apr.
Mar. 26
10
l
rec.
Mar. 19
Holders of rec. Mar.
Holders of rec. Mar.
Holders of rec. Mar.
Holders of rec. Mar.
Mar.
26
to
Apr.
21
19
21a
24a
13
Holders of
rec.
Mar. 31 a
Holders of
rec.
Mar. 31a
Mar. 31a
Holders of
Mar. 16
rec.
to
Holders of
1 •Holders of
rec.
Apr.
1
rec.
Apr.
1
Mar. 14a
Holders of rec. Mar. 14a
♦2
Apr.
1
♦23*
Apr.
Apr.
1
*3
Apr.
1 •Holders of
Mar. 31
Apr.
1
IK
Apr.
1
2
Apr.
1
IK
IK
Apr.
1
Apr.
1
*IK
IK
Apr.
1
IK
Apr.
15
IK
IK
Apr.
1
Apr.
1
50c. Apr.
1
50c. May
1
50c. June
1
Mar. 20
rec. Mar. 20
Holders of rec. Mar. 16a
•Holders of rec. Mar. 21
Holders of rec. Mar. 21a
Holders of rec. Mar. 18
Holders of rec. Mar. 18
Holders of rec. Mar. 19
Holders of rec. Mar. 10a
Holders of
rec.
Apr.
5a
Holders of rec. Mar. 21a
Holders of rec. Mar. 21a
Holders of rec. Mar. 25
Holders of rec. Apr. 25
Holders of
rec.
IK
Apr.
1
Holders of
rec.
May 25
Mar. 25
5
Apr.
1
Holders of
rec.
Mar. 21
1
Apr.
1
IK
com.
(quar.)
^pr.
1
Holders of rec. Mar. 20a
Holders of rec. Mar. 20
•
From unofficial sources,
t The New York Stock Exchange has ruled that stock
will not be quoted ex-dlvldend on this date and
not until further notice,
a Transfer
books not closed for this dividend.
6 Less British Income tax.
d Correction
rec.
Mar. 15
Mar. 15
e
Mar. 15
IK
IK
Apr.
Apr.
Apr.
of accumulated dividends.
Holders of
rec.
Mar. 15
Mar. 15
Mar. 15
1
Mar. 30
81 Kc June 15
(quar.)
rec.
•Holders of
9
2K
(quar.)
rec.
31
Apr.
*1K
Holders of
iMav
Holders of
$1
Holders of
rec.
to
1
5c. Apr.
$1.25 Apr.
(quar.).
(quar.)
Holders of
•1K
com.
(quar)
Apr.
rec.
rec.
9
rec.
Mar. 12
15
IK
(quar.)
Apr.
Apr.
Holders of
Mar. 18
Apr.
5c.
.........
IK
I Holders of
April 15 •Holders of
rec.
Apr.
IK
1
•1J*
Holders of
Holders of
2
Mar. 15a
15
Ij
IK
Youngstown Sheet A Tube,
30
Mar. 18
IK
Mar. 19a
30
Apr.
Apr.
rec.
1
rec.
Apr.
rec.
IK
...
Mar. 15a
Apr.
Apr.
rec.
5
...
Preferred
Holders of
Holders of
Holders of
Holders of
Holders of
2
Woods Mfg., pref.
(quar.)
Woolwortb (F. W.) Co.,
Holders of
Mar. 15
Mar. 19a
1
*IK
(quar.)
1
rec.
1
75c. Mar. 31
(monthly)
(quar.)
Winnsboro Mills, com.
Preferred
(quar.)
Mar. 15
reo.
1
*2
(quar.)
com.
Mar. 24
Mar. 15
Holders of
IK
(quar.)__
Paper,
Preferred
5
3
2
Provincial Paper Mills, Ltd., com.
(qu.)
Common (extra)
20
15
Mar. 24
•Holders of
April
4
rec.
rec.
1
Apr.
Mar. 15a
Mar. 31
April
*1K
Wilson (C. R.) Body Co.,
pref. (quar.)..
Wilson & Co., Inc., pr6f.
1
rec. Mar. 25a
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
April
to
Mar. 31
2
(quar.)
White Motor
1
3
Mar. 23
1
Apr.
5c.
Preferred class B
(quar.).....
Whitaker
1
Mar. 31
Apr.
rec.
Apr.
Apr.
25o
pref., (quar.)..
Worthlngton Pump A Mach., com.(qu.)
Preferred A (quar.)
Preferred B (quar.)
Wrlgley (Wm.) Jr., Co., com. (monthly)
Common (monthly)
Common (monthly)
Preferred (quar.)
Yale & Towne Mfg.
(quar.)
to
Holders of
Apr. 20
clO
(quar.)
Wheeling Steel Corp., pref. cl. A
(quar.)
Holders cl rec. Mar. 17
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 21
Holders of rec. Mar. 18
Holders of rec. Mar. 21a
Holders of rec. Mar. 18a
April
11
Mar. 31
•$1
Preferred
Holders of rec. Mar. 16a
Apr.
1
to
Apr. 15
IK
37Kc Apr.
3
April 30
1
rec.
Apr.
Mar. 31
rec.
Holders of rec.
"Holders of reo.
Holders of rec.
Holders of rec.
Mar. 31
IK
Apr. 15
Westlnghouse Air Brake
$1.75 Apr. 30
(quar.)
We8tlnghouse Elec. A Mfg., com.
$1
(quar.)
Apr. 30
Preferred (quar.)
$1
Apr. 15
Westmoreland Coal (quar.).
(Z $1.25 Apr.
1
Weyman-Bruton, common (quar.)
23*
Apr.
1
Mar. 15a
Holders of rec. Apr. 21
Holders of rec, Mar. 18a
Holders of rec. Mar. 21a
2
(quar.)
1
Apr.
Apr.
rec.
May
2
90c. Apr.
1
Mar. 31
IK
Pittsburg
Prairie Oil A Gas (quar.)
Holders of
1
1
*10c.
(quar.)
(quar.).
(quar.)
30
Apr.
April
2K
Western Electric, common (quar.)
Western Union Telegraph
(quar.)
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15
IK
2
Pond Creek Coal
1
1
Mar. 19a
Mar. 19a
3
(quar.)
Holdersofrec.Apr.30'2)
Holdersofrec.July30*2T
rec.
rec.
IK
(quar.)..
(quar.)...
(quar.)..
West Coast Oil
Mar. 18
Holders of
IK
First and second pref.
(quar.)
Walworth Mfg., preferred
(quar.)
Weber Piano Co., pref.
Apr .30 '21
•50c. Mar. 31 •Holders of
rec. Mar.
•50c. June 30 ♦Holders of
rec. June
•50c. Sept. 30 •Holders of
rec. Sept.
•50c. Dec. 31 •Holders of rec.
Dec.
2
May 16 Holders of rec. May
1
(quar.)...
Aug. 16
rec.
Mar. 21a
Apr.
Apr.
IK
Apr. 15
IK
Apr.
1
$1.50 April 11
$1.50 April 11
Pick (Albert) & Co., pref.
(quar.)
Plerce-Arrow Motor Car, pref.
(quar.)..
Pierce Oil Corp., pref. (quar.)
Plate Glass, com.
May 15
rec.
Apr.
IK
Pacific Telep. A Teleg.,
pref. (auar.).
Panama Power A Light
Corp., pref.
Phelps-Dodge Corp. (quar.)
Holders of
2
Manufacturing (auar.)
Pettibone Mulllken Co., 1st A 2d
May 16
50c.
Owens Bottle, common
(quar.)
Preferred (quar.)
common
Mar. 23
IK
IK
Orpheum Circuit, Inc., com. (quar.)
Preferred (quar.)
Otis Steel, pref. (quar.)...
Penmans, Limited,
Mar. 15a
rec.
2
(quar.)
(quar.)
(quar.)
Panhandle Prod. A Refg.,
pref.
rec.
Holders of
2
Holders of
1
Mar. 25
Holders of
"Holders of
4
Waldorf System, Inc., com.
Holders of rec. Mar. 25a
Apr.
Apr.
Holders of
IK
$2
Old Colony Woolen Mills, pref.
(quar.).
Ontario Steel Products, common
Peerless Truck A Motor, com.
Common (quar.)
Apr.
1
Apr.d20
Preferred
Mar. 22
Mar. 25
rec.
2
Victor Talking
Machine, com.
Preferred
rec.
rec.
Mar. 31
2
fquar.)
(quar.)
Wabasso Cotton
Apr.
2
dividend
Improvement,
Wabl Co., common
Apr. 22a
Apr. 13
2
Utah Power & Light,
preferred
Utilities Securities, preferred
Mar. 27
Mar. 15 a
reo.
Mar. 31
2
(quar.)...
Holders of rec. Mar. 22a
$1.25
$2.75
Extra
Mar. 22
Mar. 15
IK
Universal Leal Tobacco,
preferred....
Utah Copper (quar
rec. Mar. 22
Holders of rec. Mar. 31a
Holders of rec. Mar. 15a
Mar. 19
rec.
IK
U. S. Steel Corp., com.
(quar.)
Mar. 22
Apr.
rec.
Holders of
IK
Preferred (quar.)..
!_■_......
U. S. Industrial
Alcohol, pref. (quar.)..
U. S. Playing Card
Mar. 19
Mar. 19
*30c. Apr.
(quar.).
Machinery,
Mar. 25
Mar. 25
rec.
♦5
(quar.)
Preferred (quar.)
U. S. Gypsum, common
Mar. lie
rec.
rec.
Holders of
Holders of
Apr.
1
Mar. 31
(quar.)..
United Paper Board,
pref.'(quar.)
Preferred (quar.)
United Shoe
10a
Holders of
Holders of
Apr.
•Holders of
Apr.
Holders of
April 15 Holders of
4
Dec.
Mar. 31
Mar. 31
Mar. 31
*1K
N. Y. Title A
rec.
Preferred
Holders of
1
rec.
to
13*
(quar.)
United Dyewood com.
(quar.)
Preferred (quar.)
United Fruit (quar.)
United Gas
1
Apr.
Mar. 10a
Mar. 10
Mar. 10a
rec.
1
United Drug, common
(quar.)..*,.*....
First preferred
(quar.).
Second preferred
Mar. 21a
Apr.
1*
stock
United Cigar Stores, com.
Mar. 15a
Apr.
}K
National Biscuit, com.
(quar.)
Nat. Enameling A
Ottawa Car
Preferred
Holders of
Holders of
Holders of
1
rec.
rec.
Mar. 31
America, pref. (qu.)
Union Twist Drill, com.
Holders of
Holders of
Holders of
1
*1K
*IK
Tobacco Products
Corp., pref. (quar.)..
Tonopah Belmont Devel. (quar.)
Tonopah Extension Mining
(quar.)...
Tonopah Mining of Nevada
Torrington Co., common
Mar. 31
1
Apr.
Apr.
Apr.
(m)
(quar.)
Underwood Computing
Mach., pf. (qu.)
Underwood Typewriter, com.
(quar.)...
Preferred (quar.)
Union Carbide A Carbon
$1
Co., pref. (quar.).
Narragansett Elec. Ltg.
(quar.)
National Automatic Fire Alarm
(quar.).
Water Oil
Mar. 17
IK
(quar.)
Thompson-Starrett Co., pref
Tide
Holders of
1
1
IK
IK
Preferred
Mar. 15a
J
Company
2
2
(quar.).
Thompson (John R.), common
(quar.)
Holders of rec. Mar.
5a
Holders of rec. Mar. 19a
Holders of rec. Mar. 15a
2
3
....
Texas
May
Apr.
Apr.
50c.
Texas & Pacific Coal A Oil
(quar.)
Texon Oil A Land (quar.
Textile Banking Co.
Mar. 19
1
IK
IK
Sterling Oil & Development
Sullivan Machinery
(quar.)
Mar. 15a
Holders of
l" Apr.
rec.
Holders of
Holders of
Holders of
Holders of
IK
IK
Swift A Co. (quar.)
Tecumseh Cotton Mills
(quar,)......
Texas Company
(quar.)
Holders of rec. Mar. 21a
•Holders of
Holders of
1
1
50c.
_
Apr.
*1K
Mill Factors
Corp., class A (quar.)
Mississippi River Power, pref. (No.
1)__
Montana Power, com.
Common and preferred
Mar. 21
Holders of
$1
com.
Mar. 15
Apr.
IK
Standard Oil
(Kentucky) (quar.)..
Standard Safe Deposit
(quar.)... j
Steel & Tube Co. of
Mar. 15
Mar. 21
4
Sugar,
5a
rec.
rec.
IK
Preferred (quar.)
South West Pa. Pipe Lines
(quar.)
Spanish Rivei Pulp & Paper
Mills, Ltd.,
Mar. 21a
rec.
Holders of
Holders of
1
Apr.
Apr.
Apr.
25
(quar.)
Holders of rec. Mar. 31a
Holders of rec. Mar. 31a
Holders of rec. Mar.
5a
Holders of
1
IK
!.
(quar.).
South Penn Oil
(quar.).
South Porto Rico
Mar. 22a
rec.
IK
IK
2
Soden (G. A.) Co., 1st
pref. (quar.)...
Second preferred
rec. Mar. 16a
Holders of rec. Mar. 16a
Holders of
(quar.).
Manufacturing
Mar. 21a
|Mar. 31
1st pref.
(qu.)
Shawinigan Water A Power
(quar.)....
Sherwin-Williams Co of Can com
(quar.)
Preferred (quar.)
Simpson Creek Coal, pref.
(quar.)
Singer Mfg.,
_l_
Slosa-Sheffleld Steel A Iron, pref.
(qu.)_.
Smith
(Howard) Paper Mills, Ltd.,
Common (quar.)
Preferred (quar.)
Mar. 21a
IK
(quar.)
Middle States Oil
Corp
Preferred
Mar, 17
Holders of
Holders of
S
ser.
Salt Creek Producers
Association (quar.)
Sears, Roebuck A Co., pref.
(quar.)
Scovill
Mar. 15
rec.
1
50c
(quar.)...
Preferred
Preferred
16a
Mar. 19a
Apr.
Apr.
25c.
Merrimack Chemical
(quar.)
Mexican
Investment, pref......
Mexican Petroleum, common
Preferred
Mar. 19a
Mar.
Apr.
IK
May Department Stores, pref.
(quar.)..
McCrory Stores Corp., pref.
(quar.)
Merck A Co., pref.
(quar.)
Mergenthaler Linotype
(quar.)
Preferred
la
1
Mar. 20a
Holders of
2
Alkali Works, pref.
(quar.)..
Maverick Mills, pref.
(quar.)
National
Apr.
Mar.
rec.
Holders of
Holders of
IK
(qu.)
Preferred
rec.
rec.
2
Manhattan Shirt, pref. (quar.)
'
of rec. Mar. 15a
Holders of
•Holders of
Holders of
IK
Manning, Maxwell A MOore, Inc.
(qu.).
Manufacturers* Light A Heat
(quar.)...
Massachusetts Lighting Cos., pref.
Preferred
of rec. Mar. 15a
IK
Preferred (quar.)
Mackay Companies, common
(quar.)
Preferred (quar.)..
;
Malllnson (H. R.) & Co.,
Inc., pf. (qu.)
Manatl Sugar, pref.
(quar.)
Manhattan Electrical
Supply (quar.)
Preferred
rec.
pf.
Holders of rec. Mar. 17a
1
Apr.
Apr.
'
IK
(quar.)
Preferred (quar.)
!
Republic Motor Truck, pref.
(quar.)
Reynolds (R. J.) Tobacco, com.
(quar.)
Common B (quar.)!
Preferred (quar.)..
Riordon Co., Ltd., 1st cum.
pref. (quar.)
Cumulative convertible pref.
(quar.).
Riordon Pulp A Paper, preferred
(quar.)
Royal Baking Powder, pref.
(quar.)
Safety Car Heating A Lighting
(quar.)..
St. L. Rocky Mt. & Pac.
Co.,'com. (qu.)
Apr. 17
Mar. 21
1
$2
.
1st
Books Closed.
Days Inclusive.
Apr.
1
Second pref. (quar.)
Reo Motor Car, common
(quar.)..
Republic Iron A Steel, com.
of rec. Mar. 28a
of rec. Apr. 21
Holders of
Apr.
IK
Loft, Inc. (quar.)
Common (quar.)
Common (quar.)
to
of
IK
Star Gas
(quar.)___
Loose-Wiles Biscuit, first pref.
(quar.)..
Lorillard (P.) Co., com.
(quar.)
Preferred (quar.).
A
Mar. 24a
IK
Lone
Montgomery Ward
Apr.
1 •Holders
Apr.
1
Holders
Apr. 15
Apr.
1
Apr.
1
Holders
Apr.
1
Holders
Apr.
1
Holders
May
1 •Holders
Apr.
1
Holders
2
!.
Remington Typewriter
Mar. 31
3
(quar.)
Mar. 25a
Mar. 21
1
2
Reece Buttonhole Machine
(quar.)
Reece Folding Machine
(quar.)
Regal Shoe, preferred
28
rec.
IK
_
Preferred
Feb.
rec.
*1K
..
__
Preferred (quar.)
Preferred (extra)...
to
rec-
IK
Extra
Preferred (quar.)
Midwest Oil, common
24
Holders of
3
Library Bureau, com. (quar.)
Preferred (quar.)
Liggett A Myers Tobacco, pref.
(quar.).
Lindsay Light, preferred (quar.)
Loew's Theatres Co.
(quar.)
common
Feb.
Payable.
(quar.)
Mar. 22a
Holders of
Holders of
pref.
Mathleson
rec.
Mar. 31
IK
Lehigh Valley Coal Sales
(qu.).
of rec. Mar. 25a
Holders of
When
Cent.
Company.
Miscellaneous (Concluded)
Railway Steel-Spring, com.
Holders of rec. Mar. 15a
Ftb. 24
to
Feb. 28
Mar. 31
*1K
(quar.)
(quar.)
Lueey Mfg.. class A (quar.)..!
MacAndrews A Forbes Co., com.
Apr.
Holders
IK
(quar.)..
(quar.)
King Philip Mills (quar.)
Klrshbaum (A. B.) Co.,
pref. (quar.)
Kolb Bakery,
pref. (quar.)
Kresge (S. S.) Co., pref.
(quar.)
Kress (S. H.) &
Co.. pref. (quar.)
Kroger Grocery A
Baking, 6% pref .(qu.)
Seven per cent
preferred (quar.)
Lackawanna Steel, common
(quar.)
Laurentide Company, Ltd.
(quar.)
Kerr Lake Mines. Ltd.
Apr.
$1.50 Apr.
(quar.)
Kaufmann Department
Stores, pf. (qu.)
Kaynee Co., pref. (quar.)
com.
1
1
1
1
Apr.
Per
Name of
2
Interprov. Clay Prod.,
Ltd., pref. (qu.)_
Island Creek Coal, com. A
pref. (qu.)
First and second
preferred
Apr.
hK
InterprovlnclaLBrlck ofCan.,Ltd.,pf.(qu.)
Kayser (Julius) & Co.,
[Apr. 15
IK
IX
IK
Jones Bros. Tea,
pref. (quar.)
Kansas Gas A
Elec., pref. (quar.)
Kansas & Gulf Co.
1253
Books Closed.
Cera.
Company.
When
Miscellaneous (Continued
Intetnat. Harvester,
common (quar.)
Internat. Motor Truok, 1st A
2d pf.(qu.)
International Salt (quar.)
Internationa) Sliver, pref.
(quar.)
Midway Gas,
CHRONICLE
Per
Payable in stock.
/ Payable in
common
< Payable In
stock,
Liberty
o
or
Payable In scrip.
h On account
Victory Loan bonds.
k Transfers received in order in London on or
before March 5 will be in time for
payment to transferees.
payable in
rec.
April
1
I
rec.
May
2
m
common stock or
scrip convertible Into
Dividend is 20 French francs Per share.
common stock.
«
Stock Exchange daily,
weekly and yearly.—Brought forward from page 1258.
Boston Clearing
Transactions at the New York
Monday
$23,743,000
42,484,800
46,582,500
93,965j500
45,693,000
375,510
665,003
Saturday
—....—
596,810
Tuesday
1,287,600
Wednesday
639,520
Thursday
3.795,100
$1,943,000
4,129,000
3,779,000
5,658,000
7,470,000
$652,500
852,000
848,500
839,500
770; 500
'
$13,494,000
Week ending
Sales at
Exchange.
$3,963,000 $22,979,000
Par value
Time deposits....... ...
U.S.
-
.
■
Clearing House
banks.
Due from other
Reserve
i-
40,498,537
12,781,000
$443,101,350
58,591,000
210,430,000
$721,426,900
128,140,000
151,097,000
$70,232,000
$712,122,350
$1,000,663.91)0
$22,979,000
bonds...
State, mun., Ac., bonds
RR. and misc. bonds..
3,963,000
13,494,000
$40,436,000
Total bonds
PHILADELPHIA AND
TRANSACTIONS AT THE BOSTON.
BALTIMORE
EXCHANGES.
York City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Mch. 19.
The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
The return of the Equitable Trust Co. has been included in
Sept. 25.
this statement since
Wuk ending
Bond Sales.
Shares.
March 25 1921
7,492
13,347
Tuesday—
8,141
13,651
23,900
34,100
Wednesday
$16,100
5,755
404
$5,000
37,300
86,740
4,098
6,616
862
33,000
21,000
20,900
762
39,100
5,298
94,750
627
29,850
2,820
66,950
586
12,000
$136,000
24,587
3,241
$91,900
8,155
.
NEW YORK
HOLI DAY
Friday
50,786
Total.
Loans,
Discount
HOUSE
Average
2,000
5,000
10,000
Co.
Mech & Metals.
5,500
40,000
4,500
Bank of Amer__
National City..
HOUSE.
(Staled in thousands of
Atlantic Nat I..
Week ending
March 19 1921.
Nat.bks.Feb.21 Invest¬
State bks. Feb 2 8 ments,
&c.
Tr. cos.Feb. 28
Bank.
Battery Park Nat.
Res.
1,500
200
Mutual Bank
1,561
790
.500
980
Co.
Yorkville Bank—
200
731
4,063
2,400
Total
Banks.
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hta.
Nat'l
Net
Time
Bank
in
Legal
De¬
De¬
Circu¬
Imp & Trad Nat
National Park..
Vault.
Deposi¬
posits.
posits.
lation.
East River Nat.
100
440
1,589
2,030
700
Companies
Not Members of the
Fed'l Reserve Bank.
Mechanics Tr, Bay
818
414
9,459
Commonwealth
Garfield Nat'l..
Fifth NationalSeaboard Nat'l.
8,183
9,004
16,641
13,546
45,028
90,672
18,252
529
32,140
5,015
194
212
1,304
l.ooo:
5,000
1,500
i.ooo;
2,000
6,053:
25,000
37,727
1,619
7,610
1,814
11,589
1.108
3,521
3,521
5,658
5,658
Peoples' Tr Co.
NY Trust Co..
15,157
194
—646
—8
+ 1
—29
6,646
6,500
a57,251
a56,872
a55,953
a56,806
15,165
14,639
14,591
14,479
Metropol Tr Co
NassauNat ,Bkn
Farm L & Tr Co
Columbia
Equitable Tr Co
Avge. Mar.
—
Individual deposits
deposits.
Time
Total deposits
deposits (not Included)
Reserve with legal deposit's.
Reserve with F. R. Bank
115,090,0
475.563.0
11,160,0
601,813,0
197,0
18,165,0
U. S.
vault*
and cash held.
Reserve required
Excess rec. & cash In vault..
Total reserve
*
Cash In vault*
2,064,0
48,995,0
11,543,0
60,538,0
47,514,0
13,024,0
not oounted a* reserve
838,0
2,902,0
2,656,0
246,0
March 5
1921.
619,978,0
19,005,0
2,064,0
48,995.0
12,381,0
63,440,0
50,170,0
13,270,0
37,725,0
$37,725,0
103,551,0
708,198,0
21,737,0
103,531,0
708,562,0
88,977,0
90,926,0
119,199,0
486,198,0
11,424,0
121,685,0
929 26,646
6861
5,746
2,466: 47,249
401
2,488
9,893
1,096;
for Federal Reserve members.
294
245
14,868
110,204
45,358
148,010
25,710
136,954
8,690
18,682
4,539
100
"510
14,153
35
51
2,100
1,103
5,411
85
635
50
7,191
2,157| 2,490
6,067
170,406
180,631
198
882
13,360
6,568
228,617
19,045
8,099
9,364
16,139
13,425
43,916
59,490
12,726
19,035
27,916
100
9,652
1,086
""31
"§94
240
472
973
69
1,888
2,623
322
407
326
392
3,402
9,025
2,140
21,702
*206,113
3,451
7,423
3,300
22,044
527
29,772
15,987
632
4,115
23,731
1,142
463
1,604
13,421
465
111,186
1,553
11,801
5,289
16,648
*102,081
24,690
*152,148
17,471
1,150
1,589
23,884
12,000
16,077
158,454
1,807
19. 267,900 468,523 4,785,741
;Feb. 26 4,813,191
607
3,844
1,350
1,376
-
•
50
170
9,198
4,836
79,949,497,180 c3,675,653 192,062 3
78,5861481,070 c3,641,756 192,14934,698
80,042 516,026 c3,668,073 190,108,34,638
79,748 489,092 c3.697.756
192,30134,458
of
F. R. Bk
1,000
1,933
2,754
250
839
709
337
3,303
2,034
18,679
5,624
29,718
43",276
Not Members
1,798
50
2,500,
2,718
18,033
5,709
73,643
3,750.
5,491
97,385
6,766
4,169
54,021
43,326
Totals, actual co ndition Mar .19
Totals, actual co ndition Mar.12
97,430
97,583
96,681
6,754
4,367
53,754
54,773
53,353
43,338
Bowery
State
Bank
Avge. Mar. 19-
4,120
6,778
3,798
Members of F.R.Bk.;
46,057
12,314
24,131
4,000
6,157
1,271
3,163
1,559
29,297
15,390
833
844
4,722
44,687
1,341
4,727
4,922
4,975
44,910
1,238
1,189
1,223
^Mar, 5
Not
Trust Cos.
Title Guar & Tr
Lawyers Ti&Tr
6,000
18,472
70,188
2,115
Totals, actual co ndition 'Mar,19
Totals, actual co ndition Mar .12
Totals, actual co ndition Mar. 5
70,203
70,288
70,980
2,127
2,112
4,953,314
Avge. Mar. 19.
43,260
43,080
6,685
Totals, actual co ndition
10,000
+ 7,793
2,158
45,248
44,910
508
34,835
88, 830506,071 13,774,361 236,729
+ 655 + 200
—6,475
-1,964 +3,395
g3,740,420 236,72534,698
1 cond n jMar.19 4,951,627 87,4671490,164
+60
27,57 4 + 2,168
+ 33,120 —1,372:-34,904
Comparison pre vious week
Gr d aggr., act
..
24,824,0
486,250,0
11,356,0
616,821,0 619,291,0
6,356,0
3,052,0
2,320,0
2,200,0
48,645,0
49,354,0
12,448,0
12,751,0
63,413,0
64,305,0
50,471,0
50,709,0
12,942,0
13,596,0
1,712
2,653
3,789
239
4,320
3,514
502
—
11.357,0
778
6,160
7,903
350
4,829
605
1921.
Total.
$4,500,0 $37,725,0
12,997,0 103,531,0
33,580,0 714,992,0
24,093,0
305,0
95,067,0
10,0
336,0 115,426,0
17,632,0 493,195,0
486
Gr d aggr. avge. 281,650 492,486
Comparison, pre vious w eek
March 12
$33,225,0
90,534,0
profits
disc'ts & Investm'ts. 681,412,0
23,788.0
Exchanges for Clearing House
95,057.0
Due from banks
579
611
Totals, actual co ndition
Week ending March 19 1921.
Trust
1,806
865
1,420
75
21,392
78,503
34,568
89,431
Totals, actual co nditlon Mar .194,783,994
Totals, actual co ndition Mar. 5S4,750,686
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."
272
23,767
97,948
l.OOO
618
45,179
*474,954
17,561
73,919
33,108
55,549
17,603
192
193
2,597
2,000,
193
191
and other liabilities, $491,000.
FJl. System Companies
279,114
50,588
500,896
1,271
1,265
509
12,036
2,893
1,271
35,673
1,353
777
1,921
97,358
138,346
48,224
*520,330
100,092
14,317
4,315
84,495
240,661
11,403
5,000;
1,500
3,000
2,000
2,000
1,000
5,000
Lincoln Tr Co..
17,301
35,364
506
$
$
>27,202
3,438
1,465
1,500:
Columbia Tr Co
6,672 a56,605
7,010
1,509;
1,551
2,752
1,500,
20,000, 19,502:
USMtg&TrCo
Guaranty Tr Co
40
figures for the two
Cash In
4,778
7,424
Brooklyn Tr Co
Bankers Tr Co
Philadelphia Banks.—The Philadelphia Clearing House
the week ending Mch. 19 with comparative
Bank deposits
672;
Union Exch Nat
20,944
1,516
6,701
1,541
1,000
Coal & Iron...
3,335
17,609
828;
400|
1,000.
statement for
Loans,
2,806
20,057
Continental....
State Banks.
Surplus and
30,135
1,047
NY County Nat
Greenwich Bank
Capital
5,841
2,3741
4,150
3,921
4,018
4,0161
71,937
Membersof
330,200
700
4,065!
—85|
71,378
71,046
8,008 72,183
(00) omitted.
806
500!
26
U. S. deposits
Two ciphers
115
7,260
Avenue..
2,572
72,125
+ 188
deducted, $568,000.
payable, rediscounts, acceptances
Excess reserve, $15,250 decrease.
a
766
22,338
23,448
1,786
National.
445
20,117
11,532
32,096
3,460
13,632
16,411
7,204
21,744
3,389
17,860
1,495
2,782
984
Comm'l Exch..
2,127
3,448
16,669
Bills
898
Chase
1,076
43,078
6,996
6,996
3,800
393
Fifth
141
3,300
705
1,141
933
4171
Gr'd aggr. Feb. 19
2,602
5,485
256
417
Gr'd aggr. Feb. 26
913
8,244
8,980
6,996
1,335
4,739
8,614
8,980
3,300
1,261
2,505
2,383
527
3,300
656
445
527
Mar. 12
119
;
13,340
1,932
1,440
200
Gr'd aggr. Mar. 6
404j
772
21,158
39,348
181,925
10,677
23,742
274,323
177,031
12,794
6,998
388
1,699
200
6,620
13,131
18,607
6,380
53,700
159,843!
8,654
4,690;
lo.ooo; 38,008
12,500! 10,909
Fidel-Int Tr Co
3,300
Comparison previo us week
3,7011
2,487
8,613
1,838
8,760
1,446
21,573s
9,772s
Average Avge.
$
43
303
141
Grand aggregate..
Gr'd aggr.
.
Average
$
533
1,431
Trust
Total
National.
National
Irving
Average
698
9,278
11,865
197
la¬
tion.
lories.
1,000
1,000
15,000
$
194
$
%
$
S
11,201
11,229
4,524
16,074
posits.
$
i
116,242s
119,448
42,020,
l.OOO!
Second Nat'l—
First
Deposits.
Deposi
!Average
17,246
4,567;
122,905;
357,577
10,000, 23,142
1,000.
737!
Liberty
600
Total
Corn Exchange-
Net
tories.
Vault.
127,624,
7,695
32,665
1,726
8,399
20,609
4,281
2,500.
7,500:
1,500,
_.
Demand
State
Colonial Bank
25,000.
1,000;
7,000,
3,000
Pnenlx.
Nanover Natl.
with
%
$
$
Nat Bk of Com.
Chat &
Average
Average Average Average Average Average
Members of
5,000!
Reserve
Cash
Circu¬
40,6311
159
300
Exch Nat
Metropolitan
Dis¬
counts,
Bank
De¬
125,169
188,682.
54,223
544,927'
7,221
17,135
16,750
6,107
66,700
15,199
l.OOOl 1,138
Chemical Nat 1.
Pacific Bank..
omitted.)
Loans,
Net
Capital. Projils.
CLEARING
HON-MEMBERS
v
dollars—thai is, three ciphers [000J
$
$
$
Y.NBA
Manhattan
Amer
Time
Demand
1921.jTr.Cos. ,Feb.28
Nat Butch & Dr
NEW YORK CLEARING
Net
Legal
in
i
jState,
Members of
Bk of N
NON-MEMBER INSTITUTIONS OF
&c.
(.000 omitted.)
Fed. Res. Bank
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
!
■with
Cash
>
merits,
Natl
Reserve
j
J
Invest•
MEMBERS.
March 19
$301,840
of dollars—that
CLEARING
Week ending
HOUSE RETURNS.
is, three ciphers 000 omitted.)
WEEKLY CLEARING
(Stated in thousands
Bond Sales.
Shares.
Bond Sales.
Shares.
$9,050
Monday
Saturday
W.R. Grace A
5,203,000
5,147,000
487,000
Inc.
and Trust
Baltimore.
Philadelphia.
Boston.
Fed'l
5,634,000
Statement of New
Bonds.
Government
RETURN OF
$
$6,027,671,125
$51,510,000
5,941,000
in
excess
Federal Reserve
67,710,.561
$6,079,046,373
Bank shares, par
Thursday
S
47,628,000^ 47,681,000
R. Bank
bank and
Bank....
Cash in bank and F.
1920.
1921.
1920-
Exchanges for
7,845,462
3,564,443
$252,468,800 $706,928,700
Stocks—No. shares...
DAILY
investments.
Loans, disc'ts &
1 to March 25.
Jan.
March 25.
1921.
1921.
S
'
2,571,000!
2,562,500
25,000
2.596.000 Inc.
5,263,000 582,683,000 583,556,000
587.946,000 Inc.
391,071,000 393,790,000
387,606,000 Dec. 3,465,000
418,000 89,678,000 90,137,000
90,096,000 Inc.
20,446,000 Dec. 1,529,000 21,975,000 22,577,000
3,424,000!
6,770,000
16,661,000 Inc. 13,237,000
989,000 14,001.000 15,326,000
13,012,000 Dec.
2,533,000 48,528,000 50,592,000
51,061,000 Inc.
18,000
47,610,000 Dec.,
............. .. .
United States deposits.^
York Stock
New
March 5
previous week.
1921.
$
Circulation
Due to banks
,3,564,443 $252,468,800
March 12
1921.
Individual deposits, incl.
—
Total
Changes from
March 19
$1,741,000
2,758,000
2,501,000
2,698,500
'
1 /
Bonds.
N Bonds.
HOLI DAY.
Friday
HOUSE MEMBERS.
CLEARING
BOSTON
the Boston
weeks:
V. s.
Foreign
&
&c.,
Bonds.
Par Value.
Shares.
Banks.—We give bekrw a sum¬
House
showing the totals for all the items in
Clearing House weekly statement for a series of
mary
State, Mun.
Railroad,
Stocks.
Week ending
March 25 1921.
[Vol. 112.
CHRONICLE
THE
1254
Gr d aggr., act
1
cond
n
Grd aggr., act 1 cond'n
Gr'd aggr.,act'l cond'n
Gr'd aggr.,act'l cond'n
Mar.12 4,918,507
Mar.
5 4,980,852
234,55734,638
88,839,525,068 g3,767,994
88,684 497,865 g3,796,019 236,60434,458
87,264 505,672 g3,774,604
Feb. 26
4,998,634
Feb. 19
5,001,150! 86,590,505,914
234,69034,157
g3,798,837i230,94134,305
in foreign branches not Included In total footing as follows:
$116,359,000; Bankers Trust Co., $10,950,000; Guaranty Trust
Farmers'Loan & Trust Co., $16,640,000; Equitable Trust Co.,
$26,023,000.
Balances carried in banks In foreign countries as reserve for such
deposits were: National City Bank, $48,313,000; Bankers Trust Co., $253,000;
Guaranty Trust Co., $16,570,000; Farmers' Loan & Trust Co., $2,020,000; Equitable
Trust Co., $3,901,000.
c Deposits in foreign branches not included.
eU. S.
deposits deducted, $103,369,000.
fU. 8. deposits deducted, $162,493,000. Bills
payable, rediscounted acceptances and other liabilities, $1,061,350,000.
*
Includes deposits
National City Bank,
Co., $117,273,000;
March 26
1921.]
THE
CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING
HOUSE BANKS
COMBINED
1255
RESULTS
OF BANKS AND
TRUST
GREATER NEW YORK.
Averages.
Loans and
Reserve
Reserve
in
Total
Reserve
Reserve.
Required.
Reserve.
Vault.
%
%
$
Depositaries.
%
%
15
5,770.053,400
4,638,642,400
131,802.100
22
5,752,205,800
4,521,194,000
119.687,600
Jan.
$
$
Jan.
29
4,447,406,300
4,451,067,800
4.376,232,700
4,351.241,600
4,314,472,300
4,346,190,400
4,348,258,100
4,346,242,100
13,583,250
1,211,220
Feb.
5
Feb.
11
5,708,133,700
5,699,889,500
5,636,439.700
133,950
Feb.
19
5.590,256,100
Feb.
26-.—
8,881,000 506,071,000 514,952,000 500,023,580
8,907,000 502,676,000 511,583,000 500,862,140
8,729,000 505,691,000 514,420,000 500,810,790
14,928,420
10,720,860
Mar.
5
Mar.
12
13,609,210
Mar.
19
8,793,000 501,197.000 509,990.000 498,204,860
5,568,707,800
5,567,907.300
5,532,610,200
5,550,054,700
11,785,140
*
Cash
Members Federal
Total
Reserve
Surplus
Reserve.
Required.
Reserve.
S
$
$
%
9
Reserve banks
State banks*
Trust companies
481,070,000 481,070,000 479,192,750
4,367,000 11,121,000
9,675,720
4,727,000
6,854,000
6,736,500
6,754,000
2,127,000
8,881,000
8,797,000
8,936,000
8,751,000
Total Mar. 12
Total Mar.
5
Total Feb. 26
490,164,000 499,045,000 495,604,970
525,068.000 533,865,000 499,181,070
497,865,000 506,801,000 502,817,350
505,672,000 514,423,000 500,082,020
Not members ol Federal Reserve Ban*.
This Is the reserve required on net demand
companies, but In the
case
of
112,140,300
tl 10,570,800
110,483,900
587.986,600
583,456,400
583,800,900
580,586,000
589,418,800
116,277,600
112,487,400
notes,
t Corrected
legal tenders, national bank notes and Federa
figures.
Bank of New York at the close of business March 18 1921,
in comparison with the previous week and the
correspond¬
ing date last
1,877,250
1,445,280
117,500
Mar. 18 1921. Mar. 111921.
Resources—■
$
Gold with foreign agencies.
34,683,930
3,983,650
14,340.980
Total gold held
the
case
Federal
72,586,000
28,467,000
269,972,205
203,838,831
36,000,000
215,872,327
204,151,930
36,000,000
142,443,000
307,936,000
27,000,000
41.390,000
—
by bank
Gold with Federal Reserve Agent
of State banks
Reserve
-
50^,811,036
Total gold reserves
banks
456,024,258
152,086,688
477,379,000
107,023,000
610,121,307
584,402,000
385,729,580
389,519,031
529,631,000
385,729,580
351,324,434
Total reserves
154,097,049
661,897,724
Legal tender notes, silver, &c._
Includes also amount of reserve required on net time
deposits, which was as follows:
Mar. 19, 55,761,860; Mar. 12.
$5,749,650: Mar. 5, $5,746,110: Feb. 26, $5,712,240.
b This Is the reserve
required on net demand deposits in the ease of State banks
$
88,199,715
167,672,013
48,200,313
Gold settlement fund—F. R. Board
3,440,030
Mar. 19 1920.
$
181,772,490
Gold redemption fund.....
deposits In the
members of
•!:
:
year:
Gold and gold certificates
Total Mar. 19
117,026,200
113,040,800
115,406,100
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
b
:
in
Depositaries
Vault.
$
641,707,000
611,051,300
693,132,300
576,805,000
590,687,400
Figures.
Reserve
Reserve
in
$
This item includes gold, silver,
Reserve
Actual
trust
Reserve in
in Vaults.
497,180,000 497,180,000 483,596,750
4,169,000 10,935,000
9,723,780
2,115,000
4,722,000
6,837,000
6,703,050
6,766",000
Total Mar. 19
Total Mar. 12
Total Mar.
5
Total Feb. 26
*
•Total Cash
a
Jan.
Trust companies
a
Demand
Deposits.
Surplus
Depositaries
in
Members Federal
Reserve banks
State banks*
389,519,031
529,631,000
214,341,000
19,795,000
Bills discounted :Secured by Government
and
trust companies, but in the case of memffers of the
Federal Reserve Bank
Includes also amount of reserve required on net time
deposits, which was as follows:
Mar. 19, $5,764,470; Mar. 12, 55,703,240; Mar.
5, $5,769,030; Feb. 26, $5,713,890.
war
obligations—for members
All other—For members
486,060,842
Less rediscounts with other F.R. banks
State Banks and Trust
Companies Not in Clearing
House.—The
State
Banking
Total
i
$596,740,700
Gold..
Currency and bank notes....
Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits, eliminating amounts due from reserve depositarles, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. 8. deposits
Reserve
on
deposits
Percentage
of
reserve,
6,880,500
16,776,900
51,391,000
619,768,300
Differences from
previous week.
5% redemp. fund agst. F. R. bank notes
Inc.
Uncollected Items
Gold abroad in custody or in
$9,651,500
Dec.
290,700
Dec. 1,535,400
All other resources
2,426,400
Inc.
15,945,500
Total....
$35,128,700
16.36%
$48,639,300
05.41%
23,237,200
14.52%
06.93%
21.77%
$71,876,500
============
============
26,488,350
56,414,456
410,143
639,356,463
14,610,676
26,489,450
56,414,456
23,341,228
672,965,998
14,023,928
23,880,000
45,082,000
Includes deposits with the Federal Reserve Bank of New
York, which for the
State banks and trust companies combined on March 19 were
$51,391,000.
k The Equitable Trust Co. is no longer included in these
totals, it having become
Clearing House and being now included in the statement of the
Clearing House member banks.
The change began with the return for Sept. 25.
—
Other deposits, incl. foreign Govt, credits
790,859,851
789,920,080
33,838,200
791,403,430
34,605,200
741,348,000
837,727,000
46,759,000
105,930,927
80,528,697
123,070,000
16,803,901
F. R. bank notes in circul'n—net liability
Deferred availability items
16,191,252
15 263,000
All other liabilities
Total
Ratio
F.
of
liabilities
total
1,683,773,197 1,715,963,640 1,835,129,000
reserves
to
depost
and
R. note liabilities combined
ing 40%
45.8%
liability
and trust
companies in Greater Nfcw York City outside of
the Clearing House, are as follows:
The Federal Reserve
38.8%
52.9%
on
bills
43.8%
37.2%
14,146,976
14,146,308
purchased
for foreign correspondents.
of the New York City Clearing House banks and
trust companies combined with those for the State banks
41.8%
gold reserves against F. R.
notes in circulation
Contingent
Banks and Trust Companies in New York
City.—The
=
•
Ratio of reserves to deposits after deduct¬
member of the
averages
845,000
698,626,000
41,877,000
654,377,282
deposits
F. R. notes in actual circulation
21.45%
*
a
3,216,819
=============
Due to members—Reserve account
Total
—Trust Companies—
59,813*943
974,278,034 1,049,042 000
4,626,969
3,094,000
2,307,810
3,561,000
1,211,100
120,963,021
193,122,666
2,455,398
1,908,000
4,626,996
2,270,960
1,211,100
154,006,411
........1,683,773,197 1.715,963,640 1,835,129,000
Liabilities—
.
—Stale Banks
.*$26,409,100
Deposits in banks & trust companies
8,719,600
transit....
Capital paid in
4,459,000
3,711,700
Inc.
924,398.000
1,457,000
50,000
123,137,000
—
Total resources.......
Inc.
Inc.
913,408,691
1,255,400
856,543,185
-
Government deposits
571,881,100
107,005,200
200,221,000
83,276,943
Total earning assets
Bank premises
RESERVE.
Cash in vaults
bonds
194,546,000
37,828,818
772,010,842
1,255,400
hand
Surplus
21.5%.
*
on
486,060,842
U. S. Victory notes.
U. S. certificates of Indebtedness
(Figures Furnished by Stale Banking Department.)
k March 19.
bills
U. S. Government
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
STATEMENT.
...
351,324,434
34,956,827
Bills bought In open market
Department reports weekly-
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
Loans and in vestments...
IN
Investments.
Week ended—
Cash
and
COMPANIES
Note.—In conformity with the practice of the Federal Reserve Board at Washing¬
ton, method of computing ratios of reserves to liabilities has been changed beginning
with the return
of this week.
Instead of computing reserves on the basis of net
deposits—that is, including in the total of deposits "deferred availability items but
deducting "uncollected items"—the new method is to disregard both and figure the
percentages entirely on the gross amount of the deposits.
For the previous week,
however, and for last year, the computations are on the old basis.
Banks.—Following is the weekly statement issued by the Federal Reserve Board
on March 19.
given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilitiesseparately
each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the
Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve
Board says:
The figures for the system as a whole
are
Aggregate reductions of 107.4 millions in the holdings of discounted and
purchased bills, accompanied by decreases of 69.1 millions in deposits and
of 42.9 millions in Federal Reserve note
circulation, are indicated in the
Federal Reserve Boards' weekly bank statement issued as at close of business
March 18 1921.
Government operations during the week included
besides the redemption of the bulk of about 500 millions of certificates
maturing on March 15 the payment of semi-annual interest on third Liberty
bonds, also the handling of income and excess profits tax apyments, all of
which fell due on March 15 and the issuance on that date of two new series
of tax certificates aggregating about 482 millions.
on
Redemption of Treasury certificates, enabled member banks to liquidate
heavily their indebtedness to the Reserve banks.
Loans secured by
Government obligations carried by the Federal reserve banks,
accordingly,
show a reduction of 5.6 millions, other discounted bills fell off
about 138
millions, while acceptances purchased in open market declined by 23.8
millions.
On the other hand, holdings of Treasury certificates increased
by 29.3 millions, of which 25 millions represent the amount of special certifi¬
cates held at the close of the week by the New York, Cleveland and Rich¬
mond Banks to cover advances to the Government pending collection of
funds from
depositary institutions.
The balance of the certificates held,
except 5.6 millions, is composed of 1-year 2% certificates deposited with the
Treasurer of the United States to secure Federal Reserve Bank
culation.
In consequence of the changes above noted/ total
decreased by
millions,
note cir¬
earning assets
138.1 millions and at the close of the week stood at 2,658.5
with 3,107.9 millions on the corresponding date of
compared
last year.
In order to reflect more clearly the position of the Reserve Banks, the statement
has been slightly recast in form, the main change occurring in the
deposit block.
Instead of total gross
deposits the statement shou s total deposits which are
made up
of the following items: Government deposits, due to members—Reserve
Combined Resources
and
Liabilities
Mar. 18 1921
of the
ilfar. 11
Gold
and
gold
certificates
Gold settlement fund,
Total gold held by banks
fold with Federal Reserve agents
Gold redemption fund
gold
reserve
$
266,431,0001
254,276,000
514,072,000
F. R. Board
Gold with foreign agencies
Total
$
528,216,000
1
.
—
,.
Afar. 4 1921.
$
234,353,000
526,499,000
TT
„
„
counted for the Dallas Bank, compared with 13.5 millions the week before,
while acceptance holdings of the Boston. Philadelphia, Cleveland and
San Francisco Banks are given inclusive of 5.9 millions of bank acceptances
purchased from the New York Bank, compared with 13.7 millions shown
the previous Friday.
Government deposits decreased by 22.7 millions and members
reserve
deposits by 53.7 millions, while other deposits, composed largely of nonmember banks' clearing accounts and cashier's checks increased by 7.3
millions.
During the week the volume of Federal Reserve note circulation
for the first time since February of last year, fell below 3 billions, the
March 18 total of 2,962.9 millions being 442 millions below the peak figure
of Dec. 23 1920 and 84.2 millions less than on the corresponding date last
year.
Federal Reserve Bank note circulation shows a further decline oi
2.8 millions, and totaled 179.3 millions, compared with 211.1 millions about
a year ago.
The banks show a further gain of 18.1 millions of gold, while
their total cash reserves increased by 17.4 millions.
•*'
on
.
Federal Reserve Banks
1921.
!
RESOURCES.
and other deposits, including foreign government credits.
Reserve
ratios have been calculated in the same manner as heretofore, except that instead
of net deposits, total deposits as described above have been used in the calculation.
Neither "Uncollected Items" among the assets, nor "Deferred Aavilability
Items," among the liabilities have been considered in the present statement
in calculating deposit liabilities and reserve ratios, and this practice will be
followed in the future.
Calculated on this basis, the banks' reserve ratio stood
at 51.0%.
Of the total holdings of 1,000.4 millions of paper secured by U. S. Govern¬
ment obligations, 581.9 millions or 58.2%, were secured by Liberty and
other U. S. bonds: 259.6 millions, or 25.9%, by Victory notes, and 158.8
millions, or 15.9%, by Treasury certificates, compared with 627.0, 269./
and 108.8 millions shown the week before.
Discounted bills held by the
Cleveland Reserve Bank are shown inclusive of 13.4 millions of bills dis¬
account,
at the
Feb. 25 1921. Feb. 18 1921.
$
217,335,000
630,104,000
$
210,978,000
511,751,000
Close
of
Feb.11 1921.
$
204,985,000
480,480,000
,
,
Business March 18 1921.
Feb.
4
1921. Jan. 28 1921. Mar. 19 1920.
$
199,750,000
482,192,000
3,300,000
$
199,869,000
S
461,523,000
159,660.000
388,271,000
3.300,000
112,781,000
780,503,000
782,492,000
760,852,000
685,242,000
685,465,000
747,439,000
722,729,000
604,692,000
660,712,000
1,257,807,000 1,240,570,000 1,236,560,000 1,234,181,0001.260,546,000 1,269,037,000 1,274,747,000 1,288,450,000 1,161,695,000
167,729,000
164.844.000
165,678,000
167,476,000
151,958,000
152,995,000
112,174.000
158,693,000
149,377,000
2,206.039,000 2,187,906,000 2,163.090,000 2,140.313,000 2,132,652,000 2,121,978,000 2.111,947,000 2.106.137 000 1,934,581,000
Mar. 18 1921. Mar. 111921.
Bills bought In open market
hand-.--
on
..
U. 8. Government bonds
notes
U. 8. certificates
of Indebtedness
Total earning assets.
Bank premises
5% redemp. fund agst. F. R. bank note*
Gold abroad In custody or In transit
Uncollected items
resources
2.886,729,000 2,908,853,000 3,107,897,000
2,658 514,000 2,796,611,000 2,789,069,000 2,854,135,000 2,818,908,000 2,870,831,000
11,793,000
18,228,000
18.244,000
18,977.000
19,309.000
19,733,000
19,469,000
20,193,000
20,465,000
14,387,000
12,746,000
12,868,000
12,207.000
12,114,000
12,199,000
12,159,000
12,428,000
12,728,000
3,300.000
3,300,000
3.300,000
3.300,000
3,300,000
3,300,000
595,096" 000 955,268*000
567,478,000 *595,980"000
641,661,000
*631.957.000
607,422,000
605,758,000
716,882,000
6,234,000
6.830,000
7.105,COO
7,500,000
7,739,000
7.617,000
9,145.000
9,891,000
8,580,000
*5847053,000 5,861,727,000 6,155,905,000
5,836,769,000 6,845,659,000 *5,840601000 5.881,101,000 5,856,021,000 5,822,491,000
resouroee
LIABILITIES.
90,958,000
100,147,000
100.557,000
100,228,000
100,740,000
100,790,000
120,120,000
202,036,000
202,036,000
202,036,000
202,036,000
202,036,000
60,503,000
52,138,000
•48,373,000
48.457,000
61,516,000
62,984,000
81,521.000
58,789,000
1,731,823,000 1,850,106,000
1,677,774,000 1,731,429,000 *1,705 3 64000 1,722,919,000 1,720,855.000 1,740,259,000 1,742,762,000
100,969,000
24,054,000
26,243,000
25,802.000
24.609,000
23,305.000
*24,064,000
38,072,000
30,776,000
101,058,000
Surplus
Government deposits
Due to members, reserve accountOther deposits, incl. for'n gov't credits.
Total deposits
-
F. R. notes in actual circulation
F. R. bank notes in circulation—net
Deferred availability items
All other liabilities
Il%b
-
-
-
Total liabilities
101,003,000
100,865,000
202,036,000
Capital paid In
202,036,000
202,036,000
56.941.000
1,808,015,000 2,011,578,000
1,774,635,000 1,843,726,000 1,786,369,000 1,809,208,000 1,806,980,000 1,814,518,000 1,817,378,000
3.090,748,000 3,047,133,000
2,962,880,000 3.005.840.000 3,042,611,000 3,051,706.000 3,037,444,000 3,050,416.000 3,075,750,000
211,132,000
202,169,000
197,210,000
198.178.000
193,431,000
189,325,000
185.109,000
182.087.000
179,250,000
632,835,000
430,302,000
423.613.000
423,633,000
479,799,000
469,811,000
*482,385.000
467,221,000
570,847,000
42,149,000
28,310.000
30,818,000
33,173,000
35,591,000
38,225,000
41,226,000
43,746,000
46,063,000
6,155,905,000
5,836,769,000 5,845,659,000 ♦5,840601000 5,861,101,000 5,856,021,000 5,822,491,000 5,847,053,000 5,861,727,000
-
to deposit
F. R. note liabilities combined
and
deposit
and
Ratio
of
gold
reserves
Ratio
of
total
reserves
a46.4%
a46.2%
a 45.3%
a45.5%
atl.9%
a44.7%
a
14.5%
a40.9%
51.0%
a50.9%
a50.8%
a49 9%
a50.3%
a!9.6%
a!9.3%
a
19.0%
a43.5%
60.6%
to
a59.9%
a59.3%
a58.1%
a58.5%
«57.6%
a56.9%
a
56.5%
a48.2%
$
$
$
$
46.5%
'
note liabilities combined
F. R.
125 745,000
2,600,891,000 2,621,533,000 2,670,913,000
2,347,699,000 2,515,058.000 2.605,609,000 2,566,757,000 2.531,282,000 2,581,389,000
26,797,000
25,849,000
25,849,000
25,849,000
25,848.000
25,849,000
25,848,000
25.847,000
25.845,000
19,000
68,000
19,000
19,000
19,000
19,000
19,000
19,000
19,000
410,119,000
261,452,000
259,970,000
263,574,000
261,759,000
261,510,000
267,693,000
255,687,000
284,951,000
j
Total
$
213,837,000
990,182,000 1,011,677,000 1,017.152,000 1,048,768,000 1,353,509,000
981,840,000 1,003,975,000
854,172,000
1,415,921,000 1,407,707.000
1,224,533,000 1,362,473,000 1,359,665,000 1,392,279,000 1,374,226,000 1,393,839,000
463,232,000
165,058,000
167,818,000
175,873,000
166.874,000
164,004,000
170,503,000
146,608,000
122,780,000
All other
All other
$
214,180,000
220,220,000
220.338,000
216,686,000
1,000,386,000 1,005,977,000
Secured by Govt, obligations
Total bills
212,673,000
1921. Jan. 28 1921. Mar. 19 1920
$
$
S
%
$
210,018,000
4
Feb.
1921. Feb. 18 1921. Feb. 11 1921
Feb. 25
2,326,127,000 2,319,974,000 2,060,326,000
2,415,289,000 2,397,924,000 2,376.763,000 2,356.999,000 2,352,990,000 2,342,198.000
Total reserves
Bills discounted.
U. 8. Victory
Afar. 4 1921.
S
$
209,250,000
Legal tender no tee, silver, 60
[VOL. 112.
CHRONICLE
THE
1256
Ratio of gold reserves to F, R. notes in
after
circulation
setting
35%
aside
against deposit liabilities
S
Distribution by Maturities—
S
$
.
137,600,000
66,424,000
52,666,000
56,559,000
50,848,000
63,335,000
72,745,000
65,097,000
1,273,870,000
1,355,122,000 1,448.142,000 1,444,440,000 1,455.023.000 1,444,358,000 1,431.768.000 1,456,476,000 1,453,331,000
149,461 000
5,823,000
4,823,000
4,468,000
8.324.000
6,323,000
11,971,000
7,646,000
31,424,O0O
80,871,000
47,652,000
38,249,000
41,456,000
54,172,000
44,213,000
31,769,000
33,486,000
24,977,000
16-30 days bills bought In open market.
237,731,000
238,301.000
251,266.000
235,415,000
223,858.000
222,698.000
222,558.000
248,885,000
227,479,000
16-30 days bills discounted
3,500,000
2,000,000
6,000.000
1,999,000
7,581.000
4,407,000
3,100,000
3.500.000
4,627,000
16-30 days U. 8. cortlf. of indebtedness
178,535,000
56,233,000
58,860,000
48,117,000
44,526,000
43,302,000
43,348,000
34,805,000
35,343,000
31-60 days bills bought In open market.
471,517,000
403,555.000
407,392,000
419,912,000
389,479,000
397,788,000
375,018,000
381,720.000
359,303,000
31-60 days bills discounted
3,500,000
9.955,000
7,646,000
10.682,000
6,949,000
9,036,000
9,518.000
9,518.000
6,576,000
31-00 days U. 8. certif. of Indebtedness
66,226,000
16,695,000
16,777,000
9,061,000
17,328,000
16,188,000
19.607,000
13,220.000
13,340,000
81-90 days bills bought in open market
207,765,000
283,855,000
274,716,000
293,538,000
266,151,000
283,234,000
255,707.000
247,096,000
242,118,000
61-90 days bills discounted
4.743,000
11,511,000
8.858.000
6,813,000
8,020,000
5,350,000
4,613,000
5,602,000
4,640,000
81-90 days U. 8. certif. of Indebtedness
16,798,000
47,049,000
44.211,000
54,279,000
40,562,000
37,651,000
43,642,000
42,607.000
40,897,000
Over 90 days bills discounted
245,915,000
236,247.000
230,681,000
234,093,000
236,283,000
228,591,000
234,393,000
229,421,000
237,684,000
Over 90 days certif. of indebtedness.--.
49,120,000
1-15 daya bills bought In open market.
1-15 days bill discounted-.1-15 days U. 8. certif. of indebtedness.
Federal Reserve Notes—
Outstanding
3,310,900,000 3,337.009,000 3,346.989,000 3,348,473,000 3,349,950,000 3,368,644,000 3,400,093,000 3,511,301,000 3,292,819,000
245,686,000
318,228,000
324,343,000
420,553,000
312.506.000
304,378,000
296,767,000
331,169,000
348,020,000
-
Held by banks.—
...
2,962,880,000 3,005,840,000 3,042,611,000 3,051,706,000 3,037,444,000 3.050,416,000 3,075,750,000 3,090,748.000 3,047,133,000
In actual circulation
Amount chargeable to Fed. Res. agent 4,105,419,000 4,131,424,000
794,415,000
794,519,000
In hands of Federal Reserve Agent
4,135,883,000 4,146,930,000 4,158.802,000 4,193,670,000 4,215,527,000 4,255,835,000 3,666,268,000
373,449,000
825,026,000
815,434,000
808,852,000
744,534,000
798,457,000
788,894,000
3,310,900,000 3,337,009,000 3,346,989,000 3.348,473,000 3,349,950,000 3,368,644,000 3,400,093,000 3,511,301,000 3,292,819,000
Issued to Federal Reserve banks
How Secured—
251,051,000
227,385,000
227,386,000
227,387,000
227,386.000
227,386,000
227,386,000
227,386,000
227,386,000
2,053,093,000 2,096,439,000 2,110,429,000 2,114,292,000 2,089,404.000 2,099,607,000 2,125,346,000 2,222,851,000 2,131,124,000
98.662,000
118,901,000
103,412.000
113,831.000
114.182,000
109,120,000
113,359,000
115.694,000
116,071,000
811,982,000
922,751,000
943,949,000
919,329,000
946,881,000
900,054,000
893,436,000
897,490,000
914,350,000
*
By gold and gold certificates
eligible paper
By
Gold redemption fund
With Federal Reserve Board
Total 4—
Eligible
delivered to F. R. Agent
paper
•Rpvised
ability Items."
on
2,295,178,000 2,462,717,000 2,450,543,000 2,512,232,000
the old basis of net deposits—that
-v''
is, after deducting from gross deposits "uncollected
The new method Is to disregard both of
2,525,411.000 2.554,001,000 2.547.440.000 2,611,443,000
v'
v
items," but including also In the gross deposits "deferred avail¬
these—see matter printed in Italics in introductory remarks on Page
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New Yotk.
Phila.
RESOURCES.
$
$
$
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
27471,746,000
P
'
figures
Calculated
a
3,310,900,000 3,337,009,000 3,346,989,000 3,348,473,000 3,349,950,000 3,368,644,000 3,400.093,000 3,511,301,000 3,292,819,000
—
——
7,250,0
32,545,0
181,772,0
3,183,0
88,200,0
43,963,0
39,795,0
269,972,0
Immediately preceding.
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Cleveland. Richmond
s
$
6,796,0
93,872,0
3,526,0
28,883,0
Atlanta.
Chicago.
$
$
4,827 0
17,206,0
21,267,0
94,900,0
22,033,0 116,167,0
57,152,0 190,780,0
6,882,0 34,329,0
St. Louis. Minneap. Kan.City.
Dallas.
35
S
$
$.
MARCH 19 1921
San Fran.
\s
17,921,0
31,946,0
Total.
$
286,431,0
514 072,0
8,294,0
21,656,0
2,502,0
30,866,0
4,167,0
29,950,0
25,922,0
2,646,0
38,156,0
4,449,0
780,503,0
14,411,0 49,867,0
19,826,0 137,479,0 1,257,807,0
167,729,0
10,790,0
5,319,0
94,179,0
58,518,0
8,329,0
443,0
75,973,0
3,201,0
39,556,0 198,136,0 2,206,039,0
209,250,0
2,145,0
4,832,0
3,305,0
21,412,0
24,717,0
33,368,0
5,788,0
80,623,
47,146,0 100.668,0
32,409,0
Gold with Federal Reserve agents 142,762,0
Gold redemption fund
34,245,0
203,839,0 128,221,0 197,073,0
9,373,0
12,116,0
36,COO,0
51,302,0
7,413,0
Total gold reserves..
216,802,0
Legal tender notes, silver, &c._.
13,529,0
509,811,0 184,740,0 309,857,0
3,783,0
3,119,0
152,087,0
91,124,0
230,331,0
661,898,0 188,523,0 312,976,0
96,834,(
90,402,0 349,013,0 102,508,0
58,961,0
79,174,0
44,388,0 200,281,0 2,415,289,0
68,936,0
72,481,0
54,121,0
50,663,0
35,889,0
58,008,0
3,245,0
58,596,0 127,680,0
64,453,0 251,817,0
10,309,0
968,0
14,744,0
53,473,0
35,178,0
64,541,0
239,0
11,631,0
51,243,0
772,011,0 164,325, ( 142,322,0 111,916,0 124,017,0 389,806,0
833,0
113,0
1,233,0
4,490,0
1,434,0
1,255,0
95,129,0
68,217,0
99,958,0
1,153,0
116,0
8,867,0
1.0
62,874,0 164,276,0 2,347,699,0
25,845,0
1.822,0
3,979,0
19,0
8,480,0
10,673,0
Total gold held by banks
Total
reserves
5,710,0
86,067,0 341,276,0
7,737,0
4,335,0
65.295,0
Bills discounted: Secured by Gov¬
ernment
All
obligations (a)
1
other
Bills bought In open market (b)__
Total bills on hand
U. 8. Government bonds.
U. 8. Government
152,848,0
550,0
Victory notes
U. 8. certificates of indebtedness
Total
5%
redemption
fund
385,730,0 109,403,0
351,324,0
41,440,0
62,531,0
34,957,0
13,482,0
25,670,0
32,208",0
25,805,0
2,330,0
3,0
10,0
83,277,0
56,910.0
13",262",0
16,665,0
40,492,0
13,364,0
856,543,0 197,967,0 168,970,0 126,411,0 140,798,0 434,788,0 109,636,0
626,0
506,0
726,(
2,804,0
4,627,0
1,691,0
1,628,0
Gold abroad In custody or transit
Uncollected items
All other resources
resources
76,813,0 119,499,0
599,0
1,742,0
8",300,0
47,815,0 1,000,386,0
96,312,0 1,224,533,0
122,780,0
20,149,0
10,964,0
284,951,0
75,153,0 177,062,0 2,658,514,0
1,770,0
529,0
20,465,0
665,0
158,0
586,0
86,0
53,112,0
525,0
36,728,0
744,0
12,428,0
3,300,0
716,882,0
9,891,0
r
against
Federal Reserve bank notes
Total
5,0
21,471,0
174,874,0
3,217,0
earning assets
premises..
Bank
11,431,0
1,072,0
48,327,0
241,0
545,0
601,0
675,0
2,183,0
2,271,0
1,300,0
1,211,0
154,007,0
3,216,0
264,0
270,0
162,0
119,0
393,0
58,941,0
71,683,0
540,0
59,895,0
30,292 ,C
478,0
97,957,0
1,673,0
537,0
1,240,0
481,0
916,0
155,0
396,0
89,0
36,737,0
20,859,0
536,0
132,0
523,0
152,0
48,344,0
484,0
458,607,0 1,683,773,0 448,038,0 557,370,0 286,012,0 263,490,0 888,811,0 250,721,0 157,849,0 255,126,0 159,455,0 427,517,0 5,836,769,0
LIABILITIES.
Capital paid in
Surplus.
Government deposits
Due to members, reserve account
Oth. deposits, lncl. for Govt.cred.
Total deposits
7,838,0
15,711,0
3,272,0
108,407,0
897,0
112,576,0
F. R. notes in actual circulation. 261,596,0
45,036,0
838,0
4,488,0
9,159,0
12,245,0
72,765,0
1,298,0
101,058,0
7,186,0
4,131,0
202,036,0
6,033,0 14,194,0
58,789,0
587,0
5,519,0
50,057,0 110,616,0 1,677,774,0
38,072,0
12,101,0
547,0
654,376,0 104,286,0 148,788,0 59,309,0 58,644,0 248,285,0 73,284,0
789,920,0 241,622,0 291,710,0 150,182,0 158,270,0 485,349,0 119,283,0
49,372,0
69,943,0
86,308,0
96,977,0
56,123,0 123,304,0 1.774,635.0
61,848,0 236,180,0 2,962,880,0
6,891,0
19.578,0
1,588,0
11,747,0
44,113,0
2,334,0
5,506,0
24,270,0
8,609,0
10,880,0
17,010,0 20,305,0
1,132,0
64,0
639,356,0 101,939,0 147,890,0
14,610,0 |
834,0
1,215,0
26,488,0
56,414,0
410,0
5,321,0
10,561,0
705,0
57,953,0
651,0
4,063,0
14,124,0
8,343,0
28,980,0
9,681,0
44,710,0 235,003,0
416,0
3,601,0
13,518,0
4,433,0
8,346,0
8,158,0
64,042,0
1,064,0
3,497,0
6,980,0
3,498,0
F. R. bank notes in circulation—
Net
liability
Deferred availability items
All other liabilities
15,317,0
43,067,0
2,502,0
33,838,0
105,932,0
16,805,0
17,889,0 20,939,0
56,146,0 262,072,0
2.476,0
2,676,0
9,105,0
13,282,0
29,004,0
6.998.0
49,905,0
18,803,0
2,085,0
75,183,0
36,744,0
1,653,0
1,629,0
7,886,0
1,544,0
8,734,0
35,034,0
2,885,0
179,250,0
570,847,0
46,063,0
458,607.0 1,683,773,0 448,038,0 557,370,0 286,012,0 263,490,0 888,811,0 250,721,0 157,849,0 255,126,0 159,455,0 427,517,0 5,836,769,0
March 26
1921.]
THE
Two ciphers (00) omitted.—
Boston
Neto York.
CHRONICLE
\cievdand. ] Richmond
Phila.
Atlanta.
1257
St. Louis. Minneap.
Chicago.
Kan.City.
Dallas.
San Fran.
Total.
LIABILITIES (Concluded)
Ratio of total reserves to
deposit
and F. R. note liabilities
com¬
bined,
per cent
S
61.6
.
Memoranda—Contingent liability
Discounted
45.8
endors
as
54.5
71.1
46.2
41.7
47.6
53.2
49.4
43.2
er on:
37.6
55.7
51.0
paper rediscounted
with other F. R. banks
Bankers' acceptances sold to other
13,437,0
F. R. banks without
endorBem't
Contingent liability
25,0
2,336,0
other F. R. banks, viz
(b) Includes bankers' acceptances bought fr
14,147,0
2,624,0
Federal Reserve notes
1,547,0
Phila.
Clece.
$
%
S
102,650
276,099
5,600
22,162
Gold settlement fund—Federal
Reserve Board
Eligible paper (Amount required
115,000
133,337
held
.
19,511
C
of
amount
Federal
the
Reserve
832,0
34,403,0
Rlchm'd Atlanta
S
Chicago
St. L.
Minn.
$
$
$
$
268,000 26,140 45,020 25,428 77,666
921,947 270,168 321,470 157,447 162,906
141,559
27,440
527,176 141,509
169,608
23,775
3,500
17*832 18,298 "L802
8,231
3,652
26,000 110,389 155,000 49,500 50,000
718,108 141,947 124.397 106,145 105,754
23,196
8,405
17,137
1,707
18,248
K.
5,912,0
Dallas
San Fr.
Total
$
City
$
$
$
,
12,820
3,600
71,793 105,113
13,052
5,960
16,696 47,500
794,519'
67,969 287,303 3,310,900
5,891
227,386
3,700 16^888
116,071
10,235 120,591
914,350
48,143 149,824 2,053,093
14,112 13,261
242,085
14",636
3,404
2,670
"2",796
176,144
336,396
53,384
55,931
10,200
45,871
21,271
35,360
66,957
76,214
18,904
32,949
674,359 2,135,090 574,881 705,097 342,029 421,726 1,249,295 329,362 177,677
246,775 166,746 635,367 7,658,404
Liabilities—
Collateral received from
1
1,536,0
13,437,0
New York
...
amount
864,0
2,451,0
$
Federal Reserve notes
outstanding
Collateral security for Federal Reserve notes
outstanding:
Gold and gold certificates
\ Excess
1,504,0
3,808,0
1,058,0
Boston
hand
Total
1,152,0
13,437,0
25,0
(in Thousands of Dollars)
on
1,568,0
oth. F. R. banks:
om
831,0
Federal Reserve Agent at—
Resources—
Comptroller of
5,912,0
1,472,0
'
2,560,0
,
Without their endorsement-_
Net
13,437,0
5,887,0
bills purch.
for foreign
correspondents
(a) Includes bills discounted for
on
notes
received
from
Currency
(Gold
378,749 1,189,947 296,308 366,490 182,875 240,572
142,762
203,839 128,221 197,073 51,302 57,152
152,848
741,304 150,352 141,534 107,852 124,002
Federal Reserve Bank (Eligible
paper
Total
668.735 168,949
190,780
389,780
84,613 108,713
38,156
99,906
65,295
84,665 334,803 4,105,419
19,826 137,479 1,257,807
62,255 163,085 2,295,178
25,922
95,118
67,142
674,359 2,135,090 574,881 705,097 342,029 421,726 1,249,295 329,362 177,677
246,775 166,746 635,367 7,658,404
Federal Reserve notes outstanding.
Federal Reserve notes held by banks
276,099
14,503
527,176 141,509
41,827 22,226
71,793 105,113
1,850
8,136
67,969 287,303 3,310,900
6,121 51,123
348,020
261,596
Federal Reserve notes In actual circulation
921,947 270,168 321,470 157,447 162,906
132,027 28,546 29,760
7,265
4,636
789,920 241,622 291,710 150,182 158,270
585,349 119,283
69,943
61,848 236,180 2,962,880
96,977
/
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" Dec. 29 1917,
page 2523. I
STATEMENT SHOWINd PRINCIPAL
RESOURCE AND LIABILITY ITEMS OF REPORTINQ MEMBER BANKSIN
FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL
OTHER REPORTINQ BANKS AS AT CLOSE OF BUSINESS MARCH 11 1921.
,tu?^er liquidation of 77
millions of total loans and investments,
of all reporting banks show a decrease of 77 millions and those of New
Yor
members a decrease of 59 millions.
accom-
Sanied by a smaller reduction in indicated in the Federal Reserve Board's
deposit liabilities and increased borrowing
Federal Reserve
Banks, is
•om
weekly statement of condition
Accommodation
March 11 of 824 member banks in leading
on
cities.
Loans secured by Government
obligations show
a
decrease of 16 millions
before.
Boston.
Including bills
discounted
Loans
sec.
with F.
R.
by U. 8. Govt,
3
obligations..
Total loans and
discounts.....
s
897,763 4,738,664
33,031
300,461
6,020
84,013
70,542
194,274
409,329
Government
increases from 758
15.1 %
789 millions in
to
in ratio of accommodation
deposits (net) show an aggregate increase of 17 millions, but a decrease of
24 millions for the member banks in New York
City.
Time deposits
declined by 10 millions, of which 2 millions
represent the decrease at the
New York City banks.
Reserve balances with the Federal Reserve Banks
are
shown 23 millions
larger than the week before, the increase for the New York members alone
being 27 millions.
Cash in vault shows an aggregate gain of 2 millions
and a gain of 1 million in New York
City.
*
at close of
Atlanta.
84
business March 11 1921.
Chicago.
43
Three ciphers (000) omitted.
St. Louis. Minneap. Kan. City
114
37
$
$
35
$
Dallas.
82
$
26,900
111,945
337,209
24,695
90,718
58,219
445,665
321,180 1,377,720
22,416
121,119
339,220
476,054
60,223
404,094 1,914,103
40,446
77,916
2,995
34,175
2,326
27,963
34,380 V 309,895
595,851
33,922
15,445
330,662
484,241 2,364,052
25,652
185,648
11,675
56,040
238,938 1,338,204
145,447
658,371
460
4.829
100,680
733,162
896,828 1,530,059
63,845
97,193
16,390
33,100
646,040
891,586
39,111
432,638
3,434
3,403
are
-
61,774
348,351
703,491
1,070,957 5,956,980
73,417
618,130
22,941
104,816
735,971 4,624,759
168,734
438,783
3,414
17,972
deposits
Bills payable with F. R. Bank:
Secured by U. 8. Govt, obligations
other
24,459
2.
Three
263,198
43,880
7,679
5,117
46,778
(000)
18,055
81,484
San Fran
52
$
$
824
$
13,606
44,370
22,615
229,160
397,435
482,755
28,755
2,197
• 2,522
65,936
287,136
496,999
16,375
35,850
1,366
2,107
1,100
19,688
3,752
4,964
153,397
10,300
582,165
44,000
325,665
594,962
19,808
7,224
196,352
46,913
13,696
403,817
68,582
100,654
773
767
2,762
16,491
76,949
Total.
69
*
8,270
38,372
223,629
29,998
152,681
769,970
270,271
37,637
952,649 12,708,249
93,985
865,783
192,055
17,125
16,373
202,058
171,561 2,007,969
2,346
769,968
3,031,706
8,907,575
23,574
101,221
476,176
37,387
33,190
oblig'ns
Loans secured by stocks A bonds.
AI1 other loans and discounts
11.
Mar. 4
6,610
57,329
City of Chicago.
72
Mar.
72
S
331,187
335,090
1,086,668 1,119,400!
2,818,323 2,853,874;
11.
2,866
7,750
36,112
27,771
17,496
Reserve balance with F. R. Bank...
575,254
547,547,
93,738
92,999
4,133,646 4,157,876
275,638
278,040
17,109
38,501
Net demand deposits
Time deposits
deposits
Bills payable with F. R. Bank:
Sec. by U. 8. Govt, obligations...
18,944
191,541
3,283
1,052
23,503
37,917
8,487
25,718
285
558,428
2,757
645
4,022
205,582
18,375
3,747
39,357
All F. R. Bank Cities
52
$
All other
11.
Mar. 4
F. R. Branch Cities
64,313
1,087,068
AllOther Report .Bks
Mar.
Mar.
286
$
286
$
216
S
216
$
11.
Mar. 4
322
$
133,418
32,705
935,793
310,337
2,186
99,088
450,858
101,811
436,410
15.1
14.4
17,943
12,711
8,408
147,616
569,896
8,549, 299
431, 659
107, 596
579,727
2,138,350
430,328
107,737
136, 598
143,938
1,117, 309
1,101,219
824
$
8,628,524
65,979
Total.
Mar. 11 '21 [Mar. 4 '21Mar.l2 '20
322
S
238,024
20,963
824
809
•785,992
3,053,749
1,166,415
3,184,987
$
769,968
3,031,706
8,906,575
8,955,193
,205,474 2,217.6391,953,476 1,948,771 12,708,249 12,794,934
219,268
220,434
214,856
215,046
865,783
865,808
49,420
51,719
35,039
34,970
192,055
194,426
36,353
37,096
29,107
202,058
26,645
207,679
546,947
343,713
544,128
344,938 2,007,969 1,990,285
,424,702 10,342, 461 10,411,746 3 057,462 3,071,016 2,576,191 2,570,37015,976,114 16,053,132
133.107
953, 047
927,984
200,641
198,344! 148,544
152,773} 1,302,232 1,279,101
32,148
186, 884
188,208
65,968
65,087;
77,186
75,176
330,038
328,471
935,019 7,297, 567 7,313,611 ,698,865 1,678.6351,538,669 1,526,12810,535,101 10,518,374
311,181 1,340, 423 1,343,301
919,438
924,992
650,531
651,525, 2,910,392 2,919,818
4,918
30, 492
68,585
6,247
13,783
3,868
8,675
40,607
91,043
20,280
368,950
1,790
346,630
132,367
1,138)
422
12,607
122,879
12,842
111,952
175,311
851,320
178,620
23,310
9,199
834,229
21,072
115,754
125,508
11.0
10.2
13.5
13.1
8.8
9.1
545
Ratio of bills payable A rediscounts
with F. R. Bk. to total loans and
.
Mar. 4
111,392
114,681
88,680
91,584
489,524
488,251
425,821
427,148
5,910,447 1,604,558 1,614,707 1,438,975 1,430,039
220,127
Comparable figures not available.
11.
317,274! 2,116,361
1,790
Bills rediscounted with F. R. Bank:
Sec. by U. 8. Govt, obligations..
Mar.
854,7711 5,863,042
239,121
All other
'
100
63,980
323,411
4,236,178 4,308,3641 ,249,946
257,424
19,282
257,788,
U. 8. Victory notes
r74,092
74,050
12,990
U. 8. certificates of indebtedness...
96,351
101,921
8,599
Other bonds, stocks & securities
558,686
144,051
540,377;
Total loans & disc'ts, A
invest's,
incl. bills redlsc'ted with F.R.Bk.
5,222,731 5,282,5001 ,434,868
»er cent
322,661 1,251,693 15,976,114
23,396
70,308 1,302,232
10,881
27,627
330,038
210,136
589,786 10,535,101
60,003
539,592 2,910,392
789
40,607
2,780
441
862,555
discounts
Cash in vault..
Mar. 4
52
S
bonds
investments.
66,518
1,790
105
omitted.
Number of reporting banks
Loans and discounts, Incl. bills redis¬
counted with F. R. Bank:
Loans sec. by U. 8. Govt,
Government
26,620
9,203
328,850
142,963
1,068
Data of reporting member banks in Federal Reserve Bank and
branch cities and all other reporting banks.
Mar.
Total loans and
918
36
New York City.
ciphers
115,514
39,225
;
Bills rediscounted with F. R. Bank:
Secured by U. 8. Govt,
obligations
All other
a
banks
14.4 to
.
$
'674,145 1,113,616
43,702
97,402
10,305
20,321
13,180
16,238
155,496
282,482
in¬
loans, dlsc'ts & investments, incl
Net demand deposits..
Time deposits
8.
$
9,249
Z
bills rediscounted with F. R. Bank
Reserve balance with F. R. Bank
Cash in vault
O.
:
Banks
Government deposits show a durther decrease of 50 millions for all
report¬
ing banks and of 21 millions for the New York members, while other demand
88
124,894
U. S. bonds
All
$
41,349
357,085
191,812 1,247,949
664,602 3,133,630
bonds..
U. 8. Victory notes
U. 8. certificates of indebtedness
Other bonds, stocks and securities.
Total
58
York
re
bank:
Loans secured by stocks and
All other loans and discounts
113
New
and from
noted.
New York PhUadel. Cleveland. Richm'd.
49
For the
accommodation
Data for all reporting member
banks In each Federal Reserve District
Number of reporting banks
Loans and discounts,
Reserve
11.6%
11.4% the week
Government obligations, of 32 millions
in loans secured by corporate
obligations and of 36 millions in all other loans and
discounts, with an aggre¬
gate decrease of 72 millions in loans and
discounts, are shown.
Only minor changes are shown in the
holdings of Government securities,
holdings of Victory notes showing a decline of 2
millions, and those of
Treasury certificates—a decline of 6 millions.
Other bonds, stocks and
securities, on the other hand, show an increase of 18 millions for all
reporting
banks and a
slightly larger increase for the member banks in New York
City alone.
As a consequence of these
changes, total loans and investments
Federal Reserve District
banks at the Federal
creased for the week from 1,832 to 1,854 millions and constituted
of the bank's total loans and
investments, copmared with
F.„
-yvee*c' mans secured by corporate obligations—a decrease of 22
millions, and all other loans and discounts—a decrease of 48
millions, the
aggregate reduction in loans and discounts thus
amounting to 87 millions.
For the New York
City banks decreases of 4 millions in loans secured by
1.
of reporting
k
130,456
57,111
57,459
a
a
860,094
204,^58
631,010
a
910.196
436,601
368,749
716,721
565.076
39,175
538
558,428
2,757
534,545
1,676
944,551
2,928
205,582
1,087,068
213,117
119,994
11,187
123,009
1,082,746
333,445
825,330
7.2
7.5
11.6
11.4
12.5
[VOL. 112.
CHRONICLE
THE
1258
for
activity this week.
Railroad and
and Central
the week have transpired in Eastern
events of
Board
Europe and thus far have produced no important effect in
the business affairs of this country.
It is therefore evident
that Lenin's declaration of
taken too
change of front is not
domestic nature
importance to change the tone or
character of the security markets.
The latter, therefore,
drifted, so to speak, until Wednesday, when the volume of
Neither has anything of a
that matter.
occurred
sufficient
of
business increased to more
and there
its force on that day, and on
ment spent
in
than twice its previous average,
But this move¬
general advance in prices.
was a
anticipation of
Thursday, perhaps
prolonged Easter holiday, the market
a
settled back into its former
some
signs, however, of an improvement
are
The money market continues to grow
other kinds of steel is somewhat
represented in
detailed list
our
90.32
90.46
90.06
90.62
90.44
90.50
90.56
90.06
101
281
218
1,044
87.26
87.00
87.48
87.26
87.00
87.16
87.26
87.00
87.48
252
High
bonds
1932-47 (First 4s)
1
Low
Close
1
ts..
Total sales in SI,000 units. 1
87.40
87.40
87.22
87.26
87.20
87.02
87.28
Low
Close
87.30
87.40
87.20
87.36
87.48
71
1
(First 4%s)
81
53
82
169
bonds
1932-47
of
87.50
High
4% %
Converted
i
(First
Second 4%s)
Low
Close
I.
Total sales in SI,000 units
High
I
bonds of 1927-42
(Second 4s)
4%
v
87.00
86.78
86.82
Low
86.80
86.78
86.60
86.84
Close
87.50
86.78
86.74
86.90
16
1
14
17
High
Second Liberty Loan
Converted 4% % bonds i
1927-42 (Second 4%s)
87.10
87.50
86.90
86.90
87.14
Low
86.92
86.82
86.82
86.82
86.90
q
Tota Bales
Close
86.94
86.90
86.84
86.98
86.96
Third
176
771
562
598
1,532
High
90.26
90.24
90.18
90.14
90.30
t Low
I Close
90.14
90.12
90.00
90.04
90.10
90.20
90.18
90.08
90.12
90.20
In SI,000 units.
Liberty Loan
4%% bonds of 1928
(Third 4%s)
415
295
745
260
466
87.26
87.20
87.14
87.10
87.34
Low
87.10
87.04
86.84
86.96
87.10
I Close
87.14
87.14
87.04
87.04
87.12
535
691
964
"High
97.28
97.32
97.38
1,172
97.38
97.56
97.10
97.06
97.20
97.10
97.20
97.12
97.30
97.30
97.38
97.56
348
2,162
1,044
f High
97.20
97.30
2,866
97.34
97.54
Low
97.16
97.16
97.18
97.36
Close
97.16
97.28
97.34
97.54
88
279
37
Total sales In SI.000 units.
f High
Fourth Liberty Loan
-I
4% % bonds of 1933-38
(Fourth 4%s)
Total sales In SI,000 unlts.
Victory Liberty Loan
notes of 1922-23
3% %
j
1301
Total sales In SI,000 units.
Par. Shares
100 103% Mar
All American Cables. 100
$ per share.
23103% Mar 23
2l| 52% Mar 19
22: 21% Mar 22
23 75 % Mar 23
% per share.
.50
200
AmericanChlcle-.no par
100
52% Mar
21% Mar
American Radiator...25
300
70% Mar
100
10
200
8
100
2M Mar 21
18
Mar 24
10
I®
Mar 19
23% Mar 22
Ann Arbor RR
Assets Realization
30
Atlantic Petroleum
Tack
Atlas
no
par
25
Barnsdall class B
21%
21!
Chic StPM&Om-.lOO
300
57
Mar
Cluett, Peabody & Co 100
Davison Chemical.no par
1,100
46
lar
De Beers Cons M.no par
400
15% Mar 24
16
Mar 22
Detroit United Ry.._100
100
72
Mar 24
72
19%
Mar
Mar 24
35
Jan
1
Jan
Mar
62%
23
Mar
31
15%
Mar
21
Mar
Mar
Feb
Mar
Mar
60
20%
Jan
56
Jan
Mar 24
12% Mar 23
12
Mar
40
56
Mar 24
Mar 24
55
Jan
8% Mar 23
Mar 24
60
Jan
72
12
700
Jan
Mar
15%
Mar 23
Mar 24'
60
Mar
60
Mar
Mar
79
Jan
8X
Kayser (Julius) & Co 100
600
68
Mar 19i
Mar 22
68
Kelsey Wheel Inc... 100
Preferred..
-.100
200
47% Mar 22
Mar 23
35
Mar
48
Mar
100
76
Mar 21
Mar
21!
75
Mar
76
Mar
Locomotive
200
73
Mar 24
Mar
24!
73
Mar
74
Mar
100
19
Mar 23
Mar 23
19
Mar
21
Jan
Lima
Shirt ....25
Manhattan
7%
Jan
3%
Jan
6% Mar 23
2%
Jan
1% Mar 22
X
Jan
8
Mar 21
7%
Jan
Mar 23
6
Mar 23
5
Mar
9%
Mar 23
3
Mar 23
3
Mar
3
2%
Mar
100
3,400|
Ctfs dep stpd
ass'td.
100
Ctfs dep stpd ass'td.
Second pref ctfs dep..
Ctfs dep stpd ass'td.
100
5X Mar 21
1% Mar 22;
First preferred
1001
8
Mar 21
100
6
200i
3
700
2% Mar 23,
Maxwell Motor
3% Mar 23
Jan
12
Jan
Mar
Jan
5
**
100
Biscuit
National
„_.100
Preferred
Southern... 100
Norfolk & West pref. 100
Ohio Body & Blow no par
Otis Elevator...
200
30% Mar 19!| 24
Feb
Jan
28%
Jan
;
Jan 108
Jan
Jan 120
Jan
33
Feb
Mar
13%
Mar: 17%
Jan
15%
Mar 23
85%
88
Mar 23
88
Mar 24
80% Mar 21
77% Mar 24
200
500 104
Stern Bros preferred .100
200
Texas Co warrants
Tex Pac Land Trust. 100
Third Avenue Ry_._100
647 225
Preferred trust rects..
Union Tank Car
Preferred
Jan
12
Mar 24
67
Mar
76
Jan
80% Mar 21
80
Feb
85
Feb
67
6
Mar 23
77% Mar 24
4%
i
73
Mar 19 106
Mar 22
! 85
14
Mar 19
! 12%
Mar 23
Mar
41% Mar 19 ! 38
Mar 19 230
Mar 22 210
Jan
6%
Jan
Jan 106
Mar
Mar
25%
Jan
Mar
43%
Jan
Mar
Jan 230
20%
12%
19% Mar 23 19% Mar 23 18%
Mar 24 107
Mar 24 107
100107
Mar 24 100
Mar 24 100
100100
Jan
20
Jan
Mar 107
Mar
Mar 100
Mar
20% Mar 21
9% Mar 24
13
100
Mar 24
94
Mar 21 x92
93
400
43% Mar 23
43% Mar 21
43%
Mar!
47
200
72
Mar 24
72
Mar
78%
1,400
11
Mar 19
73% Mar 24
12% Mar 23
For transactions
on
8%
Jan1
Feb
and
1254.
Railroad Bonds.—No sales of State
fionds
reported at the Board this week.
market for railway
and industrial bonds has been
active than of late and generally steady.
Of a
28 well-known representative issues, just one-half are
more
fractionally higher
or
unchanged.
business has been increased by notable
offerings,!including Atlantic
Refining, Bell Tel., Cuban-Amer. Sugar, Cuba Cane, N. W.
Bell Tel., New York Cent., Pennsylvania, Tidewater Oils
and Wostinghouse.
Several of the local tractions, including
activity of some of the newer
83%@3 83%;
week follows:
3 89%
3 92 %
3 91
6.98
6.99
6.90%
6.91%
1.64
1.65
3 91%
3 88%
3 84%
Paris Bankers' Francs—
High for the week
6.90
6.82,%
Germany Bankers' Marks—
High for the week.
Low for the week
Amsterdam Bankers' Guilders—
34%
34%
33 15-16
j
33.83
Low for the week
$1,000
$1,000
displayed any ac¬
of business being
moderate.
Prices held firm with the exception of one
when selling pressure developed, causing some weaken¬
Outside
tivity
very
34%
34.35
Exchange.—Chicago, par.
1st. Louis, 15@25c. per
Boston, par.
San Francisco, par.
Montreal, $135 per
Cincinnati, par.
Domestic
day,
1.56%
1.55%
...
High for the week
Cables.
Checks.
Sixty Days.
on
Market.—Only
a
few issues
the "curb" this week, the volume
In the industrial
Stutz Motor,
inactive for some time, was traded in up from 9234 to 106
and down to 100.
Durant Motors weakened from 22 to
21Cleveland Automobile Co. advanced two points to 46.
Gardner Motor eased off from 22 to 2034 and sold finally
ing, though changes were not
section motor shares
at 21.
important.
commanded attention.
Lincoln Motor, after early
weakness from 18
Mar
Jan
13
New York, Boston, Philadelphia,
Baltimore exchanges, see page
Jan
Jan
Mar 106
900
50
Van Raalte 1st pref. .100
no par
Mar
Jan
Feb
18% Mar 19
9% Mar 24
100
First preferred
Jan
Feb 103
9%
3,100
100
Tol St L & W tr rccts
41
Jan
Mar
88
Mar
12% Mar 24
2,600
1
Feb
9
5% Mar 24
So Porto Rico Sugar. 100
12%
9% Mar 19
9% Mar 19
67
of
for foreign exchange for the
Low for the week
premium.
100
volume
The range
Mar
14% Mar 23i 14% Mar 23
14
Mar 22
15% Mar 19
exchange were 3 85%@>
3 91 % @3 91 % for cables.
sixty days, 3
and documents for payment (sixty days),
payment, 3 90%@3 90%, and grain for
Sterling Actual—
High for the week
86
100
The
actual rates for sterling
@ 3 91 for checks and
banks, sight, 3 90%@3 90%:
56.43 fr. low.
Jan 130
Mar
500
10
no par
59%
86
Mar 24
trend de¬
throughout, on light
payment, 3 90%@3 90%.
„
To-day's (Friday's) actual rates for Paris bankers' francs were 6 82% (a?
6 82% for long and 6 88%@6 88% for short.
German bankers' marks
are not yet quoted for long and short bills.
Amsterdam bankers' guilders
were 33.94 for long and 34.42 for short.
Exchange at Paris on London, 56.40 fr.: week's range, 56.25 fr. high and
discount.
Shattuck
list of
on
ninety days, 3 82%@3 82%,
3 84%@3 84%.
Cotton for
Mar
Phillips Jones pref...100
Pittsburgh Steel pref. 100
The
(Friday's)
To-day's
Commercial
Jan
100
slightly
somewhat reactionary
Jan
100
have been
a
irregular fluctuations
3 87% for sixty days, 3 90 %
Jan
100
and
exchanges
with
dealings.
10
Penney (J C) pref.-.100
State
veloped
12%
100
Weber&Hellbrcner
Continental
67%
86
..89.90 to 90.00
..86.80 to 87.20
I..96.92 to 97.40
86.66 to 86.84
4%s
Mar
Mar 24
only sales of coupon
Foreign Exchange.—The market for sterling exchange
ruled dull but firm and -without essential change.
In the
Mar
400
United Drug
23 2d
3,687
bonds were:
......86.60 to 86.74
Mar
5
Temtor C & P cl A
i Jan
Mar22i: 56
9 % Mar 24'
9%Mar23ii
9%
66% Mar 24! 66% Mar 24 65
800
8% Mar 24;
9
Mar 24
8%
Mar 23 115
1,300 124% Mar 19|128
Parish & Bingham no par
Arizona
4%s
3 2d 4s
100
86
Peoria & Eastern
22! 58
30% Mar 19
100
Pacific Mail S3...
5 1st
800
100
Preferred
Mar
26% Mar 19 27% Mar,23j 21
Mar 19il06% Mar44102
2,200 106
Mar 21 111
100 111
Mar21|:106
1,700
N Y Shlpbulldlng.no par
Norfolk
58
100
100
line ctfs...
includes
Low for the week....
M St P & S S M leased
Mulllns Body ....no par
table
27 3d 4%s
90.30
86.50 to 87.50 22 4th 4%s
53 Victory 4%s...
20 1st 3%s
Jan
Mar 690
400
600
•
49%
Mar 24
above
Transactions in registered
870
Jan
70
Mar 21 640
Hydraulic SteeL.no par
Ills Cent RR Secur stock
trust ctfs series A.. 100
10
Jan
44
Homestake Mining-.100
International Salt... 100
Mar
63
1,200
Indian Refining
Jan
5%
Mar
Mar 23
23 X Mar 23
Mar 19 655
61% Mar 19 60
Feb
12%
fMar 209
57
41 650
100
Kodak
Eastman
'Mar
Mar 21
22! 58
24; 47
lar 23
Mar
Mar 22 190
Mar 22190
23
200
18%
16
3% Mar 19
% Mar
100 190
Mar
23% |Mar
X
Jan
3%
Feb
X Mar 21
3H Mar 23|
300
200
Central RRof N J.-100
Jan
18
24% Mar 22
Batopllas Mining
20
Brunswick Terminal. 100
3%
2%
Note.—The
bonds.
Mar
75%
8
Mar 19
16
Jan
^Jan
'Mar
Feb
66%
Mar 22
8
Mar 22
Feb
Jan 54
Mar 29
46%
18% Mar 24
400
$ per share. $ per share.
Feb
100
Feb 103%
2% Mar 21
Amer Bank Note
4
87.48
87.40
87.60
Total sales In 11,000 units.
Second
3
High
bonds
Highest
Lowest.
Highest.
Lowest.
90.40
Close
4%
(Victory 3%s)
for
Week.
25.
Week ending March
1.
Range sinoe Jan.
Range for Week.
Sales
STOCKS.
90.66
90.38
ts..
Total sales In SI,000 units..
1932-47
90.52
90.62
Low
7"{
(First 3%s)
Converted 4%%
Mar.2iMar.25
90.66
90.50
Low
the pages which follow:
on
Mar. 21 Afar.22 Mar. 23
4%% notes of 1922-23
1
(Victory 4% s)
[ Close
Total sales in SI.000 units.
better.
sales have occurred this week of shares not
The following
Mar.19
High
3%% bonds of 1932-47
Converted
Governments at the
Liberty Loan issues.
For weekly and yearly range
■
:■' . :'' A.1;"-'
given below.
following.
-J.
Total sales In SI,000 units.
condition.
in general
easier as
the bank statements are week by week more favorable, the
the foreign exchanges show a tendency towards normality,
and it is reported that the outlook for sales of structural and
There
business.
are
page
First Liberty Loan
Government's failure to
obligations is not regarded as a settlement of
treaty
fourth
various
the
to
Dotty Record of Liberty Loan Prices.
the German
seriously here, and
meet its
a
limited
are
To-day1 s prices
see
Bonds.—Sales of
States
United
March 25 1921.
Miscellaneous Stocks.—The most stirring
Wall Street, Friday Night,
prominent
have also been
Hud. & Man. and Westchesters,
(labile.
$3atxlijersr
18, rose to 1934
and ends the
nental Rubb. declined from
week
at
10 34 to 10 and
19.
to
Interconti¬
recovered finally
Chicago & East. 111. RR. new stock was traded in for
the first time, the com. between 1234 and 13 and the pref.
between 3034 and 31.
Oil shares were ccjmparatively quiet,
with narrow price changes.
Carib Syndicate eased off from
7 to 6 and ends the week at 634*
Carib Trading on fair
to 10
34.
activity advanced from 12 to 18 and dropped back to 12.
Internat. Petroleum weakened at first from 15 to 14:%, later
recovered to 1534 and sold finally at 1534*
Maracaibo Oil
advanced from 24 to 2634 and closed to-day at 2634-. Salt
Creek Producers sold up from 10 % to 1234 and at 12 finally.
Skelly Oil moved dowh from 6 3'8 to 534* closing to-day at
5%.
The mining list showed considerable activity.
Price
changes on bonds for the iiiost part were small.
A complete record of "curb" market transactions for the
week will be found on page 1268.
New York Stock
Exchange—Stock Record, Daily, Weekly and Yeariy
1259
OCCUPYING THREE PAGES
For sales during the week of stocks
usually inactive, see preceding page.
Sales
HIGH AND LOW SALB PRICE—PER
SHARE.
NOT PER CENT.
PER
Monday
Tuesday
Wednesday
Thursday
March 19.
March 21.
March 23.
March 24.
STOCKS
NEW YORK STOCK
Week
Friday
March 22.
for
the
Saturday
per share
81
78*8
7934
33
4
—
33
*49
3
3
3
3
712
*1612
7%
17i2
25
3712
37i2
66
49
112
58%
*212
*212
*7i2
*16%
237g
36i2
*103
2512
*71
72i2
61
61
,
78%
334
$ per share
9U
113U
59
3i2
3i2
8
1712
2434
3712
66%
105
24%
'
"13%
"l4%i
104
25%
25%
72
72
6034
6034
25
8%!
2%
8%
17%
2534
*7%
24%
62%
102
263s
34%
18
18
18%
*12%
73%
74%
12
12
74lg
7434
32
32
32
9
*7U
*3
13
32
*7%
9
42
71%
40
48
Jan
20
31%
Deo
62
200
34%
34%!
500
*3
*5
12%
1234
7434
31%
9
90
*2
4i2
*4
19%
13
75
32
11,200
32
"24"
5%
24
"5%
16
14%
23
49
49
49
2334
4934
*49%
5
5
68
2%
*44
48
*44
5
70
*44
*60
77
*60
77
*60
77
*60
77
*60
77
*55
61
*55
61
*55
61
*55
61
*55
61
16
15
16
17
16%
96%
16%
16
16
96%
96
78%
35%
7734
35%
1734
97%
7934
1534
1634
9534
7734
36%
35
18
17
I6I4
7912
353g
1714
*44
15%
*16
96%
97%
76%
34%
17%
78%
35%
17%
:
76%
34%
17%
15%
17%
*50
68
25%
703g
687g
53
53
*34
25%
703g
40
*34
2434
*70
25%
75
2434
*70
25%
75
17%
*28
33
2734
25
*50
59
*34
40
*35
39
634
74
745g
20%
67%
69%
41
40%
40%
41
41
42%
21%
42
42
44
2034
55
55
2134
2134
*38
42
118
118
66
66
20%
21%
22%
32
30
27%
28%
37
37
30%
293g
3834
6
38
*35
6%
10
20%
54%
20%
21
20
54%
21%
5434
20%
5434
55
55%
20%
20%
20%
221
68
*65
8%
6%
8%
7334
26
9%
*6
7434
*63
19%
8%
27
9%
7334
~26~
19%
~~9h
*29
QU
1034
*24%
734
19%
*12%
9%
16%
26%
714
20%
27
43
*38
116% 11734
7%
6734
33
26%
66
834
31
31
June
66
1034
26
734
20
16
9%
16%
26%
67%
834
9
74%
41
116% 11634
*65
1034
*24
7%
1934
*12%
934
1634
26
*62
8%
66
7%
1934
68
8%
60
Jan
100
66
Marll
6% Feb
7
77% Feb 17
74%Jan 12
N Y Chicago A St Louls—.lOO
200
9,000
I*
<
42
Marl2
50
New York Central
First preferred
Q
1434 Mar 17
16
Marll
Marl2
28,900
Northern Pacific
100
55,100
1,900
8
0
Pennsylvania
k
200
a
88
3478 Marl8
1584 Marll
4134Jan
19% Jan
14
Dec
32
Feb
100
51
67
Jan 20
50
Deo
68
Feb
100
35
19
45
Jan-
37
Dec
57i2
100
2434 Mar21
32
Jan
10
3914
Oct
Oct
100
70
Marll
75
Jan
17
50
65
Marl5
60
37% Mar 12
55
Feb
7
50
40
Marll
5784 Jan
15
Marll
Jan
Jan 28
12
8
6
St Louis-San Fran tr ctfs. .100
*28
£
19% Marll
24% Jan
10
200
29
33% Jan
11
231,
s
3,000
Preferred A trust ctfs...100
St Louis Southwestern
J 00
28%
38
6%
20%
21
"2l"
¥l34
40
40
24%
734
1934
24%
734
600
H
Do
Do
2,600
28%
8%
8%
Jan
8
101
pref
100
70
Marll
19% Marll
53% Marll
16% Jan
5
36%Jan 10
£113% Marll
64% Jan
3
Oct
Oct
Oct
Feb
11
Oct
Jan
20%
5%
8%
88%
61
40
May
Dec
Dec
Feb
3
18
13
60
Feb
33%
66l2
14
Deo
47
Mar
43
Oct
247g Feb 25i
40% Feb 11
122
Jan
10
Feb
27% June
110
Feb
7
Mar11
8% Jan
12
pref 1A
100
18
Marll
23%Jan
12
17
pref'
100
12% Marl2
9% Marl2
Jan
11
11% Jan
13
12i2
8%
Weste
Do
n
200
Maryland( new)..199
6734 MarlO
12% Mar 3
26
15
Mar
3
2d pref..
100
Western Pacific
100
23% Marl2
29% Mar 4
100
67
70%Jan
Do
"¥,660
B
pref..
Wheeling A Lake Erie Ry.100
Do
pref
Wisconsin Central
15
Marll
4
Feb
Oct
Oct
20% Oct
118% Nov
13
100
18
14
Sept
Jan
Do
9% Jan
19% Jan
11%
Jan
Wabash
United Railways Invest... 100
Do
pref
100
4984
24%Jan
60
61% May
7*8 Aug
14
Aug
7
May
68
16%
12
Twin City Rapid Transit. .100
Union Pacific.;
100
500
"27"
8% Marll
8484 Sept
103
Nov
65l2
337g
48I4
Do
300
1,700
4,400
1,400
*62
11
100
934
17
13
Jan
100
CoL
Jan
Texas A Pacific..
Do
30% Mar 4
7
6,600
100
7
41
100
...100
100
400
35
Marl 1
Southern Railway
Do
pref
6,400
23% Feb
15
5% Mar 14
500
CO
Marll
89%Jan
100
pref
Southern Pacific
"
27
pref..............100
Seaboard Air Line
9,200
20%
68
...
W
300
934
pref
o
o
H
11%
20
pref
Reading
1,200
26,880
"7% "7%
11%
Pittsburgh A West Va
500
o
67
834
75% Marll
4,600
117%
884
37% Sept
27% Oct
o
6%
Feb
105X2 Nov
95% Nov
44
Oct
"21% "21%
27%
18
31% Feb
55i2 Oct
884 Oct
65% Oct
8414 Nov
Feb
16
1st
*37
Oct
11
Nov
Feb
95
84% June
66s4 June
3778 May
2d pref
*65
15%
Apr
Do
31
Oct
21
90»4
50
pref v t c
Do
Oct
40
66i2 Nov
112% Jan
6684 Oct
100
Pere Marquette v t 0
Do
prior pref v t 0
Do
17% Oct
3584 Oct
97% Oct
6% Oot
17% Nov
27X4 Oct
62ia Oct
2484 Oct
Oot
93
12
Oct
Oct.
Sept
Oct
Sept
Nov
Mar
Oct
100
23% Jan
Feb
8
1284
21%
30i2
2284
91%
417g
Oct
Norfolk A Western
19% Jan
3
101% Feb 19
16%
'
70
100
N Y Ontario A Western...100
600
4,428
Jan
73i4
41i4 May
15% Dec
21,000
fa
Oct
9
65
50
Do
116
1634
26%
4
100
100
300
66
*62
Jan
Dec
Second preferred
N Y N H A Hartford
l-l
3
108
64% Feb
23s4 Feb
4G0
66
10
10
23,900
10
10
12
584 Jan 10
o
15
9%
1634
26%
12
41 s4 Jan
69
74%
21
20% Jan
40%
67%
40%
10
1034
25%
Marll
21% Feb
6678 Aug
64s4 Feb
3278 Mar
33% Mar
15% Feb
7384
41
Feb 24
Feb
100
10
116% 118%
4
16
33% Marll
4% Jan
5
Aug
"¥,400
7534
*39
Nat Rys of Mex 2d pref...100
New Orl Tex A Mex v 10.. 100
MarlO
Feb
94
a
10
21%
1,100
2
Feb
39s4 May
O
73%
20%
Missouri Pacific trust ct s.100
Do
prei trust ctfs
100
58%Jan 25
May
8ig
16
w
6%
21
*38
Jan
June
Dec
Dec
Dec
Dec
56% Jan
5
103%Jan 11
40
75
44
*35
10
3
80%
2%
3s4
llx2
33%
3i2
z49% Marll
9734 Jan 20
45% Jan
6
25
26%
26%
*70
75
6834
634
*9
11
50
Jan
a
26%
*70
66%
*28
2734
16%
1634
96%
79%
3534
17%
40
42%
21ig
48
53%
41
21
Jan
200
65%
47i2
9634
63
93
5,500
.V"
Aug
8i2 Dec
13% May
89% Feb 21
Do
pref
100
Missouri Kansas A Texas. 100
Do
pref..
...100
6,400
5
25
38% July
8% Deo
Do
pref
Lake Erie A Western
Do
900
4%
65%
69%
Jan
11
17%
48
71%
3
5% Jan 25
16
Jan
11
36%
68
7
18ig Dec
80% Feb
Jan
1,500
*4%
17%
*65%
70%
Interboro Cons Corp ..No par
Do
pref
100
Kansas City Southern....100
1
Jan
4,700
36
70%
Feb
Jan 26
13
2
69
26
91
73
2%
*66
7
Jan
Marll
52
7034
21
85% Marl2
3% Jan
7
10% Jan 14
Dec
Marll
87
68l2
100
100
Central
12
6584 June
2478 Deo
9
*82
4%
17%
32% Mar 4
9% Feb
2
66
90
35%
Jan 12
Jan 12
Jan 29
100
*83
17
.7% Mar 12
3
100
90
35
Marl9
Jan
i2 Nov
May
6% Dec
9i2 Feb
I6I4 Dec
100
*83
18
pref
Marll
12
1478
21%
15%
79%
3
3
17
Minn St P A S S Marie
87%
361
Mob A Nor tr ct s...100
Do
17
6934 Marll
28% Jan
3
4% Jan
7% Jan
Manhattan Ry guar...
Mlnneap A St L {new)
300
2%
4%
18%
37%
5%
100
Do
2d pref
100
Great Northern pref
100
Iron Ore propertles.No par
Illinois
484 Jan 31
1% Mar24
484 Feb 23
11% Marl 2
Oct
260X2 Sept
i2 Nov
900
68
50%
*2
1st pref..
2% Jan 29
Mar21
100
100
Do
7
Feb
100
*65
2%
4%
17%
35%
1
100
pref
Erie
Gul
84 Jan
100
165
Louisville A Nashville
10
55
100
pref....
10
300
67%
2%
Do
13
28
*65
53%
934
Denver A Rio Grande
Jan
Jan
Marll
67%
48
Deo
46% Mar 8
102
220
Mar21
Mar 21
52%
9%
*4U
46
98% Marl2
205
19
52%
9%
*65%
68%
26
50
10
70
*66
Jan
100
100
50%
*99% 101
53% 54
10
10%
434
42
100
July
35
Aug
83i4 June
100
49%
5034
*99% 101
70%
Oct
1
100
200
49% 4934
*99% 101
68
Oct
54
Mar
pref
Lehigh Valley
100
45g
36X2
Mar 3
2484 Mar 3
49% Mar 5
14% Jan 13
600
*4
69
Feb
46
60
18% Feb 4
45%Jan 25
13
17
963g
78i2
347g
1714
13,700
20
36
*16
8,600
7,100
15%
24%
20
4%
Dec
20
52
300
200
"5"
15
18
16%
2,300
300
2284
36%
5
153g
400
8
16
18
*44
13%
74
233g
36 ig
*4%
68i2
7014
19%
5,000
1,600
*48
*4
60
3734 Mar 4
3
Do
*11
2
66
8
Jan
Duluth S S A Atlantic
11%
19%
5034
10
3
27% Jan
49
6
12%
49
J 87%
2i4
4,200
14,800
4
*5
12%
18%
*12%
73%
31%
15
*85
1%
2
*3
4
22
9%
Feb
100
100
Do 2 pref
Delaware & Hudson
1%
Oct
Oct
Sept
100
Delaware Lacl & Western.
1
Marl5
Mar
pref
Colorado A Southern
Do
1st pref
400
1234
1434
69
Do
200
215
6
12%
18%
12%
73%
31%
7%
22%
934
Clev Cin Chlo & St Louis. .100
100% 100%
1%
2%
14i2
2214
70
"""loo
43
pre'erred..
215
100% 100%
86%
934
Chlo Rock Isl A Pac
Oct
65
91% Mar
120
Jan
8484
24
*68
June
41
24
100
98
Feb
86%
5%
100
24
Mar23
Feb
86%
5%
49%
Dec
Jan
60% Mar22
100
54
24
19
60
110
100
21i2 Deo
86%
5%
11%
pref
64
24
*48
Dec
3634 Deo
11
11
88%
5%
157g
22%
13
21
12
Jan
13
26
*19lg 21
*50i2 oU2
99?g 100
12
71
Jan
*24
*12
Jan
46%Jan
Jan
*85
21%
31
MarlO
64
88i2
53g
*15
Deo
MarlO
36
100
Chicago & Northwestern..100
Jan
75
26
49
6%
I5I4
9
28%Jan 12
*24
*48
Dec
Dec
8
20% Jan 13
23
22% Marll
*85i4
5ig
5%
384
31
7% Mar 9
1534 Marl4
Jan
70% Nov
15
Sept
17x4 Sept
14x2 Oct
33% Oct
4412 Nov
6834 Mar 12
5684 Marl2
100
18
*12%
73%
31%
*7%
Feb
100
4
18
Feb
4
100
6
*5
47
100
63
1134
pref
134
Deo
10
7 pre erred
1
4
11
29
100
Chicago Milw A St Paul.._100
Do
119%Jan
62% Jan
634 Jan
6% Jan
100
__
pref
Do
25
6%
2
6
Mar24
Jan
900
2%
12%
18%
4,500
10,200
8,000
1,200
6,300
Do
Marl4
10
200
2
12
Chicago Great Western.
MarlO
11
104%
72
1
*3
2
100
Chlo A East Illinois trust recta
Do
pref trust recta
200
63%
26
26%
600
1,500
37
*100
103
900
Jan
1478Jan 25
Jan
12X4 Sept
Oct
49% Oct
Deo
60%
102
*5
Mar24
Chesapeake & Ohio
17
I
205
6
2
5,100
1
Dec
72
1
4
Mar
13% Mar
100
82
May
4%
60%
*95
12ig
Oct
17
Sept
5,600
pref
11
6034
205
*5
54
Aug
59%
2%
Do
Brooklyn Rapid Transit..100
84%Jan
< per share % per share
76
Feb
90% Nov
72%
102
12
June
113%
200
100
share
per
42
41
1%
2%
40%
9%
5x2
1098g
Certificates of deposit..
Canadian Pacific
100
Baltimore & Ohio
$
6034
205
2
54
Jan
3
Jan 14
9,000
1,650
2
3%
17%
26%
39
*95
212
Feb
Mar 14
10%
6%
110%
5534
13%
9
2
6334'
205
1
27%
47
10,100
59%
62%
25%
£82
80%
33%
49%
113
3%
37%
*71
33%
33
93g
114%
60%
100
61
60l4
8%
*2%
*2%
734
*16%
72
86% Jan
3
37%Jan 12
Do
pref
100
Atlanta Birm & Atlanta... 100
Atlantic Coast Line RR...100
200
Highest
80% Mar24
303g Mar 11
Atch Topeka A Santa Fe--100
400
1,200
81
1920
I
79%Jan 24
7% Jan
4
4,700
4
43
*3
Lowest
77% Marl2
75% Jan
3
2% Feb 26
81
78
33%'
73
*71
32%
212
Hiohest
I per share!
78
81
41
102
Year
Par
*3%
80%
32%
49%
133g
*8%
323g
59
Railroads.
8034
81
113
$ per share
334
32%
4934
13%
14
*8%
9%
112% 113
58% 58%
*2%
3%
*2%
3%
8
*7%
*16% 17%
24
24%;
36% 37%
60% 63%
104
25%
334
63
*98
Lowest
81%
78%
*49
14i2
63
105
253g
49
13i2
8I4
66
*103
80i2
327g
81
79
3%
*79%
32%
*79%
4934
$ per share
8034
*78
32ig
13*2
14
*814,
834
1133g 113%
5834 59
25
80%
79
4
81 ig
*78
4
4
81%
$ per share
81
SHARE
Range for Previous
Shares
I per share
81%
78ig
PER
EXCHANGE
March 25.
$
SHARE
Ranoe since Jan. 1.
On basis of 100-share lots
19% Jan
14
10
11
20t2
64i2
Oct
Oct
129% Nov
69% Jan
15% Oct
32%
Oct
13
Oct
34%
Oct
Oct
Dec
Dec
Feb
July
23%
15% Sept
27i2
Oct
Feb
Feb
40
Sept
78
Nov
Oct
Jan
13
15
Dec
May
16
19
28
Oct
Feb
1
36
Jan
20
25
May
48
Oct
26% Jan
3
35
Jan 28
22
Dec
14
Dec
Apr
46% Mar
40
Dec
72
24
Deo
8884
8% Marll
100
14% Marl2
100
32
11
Jan
13
8%
Industrial & Miscellaneous
28%
*16%
28%
17
*28
*28
32
28%
28%
*28
32
300
Adams
*16
18
200
Advance
*50
55
200
*35
38
200
17%
*16%
17%
17%
50
50
*48
52
*50
52
*35
38
*35
38
*35
38
33
33
17%
50%
36%
34%
1%
1%
44%
*32
*1%
*16%
32
32%
1%
33
1%
1%
42%
33%
1%
*1%
43%
8884
36%
89
89
36%
36%
4934
51
*48
*71
43%
36%
3634
36%
38%
1%
1%
33%
1%
1%
4234
3334
1%
1%
89
37
1%
1%
4284
50%
35%
33%
1%
1%
43%
1%
44%
1%
44%
75
75
4384
56%
56%
297g
42
*65
56%
29%
83
55
*48
50
50
50
49
75
*71
75
*72
75
*72
42
43
42%
43%
56%
29%
59%
30%
80
122% 12234
*11134
5534
5534
30
29%
29%
85
122" 122%
122
*111
"22"
6%
6%
130
9%
467g
6%
*120
9%
934
47
4734
122%
113
22"
*63"
*129
6%
130
10%
48%
13,600
83
6%
*120
934
47
300
50
1,500
75
42%
100
43%
*65
57%
84%
29%
43
1,100
14,200
37%
37%
*82%
43%
600
400
83
43
2,000
4,900
80
58%
59%
3034
30
85
"5",800
9,500
85
300
124
3,900
122% 124% 123%
11134 11134 *110% 114
22
22
20% 21
100
800
66
6%
130
10%
6%
6%
*120
130
10
934
6%
120
6%
62%
43
43%
43%
48%
52~
*8%
52%
85%
'86% ~87 "
•105
"
107
62%
4534
9%
52%
85%
86
87
1*105
107
49%
62%
44%
834
45%
834
62%
47%
45
si"
8.534
*105
86%
107
6%
634!
6%
6%
6%
6%
8%
•
48
9%
8%'
8%
8%
8
8%
85%
88%
*105
107
6%
8%
Bid and asked prices; no sales on this day.
3,300
100
200
46%
9%
7
884
19,600
100
5,400
200
87
87
107
684
8%
t Ex-rights.
45
AJax Rubber Inc
Alaska Gold Mines
60
10
Alaska Juneau Gold Mln'g. 10
Allied Chem A Dye
no par
Do
pref
Allls-Chalmers
Do
100
6,100
100
Jan
25% Feb 24
39% Jan
11
7gJan 14
1% Feb
I84 Feb
9
9
100
1
Jan
3
3834 Mar 8
z87% Maris
3
Marl6
55%Jan 13
937g Jan 26
38% Mar23
83
Mar23
45% Feb 25
65% Jan
7234 Feb 28
39% Marl 2
90
Jan
51
Feb 15
74
Mar
8
74% Jan
6
20
6
Amer Bosch Magneto.-No par
49%Jan 14
100
25
Jan
3
59% Mar24
3284 Jan 29
100
77% Jan
3
88
Do
pref
American Car A Foundry. 100
Do
pref
100
American Cotton Oil
100
pref
100
Do
pref
Do
pref
a
Ex-dlv. and rights.
6% Mar 15
#
95
Jan
79
Deo
32%
Dec
9612
103«4
Apr
75
Oct
45X8
Dec
21«4
7234
Dec
Dec
Jan
Feb 25
15ig
69i2
6%
Dec
Jan
21
95
Feb
Jan
8
5
Dec
38% Jan
5
8% Feb 11
z46% Mar 1
8334 Marll
81% Feb
4
100
Jan
4
Jan
Jan
101
Jan
147%
116%
Apr
M84
175
30%
Feb
Jan
Mar
Jan
Mar
Jan
53% Marl7
35
Dec
Mar24
37
Aug
63X2 Mar
627g Mar23
53
Feb
68
Deo
Dec
120%
14i2
4984 Jan
10% Jan
11
7
30ig
884
122
62% Jan 31
42
Dec
95
93
80
Aug
99%
74
Deo
109%
Jan
29
88% Mar23
107% Feb 26
10
Jan
7
7
14
Jan
20
Ex-dlvldend.
Jan
53
5% Marl4
Marll
93
Jan
128s4
6I84
15%
11
8
Jan
Jan
Deo
133
Jan
53%
92
86
4
2
62% Sept
Dec
Dec
8% Marl 2
120
57
American Safety Razor... 25
3,600 Am ShfD A Oomm
no pir
Dec
10584 July
25
100
61
111
100
pref
American Locomotive
92i2 Nov
114
100
Do
Deo
Dec
Dec
127% Jan 10.
Jan
100
43%
3
23% Jan 281
64% Jan 10
884 Jan 11
Mar
8478
26i2
67x4
6
42
Amer International Corp.. 100
10
3
Jan
40% Feb
Am La France F E
20
2% Mar
Dec
Dec
Jan
19% Marll
5834 Jan
6
100
American Linseed
Jan
Jan
Deo
84
110
100
pref..
Jan
%
120
100
American Ice
4284
12
American Can
"moo
| Leas than 100 shares,
40
75
...100
American Beet Sugar
Do
pref
Do
6%
8%
19«4 Jan
8
52% Feb 17
6
100
pref
pref
3
29«4 Jan
Amer Agricultural Chem.. 100
Do
Jan
32% Jan
100
Mfg
American Hide A Leather. 100
47
*105
1534 Mar 14
100
3,500
53
"53"
85%
86%
100
no par
Amer Druggists Syndicate- 10
American Express
100
47
45%
*834
Rumely
pref
100
120
9%
"1.766
100
Reduction, Inc
Do
53
47%
Do
Air
Express
96X2 June
618 Dec
7%
nw
107
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Mar
17% June
301*
Jan
New York Stock
1260
Record—Continued—Page 2
week of stocks
For tale* during the
usually Inactive, see second
preceding page.
March 19.
March 21.
05
40%
76*4
30
39%
76*8
2978
3878
76
2978
30
104
*101
*101
79
8078
78*4
87*2
84is
84*8
30*2
1,500
94*2
4,900
9334
.
66*2
300
9
28*2
38*8
834
*25
37*4
1,000
31*4
9
*8*2
"""566
31*4
9
68,000
9
400
300
28
*26
27
55
27
3678
38*4
37
37%
8,600
32
3178
33
30*8
63
6134
6134
6134
31*4
6134
3,300
63
55
99
27
37*8
32
25
63*4
*99
27
365s
62
27*2
31
9
800
300
56
*50
57
*56
56
5512
1,600
107*2 107*2
105
100
34
33*2
90*2
88*2
89%
99*2
3*4
*53*8
99*2
3%
55
57%
587s
86*4
88*?
88*4
100
"3"
55
"3%
*53*s
33s
3
*53*8
55
57*2
56*8
67%
66%
*104" 105"
104*2
*104
*90
86
86
85
458
*84
55
59%
8538
12
12
14
14*2
16
59*2
59*2
559*2
16*2
59*2
60
42%
40*8
42*8
41*4
76
5*2
72*2
5*8
72*2
53a
*71*2
4234
73
41*8
8434
6*4
62
*40%
8678
2512
79
86*4
2434
75*4
41%
86*4
25*2
78
60
61
61
*7634
60
978
20*2
5978
7
103s
10*4
21
22%
20*4
22
7
47
48
*431*2
48*
*15
77
*76l2
81*2
78*2
81*2
18*4
18
1*4
747s
102% 10258
29*4
88
91
*88*4
7412
745g
73*4
89
80*2
20
21*4
59*2
74%
7534
64
Chlno
89
91%
20*4
20
20*2
6534
63*8
64%
95%
70%
69
70*4
85
85%
83%
83*2
16%
"*11*2 "l%
8
25
25
25
*83
85
85
85*2
1534
"*1*2 "l%
6034
1558
15*8
16*2
1%
158
1*2
135* 1*37*2
64%
*60*
700
*136* 1*3*7"
*3*366
62%
85
*83
135
*60 *
85
13634 137*2
137
38*2
80
*37*
"3*8*"
70
65*2
75*2
37*2
*74*2
*73
70
66*2
69*2
65%
69*2
66%
76
39"*2
373^
39
80
19
14%
"§734
66**4
70
14
75%
*66**4
1358
14*2
663s
1358
65*?
7512
133s
70
13*4
13*4
20
*19
19
19
1978
19
16*4
I6I4
16*2
2034
16%
21
*1534
20*2
16
21
*20
21*2
*20
1434
*14
1434
*14l2
15
*12%
19
*13*2
*56*2
57*2
*68*
*6*9%
1412
Z5%
325s
57l2
*68*
15*2
14l2
578
33
578
32*2
9*2
834
48*2
97*2
4834
9734
48*4
133s
133s
*12%
51*4
52*2
33*2
35*4
*9
16%
57*2
58*2
15%
58*2
18%
58%
*6*9*
68
72*4
69%
15
15*4
578
5%
32%
32*2
9%
9
48%
48U
15*2
15
32%
33
17%
*8*2
*45%
*96%
53
5,700
33%
35%
35*2
36%
341?
74%
35*2
74%
6,600
*32
434
4i2
10*8
2578
9*4
15
15%
60
73
73*2
72%
72%
1,000
18%
20*2
36
19
20%
12,900
24
*23
41
*86
18*2
I6I4
53*2
15*8
52*2
17%
52
15%
434
10
9%
24%
42%
9%
36
4%
10
17%
16%
54%
*22
*87
18%
17%
54*2
7,200
16,700
100
35,900
4,200
1,300
88
88
18
16%
52*2
4*2
24*2
44*4
*22%
42%
92
*32
24
24
24
25
24
150
*145
24%
*145
—
,
18*8
-
•
25*2
150
*145
29*2
150
41%
17%
43
5*2*, 050
92
100
18
16%
16%
54
Do
5,800
36,200
2,900
28%
29
1*4*166
147
100
*102*2 105*2 *102% 105*2 *102% 105% *102*2 105*2
18
18
17%
18%'
183s
18%
187sl
18
1878
—
„
Bid and asked prioes; no sales on
this day.
Jan
Aug
f Less than 100 shares,
3
Nov
7% Nov
16% Dec
18
5
38*2 Jan 19
41% Marll
59% Jan 11
80
Feb 18
83
Mar 7
51*2
Dec
80
70
Dec
Jan 20
74
1
65
Jan
100
Jan
5
t Ex-rlghts.
3%
Aug
93% Mar
46% Apr
97
Dec
100
16*2 Dec
59%
54
85%
33*4 Feb 25
21% Dec »605
Apr
3
16*2 Feb 16
21% Feb 23
65% Mar23
9% May
13% Dec
13
Jan
28
Jan
10% Jan
17
Jan 25
52
Jan
87
5
5
3
Jan
Jan
48
Jan
Jan
Dec
Mar23
Dec
21% Dec
78
Dec
10
Dec
12*8
Dec
19*2
Jan
Jan
32*2
Dec
43
Dee
71*2
Dec
Dec
79*2
75%
Deo
51
Marl 8
78*4
Dec
94*4
138% Marl8
16%Jan 11
116*2
Dec
172
Jan
12*4
Dec
42
Mar
112% Jan
62%Jan
85
58%
27
Dec
85%
70
Dec
102*4
15
Dec
55%
8*2 Dec
4934
Dec
38%
11% Dec
20*2
1634 Mar23
Feb 10
6
14
4
16% Jan
28% Marl5
36%Jan
Marl 7
60% Feb
3
19% Jan
59*2 Marl2
11% Jan
4
80% Jan
15
24
8
29
15
10
20
15%
7%
37%
13«4
Jan
5% Aug
7
93%Jan 22
103
Jan
3
100% Feb 16
110
Jan 29
3
3
46
Jan
3
16% Jan
7
64%Jan 20
Jan 20
3
40
Jan
46%
23*4
9*4
01%
27
Apr
40%
Dec
88%
88
Nov
142%
Apr
Apr
100
Nov
115
Jan
10% Dec
44
Nov
51*4
Jan
111%
Jan
Apr
28*2
Dec
170
68
Nov
84
Jan
64% Dec
71
Apr
11*8
26*4
Jan
Dec
38*2 Dec
69% Dec
91*4 Mar
Dec
47% July
27*2 Dec
19
79%
Jan
434 Jan
8
11% Marl 7
4
Dec
61*2 Jan
7*4" July
3<
Dec
21*4
Jan
8*2 Jan
2834 Feb 21
7% Sept
45*4
Jan
14% Jan
25*2 Jan 27
49% Jan 11
30
Jan
4
3
35*4 Marl2
100
25
100
11
84%Jan
94
Jan
25
16
21
Jan
7
12
Marll
8% Jan
3
49*2 Marl2
40
Jan
3
Louis)—100
No par
Liggett A Myers Tobacco. 100
Lee Rubber A Tire
100
Incorporated..No par
• Par
Jan 20
26
3% Marl4
4
Jan
6
10
100
100
Keystone Tire A Rubber.. 10
Steel
100
Ex dlv. and rights.
75
32*2 Jan
No par
Lackawanna
a
6
16% Marll
Kelly-Springfleld Tire
Temporary 8% pref
Kennecott Copper
No par
Loew's
Dec
9% Dec
13*2 Jan
pref
116*2
28
International Paper
pref
78%
12*2 Dec
65*4 Dec
9% Dec
International Nickel (The)
Do
84%
51*8 Dec
63% Jan 15
Jewel Tea, Ino
Dec
25
Mar21
Jan
8
Feb 10
Jan 11
57
7*4 Feb 28
42% Mar 1
12% Jan
Island Oil A Transp v t C-.
Jan
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Apr
Apr
Apr
11
7
26
5
Iron Products Corp
Apr
Jan
Jan
Jan
Jan
Jan
94
Jan
9% Jan
71
85%
Dec
85
12% Jan
100
50
Dec
69
25
29% Marl2
Jan
Jan
89»4
64*2 Nov
44%Jan
3
18% Marll
46% Marll
30
Marl5
Corp
36*2
1*2 Dec
71% Feb 18
70%Jan 13
82
Jan 24
71% Mar 8
34% Marl4
72
91% Apr
16% Mar
44*4 May
134% Mar
48
Jan
17
13
26
26
20
*66*2 Jan 10
63
Marll
Jan
Jan
Dec
71%Jan
12*4 Marl5
20
Jan
95
5
534 Jan
80% Jan
5
120%Jan 10
Jan
104
40
20*2 Jan
1% Marl7l
40% Jan
3
80
Jan
3
54
Jan
3
72
Dec
16% Mar23
3
5i
13% Jan
Jan
84
66
9
4
11*2 Jan
147
29% Jan 28
90
Jan 11
3
79
Jan
Apr
Jan
Dec
70% Mar23
87
Mar23
3
5% Mar 8
76% Jan
23
Dec
47
9534 Mar24
5*2 Marl4
btamped pref
Apr
Apr
81*2
57*2 Jan
Do
43%
68*2 Feb 28
3
7
Invincible Oil
Jan
107
278*2
Marll
25
25
.100
Dec
24*2 Dec
Jan
pref
Jan
Apr
Apr
Dec
20% Marl2
61% Jan
5
100
100
Apr
70
100
pref
Dec
98
102%
14%
105*4
107*2 Jan 11
91
Jan 17
26
Feb 14
83*2 Jan
Internat Motor Truck.No par
Dec
61
32% Jan 10
25% Marll
73
Jan
3
10
97*4 June
6
7
76% Mar24
104*2 Jan 17
5
100
pref
Do
2*0*166
5
17%Jan 11
63»4Jan 11
38
Jan
7
76
Jan 18
Do
Jan
89%
35*4 Jan
100
pref (new)
Jones Bros Tea, Inc
24
53%
147
50
100
(new)
Int Mercantile Marine
Laclede Gas (St
27
Dec
60
11
12% Feb 10
23% Feb 10
25
Jan
7
34
...100
pref
2d
58%
4%
Do
Inter Harvester
Do
61
*32
92%
Inspiration Cons Copper.. 20
Internat Agrlcul Corp
100
300
15%
434
10*4
Jan
Dec
100
1st
15
36
65*2
52%
100
100
Hupp Motor Car Corp...
Indlahoma Refining
Do
57%
33
Dec
Houston Oil of Texas
100
15
33
9*2
64
100
2,400
57
72*2
18%
43s
13%
63*2
72%
17%
*62
108
63%
1878
18*8
96%
52
18
9
Manufacturing... 100
100
900
54%
14%
Jan
12% Jan
8
62*4 Feb 10
Deb stock
Hendee
1,328
52
57
88
9%
49
5134
153s
67
5% Mar 18
34
Marl8
15
600
51%
63
44%
May
54
3,700
13%
5834
*85
1,700
14%
*63
Dec
56*2 Marl5
50
Haskell A Barker Car..No par
15,500
20,800
13%
56*2
*4034 *4*3*4
800
13*2
63*2
22
(6%)—.100
Do
Deb stock (7%)—100
400
100
16,800 Goodrich Co (B F)
Do
pref..
100
*500 Granby Cons M S A P
100
700 Gray A Davis, Inc
25
400 Greene Cananea Copper..100
Guantanamo Sugar ...No par
Gulf States Steel tr ctrs—100
99
75
Dec
11
Candy Corp .No par
pief
Do
900
5%
33%
934
48%
Do
500
1,300
98
63*2
1434
2578
15
59*2
17%
77
15%
108
*74
16%
21%
179,300
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan 29
82% Mar23
70% Jan
Feb 15
100
59
104*4
108%
61%
Dec
196,800
"601*2 *6*1*
100
59
*83
58%
65*2
61*4
62*4
*95
"58%
30% Dec
80% Dec
24% Dec
59% Dec
Jan
250
16
1934 June
Jan
200
163s
17*4
158
15*2
15*4
15*8
5934
64
8*4
Dec
5
1,700
4,500
*6
*24
85
Jan
Jan
5*8
98
26,900
8
24
20%
Dec
500
*534
§24
*83
Jan
75%
Dec
Dec
4,000
83
46
Nov
16
14,700
87
9
66*2
82
129
4
52
1,100
68
6784
82
Jan
Apr
Apr
63
71*4
8,200
84l2
66*2
15
96%
63
100
Refining...100
Do
pref
......—100
Cosden A Co
No par
Crucible Steel of America .100
Do
pref
100
Cuba Cane Sugar
No par
Do
pref..——u—-.100
Cuban-American Sugar... 10
Dome Mines, Ltd
10
Elk Horn Coal Corp
50
Endlcott-Johnson
50
Do
pref
100
Famous Players Lasky No par
Do
preferred (8%)
100
Federal Mining A SmeltinglOO
Do
pref
..100
Fisher Body Corp
No par
Flsk Rubber
25
Free port Texas Co
No par
Gaston W A W, Inc..No par
General Asphalt.....—-.100
Do
pref..—... 100
General Cigar, Inc
100
Debenture pref...
100
General Electrlo
100
General Motois Corp..No par
Jan
114
9% Dec
55% Dec
15% Nov
7
100
653s
3%
Jan 29
36,900
64
102%
66
pref
Jan
Feb
102%
21% Jan
1,100
6434
Dec
Aug
99% Dec
2*4 Dec
56*8 Feb 21
94% Feb
9
2,500
19*2
Dec
90
32*2 Jan 20
30*2 Jan
(NY)—100
Textile..No par
Continental Can, Inc
400
65%
27%
16*4
47
Apr
Jan
32% Apr
90% May
48%
17% Marl2
300
88
Dec
77% Jan
4,800
53,200
16*8
19*2
-
-
2
Consolidated
76*4
65*2
27%
1534
145s
pref
148%
102%
Jan 12
96
Feb 24
19
Corn Products
16*8
64l2
27
15*2
6734
8412
Jan
Jan
Jan
82
Dec
Dec
Consolidated Gas
700
29*8
65
64*4
Jan
29%
28%
85%
9
Mar
19% Jan
No par
Consolidated Cigar
5,400
29*4
6134
Jan
26
Dec
26% Marll
pref-.........-—100
Computing-Tab-Recording 100
5,800
23%
65
*19
11%
Dec
8
Jan
Dec
78
92
164%
111%
21%
41%
40%
No par
Do
Do
""600
23
28%
15*2
*19
Dec
10
6
18%Jan 20
64% Feb 17
45*2 Mar24
77*2 Jan 31
7*2 Jan
8
8*2 Jan 13
43% Jan 19
3
Jan
9
100
"2",700 Columbia Gas A Electric. 100
31,700 Columbia GraphophoneNo par
95%
28*?
15*2
Copper
June
Jan
19
58% Marl9
Tool-.100
25
5
Cola
Coca
Contlnt'l
*83
57%
14% Jan
Chandler Motor Car..No par
Chile Copper
Jan
May
Dec
20
Cerro de Pasco Cop ...No par
Chicago Pneumatic
24
76
3
10% Jan
3
11% Mar 1
59
Mar 15
25
Jan
5
68*2 Jan
4
4% Marl2
5*4 Feb 21
No par
100
100
75
Dec
91% Jan 21
6
Jan
8
4% Marll
Wks
Leather
pref
Dec
8
Dec
88
14*2 Jan
10
29,400
92*4
88*4
233s
65
81*4 Jan
100
*7*,400
89
88
22*2
42
82
93% Jan
5
Zinc-Lead
1*4
1*8
1*4
100
176%
8
4% Jan
8
8
Jan
Dec
Jan
102% Jan
Feb 21
4
20% Aug
Dec
6% Jan
Jan
94% Jan
82% Marl2
97
Marl5
2% Jan
4
99% Jan
Jan
125
Deo
6%
12
21
11
25
8
11
11
11
15
27
70
6
Jan
61
21*2
71%
3
44% Jan
13% Jan
Marl7
29
35% Feb 21
80
Feb 17
23
MarlO
1,400
102% 102%
28
28%
90
3
Colorado Fuel A Iron
29*2
2358
Jan
6
100
3,200
3,300
80*2
24*4
65*2
29*4
1534
2284
84
94
100
6,400
28*2
89%
861?
*88
10712 Mar23
56
88
Zlno v tc.
1,800
78*2
*76
20*4
23*2
65*4
Jan
Jan
Jan
63% Mar21
5
81,900
48
48
10278 10278
102% 1025s
287a
28%
Dec
6
Jan
No par
pref
Do
100
80*2
195s
1*8
38
55% Jan
3
cum conv
Central
36
59
1*4
1*8
Mar22
67%
74%
75«4
107*2 Jan
Do
1*8
73*4
Apr
Dec
59% Jan
Case (J I) Plow
1,100
60
60
6134
66%
Dec
63% Jan
Do
45
78*2
80*2
18*4
Dec
18
49%
50*2 Jan 22
Callahan
59*4
7%
49
*76
30
3
Jan 26
45
Butte A Superior
z 36
"3*7""
48
40% Jan 20
35
Mar 21
Marll
33% Jan
24
100
8% pref. 100
Butterlck
45
*34*
Jan
Jan
Jan
z53*2 Marl5
Feb
9
90
Butte Copper A
58%
7*2
,60
734 ;
8
43
43
59*2
9% Jan
33
Jan
1,100
3,600
31
*29
31
59
59%
734
Dec
14
No par
Bares Bros
2*8*,900
22
37
29
25%
79*2
6434
10*8
*34
61
25
205s
*59"
734
42l2
40
41%
84*2
10*8
*29
59
*5*4
4034
84l2
20*2
22
30
61%
25%
39% Jan 20
26
Dec
28*2 Dec
534 Dec
29% Marl 8
8
Marl2
100
Do
3,500
81 a4
64%
10%
20%
21*2
Feb 21
pref...
100
73
5*4
6
6434
2434
Dec
Feb 21
Mining.. 10
6.800 Caddo Central Oil A Ref-.lOO
No par
1,950 California Packing
100
12,700 California Petroleum
45%
10
22
*28
42
*71*2
5*4
20*2
21*2
10*8
20%
21*2
59*2
7734
6
4U2
8678
2478
Dec
57
93
Class B common.-.100
400
15%
61
6
423s
86
25*2
8234
*5*4
*5
40
55*2
88%
Jan
110
100
pref
Booth Fisheries
..._
14%
5*4
5
Dec
Do
1,500
62
41
100%
Wks.100
Bethlehem Steel Corp
""goo
85%
*4%
12*8
161?
*71*2
Do
200
12
3
120% Feb 17
72% Mar24
97
Jan 17
Baldwin Locomotive
Brooklyn Edison, Inc
19
12*2
I47s
12*4
123% Feb 17
94
Jan 31
Austin, Nichols A Co ..No par
Do
pref
100
Bethlehem Motors
Dec
..
112% Marl 2
87
Jan
4
9% Marll
pref
142% Apr
118% Jan
106% Mar
105
Apr
100% Mar
283
Jan
97*4 Jan
210 June
165*2 Jan
105*2 Jan
92% May
Mar
100
100
Do
800
95
*90
_
91% Feb 17
_
104%
No par
Fruit
At Gulf A WI SS Line
*""806
4*2
4*2
19
Dec
88
102
Jan
30,300
5*2
*5
86
412
65
Mar
73% Jan
Do
95
83*2
47s
47s
*90
Dec
83*2 Jan
95% Jan
Jan
93%
Dec
Dec
79%
Jan
100
55
58*4
5*2
¥5"
*90"
95
82%
97%
9
300
1641*2 105**2
5
53s
53s
19
Jan
100% JM*
50 -7 Mar
Nov
107% Jan 27
Jan
76
2,800
91
*90
100
Mar
Jan
Mar 22
1,500
3*4
3
96
30% Marl7
234,000
100
100
91
Feb
50,000
6478
88
365s
33*8
*5%
Jan 10
""16
37*8
33
33*8
31*8
31
863s
36*4
*578
Atlantic
500
6*2
41%
33*2
6*4
6
6*2
34%
30
6*2
39*2
§64%
6*2
3278
*97
100
Feb
85
Mar
72
Deo
64% Dec
26
share
per
83
Dec
29%
11
31*2 Jan
"
29
88
100
Do
pref
100
Amer Sumatra Tobacco—.100
Do
pref
100
Amer Telephone & Teleg—100
Amer Tobacco
100
Do
pref {new)
100
Do
common Class B—.100
Amer Woolen of Mass
100
Do
pref..
100
Amer Writing Paper pref.-100
Amer Zinc Lead & Smelt...25
Do
pref
25
Anaconda Copper Mining. 50
Associated Dry Goods
100
Do
1st preferred
,..100
Do
2d preferred
100
Associated Oil
100
61
4412 Feb 10
83
Jan 20
73% MarlO
American Sugar Refining.
2,100
93
91
31
*8*2
Jan
Highest
|
9 per share 9
Feb 11
67
11
Jan
35
9,100
113*2
11134 1135s *112*2 113*2 *112
70*4
72%
6778 72
66*2 6734
113*8 113*8
'
63
200
9978 100
115
115*2
Par
100
10,600
89*2
95
*90
400
81*2
*84
84*s
% per share
Amer Smelting &
9,600
104
793g
8158
Lowest
Highest
$ per share
Refining. 100
Do
pref
100
Am Steel Fdry tern ctfa.33 1-3
Pref tern
ctfs
100
Am Smelt Secur pref ser A.
700
115*2 116
95
*90
94
76*2
30
9978 100
9978 100
114*2 115
9978 100
1163$
*91
7612
103*4 *101
7934
84*8
80*4
*84'.
115
40
95
94
(Con.)
Indus. & Mlscell.
300
39*8
30*2
94
93*4
103
*75*2
On basis
Lowest
Shares
f per share
Range for Previous
Year 1820
1.
of 100-share lot
EXCHANGE
64i2
403s
78*2
3934
NEW YORK STOCK
Week
6412
30
*74
9434
93*4
103
63«4
3934
63»4
$ per share
$ per share
64
64
$ per share
$ per share
*61
March 23.
tor
Friday
March 25.
Thursday
March 24.
Wednesday
Tuesday
March 22.
Monday
the
NOT PER CENT.
SALE PRICE—PER SHARE,
HIGH AND LOW
Saturday
SHARE
PER
PER SHARE
Range since Jan.
Sales
STOCKS
17*2 Jan 14
138%Jan 22
97% Jan
3
Jan
3
15
value SI00.
17% Mar23
13
Dec
25*2
Dec
152%
75
Dec
105
14% Dec
5*4
Dec
48*2
91*4
11
45
Dec
46% Jan 29
35
Aug
58*2 Jan
29*2 Mar23
153
Feb 23
105*2 Feb
8
18% Marl9
0 Old stock.
%
15% Dec
127% Nov
95
33*2
Dec
14*2 Dec
Ex-divldend.
67*2
38%
207
109%
36
Jan
Jan
Apr
Jan
Jan
Oct
Jan
Jan
Jan
Apr
New York Stock
Record—Concluded—Page
For sales during the week of stocks
~~~
Tuesday
Monday
March 19. j March 21.
% per share
9%
35%
| §
I
9%
35%
978
36
Wednesday
Thursday
March 25.
Shares
*35
35i8
36%
10%
1034
36
36
*100
115
,*100
115
*100
150
?£145
152
*102% 106^*101
106
|
148% 148% 149% 150
*102% 106
*102% 106
*6134 66
*81%
65
*56
58
*56
58
*75
*56
85
78%
*95
~8l"
100
95
I
....
1734'
1734
12%
30%
*511?
5534 *
*93
98
13
I
1234
29%
95
17%
1234
Y734
29%
13
2%
*91
94
*70l4
92%
72
106
*99
97s
71%
*102
10
1,200
70
2%
61%
*13
14
13%
*46%
3234
48
48
48
3334
71%
33
70
69
63%
63%
62%
13%
4134
1334
15%
43%
34
4134
*13%
49
33%
72%
64%
14%
43%
3334
13%
49
*
|
13
47%
13%
4734
4%
25
"l",900
13%
48%
13%
2,800
35%
36%
7034
63%
13%
4134
7034
73%
64
66
12%
13%
13%
47%
34%
70%
63%
11%
42%
42%
42
33%
3234
33%
26
2534
26%
3134
3134
33%
33%
35%
32%
26%
33%
82
80
81
8234
83
84
10%
1034
1034
10%
73%
10%
7334
5934
73%
59
60
*86
*86
14
73%'
73%
73%
10%
73%
60
59%
59%
58
|
...
86%'
*13%
8634
14
|
8634
73%
58%
86%
1334
86%
13%
1334
13%
500
13%
1,200
47%
500
108,600
72%
33,500
64
2,500
43,200
13
63
63
*101
65
104
105
47%
33
8738
*101
800
*86
88
*13%
14%
117o
24%
67%
86
68%
100
1,100
12%
12
12
12%
31
31
31
31
25
24
24
24%
6734
32%
26 |
6534
12
95
19%
63%
65%
65%
95
93
93
20%
20
20
61%
19%
6334
67%
20
J
6334
62
64%
*93
3%
3%
*17
5%
18
5%
1434
5%
1434
77
5%
70%
5%
74 I
1434
41%
2234
15%'
41
40%
41
22%
23
42
42
44
*70
88
*70
88
|
|
42%
*70
146
|
*76
107% 107%
*76
80
88
147
107% 10734
78%
78%
*31%
32
32
34
33%
68%
36
37
73
7334
40%
79%
32
32%
695-
3434
08%
36% >
70% |
92
92
*92
|
95
334
*15%
5%
68%
15%
8%
8%
8%
8%
8%
8'2
41%
25%
7%
734
41%
41%
24%
"7% "i
48"
,45
47
4134
2634
9%
47%
84
*80
84
80
2634
8%
47%
8%
27%
834
"47%
84
"8%
8%
42
9%
8
8%
*39%
19%
31%
19%
31%
101% 102%
49%
17%
49
50%
1834
80
19%
33
101% 103%
48%
49%
17%
17%
49
8,100
1,600
55,500
700
3,745
100
7,000
10,200
291,900
200
834
834!
2,600
8%
8%
1,700
42
42%'
1,100
32,800
26%
4934
51%
18
18%
18
71
68%
69%
69%
72
68
71
23,200
46
46
45%
70%
45%
45%
72%
45%
47%
47%
48%
"2",166
7334
84,400
>
8134
80%
10934110
4834
49%
*11%
12%
29% 30
32%
32%
*95
97%
109
73%
81%
109
49%
1?
30%
31%
97%
32%
88
60%
61%
61%
40
13%
*15
734
81%
109% 109%
81%
82%
110
49
49
12
*11%
97i2
29%
32%
97%
89
*87
8134
110
47
40%
*6%
32%
97%
*96
6%
6%
7%
6%
3
100
39% Jan
3
Do
1st pref
U S Smelting Ref A M
41%
114
114
*110% 112
*111
114
111
*104
1
111
4934
,
51%
*75
80
x62%
64
50
1
44%
*113
115
114
:*104
114
.*112
50%
50%
52%' 50% 5134
♦75
80
*62%
65
Bid and asked prices; no Bales
44%
pref.
on
|
»
*75
80
*62%
65
this day.
|
1
*75
Utah Securities
v
t 0
Vanadium Corp
Do
100
63%
63%
26
29% Marl4
95
Mar24
100
V Vlvaudou
84
i Lees than 100 shares.
{Ex-rights
50
38
7
Mar24
Jan
13
27% Jan
19
17
Feb
Mar
51%Jan
8
19
74% Mar23
103% Jan
85
112
100
Feb 17
Jan
27
19
Feb
Dec
10% Nov
5%
15
Dec
Dec
Dec
56%
Dec
90
Aug
35% Nov
53
Dec
12% Mar 17
7
Aug
11
28%
Dec
11
18
24%
88%
Dec
Dec
25
76
72
Jan
8% Jan
Jan
13
20
84
Jan
3
89
93
Jan
3
96%Jan
42%Jan
,
3
48% Mar23
3
42
Marl2
12
Dec
Dec
Dec
Jan
41
95
50 / 35% Jan
76%
104%
44%
42%Jan
102% Jan
3
Jan
3
59%Jan
5% Marll
49% Jan
4
No par
Exp-ess
Mar22
14
5%
80% July
89% Nov
40
Dec
Feb
16
30%
17% Jan
8
13%
Dec
Dec
11
19
Nov
1.534 Marl 2
5% Jan
3
18%Jan
9
Jan
8
30
3
40
Jan
7
26
Wilson A Co, Inc, v t c.No par
Wool worth (F W)
..100
38
Marl2
47
Jan
7
347s
108% Feb 24
114
111
pref
Jan
18
C..100
43
Jan
100
v t
108
71
Jan
pref A
pref B..
a Ex-dlv. and
Jan
100
Worthlngton P A M
Do
25
100
rights,
x
Jan
61
Ex-dlv.
«
Mar23
Feb
2
3
52% Jan
19
7
81
8
Reduoed
Feb
Dec
46% Nov
100
Willys-Overland (The)
Do pref (new)
Do
300'
3
100
pref...
Fargo
Jan
8% Feb 25
Marl 7
No par
Virginia Iron CAC
Do
12", 200
176
45%
72
2:46% Marll
Virginia-Carolina Chem...l00
Westinghouse Air Brake...50
Westinghouse Elec A Mfg..50
80
7
102
107
10
~3",600
100
Jan
58% Feb 17
18% Mar21
3
77% Marl4
100
Copper
Western Union Telegraph. 100
600
207
Dec
Dec
Wells
1,800
27%
39%
400
37,600
4
44%Jan
White Motor
34%!
6
Jan
41% Marll
400
"~8%
Dec
13
34
Do
pref
50
United States Steel Corp. .100
96
8%
Dec
Jan
2484 Jan
Dec
Dec
Dec
6,900
34
Dec
Dec
80
34%
61%
19%
29%
White Oil Corporation.No par
Wick wire Spencer Steel
5
J
5%
9
95%
8,500
I
13
4
1,000
8%'
Dec
35% Jan 27
14
44
Dec
Dec
10
3
3
6%
46
Jan
Feb
64% Jan
Jan
10
Dec
Dec
29% Mar23
41%
35
Marll
41% Marll
62% Jan
3
101
Jan
Feb
6%
50
13%
44
41
12% Jan
92%Jan
100
41%
34
91
5% Marl4
19
Do
pref
100
U S Realty A Improvement 100
United Stages Rubber
100
14
34
•
11%Jan
42%
34
81
48% Marl8
U S Expreas
..100
U S Food Products Corp..100
U S Industrial Alcohol
100
12
Jan
75
Jan
100
13%
16%
7%
40%
50%
68
100
4134
37
13
Jan
9% Jan 20
43
United Retail Stores...No par
17
44
Mar23
6% Marl2
U S Cast I Pipe A Fdy
Do
pref
14
♦41
66%
.80
par
48
*32
4934
100
4734
41%
44
48
22
20,500
200
Dec
57%Jan 20
47%
j
16%'
Dec
36%Jan 21
31
48%
8%
11%
Marll
pref
Dec
7
13% Jan 11
7% Mar
Mar22
30%
48%
76
Mar24
10% Jan
40
40%
48%!
95
10
Do
1,200
Deo
Dec
Dec
45
Utah
65
65
79% Mar23
Mar 12
800
6%
*58%
Dec
Marl2
4234
I
77
7
Do
Oct
Dec
24%
22%
37%
38
47%
60
35
*6334
100
500
8
5
7% Feb 24
36% Marll
Dec
el42% Dec
100% June
Tenn Copp & C tr ctfs.No par
Texas Company (The)
25
89
7%
Jan
7% MarlO
|
No par
65
7%
37
83
100
.No par
*15
734
82
100
8834
17
Mar 7
20
Studebaker Corp (The)
*58%
60
Dec
Jan
7
9,600
200
Dec
75
7
49%
11%
200
43
24
95
30%
31%
11
Jan
Feb
30
12
28%
97,900
56
73% Feb 28
167%Jan 13
Jan
*13
48%
40%
13%
*79
82%
110
90
6%
61%
88%
31%
500
Dec
42% Jan
48%
11%
29%
49%
*41
*104
102
2,200
110
*34
-
72%
102
29%
48%
27
74%
102
29%
*95
88
48
30
*11%
28%
6%
72
102
80
12
6%
102
29%
48%
6%
71%
*101
400
20
77
17% Mar 14
27% Mar
97% Marl5
12", 000
11
27% Marll
43% Jan
3
No
7
25%Jan
27
Do
pref
Submarine Boat
Deo
20
par
Superior Oil
Superior Steel Corp'n
9
Dec
100
3
Dec
Deo
2%
85%
14%
33%
Stromberg-Carburet...No
No par
50
5% Mar21
Deo
2%
11
Stewart Warn Sp Corp.No par
United Alloy Steel
Unted Fruit
23%
23%Jan
110
Union Oil
8,900
5% Feb 16
3
36% Mar
68%
3034
19% Marll
41% Marll
73% Feb 28
Transcontinental OH..No par
2,200
10
46%Jan
Transue A Williams St.No par
Union Bag A Paper Corp. .100
14,800
Deo
49%
12
38% Mar 2
Jan
Dec
11
Jan
Shell Transp & Trading
£2
Sinclair Cons Oil Corp.No par
Sloss-Sheffield Steel & Iron 100
105% Jan
Deo
13
3
100
Nov
69%Jan
17
pref non voting
Steel A Tube of Am pref
10
24%
30
Dec
9834 Jan
Do
92% May
16%
2034Jan
MarlO
73
Dec
12% Marll
135
Dec
Dec
Dec
84
2% Jan
3
68% Mar24
25
Dec
40
29%
96% Mar 2
24%Jan 25
No par
100
95%
65%
Saxon Motor Car Corp.No par
Sears, Roebuck & Co
100
100
800
3
Mar
14% Jan
5
37%Jan 20
39%Jan 12
73%Jan 13
Seneca
200
400
109
7
13,000
7,600
89% Mar 7
Mar 17
9
70%
*5%
110% Jan 21
Mar 12
82
69
50
7
Deo
8
41
18
Dec
52
11
45
103% 104%
Deo
90%
Mar23
100
21
72%
73
20% 21
3134
3134
103% 104%
49%
50%
72
24
14% Marll
10
73"
24
6
Do preferred
Standard Oil of N J
Deo
Jan
11% MarlO
3% Feb
3
11%Jan
3
Copper
Dec
12
Jan
51%Jan
56% Feb
Feb
83
96
69
36% Jan
89%Jan
Texas Pacific Coal A OH
21%
Dec
8
.100
Times Sq Auto Supply.No par
Tobacco Products Corp... 100
3134
Dec
51%
104
3
4,400
16,600
834
9
72
Marll
6038 Jan
35,900
*79
8
7
Jan
62% Jan 26
88%Jan 19
14% Jan 24
15
100
10% I
22
81
No par
47%i
50
102
11
27%
24
30
Jan
102 % Marl2
10
49%
*44
54
46%
9
11%Jan
8
93% Mar 7
.
Mar24
Aug
Deo
78
12% Marl5
81%Jan
5
10
*5%
22%
~*5% "V
7
Deo
Marll
82% Jan
San Cecilia Sugar v t c.No par
107% 10734
*78%
7834
31%
32%
38
39%
76
78%
41
19%
31%
Dec
Dec
48%
8%
"73"
72
19%
*31
15
59
23
45,200
1,800
Deo
26%
56% Marll
Savage Arms Corp
Deo
84
Replogle Steel
pref
6%
31%Jan
8
35% Mar23
5
Do
17
1
10
Public Serv Corp of N J...10u
Pullman Company..
100
Republic Iron & Steel
Dec
Jan
3
Jan
100
69%
64%
17
25% Marll
16,000
Dec
41% May
3
Jan
100
800
Deo
35
79% Feb 17
71%Jan 12
*73% Marl8
100
Deo
48%Jan 10
41% Jan
4
1934 Jan
100
pref....
Deo
68
10
Pressed Steel Car
12
a:42%
10%
3018
100
Pond Creek Coal
8
Nov
35%Jan 11
100
pref
11
23
15
Jan
100
Pittsburgh Coal of Pa
Jan
1934 Jan
Dec
3% Nov
23% Mar
25
pref
900
8
16
Dec
27
32
-.100
Pierce Oil Corporation
13
Dec
43% Mar21
Remington Typewriter vtc 100
22%
102
pref...
Jan
54% Jan 11
z6i% Marl5
2:58% Marl5
834 Marll
33% Jan
3
50
1,500
21%
3034
B
"2,400
23%
30%
50
Jan
29
27% Marl2
Class
Do
Mar22
5
22
70%
71%
*10134 102
Oil
Penn-Seaboard St'l vtc No par
People's G L A C (Chic)-.100
Do
Deo
2%
Jan
23
*5%
Do
9
16%
35%
5% Jan 31
82
22%
~*5% "7
Pacific
100
200
*7%
42%
28%
41%
72
19% 20%
32% 32%
101% 102
49%
50
17%
18%
Pacific Gas A Electric
Dec
7
12% Jan
12% Mar 12
*46% Marl6
11% Marl4
46% Jan 19
25
63%
8
Feb 17
4
Railway Steel Spring
100
Do
pref
100
Ray Consolidated Copper..10
100
"7%
42
Nov
3
25
par
4
95
Nov
88
3
43% Feb
"""966
8»4
45
Mar 9
Dec
31
88
""8% "~8%
8%
Feb 14
Deo
26
25
150% 152%
95
8%
8%
"7%
8
41%
26%
No
17%
5%
44
Dec
4% Jan
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
*70
Dec
2
38
50
2,400
24%
59%
10
5
Jan
Punta Alegre Sugar
25,100
15%
26%
22
Jan
May
Pure Oil (The) *
19%
71
18
Jan
48
6,300
65%
42
41
8%
42
18%
64%
44
I
79
32%
*78
88
*78
35%
*7%
41%
26%
8%
47%
95
23%
14934'
149
79
66
41
*91
42
42%
24%
44%
107% 10734
10/% 10734
8%
8%
I
14834 148-%
31%
35%
8%
8%
3%'
17
23%
42%
150
20
66%'
334
22%
*70
6734
I
17
73%
1434
78
*142
69%
95
19%
6334
41
44%
26%
69
35%Jan
3% Jan
Development
1,200
334
23%'
12%
31
12
*92
17
22%
*42%
11%
31
*26
Dec
Jan
7
5,800
500
30%
Stepl
Pacific
Do
l'ioo
106
11%
*92
4534
33%
87
*101
87%
106
43%
33%
Dec
25%
75
8% Mar 8
-.1
Owens Bottle
Do
1,800
2,500
46
Dec
12%
4
30
26
31
Pierce-Arrow M Car...No par
4,000
34
Otis
Pan-Am Pet & Trans
700
14
44%
33%
Orpheum Circuit, Inc
125,400
10%
105% 107
"19% Jan"l2
25% Feb
1
45% Feb 15
61% Mar 2
Jan
Nunnally Co (The)
No par
Oklahoma Prod & Ref of Am .5
Ontario Silver Mining
100
34%
68
3
54%Feb
100
Nova Scotia Steel A Coal. .100
Philadelphia Co (Plttsb)...50
Phillips Petroleum
No par
73%
267%
44
North American Co
2,500
60%
69
...100
3,300
88
66
100
preferred
26%
10%
*73%
59%
25
|
29
24%
66%
10434
45%
4634
32%
33%
47%
3234
106
"29"
65
104
92
100
New York Dock
33
"
63
Feb
20% Feb 24
5
5,400
100
104% 106
48
47%
33% 33%
*87% 88%
"l~4%
.100
84
33%
25
82
31%'
"16% "10%'
48%
36
Do
pref
Nevada Consol Copper
New York Air Brake
42%
25%
33%
25
4,300
"
25
35%
13
400
3%
13%
48"
Dec
Dec
25%
48%
Deo
47%
93
66
13%
48%
Aug
Feb 19
*25%
"47%
Dec
10
100
Mont Wd&CoIlls Corp .No par
National Acme
50
Do
10%
3%
14%
28%
89
2,000
50
*4%
19% Jan 28
15% Jan
8
Marll
74% Marl2
20% Feb
9
24
10
3%
Mar
Dec
11
3%
Oct
88
33% Jan
4
56%Jan 11
11% Marl2
100
pref
3
11
Nov
*10
434
25%
13%
4734
13%
52% MarlO
Power
15%Jan
Jan
Aug
8
300
3%
29
94
Deo
148
Feb 15
"""260
3%
Miami Copper
5
Middle States Oil Corp
10
Mldvale Steel A Ordnance..50
167%Jan 13
12
61
*4%
100 zl37% Marl5
100
88
Marll
pref.
100
37
25
95%
11
*58
3%
*4%
Marl8
Jan
*34
33s
95
105
2,400
59%
26
Mar 18
95
100% Jan
8
9% Marll
100
10
37
10%
65
20
59%
10%
Mar23
Jan
37
10%
338
434
86
74
35
10%
100
4
65
110
23%
*48%
65% Jan
95
*32
50
pref
Mexican Petroleum
3
5
300
24
Do
Jan
3
50
11%
68
57% Feb
2
89% Feb 14
7
61
3334
Sugar
100
May Department Stores._100
Marll
Jan
*45%
3334
68
69% Jan
*59
35
3
56
49% Jan
2278
50
~23%
Dec
59% Jan
100
Nat Enam'g & Stamp'g._.100
Do
pref
100
National Lead
100
800
61
*32
29
61%
77
*45%
Dec
63%
100
pref...
Feb
5
10
~
Deo
66
107
5
100
23
56
5
4
1,000
"22%
Dec
Jan 24
Jan
2% Mar22
73
*59
Dec
97
100
25% Jan
934
22%
Deo
3
Highest
Deo
1201«
55% Jan
95
95
25
100
100
*92
*92
31
Marll
100
pref.
100
Do
pref
100
Nat Conduit A Cable.No par
2,400
94
I
Jan
164% Feb 28
100
2%
72
72
7134
72%
*72
102% 102% *102
110 .*102
9%
10
9%
10
62
42
3
Marll
National Cloak A Suit
*92
60%
5
Feb
700
72
50
11%
47%
32%
7134
64%
1334
42%
2%
"2",400
92%
106
61
*
70
2%
17%
24%
32%
17%
23%
60
*59
25%
13%
I
32
70
31
Jan
136
Do
60
*45%
*10%
3%
*67
2%
24%
31
100
100
(P)_.
Montana
98
*93
60%
76%
2234
*45%
"22%
|
I
72
23
5,300
100
98
*67
18,900
54%
5534
*93
2%
"2". 000
13%
30%
54%
*53%
•7 5
2%
60%
60
"I734
17%
13
23%
30%
preferred
12%Jan 10
100
Do
30
17
31
130,900
....
13%
98
31
30
17%
*93
32
4,000
30%
98
23
84%
100%
30
30%
5534
Lowest
$ per share
9% Nov
9% Mar21
Manatl
1734
12%
*53
*37
75
212
60
1
30%
5534
*30
85
146% 149%
151%
16%
2d
Lorlllard
Do
83
146
17%
Do
*95
14234 148%
*21
*67
86
*95
17%
13
*93
32
84%
*70
*88
17
*30
85
Highest
$ per share
Loose-Wiles Biscuit tr ctfs.100
"""766
Mackay Companies
94%
_
171,
30141
*70
84
§94%
144i2 i47i2
1,300
36
115
Do
94
8034
I
147U 148%
*88
81
36
14934 14934
*10234 106
Year 1920
I per share
Indus. & Mlscell. (Con.) Par
Loft Incorporated
No par
58
►
801?
t
SHARE
Range for Previous
Lowest
2,600
10%
*100
115
*144
115
10%
PER
Range since Jan. 1.
On basis of IQQ-share lots
Weey
8 per share
934
SHARE
EXCHANGE
March 23. t March 24.
*100
63
the
Friday
STOCKS
NEW YORK STOCK
S per share t $ per share
9%
1261
3
third preceedlng page.
for
March 22.
97g
*61
Sales
S per share
per share
see
PER
high and low sale
price—per share, not per cent.
Saturday
usually Inactive,
Feb 11
R5L
to
Mar
4
5%
Dec
Dec
Dec
100
June
102
Dec
35%
Dec
73
Dec
R91a
TYaa
basis of $26 par.
a Far
$100.
New York Stock
1262
Jan. 1
1909 the Exchange
Exchange—BOND Record, Friday, Weekly and Yearly
changed and prices are now—"and
method of quoting bonds was
interest"—except for income and defaulted bonds.
BONDS
II
N. Y. STOCK EXCHANGE
Week ending March 2^
5 a.
Range
BONDS
Price
Week's
Range or
Since
N. Y. STOCK EXCHANGE
Week ending Mareh 24
Thursday
March 24
Last Sale
Jan. 1
Range or
Since
Last Sale
Jan. I
S.
First Liberty Loan—
J
D
90.03 Sale
D
87.48 Sale
86,96 Sale
D
J
D
87.48
87 02
87.69
95 00 Mar'21
Seoond Liberty Loan—
4% Of 1927 1942
Conv 4 )£ % of 1927 1942
Loan—
M N
86.90 Sale
86,96 Sale
4Ji%
90.20 Sale
85.40 88.60
95.00 100
90.30 2181 88.00 91.14
9C.OO
Fourth Liberty Loan—
85.24 88.50
48, 85.34 88.80
87.14 3639 85.30 88.40
86 82
M S
of 1928
8
456
87.00
86.66
M N
....
Third Liberty
O
87.12 Sale
88.81
87.34 4232 85.34 88.60
D
97.56 Sale
97.06
D
A
4K% Of 1933 1938
97.54 Sale
97.16
97,56 10107 95.56 97.76
534 95.80 97.72
97.54
Victory Liberty Loan—
\M% Notes of 1922 1923
3 H% Notes of 1922 1923
100
104"
104
~
102% 103%
1921
4s...l941
Chesa A O fund A impt 5S...1929
1st consol gold 5s...
1939
80
90*4 8ale
90i2
91
98%
94i2
98
1944
4s...1945
5S.....1940
9334
95
74
74%
9934
99%
91
93
99%
99*4
88
89
64
8312
99
89%
60
98
99%
91
93*4
89
87%
94
99
99%
Christiania
(City) s f 8s
96
1945 A
73
Copenhagen 25 yr s f 514b. .1944 J
Cuba—External debt 5s of 1904. M
Exter dt of 6s 1914 ser A. 1949 F
99%
40*4
16
40%
95
93%
22,
94*4
45%
98
72%
Sale
99
40i2
41
Sale
73
23;
72
75*4
6
78i2
791$
79
79
78
79i2
7812
78%
69
109!
10
69%
69
69%
98i2 Sale
98
9314
98
98»4
98
99
206
9712
98%
197
95%
97
98%
234
80i2
98'4 Sale
F
A
F
F
F
French Republic 25-yr ext 8s. 1945,M
.1949
1945
Danish Con Municipal 88 "A*'1946
Series B
1944
Dominican Rep Con? Admsr5?'58
External loan 43^8
Denmark external s f 8s
8OI4
80%
5
95%
70%
78%
69%
100
98%
98%
81%
98
99%
414
96
101%
9914
99%
191
97%
99%
87%
79i2
Gt Brit & Ireland (U K of)—
5-year 5)4%
gold
Sale
notes.
1921 M N
bond 534a.-1937 F A
1929
3-year conv 5348
pl922
Italy (Kingdom of) Ser A 634s.'25
Japanese Govt—£ loan 4>4s-1925
10-year conv 534a
75%
3
...
20-year
63
95%
85U Sale
887« Sale
85
86
148
83%
88*4
89
150
86
94% Sale
F
F
F
F
94%
81%
94%
168
81%'
81%
82%'
82
Sale
X 82
1925 J
Sale
63%
% 64
1931 J
73%
74l2
7434
Lyons (City of) 15-yr 6s
1934 M N
74
74*8 Sale
Marseilles (City of) 15-yr 68.1934 M N
4434
4512
Mexico—Exter loan £ 5s of 1899 Q J X 45
32%
D
32i2 83
Gold debt 4s of 1904.....1954 J
99%
O
9912 Sale
Norway external s f 8s
1940 A
96%
O
963g Sale
Paris (City of) 5-year 6s
1921 A
97%
J
9712 97%
San Paulo (State) ext s f 8s.■'1936 J
10234
Sale
J
104
Switzerland (Govt of) s f 8s 1940 J
57
59
57
Tokyo City 5s loan of 1912
!M s
Sale
95%
o
93
Zurich (City of) s f 8s
1945 A
XThese are prices on the basis o/,$5 to
82 %j
t 82
Sale
44b
64%!
1930
General consol 1st 5s
1937
U S Mtg A Tr Co ctfs of dep
1st consol gold 6s
City Securities.
and
City—4Ms Corp stock. 1960 hi
4%b Corporate stock
1964 IB
8
S
43is Corporate stock._|... 1966 A O
434s Corporate stock July 1967
1965
434 s Corporate stock
1963
4% Corporate stock
1959
4% Corporate stock
1958
4% Corporate stock
1957
4% Corporate stock reg.._1956
New 434s
1957
434% Corporate stock... 1957
334% Corporate stock...1954
434s Corporate stock
1961
1961
1960
Highway Improv t 434 s ..1963
Highway Improv't 43£s ..1965
Virginia funded debt 2-3S...1991
N Y State—4s
Canal Improvement 4s
Canal Improvement 4s
J D
IB 8
IB N
M N
IB N
M N
M N
IB N
IB N
IB 8
J J
J
J
M S
IB 8
J J
86i2
80i2
86'2
9134
867b
92%
85
83
82%
General 44b Series
65
Gen A ref Ser A 4^s
84%
B
C
Gen ref conv Ser B 5s
4s
Atch Top & S Fe—Gen g 4s
Registered
Adjustment gold 4s
Stamped
Conv gold 4s
Conv 4s issue of 1910
East Okla Div 1st g 4s
k1990 Q
J
..1995! A O
1995 A O
*1995' Nov
*1995 Nov
1955 J D
1960 J D
1928 IB 8
87
Sale
87
87
85%
873*
70
70
87
87% Sale
49%
1
953s
81
54
98
81%
71%
71%
*66%
71%
Feb'21
81
"68%
68
Mar'20
70
63
May* 19
71
71%
Jan'21
7634
73%
Dec'20
67% Sale
67%
67%
"69 "
>
68
74%
75
59
|
59
65
64%
66
153
63%
72%
72
74
58
98
99
98
84%
91%
93%
.1949
Fargo A Sou assum g 6s... 1924
Milw A Nor 1st ext 4)4s._-1934
Cons extended 44b
1934
62%
64
65
Mar'21
102
Sept'19
100%
us;
174'
96%
97%
94
85
97%
104%
175!
102
29'
43
58
33
94
98
Convertible 4%Js
Wis A Minn Div g
88
88%
88
93%
General 4s
1987
Registered
81%
84
83
84%
84%
Sinking fund 5s
83
Mar'21
83
83%
Debenture
Mar'21
91
93%
90%
92
74
102
95
93%
74
71%
Registered
....1936!IB
15-year secured 6t£? g
44b..'47 IB
Elk A Mo V 1st 6S..1933 A
Des Plaines Val 1st gu
Frem
Man G B A N W 1st
Dec'20
51% Mar'21
50
52
77
77%
75%
79%
76
76
77%
95
73
67%
71
Mar'21
71
71
74%
77% Mar'21
73%
76%
77%
84%
88
88
88
76%
81
74%
76%
101%
Feb'21
77%
100% 103%
102
76% Mar'21
72%
78
91
91
91
78%
79
67
73
Jan'21
79
Jan'21
129?g
Aug'15
67
100%
91
81%
68
12
Nov'20
Oct'20
82
13
79%
79% Mar'21
84
79%
7934
60%
67
88%
112
70%
"74;
65
" "71%
68
25
66
72
Ref A impt 6s
8S7g
23
88%
93%
Cairo Div 1st gold 4s
76%
"~ll
63
63%
30
76
76%
39
85
Mar'20
"68~3g "81%
62%
7334
66%
79
86%
87%
Feb'21
87%
84
Feb'21
84
84
96*4
963*
52
55%
913* Mar'2l
91%
85
Feb'21
79%
93
85
73%
Jan'20
85
Apr'20
99%
Dec'20
99%
Feb'21
53
53%
85
11
99%
9934
84
88%
381
101%
62
68
93%
s
98%
83%
99
673s'
■d
67%
26
85%
97%
Jan'21
Nov'20
72
Jan'21
64%
63%
100% 102%
Mar'21
59%
65%
68
3.
I
Oct'20
88
88*2
74%
Feb'21
J
74
76
J
66
67%' 67% Mar'21
Mar'21
69% 70
68
84
66
72
75
68
88
24
81
"87" "91"
m
74%
74%
65
^
69
67
"5
71
68
68
7534
75%
Nov'16
75% Mar'21
82% Sept'19
88
10
77
88
75%
72%
Jan'20
77
_
7234
Feb'21
67%
65%
66
101%
62%
53
Mar'17
81
83%
84
101
60
72%
Sale
81%
81
101% Mar'31
67% Sale
_85%
81%
May'18
J
July. *Due Aug. oDue Oct.
63
64
66
70
Sale
"72"
F
73
68%
Feb'19
J
*1936 Q F
Cin S A CI cons 1st g 5S...1928 J
J
C C C A I gen cons g 6S...1934 J
J
Ind B A W 1st pref 4s
1940 A O
O Ind A W 1st pref 5s—dl938 Q
J
Peoria A East 1st cons 4s—1940 A O
Income 4s
1990 Apr
Cleve Short L 1st gu 44b
1961 A O
Colorado A Sou 1st g 4s
1929 F A
Refund A Ext 44b
1935 IB N
Ft W A Den C 1st g 6s
1921 J D
Conn A Pas RIvs 1st g 4s—1943 A O
Cuba RR 1st 50-year 5s g._1952 J
J
85%
72
Feb'21
66%
88
68%
6734
69*8
85%
4
67%
66%
73%
J
67%
69%
65
70
82
103% 102
M S
67%
66%
87
95
60
78%
90
73%
11
100% 101% 100% Mar'21
81% Jan'21
80%
Mar'21
81
81
84%
Nov'16
118
9934
~64%
67
88
88
69%
92
99%
74
Mar'21
88% Sale
M N
99%
Feb'2l
75-
69%
63%
99" "99"
Mar'21
99%
7634
82
81
Registered
JDua April. iDue May. (zDueJane. ADue
Jan'21
Apr'20
99%
98
66*4 Sale
66% 66%
77
*1936 Q
99*4
99»4
Nov'20
"99"%
99%
A
1993
J
102%
68
s
1931
1929
104"%
99%
14
J
91%
10034
99%
i0l"
101%
9934
99%
99% Sale
101% Oct'16
75
Mar'21
102% 103% 102
S
MN
1939
4s..-1991
St L Div 1st coll tr g 4s
1990
Spr A Col Div 1st g 4s
1940
W W Val Div 1st g 4s
1940
CIStL AC 1st g 48
91%
88
86% Mar'21
96*4
Series A
Cin W A M Div 1st g
76%
96%
20-year deb 43^8
General 5s Series B
*87%
90% Nov'20
85
1952
1923 A O
F A
4^s-'41
J D
Chic St P M A O cons 6s
1930
D
J
Cons 6s reduced to 3H8..1930
Debenture 5s
1930 IB 3
J
North Wisconsin 1st 6s
1930 J
M S
Superior Short L 1st 5s g_.el930
J
D
Chio T H A So East 1st 5s__1960
Chic A West Ind gen g 6s._el932 QM
J
J
Consol 50-year 4s
...1952
J
J
Cin H A D 2d gold 4^3
1937
MN
C Find A Ft W 1st gu 4s g_1923
J
J
Day A Mich 1st cons 4^3-1931
J
D
Clev Cin Ch A St L gen 4s. .1993
67
Jan'12
Mar'19
89% Mar'21
10134 102
St Paul A K C Sh L 1st
-ii
68%
Feb'20
Feb'21
98
Keok A Des Moines 1st 5s.
67
68
993s
99%
89
1934|A O
4^S..1934[IB S
Burl C R A N 1st 5s
1934 A O
C R I F A N W 1st gu 5S..1921IA
Ch Okla A G cons 5s
99%
Feb'20
98%
R I Ark A Louis 1st
84
97
Dec'20
x
"99"%
Refunding gold 4s
Registered
Feb'21
77*4
96
99%
98%
89%
94%
9034
66%
68
69%
99
87%
98%
99%
90
Mar'21
74
99
99%
J
67%
69
85
94
89341
70
65
Sale
70%
69%
83
78
73%
74
69%
68%
81
74
76
J
68%
Mar'21
Mar'21
68
"
Mar'21
74
St L Peo A N W 1st gu 5s.
69% Sale
8134 83%
85
69
68
74
S
85
651a
~76 "
87
68% 69
68% Sale
85
Jan'21
75
o
84%
98%
89
84%
68
75%
1948 J
1988 J
1988 J
98%
85%
Feb'21
85
99%
Chic R I A P—Ry gen 4s
"81% "81%
Jan'21
65% Mar'21
J
73
"64" ~68*4
Feb 21
67
J
63...1924'J
4s. 1947! IB
98
Feb'20
86
s
1st gold
78«4
68®4
9734
83
Mil Spar A N W 1st gu
Mich Div
58
66%
J
3^s.l94l|J
33^8—1941 J
Mil L S A West 1st g 6s
1921'IB
Ext A imp 8 f gold 5S...1929 F
Ashland Div 1st g 6s... 1925 IB
Milw A S L 1st gu
Oct'20
75%
Sinking fund deb 5s
74
14
98% Mar'21
85%!
85%
*64%
Q F
MN
M N
M N
A O
A O
A O
A O
...1921 A O
1921 A O
1933 IB N
1933 IB N
1930 J D
5s
Registered
10-year secured 7s g
July'20
~65%
Registered
1987
1987
1879-1929
..1879-1929
1879-1929
1879-1929
32
I
58
84%
83
98% 101
85% 86%
1886-1926
1987 M N
Registered -..._^.-..-Pl987
74%'
Mar'211
81%
80
79
5s.....1921
General gold 33^9
86%
Feb'21
95%
Ex 4s...l886-'26
N'west
86%
86%
92
64% Sale
C M A Puget 3d 1st gu 4s.
Chic A
81
79*4
73%
49
1,
Sale
93
76
18
57
65%;
64%
64% Sale
60%
64%
Sale
60
*59% ~61 "
Mar'21
61
74*4 Sale
15
Feb'16
92%
~59~%
1
Sale
Dec'20
Friday;latest bid and asked. aDueJan.
87%
"45
74
Sept'20
July'20
May'20
83
78
58
89
....
42
1925
90
....
70
I
95%
95%
97%
50
51%
50%
Sale
1
Mar'17
32
"51%
87%
8734
|
Permanent 4s
58
74
67% 71
J
733g 75
J
78
78%
Cal-Ariz 1st & ref 434s "A" 1962 IVI 8
88%
S Fe Pres & Ph 1st g 5S...1942 M S
77% Sale
Atl Coast L 1st gold 4s
*1952 M 8
10-year secured 7s
1930 IB N 100% 101%
75% 76%
Gen unified 434s
1964 J D
90%
Ala Mid 1st gu gold 5s
1928 M N
76% 83
Bruns & W 1st gu gold 4s..l938 J
J
Charles & Sav 1st gold 7s.. 1936 J
J 110
67% 69
LAN coll gold 4s
01952 M N
101%
Sav F & W 1st gold 6s
1934 A O
92
1st gold 5s
1934 A O
81% ~81%
Bait A Ohio prior 334s
1925 J
J
78
Registered
*1925 Q J
68
Sale
1st 50-year gold 4s
*1948 A O
Registered
*1948 Q J
66% Sale
10-yr conv 434 a
1933
67%
67%
Refund A gen 5s Series A..1995 J D
88% Sale
Temporary 10-yr 6s
1929 J
J
Pitts June 1st gold 6s.....1922 J
J
"75% ~76%
P Juno A M Div 1st g 3348.1925 M N
63% Sale
PLE A W VaSysref 4S..1941 MN
76%
76%
Southw Div 1st gold 334s..1925 J
J
80*4
Cent Ohio 1st c g 434s_..1930 M S
86% 8834
CI Lor A W con 1st g 5s..1933 A O
85
90
Ohio River RR 1st g 5s..-1936 J D
75
General gold 5s
1937, A O
9634 Sale
Pitts Clev A Tol 1st g 6s..1922 A Q
53% Sale
Tol A Cin div 1st ref 4s A..1959 J
J
9134 93
Buffalo R A P gen g 5s
1937iM S
81% 83
Consol 434s
1957 IB N
70
All A West 1st g 4s gu
1998 A O
82*4
Clear A Mah 1st gu g 5s._.1943 J
J
Roch A Pitts 1st gold 6s-.1921|F A
Consol 1st g 6s
1922 J D
83
87
Canada Sou cons gu A 5s.—1962,A O
86%
86% Sale
78
25-year debenture 4s_—...1934
Chic A L Sup Div g 5s
1921
Chic A Mo Riv Div 5s... .1926
97%;
92
9234
Sale
70
66
36
92%
83% Mar'21
Mar'21
| 83
831* 83% Feb'21
1965 J
Trans Con Short L 1st 4s. 1958 J
M N
84
83
Rocky Mtn Div 1st 4s
•No price
Mar'21
95%
82
93
34
93
30%
95
Sale
35%
28%
*27
30
93
48%
104%
92
8334
31
Mar'21
32
32%
AO
30
40
83%
80
28
29
96%
83
76
79
J
74
100
923g
51% 58
77% Sale
S
8!
Railroad.
Ann Arbor 1st g
Sale
IB
J
28!
72%
5s deferred Brown Bros ctfs...
89*4
~77 ~ ~82~
47
I
80
64'
Sinking fund 6s._
101
88
Oct'19
79
33
92%
93
88% Mar'21
46
94
7734
89
74%
91
95
76®4
82%
27
91%
96
7934
90%
A.el989
el989
el989
.61989
a2014
a2014
1932
Registered
Gen'l gold 3J^s Ser
Mar'21
83
70%
81
1947
1946
Ch M A St P gen g 4s ser
Mar'21
9134
91*4
7312
72
80*4
74%
7434
V 92
91*4
82i2
82%
82i2
8H2
72
82%
IB N
1956
Sou 50-yr 4s
1956
East 1st 4^s...l969
96
46
39%
74
95%
Refunding 4s Series C
Ind A Louisv 1st gu 4s
Stamped 4s
General 5s stamped
9134
35
79%
Refunding gold 5s
56
86%
8634 Mar'21
86%
86%
Mar'21
92
87
36
6s..1947
Chic Ind A Louisv—Ref
75%
86%
87
73%
35%
—...
Registered
State
N Y
73%
43%
4(j
35%
88
IB N
1936
Chicago Great West 1st 4s..-1959
Chic L S A
72%
72-34'
Nov'20
|
72
Guar Tr Co ctfs of dep
Chic Ind A
73
70
80*4
Chic A Ind C Ry 1st 5s
75%
no,
I47i
series
Sterling loan 4s
1958
g-1955
of dep
Chic A E 111 ref A imp 4s
81
52
82
8134
1927
Registered
Stamped..
73
*4
1949
94
75,'
Second
80
77
65
35%
7334
..1949
Joint bonds.
See Great North
Nebraska Extension 4s...1927
U S Mtg A Tr Co cts
85
65
June'19
69
66%
Div 4s
General 4s
80
88% Sept'16
73% Mar'21
44
44%
S
IB
1949
1950
Illinois Div 3J^3
88*2 8ale
40>4
72
M N
Chic B tri A Q lin—
Illinois
116
■
72*4
75
84%
993s Sale
9134 Sale
99
Sale
do
72%
63-
85%
Aug.1921 F A
1929 F
Chile (Repub.ilc) ext sf 8s
19 41 F
Chine He (Hukuang Ry) 5s of 1911 J
do
2-yr 5Hs gold notes
10-year 5Hs
72
J
74
'73"% ~78~"
Jan'211
73
80
J
987g 101
"11
82%
J
16
93
90*4
77%
6334 July'20
Jan'21
J
58
9214 Sale
do
73%
65
61%
21
...1926 A O
...1931 A O
do
84
93%
81%
....
75%
93%
99%
91
74%
J
Railway 1st lien 3Hs
99
Mar'17
J
Chic A Alton RR ref g 3s
97%
2
74
J
97%
94%
96
78% June'20
75
76'4
65
66
100
94
79
92
J
93
37
9578 Sale
94% Sale
74
7 434
O
D
D
84/
80%
19
1
86
J
43..
91
92%'
79%
"76% Sale"
J
A
85
Jan'18
79% i
100%
.1946
4s...1989
87
92%
-
-
-
74% Sale
82
Sale
1989
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5s..1941
96*4 100%
99
99%
S
R A A Div 1st con g
63
96
79% Sale
93
92%
IB N
4HS..1930
76
95%
89
9734
Feb'21
Mar'2
A
72
2d consol gold
97
81%
S
15
73%
88%
83%
Mar'21
9734
96%
99
F
99
311
96
244
97%
80%
96%
M
67
72
97% Sale
70i2
82
81
J
IB
99% 101%
Dec'20
90
mm-
High
83
97% June'17
mmmm
83
80%
IB N
95%
26
71
69*4
93U
97
83%
J
J
Big Sandy 1st 4s
Coal River Ry 1st gu
Sale
69*2
S
Belgium 25-yr ext s f 7J$ 9 8-1945 J D
5-year 6% notes
Jan 19251
20-year s f 8s
1941 F A
Berne (City of) 11 8s
.1945 M N
Bergen (N>rway) 8 f 8s
1945 M N
Bordeaux (City of) 15 yr 8a.l93!,M N
Canada (Dominion of) g 5s..1921 A O
83
M S
30-year conv secured 5s... 1946
Craig Valley 1st g
86%
71%
67
J
J
84
86
1992
Registered
Potts Creek Br 1st 4s
Foreign Government
Argentine Internal 5s of 1999... IB
83%
1939
1992
General gold 4J^s
20-year convertible
79U Apr'20
8712 Mar'20
79%
78
A1987
Registered
Q
N Y A Long Br gen g
Registered
Mar'21
104% 10 D* 104
10418 10412 10334 Feb'21
981* Mar'19
99*4 IOOI4
July'18
9934 lOOt* 99
78
100
89
No: Low
101%
73% Mar'21
88% Mar'21
83%
83%
85
Mar'21
66
Dec'20
90
May'18
73%
91%
72%
30-yr 5s_38 J
Am Dock A Imp gu 5s
Feb'20
99% 100i4 100
99*4 lOOU 10012 June'20
J
<11930
J
2s consol coupon
dl930
F
4s registered
1925
F
4s coupon
1925
F
Pan Canal 10-30-yr 2s___._*1936
Pan Canal 10-30-yr 2s reg_._1938 Q N
Q M
Panama Canal 3s g..
1961
Registered
1961 Q M
28 consol registered....
D
D
Central of Ga 1st gold 5s._.pl945 F A
Consol gold 53..
1945 M N
10-yr temp secur 6s June..1929
Chatt Div pur money g 4s. 1951 J
Mac A Nor Div 1st g 5S..1946 J
Mid Ga A Atl Div 5s
1947 J
Mobile Div 1st g 5s
1946 J
IB N
Cent RR A B of Ga coll g 58.1937
J
Cent of N J gen gold 5s
1987 J
Car Clinch A Ohio 1st
101
101% Sale
7S..1940 J
Canadian North deb s f
87.00
J
of 1932 1947-..
High
No. Low
90.66 1896 89 90 93.50
9006
J
3H% of 1932 1947
Conv 4% of 1932 1947
Conv4tf% of 1932 1947
2d oonv 4tf%
High
Ask Low
Bid
Government.
High
Ask Low
Bid
U.
Range
Week's
Price
Thursday
March 24
Nov'20
98%
98
Dec'20
67%
74
Nov'20
66%
54
61%
Mar'21
20
26
84% Mar'21
80%
81
83
59
60
60
20%
23
20
83
80% Sale
73%
74
73%
95
99*8
94
69% Sale
'
69%
60
74
Mar'21
70
84%
7934
84
72
75%
■
93
94%
59%
72%
pDue Nov. jDue Deo. (Option sale.
New York BOND
1263
Record—Continued—Page 2
S X3
BONDS
Week's
Price
Range
BONDS
N. Y. STOCK EXCHANGE
Thursd iy
Range or
Since
N. Y. STOCK EXCHANGE
Week ending March 24
March 24'
Last Sale
Jan. 1
Del Lack A Western—
Low
:
Morris A Essex 1st gu 3^82000 J
d
N Y Lack & W 5a...
923 F a
Term A Improve 4s
923 (vi N
Warren 1st ref gu g 33^8
Delaware A Hudson—
1st lien equip g 4}js
No. Low
High
67*2
7078
95
Feb'21
95
95
91
Feb* 21
91
91
9612
96*2
77
81
80*2
84
!
000 F
a
102'8
j
Feb* 21
78is Mar'21
81*2
82is
102
103*2
1st A ref 4s
943 M N
30-year conv 5a
10-year secured 7s
935 A
o
930 j
D
946 a
O
Alb A Susq conv 314a
Renss A Saratoga 1st 78
Den A R Gr—1st cons g 4s._
73
921 M N
936 j
10178 104*2
71
73*2
100*8 100*8
Mar'21
1091* Mar 21
6312
6378
J
936 j
Consol gold 4^8
Feb'08
96*2
J
67 *4
n
Ash Low
N
66*2
75*2
o
695s
77*2!
9934
91;j4
69*2
98*2 Sale
j
105
j
1945 M
Registered
Long Isld 1st
"70*4
gold
cons
66
72
58—A1931IQ
1st consol gold 4s
General gold 4s
S
j
A1931 Q j
1938 j d
1922 m g
75
M
M
68
928 j
D
71
Ferry gold 4>tfs
955 F
A
44U
455s
33
4634
Gold
42*4
75
10
40
48
Unified gold 4s
1932 j d
1949 m S
2
73
75
Debenture gold 5s
1934 j
71*2
61i4
297s
Apr'll
Dec'20
7
62
66
85*2
79
M>
M
Rio Gr Sou 1st gold 4s
Guaranteed
940 J
j
940J
J
63
82
4
Nov'20
4778
54
75
7734
I
NY
Dul A Iron Range 1st 5s
Dec'20
Mar'21
'
!
87%
88*8
Ma-m
1
I
83" *
83
88 *8
Registered
1051 j
Dul Sou Shore A Atl g 5s
Feb'21
83
92
86*2
_
Erie 1st consol gold 7s
NY4 Erie 1st ext g 4s
99
3rd ext gold 4^s
17
Jan'20
80
*
I
920. A
O
91*4 Mar'211
93
June'20
928 j
d
9434
Nov'15
NYLEAWlstgfd 7s..
Erie 1st cons g 4s prior
920 M s
98»2
Aug'19j
Registered
53
996 j
51
996 j
1st consol gen lien g 4s..
conv
4s Ser A
do Series B
Gen
conv
40
996 j
Registered
Penn coll trust gold 4s..
60-year
951 |f
953 a
v.
5812
_40"
86
Dec'19,
7634
Feb 21
Unified gold 4s
Registered
Collateral trust gold 5s
7312
Feb'21
36
o
3912
Chic A Erie 1st gold 5s
Cleve A Mahon Vail g 6s..
7712
I067g
Erie A Jersey 1st s f 8s
Genessee River 1st s f 6s
37*2
8212
..
Feb'21
Dock A Impt 1st ext 5s
Feb 21
N Y A Green L gu g 5s
N Y Susq <k W 1st ref 5s...
81*2
88
!
Dec'20
Long Dock consol g 6s
Coal A RR 1st cur gu 63
397s
457s
7634
5
81
81
40
36
3
38
4012
7734
Jan'17
7278
36
81
37
o
953 a
Jan'18
2d gold 43^8
General gold
Terminal
cons gu g
10-year secured 7s
Sale
77
77
89*2
3
102*2
76 101
97'4
I
1st A ref 4tfs Series A
97&s
9358 1507
98 j
12
80
81
79
80*2
Registered
84
10134 102*2
Registered
Reduced to gold 4!^s
I
7
Feb 21
99*2
Mar 21
99
83*2
1st consol g 6s
Sept'20
6
6
80
Minn Union 1st g 6s
995s
Mont C 1st gu g 6s
101
Feb'2l
99
Mar'21
92
93
60
"B"
94*4
91
WillA SF 1st gold 6s...
Green Bay A W Deb ctfs "A"
95
64*4
"
"si"" "82*4
....
80
"75"" "7*5""
99
99*2
90*2 103
90
94*4
90
90
70
Feb 21
65
70
7
6
32
73
948 A
69
.
999 J
Houston Belt A Term 1st 6s.
937 J
Illinois Central 1st gold 4s...
951 j
8312
Registered
1st gold 3tfs
Registered
951 a
69
76
76
82
83*s
71
71
Sept'17
951 j
Jan'21
Nov'15
7034
1st gold 3s sterling
951 M
Collateral trust gold 4s....
952 M
8
952 a
o
......
Dec'20
71
1
955 MN
75
Purchased lines 33^8
952 J
68»4
LNOA Texas gold 4s
963 MN
1st refunding 4s
...
j
Cairo Bridge gold 4s
Litchfield Div 1st gold 3s..
Loulsv Div A Term g 3Xs.
Middle Div reg 6s
Omaha Div 1st gold 3s
921IF
Bt Louis Div A Term g 3s._
Gold 334 s
951'J
Spring! Div 1st g 3Hs
951 j
Western Lines 1st g 4s.....
951 F
,
69
91*4
Jan'21
77*2
6934
68*2
72*2
'S9H
Dec'20
73*4
92*2
73*4
64*2
___
*68" "
1
6184
!
Dec'20
Sept'20
1
....
951 F
Bellev A Car 1st 6s
923 j
Carb A Shaw 1st gold 4s
932 m
Chic 8t L A N O gold 5s...
951 j
951 j
69*4
71*2
Oct'20
Registered
!
8
951 j
8212
963 J
813$ Sale
MemPb Dtv 1st g 4s
951! J
70*4
74*4
95l'j
Registered
950 J
Int A Great Nor 1st g ext 7s..
James Frank A Clear 1st 4s_.
959 j
Wftnaa*
D
city Sou 1st gold 3s.. 950 a o
950 a
Registered
Ref A Impt 6s
Kansas City Term 1st 4a
Sale
o
75" "75"
73*2
76*4
88*8
74
90*8
75l2
54
56*2
Mar'21
115
74*2
73" *75*8
72
70*2
74
7978
79
83
Feb'2l
64
65
945 A
Aug'19.
84*4
84*4
940 J
Jan'21 i
940 J
Sept'19,
bid and asked this week,
a Due Jan.
Des M A Ft D
99
1st
cons
693j
70*8 Mar'21
40*2
41
40
11
F
39*2
41
43
43
41
41*2
41*8 Mar'21
gold 5s.. 1938
d
1951
S
40
4s int gu'38
j
79
con g
Sale
j
Trust Co certfs of deposit...
1st ref 4s
2001
Dec'16
5712
36*4
24
38*2
36
58*2
36*4
Feb'21
35
30
M
M
24
-
-
M
M
52
54
Jan'21
40
-
39
Mar'21
35
mm* m
A"o
37*4
33
mmm
2078
26*2
43
40
m
36*4
59*8
A
54
O
42
M K A Okla 1st guar 5s...1942 m n
M K A T of T 1st gu g 5S..1942 m
m
m
51*2
mm
M
M
69
Oct'20
Jan'21
60
37
Oct'20
7714
78*2
77*4 Mar'21
89*8
89i3
84
Mar'21
M
m
M
a
89l2
90
83
85
S
53*4 Sale
53*4
..1945 M n
58
66
60
D
2d extended gold 5s
1938 f
St L Ir M A S gen con g 5s. 1931 J
Gen con stamp gu g 6s.. 1931 a
a
793g
j
85*4
'7334
M
MM
St Louis Div 5s.
1927 M S
._./il927 J d
1938 Q J
1947 M S
g
Guaranteed general 4s
6834
807g
70*4
Oct'17,
66*2
67
667g
82
87
90
99%
90
91
90
& Due Feb.
#
Due June,
ft Due July.
62*2
60
"§5
Mar'21
Dec'20
71
76
78
77
Mar'21
77*4
76
Mar'21
94*4
94
Mar'21
99*4 Mar'21
21
16
Sale
15
Dec'20
Dec'20
27
20
677g
21
17
34*2
36*2
Mar'21
4
6684
677g
j
653s Sale
64
653$
D
1925
93*2 Sale
60*2 Sale
887s Sale
93*2
93*2
61
62
10
88*2
89
101
100*s Sale
1003g
101
76
O
6a... 1935 m n
1930 M s
68*2
69
O
76*2
697g
77
77
j
1997
A
6734
68*4
67*2
68*2
67
67
77*g
j
1934
m n
"77*8 Sale"
70*2
77%
66*2 June'20
1934 m n
....1942 j
J
"75**2 Sale"
75*2
l"8 F
1998 f
A
61s4 Sale
61*2
Sept.
8
4
22
77*2
1997
■ Due
....
Mar'21
57
75*2
25*2
A
Mich Cent coll gold 33*8-1998! F A
Registered
1998 f A
Battle Cr A Stur 1st gu 3s. 1989! J
d
Beech Creek 1st gu g 4a...1936 J
j
Registered
1936 J
j
2d guar gold 5s
1936 J
j
Registered
1936J
j
Beech Cr Ext 1st g 33*8.61951 A O
Cart A Ad 1st gu g 4s
1981 J d
Goub A Oswe 1st gu g 5s._ 1942 j D
Ka A A G R 1st gu g 58—1935 J
j
Registered
1
""2
Sept'20
995a
9988 Sale
"22 " "3(j"
1998 f
Ref A Impt 43*s "A"
2013 A
New York Cent A Hud River—
30-year deb 4s.
Lake 8hore coll g 3>*8
:::n
07V
99*4
1923
1977
Non-cum Income 5s A.....1935 A
conv deb
July'14;
69*2
68
92*4
A
1931
5s...1928
6s
102
70*8 Sale
76
1927 f
Nashv Chatt A St List
Jasper Branch 1st
j
Mar'21
June* 19
75l2
75*2
79*2 Aug'20
85*4
85*41
8684
6
loo
Oct'18
74
mm1
O
1933 J
j
1926 M N
g 5a.
mm
5334
68
M
J
75
1929 J
Feb'21
30
m
m-
a
O
Jan'21
Dec'20
627g
m
a
1929 A
Jan*21
Mar'21
32
m
1st A refunding 6s Ser a.. 1965 F
1st A refunding 5s 8er B.al923 f
1st A refunding 5s Ser C..1926 f
1938 M S
1948 M n
Jan'2l
Dec'20
42
mm
70
58
m
Texas A Okla 1st gu g 5s.. 1943 m S
Missouri Pacific (reorg Co)—
1975 (vi
52
57
57
68
S
d
Jan'21
52
5378
48
•
Dull A Waco 1st gu g 5s... 1940 M N
General gold 4s
Feb'21
95
70*8
Kan City A Pac 1st g 4s...1990 f
Mo K A E 1st gu g 5s
1942 A
Montgomery Div 1st
Dec'20
88*4
58*4 Sale
36*4 36*2
5% secured notes "ext"...1916
4s
Jan'21
85
a
1st A refunding 4s
2004 m S
Trust Co certfs of deposit
Gen sinking fund 4^8
1936 J""J
78*4
90
"89"' ~90~
D
01990 f
41
78
83
j
75
40
79*2
1941 M n
Mississippi Central 1st 5s...1949 J
St Louis Div
69
6912
1938
5s
1st Chic Term 3 f 4s
8ept'20
mm mmm
68*2
s
j
1st gu 4s...1935
Registered
Mar'21
55*4
Oct'09
o
July'20
Mar'20
95
1921 a
5s
67
Nov'10
d
1934 m n
gold
Debenture gold 4s
73
950 J
937 j
2d gold 5s
North Ohio 1st guar g 5s.
No price Friday:! atest
"75""
67
Mar'10
d
1st consol
Mortgage 3Hs
Registered
941 J
Lake Erie A West 1st g 6s
Registered
87
960 j
Apr
Leh Val N Y 1st gu g 4tf
79*8
67*4
70*4
Nov'17
Mar'21
"77~*2
922 MN
j
91*2
Mar'21
931 M S
St Louis Sou 1st gu g 4s
Ind 111 A Iowa 1st g 4s
87
83*2
70
1977 m S
f g 5s__1925 j
1927 j
10-year coll tr 7a
Consol 4s Series A
May'io;
Mar'19;
July* 18
Gold 3«s
Joint 1st ref 5s Series A.
s
1st A refunding gold 4s
1949 (vi
Ref A ext 50-yr 5s Ser A...1962
N Y Cent RR
Mar'21
D
Midland Term—1st
Minn St Louis 1st 7s
N O Tex A Mexico 1st 6s
10
"86**2
Mex Internal 1st cons g 4s...1977 m S
NO A N'Elst ref A Impt 4HsA *52
New Orleans Term 1st 4s
1953
....
Nov'16j
69*4
Nov'10
34
Nat of Mex prior lien 4>*s— .1926
1st consol 48
..1951
Dec'20
Jan'21
9778 May'16
9933
993jj
94*4 Jan'2l
82*2 Jan'21
-
Nat Rys of Mex pr lien 43*8.1957
....
June'16!
951 J
-
9934
67
1936 (vi n
M
Feb'05
90
"95"
M
sua*
83
s
St L A Cairo guar g 4s
Mar 21
68
95l'F
Registered
"74*2
70*4
951 <j
953 J
74
Dec'20
69*?
a
O
1945
1st ext gold 6s
75
Sale
950 J
70
Feb'21
71*4
953 MN
934 j
J
Registered
16-year secured 5 He
1936
Rlv A G Div 1st g 4s
Verdi V I A W 1st g 5a
Mob A Ohio new gold 6e
8ept'19
Mar'21
95
1963
Registered
July'09
8
81*s Mar'21
6512 Mar'21
5s
Unified A ref gold 4s
951 a
Registered
85
83*8
6678
Pac R of Mo 1st ext g 4a... 1938 j
84
54
7034
7084
95*2 Nov'19
104
Aug'20
71*4
71*4
81*8
50-yr 5s
cons gu g
cons gu
3d 7s extended at 4%
Cent Br U P 1st g 4s
Mar'2l
951 j
99*4
Missouri Pac 40 year 4s
Jan'21
951 j
Extended 1st gold 3Hs
8
6934
Nov'20
79
a
mm
76
General
6
6834
Feb'21
74i2
73*2 June'18
73*2
Oct'18
955 F
76*2
8her Sh A So 1st gu g 5s... 1942 j
90
Sale
6
4Hs._ 999 J
83*8
j
5212
Dec'20
65*2
Trust Co ctfs of deposit
1st ext gold 5s
...1944 m n
J tQ 21
Jan'21
74*2 Sale
Gulf A S I 1st ref A t g 5b..b 952 J
a
82*2
136*4 May'06
1st guar gold 5s
1937
80
92
Feb'20
Feb'21
j
N Fla A 8 1st gu g 5s
MM'
m
Mar'21
85
j
95*2
80
102*2 Mar"21
.......
LAN South M joint 4s... 1952 j
Registered
7»1952
2d gold 4s
Mar'20
75
4s..
Mar'21
83
Registered
m
98
87*4
72
7034
99
....
99
100
~53*8 ~53*2
7078
90
103*4
Jan'21
71*4
100*4
mm
77
8
Mo Kan A Tex—1st gold 4s__1990 j
102*2
....
8338
'mm
98%
M 8 8 M A A 1st g 4s int gu'26 J
63
99*2 102
8214
88%
81*2
Pacific ext guar 4s £
6378
*81>I "84 "
120*2 May'16
Registered
Mont ext 1st gold 4s
72
957g
June'16
96
St Paul M A Man 4s
"6Ui
62*4
9812 Sale |
6
92*8
8238
Feb'21
88
88*4
993410 J
j
Lex A East 1st 50-yr 5s gu.1965 a O
LA N A MAM 1st g 4^8.1945 M S
M St P AS S M
77
10234
88
Kentucky Central gold 4s. 1987 j
1st
6378
Great Nor C B A Q coll 4s
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
75
78
m
103*4 Sale
Hender Edge 1st s f g 6S...1931 m S
Refunding gold 4s
1
90
«•
MM
Iewa Central
I
Mar'21
Grand Trunk of Can deb 7s..
Registered....
"94""
*
Aug'10
Ft Worth A Rio Gr 1st g 4s..
Galv Hous A Hend 1st 5s
cons g
81*2
June'12
Florida E Coast 1st 4V$s
Fort St U D Co 1st g 4^8...
Registered
60*4
Mar'21
81*2
*
91
87*4
SAN Ala
67*21
Nov'20,
90
MM
M
m
j
Pacific Ext 1st g 6s
Sept'20
Nov'11
m
88
a
2d gold 3s
1980 M 9
Atl Knoxv A Cln Div 4s._. 1955 m n
Atl Knox A Nor 1st g 5s...1946 j
d
Stamped guaranteed
81*2
Feb'21
E Minn Nor Div 1st g
76
54 |
1 "52"" "54"
Jan'17'—..
1st general gold 5s...
Mt Vernon 1st gold 6s...
Bull Co Branch 1st g 5s
Registered
58*2
Nov'19
6s
,
-.
8168 Sale
78*2
La A Jet Bdge Co gu g 4s
Manila RR—Sou lines 4s
"98"
"50" *50* *
Jan'21
5s..
Evans A T H 1st cons 6s
Debenture ctfs
1
Feb 21
gold
Wllk A East 1st gu g 5s
Hocking Val 1st
Registered
76
|
j
1931 m n
1930 m n
1931 m n
1930 j
j
L Cln A Lex gold 4^s
N O A M 1st gold 6s
Gen
Dec'06
5s
1st
Mid of N J 1st ext 5s
Ev A Ind 1st
*98*
Jan'18
59
j
1940 j
-
N A C Bdge gen gu 4^8—.1945
Pensac A Atl 1st gu g 6s... 1921
72*2
7
3-3*4
1940 j
*
99*2
92*2
...
91*4
55*2
8234
Nov'20
67*2
"
"39*2 "45"
66
Jan'11
87
70
2d gold 6s
1930 j
Paducah A Mem Div 4s
1946 f
St Louis Div 1st gold 6s—1921 m
51
129
June'16
73
36
o
953 a
4s Series D
45
53
Oct'20!
41i8|
66
95
"82**4 nil
85
i
996 j
60*4 Mar'21
67*2
67*8
1
9l"
66*2
Oct'06
Mar'21
75*8
'99"" "99**4
!
4th ext gold 5s
6th ext gold 4s
68
S
58.1935 A O
1927 M S
Feb'211
66*8 Mar'21!
j
Oct'20,.
99
A R B 1st gold 58
m
m
60*2
g
Nor Sh B 1st con g gu 5s.al932
q
75Ul
2
1949 m
m
65
Feb'2l|
91*4
99*4
mmm--mm
m
85l2
May'20
Louisiana A Ark 1st g 5s
1927 jM S
Louisville A Nashv gen 6s._.1930 j d
Gold 5s
1937 m n
1
75»4
75*4
d
1949 m
con g
91*g
67*8
1937jivi n
Registered
N Y B A M B 1st
9312
Det Riv Tun Ter Tun 4^a_.
Dul Mlssabe A Nor gen 5s...
Elgin Jollet A East 1st g 5s.
p m deb 5s._
Guar refunding gold 4s
507s
Dec'16
63
Det A Mack—1st lien g 4s...
Gold 4s
20-year
63*2|
50 34
Mtge. A coll trust 4s A..
4s
Jan'21
73
71
Rio Gr West 1st gold 4s...
11
Oct'13
1
75
63
j"6
42i4
7434
939
Mar'12
1
!00,
0! 1
"85*2 Safe"
1st A refunding 5s
70
2
1
1945 M S
Improvement gold 5s
Trust Co oertifs of depoa
Rio Gr June 1st gu 5s
No.
69*2
98*2
9234 Mar'211
j
Leh A N Y 1st guar g 4s
High
98*2
94
92
or
77i2
77i2!
9134 Mar'21'
113
O
Leh Val RR 10-yr coll 6s._nl928
Leh Val Coal Co 1st gu g 5s_.1933 j
Registered
1933 j
1st Int reduced to 4s
1933 j
66*2
67*4
4268
6
Range
Last Sale
Bid
Lehigh Val (Pa) cons g 4s...2003 m
General cons 43^s_
2003 (vf
Leh V Term Ry 1st gu g 5s...1941 a
Registered
...1941 A
63
11
Mar'2l
Week's
Thwsdav
March 24
24
High
6712 Mar'21'—!—
922'j
Price
Week ending March
75*2
58*2
60
62*2
52*2 May'20
61
62
65
Mar'21
62
Feb'21
49
Feb'20
"47lg II11
81*2 Mar'21
79%
68
8884
76*4
57
68*2
95*4 Nov'16
101
May'16
...
73
76
78*4
June'20
...
80*8
...
Due Oct.
*
Option sate.
"I
2
4
8
New York BOND Record—Continued—Page 3
1264
|5
EXCHANGE
ending March 24
Week's
Range or
Week
Last Sale
1997
1997
1928
1931
.1931
1991
gold 4s
25-year gold 4a
Registered
4a
Moh A Mai 1st gu g
Mabon C'l RR 1st 5a
Michigan Central 5a
Registered
4a
—_
1st gold
4a
83
86
63
8OI2
85
7012
7712 Sale
79 ' Sale
Non-conv deben
Non-conv deben 4b
Non-conv deben 4s
Conv debenture 3Hs
Conv debenture 6s
Cons Ry non-conv
4s
Non-conv deben 4s
1956
4s__1954
B A N Y Air Line 1st 4s...1955
Cent New Eng 1st gu 4a_—1961
Housatonlc Ry cons g 58.. 1937
Naugatuck RR 1st 4s
1954
N Y Prov A Boston 4s
1942
N Y W'ches A B 1st Ser 14H8 '46
Boston Terminal 1st 4s
1939
New England cons 6s
1945
Consol 4s
1945
Providence Secur deb 4s
1957
Providence Term 1st 4s
1956
WACon East 1st 4^8
1943
N Y O A W ref 1st g 4s
<71992
Registered $5,000 only
171992
General 4a
1955
Norfolk Sou let A ref A 6a
1961
Non-conv deben 4s
Harlem R-Pt Chea 1st
69l2
94
way A
93
82
98%
....
71
66
69
Feb'2l!
9912
Feb'19!
6834
36
60
60
62%
35
3012 Sale
33i2
66
70
30
34
1st A cons 6s Series A
Atl A Birm 30-yr 1st g
45
"34
35
30
65
58%
73
73
101% 104%
Feb'21
101% 101%
Oct'20
741.1
75
Mar'21
75
77
96
Jan'21
90
90
74
75
80
78%
lOo"
76%
98
98i2
76%
Jau'20
76'4 Sale
7514
7614
7534 Sale
7534
"53% Safe"
54i<
83i8
99i2 102
83
98i4 100
96
97
*56%
"98% "99"%
Jan'21
70%
76%
Mar'21
93%
95%
Virginia Mid Ser D
Feb'21
81
84
Feb'21
105
70
106%
74%
69
16
70%
Mar'21
69
69
7914
81
8OI4
80%
1
80%
8534
8612
86'2
8634
9
86%
78's
78%
27
77
82%
85^2
86%
44
85%
92
78U Sale
85i2
85%
10134 Sale
97i2 Sale
82
....
102
101%
98%
97%
81
D
68
1944 J
D
67
O
79i2 Sale
88
105%
97% 100%
81
81%
98%
99
Mar'21
99%
99
69% Mar'20
67
Dec'20
67
Jan'20
Mar'21
79%
40-year guar 4a ctfs Ser E..1952 M N
Cin Leb A Nor gu 4s g
1942 M N
73
79%
72% Mar'21
68
80
79
84
84%
88%
Feb'21
79%
83%
72%
72%
88%
10
67
88%
Dec'20
90
67
Feb'20
IW N
1942 A
O
8712
87i2
A
O
69
96%
Feb'12
68l2
90%
Dec'12
68
67
70i8
75
A
J
J
J
Gr R A I ex 1st gu g 4Hs—1941 J
Ohio Connect 1st gu 4s
1943 M S
Pitts Y A Ash 1st cons 5s.. 1927 M N
J
70i8
82
67
74i2
Sale
....
Series F guar 4s
1953
1957
4HS..1963
J
gold
Series G 4s guar
Series I cons guar
F
A
D
M N
F
A
General 5s Series A
1970 J D
C St L A P 1st cons g 58...1932 A O
Phlla Bait A W 1st g 4s... 1943 M Nl
•
No prloe Friday: latest
bid and asked.
855<
85i4
8412
79i4
7514
7914
8OI4
...
67
82
88% Sept'17
85
Mar'21
85%
Feb'20
Dec'20
..
84%
._
80
--
75%
Feb'21
82%
80%
Apr'20
——
Oct'20
Feb'21
75%
75%
80
80%
76% June'20
81%
81
96%
80
e Due Jan.
"80"'
"87"
*80'
"so"
Oct'20
Mar'21
0 Due Feb.
nDueJune
99%
Dec'20,
Feb'2l|
94
Mar'19
....
4s
1894-1944
1953
St L M Bridge Ter gu g 58.1930
Texas A Pac 1st gold 5s
2000
2nd gold Income 5s
72000
La Dlv B L 1st g 5s
1931
W Min W A N W 1st gu 58.1930
Tol A Ohio Cent 1st gu 5s
1935
Western Dlv 1st g 5a
1935
General gold 5s
1935
Kan A M 1st gu g 4s.
1990
2d 20-year 5s
1927
Tol P A W 1st gold 4s
1917
Tol St L A W pr lien g 3HS.1925
50-year gold 4s
1950
Coll trust 4s g Ser A
1917
81
80
77%
83
Virginian 1st 5s series
A
25
July'19
76%
71
Mar'21
83%
84%
Oct'20
57%
59%
84%
57%
58%
58% Mar'21
82
86
83
Feb'21
71
71
Mar'21
"57% Sale"
82%
Jan'21
83
78
Dec'20
89%
88% Mar'21
66
66
62
81%
86
J
78%
J
J
87%
64%
J
46
...
Mar'21
87% Sale
81% Mar'10
67% Feb 21!
88% Feb 211
87%
87%
s
86%
89
88
Feb'21
O
50%
53%
55
Feb'21
J
98
99
98
63%....
o
89%
J
MN
IW
J
94
J
73%
J
55
59%
87%
O
56
M N
60
"89" IIII
88%
IW N
J
63
A
99
96% Jan'21
80% May'20
65
Aug'19
87% Nov'20
60
Feb'20
98%
88%
Dec'20
90
Jan'21
Jan'21
86
70
89
Jan'21
81%
88
80
O
....
86%
J
Feb'21
65
Feb 21
85% Mar'21
78
70
Oct'20
J
71
O
85
85
A
85
83% Mar'21
J
63
68%
Jan'21
70
Mar'21
O
81% 108
81
July'20
D
78
80
80
Mar'21
Mar
50
50
Mar'21
J
65%
J
72
"80 " "90
05% Dec'20
106% Nov*04
89
89
75
Feb'21
63
68%
65%
Jan'21
67%
80%
70
89
34
69
Feb'21
84
Dec'20
80%
81%
50
49
79%
26
47
30
15%
15%
Feb'19
Oct'20
Mar'21
15%
18%
15
63
D
78
69% Mar'21
78
75%
Nov'20
Feb'21
D
75
A
O
44
52
J
J
80% Sale
J
J
7934
10
J
J
80%
7934
83%
84%
37
75%
76%
5s
IDueAug.
85
76
83% Sale
80%
1927
1st A refunding 4s
^2008 M S
J
J
10-year perm secured 6s. .1928
Ore RR A Nav con g 48—1946 J D
Ore Short Line 1st g 6s
1922 F A
1st consol g 5s
1946 J J
Guar refund 4s.
1929 J O
Utah A Nor gold 5s
1926 J J
1st extended 4a
1933 J J
Vandalia cons g 4s Ser A
1955,F A
Consols 4s Series B—
1957 M N
Vera Cruz A P 1st gu 4Hs—1934| J
J
ftDueJuIy.
Feb'21
89%
89%
96
Apr'20
80% Aug'20
76% Sale
70%
72
deposit
4s._.*1946
1928
1952
4s
1947
1947
Jan'21!
95% Sept'20
J
Gen refund s f g 4s
Ulster A Del 1st cons g
——
90%
89% Sale
91%
s
W O A W 1st cy gu
Feb'21!
84
99%
91%
IW
20-year conv 4s
85%
85%
87
Feb'21
90
J
Spokane Internat 1st g 5s
1955
Term Assn of St L 1st g 4H8.1939
Registered
84%
Mar'21i
85
S
1st cons 60-year 5s
Union Pacific 1st g
85
86
s
Va A So'w'n 1st gu 5s
69%
Jan'21
83%
98%
IW
5s
Mar'21
69%
84
99%
IW
1st refunding g 4s
Oct'20
8552
F
77
87%
86
1926
1926
1936
2003
1958
1924
General 5s
145
I
84%
D
Tor Ham A Buff 1st g
80
Dec'20
82
Series
72%!
82
4-58—1921
Series E 6s
93
72%
90
J
1st 3s
Trust co ctfs of
Mar'10
85i2
7914
81% Sale
8152
67
Sept'20
86%
69
Series E 3Hs guar
80
93
Series C 4s
1942 M S
P C C A St L gu 4Hs A...1940 A O
Series B guar
1942 A O
M N
82
82
88
80
1945
gold..1949
Jan'21
Apr'20
79% May'19
85
J
1942 M N
Dec'15
8878 104
,
93
s
1st cons gold 5s
99%
73%
1942 J
100
85%
92%
Feb'20
83
99
70
102
345
Mar'21
99%
....
6712
1938
lien g 5s
82
Dec'16
76%
83
64
Cons 1st gold 5s
E Tenn reorg
Ga Midland
Oct'19
76l8
3712
78
80
1930
1956
78%!
86
93%
90
o
1944
g 4s
1948
1948
guar 4s... 1949
1946
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 6s
1925
Mob A Bir prior lien g 58—1945
Mortgage gold 4s
1945
Rich A Dan deb 5s stmpd.1927
Rich A Meek 1st g 5s
1948
105
9334
80
4s.
Atl A Yad 1st g
81%
29
68%
Oct'20
78
88is Mar'21
85
1994
A—1956
...
E T Va A Ga Div g 5s
Jan'21
70ls
Guar 3Hs trust ctfa D
Series D 4s guar
2d
5414
Oct'20
98%
7012 Sale
6712 69
Guar 3Hs trust ctfs C
1950 F
89
1941 J
95
6914 73
63*8 85
10478 106
Pennsylv Co gu 1st g 4HB—1921
Registered
1921
Series C guar
N
J
1921|A O
72
76%
Atl A Danv 1st
Feb* 19
Erie A Pitts gu g 3Hs B...1940 J
Series C
1940 J
"77~" "?8~"
J
N
N
—1938
Mem Dlv 1st g 4Hs-5s
1996
St Louis div 1st g 4s
1951
Ala Gt Sou 1st cons A 58—1943
Atl A Charl A L 1st A 4HS.1944
June'20
91
53%
54%
77%
79»2
94%
6734
87% Sept'10
A
D
1st 30-year 6s Ser B
Feb'21
Sale
72% Sale
A
Mob A Ohio coll tr g 4s
79
7434
55
53'>s
7912
53
M N
Nov'25
69%
Develop A gen 4s Ser
80
"75 " "77"
76'4
79i2 Sale
Jan'21
Mar'21
92
.
Dec'20
75
J
1
Feb'21
80
85%
92
D
1949 :F
*1929 J
gold 3Hs
Registered
101%
76i2
F
J
1934; J
1921 J
No of Cal guar g 5s
1938 A
Ore A Cal 1st guar g 5s
1927 J
So Pac of Cal—Gu g 5s....1937 M N
So Pac Coast 1st gu 4s g. -1937 J
J
J
Tex A N O con gold 5s
1943
J
80 Pac RR 1st ref 4s
1955
O
San Fran Terml 1st 4s
1950
J
Southern—1st cons g 5s
1994
Dec'19
100i2
77
55
Dec'15
81
70%
Louisiana West 1st 6s
105%
75%
9634
7612
101
80
"78% Safe"
4s__..—-01929jM S
Gen gold 4s Int guar
Nov'16
101%
34
94% Mar'21
95
...
...1931 J
GllaVG AN 1st gug 58-1924 IW
Hous E A W T 1st g 58
1933, IW
1st guar 5s red
1933,IW
H A T C 1st g 5s int gu
1937iJ
30
7714
78
Series B 4Hs
Mort guar
43
76
J
66%
68
*1949 J
20-year conv
2d extcn 5s guar
73
90
J
Sale
88
2
37%
46%
47%
65%
65%
64
May'20
87%
5s.1920 J
Registered
55
Feb'21
122
103
101% Sale
A
37
85%
coll)—*1949 J
20-year conv 58—
73i2
Guar 3Hs coll trust reg A.1937 M S
36
78
Cent Pac 1st ref gu g 4s... 1949iF
96
S
2
33
81
Registered
"51" "53"
74
D
55
86
Waco A N W dlv 1st g 6s__ 1930 IW N
A
J
Gold 4s (Cent Pac
69
745/i Sale
F
58%
55
Southern Pacific Co—
68%
7714 Sale
J
58%
32
90%
A<JtN Wist gug 5s
101
47
"ii
63
57
54%
101
"24!
66
Jan'13
63
63%
5s—ol945iJ
g 5s...1929 J
Seaboard A Roan 1st
1
64
98%
47
57%
73
62
62%
51
10178
Mar'21
37% Sale
45%
73i2
55
32% 8ale
51
103
56
5;
15;
58% Sale
53%
55
4912
73
66%
63
51
102
66
2
78
:<
62%
1943| J
Ga Car A No 1st gu
"9,
94
66%
78
65% Sale
4s.el933;M S
58.1
Consol gold
203;
89%
64%
61%
Ga A Ala Ry 1st con
40,
33'
156!
Mar'21
Sale
64
48
99i2
99is
A...1931
1933
52%
45
72%
60%
46%
....
51
J
Tol W V A O gu 4Hs
93%
49%
59i2 Nov'20
6OI4
A
Series D 3Hs
93% 95
66% Sale
77%
66% Sale
Sale
O
Series C 3H8
Jan'21
48
A
3Hs—1942
1948
Oct'20
77
45
1930
Int reduced to
07
78
50
60
61
61
61%
15-year secured 0Hs
1936
Alleg Val gen guar g 4s
1942
D R RR A B'ge 1st gu 4a g_1936
Series B
67
40
Dec'19
74i2
D
1968
1948 Q M
J
Nor Pac Term Co 1st g 68—1933 J
J
Oregon-Wash 1st A ref 4s....1961 J
J D
Pacific Coast Co 1st g 6s
1946
J
Paducah A Ills 1st s f 4H8—1955
IVI N
Pennsylvania RR 1st g 4s...1923
Consol gold 4s
1943 M N
Consol gold 4a
1948 IVI N
Consol 4Hs
1960 F A
General 4 Ha
1965 J D
1935
89%
40
30
A
CI A P gen gu 4Hs Ser A..1942 J
98
89% Sale
1949 J
Fla Cent A Pen 1st ext 68—1923 J
1st land grant ext g 5s„ 1930 J
Feb* 18
8838
59
1st consol gold 4s
CI A Mar 1st gu g 4Hs
97
J
Caro Cent 1st con g 4s
Sept'17
30
681s
J
Guar 15-25-year gold 4a...1931 A
66%
47%
Through St L 1st gu 4s. .1954 A O
G H A S A M A P 1st 58—1931 IW N
62
Wash Cent 1st gold 4s
B.1941
46
67
J D
F
5s
4s
40%
IO6I2 May'15
87
July'14
83
Aug'13
57%
65
39%
111
64l2 NOV'20
52 '8 Mar'21
70
86%
66% Sale
47% Sale
178
73%
86
1943 J
1950 A
.1950 A
01949 F
1959.A
1945 M S
40%
Feb'21
65
73%
5s„1947jJ
40
Oct* 19
68I2
5634
Adjustment
7834
July'18
49
M S
M S
1968 J
73
Oct'17
70i2
66
1923
Guar 3 Ha coll trust Ser
61%
50
Registered certificates..1923
St Paul A Duluth 1st 5s...1931
10-year secured 7s
42%
40i2 Mar'21
Sale
61
10
...
41
42
4212 Sale
60%
Sale
86% Sale
73
1996 J
J
1947|A O
68—192 8 IW N
Gray's Pt Ter 1st gu g
S A A A Pass 1st gu g 4s
Seaboard Air Line g 4s
Refunding
9
41
40
D
5s
74%
70
37
37
60% Sale
1931;J
37
4012 Mar'21
IIII "63" "63" Feb"'21
619601 Oct
J
Gold 4s stamped—
l!
4512
45i2
50
45
"38" "40~"
St Paul-Duluth Dlv g 48—1996
General
69
68
76
76
Sale
76
F
St P A N P gen gold 68
19
67i2 June'20
a2047
2047
Registered
Ref A Imp 4^8 ser A
Jan'09
9514 June'20
70
71
J
J
O
O
St L 8 W 1st g 4s bond ctfs...1989.M N
2d g 4s Income bond ctfs.pl989 J
J
Consol gold 4s
1932 J
1st terminal A unifying 53.1952 J
93
81% Mar*21
J
J
J
gold 5a
K C Ft SAM cons g
26
81%
Dec'20
77
4s__ 1936 A
KCAMRAB lstguSs.. 1929:A
93
Sale
11II "80%
o
K C Ft S A M Ry ref g
Oct'20
13058
82
80
J
7
Jan'21
Dec'17
97%
79%
82%
J
Southw Dlv 1st g 5s
60
50
Jan'21
91%
J
St L A S F RRcons g 4s
Nov* 16
95%
J
4s__1989.M N
Registered
General lien gold 3s
General
'55% "55%
Feb'21
103
81%
....
14
81%
66%
Mar'21
hl955!A O
Cum adjust Ser A 6a
Income Series A 6s
"98 '
Nov* 16
70U
N
J
J
A
J
J J
IW N
F A
J J
M N
IW N
A O
J J
A O
J J
J J
IW N
IW S
J J
rall-|
1997|Q
1997,Q
a2047jQ
50
....
91
O
St Louis A San Fran gen 6s__ 19311J
97%
Feb'21
101
59
S
S
O
J
Pacific prior lien
land grant g 4s
551s
65%
39%
1950 J
1950 J
1928 J
Prior lien Ser C 6s
7H2 NOV'20
60
76
5s„1922 J
Northern
70
56
66% SaleJ
36% 39
Co)—!
Prior lien Ser A 4s
69" ~69*~
Jan'21
Mar'21
80
80
J
1940 A
1943 J
1997) J
1997! J
1951 j A
1951 J
.1947; J
Prior lien Ser B 5s
May'] 5
98
65
A
N
N
A
New River 1st gold 6a
1932 A O
N A W Ry 1st cons g 48—1996 A O
Registered
1996 A O
Dlv'l 1st lien A gen g 4a.1944 J
J
10-25-year conv 4a
1932 J D
10-20-year conv 4s
1932 M S
10-25-year coiiv 4hs—1938 M S
10-year conv 6a
...1929.M S
Pocah C A C Joint 4s...l94l!J
D
Sclo V A N E 1st gu g
69
113
73
7234
93
—
St Louis A San Fran (reorg
Nov'20
89i2
7812
98t4
F
Norfolk A Sou 1st gold 5s
1941 IW
Norf A West gen gold 6s
1931IW
Improvement A ext g 6s—1934 F
C C A T 1st guar gold
St Jos A Grand Isl 1st g4s
82
69"% ~70 "
92i2
I
3Hs
79%
*70% ~74%
69
5s_._ftl922!A O
1941 iJ J
OgALCham latgu 4sg_1948 J Jj
Rut-Canada let gu g 4s. 1949 J
JJ
St Lawr A Adir lBt g 5s__.1996 J
J,
2d gold 6a
1996 A O
Utica A Blk Rlv gu g 4a—1922 J
J
Pitta A L Erie 2d g 5s—al928 A O
Pitts McK A Y 1st gu 63—1932, J
J
2d guaranteed 60
1934 J J|
West Shore 1st 4a guar
2361 J J
Registered
2361 J J
NYC Lines eq tr 58—.1920-22 M N
Equip trust 4Hs
19201925 J J
If Y Connect let gu 4Hs A..1953 F A
Nl
IW
A
J
IW
J
1
F
J
7634
77%
Jersey Central coll g 4s
Atlantic City guar 4a g
71
Nov'17
Feb'16
70
70%
Rutland 1st con g 4Hs
1947
1947
1954
1955
1956
1956
1948
1930
1955
66
7112 Mar'21
*67% "?1%
gold 4s
gen
Registered
79
79
85
R W & O con let ext
Non-conv deben 3 Hs
Reading Co
7414 8ept'20
66i8 Mar'20
70ig Mar'21
77i2
7854
"e's" mn
4a-1993] A O
1932 J D
1st consol gold 5s
Nov'19
82
Sale
J
4a.l937j J
f
s
Pitts Sh A L E 1st g 5s
Dec'&O
Oct'20
9134
80% Sept'20
J
....
Philippine Ry 1st 30-yr
98i2 NOV'18
_75% IIII
1st 4s—1936 F A
N Y & Harlem g 3Hs
2000 (VI N;
N Y A Northern 1st g 5s_.1923jA O,
RYNHA Hartford—
Non-conv deben 4s
92
1st Series B 4s...
Jan'93
80%
F
1st Ser A 58.1950 J
1950 J
Pere Marquette
Dec'20
No.' Low
High
Ask Low
102
Bid
88
86%
80«4
J
J
J
J
S
8
61921 MN
2d gold 4Hs
93% May'20
9912 Aug'17
88iS
•
5s„1924 J
Sodus Bay A Sou 1st g
8412 Nov'19
69
Last Sale
Sunbury A Lewis 1st g 43—1936 J
U N J RR A Can gen 4a...1944 IW
Peoria A Pekln Un 1st 6s g
1921 Q
67
11'
82i8
82
N J Junc RR guar
68
66U
84
82
8834
Chic & St List g 48—1937. A O
Registered
...-.1937 A O
Debenture 4a
1931; M N
Pine Creek reg guar
67
83%
Sale
7234
N Y
N Y A Pu 1st cons gu g
67
Sale
^3
Range or
March 24
Pennaylvanla Co (Concl.)—
0712 7i>4
82
1952 M N
1929. A O
3HS—
20-year debenture
V
84
1940 i J
1940 J J
1951 M S
-
Registered
J L A 8 1st gold 3Hs
2
High
Thursday
Week ending March 24
Jan. 1
NoJ Low
08t2
6838
60
D
D
S
N
N
S
1934 J
J
1931 IW S
1931 Q JW
Registered
Debenture
683g Sale
J
1
M
ivi
M
M
N. Y. STOCK EXCHANGE
Since'
High
Ask Low
Bid.
N Y Cent AHRRR (Con)
Lake Shore gold 3Ha
■3
Week's
Price
BONDS
Range
Price
Thwsdiy
March 24
BONDS
N. Y. STOCK
1926 M N
• Due Oct.
83%
84%
75% Sale
99% Sale
78
Sale
99
90%
Sale
91
79% Sale
.89%
95
Sept'20
81
131!
78
4!
9834
99
91
91
79%
7934
94
76% Mar'21
72%
81%
6
Feb'18.—
89
77
24
7
27
Mar'21
77
~81% Safe
54|
100
78
99
81%
v Due Nov.
89
23
...
82%'
1 Due Dec.
76%
72%
24
81
84
72%
72%
Jan'21!
Mar'21,
12
lOptlonsale.
New York BOND
;
Price
1*
Week's
Thursday
Week ending March 24
Bid
As* Low
8534
867S
8534
86*2
A
733^
74i2| 73i4
90
90
97
S
1941
81
55i2
64
80
1941
53
55
5414
7411
60*4
7914
5234
1941 M
S
5514
A
665s
"705s
7914
West Maryland 1st g 4s
1952
52 34
West N Y & Pa 1st g 5s
Gen gold 4s
1937
87
1943
62
Income 5s
Western Pac 1st
ser A 5s
1946 IVI
1920 A
1st g 5s
Wheel Dlv 1st gold 5s
Exten A Impt gold 5s
A
Refunding 4Hs series A—.1960
RR 1st consol 4s
S
48
1949 M S
Street
g 5s
1945 A
2002 J
1st refund conv gold 4s
secured notes
Bk Q Co A S con gu g 5s
Bklyn Q Co A S 1st 5s
Bklyn Un El lBt g 4 5s
"58"
56
82i2
19*2
1934
7934
D
55
*66*4
Atlantic Rerg deb 614 s
193l]M S
Booth Fisheries deb s f 6s
1926 A O
Braden Cop M coll tr s f 0s.. 1931!F A
Bush Terminal 1st 4s
1952 A O
Consol 5s
79*4
56*2
85*8
60*4
89*8
60*4
8112
68
82
28
4538 Sale
42
64
90
63
65
64
63is
65
64*2
A
54
A
53
A
57
25
60
55
Hud A Manhat 5s
A
ser A
j
1957 F
income 5s
N Y A Jersey 1st 5s
1932 F
Interboro Metrop coll 4*48—1956 A
Certificates of deposit
Interboro Rap Tran 1st 5s__1960 j
Manila Elec Ry A Lt
f 5S..1953 IVI
S
1931 J
Montreal Tram 1st A ref 5s_ 1941 J
New Orl Ry A Lt gen
4*48—1935 J
126
282
85
56
57*2
37
44
Mar'21
19
Jan'21
27
Dec'20!
20
....
....
50
....
57
72
5
15
6
4
57„
2
674
48
69
65
4612 Sale
31
31
J
76
"70 " II..
J
Sale
81
68
323s
s33
3378
81*2
885s
68
68
Sale
60
68
49*2
36
"6*5*" "7*0*"
Feb'21
63
4912
Mar'21
32*2
33*4
62
36
1
3678
35*4
26*2
01*2
192
62
36
29
35*2
67*2
and
Electric Light
Bklyn Edison Inc gen 5s A. .1949 J
J
Bklyn Un Gas 1st cons g 5s__1945 M N
Clncln Gas A Elec 1st A ref 5s 1956 A O
Columbia GAE 1st 5s.1927 J
J
Stamped
.
19271J
.
79
1st A ref 5s ser A
80
85
Sale
84
J
Columbus Gas 1st gold 5s___1932lJ
Consol Gas 5 yr conv 7s
1925[Q
Cons Gas ELAP of Bait 5 yr5s *21
Detroit City Gas gold 5s
Detroit Edison 1st coll tr
79*2
76
84*4
85
9934 Sale
F
|M N
19231J
88
78*4
90
*1940! M S
89
Duquesne Lt 1st A coll 6s. .1949 J
J
Eq G L N Y 1st cons g 5s...1932 IVI S
90
91
1952 F
Kan
City (Mo) Gas 1st g 5s_
Kings Co El L A P g 5s
.
1922 A
"87" mi
O
1937
81*2
1997
98*2
89
Ed El 111 Bkn 1st con g 48.1939
Lac Gas L of St L Ref A ext 5s '34
Milwaukee Gas L 1st 4s
Newark Con Gas g 5s
YGELAPgSs
73
1948 J
6634
5s
1995
g 5S..1930
Ch G L A Coke 1st gu g
77
conv
g 5s
conv s
f 6s
88*2
87*2
775g
88*2
Mar'21
8834
89*2
89
3
90
35
Feb'18
71*8
89
1
J
J
M N
«
Feb'21
"7*1*8
*8*7*" "87*"
87
100
Dec'20
73
93
68*8
Mar'21
79
104*2
Apr'17
67*2
82
82*4
66*2
67
86*2
74*2
8078
'81*8 *83* *
6434
86*2
85
68
78*2 May'20
84
86*2
827S
Feb'21
85
Sale
71
....
76*2
77*4
76*2
7334
75
9314 8a!e
83*8
70
70
63*8
74
74i2 Mar'21
Apr'17i
71
7412
100
75
92*4
Mar'17j
May'19
58
93*4
82i2
Syracuse Lighting 1st g 5S-..1951 J
Syracuse Light A Power 5S..1954 J
72
83Bs
7034
68*4
68*2
835s!
Nov'20,
68*2!
86
82
88
93*4
8334
Nov'20
July'19,
United Fuel Gas 1st
f 6s
1930; J
J
Utah Power A Lt 1st 5s
Utlca Elec L A P 1st g 5a_
1944 F
A
1950! J
5S.....1957 J
J
Utlca Gas A Elec ref
s
Westchester Ltd gold 5s
1950 J
72
84
D
78
95
1
683s
82*2
82
88
71*2
76l8
08
3
76*2
Apr'14
June'16
66
66*2
62
88
88
92l2
86*2
91
88*4
9134
Jan'21®
91
76
9178
86i2
797g
75*4
67*8
5734
70*2
62*8
A
O
83*8
83
~78 "
77
78
80
Feb'21
69
78
62
Sale
70*2
61*4
10178 Sale 10134
89
91*2 94*8
96
Sale
95*2
88*4 Sale
88
D
83
Mar'21
82*4
78*2
86
86*2
A
O
F
A
M
N
1
70*2
62
.
13
102
128
"esij
89
Sale
75
29
Mar'20
96
87
Nov'19..
79
88
Oct'19
78
i
.
.
---1
76
8034
102
89*8
94l8
94lt
96*2'
162
i
48
86
8034l
1951 F
A
1939 J
J
68*8
Baldw Loco Works 1st 5s
1940 M N
Cent Foundry 1st s f 6s—1931 F A
75
O
92i2
Am Writ Paper s
f,7-6s
Cent Leather 20-year g 5s_..1925 A O
Consol Tobacco g 4s
1951 F A
Corn Prod Refg s f g 5s
1931 M N
J
99*8
90*4
43
8034
87*2
89
8478
~89*2 "91
95
90
79
90
70*2
85
90
A
J
O
10034 Sale
82
80
J
D
90
94
J
88
92
M N
87
92
M N
9034
82*4
86
D
10-year 7*4s
1930
U S Smelt Ref A M conv 6s._ 1926
Va-Caro Chem 1st 15 yr 5s—1923
Conv deb 6s
el924
98
92
Sale
86
74*4 Mar'2l!
83*2 Feb'21]
106*2
10778
8234
83*2'!
107
10634
8334
84l2l
91*s Dec'20
72
Feb'21
84l2
"88* "88*"
87*4
9134 Mar'21
91*4
93*2
87
2
85
42
87*2
9478
86*8 Nov'20
80*8 Nov'20
86*2 Jan'21
9434
93
86
26
96
98*2
23
79*4
1003s
160
93
86
107
78
87
78*4
92
108
775»
103
Feb'21
Sale
75*2
83l2
80
102
97
Mar'21
88*2
95*2
8612 86*2
7934 85*t
9478 100
75*2 79*2
9534 101*2
90*8 94*8
D
9134 Sale
9134
O
90*2 Sale
92*2 Sale
95*2 Sale
90*2
90*2
1
92*4
95*8
93*4
56
92
11
99*4 Sale
92*8 93
9878
92*2
95*2,
99*2
92*2
923g
9434
92*2
1932 M N
1922 J
J
Westlngh E A M 7s„
1931 M N
Wickwire Spen Steel 1st 7s..1935'-.
"l2
92*8
291
3]
90
95«s
90*2
95*4
9384
96*4
9934
92«4
I
& Steel
1926 J
90
Sale
1942 M N
81
Sale
1930 J
78
1932 J
S
D
8134
96i2
77
A
D
70
J
J
Illinois Steel deb 4^s
Indiana Steel 1st 5s
1940 A
Jeff A Clear C A I 2d 5s
1926 J
O
1952 M N
81
78*2
93*2 July'19
85*8
101
81*2
Sale
80*4
78*4
77l2
70
75
Feb'21
76*2
62S4
70
90
73l2 Mar'21
81
82
81*4
82
88*2
89*2
98
5s_1957|J
J
f..1940. A
"94"
7412
J
J
dl963 MN
74
83*2
72
76*4 Sale
76
76
86
82*2
91*2
94l2
74*2
Aug'26
2
92*2
73*2
95*4
78
76*2
32
>3" "
70
80
80
Jan'21
83
78
8478
75i4
92
85
Mar'2l
70
71
Mar'21
78
"
Nov'20
88*2
95*4 Sale
945g
S
85
9563
52
lOO
78
72is
91
94
Jan'21
85
8678
863s
92*2
82*2 Mar'21
955s
95*2
Oct'20
75
80
71
Mar'21
80
....
80
88*2 Mar'21
94
82
Telegraph & Telephone
Am Telep A Tel coll tr 4a
1929 J
82
70
74*8
Feb'19
7834
dl963 M N
1931 M N
J
94*2
75*4®
80
O
St L Rock Mt A P 5s
Btmpd.1955 J
Tenn Coal I A RR gen
5s...1951|J
U S Steel
94*2
86*2
82*2
Dec'14
7434
87*2
88*2 Sale
93
Nov'20
D
Lackawanna Steel 1st g 5a.. 1923 A O
1st cons 5s series A
1950 M S
Lehigh C A Nav si 4J4sA_.1954® J
Midvale Steel A O conv s f 5s 1930 M S
Pleasant Val Coal 1st s f 5s. .1928 J
J
Pocah Con Colliers 1st s f
Utah Fuel 1st s i 5s
Victor Fuel 1st s f 5s
1953 J
Va Iron Coal A Coke 1st g 58.1949 M
90
81
85
A
J
F
F
90
78*2
D
al920 M
Cahaba C M Co 1st gu 6s...1922
Colo F A I Co gen s f 5s
1943
Col Indus 1st A coll 5s gu_._1934
Cons Coal of Md 1st A ref 58.1950
Elk Horn Coal conv 6s
1925
Corp—\coup
99*8 10l«4
84*2
9812
100
101*4
77
69*2
Nov'18
88*2
7878 Sale
A
A
70*2
88
91
90
9434 Sale
80*2 85*2
J
J
100*2
"7212 "74*4
J
1947
70*2
96
Sale
10-60-year 5s/reg
101*8
665s
87*4
f
80
8212
79
70*2
Sale
80*2
s
1
90
88
J
s
69*2
100
Jan'21
90*4
6934
S
J
Repub IAS 10 30-yr 5s
387
90
A
Sale
s f 5s
1st A ref 5s guar A
~89*2 "92"
38
84
101*8
Feb'21
84
20 yr p m A Imp s f 5s
Buff A Susq Iron s I 5s
Debenture 5s
93
Dec'18
79
1930
Coal, Iron
Beth Steel 1st ext
70
88
69*2
107
f 7*4s
West Electric 1st 5s Dec
9334
70
72
A
s
91
60
90*2
80
Union Oil Co of Cal 1st 5s—1193J
U S Realty A I conv deb g 58.1924
U 8 Rubber 5-year sec 7s
1922
12-year
"67*" "76**8
Feb'211
79
A
series A
Dec'20
70
Standard Milling 1st 5s
1930 M N
Steel A Tube gens f 7s ser C. 1951 J
J
Union Bag A Paper 1st 5S...1930
J
1st A ref 5s
78*j
117
O
O
Stamped
75
73
117
D
D
F
Nat Enam A Stampg ist 5s.. 1929
Nat Starch 20-year deb 5s
1930
National Tube 1st 5s..
1942
N Y Air Brake 1st conv 08—1938
70
129
Mar'21
83*2
100*8
1073s Sale
83*2 Sale
1951
5s
88
98*4
87*2 1007»
8978 Sept'20
...1944 A
1951 F
Lorillard Co (P) 7s
8934
73*2
Sale
A
78
Mar'21!
Sale
...1944 A
5s
70
8934 Sale
2i
Mar'21
93*4
84
1947 J
Paper 5s
67
101
..Feb 1940 F
Liggett A Myers Tobac 7
69*2
73
89*2
1
2
Jan'21
J
Ingersoll-Rand 1st 5s.
1935 J
J
Corp 1st 20-yr 5s.. 1932 M N
International
IIII "75
71
89
10078
75,
7712
117
M S
J
J
1942 F
1952 M
Gen Electric deb g 3J4s
Debenture 5s
20-year deb 6s
777s Sale
1934 M N
1930
Cubm Am Sugar 1st colics 1931
Distill Sec Cor conv 1st g 5s. 1927
E I du Pont Powder
4^8—-1930
General Baking 1st 25-yr 6S..1936
52" "52"
81
Sale
78
7834
1930 M
S
6912
70
Mar'21
20-year conv 4Ma
30-year temp coll tr 5s
7-year convertible 6s
1933 M
S
8334 Sale
83i4
84
"~4
1940 J
D
8178 Sale
81*2
82
83
73*8
80
74
1925 F
Bell Teleph of Pa s f 7s A
1945! A/
Cent Dlst Tel 1st 30-year 5s.. 1943 J
Commercial Cable 1st g 4s._.2397.Q
Cumb T A T 1st A gen 5s...l937iJ
A
s
f 6s..Feb
West Union coll tr cur 5s
Fund A real est g 4^a
103
D
J
85
J
1949, F A
Mut Un Tel gu
Sale
96*4
60
80
Sale
27
03
80
98
86*4
79*4 Sale
90*8 Sale
79*4
8978
9734 Sale
835s Sale
9678
84
77*2 825g
203
94U 97*2
136 10034 10618
86*4 86*4
6412 6412
78*4 81
97
97*2
103
102*2
86*4 Mar'21
64*2 Feb'21
86*4 Sale
70
80
80
Apr'16
1
86I4
80U
85" ~8S5^
59
75
8034
23®
8734
96i4
92
80
J
815s Sale
84l2
53-1941; J
815s
90*4
9734
83»4
8178
12
81
83
1938 J
J
83
83
84
3
83
86*2
78*4
79*4
3
77*2
81*2
1937tJ
A
J
1950 M N
ext 58—1941 IVI N
Northwest Tel gu
97*4 Sale
O
Keystone Telephone 1st 5S..1935 J
J
Mich State Teleph 1st 5s
1924 F A
N Y Telep 1st A gen s f 4Hs.l939|M N
Pacific Tel A Te! 1st 5s
South Bell Tel AT 1st sf
Oct'20
95
80
101
Feb'21
86
88*4 90*4
88
10078 Sale 10058
O
Northwest'n Bell T 1st 7s A.1941 F
77
a
78
24
i
91
A
4s
30-year deben
7734 Sale
75
82*2
Oct'17|
77
J
*No Price Friday; latest bid and asked,
"78*2 III I
80
36
84
Convertible 4s
84" ~88*78
Feb'21
1920 J
D
J
Trenton G A El 1st g 5s
1949. M S
Union Elec Lt A P 1st g 5S..1932 M S
Refunding A extension 5s
1933jM N
76*a
82
7958!
:
79
7434
July'17
89
~6f7*2 III!
85
7434
887S
71*2
1922 M N
D
100
73" "73"
Jan'21
73*4 Mar'21
77*2
67
89*2
8212
89*2
90*2
Sept'19
92
105
5s.l937|J
5s__1947jM N
Philadelphia Co
*98**1 102*"
79
90*4
7038
ConGCoofCh l8tgug 5s.l930. J
IndNat Gas A Oil 30 yr 5s.1930
Mu Fuel Gas 1st gu g
80
73*4
7412
6e__1943; A O
1947iM S
cons g
Refunding gold 5s.
80
9934
Apr'20
Apr'20
84
84
Pacific GAE gen A ref 5s
J
1942 J
Pac Pow A Lt 1st A ref 20
yr
5s International Series
1930 F A
Pat A Passaic G A El 5s
1949]M S
Stand Gas A El
...
86's
Corp unifying A ref 5s....1937 M N
86
81*2 Sept'20
*82" " ~83
1st con
Pacific GAE Co—Cal G A E—
Peop Gas A C 1st
82*2
81*2
99
95
D
1949
cons g
NYAQ EI LAP
85
81
1927 IVI N
1948
Purchase money g 4s
Ed Elec III 1st
74i8
80
8334
89*2
83
66*2
77
8334
85
95l2
883s
87
70
I1
Feb'21
June'19
99*2
91
1925
Purchase money 6s
Convertible deb 6s
85
94
"72" "75'
A
1949 M N
79*2
76
79
5s__1933| J J
__*1940|M S
Havana Elec consol g 5s
Hudson Co Gas 1st g 5s
76
87
81
Sale
1st A ref 6s series B
7834
8334
84i2
Feb'21
79*8
91
A
Gold
50*2
26
95
82
Apr'20
86
6534
8812
—
Am Agrlc Chem 1st c 5s
1928
Conv deben
5s
1924
Am Cot Oil debenture 5s
1931
Am Sm A R 1st 30-yr 5s ser A 1947
Am Tobacco 40-year g 6s.. .1944
93
Mar'21
Sept'20
36*4 Mar'21
32l2
34
Sale
33
J
Mar'21
68
II11 _64i2
O
O
25
50
...
6712
J
1927 A
"4*0*34 "4*7*12
153
68
43
1924 A
28
47
75
65
J
*56*" "5*0*"
Feb'17
Dec'20
337£>
79
21*2
6*2
578
53*8
91*8 Mar'21
9234
O
3
Jan'21
O
J
3*8
46*2
Oct'20
56
..
16
8
50
68
"l7*2 *2*5"
75
80
J
Int Agrlc
13
19
6
4934
18*2
9034
65*8
46*4
Eqult Tr (N Y) Inter ctfs...
Va Ry Pow 1st A ref 5s
1934 J
50
96
66
12
80*2*
May'20
95
92
46
Manufacturing and Industrial
72*2
50
18*2
534
49*2
1920 IVI N
St Louis Transit gu 5s
United RRa San Fr s f 4s
Union Tr (N Y) ctfs dep
67*2
72
18*2
Sale
6
J
1934 J
73*2
July'19
18*2 Sale
73**2
Feb'21
14
Certificates of deposit
N Y State Rys 1st cons
4^8.1962 M N
Portland Ry 1st A ref 5s
1930 M N
Portld Ry Lt A P 1st ref 5s__1942 F A
_
19
Dec*19j——
50
19
United Rys Inv 5s Pitts tea.
United Rys St L 1st g 4s
44
15*2
Apr'20
Feb'21
73*2
J
Third Ave Ry 1st g 5s
1937 J
Tri City Ry A Lt 1st s f 5s__1923 A
Undergr of London 4^8
1933 J
Income 6e
1948
60
37
92
72*2
O
__al960 A
58
102*2 1063g
23
A
Tide Water- Oil 6J4s
-1931 F
Wilson A Co 1st 25-yr s f 6s
1941 A
10-year conv s f 6s
1928 J
1st 25-year s f 5s
Cuba Cane Sugar conv 7s
54
II" "93"
Certificates of deposit
Adj Income 5s
19*2
5534
48*2
51*4
53
45
71
N Y Rys 1st R E A ref 4s.__1942 J
Portland Gen Elec 1st 5s. .1935 J
St Paul City Cab cons
g 5s
1937J
Third Ave 1st ref 4s
..I960 J
13
487
75*2
8584
78*2'm
19
71
83
Ontario Transmission 5s
1945 IVI N
Pub Serv Corp of N J gen 5s..1959 A O
Standard Oil of Cal 7s
al931 F A
Tennessee Cop 1st conv 6s. .1925 M N
--..
6778
10334
935s.
94
F
"7178
81
4
92
Niag Lock A O Pow 1st 5s...1954 M N
Nor States Power 25-yr 5s A.1941 A O
Ontario Power N F 1st 5s...1943 F A
37*2
"l5 " "21*2
Oct'19
J
al942 A
109
75
J
A-1966 J
30 year adj inc 5s
"
59
"85'
19
21*4
1734
19
535s
55
5578 Mar'21
5534 Mar'21
635s
23*a
mm-J
77*8 Nov'20
J
_
s f 5s
59
20
J
6478
"57*2 "57*2
60*2
Jan'20
65
43
D
Col A 9th Av 1st gu g 5s__1993 M
S
Lex Av A P F 1st
gu g 58__1993 M S
Met W S El (Chic) 1st g 4s__1938 F A
Milw Elec Ry A Lt cons
g 58.1926 F A
58
Feb'21
37
5512
55*2
34l2
54
"is" ~2478
20
1
36
19*8 Sale
1734 Sale
537s Sale
O
Metropolitan Street Ry—
Bway A 7th Av 1st c g 58—1943 J
Munlcip Ry 1st
I
2478i
63
64
Sale
82
j
65
65
53
6478 Sale
O
exten 4^s
58
A
1990 A
s
57*2
60*2
6OI4
O
Manhat Ry (N Y) cons g 4s__1990 A
Stamped tax exempt
58
63
6 4*2
36
1957
47
66i2 June'20
"55" "63"
j
50
37
61
2U8
62*4
62i2 Sale
S
4038
50
5334 Nov'20
J
Stamped guar 4J$s
..1951 j
Det United 1st cons g 4^s__1932
j
Ft Smith Lt A Tr 1st g 5s
1930 IVI
33
39
1
Mar'21!
54
22
J
A
22
29*2
25
80
J
67*4
"7
70
2..1960 A
ser
1
73*2
7034 Sale
79*8 Sale"
83i2 Sale
7612 Sale
997g
Mar'18
8034
103l2 10334 103*2
935s Sale
93*2
"87"
73
98'4
I
72
83
57
155
68*2!
Sale
80
1984
1934
83
Dec'20
68*2
6s A 1928 IVI N
10 20 year 5s series 3
1932
N Y Dock 50 yr 1st g 4s
1951
Niagara Fails Power 1st 5s.. 1932
Ref A gen 6s
al932
20
82
68
78
Mtge Bonds (N Y) 4s
61
9934!
58
J
73
Dee'201
A
1950 F
con
72*8
"8034
O
71*4
May'18
24
1932 A
f 0s._194l!J
s
70
JDec'20
80
1941 M N
1941 j
j
A
ser
Rec
59
56
25
Feo'21
45*2
44l2
44i2j
42
Mar'21 j
4434
38
J
58
44
40
""
j" j
J
16
75
19
Feb'18
82
715s
6878
7378
O
66
27*2 Mar'21
30
O
66*2
66*8
68
Mar'21
35
Coll tr A conv 6s
Computing Tab
"83"
68*8
15
80
90
High
63*4
56*8
Feb'21'
99*2
60
70*4
No. Low
Mar'211
Feb'21®
57
9958 Sale
81
J
Chic C A Conn Rys s f
5s_..1927jA
Chic Un Sta'n 1st gu
4)4s A.1963'J
1st Ser C 6*4s (ctfs)
1963 J
19
Sale
I?1 Sale
...1928 M N
Great Falls Pow 1st s f 5s
194(1 M N
Inter Mercan Marine s f 6s.. 1941 A O
Montana Power 1st 5s A——1943 J
Morris A Co 1st s f 4
1939 J
50*8
68
6878
A.1934® J
guar tax ex...I960'A
Granby ConsMSAP
Stamped
Feb'21
68
deb 7s
1955;J
Building 5s
~88
82
Feb'21
68
conv
Chile Copper 10 yr conv 7S..1923 M N
14
17
D
Oct'20
58*2
"es"
66*8
J
Chicago Rys 1st 5s
..1927 F
Conn Ry A L 1st A ref
g 4^8 1951 J
Gas
60
18*8
52
1
Jan'21
55
J
Stamped guar 4 5s
1956 F
Kings County E 1st g 4b_.1949 F
Stamped guar 4s
1949 F
Nassau Elec guar gold 4s__1951 J
N Y
Oct'17
84
69
O
*1921 J
Certificates of deposit
Certificates of deposit stmpd..
Bk City 1st cons 5S..1916 1941
Refunding A
60
16
S
Railway
Brooklyn Rapid Tran
Adjust
58
S
1926 IVI
905g Mar'17
55*8
Winston Salem 8 B 1st 4s_..I960
J
J
Wis Cent 50 yr 1st gen 4a
1949 J
J
Sup A Dul dlv A term 1st 4s '36 IVI N
12
53U
87*s
82
75
M
S
1925 Wl
66*4
79*4
Oct'19
Jan'21
82
"89"
J
1948 IVI
Alaska Gold M deb 6s A
Conv deb 6s series B
Atlantic Fruit
Since
Jan. 1
High
Adams Ex coll tr g 4a
80
62
Range
or
Ask Low
90
5134
Jan'21
845s
Week's
Range
Last Sale
Bid
Armour A Co 1st real est 4J4a 1939 J
Feb'21
36
83
Miscellaneous
60
Aug'12
54*4
30*4
82*2 Sale
8
O
1928 J
1930 F
■'
73
87*8
~63*4
20
_pl943 Nov
Wheeling A L E
"5314
Price
Thusdiy
March 24
84*2
8878 Ma '20
1945 F
1945
21
| 97*2 July* 19
62
Feb 21]
7034
1939
1st 40 yr guar 4s
High
Aug'18
1921 M
Wash Terml 1st gu 3^8
Low
Mar'21
J
1954
g 4s
No.
High
1939 IVI N
Om Dlv 1st g 3Hs
Tol A Ch Dlv g 4s
1265
4
BONDS
N. Y. STOCK EXCHANGE
Week ending March 24
Since
Jan. 1
1939 F
Det A Ch Ext 1st
g 5a
Des Moines Dlv 1st
3 yr 7%
Range
or
Last Sale
1939 J
2d gold 5s
Debenture series B 6s
1st lien
equip s fd g 5s
1st lien 50 yr g term 4s
N
Range
24
March
Wabash 1st gold 5s
Record—Concluded—Page
8*9
BONDS
N. Y. STOCK EXCHANGE
,
4^8 g..l934
J
J
Sale
79*8 Sale
98
83
299'
lli
98
101*2 Sept'17
64
Nov'16
Due Jan, & Due April, e Due May. g Due
June, h Due July. * Due Aug. 0 Due Oct. v Due Nov. g Due Deo.
s
Option sale.
/
.
EXCHANGE
Tuesday
March 21.
Wednesday
Thursday
Friday
the
March 23.
March 24.
March 25.
Week
March 22.
Monday
|
March 19.
Railroads
Shares
64l2
*64
*82
20%
20
*26
►
65
64%
*82
85
*82;,
283
Boston Elevated
21
65%
7
0
70
*
*37*
38
36%
16
*60
19
1
*16%
19
75
75
41%
41
41%
41%
2 34
12%
51
12%
100U
100%
100
100%
85
86
86
I
*75
*.10
75
76
*75
1
*12%
*3
*4l2
.30
.40
*4
4%
20
20
22
|
8
8
I
33%
33%
21%
20
20%
*39
.45
.25
4
*3%
19%
*17
17%
70
70
181
162
20%
20%
*84
85
21
"
85
9
9
9
*24
25
*23
25
85
'
*20
85%
12
12%
92
91
8
80
80
81
82
4%
10%
11%
91
91
91
81%
82
82
62
62
62
62
62
*61% 62%
120%
120% *120
120% *120
120% *120
120% *120
20
19%
*18
20
1
19
18
*18
19
19%
18
8%
8%
8%
8%
8%
8%
8%
8%
*8%
8*8
Last Sale
*2
2%
3
*2
99% 100
99% 100
99% 100
100
99% 100
100
*8%
9%
8%
8%
9%
9%
*8%
9%
*8%
*8i2
25%
25%
25%
25%
26%
*25% 26
*26
26%
*26
YT
•13%
*13%
14
23
634
23
24
*23
7
*6i2
101
*6%
634
*55%
"361s
3634
a:35%
36
*23
24
57
t
20%
20% *
3534
Mar'21
36
23
2:23%
23%
23%
18
18%
18
23%
18%
23%
18
18%
18
18
18%
18%
14%
18
18
18
18
18
18%
14%
13%
14
*
*17
30
25
25
*23
25
*23
25
16%
*
16%
16
16
*16
17
*15%
16%
16%
.95
~
24
23%
25
*15"
16
15
18
25
*18
24
24
15
16
18
*23
*15
16
*15
15
*14
*18
*.60
15.
20
*17
20
22%
22%
24
22%
*212
8%
*8%
8%
*8%
*.03
.05
.05
*.03
.05
*.03
10
*8%
32%
10
*8%
10
32%
*2%
32%
3%
32%
3
*2
3
*8
8%
5%
5%
6%
634
1434
*8%
3is4
15
i
*8i2
3214
•212
5»4
*8%
14%
15%
*8
8%
8
Last Sale 8%
Mar'21
Last Sale .04
Mar'21
32
8
8%
8
*134
*2%
*is4
2
*2%
3%
*2%
3%
2
*1%
2
*1%
2
*1«4
.75
*50
.75
*.50
.75
*.50
.75
*76
18%
52
77%
*76
18
*18
2~~t
*2%
*1%
*2%
3%
*2%
*2
2%
*2
2
*1%
1
*1
4
*3%
1
*3%
*2i2
11
47%
14
46
47%
14
*46
.
w
*2%
3
"|
"2
14
14
Last Sale 1%
Mar'21
Last Sale .25
78
18%
Mar'21
53%'
77%
18
18
50
2%
Last Sale 23$
1
2
Last Sale
Keweenaw
3%
Last Sale
Mar'21
Lake Copper
2%
*2
2%
Mar'21
La
2
*1%
1%
1%
2%
Last Sale 2%
Last Sale 1%
Mar'21
*2%
Mar'21
Mason
*1%
1%
*3%
*2%
46%
*13%
1%
1
1
1
1
I
255
4
4
4
*334
4
I
20
*2%
3
45%
46
4534
14
13%
13%
13%
"123
45341
14 I
955
88
*85
Last Sale 50
*46
*46
*46
-
88
*85
84
*85
84
Mar'21
5
*85
*7%
*10%
it
88
7«4
10
8
*7%
10%
10%
9
.25
.25
*.25
.50
*.25
.50
*.25
2
*13g
2
*13s
1%
*1%
2
18%
25%
17%
24
17%
17%
17
17
25%
17%
24%
*24
26
40
38
38
*38
38%
38
38
15
32
32
32
*31
32
32
32
40
1
1
825
*13s
734
*17%
26%
*38%
*17%
25
*38
18%
26%
39%
8
10
8%
9%
2334
*.25
.50
32
32
1
1
1
1
1
1
1
1
*1%
2
*1%
2
*1%
2
*1%
2
*.04
.08
*.04
.08
.05
*.04
.08
*334
4
i
4
*3%
.05
*3%
4
1%
1%
*334
1
4
1%
,
2
*.04
2%
2%
23g
2
2%
2
.55
*.48
.50
.48
.48
*.48
.55
2%
2%
2%
4%
1%
3%
1%
2%
2%
2%
4%
4
4
*4
*.48
*2
4
*4%
*1%
5
*1%
1%
*1
1%
*1
*1
1%
*1
1%
Last Sale 1
*.50
.65
*.50
*.50
.65
*50
.65
Last Sale .50
11%
11%
*.30
*.30
*11%
*.30
1%
12
.50
Bid and aake
prices
12
.50
1%
11
♦.30
11
*11%
.50
Ex-dlvldend and rights
2%
12
% Mar'21
Mar'21
|
Last Sale .48
t Assessment
paid
7
20
June
15
Nov
Dec
10% Jan
Valley Mine
Consol
5
25
..25
Mohawk
New Cornelia Copper
Quicksilver
New River Company
Do
pref
25
5
5
100
100
N1 pissing
North
Qulncy
25
St Mary's Mineral Land—.25
Shannon
Lake
10
25
5
Superior.*
25
Superior A Boston Copper. .10
Trinity Copper Corpn
5
5
5
Utah Consolidated
1
Y 270
1
1,335 Utah Metal A Tunnel..
Victoria
25
Winona
25
26 wolverine
-—-—25
Utah-Apex Mining
85
4
Jan 14
19
3
5
1
Mar
55
Jan
25%
Apr
133
Jan
76
Mar
28
Apr
32% Dec
22% Sept
12% Feb
Jan 10
25
16
Dec
Nov
97% Nov
50
Deo
21
Nov
Feb 15
39% Jan
49
19% Jan 27
17
Jan 5
5
13% Mar 21
15
Dec
14%
Dec
Feb 18
14
Dec
17
Jan
/ Nov
5
7
105% Jan 12
22
36% Jan
34% Mar
176% Jan
99
Jan
17%
8% Jan
61
Nov
101
Dec
13
July
8% Sept
Dec
146% Dec
Mar 23
24
Jan
12
23%
167% Feb 18
87
Feb 17
14
Jan 10
Jan
26
Feb
19
Mar
23% Apr
44% Jan
26
Feb
1334 Mar 12
IS
Feb 24
20
Jan 11
19%
Dec
20
Jan 12
25
Jan 12
27
Dec
25
Jan 20
30
Jan 11
25
Dec
35
Jan
18% Jan 11
15
Dec
32
Sept
8
15% Mar
4
.60 Feb
Wyandotte
Ex-dividend.
25
40c; Aug
3
.75 Mar
Mar 14
45
39% June
33
Jan
4
3
6% Jan 3
Mar
6
22
Mar
.04 Feb
7
Jan
27
Jan
4
3
4% Dec
7% Dec
Jan
40c
Jan
409
Jan
Jan
40%
16i>
48% Jan
4% Mar
14% Jan
Jan
16
Apr
50c
Aug
5%
2
Dec
6% Mar
1
Jan
%
Feb
60
Sept
77% Mar 16
75
Nov
82
June
8
15
Dec
38
Jan
Dec
5
Mar
Deo
1% Dec
2%
4%
Jan
Apr
Dec
3%
Jan
Dec
3
Jan
2%
1%
6
5
1% Jan
4
3% Feb 16
2% Feb 11
1%
90c
1% Feb 25
Dec
3% Deo
5%
Jan
5% Jan
8
8
11%
Jan
6
1%
Dec
7%
Jan
Jan
3% Jan
3% Feb 19
2% Jan 3
Jan
4
39
Jan
1% Jan 25
1% Jan 22
Mar 15
Nov
23
Mar
3% Jan 13
.80
Aug
25c
2% Jan
Feb
60
55
1% Jan
3
1%
40% Dec
12% Nov
35c
Dec
72
Mar
24
Jan
21
Mar
48
Oct
7
79
Feb
95
Sept
3
8% Jan 20
7
Dec
12%
Jan
Mar 23
12% Feb 21
8
Deo
21%
Apr
Oct
80c
Jan
3
48% Feb 25
13% Mar 11
.95 Jan 7
16% Feb 19
.95 Jan
7
50
Mar
9
43% Jan
40
Feb
80
Jan
7% Jan
8
Jan
Apr
15% Jan
10% Apr
3% Jan
22% Jan
3
2% Mar 14
2
Jan
%
4%
3% Jan
1% Feb 18
1% Mar 16
25
Mar 18
48
Jan 3
75
Jan 6;
10% Jan
Dec
3%
6
7% Jan
10% Jan
Dec
25
4% Jan 18
3
7% Jan 3
1% Mar 21
Dec
10% Nov
6% Dec
35% Feb 15
27g Mar 12
5% Jan
Oct
2c
200
Jan 28
10
Dec
6% Mar
4
16% Jan 17
12% Mar 17
42
Aug
5%
2
Jan
259
Dec
Deo
2
87g Jan 20
8
.03 Jan
8
216
77
15
23% Feb 11
3% Jan 7
9
Jan 6
Dec
20c
.35 Jan 28
17% Jan
2% Jan
1% Feb
Jan
40%
Jan 19
56
4
.25 Mar
4
4
.25 Mar
8
1% Feb
9
15% Jan 3
23% Mar 23
35% Jan 3
28
Jan 3
.75 Jan
3
1
Jan 22
.04 Mar
3
Mar
4
18
V& Jan 12
95
Mar
.50 Jan
I
7
Jan
7is
1% Jan
1
Dec
2%
21
Jan
15
Dec
37%
Jan
Jan
30
Jan
20%
Deo
58
Jan
41
Jan
34%
Dec
65
Jan
36
Feb 17
25%
Dec
58
l'A
Jan 28
50c
Dec
2
Jan
Jan 18
10c
Mar
2%
Apr
8
3c
Dec
25o
4% Feb 11
2%
Dec
6
Jan
2% Feb 17
1
Deo
6%
Jan
33c
Dec
2
.12 Jan
3
3
4
.75
Jan 17
2% Mar
9
3
Jan
3
Jan
3
5
Jan 12
.95
Jan
4
Jan
Jan
Feb 15
.40 Jan
2
Mar
1% Marl6
.35 Jan
11
Jan
6
5
.48 Jan 13
5
1%
Jan
4
Oct
9%
Feb
Nov
3%
Jan
l"A Aug
2% Dec
2% Jan 31
2% Feb 17
42c
1
Dec
3%
Jan
4
25c
Sept
2
Jan
8
Dec
23
15c
Oct
.
AEx-rlghts.
82% May
9
Dec
7
28% Jan 11
z35%Mar 21
23
Mar 2 4
16% Jan
53
7% Dec
8
9
17% Jan
63%
138%
57
118
86
4% Nov
11
Mar
12%
101%
4% Feb 2
104
Feb 25
3
Feb
Apr
9%
9% Jan 13
3
31%
10% Nov
7
Jan
Apr
Apr
Sept
Jan
Nov
Nov
Jan
8%
89% Dec
68% Feb
62% Jan 22
Jan 26
6
Jan
80% Feb
24
92% Feb 23
85
Jan 8
—
Jan'21
8
Jan
12% Mar 21
13% Jan 24
17
Jan 29
1
25
5
25
25
25
South Utah M A S
520
2%
45
Jan
4% Mar 18
13
Jan 11
25% Mar 2 4
Jan 3
80
Mar 8
2,035
100' Tuolumne Copper
.50
Jan
6% Dec
Dec
4
Dec
13
32
146
""505
2%
1%
2%
96
8% Feb 17
"166
Mar'21
Dec
21
Mayflower-Old Colony —..25
South
Mar'21
134
2%
2%
Mar'21
.08
134
*.50
2%
4%
1%
1%
Last Sale 3
I
1
1%
*2
1%
Last Sale
*1%
*2%
,
2,701
.50
Last Sale
Salle Copper
Mass
Oct
Jan
80
Feb
122
54
May
7
8
Mar 18
Mar 8
Mines
5
Butte......—.....15
60 North Lake
25
Ojlbway Mining......
25
"255 Old Dominion Co
25
146 Osceola
25
160
8%
9
9
*30
I
*734
8%
8
Co
New Idria
Jan'21
88
Copper
Michigan
Mar'21
Last Sale 3
3
46%
'
—
Lake
3%'
Last Sale .95
*47
Isle Royale Copper
*2%
32%
74%
Jan 10
100% Mar
June
29%
Mar
Jan
26
60
Feb 25
0
Deo
Apr
9
95% Jan
Jan
36%
Dec^
8
I
pref
Do
May
15%
8
Dec
15
Ahmeek
Kerr
Mar'21
140
28% May
88
Apr
164
Nov
Dec
119
Consolidated...25
25
200 Algomah Mining
25
30 Allouez
25
100 Aecadlan Consolidated
25
15 Arizona
Commercial
..5
Bingham Mines
10
Butte-Balaklava Copper... 10
128 Calumet A Heel a
25
1
7,083 Carson Hill Gold
Centennial
25
""651 Copper Range Co
25
Daly-West
20
""880 Davis-Daly Copper
10
140 East Butte Copper Min
10
25
70 Franklin
Hancock
Consolidated
25
Helvetia.....
.........25
Indiana Mining
25
427 Island Creek Coal
1
20
I
*2%
*1%
Dec
Aug
16
Jan 17
8
Jan
36%
Dec
21
15%
Jan
14% Sept
6% Mar
85% Mar 24
90
3
Jan
Nov]
Dec
3%
40
14'
3
59% Jan
7
62
41%
80
Adventure
2%'
i%|
Jan
...
•2
2%
•1U
"
18
Mar'21
*52%
77%
Mar
II
Magneto
•2%
*1%
3%
*212
*1%
*76%
*18
77%
18%
"52
I
*51%
77%
77%
•18
52
Last Sale 3
55
|
52
62
Mar'21
8
i%|
*1%
*51
2%
534
5%
5%
♦.50
3U
Mar'21
32%
Last Sale
,
5%
2 |
3%
2 !
1%
I
8%
Last Sale
534
8% 1
2
2
1434l
14%
15%
10 '
32%
*17«
*2i4
1%
224
223
3
*2
234
*734
221
216
222
,
13%
14
2%
7%
8
216
225
14%
32%
*2%
.05
8
225
228
226
1
*8%
8
8%
*.03
2%
2%
7%
8%
8
*7«4
•8%
*2%
*7%
234
*2%
2«4
.30
21
21
22
*21
19
.25
.50
*.35
.50
19
I
21
*19
21
*.25
.35
*.20
.30
*.25
*19 i
10
Apr
Jan
Dec.
12
35% Jan 17
25
Jan 20
Feb 28.
3% Mar
10
Llbby—.10
Novj
9
17
4
6% Jan
22
100
5
719 Swift A Co
100
Torrlngton.
——. 25
Union Twist Drill
5
1,792 United Shoe Mach Corp..25
275
Do
pref
25
1,419 Venutra Consol Oil Fields.—5
150 Waldorf System Ino
10
230 Waltham Watch
100
28 Walworth Manufacturing..20
15
Warren Bros
50
184
Do
1st pref
50
20
Do
2d pref
50
30 Wick wire Spencer Steel
6
75
47
*45
*
100
no par
Theatres
SI trims
100
.60
.60
.95
47
47
47
*45
I
*.60
.95
*.60
.95
46
46
48
50
Apr
12%
3%
49c
22% Mar 21
8
Jan 3
534 Mar 8
32% Mar 16
20% Jan 29
39
Mar 14
81
Jan 7
-25
Corp.no par
Apr
10
Jan 25
164
3
Jan
Mar 17
10
Mining
!
*.60
*461?
70% Feb
17% Mar 16
-
56% Mar'21
Last Sale 20
36
*13%
Jan 17
4
35%
Dec,
60c
Jan 10
Dec'
Dec,
5
Jan
1%
9,
Apr
167
3%
3
.95 Jan 10
6%
Jan 10
152
Orpheum Circuit Inc
Pacific Mills
1,760
7%
14
8
Jan
70
Ohio Body A Blower—no par
85
8
Jan 12
4
Jan 27
4
no par
pref
Apr
16
10
35 McElwaln (W H) 1st pref. 100
69 Massachusetts Gas Cos... 100
Do
212
pref
100
21 Mergenthaler Linotype...100
250 Mexican Investment Inc—10
10
704 National Leather
National Oil.
10
"362 New England Telephone.. 100
Loew's
Jan
Jan
38
10
13% Jan 10
4% Feb 11
23
Jan 8
17
Jan 31
rdner
Llbby, McNeill A
19
19%
19% Mar 17
5
25
100
100
Island Oil A Trans Corp...
83
Dec'
Nov!
13% Mar
3,
12% Jan
pref
Nov,
lc
9
Feb
Jan
10
10
pref
Products
70
.16
Jan 21
.25 Mar
CI A no par
18%
14%
-.10
Cotton Mills
Apr
Nov
Feb 18
Inc..10
pref
70
6,
Jan
13% Nov
100% Sept
Feb
80
4% Mar 18]
.25 Mar 12
Root A V Dervoort
18
14%
Feb 24;
.07
Reece Button Hole
Last Sale
20%
Jan
73
Feb
5
9
89% Feb 19
80
Jan 15
3
74
7% Mar
3% Nov
Feb 10
102% Mar
no pir
Jan
55%
Dec
1
3% Jan 11
12%
3
no par
89% Nov
45% Jan
3c
5
Jan
3
fJan 21
3
% Jan
96% Jan
Mar'21
18
13%
10!
Do
90
23%
18%
15%
Feb
14
23%
*1414
July
I
100
10
35%
36
48
10
Pneumatic Service—.25
pref
50
Telep A Teleg
100
Engineering
Internat
350
102% 102%
56
20% *
"35%
43% Mar 3
52
Feb 10
Plant (Thos G)
7
7%
*54%
56
*54%
8,
Mar'21
24%
*23%
24
102%
101
10034 101%
57
*55%
7
Jan
Do
45
Last Sale
14
23%
6%
24
*23
10034 101%
101%
*13"
j *13% YT
49
Sale'80
Last
A.
Mar'21
159
159
159
159
159
159
159
3
50
pref
Internat
"""45
301
611?
159
Jan
Dec
Internat Cement
576
11%
120
15912 159%
40
36
Greenfield Tap A Die
~_375
4-%
10%
434
*80
June
M 'tor
.....no par
Gorton-Pew Fisheries
50
G
1,200
10%
|
70
Edison Electric Ilium
Mar'21
Last Sale 22
I
25
91% *
^
39% Mar'21
85%
8
11%
_
12
9
148
9
4%
10%
92
4%
10%
Feb
415
86'
2:11%
4%
10%
"*
4%
10%
12
4%
10%
76
Do
T.590
Last Sale
*22
Oct
100
50
Jan 26
Elder Corporation
22
8%
Apr
75
595
*33
7%
*85
85
8
♦83l2
21%
*7%
*39
*39
July
July
Eastern Manufacturing
Mar'21
22
8
33%
21
Dec
77
86
3
*27
3334
*33
21
76
Jan 27
89
Eastern 88 Lines Ino
75
Last Sale 10
21
33
Feb 23
27%
16
4
37% Sept
86
Jan
Dec
15%
75
76
Jan
12
1,025
Jan
Sept
Dec
'.10
Mar'21
160
160
22
33
21%
I
9%
7%
8
7%
8
33%
180
4
Jan
86
75
15
Century Steel of Amer
Connor (John T)
East Boston Land
100
20%
*70%
75
21
.45
13
Last Sale 16
I
160
*9
3
23% Jan 12
43% Feb
60
Boston Mex Pet Trustees no par
300
132
Jan
65% Dec
32
Dec;
Jan 12
Blgheart Prod A Refg
Mar'21
20
20
160
9%
*9
9%
22%
130
4
Jan 19
Beacon Chocolate
Mar'21
*3%
I
20%
*17%
*70%
18%
75
8
4%
13
4
*3%
20
162
33%
*20%
*39
—^
.30
13%
20
20
35
120
3%!
*.25
.25
4
20
Feb 16
Feb
73
21
Atlas Tack Corporation no par
Mar'21
15%
Last Sale .25
*1234
.25
Nov]
Mar
75
Anglo-Am Comml Corp .no par
Art Metal Construe Inc
-10
Feb'21
*2%
""30
13
13
13%
*9
95
*14%
3
.30
*.20
Mar
3
Amoskeag Mfg
Do
pref
159
Last Sale
.30
*70%
9%
*9
3
6
*161
161
161
3
*16
75
*70%
3
19%
v
17%
*1612
3%
Ye""
16
*13
4
13%
*13
Ye"
7
11
18
—.
Last Sale A3
*12%
*12%
♦15
*5
*.20
*.25
634
I *-20
|« *.25
.25
*.10
.25
Ye"
*15
*3
2,021
Last Sale .16
.25
Do
Amer
86
86
76
Amer
90
100%
100
85
16%
3%
160
12%
*75
*12%
*1512
Dec,
3
Jan
Am Oil
3
12%
12%
76
.26
f *.10
75c
Mar
Do
Mar'21
3
*12
*.10
28
18
West End Street
79
Oct
Dec
60
pref
Vermont A Massachusetts.
489
Last Sale
12%
85
75
"75"
"~i
Mar
25c
10c
100
100
Colony
Rutland
Mar'21
Oct
143
Miscellaneous
3
*278
3
*27g
*12
100
Old
—-
85
I
31
63
Last Sale 18
1
*.25
1
B*-25
3
100
85
Feb'21
Norwich A Worcester pref.100
*60
*75
100
Northern New Hampshire. 100
51
12%
100%
N Y N H A Hartford
36% Mar 19
15
Mar 17
73
Feb 24
74
Jan 28
Mar'21
41%
51%
*50%
51
51
1
? *.25
3
100
.
21
51
*12
,
61
*41%
43%
51
*2%
70
100
830
60"
—
42%
51
r *.25
16
Last Sale 75
Last Sale 74
*16%
*75
42%
42%
*50%
*r—i'<
71
Maine Central
49
Jan
Feb 26
130
3,
Jan
Dec
Jan 29
334
3% Jan 19
Feb 26 i
67
Sept
40
25
124
.99Jan
130
100
pref
89% Nov
4
Jan
.25
.75 Jan 29
no par
pref.no par
100
Do
40
16
16%
63
62
19
*75
*75
*39
40
1534
133
Jan 29
.25
Chio June Ry A U 8 Y
Mar'21
14
i00"
62
*16%
62
♦16i2
*
70
70
*61~
*39"
1534
pref
Bost A Woro Eleo
|;.
Last Jale 72
70"
70
*_
63
65
40
*39
15%
—
15%
16
153s
•
Do
30
Jan lli
125
100
68
Dec
13% Dec
Jan 21
2|
Feb
Nov
Oct
134
May
74%
Mar 22
2534Feb
8
Mar 22
20
26
Feb
60
85
7
Jan
78
Boston Suburban Elec_.no par
Last Sale zl30 Mar'21
*
70
*
70
*3%
*130
*130
*130
3%
3%
*3%
*3%
*3%
pref
Boston A Providence
Jan'21
Feb'21
Last Sale .25
Last Sale .75
*130
Do
131%Mar'21
Last Sale
*125
pre!
Do
Boston A Maine
287
Feb'21
Last Sale 29
6178 Jan 11
Highest.
1
119
129% Feb 25
66% Mar 4
Mar 14
120
100
100
100
100
100
Boston A Albany
305
85
1
21
21%
21
*26
125
*
130
*
130
GOOD
124
65
Lowest.
Highest
Lowest.
FRIDAY
124
124
122
121
64l4 65
85
85
20
20
! 120
121
65
82
20
120
64
82
*19
*26
122
122
Range for Preqtoas
Year 1920.
STOCK
BOSTON
for
1.
Range since Jan
STOCKS
Sales
PRICES
CENTUM
PER
PRICES—NOT
SHARE
Saturday
EXCHANGE—Stock Record
BOSTON STOCK
1266
.80 Mar
14
Feb 21
.48 Jan 13
.
Jan
1% Mar
March 26
1921.]
THE
CHRONICLE
Outside Stock Exchanges
Pittsburgh Stock Exchange.—Record of
transactions at
Pittsburgh Stock Exchange March 19 to March 24
(March 25,
Good Friday
holiday), both inclusive, compiled from official
Boston Bond Record.—Transactions
in bonds at Boston
Stock Exchange March 19 to March
24, both inclusive:
Thurs
Week's Range
of Prices.
Low.
High.
Sale.
Price.
U S Lib Loan
3^8-1932-47
1st Lib Loan 'Is. 1932-47
2d Lib Loan 4s..1927-42
1st Lib L'n
:
92.90
87.04
Jan
85.44 Mar
87.64
Jan
Jan
88.52
Jan
Jitn
88.72
Jan
88.10
Jan
91.26
Jan
21,150
85.34
Jan
88.54
28.S50
2,000
95.78
Jan
97.81
81K
Feb
82
2,300
16,000
95 H
52
Feb
97K
Mar
Mar
97 k
76
2,COO
75
Mar
82
Jan
77
77
3,000
12,000
76
Feb
79
Feb
1935
88 K
j;
84
88K
85K
88K
85 K
Preferred
Jan
74 K
Jan
78
Jan
79K
Jan
85
Feb
Marland Refining
88 K
Mar
1,000
80K
k
88 K
85 k
Jan
Nat
Feb
Stock Exchange.—Record of transactions
at
Chicago Stock Exchange Mar. 19 to Mar. 24, both
inclusive,
compiled from official sales lists:
'
Thurs.
Sales
Last
Stocks—
American
Par.
Radiator
Low.
Price.
30
30
90 k
"9l"
71
91k
317
12k
12k
100
__
88 k
88 k
91
11k
uk
Deere & Co, pref
Match
12 k
Feb
217
88 k
Mar
94
Jan
11k
Mar
42
Feb
5
50
4k
Feb
5
Jan
20
830
9
Jan
20
Mar
6k
6k
300
3
"108"
3
400
3
52
10
Mar
500
102
107 k 108
6k
161k
Motor
Feb
91
Feb
Jan
105
Mar
61
Jan
100
73 k
Feb
11K
Jan
15k
63 k
Mar
9k
Mar
69 k
13
70
90 k
Jan
Mar
Carbon, pf (new)..100
2,280
6k
980
5
Feb
7k
8k
195
6k
Jan
8k
105
8k
1
People's Gas Lt & Coke.100
Pick (Albert) & Co.
_._(*) '"v'i
60
103
Jan
2,239
8k
8
Mar
9k
Jan
Mar
28 k
43 k
Mar
25k
26
42
......
43 m
25 k
435
885
25
PigglyWigglyStores.Inc (♦). "lok
65
25k
34k
23 k
70
105
Jan
Feb
Jan
Jan
26 k
19
16
19
14
Feb
32
32
100
32
Mar
32
76
Mar
120
68
Jan
87
76k
Mar
,1
76 k h;?
87
45
83
Feb
91
27 k
78
21m
"
com... 100
70k
69 y.
100
100
975
18
8,730
100
Jan
69 k
99
10
Jan
Jan
27 k
87
Mar
com
44
(*)
31k
25 k
"A"(»)
Thompson, J R,
Mar
18
Mar
24k
24
25K
3K
49 K
30 K
3K
8%
25
com
29c
116"
Yellow Mfg Co
"63"
1943
Jan
25
95
Mar
,96
Feb
97K
42 V,
9
Jan
48K
Mar
100
Jan
14
Mar
1,000
85 K
Mar
85 K
Mar
"95~
Mar
Feb
s
20
48K
13
13
85K
86 K
85 K
Last
Sale.
Stocks—
Par.
Alliance Insurance
American Gas
Price.
10
100
18
...
_
Elec Storage Battery... 100
General Asphalt....... 100
105
Hunt & Broad Top, pref .50
Insurance Co of N A....10
"l5
Keystone Telephone
50
Lake Superior Corp.... 100
Lehigh Navigation...-.50
Lehigh Valley..
29
29
10
25 V,
42
17
Jan
55K
325
44
Jan
28
8
33k
15k
Feb
21
30
20
48
2,735
37
17k
9k
580
16
410
70
223
Feb
Jan
Mar
23 k
Jan
Jan
Feb
Reading
19k
Jan
8k
Jan
32 k
Jan
69k
Mar
Tonopah Mining.
70k
Jan
Union
280
74
Mar
1,000
60
Jan
6,000
35
Jan
8,000
10,000
61k
Jan
28
90
Feb
64m
39 k
Feb
Mar
64
44.
Jan
1.552
16 K
52
52
17K
50
United Gas Iropt.......50
Preferred i_.
34 K
10
33
Jan
88
Jan
Jan
85 k
Feb
52 K
71
U S Lib Loan 3KS-1932-47
1st Lib Loan 48.1932-47
Jan
Jan
Feb
28 V,
Feb
Jan
18 K
Jan
Jan
55
Feb
Mar
15 H
51K
66
22 %
Jan
88
IK
200
IK
Jan
IK
1,163
IK
Jan
Jan
11-16
Jan
IK
32
510
34 K
35 K
842
29 K
30
Jan
49 K
8
36 K
120
49 K
Jan
50
10
7K
Feb
71
71
Mar
Jan
71
Mar
32
Mar
Feb
Jan
8K
Feb
80
Feb
Bonds—
Jan
Jan
21U
49 K
8
—
Warwick Iron & S-.
399
IK
IK
31
1,958
80
67
IK
Westmoreland Coal..... 50
51
1,512
1
Mar
Sales
Week's Range
of Prices.
Low.
High.
25
Week.
Shares.
25
Low.
95
256
2K
6K
;2K
«-
Range since Jan. 1.
76
•
/■ "■
for
6
21K
75
690
100
IK
5K
High.
Mar
25
Mar
83K
Mar
4
Mar
Jan
Jan
7
42
Mar
23
23
10
Feb
23
83 M
84 K
83 K
85
295
20 K
83
Mar
260
83 K
Jan
370
3K
Jan
83 K
84 K
-i
«.
-
23
4
23
4
23 K
495
23
Mar
Feb
83
27
Mar
23
4
23
Jan
6
23 K
200
6
54
66
SO
80K
Atlantic Refg 6Ks
Bell Telep of Pa 7s
96 k
.
97 K
96 k
97 K
07K
79
10-yr
79
Jan
94
83
83
3,000
3.00C
32
32
32
1,000
Lake Roland EI gu 5s. 1942
87
94 V,
87
Jan
Feb
97 K
79 K
Mar
Jan
76
K
Mar
Jan
90 k
87
Jan
97 K
94 K
Mar
Mar
80
Jan
83
Mar
32
Mar
32
Mar
63K
2,000
43 K
62 K
6,000
43
47 K
Jan
1,000
2.000
6CK
99 K
Jan
65
Feb
Jan
102
Mar
3.000
90
Feb
91 \A
102
91 V,
Jan
65
K
91 K
Mar
Jan
57
3,000
11,000
1,300
76 K
Feb
82
Jan
84 K
Feb
81
Jan
86 K
Mar
1,000
56
66 K
Mar
Mar
Feb
78
Mar
Jan
Feb
Jan
Feb
Jan
Mar
99K
57K
1,000
70
Jan
61K
Jan
Feb
Mar
43 K
62K
102
Mar
Jan
Feb
66K
63 K
43 K
66
101K
98K
85
95
100 K
105
3,000
Jan
87
77K
84
85K
7,000
Mar
67 K
K
Mai
83 y,
84 K
66
10,000
Feb
Mar
Jan
97
77K
77K
84
85
57
84
02 K
97 K
Mar
76K
96
57
1,000
8,000
18,500
Jan
Jan
Mar
Jan
72
.
small..
83
56
Mar
Jan
5,000
do
98 K
101K 101K
99K
99 y,
1921
Cons & coll tr 5s stpd '51
Phlla Elec 1st 5s..
1966
do
small
1966
1st s f 4
1966
84 V,
92 K
97 M.
Jan
4,000
Jan
5,000
32,000
Mar
Mar
103 K
56
89
Jan
7GK
Jan
50
Jan
99 %
Jan
89
80
96 k
53
40
72
Feb
66 K
76
75K
54K
50
99 K
United Rys Invest 5s. 1926
Jan
96 k
93 K
...1930
Mar
101
Feb
Mar
Mar
7s
P W&B ctfs4s
Peoples Pass tr ctfs 4s. 1943
Philadelphia Co—
68
2,000
10,.500
11,000
66K
77
94 K
97 K
900
K
84 y,
89
75
73
99
103
Jan
Feb
6,000
4,.500
1,000
99 K
102 H
54 y,
Mar
Mar
1950
-
Jau
71
69
K
83
.1923
—
68K
70 V,
68
79 K
89
30
$2,000
1.0CO
4,000
15,000
97.$2 Feb
71K
Feb
100
Jan
75
Jan
84 K
97K
Jan
94.50
50
4Kb...—.1954
Lehigh Val Coal 1st 5s 1933
Penna RR 15-yr 6KS-1936
Feb
54,650
97.54
3,000
Jan
75K
74M
54K
91.04
88.58
88.20
85.60
97.00
Lehigh C & Nav—
Consol
Jan
Jan
Jan
66 K
26 K
35
77
99 H
103
Jan
80M
67
28
1931
1945
Elec & Peoples tr ctfs 4s *45
do
small..,
*.1945
Jan
88.30
87.00 87.30
90.06 90.20
"68
92.44
88.10
Jan
66 K
Jan
28
97.54
90 .CO Mar
87.20 Mar
84.40
80 V,
Jan
5
87.18
$500
4,000
28,000
26,000
64,900
1966
52 K
04K
77K
29
87.06
Reading gen 4s
1997
Schuylkill Riv E S 4s. 1925
105
77
75 k
Jan
6K
C2K
Bonds—
74 K
Mar
31
87.20
86.80
Amer Gas & Elec 5s... 2007
do
small.......2007
Jan
Jan
66
"
Feb
79
54
------
4
23
6
Annap pref 50
Jan
Jan
2
23
66
92
88 K
28
Preferred.......
.25
ndiahoma Refining
5
MtV-Woodb M i lls pf v t r 10C
Northern Central
50
Pennsylv Wat & Power. 100
Feb
87.20
87.06
4th Lib L'n 4Kb 1933-38
Victory 4%s
1922-23
Mar
24 K
Jan
90.00 90.00
2d Lib L'n 4 V, a. 1927-42
3d Lib Loan 4KB... 1928
Jan
Jan
Jan
22 K
27K
17 K
Devel...
Traction
80 k
22
Va Mid 5th series 58..1926
59
22
27
.50
Tono-Belmont
51K
22%
Feb
39
1936
51M
Philadelphia Traction.. _50
50k
61
1949
50
Feb
k
4C
Income 4s
Mar
3
27
Preferred
Phila Rap Transit
78 k
75
7K% notes
Mar
74 K
47
Jan
41K
24K
Funding 5s
Jan
Jan
24K
Md Electric Ry 1st 5s. 1931
Seaboard Air L adj 5S.1949
United Ry & E 4s
1949
Feb
56 K
49
34
41 K
f
71
Mar
ry,
Jan
62
79 K ->
s
Mar
49
31K
Jan
27
Convertible 6s
Jan
65
69
274
Jan
27
Refunding 5s
10
49
51
33K
51H
Mar
79
Cosden & Co conv
Jan
68
33 K
Jan
6K
41K
7K% notes
Consol Coal ref 4Kb.. 1934
Jan
33 K
Jan
26
24 K
Consol Gas gen 4Kb. .1954
Jan
Pref (cumulative 6 %). 50
Phlla Insul Wire....no par
Phila Elec of Pa.
25
Mar
Mar
25
Cons Gas EL&P 4Ks-'35
8K
42
27 k
Houston Oil pref tr ctfs. 100
I Benesch & Sons...no
par
Wash Bait &
Jan
Jan
..25
Bait Electric stpd 53.. 1947
Jan
Mar
1,000
-
«.
K
47
100
Jan
Jan
64 K
5,000
«
-
470
7K
Jan
22 K
29 y,
34 K
83 k
25
•
7K
8K
27 K
7 y,
Jan
14
83 k
Price.
.100
Cosden & Co pref erred.. .5
Davison ChemicaI..no par
233
Jan
92
106 K
70
11,080
83 k
Last
Consolidation Coal
28 K
Mar
73
50
83 k
Sale.
Preferred B25
Consol Gas E L & Pow. 100
20
Jan
Jan
50K
8M
Mar
36 K
49 k
10
Thurs.
.10
87
92
500
Jan
Mar
35
:
»
10
1,185
Jan
32
25J4
i5GK
73
Baltimore Stock Exchange.—Record of
transactions at
Stock Exchange, Mar. 19 to
Mar. 24, both in¬
clusive, compiled from official sales lists:
Preferred.
Commercial Credit
Preferred
91
103 V, 106
60 H
64 K
15
15
Mar
19
35M
......
:
-■
Par.
High.
Mar
73"
Baltimore
Stocks—
Low.
17 K
29
Pennsylvania.......... 50
Philadelphia Co (Pitts)—
(*) No par value.
Arundel Corporation
50
Atlau Coast L (Conn). .100
Cent Teresa Sugar
10
90
Pennsyl Salt Mfg.
uk
29
_...
Ramge since Jan. 1.
Shares.
53 X
91
wo par
1st preferred
18
for
Week.
25K
29
American Rys, pref... .100
American Stores.
Sales
Week's Range
of Prices.
Low.
High.
Jan
140
28
f g 5s. 1944
Jan
Jan
24 k
63
40
Jan
8,300
1,330
62k
95
4S
Thurs
83 k
Commonw Edison 5s. .1943
Swift & Co 1st
;
Jan
116
Feb
36 k
285
90
36c
Jan
24 K
94 K
105k
31k
1,530
63 k
39 k
'
Feb
113K
18
Jan
55
63 k
39 k
63 k
25c
Jan
Mar
21
10
Jan
4c
27
31
Bonds—
Chicago City Ry 5s
1927
Chic City & ConRys 5sl927
Chicago Railways 5s.. 1927
4s, Series"B".__...1927
61
Jan
100
15k
9k
Feb
2c
10
75
66
69 k
84
Mar
25
49
9k
9
116
51
69 k
Jan
58 K
500
Mar
25
68
16 k
;
Jan
4
116
.50
Minehill& S H_........50
47
""48"
Jan
Mar
2,000
Jan
■
(*)
Ward, Montg & Co, w i.20
Western Knitting
Mils.(*)
Wrigley Jr, com
25
5
2o
Feb
52 y,
10
10
2\i
60K
Feb
31
"54k
Unit Pap Board, com..100
Wahl Co.
Mar
120
9
29c
66
26 k
15
24
105
2c
2c
95
Feb
Jan
w
100
15k
6
1,665
GO M
Feb
25 v,
12 k
13k
Union Carbide & Carbon 10
United Iron Wks, v t c..50
5% notes
9
Jan
Jan
Feb
12
Jan
12
Feb
10,200
1,192
Jan
3K
46K
38
18k
Mar
Jan
335
93
33 k
Jan
'53
330
700
103
Mar
Mar
26
17 H
2,595
101
Mar
49
46
31k
102 k
22 K
49 K
8K
17K
95
18
Stew Warn
Speed, com. 100
Swift & Co
....100
Swift International
.15
Temtor Prod C & F
1X
4 8H
17 H
93
W,
Rights
2K
6K
Feb
49
42
Scrip
Shaw W
Jan
1
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Mar. 19 to Mar.
24, both
inclusive, compiled from official sales lists:
Jan
76 k
Pierce Arrow
Pub Serv of N 111, com. 100
Quaker Oats Co, pref. .100
Reo Motor...
10
3K
Not e below.
Mar
105
8k
Orpheum Circuit, Inc
1H
10
100
at
Jan
8k
(*)
205
400
on
Jan
10 k
6
6k
8K
Feb
1949
69 M
69K
2,000
69
Jan
69K Mar
Friday of last week and not reported: Stocks: Crucible
Steel, pref.,
10 at 88; Metropolitan Nat'l
Bank, 10 at 75; Pittsburgh Coal,
com., 40 at 58M;
pref., 10 at 86K; Westinghouse Elec. &
Mfg., com., 100 at 48.
Bonds: West Penn
Railways 5s, §6,000 at 78K.
'
Note.—Sold
Jan
15k
64
"16k
95
Mar
Jan
8
Bonds—
Cent Dist Teleg 5s
Pittsb Brewing 6s
Mar
250
14 k
Preferred
Jan
3,450
71
National Leather...10
Sears-Roebuck,
185
7k
89 k
71
63 k
10 k
Co
Mar
Mar
.10
.
108
5k
87 k
96
.....100
Brick
Jan
Jan
70
88
Libby, McNeill & LIbby.10
Lindsay Light.
10
5
1,250
"71
Hupp Motor
Jan
Jan
6k
12k
6k
100
Hartman Corporation. .100
Feb
88 k
101k 102
88
.100
Great Lakes D & D
5
.
Feb
1
Jan
Jan
13k
Mar
10
'
100
Diamond
••
Feb
Jan
515
W Penn Tr & W P, com.100
6,255
......
_
Jan
19
10
_
Mar
Mar
94 k
17
~19k
common._____(*)
(*)
Chicago Elev Ry, pref. 100
Chic Rys Part Ctf Ser 1...
Commonw'th Edison. 100
Continental Motors
10
Chic Cy & Con
Ry, pf.
Jan
5
■
Briscoe,
Mar
84
73k
30
30
207
Union Storage Co
25
West'house Air Brake.-.50
West'house Elec & Mfg_50
Jan
14
(*)
Preferred-
High.
•
67
'
12 k
Beaver Board
Low
1
15
Booth Fisheries,
new..*(*)
Mitchell
High.
Feb
29 K
210
50
Pittsb & Mt Shasta Cop. .1
Pittsb Plate Glass, com.100
26 V,
2H
Pittsb-Jerome Copper..—1
Range since Jan. 1.
71
Amer Steel Foundries
Armour & Co, pref....100
Nat
Shares.
100
Armour Leather
Illinois
for
Week.
Jan
Mar
50K
8H
Jan
lOK
2K
ee
Jan
300
50
com.. 100
Preferred—See Note belo
Week's Range
of Prices.
Sale.
35
8,075
1,472
Pittsburgh Brewing, com50
Pittsburgh Coal,
Mar
Jan
Mar
12
25 K
Fireproofing, com..50
Preferred
25
475
50
Preferred—......
50
Ohio Fuel Supply .......25
Oklahoma Natural Gas. .25
Chicago
10K
24
'
23 X
.5
Metropolitan Nat Bank—S
Mar
115
Mar
M
4K
20K
5K
6K
IK
Mfrs Light & Heat...„50
Mar
7
50
25 K
25
12
55
175
2K
6K
IK
1
Lone Star Gas.
High.
Feb
28,0051
1
5
50
Kay County Gas
4,000
77k
"bn
10K
25
%
6
1,000
%
84
1944
62
25
Low.
25
50
10K
Consolidated Ice, pref..50
94
24
Crucible Steel, pre!—See
Note b elow
Guffey-Gllles Oil., (no par)
11K
10 K
Indep Brewing, com
50
2H
2K
Jan
75
1932
Carnegie Lead & Zinc
Jan
97 k
52
77
66
m
25
Range since Jan. 1.
11K
65
_
Mar
77
11K
Carbo-Hydrogen Co,com.5
96.84 97.54
1951
Toy,
85.54
97.54
53
Week.
Shares.
UK
Arkansas Natural Gas. 10
Barnsdall Corp, Class B.10
86.84 87.34
Atl G & WI S S L 53.. 1959
Chic June <ScU S Y 5s. 1940
Mass Gas 4Kb.j..._.1931
for
of Prices.
Low.
High.
Price.
85.62
90.04 90.40
82
Sales
Week's Range
Amer Vitrified Prod,com.50
Amer Wind Glass Mach 100
Jan
87.32
82
Par.
•
85.54 Mar
50
50
97 k
53
••
Last
"
00.10
1925
N Y Cent conv 6s
Swift & Co 1st 5s
t
Stocks-
High
89.84 Mar
2,600
7,400
14,900
86.64 87.16
Am Tel & Tel coll 5s 1946
Miss Riv Power 5s
N E Telephone 5s
Low.
$550
86.64 86.64
87.00
'
Sale.
Range since Jan. 1
87.04 87.44
4Ks. 1932-47
Convertible 6s
for
Week.
87.04 87.04
4^8 1927-42
4Ks... 1928
4th Lib L'n 4^8 1933-38
Victory 4Kb
.1922-23
I
Thurs.
Shares.
90.24 90.34
2d Lib Loan
3d Lib Loan
sales lists!
Sales
Last
Bonds—
1267
Jan
Jan
New York "Curb" Market.—Below we
give a record of
the transactions in the outside
security market from Mar. 19
to Mar. 24 (Mar. 25 Good
It
Friday holiday), both inclusive.
covers the week
ending Thursday afternoon.
It should be understood that no such
reliability attaches
to transactions on the "Curb" as to
those on the
regularly
organized stock exchanges.
On the New York Stock
Exchange, for instance, only
members of the Exchange can
engage in business, and they
are permitted to deal
only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before
being
admitted to dealings.
Every precaution, too, is taken to
insure that quotations
coming over the
in the official list at the end of the
"tape," or reported
day, are authentic.
[Vol. 112.
chronicle
the
1268
Sales
Thurs
Mid-Colombia
Consolidated. r
Producers.r_.25
2%
7
10
""m
15-16
Jan
Jan
2
1%
Feb
"1%
1%
200
40
Mar
Jan
Woodburn Oil
40 k
68
40%
100
14
Mar
40
Feb
14
14
35
38
1,500
30
Feb
38
12%
14
12 K
30%
6%
27
44
"2%
4%
Jan
Mar
13K
Feb
Alaska-Brit Col Metals.-.1
Mar
14
Jan
America Mines.r
1
Feb
Atlanta
Mines.r
1
11%
3%
Feb
12%
Mar
13
Mar
Atlas
300
30%
Mar
31
Mar
600
6
Feb
Jan
Belcher-Divide.r_.._..10c
Belcher Extension.r... 10c
4c
3%c
Jan
Big Ledge Copper Co
5
5-16
Jan
Booth
26%
Mar
IK
1,700
50
Feb
38
700
7%
30%
Jan
4%
Mar
210
17
Mar
19
Mar
47
49
525
44
Feb
50
Mar
14
14
Mining
1
Candalaria Silver.r———1
Caledonia
Cash Boy Consol.r.
Jan
8
Jan
Consol Virginia
100
Mar
36
Feb
2,100
13
Jan
Copper Canyon _r
Cortez Silver.r
500
19%
Jan
11%
6,700
15%
13
13
7
(+)
com..100
r.100
100
Mar
1%
Mar
Mar
3 1-16
Jan
21
Feb
7%
Feb
26%
Jan
Mar
2%
Jan
11
50
22
Feb
14
200
1%
200
ik
5k
2
9%
ik
5%
7%c
6%
1
Silver.r..5
Jan
0
33 k
21%
22
2k 3 1-16
33 k
4c
64c
11c
15c
1
Boston & Montana Dev..5
.r
30
100
4
Jan
8
Jan
;
72c
Crackerjack.r
8%
Cresson Con Gold m & m. 1
1%
Divide Extension
1
46c
Emma Silver
3
Eureka Croesus
1
72c
Eureka Holly.r
—.11 11-16
Forty-Nine Mining.r—.1
k
Goldfield Consol'd.r
10
7%e
Goldfield Devel.r
10c
2%c
Goldfield Florence.r
32
Gold Zone DIvide.r
1
18c
Great Bend.r...
—1
3c
Harrnill DIvide.r
10c
10c
Hecla Mining
25c
3k
1
1%
Mar
3%
Feb
600
8%
Mar
9%
Mar
10%
1,400
7%
Jan
14%
Feb
7%
1,600
6%
Jan
10
Feb
%
Feb
%
Feb
66%
k
66%
300
70
58
Jan
72%
Feb
10k
11
900
10
Mar
13
70
75
725
70
Mar
75
18
19%
900
17%
Mar
20
Mar
1%
Feb
4
Jan
Jan
19
Jan
Jan
Kewanus.r
2%
2%
15%
3
1,200
10c
Jim Butler.r..
—.1
Jumbo Extension
1
Kerr Lake...........—.5
3%
4%
3
4
3,200
22
300
0%
r..£l
10
Intercontinental Rubb.100
Internat Cult! pref-ir--10
'
7
7%
k
Boat.r.-.io
Lehigh Val Coal Sales.r.50
Llbby.McNelll&Llbby.r .10
Lake Torpedo
1----
pref.100
Lincoln Mot. cl a.r
50
Locomobile Co com.r... 10
Lima Locomotive
19"
ik
15%
b...
"2k
Magazine.r.(t)
par
Ltd. .10
21
100
12
20
700
4
4
1,300
26
100
%
1%
1
Preferred
2%
2%
Amer.r.-(t)
_10
5%
Roy de France TolletProd 5
Standard Tobacco com b.
64
100
2%
10
"ik
7%
Candyr(t)
com.r.50
com.r.10
MacNamara Mining.r
Jan
Jan
Magma Copper
Marsh Mining.r
2%
Feb
Motherlode
Mar
Jan
19
%
Mar
5K
28
Murray Mog m
Mar
National Tin Corp.r.__50c
Mar
13,200
2
Jan
2%
Jan
50
18
Jan
23%
Mar
500
31
Jan
39
1,495
4
Jan
6K
Jan
700
50
Feb
54%
Mar
%
2,500
%
Mar
%
Jan
152
92%
120
ik
7%
2,300
100
30
Jan
Jan
72
Feb
South Amer Gold & pi r 10
60
Jan
Standard Silver-Lead
Jan
Success
Jan
Sutherland DIvide.r
Jan
Talapoosa Silver.r
Mar
1%
IK
Mar
9
Jan
7%
35
30
1,250
1%
Jan
IK
Mar
k
%
16,800
K
Mar
IK
Jan
k
%
10,000
IK
Jan
3
Jan
%
17%
100
17%
500
%
17k
Feb
%
800
8c
2c
66
5%c
Simon Silver Lead........
Jan
ik
7-16
mln—1
Jan
51
5,200
Rex Consolidated
9
64
1,100
55%
ik
7%
5-16
Mar
Feb
15
Jan
25%
Silver King
Mining
1
1
1
5-16
1%
Tonopah DIvide.r
1
1%
Tonopah Extension
1 1 7-16
Tonopah Mining.r
1
1%
United Eastern Mining—1
2%
United Mines of Mexico.r.
%
1
Tonopah Belmont Dev.—1
Zinc.r
...
u s Continental Mines.r. 1
United
Rights
14
Reading Co.r.
2%
Texas Company.r
14%
200
13%
Mar
2
2%
26,800
IK
Mar
Feb
20
2%
Mar
10c
Victory DIvide.r
5
Copper.r.-l
White Caps Extension. 10c
White Caps Mining..-.10c
Wilbert Mining
1
West End Consol'd—
Western Utah
oh
Subsidiaries
15%
172
21%
Jan
1,000
10
172
Mar
172
Mar
80
Mar
86
Jan
75c
12c
14c
16c
18,600
12c
7c
69c
72c
7
9
1
ik
50c
35c
2%
1
7c
9c
2c
3c
31
36
17c
20c
4c
Jan
8%
Feb
10%
Feb
Mar
1%
Mar
15-16
Jan
4
Jan
Jan
2
Mar
Mar
2
2
39c
IK
22c
11c
Jan
lc
Feb
26c
Feb
%c Jan
3c
Feb
Mar
34c
Feb
Jan
16c
9c
2,710
1,000
10,500
9,270
11,500
3%
J an
%
Mar
%
Mar
800
2%
16c
8c
Mar
46
Mar
29
8,900
7c
Feb
3c
Jan
29,000
19c
Jan
Jan
K
Jan
1-16
3c
17c
Mar
65c
Jan
26c
14c
%
Feb
74c
7
2,100
1,100
17,250
13,300
24,000
35,200
4%
Mar
Jan
9c
3%
Mar
2
Jan
Mar
2c
4%
Feb
4
Feb
Feb
%
Mar
19c
Feb
Jan
7c
12c
Feb
4c
Jan
3%
Mar
11,800
lc
Jan
4c
Feb
7%c Jan
24c
Mar
4c
5c
53,000
40,000
3%c Jan
8c
Feb
15c
18c
26,500
10c
Jan
20c
Feb
12,500
1,000
14c
Mar
19c
Feb
25%
Feb
6%cMar
10c
Jan
4%cMar
5%c Jan
61c
Feb
17c
20c
15c
16c
18%
18%
8c
6%c
5c
4%c
61c
7-16
%
7%
8
1%
1%
5k
18
15,500
1,600
7,600
1,000
18
Jan
Jan
Jan
8%
Jan
1%
Mar
6%
%
Feb
Jan
6
%
4c
Mar
Jan
lc
Jan
30,700
8c
l%c
3c
17,000
16,900
11,800
14,400
4c
7c
9-16
3-16
2c
3c
lc
2c
Feb
Feb
3%c Feb
Mar
69
Jan
11c
3%c Jan
100
Feb
9c
9-16
9-16 Mar
Mar
Jan
3K
Feb
6%
1.300
3-16
Jan
3-16
Jan
2o
Jan
4c
Mar
lc
Jan
11,400
12,100
2%c Jan
9-16
Feb
5-16
3,700
ik
2,100
%
1%
Jan
Jan
15-16
70
1 1-16
Mar
IK
1 5-16
Jan
IK
5-16
1 7-16
13-16
K
4%
Feb
36
Feb
22,300
6
5%
3-16
Jan
158
%
1,900
1%
69
Jan
1,100
5-16
Feb
7-16 Mar
130 '
7K
7c
63
Feb
48c
3,300
1,100
5%
%
ik
2%
%
1%
8%c
1%
20,640
1%
2%
Jan
2k
2K
Mar
%
500
%
Mar
K
1%
800
1%
Mar
1%
Mar
Jan
Jan
10 %c
10c
11,900
4%c
14,000
3c
15-16 1 1-16
9,800
38
30
9,600
1 11-16 Mar
Jan
6c
4c
jan
Jan
Jan
ik
2,025
1,685
1 5-16 1 %
K
15
Feb
Mar
Feb
7c
8%C
14,200
%c Jan
4c
Jan
3c
4c
13,400
2c
%c
"8c"
9c
62c
13,100
116,800
3
k
111-16 111-16
Jan
2
600
16,300
12,300
3,300
68,100
Jan
24c
3
660
7%
2
17c
Jan
3%c Jan
18,700
8c
6%
2
Jan
9%c Feb
2c
9,800
6c
1%
40
Feb
Mar
Jan
Mar
l%c Feb
10c
Jan
Jan
4c
Jan
86
10
270
Feb
288
Jan
60
Jan
Mar
49 K
Mar
Mar
Allied Pack conv
48
196
202
50% 595,000
10
97%
Jan
Jan
Aluminum Mfrs
97
Jan
97K
Jan
40
292
Feb
323
Jan
Amer
85
Jan
Feb
74
Jan
Amer Lt & Trac
27,000
97% 150,000
2,000
90
Mar
218
259
96%
96
20
Mar
95
Mar
91%
95%
Mar
Mar
359
Jan
Amer Sumatra
94%
Jan
98%
Jan
Standard Oil (Calif)...100
Standard Oil (Ind).r
25
302
70
Standard Oil of n y...100
325
70%
69%
2,650
95
330
325
66%
320
Stocks
10
-.1
1
New.r.
10
Arkansas Nat Gas com. .10
Allied Oil.r
1%
1 %
1
14c
15c
lie
5
1%
1 1-16
6
_r
5
1
10c
7%
Mar
2%
Jan
11-16
Jan
1%
Mar
5
Mar
10%
Jan
7
Mar
42
Jan
Jan
1
k
1
4,300
!* %
Jan
1%
Jan
9
3,400
9%
Mar
3
Feb
3
Mar
1
1%
29,900
7%
1%
K
Feb
900
Feb
1%
Mar
1
Mar
k
k
%
31,700
ik
ik
4,000
1%
2
10
A
IK
Mar
Feb
2%
Jan
1%
Feb
2%
Jan
9K
Mar
98%
Jan
28,000
65
Mar
99%
98%
Feb
8s_rl933
Beth Steel 7% notes.r.1923
Equipment 7s.r
1935
Canadian Nat Rys 78.1933
iCerro de Pasco Cop 8s 1931
Chic & East Ills 5s_r._1951
Cities Serv deb 7s ser d. '66
Cons Gas of n y 8s. .1921
Consol Textile deb 7s. 1923
Copper Exp Assn 8s.r. 1922
8% notes.r.Feb 15 1923
8% notes.r.Feb 15 1924
8% notes.r.Feb 15 1925
Diamond Match
13 K
Mar
117%
Jan
9%
11%
Mar
Feb
1
30
Feb
3%
3
3k
600
2
Mar
Feb
3%
Jan
2%
2%
2%
500
2K
Mar
3%
Feb
2%
3
200
2%
Mar
4
Feb
.
24
26%
12.700
10%
Jan
17%
17%
12,000
17%
Mar
11%
IK
Jan
Deere & Co 8s.r
75
22%
95%
Jan
11%
10
5
10
101%
Feb
11%
Marland Oil (Del).(no par)
Jan
99%
Mar
IK
9-16
15%
"26k"
89 K
Feb
14 k
(t)
Jan
%
5-16
Maracaibo Oil Explor r (t)
Jan
83
2,600
15%
1
Jan
94%
1%
1
Livingston Petrol.r
97
Jan
5-16
(no par)
Kansas Gulf Oil.r
Jan
91
11%
5,000
4,400
1%
92 K
3,600
19,000
10%
1%
%
Guffey-Gilieepie Oll.r.-(t)
Henderson Farm Oil.r
96
93% 93% 75,000
14.000
86%
86%
33,000
99% 100
96% 101,000
96%
Beaver Board Cos
2,400
1%
1%
"UK
95%
Mar
Mar
5
96
35,000
50,000
Mar
IK
10%
Jan
1%
1
.1
I,000
97%
86 k
3,500
1 7-16
95%
96%
6% notes Series a—1929
Anglo-Amer Oil 7%s.r 1929
Armour&Co 7% notes r '30
8%
Emerich Oil.r
95
96 k
Feb
20c
13
2,100
11
21%
22%
500
21
1%
1%
14,000
1%
26%
Jan
Feb
Jan
13 K
Feb
26%
Jan
Mar
31
2
Jan
Feb
Jan
50%
IK
Mar
90
96%
Tob 7%s.r
Amer Tel & Tel 6s.r-.1922
6s.r
1924
Anaconda Cop m in 7s r '29
245
k
9
90
Mar
18
12
12
...
7s.r-.1925
97
1%
2%
...
deb6s r'39
7s.r..l925
Agric Chem 7%sl941
Feb
11,000
ik
1% 137,900
14,000
7
1
6%
%
10%
ik
ou.r.-l
60,000
$
—
93%
ik
1%
8%
ik
1,800
Bonds
Jan
1,200
1%
1
10%
37c
10c
72,500
16,800
202
300
Mexico Oil Corp
67C
273
226
Mexican Eagle Oil.r
59c
85
225
Merritt Oil Corp.r
Feb
273
100
Magna Oil & Ref
Manhattan Oil.r
Jan
7c
%
202
202
South Penn Oil.r
Hudson Oil.r
6c
7-16
Jan
Mar
100
Glenrock Oil.r
30
Jan
Jan
Mar
3c
2c
4,200
20
Prairie Pipe Line.r
Inter Petrol.r
Mar
18
172
17%
Anglo-Amer oil.r
£1
Illinois Pipe Line.r..—100
Indiana Pipe Line.r
60
Ohio
Oil.r
25
9%c
4%c
S'Ac Jan
12,000
9-16
6
3-16
2%c
l%c
Jan
Feb
26
Jan
5c
138% 138%
7%
1 7-16
5%
Jan
2c
Jan
1
2c
Jan
3c
%
29
2%
14,900
5-16
Red Hills Florence.r
Mar
6
25%
Mar
103
4c
5-16
7-16
r
Jan
1,200
65
Zinc,
Mar
Jan
6,000
7
900
100
Nipissing Mines
5
Ophir Silver Mines
..1
Platinum-PalladlumCorplO
Prince Consol
2
ne^w Jersey
Divide.r
1
Silver Mines of America.r.
Silver Pick Cons'd.r
1
Mar
2
2%
26
2%
Jan
5c
2%c
3%c
Mar
15
Jan
%
Jan
K
lc
4,500
20,600
Jan
Feb
%
Feb
K
500
19
57c
1
Mar
2%
%
10
Willys Corp com.r(no par)
Ltd
IK
2
54%
5%
7%
5c
1
-.1
Jan
1%
u s Ship Corp.r
5 —v.—
Jan
30
u s Light & Heat
1
Jan
53%
United Profit Sharing..25c
Jan
%
64%
65
Corp.r-(t)
Union Carbide & c'arb r (t)
10
18%c
5c
16c
16c
10c
...——-1
1%
6
Exp.r.--(t)
Mar
Star.r
%
15,200
2k
2%
l%c 2%c
MacNamara Crescent.r.-l
1%
25%
Todd Shipyard
Lone
Mar
3,100
92% 103
International.r... 16
Jan
22
3,500
29,700
1
1%
2%
23%
A
Stutz Motor Car.r.no par
Knox DIvide.r
6
Mar
2
2%
2K
23%
35
5%
k
1%
54
Stanwood Rubb.r.(no par)
Jan
Mar
8,400
1 3-16
34%
Reynolds(rj)Tob, b.r..25
Mar
8%
3%
48,200
1
2c
6c
1
Mar
6
18c
7%c
Blossom.r.
3
8%
1
9
Iron
3%
8%
26
Mar
21
800
4
Paper._(t)
Peerless Trk & Motor.r.50
Perfection t & r.r
10
Nor Am Pulp &
Jan
9-16
lc
%
Henrietta Silver.r.._._..l
2%
900
8%
National Leather.r._.--10
„
7-16
...
1,300
1%
Heyden Chem.r_.(no par)
1,000
18
Gold.r
700
6%
6
1%
3-16
1
1%
19
17k
18
%
T%
1,500
2%
2k
Mar
3,300
46
■6%
27%
Mining Stocks—
1%
11%
3,900
3,100
27k
ik
2
1%
.1
1
300
3-16
Corp.r—(t)
300
13
2a
13
31
6K
12%
Wilcox Oil & Gas.r
500
2%
13
2k
Picture, r
Engineers Petrol Co.r
4
Mar
38
4
"y" oh & Gas.r
14
Jan
Jan
Fay Petroleum.r
Federal Oil
Jan
Jan
900
Mar
Trading-r...-
7-16
1
6
Denny Oil.r.
Elk Basin Petrol.r
Jan
5
22
Carib
Feb
Feb
Jan
Jan
Carib Syndicate
Feb
Mar
Mar
Jan
Oil.r
K
2K
3%
9%
1%
Mar
Jan
Boston-Wyoming
Jan
1,200
7%
4%
Boone
11-16
Mar
200
7K
va
40 k
7K
4%
Ajax Oil class a.r
Allen Oil.r..
9%
82,400
K
15%
Other Oil
Jan'
Mar
31,800
%
100
Standard
Jan
Mar
1%
475
Former
8%
87%
7,600
1,600
.
Jan
3
Jan
25,300
3,400
7%
.
Jan
6%
84%
5%
%
22
5%
pref.r..
2
175
%
20%
5%
First
Mar
2%
5
par)
U S Steamship
Mar
12%
%
21
u s Distributing
Jan
30%
Feb
%
Farrell(Wm)&Son com r(t)
Un Retail Stores
14%
Mar
2k
15
Tobacco Prod
Mar
%
15
Swift
7%
9%
23
300
2,900
3,500
6,900
2%
3 1-16
8weets Go of Arner.r
1%
7-16
Empire Food Products.r..
Reo Motor Car.r
Mar
1
"21k
Radio Corp of
Preferred _r
Feb
Mar
K
95
165
1,100
1,000
1
(wm) Co.r (no par)
Durant Motors r.. (no par)
Profit Sh c & r s.r
Jan
Mar
98%
Victoria Oil.r
Davies
Nat Ice & Coal
5%
United Royalty.r.
United Tex Petrol_r
48%
Motors.r_.no
1
11-16
6%
Feb
Jan
"ek
Morris (Philip) Co
Oil.r...
7%
Mar
4%
Mar
100
Mercer
6%
k
Jan
4%
23
Conley Tin Foil.r.
(t)
Continental Motors.r—10
McClure's
5%
95
Mar
68
Jan
57
173
83
Com'wealth Fin Corp corn.
Maxwell-Chalmers
7%
87%
5%
4%
Mar
Mar
9%
100
ok
31
Imp Tob of gb& i
1,200
2,600
2%
5%
4%
98%
k
7%
30%
12%
2K
61
Jan
Mar
cl a.r.10
Cities Serv Bankers sh r (t)
Cleveland Auto Co-.-.(t)
Colombian Emerald Synd.r
_r_
Feb
76
Preferred w i
Preferred
6%
16
Chic Nipple Mfg
Havana Tobacco com
Jan
Feb
85
ChemlcaLr-.lo
Brlt-Amer Tob ord..-_.£l
Ordinary bearer
£1
Car Ltg & Power.r
25
Chic & East iii com w 1— - -
Goldwyn
Jan
2%
4%
150
300
Brit-Amer
Goodyear t & r
1,000
19
-
Motor r. (no
2%
6
63%
2k
78
(t)
Beaver Board Cos com r (t)
Bliss (e w) co com-r-.(t)
Gardner
3%
77
Automatic Fuel 8.r
Federal Tel & Tel
13-16
Jan
18k
78
Preferred .r.
Preferred
100
Texon Oil & Land.r.—.1
Skelly
Feb
1%
k
ok
Aluminum mfrs, com.r.
Refrlgerator.r
9%
Jan
%
600
"l8%
Bardie c* 's r
(t)
-100
Amalgam Leather com.(t)
Aetna Explos s
Araer
Mar
33,200
11
12
New
IK
Jan
k
2%
29%
SImms Petroleum r(no par)
Mar
%
11,130
1%
Mar
%
1
Coal.r
—..
Settled Prod.r.——
Sinclair Cons Oil pref.r.
Industrial & Misceli.
Acme
Feb
8
%
%
Red Rock Oil & Gas.r
Salt Creek
High.
Low.
Shares,
High.
Oil.r
Pure Oil 8% «pref..
Week.
of Prices.
Low.
5%
4k
10
Producers & Refiners.r.10
Ryan
Jan
Feb
K
10K
Jan
6%
86%
Preferred... —-...--100 —.w—
Pennock
Jan
145
Mar
%
2%
5%
(t)
Panhandle Pr & Ref. r
Range since Jan. 1.
for
Week's Range
Sale.
Price.
Par.
Omar Oil & Gas
Sales
Last
25—
Week ending March
Stocks-
North American Oil.r
135
8,900
1,500
2K
1
5
10
Noble Oil & Gas.
k
10 k
6'
Mar
5%
300
139
k
9%
High.
Low.
900
5%
5%
138
10%
9-16
2%
Mountain Productions.-.
in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mmd,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness ofj this record of "Curb" transactions, and
we give it for what it may be worth.
1.
Week.
High. Shares.
Low.
5%
138
50
1
Oil
Midwest-Texas
tions may creep
Thurs
OIl.r_._(t)
Refining.r
Midwest
Price.
Par.
(Concluded)
Stocks
for
of Prices.
Sale.
Other Oil
Range since Jan.
Week's Range
Last
"Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
On the
96%
85
88
3.000
97%
95% 100.000
94%
100% 100% 20.000
97%
1933
Heinz (h j) Co 7s.r—1930
Humble Oil & Ref 7s..1923
95%
94%
Feb
Jan
96%
Jan
Feb
Jan
Mar
102
Jan
108
141,000
99%
Jan
108
Mar
59%
70
205,000
59%
Mar
70
Mar
84
84
5,000
86
Feb
99% 100
95,000
98%
10.000
92
Mar
100%
99%
Jan
56.000
Mar
100%
Feb
Mar
100
Mar
99K
Mar
Feb
99%
Mar
Mar
104
95
96
100
84
98%
99% 107,000
99%
98K
98%
99 K 105,000
98K
99%
99%
89,000
97%
98%
99% 100%
Feb
Jan
Jan
Feb
3,000
12,000
97%
Mar
98%
99%
Jan
102%
83
83
10,000
82
Jan
85
Jan
95
96
ii.600
92
Jan
96
Mar
55,000
6.000
1C0
Mar
...
7%s.r.'35
Empire Gas & Fuel 6s.r '24
6s.r
1926
Empire Oil Purchasing 7s
Galena-Signal Oil 7s .r. 1930
General Asphalt 8s.r. 1930
Goodrich (b f) Co7s r.1925
Grand Trunk Ry 6%s.l936
Gulf Oil Corp 7s.r
100
101% 101%
100
100%
100%
Jan
Mar
93%
Jan
97
Jan
Mar
102
Mar
89
12,000
12,000
99%
89 K
95%
95%
85,000
94%
95
96% 396,000
10.000
97%
94
93%
101
97%
96%
93%
102
97
230,000
83
Jan
Mar
91%
97%
Mar
98%
Feb
Jan
Jan
94%
Jan
98
Jan
96%
Mar
97
Mar
March 26
1921.]
THE
CHRONICLE
1269
Thurs
Week's
Last
Sale.
Bonds
(Concluded)-
Interboro R T
1921
Sales
Range
Low.
Range since Jan. 1.
Week.
High.
Low.
70
72
1930
91
91%
7,000
Laclede Gas Light 7s_r
Liggett & Myers 6s_—1921
89
89%
99%
7,000
„r
Kennecott Copper 7s
r
71
"ml
99
New York
for
of Prices.
Price.
s132j
Louis & Nash St L 6s w 1—
MorrIs& Co 7^s.r. —1930
102
98%
88%
Natl Cloak & Suit 8s. .1930
National Leather 8s.r.1925
93
93
95
All
67
Jan
72%
Jan
94%
Jan
84%
Jan
94
Jan
99
5,000
6,000
3,000
Mar
Mar
99%
Mar
100%
102
Mar
,
96
Jan
99%
91
Feb
93
Jan
Ask
Alliance R'lty
65
75
Lawyers
Amer
65
70
Mtge
Bond & M G.
214
219
City Investing
Preferred..
55
62
75
85
Surety
.
85%
20,000
94
Jan
57%
58
Mar
97%
Jan
96%
96%
15,000
1,000
13,000
55
99%
95
Jan
97%
94%
95%
93
Jan
96
93
Jan
96%
Nat
91%
Jan
94%
Jan
94
Pan-Amer Pet & Tr ,7s 1930
92
92%
17%
18
Jan
20
Mar
17
14,000
2,000
13
17
12
Jan
20
Mar
98%
99%
70.000
Jan
99%
Jan
95%
95%
18,000
Mar
97%
Jan
95%
90%
95%
2,000
97%
94%
94%
Mar
97%
91% 140,000
88%
Govt 6Hs.r.l919
1921
ser notes.r.Oct 15'22
ser notes.r.Oct 15*23
95%
91%
Sinclair Con Oil 7Ks.r 1925
Solvay & Cle 8s.r....l927
16,000
1,000
1,000
bond
prices are "and Interest" except where marked "f."
Standard Oil Stocks
Pe r
6.35
Borne Scrymser Co—...100
360
390
Anglo American Oil new.
Atlantic
Refining
Preferred
£1
Feb
Buckeye Pipe Line Co... 50
*81
83
8.00
7.00
Jan
Chesebrough Mtg
100
190
200
Central of Georgia 4^9.
7.50
6.75
75,000
92
Jan
Feb
100
100
103
6.85
6.35
100%
Jan
Jan
Continental Oil——
.100
115
119
7.25
6.50
100% 101%
101% 101%
14,000
100
Jan
102
Jan
Crescent Pipe Line Co... 50
Cumberland Pipe Line—.100
*29
31
8.50
7.25
135
145
Chesapeake & Ohio 6^8
Equipment 5s
«
Chicago & Alton 4^9, 5s...
Chicago & Eastern 111 5Hs—
8.50
7.50
Chic Ind & Loulsv 4J^s
Chic St Louis &N0 5s
7.50
8,000
Jan
102%
Jan
Jan
102%
Jan
103
Jan
gold deb
gold deb
1930
102%
102% 103%
103% 103%
18,000
20,000
100%
Jan
103%
Mar
101%
78%
Feb
103%
Jan
101%
16,000
7% ser
1931
Swedish Govt 6s J'ne 15*39
80
~
79%
80%
28,000
Jan
84
Jan
1925
96%
97
39,000
95
Jan
98
Jan
1921
99%
96%
99%
99%
10,000
Jan
65,000
99%
86%
Mar
83
81%
98%
100% 100%
98%
98%
85%
79%
•98%
Jan
99%
100
Jan
102
Switzerland Govt 5^8.1929
Texas Co 7% equ'nts r 1923
i Onion Tank Car
eq 7s 1930
United Rys of Hav 7^8 '36
98%
Western Elec
7s.rl925
99%
3J*s. 1939
80%
99%
79%
67,000
3,000
Jan
Preferred
new...
new
Eureka Pipe Line Co
100;
Galena Signal Oil com... 100
Preferred old
100
18%
13
_.
13
Budapest 4s.r.
93
97
175
8.00
7.00
85
Erie 4%}S, 5s
8.00
7.00
*1434
15%
Hocking Valley 4^s, 6s
7.50
6.75
27%
Illinois Central 6s
7.10
6.50
7.10
6.50
Jan
*26%
New York Transit Co... 100
143
97
Feb
100%
Feb
Jan
100%
Jan
Penn Mex Fuel Co
79%
Mar
81%
Jan
Prairie Oil & Gas..
16
Mar
Mar
2%
Mar
350,000
16%
18%
16%
2%
18%
Jan
Mar
Jan
Mar
Jan
102
..
440
25 *146
Feb
14
14
10,000
14
Mar
14
14%
14% 310,000
13%
14%
Mar
17%
Jan
Mar
Mar
14%
2%
Mar
2%
2%
Mar
Standard Oil of New Y'k.100
325
2%
Mar
100]
375
390
2%
Mar
2%
Mar
Standard Oil (Ohio)
Preferred
100
105
108
5
Mar
Mar
Swan & Finch
100,
40
2%
2%
"Vienna
5s.
5,000
14%
2%
v-;:w
.
.
2%
_
Warsaw 6s.r
20,00.0
50,000
2%
315,000
2
5
10,000
5
_
Mar
Standard Oil (Kentucky). 100.
Standard Oil (Nebi aska). 100
Standard Oil of New Jer.
Preferred
100,
value,
par
i Listed
Exchange this week, where additional transaction^
When
Issued,
Ex-dividend,
x
t Dollars per 1,000 lire, flat,
I Listed
prospect.
a
as
be found,
will
Ex-rights,
y
z
on
o
Stock
the
New
Ex-stcck
stock,
dividend
Insurance
Co.,
Ltd.,
a
stock
that
$15,051,832 81,
leaving
a
surplus of $4,547,062 53.
The
$542,643 73 in real estate, $1,530,625 in first mortgages
doing
assets
on
include
real
estate,
$5,548,905 in Government, State, county and municipal bonds, $6,145,168 20
in
railroad
and
other
cash in banks and offices.
that
its
securities
bonds
and
besides
stock,
$1,755,777 34 in
A notable fact in connection with the company is
placed in trust with influential American citizens
are
for the satisfaction of the
company's claimants in the United States.
directors of the United States branch
Walter O.
are:
The
Hubbard, of Hubbard
Bros. & Co., New York; Thatcher M. Brown, of Brown Bros. & Co.,
New
York; Wm. H. Wheelock, of Brown-Wheelock Co., Inc., New York;
W.
Edw.
Sheldon,.President United States Trust Co., New York; Bertram H.
Borden, M. C. V. Borden & Sons, New York.
States branch of the company are
—Blankenhorn-Hunter-Dulin
largely in
Co.
Angeles, Oakland and San Diego,
firm will be continued under the
of
United
of the liabilities.
excess
Francisco,
Pasadena,
Los
that beginning March 23 the
announce
name
The assets of the
San
of Hunter, Dulin & Co.
—The Guaranty Trust Co. of N. Y., has been
appointed"Transfer Agent
Bid
Amer
Excb..
Ask
Bank9
180
187
238
Atlantic
215
170
NY.
176
Liberty*
Manhattan *.
Bid
Ask
193
198
300
330
Bankers Trust
315
8.00
7.00
7.00
♦28
32
Equipment 4^8
7.75
7.00
*87
92
145
155
*22
5
*21%
Trust Co's
V
100
Bid
Brlt-Amer Tobac, bearer. _£1
*1212
par
*12
158
91
94
*834
Johnson Tin Foil & Met. 100
95
90
100
100
80
84
Porto Rican-Amer Tob..100
86
90
Scrip
Reynolds (R J) Tobacco.
85
90
Preferred
Park*
Bryant
155
Nat Cuba
60
New
Neth*._
150
210
New
York Co
130
300
310
New
440
460
Chat & Phen.
255
265
iPacific *
1270
Chelsea Exch*
100
130
Park.—
350
210
Chemical
508
518
Public
Coal & Iron..
225
240
Republic*
Colonial *
3.50
Columbia*...
155
Commerce
Comm'l
Ex*.
170
Inter
93
Mississippi Rlv Pow, com 100
100
95
91
98
Young (J S) Co
Preferred
213
—
-
-
-
*
-
notes 1922
A&O
7% notes 1922
MAN
.M&N
270
293
298
150
160
Anglo-Amer Oil 7%s*25 A&O
360
Law Tit & Tr.
115
125
Arm'r&Co7s July 15*30 J&J15;
230
Lincoln
Trust
155
165
Beth St 7s July 15 '22.J&J15
7% notes July 15*23 J&J15
Canadian Pac 6s 1924.M&S2
Mercantile Tr
280
Metropolitan.
275
285
Mutual (West¬
205
210
Tradesmen's *
200
220
AnacondaCop Mip 6s'29. J&J
290
265
State*
217
■
Amer Tel & Tel 6s 1924. F&A
260
475
«•
-
«.
*
-
chester)
N
i
Y
&
Life
425
U S
900
Fifth
150
First
890
Garrield
220
Gotham
195
205
Homestead*..
Greenwich *..
240
260
Mechanics'*—
87
95
Hanover
785
805
Montauk *
85
95
Harriman
350
360
Imp & Trad..
500
515
Industrial*.—
180
190
6s Nov 15
170
Fifth Avenue*
Brooklyn
89
90%
95%
96%
96%
97%
1st
86
Mtg & Tr
States
1923—-M&N15!
86%
9334
390
410
Laclede Gas 7s Jan 1929 F&A
89%
850
Lehigh Pow Sec 6s 1927.F&A
6634
9S78
99%
470
Llggett&MyersTob6s'21 J&D
Penn Co4%s 1921...J&D15
Pub Ser Corp N J 7s '22-M&S
61
26
69
70
Miscellaneous—Pe
100
173
183
100
143
145
41
Borden
83
100
100
105
115
98
102
95
98
...100
137
142
100
75
du Pont (E I) de Nemours
98%
& Co, com
Debenture stock
Havana
99%
Tobacco Co
Preferred
100
6
/45
55
90
92
First
215
Hamilton
Intercont'l Rubb, com...100
205
340
Reyn (R J) Tob 6s '22.F&A
International Salt
180
660
Sloss Sheff S & 16s '29..F&A'
85
86%
80
100
Kings County
Manufacturer
9714J
973.1
160
Southern Ry 6s 1922...M&S;
96
96%
People's
270
99
99%
96%
97
Nassau
~
7% notes Oct 15*25 A&OIS
220
Texas Co 7s 1923
195
205"
People's
150
160
Ridgewood
200
'North Side*—
♦Banks marked with (•) are State banks,
this week.
I New stock,
x Ex-dividend,
Swift & Co 6s 1921—F&A15
-
-
•
-
f Sale at auction or at Stock Exchange
y Ex-rights.
West Elec oonv 7s 1925. A&O
•Per
/Flat
share.
price,
99
M&S
U S Rubber 7%s 1930.-F&A
Utah Sec Corp 6s *22-M&S 15
6 Basis,
a Nominal,
International Silver, pref.100
Lehigh Valley Coal Sales. 50
*90
*67*
180
80
90
100
75
77
Manufacturing...100
*83
85
Preferred
Singer
99%
Singer Mfg. Ltd
pays
'70 "
*64
Phelps Dodge Corp
100
Royal Baking Pow, com.100
88%
Ex-divldend.
10%
55
/67
d Purchaser also
x
10
100
A&O
1st gold 5s 1951
99% 100%
87%
99%
2
4
1st g 5s June 1 1922..J&D
Greenpoint...
290
76%
1%
...100
910
200
89
100
...
230
455
85
100
Company
Preferred
155
165
—
66
■
87
140
—
85
35
*52
Company, com..100
Preferred
43
82
*30
Bliss (E W) Co, new. .no par
Preferred
60
Coney Island*
—
shar 6
American Brass
Brooklyn
Brooklyn Tr.
—
r
American Hardware
94
90%
67%
59
24
100
Amer Typefounders, com.100
Preferred
100
95%
820
25
Industrial
and
99% 100
96% 96%
99%
97
97%
93
6%
23
100
Corp'
Preferred
99% 100
9314
1
34
5%
100
preferred
Western Power
100%
100% 100«4
100
97%
Corn Exch*._
United
Cent
97%
96%
580
315
350
•
K C Term Ry 4%s 1921.J&J
550
425
35%
Chi ds Co com
305
H'ts*..
12
•34
Celluloid
N Y Trust—
Wash
*11
90
Title Gu & Tr
Yorkvllle *—
103
50
Preferred—..
50
Tennessee Ry.L & P,com.100
Preferred...
100
United Lt & Rys, com...100
72
165
105
100
Standard Gas A El (Del).
93
170
307
25
80
40
89
155
7
20
92
91
160
6
17
7034
Union Exch—
21
64
90
Interboro R T 7s 1921..M&S
United States*
19
100
Preferred
Hocking Valley 6s 1924.M&S
135
81
79
62
South Calif Edison, com. 100
Preferred
100
125
225
90
140
575
Goodrich(B F)Co 7s'25.A&0
67
100
Republic Ry A Light
75
125
82
73
100
Preferred
85
50
80
Puget Sound Pow & Lt.-lOO
105
125
300
J&J;
5
15
47
Pacific Gas & El, 1st pref. 100
14
33
550
Ins
Trust...
210
Cosmop'tan*.
1929 Series B
Federal Sug Ref 6s 1924M&N
Continental..
East River-
85
69
Am Tob 7% notes 1921M&N
913s
1334
.100
Cot Oil 6s 1924..M&S2
89
32%
100/
Rubner
7784
North'n States Pow, com.100
Preferred
.100
205
75
100
-
14
83
77
North Texas Elec Co.comlOO
Preferred
100
75%
150
13%
80
Northern Ohio Elec Corp.(f)
Preferred
100
{Cleve and pr ices)
Firestone Tire & Rub, com 10 ♦80
82
85
6% preferred—_...._100
82
74<2
8
100
Preferred...
Stocks
100
6
First Mtge 5s, 1951—-J&J
Sf g deb 7s 1935...M&N
105
100
Preferred
94
Fulton
450
83
158
Guaranty Tr.
1250
Seaboard
-
35
81
91
91
7s
33
153
Weyman-Bruton Co, com 100
Preferred
100
Hudson
Second
_
-
86
14
12%
45
7% notes 1923
200
23d Ward*.—
_
165
Common¬
wealth*
350
" Fidelity
150
Chase
York
340
Farm L & Tr
160
200
Elec Bond & Share, pref.100
Federal Light A Traction. 100
10
79
80
Short Term Securities—Pe
Butch & Drov a 40
Cora'w'th Pow, Ry A Lt.100
Preferred
100
67
8
72
77
Tobacco Prod Corp scrip
6%
...100
40
Am
Cent Merean.
Preferred
100
305
145
Colorado Power, com ...100
Great West Pow 6s 1946.J&J
330
280
30
66
35
320
310
100
237
102
18
135
Preferred
20
235
100
30
273
9%
"fd"
5
18
27
*80
100
300
51
69
♦33
Portage Rubber, com
Commercial..
84
49
37%
104
25
Preferred
100
Swinehart Tire & R, com. 100
Preferred
——.100
Empire
Equitable Tr.
82
25
Preferred
295
160
102
100
100
B common stock
325
328
100
Carolina Pow A Lt, com. 100
Cities Service Co, com... 100
105
Mac Andrews & Forbes.. 100
*37
Amer Public Util, com...100
Preferred
100
13%
Imperial Tob of G B & Ire..
50
Amer Power & Lt, com.. 100
Preferred
...100
15
154
(new)...no
Foil
60 *xI00 103
Amer Lt & Trac, com
Preferred
13%
Helme (Geo W) Co, com. 100
Preferred
.100
6.50
7.25| 6.60
Utilities
Amer Gas & Elec, com
Preferred
90
Conley
Ask
"
Ask.
*
Ry 6s
Public
98
Columbia
150
6.30
*1238
Central Union
320
6.75
Virginian
84
198
City
6.75
Union Pacific 7s
205
300
Nat
7.50
2312
139
80
193
Nat American
6.70
175
295
125
7.50
Amer Machine & Fdry__100
American Tobacco scrip
490
155
6.70
86
Mech & Met.
145
6.35
7.50
Bid
Mutual*.....
145
6.80
Share.
160
105
7.00
Equipment 7b
Southern Railway 4^8
Equipment 6s
Toledo <fc Ohio Central 4s
Par
Miller Rubber.....
New York
7.00
24
60 *138
450
Boro*.
108
8.00
150
Bronx Nat—
6.40
7.75
425
Bronx
7.00
Seaboard Air Line 6b.
Battery Park.
Bowery*.....
—
6.37
Reading Co 4)^8
50
St Louis Iron Mt & Sou 6b..
St Louis & San Francisco 5a.
Broadway Cen
«.
6.35
7.00
100
...
American
1
6.35
Pittsburgh & Lake Erie 6^8.
300
Preferred
!
6.40
7.00
7.00
97
Goodyear Tire & R, com.300
Preferred
100
share.
Irving Nat of
232
America *
6.85
Pennsylvania RR 4^8..
Equipment 4s
American Cigar common. 100,
Preferred
100
Mohawk
Banks—N Y
Pacific Fruit Express 7s
5
Midwest Refining
Tobacco Stocks—Per
Preferred
per
6.40
100
7% preferred
City Banks and Trust Companies.
prices dollars
I
106
Gen'l Tire & Rub, com... 100
All
7.00
Stocks
Petroleum
Rubber
of the Common stock of the General Syndicate Inc.
New York
Northern Pacific 7s
Brltlsh-Amer Tobac ord._£l
has been
total
$19,596,895 34, with unearned premiums and other liabilities of
assets of
152
290
Mexican Eagle Oil
New stock
Liverpool and London
company
7.00
6.50
25
Oil
■
Globe
6.40
7.75
7.151
Southern Pacific Co 4>£s
Magnolia
—The statement of the United States branch of the
7.15
460
10
Washington Oil
Other
business in the United States for 73 years, as of Dec. 31 1920, shows
7.25: 6.50
7s
100
Imperial Oil
NOTICES
7.00
7.50: 6.75
100
Preferred
Vacuum Oil.
k Correction.
CURRENT
7.00
8.00
Ohlp 4kb, 5s
6.60
7.25] 6.50
N Y Ontario & West 4>^8—
Norfolk & Western 4Hs...
10712 108
Union Tank Car Co..... 100
f No
8.00
Equipment
328
Mar
14%
4^s.r
Mar
6.35
6.80' 6.25
7.25
New York Cent 4^8, 5s.—
415
14
Vienna Bank (stock).
and
70b
600
405
5,000
35,000
Vienna
a?
*6934
585
2%
15%
7.10, 6.50
7.00
Missouri Pacific 5s
305
2%
6.60
Mobile &
72
I
6.40
7.50
Equipment 6%s & 7s
Missouri Kansas & Texas 5s.
228
Southwest Pa Pipe Lines. 100,
68
Standard Oil (California).100 300
7.00
Michigan Central 5s, 6s
Minn StP&SSM4^s&5s
105
224
Standard Oil (Indiana)
25<
Standard Oil (Kansas)...100,
Equipment 6H&
200
395
15%
....
Hamburg Bank 4s.r...._.
Hamburg 4Hs.r
Nuremberg 4s r.—
Unlisted.
470
7.75
6.90
Kanawha & Michigan 4^8—
Louisville & Nashville 6s
34
100; 400
100, 197
100] 385
& Southern 5s
Equipment 4%is
Equipment 7s
275
*30
25
Southern Pipe Line Co..100
South Penn Oil
..100
18%
12%
Colorado
148
Jan
98%
97%
10,000
6.75
6.50
7.10
170
Northern Pipe Line Co..100
92
Ohio Oil Co
25*271
15,000
16%
18%
-
*83
Feb
Marks
16
Chicago & N W 4^8
Chicago R I & Pac 4J^s, 5s__
50
18,000
Municipal Bonds
(.Dollars per 1,000 Marks)
G.4H8.....
4^s.r.
97
7.12, 6.50
100
new
Illinois Pipe Line
Indiana Pipe Line Co
Prairie Pipe Line
Solar Refining...
Badische Anil Soda
98
51,000
26,000
99%
80%
.
45
93
100
Preferred
94
43
International Petrol.(no par)|
National Transit Co...12.50
German Government and
r.
6.40
92%
102%
96%
102%
Jan
.
7.25
Jan
100%
100%
.
Canadian Pacific 4^s & 6s_.
Caro Cltnchfield & Ohio 5s.
Mar
100
100%
.
Buff Roch & Pittsburgh 4>£s
18
*1712
99
99
11,000
.
Basis.
Jan
Swift & Co 7s.r
•r
RR. Equipments—Per Ct
Baltimore & Ohio 4^8
Ask.
6.35
25,000
lots,
shar e
Bid.
Par,
6.90| 6.35
102%
102% 103
.
160
Equipment 6s
102
.
80
150
West & Bronx
108
102%
102%
.
118
105
1929
Frankfort 4s.r
114
6.76
gold deb
1927
gold deb....1928
♦Odd
160
Mortgage..
70
7.50
ser gold deb
—..
150
7.00
ser
_
U S Casualty.
U S Title Guar
7.00
ser
Berlin 4s.r
186
&
Equipment 4s.
7%
7%
A. E.
181
Title
950
7%
West Va (State)
102
Surety..
900
gold deb....1926
conv
95
Assoc
100
.^.,100
ser
r—
All
Jan
7%
7%
6s
(Brooklyn).
Realty
86%
96%
100% 101
96%
101%
101%
set
85
37,000
100
Southw Bell Telep 7s. .1925
Stand Oil of N Y 7s.r.l925
124
75
Quotations for Sundry Securities.
Jan
94
7%
Ask
115
Title & M G
Jan
...1925
7%
Bid
Mtg
Jan
7s.r
Sears,Roebuck & Co 7a r'21
,,
Bond..
Y
N
*
Jan
70
1923
5^s
share.
Ask
Mar
96%
99%
7s_r
Russian
per
Bid
Mar
93%
95 H
N Y N H & Hart 4s.r_1922
Ohio Cities Gas 7s.r_. 1921
7s.r
1922
prices dollars
Bid
Jan
87%
90,000
102
City Realty and Surety Companies.
High.
accrued
y Ex-rtghta.
dividend.
£1*
*
♦2%
New
3
stock.
1370
[nvtzstmmt mtl Mnilximtl |utellxpttce.
RAILROAD GROSS EARNINGS
following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together separately
on a subsequent page.
The
Jan. 1 to Latest
Latest Gross Earnings.
Week
ROADS.
Current
or
Year.
Month.
Year.
Previous
Year.
Previous
Year.
Chicago & Alton—
Chic Burl & Qulncy,
Chicago & East 111—
296.301
318,381
296,302
318,381
942,733
968,352
77,739
92,569
15356 003 20177 970 15,356,003 20,177,970
January
2.509.046 2,591,019
2,509,046 2,591,019
January
768.770
681,260
768,770
January
681,260
5.750,591 4,961.072
430.413
December
448,733
277,527
231,634
277,527
231,634
January
260,864
217,146
260,864
217,146
January
6,451,142 6,820,140 6,451,142 6,820,140
January
1^856151 17343 668 17,856,151 17,343,668
January
214,879
208.129
214,879
208,129
January
591,175
706,172
591.175
706,172
January
102.280
124,028
8,948
December
11,291
419,787
456,796
419,787
456,796
January
639.349
1,010,526
639.349
1,010,526
January
152,151
23,512
152,151
23,512
January
567.350
660,336
44,557
December
72,649
6,120,263 6,830,821 6,120,263 6,830,821
January
92,028
86,466
92,028
86,466
January
3,514,709 4,186,572
405,718
281,074
3d wk Mar
226.498
227,546
226,498
227,546
January
2d wk Mar 2,229.596 1,625,485 21,211,031 17,099,205
2d wk Mar 3,176,000 3,130,000 33,483,000 33,701,000
357,395
382,847
357,395
382,847
January
647.920
663.044
647.920
663,044
January
1,788,910 2,411,342
1,788.910 2,411,342
January
3.672,168
4,204,671 3,672,168 4,204,671
January
531,711
660,613
531,711
660,613
January
536,501
467,005
536,501
467,005
January
278.921
254,485
278.921
254,485
January
7,126.098 6,420,510 7,126,098 6,420,510
January
2,600,000 2,541,179 2,600,000 2,541,179
January
13999 800 16570348 13,999,800 16,570,348
January
2,553,942 2,932,417 2,553,942 2,932,417
January
Chicago Great West
January
——
Panhandle S Fe__
Atlanta Birm & AtlAtlanta & West Pt_
Atlantic City
_
Atlantic Coast LineBaltimore & Ohio—
B & O Ch Term—
Bangor & Aroostook
Bellefonte Central,
_
Belt Ry of ChicagoBessemer & L Erie—
Bingham & Garfield
Birmingham South,
Boston & Maine—
Bklyn E D Term—
Buff Roch & Pittsb
-
Buffalo & Susq
-
Canadian Nat Rys,
Canadian Pacific.—
Can Pac Lines in Me
Caro Clinch & Ohio-
Central of Georgia—
Central RR ofN J-
Cent New England,
Central Vermont—
Charleston & W Car
Ches & Ohio Lines_
2,036,297 2,257,561
1,229,795 1,312,817
348,064
423,559
11587656 14533 590 11,587,656 I.4533,590
11789596 13093062 11.789,596 13,093,062
2,036,297 2,257.561
1,229,795 1.312,817
348,064
423,559
Chic lnd & Louisv— Januarys
Chicago Junction-_ January
Chic Milw & St Paul January
Chic & North West- January
Chic Peoria & St L_ January
Chic R I & Pac
January
Chic R I & Gulf
January
Chic St P M & Om_ January
201,953
183,939
201,953
183,939
10440227 12344 566 10,440,227 12,344,566
661,042
603,879
2,400,185 2,910,424
437,160
465,155
376,155
296,891
.
Chic.Terre H & S E_
Cine lnd & Western
Colo & Southern—
Ft W & Den City
Trin & Brazos Val
Wichita Valley
January
January
2d wk Mar
January
January
January
Colo & Wyoming— December
Copper Range— — . January
December
Cuba Railroad-
Camaguey &Nuev
Delaware & HudsoD January
Del Lack & Western January
Denv & Rio Grande January
Denver & Salt Lake January
Detroit & Mackinac January
Detroit Tol & Iront, January
Det & Tol Shore L— January
Dul & Iron Range.- January
Dul Missabe & Nor_ January
Dul Sou Shore & Atl 2d wk Mar
Duluth Winn & Pac January
East St Louis Conn, January
Eastern SB Lines-
—
Elgin Joliet & EastEl Paso & Sou West
Erie Railroad
Chicago & Erie—
N J & N Y RR
Florida East CoastFonda Johns & Glov
Ft Smith & Western
Galveston Wharf
Goorgia Railroad—
Georgia & FloridaGrand Trunk Syst—
Atl & St Lawrence
ChDetCanGTJct
Dot G H & Mllw.
Grand Trk
January
January
January
January
January
January
January
January
January
West. December
Great North System January
& West- January
Gulf Mobile & Nor_ January
Gulf & Ship Island. January
January
Hocking Valley
Illinois Central
January
December
Internat & Grt Nor. January
Kan City Mex & Or January
KCMex&OofTex January
Kansas City South. January
Texark & Ft Sm. January
Kansas City Term— January
Kan Okla & Gulf— January
Lake Sup
& Ishpem, January
Lake Term Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley,
Los Ang & Salt Lake
Louisiana & Arkan,
Louisiana Ry & Nav
Louisville & Nashv.
Louisv II end & St L
Maine Central
Midland ValleyMineral Range,
—
,
_
Minneap & St Louis
Minn St P & S S M.
Mississippi Central.
Missouri Kan & Tex
661,042
2,910,424
437,160
376,155
5,776,362
1,101,037
174,012
182,571
915,650
80,352
78,472
1,158,179 12,711,803 II,638,950
2,702,737 2,450,774
131,811
2,766,136 4,126,239 2,766,136
5,910,474 6.935.047 5,910,474
2,981,378 3.420,841
3,420,841
245,670
201,970
245,670
201,970
118,312
120,283
118,312
120,283
351,380
351.380
248,425
248,425
186,360
209,384
186,360
127,723
144,691
69,517
184,455
115,385
198,650
217,142
932,220
327,093
141,330
127,723
179.602
167,591
1,740,539
1,350,835
8,193,917
2.602.620
1,074,230
8.399.621
875,631
114,811
1,549.447
112,713
185.070
1,980,566
428,210
101,076
1,740,539
1,350,835
8,193,917
375",972
309",561
209,384
198,650
217,142
84,921
327,093
141,330
167,591
2.602.620
1,074,230
8.399.621
875,631
114,811
1,549,447
112,713
185,070
December
247,098
428,210
January
101,076
January
2d wk Mar 1,841,416
January
375,972
December
228,173
December
296,008
Green Bay
Illinois Terminal
485,214
491,063
1,006,213 1,101,037
174,012
247,958
182,571
157,263
25,311
128,710
80,352
78,472
603,879
2,400,185
465,155
296,891
5,560,258
1,006,213
247,958
157,263
1,084,795
1,373,421
117,898
4,126.239
6,935,047
2,981,378
December
998,352
108,998
1,189,954
108,522
154,496
133,933
484.603
114,132
1,753,684
309,561
189,824
144,691
850,411
184,155
115,385
179.602
998,352
108,998
1,189,954
108,522
154,496
988,814
484.603
114,132
2,000,168 2,132,563
4,882,548 4,366,538
1,409,555 1,245,444 17,060,109 13,912,076
6,279,239 10151935 6,279,239 10,151,935
115,655
122,490
115,655
122,490
327,688
387,583
327,688
387,583
326.747
236,933
273,119
273,119
236,933
1,164,605
952,983
952,983 1,164,605
12878199 12255892 12,878,199 12,255,892
115,612
75,101
1,751,347 1,728,576
128,152
159,315
149,575
159.499
1,766,339 1,498,996
157,771
212,475
126,819
136,688
174,085
278,720
10,054
1,119.931
1,751,347
128,152
159,315
1,766,339
212,475
938,439
1,728,576
149,575
159.499
136,688
126,819
174,085
7,418
7,418
1,498,996
157.771
278,720
10,054
i
151,753
89,792
89,792
151,753
197.500
197.500
257.045
257,045
2
368,360
71,535
368,360
271,535
January
6,036,114
5,475,496
6,036,114 5.475,496
January
1,631,856
1,706,578
January
1,706,578 1,631,856
318,052
318,052
354,698
354,698
January
386,354
313,762
313,762
386,354
January
10142181 10269714 10,142,181 10,269,714
January
234,218
251,341
251,341
234,218
January
1,968,969
1,604,346
1,968,969 1,604,346
January
435,404
385,987
385,987
435,404
January
104,798
13,238
2d wk Mar
131,725
11,224
348,628
3,473,266
2d wk Mar
3,272,587
360,126
3,212,514 3,492,201
.January
3,212,514 3,492,201
December
77,374
1,069,815
1,011,409
74,987
2,925,832
2.925.S32 3,473,957
3,473,957
January
January
January
AGGREGATE
OF
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
*
Weekly Summaries.
week Jan
week Jan
week Jan
week Jan
week Feb
week Feb
week Feb
week
Feb
week Mar
week Mar
We
no
(10 roads)
(13 roads)
(20 foads)
(19 roads)
(17 roads)
(14 roads)
(19 roads)
(19 roads)
(18 roads
(19 roads
Previous
Year.
Year.
Decrease.
%
$
8,078,145
12.706,388
13,957,148
19,342,324
14,334.420
11,691,167
13,082,943
12,853,469
13,358,006
13,584,727
Current
Year.
Previous
Current
Previous
Year.
Year.
Year.
7,270,486
12,324,508
12,898,166
17.786,055
13,086,508
12,235,838
12,724,235
15,097,698
12,722,219
13.038,572
Mo K & T Ry of Tex January
Mo & North Arkan_ December
Missouri Pacific
January
$
Monongahela
M onongahela Conn
December
224,328
91,078
224,328
91,078
Ja nuary
80,010
115,674
80,010
115.674
January
Nashv Chatt & St L January
1,756,328 2,154,734 1,756,328 2,154,734
44.043
48,520
5,262
Nevada-Calif-Ore
4,952
1st wk Mar
169,476
54,085
169,476
Nevada Northern,
54,085
January
120,757
116,111
New burgh & Sou Sh February
116,111
120,757
395,063
420,802
192,190
New Orl Great Nor_ February
200,193
172,446
301,261
172,446
N O Texas & Mex__ January
301,261
142.936
255,732
142.936
Beaum S L & W__ January
255,732
607.937
630,682
607.937
St L Brownsv&M January
630,682
27360587 30605167 27,360,587 30.605,167
New York Central- January
654.495
784,738
654.495
lnd Harbor Belt- January
784,738
933.496
782,645
933.496
Lake Erie & West January
782,645
6,128,497 6.979.258
6,128,497 6.979.258
Michigan Central January
Clev C C & St L— January
6,960,692 7.377.259 6,960,692 7.377.259
224,918
253,480
224,918
253,480
Cincinnati North, January
Pitts & Lake Erie January
2,966,833 2,784,241 2,966,833 2.784.241
774,011
887,475
774.011
Tol & Ohio CentJ January
887,475
339,985
365,987
339.985
Kanawha & Mich;January
365,987
N Y Chic & St Louis January
2,265,037 2.193,657 2,265,037 2.193.657
291,816
N Y Connecting Co
291,816
January
N Y N H & Harfcf—
8,656,046 10313075 8,656,046 10,313,075
uary
735,107
959,526
735,167
N Y Onfc & Western J
959,526
ary
331.178
435,828
331.178
N Y Susq & West— Ja.
435,828
ary
743,611
537,687
743,611
537,687
Norfolk Southern,. January
7,436,716 6,835,195 7,436,716 6,835,195
Norfolk & Western. January
6,460,094 9,451,062 6,460,094 9,451,062
Northern Pacific.
January
97,327
139,479
97,327
Minn & Internat- January
139,479
580,690
479,521
580,690
479,521
Northwestern Pac
January
1,586,214
95,515 2,107,650
146.954
Oahu Ry & Land Co December
558,590
435,187
558,590
435,187
Pacific Coast—
January
44640210 39975473 44,640,210 39,975,473
Pennsylv RR & Co, January
60,009
88,946
60,009
88,946
Balt Ches & Atl
January
76,577
86,215
76,577
86,215
Cine Leb & Nor__ January
835,112
754,653
754,653
835,112
Grand Rap & lnd January
1,656,572
1,772,494
1,772,494 1,656,572
January
Long Island
45,255
72,416
45,255
72.416
Mary Del & Va__ January
580,493
587,949
580,493
587,949
N Y Phlla & Norf January
211,760
158.399
211,760
158,399
Tol Peor & West, January
704,233
839,097
704,233
839,097
W Jersey & Seasb January
9,782,489 10580512 9,782,489 10,580,512
Pitts C C & St L, January
147,228
173,687
147,228
173,687
Peoria & Pekin Un_ January
2,404,554 3,116,812 2,404,554 3,116,812
Pere Marquette
January
108,520
149,682
149,682
108,520
Perkiomen
January
839,122
76,492 1,295,245
80,273
Phila Beth &NE- December
6,931,822
7,873,620 6,931,822 7,873,620
Phila & Reading... January
128,570
145,884
128,570
145,884
Pittsb & Shawmut,
January
128,857
109,729
128,857
109,729
Pitts Shaw & North January
163,116
199,653
163,116
199,653
Pittsb & West Va__ January
190,989
260,180
190,989
260,180
Port Reading
January
123,104
105,521
123,104
105,521
Quincy Om & K C__ January
1,068,186
895,499
895,499 1,068,186
Rich Fred & Potom, January
483,992
511,560
483,992
51.1,560
January
Rutland
291,407
257,949
291,407
257,949
St Jos & Grand Isl'd January
7,015,423
7,035,213 7,015,423 7,035,213
St Louis San Fran__ January
1,665,481
1,961,143
177,637
161,752
Ft W & Rio Gran, December
1,537,640
1.816,776
131,163
180.836
St L-S F of Texas. December
_
__
_
,
_
1,519,646 1,569,739
762,378
632,768
5,083,198 5,710,824
146,068
133,535
133,535
St Louis Transfer,- January
412,151
477,519
412,151
477,519
San Ant & AranPass January
92,295
94,112
92,295
94,112
San Ant Uvalde & G January
4,335,146 4,795,244 4,335,146 4,795,244
Seaboard Air Line- January
949,683
67,416 1,590,382
December
138,186
South Buffalo
14688080 16113492 14,688,080 16,113,492
Southern Pacific Co January
830,539
769,059
830.539
769,059
Atlantic S S Lines January
369,867
346,667
369,867
346,667
Arizona Eastern
January
2,617,564 2,125,560 2,176,564 2,125,560
Galv Harris & S A January
I,078,261
1,106,208
1,078,261
1,106,208
Hous & Tex Cent. January
217.179
251,225
217.179
251,225
Hous E & W Tex, January
480,675
400,955
480,675
400.955
Louisiana Western January
902,925
771,996
902,925
771.996
Morg La & Texas January
837,319
801,281
837,319
801,281
Texas & New Orl. January
21889117 23095752 21,889,117 23,095,753
Southern Pac Syst.. January
2d wk Mar 3,197,121 3,187,341 33,808,214 37,036,127
Southern Railway,
919,017
872,062
919,017
872,062
Ala Great Sbuth. January
1,756,312
1,564,859
1,564,859 1,756,312
Cin N O & TexP. January
222,146
170,827
222,146
170,827
January
Columbus & Gr.
561,918
429,076
561,918
429,076
Georgia Sou & Fla January
295.235 3,865.054 3,537,523
335.675
Mobile & Ohio— 2d wk Mar
730,236
558,227
730.236
558,227
New Orl & Nor E. January
148,846
111,682
148,846
111,682
January
Northern Ala
137,157
110,851
137,157
110,851
January
Spokane Internat—
760,287
564,779
760,287
564,776
Spok Portl & Seattle January
168,175
185,019
168,175
185,019
January
Staten Island R T
32,184
2.308
22,117
1.926
Tenn Ala & Georgia 2d wk Mar
288,756
182,151
288,756
182,151
Tennessee Central— January
364,506
399,621
364,506
399,621
TermRR AssnofStL January
333,848
325,268
333,848
325,268
January
St L Mer Bdge T
8.106,731
745,600 7,771,121
672,097
2d wk Mar
Texas & Pacific.
813,446
755,851
815.446
755,851
Toledo St L & West. January
90.990
82,182
90.990
82,182
Ulster & Delaware- January
8,493,303 11726 007| 8,493,303 II,726,007
January
Union Pacific
11318 067 14993 994 24,585,442 33,788,673
February
Total system
4,168,426
2,733,586 4,168.426 2,733,586
Oregon Short
ne January
December
2,491,532 2,166,961 33,060,169 28.367,603
Ore-Wash RR
5.876.658
587,658 1,010,696
1,010,696
Union RR (Penn)_. January
169,314
114,379
169,314
114,379
January
Utah
390,282
373,581
390.282
373.5'
Vicks Shrev & Pac— January
1,298,987
1,693,134
1,298,987
1,693,1
Virginian Railroad. January
5,113,914
4,717,017 5,113,914 4,717,017
Wabash RR
January
2,660,354
326,584 3,822,001
331,150
Western Maryland. 2d wk Mar
1,346,443
951,574
951,574 1,346,443
January
Western Pacific
263,690
215,109
263,690
215,109
Western Ry of Ala.. January
1,034,541
1,047,636 1,034,541 1,047,636
Wheel & Lake Erie- January
201,076
•224,376
201,076
224,376
Wichita Falls & NW January
1,881,184 2,604,769 1,881,184 2,604,769
January
Yazoo & Miss Val.
St Louis Southwest. January
StLS W of Tex— January
2d wk Mar
Total system
632,768
474,738
762,378
572.281
146,068
—
and Monthly.
*Monthly Summaries.
Mileage.
3.09
8.21
8.75
April
May
June
Curr.Yr.
Prev.Yr.
..221,725
..213,200
..213,525
..220.459
220,918
211.040
208,598
218,918
199,418
224,922
229.935
233,839
228,134
231,513
4.45
July
-199,957
August
September -226,955
2.82
October
9.54
—2,244,229 14.86
5.00
+635,787
+546,155
1,519,646 1,569,739
-
%
+807,659 11.11
+ 11,058,982
+ 1,556.269
+ 1,247,912
—544,671
'
+358,708
2,451,707 2,584,698
2,115,210 1,587,820
9,552,340 10,495.227
4.674,852 3,052,667
Montour
or
+381,880
2,451,707 2,584,698
148,558
205,070
9,552,340 10495227
303,689
694,799
Current
$
Increase
longer include Mexican roads in any of our totals.
Month.
GROSS EARNINGS—Weekly
Current
*
or
S
Alabama & Vicksb- January
2d wk Mar
Ann Arbor—_
Ateh Topeka & S Fe
Gulf Colo & S Fe_
Week
ROADS.
$
S
Jan. 1 to Latest Dale.
Latest Gross Earnings.
Date.
Current
4.19
-231.439
November -235,213
December- ..229.422
January
-232,492
Previous
Increase or
Year.
Year.
Decrease.
%
S
387.680 .982 372 ,828,115
387,330 .487 348 ,701.414
430,931 ,483 369 ,225,761
467*351 .544 401 ,376,485
441,423 ,158 367 .865,628
594.192 ,321 480 ,408,546
633,852 ,568 503 ,281,630
592,277 ,620 438 ,038,048
%
+12,852,867 3.45
+38,629.073 11.98
+61,705.722 16.99
+65,925,059 10.43
+73,557,530 19.98
+113783775
+130570938
+154239572
539.197 ,615 443 .124.176 +96,073,439
469,784 .542 503 ,011,129 —33,226,587
23.08
25.94
35.21
21.68
6.60
March 26
1921*]
THE
<
CHRONICLE
1271
Latest Gross
Latest Gross Earnings.
Earnings by Weeks.—In the table which
separately the earnings for the second week
of March.
The table covers 19 roads and shows 4.19%
increase in the aggregate over the same week last year.
follows
we sum
Second Week of March.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National Railways
Canadian Pacific
i
Colorado & Southern
Duluth South Shore 8c AtlanticGrand Trunk of Canada
)
Grand Trunk Western
I
Detroit Grand Hav & Milw. I
Canada Atlantic
_j
Mineral
Range
Ohio-!
—.
Tennessee Alabama & Georgia—
Texas
&
13,238
348,628
11,498
474,738
3,197,121
335,675
1,926
672,097.
331,150
Railway
Mobile &
87,732
572,281
3,187,341
120,613
2,014
Pacific
Western Maryland-
—
-
—
Total (19 roads)
Net increase (4.19%)-
13,584,727.13,038,572
—— —
97,543
9,780
40,440
295,235
2,308
745,600
326,584
.
-
or
Company.
Month.
January
January
January
January
Blackstone Val G & E January
/Brazilian Trac, L & P January
Cape Breton El, Ltd- January
Carolina Power & Lt- December
Cent Miss Vail Elec__ January
Chattanooga Ry & Lt January
Cities Service Co
February
Citizens Traction Co_ January
Cleve Painesv & East January
Colorado Power Co__ January
^Columbia Gas & Elec February
Columbus Elec Co
January
Ry & Lt February
Connecticut Power.. January
Consum Pow (Mich)
January
Cumb Co Pow & Lt__ January
_
382
73.503
4,566
Dayton Pow & Lt Co. February
Detroit Edison Co__
February
Duluth-SuperTracCo February
-
294,055
840,210
546,155
—g- ~
Net Earnings Monthly to Latest
Dates.—In our "Rail¬
way Earnings" Section or
Supplement, which accompanies
to-day's issue of the "Chronicle " we give the January figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so hy the Inter-State
Commerce Commission.
The reader is referred to that Supple¬
ment for full details regarding the January results for all the
separate companies.
In the following we give all statements that have come
in the present week.
We also add the returns of the indus¬
trial companies received this week.
Gross from
Net from
Railway.
Railway.
light &
power cos_. January
E St Louis & Sub Co. January
East Sh G & E Subsid January
Santa Fe Ry
'20
Chic Burl & Quincy
def90,233 defl08,727 defl57,144
158,718
134,350
97,042
768,770
2,226,977
5,647,995
Jan '21 13,999,800
*20 16,570,348
Colorado Southern System—
Ft Worth & Den- Jan '21
Net after
Net after
Taxes.
Equip.Rents.
1,494,474
4,928,685
1,311,859
4,708,506
*20
1,006,213
1,101,037
167,399
279,527
135,463
256,127
139,884
212,961
Wichita VaU RE
Jan '21
'20
157,263
182,571
19,785
66.944
14,972
61,389
367
Dul So Shore 8c Atl
Jan '21
382,836 defl03,132 defl28,132 defl38,109
def57,523
def77,908
def36,969
467,766
East St Louis Conn
Jan '21
'20
141,330
115,385
14,603
def40,731
11,979
def43,031
def 2,382
def57,736
Jan '21
'20
387,583
327,688
19.945
25,854
6,392
11,753
8,513
6,948
Feb '21
485,417
375,196
1,033,903
814,580
402,045
304,849
865,530
673,881
ver
City
"
■
Gulf Mobile & Nor
January
Edison Elec 111 ofBroc January
Elec Lt & Pr of Ab&R January
El Paso Elec Co
January
Equitable Coal & Coke January
Erie Lt Co & subsid.
January
_
Fall River Gas Works January
Federal Light & Trac_ December
Fort Worth Pow & Lt November
Galveston-Hous El Co January
General Gas & E Co. January
e Great West Pow Sys February
Harrisburg Ry Co— January
Havana El Ry, L & P December
Haverhill Gas & Lt__ January
Honolulu R T & Land January
Houghton Co El Lt_. January
Houghton Co Trac
January
Huntington Dev&Gas January
Idaho Power Co
January
d Illinois Traction.
January
Indiana Gen'l Service January
__
Atch Topeka & Santa Fe Syst—
Panhandle &
Jan *21
681,260
46,400
Interboro Rap Tran—
Total system.
February
Keokuk Elec Co
January
Keystone Telep Co..
Key West Elec Co
Lake Shore Elec Ry-Long Island Elec CO_
Lowell Elec Lt Corp.
Manhat Bdge 3c Line
Manh & Queens (Rec)
Manila Elec Ry & LtMwell Elec Lt Corp.
Metropol'n Edison Co
eMilw El Ry & Lt Co
February
January
December
October
January
October
October
January
December
January
November
Miss River Power Co. January
Nashville Ry & Lt Co January
Nebraska Power Co.. November
Nevada-Calif El Corp January
'20
1,813,267
1,689,190
3,777,056
3,345,958
Laks
Jan '21
'20
10,054
7,418
def53,116
def42,174
def58,050
def46,046
def55,818
def44,026
New York Dock Co.. February
N Y & Long Island.. October
Louisiana Ry 8c Nav
Co
Jan '21
386.354
313,762
7,759
48,477
def 8,285
def40,662
20,010
N Y & Queens County October
b NY Railways
October
Mo K & T of Tex
Jan '21
Kansas City
*
South
*20
Jan 1 to Feb 28 '21
Superior &
Ishpeming
'20
34,385
New England Power. January
New Jersey Pow & Lt January
Nevada Northern
Jan '21
*20
54,085
169,477
4,503
68,349
def5,357
58,527
def2,208
55,413
Newburgh & South
Feb '21
116,110
120,757
277.355
248,026
7,945
def8,263
21,966
def 1,237
defl5,262
2,645
def 16,387
8,064
def30,399
4,483
def45,472
def38,421
def3,149
def43,108
def 9,489
1,280,644
714,466
1,269,003
569,509
65,059
60,041
8,521
'20
Shore
Jan 1 to Feb 28 '21
'20
Jan '21
Quincy Omaha &
def34,271
7,035,213
7,015,423
Jan '21
St Louis San Fran
'20
St Louis Transf RR
1,548,677
937,198
Jan '21
'20
■v-
def1,094
105,521
123,104
'20
Kansas City
Newp N & H Ry G & E January
b
def49,793
336,993
289,554
2,451,707
2,584,698 defl93,089 def253,397 def580,396
'20
681
133,535
146,068
65,353
20,511
20,301
Eighth Avenue.. October
b Ninth
Avenue— October
No Caro Pub Serv Co
January
Northern Ohio Elec.. February
Nor Texas Elec Co
January
NorthwOhioRy&PCo January
Ocean Electric Co
October
Ohio Power Co__
January
Pacific Gas & Elec Co
Pacific Power & Light
Paducah Electric Co.
PennCentLt&P&Sub
November
November
January
January Pennsylv Util System January
Philadelphia Co and
Subsid Nat Gas Cos January
Philadelphia Oil Co. January
Phila & Western
February
Phila Rap Transit Co February
.
Southern Pacific SysFeb '21 19,840,167
'20 18,800,119
3,630,958
907,384
6,669,554
6,697,460
Jan 1 to Feb 28 '21 41,729,285
'20 41,895,871
Jan *21
Terminal RR Assn
of St Louis
38,105
19,936
325,268
333,848
9,180
def46,082
def 3,635
def54,331
7,708
def53,356
*8,493,303 *1,489,185
4,826,332
*921,551
4,394,583
*760,408
4,394,206
'20
Bridge & Term
Jan *21
Union Pacific RR
158,039
81,042
50,081
Jan '21
St Louis Merch
1,872,842
2,475,290
2,658,146 def275,680
3,384,223
4,363,415
4,127,348
4,503,053
399,621
364,506
'20
'20 11,726,007
147.244
83,680 def198,537 def227,493
1,489,921
1,736,677
1,476,600
Oregon Short Line Jan '21
2,733,586
*20
4,168,426
Jan '21
257,949
291,407
def14,203
45,895
def27,944
34,140
def 39,015
Feb '21 11,318,067
1,841,168
4,614,274
793,546
3,731,692
580,388
3,712,388
St Jos & Grd Isl
'20
Union Pacific Sys
*20 14,993,994
Jan 1 to Feb 28 '21 24,585,442
'20 33,788,673
*
31,396
937,548
456,037
3,016,537
11,960,764 10,235,951 10,103,994
Corrected figures.
ELECTRIC
RAILWAY
AND
PUBLIC
UTILITY
COS.
Portland Gas & Coke. November
Porto Rico Railways. January
Port (Ore) RyjL&PCo January
Puget Sd Tr, Lt & P. January
Richmond Lt & RR_. October
ReadingTrans&LtSys January
Republic Ry & Lt Co. December
Rockford Electric Co. January
Rutland Lt & Power. January
Sandusky Gas & Elec January
Sayre Electric Co
January
Schenectady Ry Co.. November
Scranton Electric Co. January
17th St Incl Plane Co January
Sierra Pacific Electric January
Southern Cal Edison. January
South Can Power Co. February
Tampa Electric Co.. January
Tennessee Power Co. January
Tenn Ry, Lt & Pow.. January
Third Avenue System.
Twin City Rap Tran.
January
February
United Gas & El Corp January
Utah Power & Light. January
Latest Gross Earnings.
Jan.
1
to Latest Date.
Current
Company.
Month.
Previous
Current
Previous
Year.
Year.
Year.
Year.
433,437
388,293
603,454
581,500
1,201,923
797,834
101,538
16,713
122,853
809,700
654,797
81,897
16,619
105,284
8
Adirondack P&LCorp January
Alabama Power Co__ February
Appalachian Pow Co_ February
Arkansas Lt & Power December
Asheville Power & Lt. December
Atlantic City Elec Co January
Atlantic Shore Ry Co
Bangor Ry & Elec Co
Bklyn Rap Tran Syst
flBklyn City RR—
aBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric—
South Brooklyn—
New York Consol.
Bklyn Qu Co & Sub
.
January
JanuaryOctober
October
October
October
October
October
October
October
433,437
383,786
186,220
93,280
71,901
101,538
16,713
122,853
898,823
6,180
388,293
325,735
161,477
64,369
60,357
81,897
16,619
105,284
919,391
193,528
189,426
4,919
5,160
379,034 535,181
69,356
71,606
1747,854 1522,289
151,517
132,657
Utah Sec
Vermont
Name of Road
or
8,158,198
63,792
1,956,451
118,224
4,743,678
767,343
16,915,137
1,423.495
Previous
1
to Latest Date.
Current
Year.
Year.
Previous
Year.
3154,317 2077,998 3,154,817
49,282
39,069
49,282
66,249
54,167
66.249
72,196
53,130
72,196
295,695 287,066
295,695
12875000 9655,000 12,875.000
59,409
49,082
59,409
143,597
119,242 1,598,558
45,045
42,091
45,045
113.968
110,285
113,968
1442,699 2111,764 3,079,721
94,373
94,373
80,353
59,108
55,578
59,108
99,092
99,092
84,477
1394,577 1348,504 1,3941,577
151,216
141,805
151,216
2633,699 2476,027
5,477,396
129,232
125,057
129,232
1293,491 1180.526
1,293,491
281,055 259,179
281,055
356,286 305,944
737,733
2039,351 1821,937 4,175,302
141,344
2,077.998
39,069
54,167
53,130
287,066
9,655,000
49,082
1,249,809
42,091
110,285
4,017,545
80,353
55,578
84,477
1,348,504
141,805
5,074,987
125,057
1,180,526
259,179
635,360
3.,676,918
298,447
316,083
1553,083 1289,507
1,553,083
382,211
382,211
338,834
44,166
44,166
44,766
152,107
152,107
130,648
112,074
122,424
112,074
29,104
30,978
29,104
194,262
154,975
194,262
139,810
139,810
78,965
113,521
113,681
113,521
82,295
74,983
82,295
455,489
396,947
4.606,421
281,536
160,130
335,640 273,782
335,640
1015,382
920,602
1,015,382
601,936 457,427
1,243,262
149,853
146.899
149,853
1111,229
921,244 11,477,937
41,743
41,743
40,361
72,453
66,106
72,453
56,577
52,016
56,577
30,026
30,625
30,026
106,896
134,523
106,896
184.480
184,480
160,873
1982,138 1729,733
1,982,138
168,868
185,189
185,189
1,289,507
148,650
DuquesneLtCosubsid
Eastern Texas Elec__
)
Current
Year.
$
fcBarcelonaTrac.L&P
Baton Rouge Elec Co
Beaver Valley Tr Co.
Binghamton Lt, H & P
Com'w'th P,
J
St Louis South western
Southern
1,753,684
11,224
360,126
1
.
604,111
46,000
5,849
15,404
1,841,416
Decrease.
14,830
491.063
84,921
—-
Iowa Central
77,739
405,718
1,625,485
3,130,000
485,214
69,517
92.569
285,105
2,229,696
3,176,000
_
Minneapolis & St Louis
Increase.
1920.
1921.
Jan.
Name of Road
up
484,350
465,701
7,985,281
1 ,776,979
99,346
4,
,691,174
726,628
,853,570
,289,760
Corp & Subs December
Hydro-Elec. January
Virginia Ry & Power.
Wash Bait & Annap..
Wheeling Electric Co.
Winnipeg Elec Ry
Yadkin River PowCo
Youngstown & Ohio.
January
January
January
December
December
January
338.334
.
44,766
130,648
122,424
30,978
154,975
78.965
113,681
74,983
3,897,518
273,782
920,602
953,649
146.899
9,397,453
40,361
66,106
52,016
30,625
134,523
160,873
1,729,733
168,868
4345,110 4468,923 9,286,106 8,913,065
31,782
30,176
31,782
30,176
144,324
140,922
288,963
286,573
24,592
22,136
22,136
24,592
247,090 230,447 3,286,353 2,611,755
26,909
24,714
284,966
223,499
107.969
107.969
112,499
112,499
231,736
26,107
21,614
141,178
226,720
20,858
24,272
190,148
321,298
321,298 278,339
278,339
102,907
107,377
1,235,878
995,953
249,142
249,142 234,411
234,411
1667,814 1413,277 17,152,255 13,350,925
225,417 205,677
225,417
205,677
334,627 306,903
334,627
306,903
276,711
244,853
433,068
41,415
240,168
234,985
483,238
34,501
220.900
435,456
46,759
108,846
252,195
525,599
47,309
105,129
829,135
100,632
1108,868
46,075
97,448
86,269
747,710 869,220
339,010 310.002
27,977
32,788
11,071
14,259
641,507 542,441
3048,941 2291,106
256.116
43,837
187,002
193,912
"234", 985
433,068
483,238
41,415
34,501
252,195
220.900
1.063,839
884,509
480,896
445,492
945,253
996,005
7,126,325
846,382 11665781
329,135
86,269
97,448
1,560,452 1,751,233
310,002
339,010
27,977
32,788
185,458
230,668
542,441
641,507
31,242,705 23,466,448
'
205.810
47,475
212,717
244,380
"244.853
1559,240 1611,375
173.074
178,246
48,834
53,659
3207,373 2698,457
190.146
247,186
105,833
116,729
893,235 768,808
899,488
938,551
71,065
44,551
249,458 243,115
766,646 647,548
123.839 106,247
43,862
47,080
65,236
63,469
13,880
19,595
142,793
165.481
358,509 325,730
2,898
2,964
67,684
69,488
1270,278 857.830
55,493
62,745
153,505
132,398
219,079 204,837
581,262
530,224
1076,516 941,063
1124,369
984,765
1175,029 1104,371
654,751
576,949
857,332
47,737
899.840
147,599
115,197
364,349
79,627
47,385
719,451
52,970
809,415
119,468
92,262
352,057
62,991
43,825
47,475
""43", 837
212,717
244,380
187,002
193,912
1,559,240
178,246
118,802
6,825,722
1,611,375
173,074
102,563
5,741,715
"116", 729
"105",833
893,235
938,551
604,130
249,458
768,808
899,488
455,154
243,115
6,259,612
106,247
43,862
65,236
13,880
1,505,699
325,730
2,964
67,684
857,830
116,019
132,398
204,837
530,224
941,063
2,041,850
1,104,371
576,949
8,304,649
123,839
47,080
63,469
19.595
1,727.780
358,509
2,898
69,488
1,270,278
128,592
153,505
219,079
581,262
1,076,516
2,350,480
1,175,029
654,751
8,591,206
47,737
1,918,659
147,599
115,197
3,697,299
914,101
47,385
7.330.952
52,970
1,692,848
119,468
92,262
2,928,545
583,118
43,825
a The Brooklyn City RR. is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. bas been operated by its owners.
b The Eighth Avenue and Ninth Avenue liR. companies were formerly
terminated on
July 11 1919, respectively, since which dates these roads have been operated
leased to the Ntew York Railways Co., but these leases were
separately,
all
sources,
c
e
Includes Milwaukee Light, Heat & Traction Co.
Includes constituent or subsidiary companies.
d Includes
/Earnings
gven in Light & Power Co., the Nashvilleonly, h Includes Tennessee
a Subsidiary companies Railway & Light Co., the
ailway. milreis.
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines,
j Of Abington & Rockland (Mass.).
k Given in pesetas.
Electric Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Current
Year.
Previous
revit
Year.
Year.
$
New
v::'1/.
$
i'-'.'R
Alabama Power Co
J
Feb
Mar 1 *20 to Feb 28 '21
383,786
4.339,602
325,735
3,086,207
207,967
2.190,371
202,369
1,656.888
South Canada Pow Co
Feb
Oct 1 '20 to Feb 28 '21
62,745
321,141
55,493
280,960
30,161
125,246
8,857,868
9,465,840
729,067
1,763,419
Jan
Western Union
Fixed
21.104
101.538
'21
1,208.839
942,598
25,031
240,475
148,347
328,623
136,774
16,713
16,619
2,556
2,027
7,209
94,373
80,353
1,018,099
788,811
29,606
24,156
251,752
9,966
7,499
100,898
214,802
86,699
99,092
84,477
1,136,068
1,077,855
48,073
37,122
539,867
532,938
1,394,577
Feb '21
1.348,504
'20
12 mos '21 14,856,260
946,660
949,669
9,987.573
8,409,686
mos
'20
Jan *21
Atlantic Shore Ry
'20
Co
Jan '21
Citizens Trac Co
'20
and Subsidiaries
12 mos '21
'20
Jan '21
Colorado Power Co
'20
12 mos '21
'20
-?
Columbia Gas &
Electric Co
43,781
12,323
11,593
Jan '21
'20
,
81.897
'20 12,583,587
Feb *21
Commonw'th Pow,
'20
Ry & Light
2
mos
'21
'20
Dayton Power &
Light Co
Feb '21
Duluth-Superior
Feb '21
'20
'20
Traction Co
2
mos
'21
'20
2,633.699
2,476,027
5,477,396
5,074,987
885,277
809,954
1,851,634
1,708,093
356,286
305,944
141,344
148,650
298,447
316,083
14,544
12,803
30,665
28,775
Jan *21
'20
44,766
505,549
426,005
10,242
15,593
112,777
107,749
Jan '21
113,521
113,681
1,230,217
916,774
43,588
42,787
442,789
304,854
601,936
457,427
1,243,262
953,649
392,467
259,281
817,034
517,002
184,480
160,873
2,324,221
1,845,789
86,597
1,318,673
Erie Lt Co and
Subsid Cos
'20
12
mos
'21
'20
Feb *21
Great West Power
'20
System
2
mos
'21
'20
Jan '21
Idaho Power Co
'20
12
mos
'21
*20
Jan '21
Indiana General
44,166
12
mos
39,911
967,321
46,485
59,449
185,189
*20
Service Co
168,868
'21
1,822,926
1,469,441
'20
13,438
92,128
191,849
def4,687
def5,182
7,243
19,640
16,657
150,854
128,103
199.791
199,391
430 ,107
516,553
406 ,188
543,481
4,863,095
3,549,664
5,124 ,478
4,860 ,022
551 ,259
272,177
258,695
1,228 ,083
1,096 ,687
623,551
611,406
613 ,100
458,412
487,327
46,535
55,789
1,007
def 1,139
2,143
def96
13 ,537
13 942
28 522
28 871
1
9,181
14,743
061
850
10 592
6 174
102.185
15 166
181, 269
176, 267
28,422
27,514
261.520
128.587
187, 407
156, 319
373, 848
312, 905
205,060
102,962
443.186
204,097
50, 583
39 016
49,328
47,581
772,404
504.521
101,575
15, 273
546, 269
462, 800
27,510
42,674
18 975
16 775
247,264
211, 148
191, 358
295,969
1,789 213 def463,795
1,325,418
4,345,110
defl5,160
■20
1,658,460
1,673, 620
4,468,923
'21 36,255,503 10,828,739 14,201, 135df3,372,396
'20 33,113,287 11,081,736 13,270, 002df2,188,266
8 mos
Dec '20
'19
Montana Power Co
12 mos'20
Bklyn
42,416
22,380
6,851,981
Newport News &
Jan'21
Hamp Gas & Elec
'20
3,357", 723
220,900
225,195
28,588
26,633
13,828
def4,253
43,698
40,330
497,429
485,493
105,374
2,595,630
433,068
149,072
483,238
5,906,274
4,384,173
133,160
1,692,119
1,514,461
525,599
435,451
1,063,839
884,509
215,348
156,260
450,544
319,232
94,391
248.708
'20
Feb *21
747,710
145,574
*153,540
def 7,966
'20
New England Co
Power System
869,220
-244,471
*130,228
114,242
def 20,418
Jan'21
'20
12
mos
'21
'20
New York Dock Co
Feb '21
'20
2 mos'21
Nor Ohio Elec Corp
92,830
1,194,690
1,028,968
95,993
61,869
119.355
201,836
133,781
185.451
69,944
792,842
Jan
1
31
Oct
to
1
Jan
193,528
1,956,451
31
Oct
to
Coney Island & Graves Oct
Jan 1 to Oct 31
5,160
118,224
Oct
379,034
4,743,678
1
Jan
Oct
to
31.
def4,493
31,107
1,289,760 def134-955
189,426
def47,179
1,776,97923,294
4,919
186
99,346
13.371
535,181 defl70,l7l
4,691,174 def.366,819
1,423,495
31
Coney Isl & Bkly(Rec)Oct
9,988
220,888
def 2,637
29,862
17,413
414,011
298,119
1,522,289 def.521,877
2,893,828
12,853,570
1,853,900
4,774
5,696
69.356
129,553
169,927
767,343
726,628
Jan 1 to Oct 31___
def 14,695 def 72,291
b New York Ry (Rec)
Oct
829,135) 1.108,868
Jan
7.126,325 i 11.665,781 def558,406 def192,635
1 to Oct 31
N Y Consol (Rec)
Jan 1 to Oct 31
Oct 1,747,854
--16,915,137
South
Oct
Brooklyn,-.
71,606
—
b Eightji
1
Jan
b Ninth Avenue.
1
Jan
def120,262
100,632 )
-
Oct
__
31
Oct
to
def 16,236
def282.465
def 13.902
329,135J
31
Oct
to
846,387
46.075!
Oct
Avenue
Interboro Rapid Transit System
Subway
1
Division..
Oct 2,940,475
2,586,303
to Oct 31-._—27,4.52,763 23,088,366
1,015,594
10,675,730
1,020,156
9,165,609
1,792,687
1,694,535
17.001,155 15,420,987
305,583
3,380,100
*
1
Jan
3,417,266
26,107
21,614
231,736
141,178
3,427
23,780
3,221
12,522
def22,102
108,846
945.253 def 171,646
def8,439
def98,139
31
Oct
to
3c L.Oct
Manhattan Bridge
Jan
1 to Oct
N Y & Queens
1
Jan
31
1
Jan
31
996,005
-
2,6,909
375.971
1,073
26,634
24.714
284,966
223,499
Oct
31__
Oct
to
105,129
County..Oct
Oct
to
Long Island Electric
230
898
Oct
47,309
46,759
def8.856
def2,416
31-_____
445,492
480,896
def51,910
44,614
..Oct
14,259
230,668
11,071
185.458
def4,975
43.271
def1,640
31.__.__
Manhattan & Qu (Rec)__Oct
Jan
1 to Oct 31.
20,858
190.148
24,272
226,720*
Oct
71,065
604,130
44,551
455,154
N Y & Long Island
Jan
1
Oct
to
Ocean Electric.
Jan
1
Richmond
1
Jan
to
_______
Oct
Lt &
to
RR
Oct 31
69,029
def 1,493
91
2,170
16,727
def 6,136
def33,798
def 16,228
def 2,334
Note.—All the above net earnings are after deducting taxes,
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
b The
Eighth Ave. and Ninth Ave. RR. Cos. were formerly
New York Railways Co., but these leases were
roads have been
.
_
FINANCIAL
leased to the
terminated on July 11 1919
Sept. 26 1919, respectively, since which date these
operated separately.■
■
and
REPORTS
Annual, &c., Reports.—The following is an index to all
annual and other financial reports of steam roads, street
railways and other companies published since Feb. 26 1921.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face
figures indicate reports published at length.
Page.
Steam Roads—
1138
848
Canadian Pacific Ry
Delaware Lackawanna & Western..
933
927
933
Nashv. Chattanooga & St. Louis Ry.
Pennsylvania RR
___;
St. Louis-San Franrisco Ry
-
Electric Railways—
1,758,626
1,805,677
5,116,349
4,401,307
7,928,086
'19
Year.
Year.
8
(defl70.829
31
Oct
to
Elevated Division.....Oct
340 ,076
333 ,547
Feb '21
Rap Tran
Oct
to
1
Jan
102,096
105,538
12 mos '21
'20
Eastern Shore ©as
& El Co & Subskl
Interboro
Surplus.
Year.
$
8,158.198-;def373,135
6,180i
919,391' def4,685
17,661
63.792J 7,985,2811
Q Go&Sub(Rec) Oct
132.657
151,517 def36,406
1
Jan
Balance,
Charges.
Net after
Taxes.
Gross
-Net EarningsPrevious
Current
Bklyn Hts RR (Rec)..Oct
Nassau Elec (Rec)
Earnings.
Atlantic City Elec
Co
.•
12
Year.
Companies.
22.854
158,780
Railways.
Previous
Brooklyn Rapid Transit System—
S
a Bklyn City RR_____Oct
898,823]
Year.
■'"■•f:
$
Street
-Gross Earnings-
Jan
Previous
York
Current
—Net Earnings
-Gross Earnings
Current
Companies.
[VOL. 112.
CHRONICLE
THE
127 2
^'
1023
848
1143
;
American Railways Co
Boston Elevated Ry...
Canadian National Rys.___
1023
Capital Traction Co...:
Central Illinois Public Service--
—-
.1023
1143
Chicago North Shore & Milwaukee. 1023
Cleveland Electric Ry
1143
Duluth-Superior Traction Co
932
Eastern Massachusetts Street Ry___1143
Federal Light & Traction Co
849
Indianapolis Street Ry
849
Inland Empire RR. Co
849
International Ry., Buffalo
932
Iowa Railway & Light Co
849
Memphis Street Ry_
933
Chicago City Rys
Industrials (Continued)—
Bell Telephone Co.
Pave.
_._..1027
of Pa
Brier Hill Steel.-_--__-_._--._---.1146
936
1147
Bueyrus Co
Butte & Superior
Mining Co..
By-Products Coke Co
1147
Caddo Central Oil & Refining Corp. 1147
936
Calumet & Arizona Mining Co.....
Canadian Salt Co.,
1147
1141
Ltd..
Case Threshing Machine Co
Central
Leather
.846-852
852
Co.-
Certain-Teed Products Corp
Chandler Motor Car Co.__________
852
Chicago Pneumatic Tool Co
1142
Chic. Jet. Rys. <fc Union Stock Yds. 1147
Chicago Rys; & Equipment Co_.__.1147
1028
936
____1147
936
Chicago Utilities Co
China Mail SS. Corp
Chino
Copper
.
Co
City Ice Delivery Co
Coca Cola Co
Columbia Gas & Electric Co..
—
930, 1028
1139
Milwaukee Elec. Ry. & Light Co
Mfg. Co...1028
Commonwealth Edison Co.
852
Mohawk Valley Co
Consolidated Cigar Co
New York
Consol. Gas & Elec. Lt. & Pow. Co.11.48
Columbia Graphophone
1,560,452
1,751,232
284,522
509,355
*304,940
*260,487
641,507
140.039
542.441
100,074
104.810
'21
6,701,661
5,216,662
243 519
204,884
2 516,101
1,978,133
103,480
*20
12
*21
'20
Jan'21
2
Ohio Power Co
1,236,132
1,098,998
1.279 969
Spokane & Eastern Ry. & Power Co.
928
850
Continental Oil Co._
879,135
Corn Products Refining Co
936, 1020
212,717
187,002
2,366,217
1,898,837
69,469
75,963
749.837
708,826
28,103
41.366
Terre Haute Ind. & East. Trac. Co.
850
Union Traction Co. of Ind
933
Crescent Pipe Line Co..
Curtiss Aeroplane & Motor
Corp... 853
Washington Baltimore & Annapolis.
933
Davies Co., Inc..
mos
mos
'20
.
Penn Central Lt &
Pow Co & Subsid
Jan'21
'20
12 mos'21
'20
Philadelphia Rapid
Feb '21
801,865
3,207,373
'20
2,698.457
687,562
2 mos'21
6,825,722
1.786,901
Transit Co
/
*20
5,741,715
Feb '21
53,659
'20
2 mos'21
48,834
118,802
102,563
12,040
17,554
33,072
38.362
68,184
56,908
773,363
600,860
26,575
18,073
244,0,54
214,313
123.839
45,846
35,597
311,480
350,304
Philadelphia &
Western Co
'20
Jan '21
Pine Bluff Co
*20
12
mos
'21
'20
Jan '21
*20
Rockford Elec Co
12 mos'21
'20
Jan '21
'20
Scranton Elec Co
106,247
1,211,810
1.003,810
30,659
45,304
335,708
414.129
355 322
353 504
defl6.432
818,297
813,585 def126.023
1,640,539
146,362
1,630,190
def74,860
16,227
defl,187
3,210
1,306
9,634
14,344
31,766
28.728
9,850
16,725
11,923
149,600
140,820
6,150
94,454
73,493
8,987
9,867
36.859
111.758
25,730
1144
1024
Railways....._.._1024, 1137
Northern Ohio Electric Corp..
933
Philadelphia Rapid Transit
American
Chicle Co
851, 931
American Cigar Co
American Gas Co.
American Gas & Electric Co
American Hide &
Leather
237,558
36,666
36,337
92.951
404,040
627,726
578,763
Corp......1138
American La France Fire Engine Co. 851
'20
201,538
210,684
418,086
424,251
Jan '21
654,751
'20
2
Utah Power
576,949
6,808,651
5,726.053
353,329
284,025
3,349,016
2,902.108
138.480
145,545
1,710,102
1,663,367
1,638.914
American Stores Co
1.238,741
American Sugar Refining
899,840
809,415
1.918,659
1,692,848
286,019
332,508
601,862
692.4S1
407,459
380,816
mos
Light Co
12
mos
'21
'21
'20
Feb '21
Virginia Ry &
'20
Power Co
2 mos'21
'20
177,827
178,630
375,364
370,252
23,711
32,054
42,722
53,999
142,971
210.358
203,580
190,032
82,439
•
142,476
194,403
311,665
American Linseed Co
American
935, 1019
1019
Locomotive Co___..935,
935
935
American Milling Co.
American Multigraph Co
American Radiator
935
Co
935
American Sales Book Co
American Ship & Commerce Corp..
American Smelting & Refining
American Snuff
Co
American Steel
Foundries
Co
American Tel. & Tel. Co.
American Tobacco
American "Woolen
ArkaDs
8
Light & Power Co..
Jan'21
147,599
34,952
'20
119.468
16,434
26,750
14,160
Wheeling Elec Co
Jan *21
115,197
26,212
8,657
17.555
Atlas
*20
92.262
7,840
10.227
Baltimore Tube Co
12 mos'21
1,189,680
918,482
18,067
187,957
254,103
95,502
96,804
92,455
157.299
*
Fixed charges include interest
stocks of constituent companies.
and dividends
on
8,202
2,274
outstanding preferred
852
___
853
Atlantic Fruit Co—
Bros.
Barnsdall Corp
&
—
_
1149
Gulf States Steel Co....
Harbison-Walker
Refractories
Co.. 1149
1149
Hawaiian Sugar Co
937
Hercules Powder Co
1019
Hood Rubber Co.
847, 853
938
851
1019
1141
929
Hupp Motor Car Co
935
935
Co
__1027
1146
Barnet Leather Co
Barnhart
...
Hayes Wheel Co...
._1146
Corp
Barnard Manufacturing
1022
Ltd".—i—_._1148
Gaston, Williams & Wigmore, Inc.. 847
General Baking Co.
....937, 1021
General Gas & Electric Co
.....1149
General Petroleum Co.
853
General Ry. Signal Co
1149
Giant Portland Cement Co
1149
(B. F.) Goodrich Co...
1140
Grasselii Chemical Co..
1029
Great Atlantic & Pacific Tea Co
937
Gulf Oil Corp
853
Gardner Motors Co.,
1027
852
852, 935
Armour Leather Co
Tack
1027
Co..1138
851
-.1029
Freeport Texas Co
Galena Signal Oil
1146
:
American Sumatra Tobacco Co
Wash Bait & Annap
Elec Co
'20
1146
Co. .851, 934
American International
1,124,369
984,765
2,350,480
2,041,850
'20
935
1145
(Philadelphia)
199.722
417,806
-.1139
1148
.....
112,746
91.187
936
_
__
;
1148
934 Davis-Daly Copper Co___
...1148
..1145 Deere & Co
1148
Youngstown & Ohio River RR.___.1145 Dominion Canners Co...
Dominion Engineering Works, Ltd. 1148
Industrials1139
Acme Packing Co
_._1026 E. I. du Pont de Nemours
Alabama Co
;
851 Eastern Rolling Mills Co
937
853
Albaugh-Dover Co
934 Empire Steel & Iron Co
Alaska Gold Mines Co
847
851 Endicott-Johnson Corp
Alaska Packers Co
1026 Famous Players-Lasky Corp—. —1139
Aluminum Goods Manufacturing Co. 851
Fayette County Gas Co
853
American Bank Note Co__
930 ; Federal Motor Truck Co
853
-937. 1139
American Bosch Magneto Corp.... 934 Fensland Oil
3,407,259
2,858,187
'20
Feb'21
325,730
.
Consolidation Coal Co.
Winnipeg Electric Ry
York (Pa.) Railway Co
129.617
127.524
1.031,766
996.569
12 mos'21
Twin City Rapid
Transit Co
358,509
1.555,330
-
248,868
Spindler
935
1020
Hydraulic Steel Co
Illinois
Brick
Co
1149
..1149
-1149
854
854
Imperial Tobacco Co.
Indiana Pipe Line Co.
International Cement Corp..
1149
Internat. Mercantile Marine Corp.. 1149
Internat. Motor & Truck Corp
1138
International Silver Co
938, 1022
Interstate Iron & Steel Co!
854
—
Intertype Corporation
Iron Cap Copper Co
Island Oil & Transport Co
1)38
1029, 1149
1139,1150
March 26
1921.]
THE
Industrials (Coni nued)—
Pane.
Kelly-Springfield Tire Co
.854, 929
Lackawanna Steel...
1019
Cp__._
Liggett & Myers Tobacco Co
Loft, Inc..
848, 854
1150
....
Mass. Consolidated Mining Co
Massachusetts Gas Co
u
1031
Standard Gas & Electric
940
Standard Oil (of California)
Standard Oil (of Indiana)
Standard Oil (of Kansas)
1150
938
Mathieson Alkali Works
1031
940
1151
...
854, 938
Standard Oil (of Kentucky)
Michigan Copper & Brass Co
939
Midvale Steel & Ordnance Co.
Montana Power Co
929
Standard Oil (of Nebraska)
Standard Sanitary Mfg. Co
National Fireproofing Co
Stephens Fuel Co
Studebaker Corp
Submarine Boat Corp..
939
1030
929, 942
1022
North Milwaukee Lt. & Power Co..1150
Northern State Power Co
939
Nova Scotia Steel & Coal Co.. 1030, 1150
Union Bag & Paper Corp
_
Ohio State Telephone
Pacific Mail SS. Co..
United Drug Co
.1030
expenditures.
Parke-Davis Co
1151
United States Envelope Co
United States Worsted Co
Penmans, Ltd
1030
Utah
939
.1151
Van Raalte Co.
...939, 1151
847
1032
Copper Co
.
.
^
.
-
.
.
Virginia Iron, Coal & Coke Co ....1139
855
Vulcan
1031
Detinning Co
Waldorf
856
...
System, Inc..
1032
Warren Bros Co
1151
that, after providing for operating expenses, tax accruals, income deduc¬
tions, &c., the amount available for interest and dividends was as follows:
1919, $11,164,035; 1920, $5,692,300.
856
Warner Sugar Co
855
856
...
Out
of the
above amounts the railway was able to meet in 1919 the
its fixed charges, but not on the share
capital, which includes
Pittsburgh Steel Co
855
Welsbach Co....
1172
Provincial Paper Mills, Ltd
Public Service Co. of Northern 111..
Pure Oil Co
interest
939
855
West India Electric Co
1172
Western Light & Power Co
855
White Motor Car Co
4% Guaranteed
Ordinary stock.
Pyrene Manufacturing Co
Quaker Oats Co
940
Wickwire Spencer Steel Corp.
Wilson & Co
.855, 1022
.
Railway Steel Spring Co
Ray Consolidated Copper
941
.....
855
Winchester Co
855
_
(Robert) Reis & Co
Replogle Steel Co.
1031
St. Joseph Lead Co
855
a
1140
1172
Yale & Towne Mfg. Co
1172
Young <fc Co
941
San
Canadian
National
being
substantially
shown
as
Third
Preference
stock
and
The report of President Wm. G.
Kerckhoff, together with
the income account, balance sheet and other
tables, will be
found on a subsequent page.—V.
D. Reid, Minister of Railways, before the
House of Commons at Ottawa.. March 18, reported in sub¬
follows,
and
(Report for Fiscal Year ending Dec. 31 1920.)
(Results for Year ending Dec. 31 1920.)
as
Second
Joaquin Light & Power Corporation.
Railways.
The Hon. J.
stance
First,
'
In making this statement, I am not
taking into account the loss of
$19,617,873 on the Grand Trunk Pacific Ry., a subsidiary of the Grand
Trunk Ry., for which the Grand Trunk
Ry. Co. was responsible, an amount
sufficient to wipe out at any time all of the excess
earnings.—V. 112, p. 1143.,
Worthington Pump & Mach. Corp. 1038
(Wm.) Wrigley Jr. Co...
856
.......1031
(R. J.) Reynolds Tobacco Co..
.1142
Stock,
1920 the company fell short $6,563,091 of
meeting interest on fixed
charges.
The Grand Trunk management, however, had had to pay $3,635,000 to the employees for back time between
May 1 and Sept. 1, when
no increases for
freight rates had been allowed.
1032
.—
on
In
.856,1172
Wisconsin Gas & Electric Co
..........
941
....
very heavy
closing statement from the Grand Trunk management up to the present
time.
I sent an expert auditor to secure from their
books a statement as to
results of operations for the
years 1919 and 1920, and secured the report
1032
.
means
get the annual
856
-..
_
It
taxation for many years, and it would be a
very serious matter to have in¬
creased taxation for railways to the extent of from
$50,000,000 to $70,000,000 per annum.
I cannot see much
prospect of any material reduction in the loss on Grand
Trunk Pacific and Transcontinental
Railways for some years, but the losses
on other
portions of the roads must be materially lessened every year.
Results on Grand Trunk Railway.—I have not been
able to
856
1022
U. S. Cast Iron Pipe & Foundry Co. 1171
United States Distributing Corp
1171
1151
;
This is without a dollar for
carrying on necessary public works, soldier
settlement re-establishment, and other
856
941
,U. R. S. Candy Stores, Inc—
..855, 939
Penn. Seaboard Steel Corp
Interest public debt (including sinking
fund), $142,800,000; pensions,
$31,816,000; permanent expenditure for carrying on the affairs of the
Government, about $127,000,000; making a total of about $301,616,000.
941
856
Page Steel & Wire Co
Parish & Bingham Corp
Phillips Petroleum Co
(Albert) Pick & Co
Pittsburgh Coal Co
Pittsburgh Oil & Gas Co
Pittsburgh Rolls Corp
a
billion dollars.
What Faces Canada.—The result of
operation of the Canadian National
no worse than obtains outside of
Canada, but that does not
mean that
every effort should not be made to prevent losses.
At the
present time the country is faced with permanent fixed
charges as follows:
Railways is
1032
United Profit Sharing Corp
United Retail Stores Corp
..1030
...1150
Pacific Tel. & Tel. Co
1...
United Alloy Steel Co
United Cigar Stores Co
Government
threatened loss of
..1164
Union Natural Gas Co
939
Oklahoma Natural Gas Co
Ottawa Light, Heat & Power Co
1033
Temtor Corn & Fruit Products Co.. 1032
Texas Co
1139
Tobacco Products Co
941, 1021
855
North American Company
Niles-Bement-Pond
In 20 months the
has had to provide about
$350,000,000
under the Government guaranty, and claims are
being made by the railways
totaling $750,000,000 for arrears of maintenance, abnormal wear and tear
and replacement of stores.
The British Government,
therefore, faced a
Sullivan Machinery Co
941
Taylor-Wharton Iron & Steel Co...1164
854
Niagara Falls Power Co...
856
.....1141
....
939
New York Air Brake
...1031
Corp
Stern Bros. Dry Goods..1164
854
...
...
.
855
Stewart-Warner Speedometer
National Starch Co
Nevada California Electric Corp....
Nevada Consolidated
Copper Co
_
940
1150
_____.1150
855
.......
1030
Montreal Cotton Co., Ltd
National Acme Co
Total
(Howard) Smith Paper Mills, Ltd.._1031
(John M.) Smythe & Co..
940
Solar Refining Co
1031
Manufacturers' Lt., Heat & Pow. Co. 854
$23,074,847
7,000,000
19,817,873
estimated for year 1921, after fixed
charges
....$49,892,720
In addition, there was
$11,000,000 interest payable to the Finance
Department for advances made to the Canadian National
System by the
Government, or a total of $60,892,720.
Rolling Stock.—Purchases which have been made of
rolling stock and
motive power from the proceeds of votes
passed by Parliament last session
include 75 locomotives, in addition to box
cars, snow plows, sleepers and
passenger equipment.
Prices for rolling stock and locomotives had in¬
creased greatly.
Locomotives which in 1914 cost $24,000 now cost as
high
as
$72,500; standard sleepers, $28,250 in 1914, were $49,500 in
1920.
Similar increases had taken place in all classes of
rolling stock.
England's Experience.—In England passenger fares are
75% above pre¬
war figures, and
freight rates have increased 112%.
Cost of materials has
advanced 200% and wages 250%.
Further rate increases are anticipated,
though short-haul freight has already commenced to move over the
highways.
1031
Simms Magneto Co....
...
„
.....
...
Shredded Wheat Co
938, 1020
Magnolia Petroleum
855
.....
938
1273
The estimates show in detail for 1921:
Loss on Canadian Northern,
including fixed charges.....
Canadian Government Ry.
operating deficit
Grand Trunk Pacific deficit on
operation and fixed charges
•
1151
Sawyer-Massey Co., Ltd,
1151
Saxon Motor Car Corp
940
Shattuck Arizona Copper Co
940
Shawinigan Water & Power Co_855,1138
931
(P.) Lorillard Co
....846, 938
Loose-Wiles Biscuit Co
938
Los Angeles Gas & Electric
Corp
1150
Ludlow Mfg. Associates
854
McCrory Stores, Inc
Mackay Companies
Page
Saguenay Pulp & Paper Co
Savage Arms Corp
1019
Lee Rubber & Tire
CHRONICLE
Industrials (Concl.)—
by
112,
the
"Toronto Globe" of March 18:
United States Steel
Results.—When I made my annual statement a year ago,
would be able this year to report that the deficit of
1919, which
$48,242,537, had been reduced in 1920.
I believed I
proved to be
1025.
p.
Corporation.
(19th Annual Report—Year ending Dec. 31 1920.)
The annual report,
signed by Elbert H. Gary, Chairman
Board, will be found at length on subsequent pages
of to-day's "Chronicle,"
together with many important
tables of operations, balance sheet, &c.
Instead of a reduction the loss in operation alone for the
year ending
Dec. 31 1920 is much larger than it was in 1919, and is as follows:
Canadian
Northern,
$16,258,580:
Canadian
Government
of the
To this must be added the interest on bonds,
&c., or what are called
fixed charges, and which have been paid or assumed by the
Government,
viz.: (a) Canadian Northern, $24,155,988; (5) Grand Trunk
1919.
1918,
1917.
$
$
$
$
Gross sales and earnings. 1,755,477,025 1,448,557,835
1,744,312,163 1,683,962,552
Mfg. cost and oper. exp_.1,402,488,960 1,140,988,637 1,178,032,666 1,046,376,568
Railways,
$10,449,876; total operating deficit of the Canadian National Railways,
$26,708,456.
To which we add the operating deficit of the Grand Trunk
Pacific, which since Aug. 23 last has been under management of the Cana¬
dian National Board, amounting to $10,134,574,
making a total operating
deficit of $36,842,970.
INCOME ACCOUNT,
Pacific, $9,332,776; making the total deficit for operation and fixed charges, $70,331,735.
And this does not take into consideration
any interest or fixed
Transcontinental
charges
A Canadian National income credit
Administration, selling &
general
of detail, reduces this sum to
and fixed charges for 1920, as
$69,593,441, which is the loss
against 48 millions in 1919.
The management explain this increased loss of
$20,000,000 chiefly by
increased expenditures in payrolls and fuel.
In a word, out of every dollar
we had to pay 75 cents for
operating wages and 20 cents for fuel,
leaving 5 cents for all other requirements, which totaled 29 cents.
Total expenses
Misc. net mfg. gains
Adjustment inven.
value.di&14,385,649J
Total net income.
construction.
—
18,800,260
233,465,435
9,332,460
274,277,835
9,646,361
2,840,639
3,402,410
255,568
15,510,511
204,027,288
248,370,000
321,346
381,795
349,192
489,566
16,199,187
—
323,282
15,582,724
224,479,742
Compensation accrued.c.
was
26,336,813
29,786,576
23,367,214
991,570
2,179,000
Rentals received....
17,054.69 miles.
There were added
140 miles by purchase and 236 miles on completion of new
during 1920
37,500,000
10,849,880
31,632,076
29,594,337
52,000,000
9,062,142
1,525,508,666 1,263,277,192 1,515,110,651 1,334,311,536
229,968,359
185,280,642
229,201,512
349,651,016
5,726,463)
.
r«i
Balance
Mileage Operated— The total mileage operated by the Canadian National
1920
,
35,945,537
38,724,289
cos.
Commercial disc'ts & int.
earned
management at the end of
of trans,
Taxes (ordinary)
Estimated Federal taxes.
operation
on
>
excl.
expenses,
gen. exp.
which will be shown in the statement
,
■l:-
on
Intercolonial Railways.
or
INCLUDING SUBSIDIARY COMPANIES.
1920.
■
12,764,371
20,957,143
11,305,301
16,530,959
222,617
366,404,592
Net profits of prop, owned
INCOME
STATEMENT OF CANADIAN NATIONAL RY.
1920 AND
-—Gross
FOR CAL.
\
1919.
Int., &c.,
1
and
Earnings——: —-Operating Expenses
Operating Deficit—
1920.
1919.
1920.
1919.
1920.
1919.
$
$
$
s
$
60,034,024 16,258,580
47,728,206 10,449,876
17,587,567 10,134,514
6,471,846
7,548,825
6,292,949
Totals... 125,641,752 105,036,176 162,484,723 125 349,797 36,842,970 20,313,621
Fixed Charges—
do
Northern
do
Grand Trunk
Ry.—Due
Interest due
Pacific—Due
public
Government
public
do
do
Interest due
do
do
Interest
on
Government..
receiver's
certificates
Totals
.____$13,837,1I8 $12,693,584
10,318,870
7,276,126
6,048,951
6,048,950
2,475,474
1,910,265
808,352
$33,488,765 $27,928,925
-
Total Deficit after Oper. Exp. and Fixed Charges—
Northern Ry
Canadian Government
Grand Trunk
-
Traffic.—Freight tonnage in 1920 increased 16%
traffic by about a million,
but the haul in each
over
1919, and passenger
case was
shorter.
Rates and
Wages.—Rate increases have been given from time to time, in an
the increased costs of operation under the McAdoo and
United States Labor Board awards, under which the average wage per
employee of the Canadian National System is now $1,850, as compared
with $700 before the war.
As a result, the operating payroll last year was
$83,505,072, as compared with $40,606,170 in 1917.
In addition wages on
capital work required $12,222,045, making a total payroll of $95,727,117.
These figures justify an immediate discussion between employees and man¬
effort
to
meet
agement.
The present,
,
railway situation is
a
A
readjustment
was
229,298,889
268,578,104
5,000,000
38,710,396
20,297,000
29,748,302
27,000,000
38,297,854
40,000,000
29,785,000
8,408,461
8,701,577
8,930,424
8,869,292
176,686,899
143,589,062
199,350,680
295,292,180
38,245,602
Cr.632,586
20,105,560
37,608,819
Cr. 194,219
20,509,321
33,117,398
Cr.629,454
20,891,116
43,296,038
Cr.1,600,808
21,256,303
9,155,990
sum
8,751,526
119,032
8,369,107
70,135
8,003,167
by subsid. railroads.4,500,000
of
inventory
—
Propor.
of
.......
extraordinary
cost of facil's installed.
Int. charges of sub. cos. on
securs. held as
on
invest't.
385,795
bonds & mortgages
subsidiary companies..
Net
earnings-
Deduct
Charges, &c.—
,
Depr. & extraor. replac't
and sink. funds on bonds
of
subsidiary
cos
Charged off for adjustm't
Int.on U.S.Steel Corp.bds
Sink. fund, &c., U .S .Steel
Corp
Prem.on bds.red.sub.cos.
118,104
ilI 17,915
Approp. for add'l property
and construction
Amortiz'n of
war
annual
rate
Total deductions
Balance, surplus
55,000,000
facilities
Preferred dividend (7%).
Common dividend
do
30,000,000
12,215,000
25,219,677"
25,219,677
25,415,127
25,415,125
25,219,677
71,162,350
(5%)
(5%)
(14%)
(18%)
147,627,472
117,429,281
26,159,781
170,415,329
28,935,350
242,786,742
52,505,438
29,059,427
expected in the price of material and also in wage
schedules and working conditions.
364,080,569
due U. S.
Reserve for excessive cost
product of the war.
Outlook for 1921.—Dealing with 1921, the estimates before the House,
the management figure on reduction and economies.
Train services would
be curtailed, maintenance forces reduced and other economies practised.
221,595,360
---
269,676,336
378,199,459
deb. 1,098,232 deb. 14,118,890
Deduct—
7,548,825
14,252,156
$70,331,735 $48,242,537
217,173,443
9,624,147 0.12,125,446
Total
Acer. est.
»
Total deficit for year
-
231,219,507
Net bal. profits sub. cos.
$26,441,556
10,449,877
19,467,290
.........a
Pacific..
U. S. bonds & securlties(dr)9,780,770
Int.
$40,414,568
investments
Total income
.
Canadian
on
deposits, &C—
on
Deprec. on book value of
s
C.Nor.Ry. 66,695,399 53,562,177 82,913.979
Can. Govt. 44,537,804
40,179,381
54,987,681
Gr. Trk.P. 14,408,549
11,294,618 24,543,064
Canadian
whose oper. are not incl.
YEARS
c
For
use
of
subsidiary railroads under Federal control
25,219,677
91,494,450
(estimated).
UNITED STATES STEEL CORPORATION
COMPANIES DEC. 31.
BALANCE SHEET OF
GENERAL
AND
SUBSIDIARY
ITS
1919,
%
1920.
S
Assets—
1918.
$
•
1917.
5
America.
the several
Deferred
compan!es..l,606,758,546 1,573,661,547
22,821,049
21,636,489
1,563,937,123 1,521,836,792
20,562,090
20,666,735
2,220,398
1,751,649
32,559,197
3,007,803
31,196,919
operations, Ac
Mining royalties
Cash held by trustees on
account of bond sinking
33,912,076
1,857,661
35,098,189
1,662,732
1.638,663
funds
(in 1920, $135,147,000 par value of re¬
deemed
operation by April 1922.
.
Shipbuilding Plants—Enlargement of Ship Repair Facilities.—A modern
floating dry dock, with a lifting capacity of 10,000 tons, has been completed
at the Fore River Plant [in Massachusetts].
At the Sparrow s Point Plant
[in Maryland] a second floating dry dock, with a lifting capacity of 6,000
tons, has been completed, and at the Union Plant [in San Francisco] an
additional floating dry dock, with a lifting capacity of 12,000 tons, is nearly
completed.
,
,
The ability to handle efficiently a large amount of repair work should
insure the profitable operation of the shipbuilding plants during periods
when there is little or no new construction.
Orders for new construction on hand will keep the principal shipbuilding
plants of your corporation well employed during the current year.
bonds held by
treated as
INCOME ACCOUNT
CONSOLIDATED
trustees not
an
1,208,653
asset)
$
93,297
14,059,825
other property owned..
Depr. A insur. fund assets
A purch. bonds avall'le
for future bond sinking
Net, before deprec.. &c.,
after all taxes
1
I
4,355,759
Other income
*
54,741,190
226,796,678
88,192,692
4,613,308
274,753,600
113,810,679
3,045,076
223,668,086
102,416,125
6,275,804
1,750,563
1,271,397
4,456,994
1,267,873
150,350,617
159,069,671
277,745,969
869,807
24,755,028
166,726,806
15,869,807
19.647,696
173,806,259
48,527,676
184,794,611
10,730,461
Cash
10.983,420
10,710,074
8,204,297
CongingentfundAmisc..
Preferred
2 ,430,546,962
508.302,500
360.281,100
....
stock
Preferred
554.828,231
Bonds held by public
Steel
508,302,500
360,281,100
568,727,932
508,302,500
360,281,100
582,646,169
Corp.
421,442
8,746,982
17,911,641
594,480
8,022,176
10,304,610
Total
10,057,845
11,013,615
19,143,417
9,370,198
18,326,786
"
Balance, surplus
17,804,6X0
17,557,845
28,513,615
Approp. for and invest,
in add'ns to prop, and
working capital
6,544,230
7,746.765
y\•
1. "
•.•
7,500,000
7,500,000
7,500.000
17,500,000
10,826,786
Total surplus
508,302,500
360,281,100
586,786,348
10,304,610
10.057,845
11,013,615
1920.
JL$S6t$~m~~
434,643
431,343
480,343
200,402
37,768
127,282
Mining royalty notes
35,098,189
42,528
254,564
33,912,076
174,800
95,305
381,847
61,487,954
68,687,648
31.
15,226,873
32,559,197
171,153
65,537
121,073
Investments
Inventories
A
30,000,000
14,862,000
14,862,000
Class B common 45,000,000
45,000,000
70,574,346
288,078,865
247,463,231
Cash
7,480,702
6,304,919
6,353,781
140,898,914
22,310,268
7,689,867
6,304,919
8,046,371
110,898,914
20,629,084
11,436,806
110,898,914
19,245,355
131,742,049
Common stock dividend.
Appr. for add'ns A constr.
Insurance funds
Contingent, misc. A other
reserve funds
...)
113,441,594
{
6,304,919
90,574,5621
523,454,891
493,048,202
466,888,421
_
12,899,393
32,504,029
adv.
(incl.
on
pay.
46,684,562
1,995,052
1,189,769
Bond int. accr'd
coups.
payable
in banks,
1,189,769
7,179,396
3,714,736
5,903,497
reserves
1,154,916
Ac.
Coups, payable.
Contingent, Ac.;
49,352,919
1,518.458
1,154,916
7,170,444
contracts,Ac.)
sec.,
14,166,523
1,591,811
Approp. for A in¬
...
Deferred charges
17,649,734
vest. in add'ns
property A
working cap.. 70,000,000
to
389,770,224 357,236,228
Total
357.236,228
Total .......389,770,224
62,500,000
10,304,610
10,826,786
Unapprop. surp.
50,266,876
8,000,000
431,660,804
..2,430,546,960 2,365,882,382 2,571,617,175 2,449,550,206
surplus of subsidiary companies representing profits
of the
accrued on sales, of materials and products to other subsidiary companies and on
hand in latter's inventories is in the above balance sheets, deducted from the amount
of inventories Included under current
144,330,391 118,770,892
743,213
Mtgs.of sub.cos.
303,221
2,217,723
Notes payable.
2,500,000
debt.y
110,000,000
Undlv. surp. of U. 8. Steel
Corp. A subsidiary cos.
for
Funded A secur.
27,556,992
Cash
6,353,781
7,938,619
6,304,919
21,602,856
un-
stock.
Acc'ts pay.
35,366,065
incl. Lib. bds.
63,063,930
for Fed'l taxes)
Preferred stock dividend.
1,023,381
2,704.232
67.499,811
17,900,000
A Treas. ctfs.
presented coupons, Ac.
3,822,384
notes
Market'le
installments
Liberty bonds
part
....
receivable
Accrl taxes not due (incl.
Note.—That
8%
convertible
pref. stock... 30,000,000
Common
sale of secur..
Acc'ts
73,541,862
and pay-rolls
Total liabilities
205,212,150 7% pref, stock.. 14,908,000
14,908,000
1,425,201
*4,199,461
73,208,678
...
S
$
Liabilities—
Unexp. bal.from
509,129
Current accounts payable
Pension fund
$
1,024,625
Ac., redemp'n
Conting.
insur.
1919.
1920.
1919.
S
1
Property ace*t.z231,662,900
57,041,957
4,660,396
31,196,919
Mtges. of subsidiary cos..
Pur.'mon.obi's of sub. cos.
Accrued interest and
:
fund
subsidiary companies.-
reserves
9,748,013
31,510,366
Funds tor mtge.,
(par value)
Non-interest-bearing notes,
on
9,518,206
12,566,152
(8)2,397,800 (2)594,480
1,043,560
1,043,560
\_._(5r
Al_7(5%)743;i00 (7)i;040,340(10) ,1486200(10)1486,200
(5%)2,250,000 (7)3,126,195(10)4458,600(10)4458,600
Com. divs.. Class
Class B
do
2,365,882,382 2,571,617,175 2,449,550,206
Stocks sub. cos. not held
Employees'
7,951,203
13[941,514
CONDENSED BALANCE SHEET DEC.
Common stock
8.
51,002,772
2,976,588
53,979,360
dividends..(8%>2,400,000 (8)2,400,000
dividends (7%)
1,043,560
1,043,560
Liabilities—
U.
53,417,719
3,771,051
57,188,769
Previous surplus
cured demand loans
by
37,441,218
Red Cross dividend.
Due fromU. 8. RR. Adm.
Preferred
35,147,749
2,293,469
36,351,553
Bond, &c., interest, &c_
Depreciation & depletion
233,047,223
869,807
17,962,307
123,660,955
-
Agents'balances........
Sundry marketable securi¬
ties (incl. U.S. Liberty
bonds A Treas. certifs.)
Time bank deposits A se¬
/Total assets
34,962,371
1,389,182
Deduct—
49,723,127
42,024,684
258,363,497
138,724,743
10,687,974
receivable.
Bills
1,346,921
4,947,973
38,393,240
-
receivable
Accounts
1,298,319
8,745,227
Total income...
-7.
1918.
1917.
$
$
448,410,809 298,929,531
274,431,236 281,641,908
Gross sales
(proceeds from sale of
property)
Inv. outside real estate &
FOR CALENDAR YEARS.
1919.
$
1920.
Depos. with trust, of mtgs.
fund requirements
Inventories
in the shipbuilding plants of
will be delivered about Dec. 31 1921,
vessels are being built
The first vessel
1,445,265
1
i
new
and the others should be In
future
charges,
These
corporation.
your
Prop, owned A oper. by
Advanced min'g royalties
[Vol. 112.
CHRONICLE
THE
1374
assets.—V. 112, p. 1032.
x Includes in 1920 stocks and sundry securities, incl. real estate mtges.
^'gedas collateral and
After deducting in 1920 $99,241,600 in treasury pledged as collateral and
Property account in$45,484,533 purchased for sink, fund or canceled,
z Pri _
eludes $39,512,146 additions, against $90,682,163 for depreciation, deple¬
tion, &c., and $32,671,257 for amortization and excess costs of construc¬
tion, transferred from reserve for depreciation.
[The independent auditors Mar. 11 wrote in substance: "The inventories
of stocks on hand have been valued at prices not in excess of cost or market,
and the accounts and bills receivable are in our opinion good and collectible.
*"
—
provision has been made for all ascertainable
465. 375; V. Ill, p. 1854, 1755, 1281.
Full
Bethlehem Steel Corporation.
J
-
y
112,
liabilities."]—V.
p.
(16th Annual Report—Year ended Dec. 31 1920.)
The annual report,
datetj Mar. 21 1921, says in brief
shipments and deliveries during the year,
1 earnings,
as represented by the gross sales and earnings, was $274,431,236, as comwas $274,431,236, as com¬
The not income of $14,458,835 com¬
pared with $28^641,907 for 1919
~~
General.—The
pares
with
value of
our
$15,^56,860
Full dividends
were
for 1919.
paid upon both Preferred stocks, and regular quar¬
terly dividends of 1H% were paid upon the Common stock
and Class B
Common stock.
During the last quarter of the year the volume of new business booked
sharply.
The value of unfilled orders on Dec. 31 1920 was
$145,286,637. as compared with $251,422,545 on Dec. 31 1919.
New Securities.—The sale during the year of $20,000,000 of Bethlehem
contracted
Steel Co. 15-Year 7% Marine Equipment Trust Certificates provided funds
the construction of five additional ore vessels referred to hereinafter.
for
(See offering V. 111. p. 1281).
An issue of $2,660,000 Bethlehefh Steel Co. Equipment Trust 7% Gold
Certificates was also sold in 1920 to provide in part for the purchase of
1,000 seventy-ton coal cars of steel construction.
[These certificates will
mature in ten series of $266,000 each on May 1 from 1921 to 1930, incl.j
Another issue of $750,000 Bethlehem Steel Co. Equipment Trust Series
B 6% Gold Notes was delivered during the year in part pavment for 549
steel coal
cars
purchased from New England Fuel & Transportation Co.
[These certificates will mature in ten series of $75,000 on June 1 from 1921
to 1930, both inclusive.—Ed.]
Additions and Improvements.—The net additions to property account
3d
for plant construction and properties acquired amounteu to $39,512,146,
of which $9,869,000 is represented by bonds or other securities issued or
assumed in connection with the acquisition of such properties [including the
two
smaller
equipment trust issues named above and the three issues of
described below.—Ed.].
The amount estimated to complete the construction
coal
bonds
in progress (exclusive
of the five ore vessels) on Dec. 31 1920 is $6,500,000.
Coal Properties Acquired—Bonds.—During the yeai approximately 7,000
acres of bitumii
inous coal 1—
1 lands, containing a proven quantity of at "
least
65,000,000 tons of very good quality low-sulphur gas coal, were purchased
from Jamison Coal & Coke Co., in part payment for which Bethlehem
Steel Co. agreed to guarantee and deliver $4,200,000 5% Purchase Money
Mortgage 30-Year Sinking Fund Gold bonds [due June 1 1950] of Finch Run
Coal Co. (a new subsidiary company), secured by a mortgage on the coai
lands purchased, subject to two issues of underlying bonds to be assumed
This property is about 15 miles from the property of the Elkins Coal &
Coke Co. purchased in 1919, and is developed to a productive capacitv of
approximately 1,000,000 tons per annum.
[The two underlying issues here referred to are the following 5% bonds
"
Public Service
at length on subsequent pages,
income account and balance sheets of
the^coinpany1 and its
subsidiaries, and numerous interesting
ering a number of years.
1
Jmpt. ^M. Gold bonds due July 1 1929 but callable at 105 and int.—
Properties.—The ore properties of your corporation at Cornwall, Pa.,
the north and south coasts of Cuba now furnish a very substantial
part of its requirements.
The Chilean property has been developed and equipped -with modern
mining machinery, railroad transportation and shipping docks.
The com¬
pletion of ocean transportation facilities will make the ore from this prop¬
erty available and the corporation will then be able to obtain the greater
part of its requirements from its own mines.
It is confidently expected
that the use of the Chilean ore will be very advantageous to the operations
of the steel plants of your corporation.
i.- Additional Steamships.—The fleet of five vessels owned by Ore Steam¬
ship Corporation, a subsidiary company, which is engaged in carrying ore
from the Cuban properties to the United States for use at our steel plants,
is now being enlarged by the addition of five new vessels of a cargo capacity
of 20,000 tons each, which are especially designed for the carrving of the
Chilean ore with return cargoes of coal, oil or coke to Central or South
Ore
and
on
1917.
1918.
$59,136,763 $52,997,839 $47,291,342
52,360.894
33,824,8261 30,529,369
40,821,282
3,237,529
Oper. exp. and taxes....
Amortization charges
2,803,808
3,113,559]
..$16,719,664 $15,511,673 $16,059,454
344.229
472,518
241,255
Non-operative income..
P. S. Corp. of N. J.—
Net
earnings
$16,751,973
397,706
Income from securities
pledged
on
divs.
(excl.
stks. of op. cos.)
& from misc.sources
1,891,667
1,952,883
*1,859,106
$18,820,025 $17,808,784 $18,423,639
Total
1,729,865
$18,879,544
Deduct—
Bd.,&c., int. of sub.cos. $12,324,889
Fixed charges of Public
Service Corp. of N. J.
4,276,728
Net
Adjustments
Common divs.
$12,443,377 $12,320,529 $12,299,838
.
4,282.680
4.202,307
$1,820,430
$2,377,400
Cr.117,161
4,351,506
$1,013,902
$2,218,408
18,657 Deb.406,537
income.
Cr.841,866
paid._(4%)1,199,984(4^)1349982(6)1,799,976 (8)2,399,968
Preferred dividends__.(8%)804,679(6
2-3)669,771
sur.$232,400df$l,412,389sur.$862,320 sur.$94,593
in 1919 $207,968, and in 1918
Bal., sur. ordef
*
After deducting in 1920 $278,045,
$148,575 for expenses and taxes.
PUBLIC
SERVICE
CORPORATION
1920.
$
Assets—
917,835
bearing certifs..
of subsid.
and leased cos.104,003,517
105,736
Other securities.__
MIscell.
S
Real estate, Ac
Cash
$
30,000,000 29,999,600
stock
102949,877 Perpetual interestbearing certfs. .20,050,770 20,050,770
1,356,665
12,500,000 3-yr. 5% coll.notesl2,440,600 12,442,600
Adv. from oth. cos.
1,455,000 Accrued taxes
181,911 Accrued interest..
Bills
Acer. Int. A rents.
11,237
18,028
157,497
Accts. receivable..
Prepayments
Int. A divs. ree'le.
payable
Accounts payable.
240,066 Other
accr.
items.
245,994 Prem. on stks. res.
12,013 Contractual res
Profit and loss
472,468
3,952,506
38,000
4,633
45,000
23,559
2,283
941,112
109,922
17,669
950,546
102,321
1,500
454,328
2,418,535
1,500
303,111
2,752,110
1,783,369
615,776
4,305,322
2,106,219
Sinking fund
1919.
S
101,750
Advances to cos..
31.
1920.
1,275,000
560,000
181,911
339,739
invest'ts
(par SI,500,000)
Other spec, funds.
debt
discount A exp.
Total
SHEET DEC.
Liabilities—
917,835 Preferred stock—10,059,400 10,057,400
Gen. M. 5% bds..50,000,000 50,000,000
Gen. M. 5s sk. Id.
Unamortized
BALANCE
1919.
Common
Perpetual interest-
Gen.M.5s in tieas.12,500,000
Jan.
V
1919.
1920.
Gross earnings of leased
and controlled cos
$72,318,087
&
due
statistical tables cov¬
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
Secure,
Fund Gold bonds
together with the
found
viz.: (a) $1,318,000 Dakota Mtge. Sinking
1934, but callable at 105 and int.; further
$46,000 retired for sinking fund; (5) $895,000 Barrackville Purchase Money
of the Jamison Coal & Coke Co.,
Corporation of New Jersey.
(12th Annual Report—Year ending Dec. 31 1920.)
The remarks of President Thomas N. McCarter will be
126.703,443 126563,829
-V. 112, p. 933.
Total
...
.126,703,443^126563,829
March 26
1921.]
THE
CHRONICLE
(J. I.) Case Threshing Machine Co., Racine, Wis.
(.Report for Fiscal Year ending Dec. 31 1920.)
The report of President Warren J. Davis is cited
at
subsequent
on
CONSOLIDATED
length
this issue, together with the income
account for the year 1920 and the balance sheet of
Dec. 31.
The four-year comparative income account was
published in
V. 112, p. 1141.
SHEET DECEMBER
1920.
S
22,392,222 18.314,081
3,662,407
Notes receivable-.*3,590,069
Notes rec. for capi¬
purch.
Acc'ts receivable.
Cash
158,919
515,824
1,006,748
79,765
696,628
_
Prop, held for sale.
y Investments
U.
S.
207,026
510,756
839,887
91,515
714,322
Liberty and
89,835
sold
90,000
105,000
230,943
514,625
42,323,614 36,473,247
Liabilities—
1919.
Accounts
payable
(dealers,
Ac.)..
330,046
546,818
267,953
675,277
700.000
3,300,000
^Total
"x Includes
22,594,809 19,893,608
marketable
Includes
z
4
shares
2,300,000
Elk
gencies, Ac
Other reserves, Ac.
Profit and loss
Total
100,000
73,624
3,815,922
7,558,960
subsequent
Horn
The income account for the year, together with the balance
as of Dec. 31
1920, will be found under "Reports and
Documents"
on
subsequent
a
1920.
Earnings (allsources)
Oper. exp., taxes, &c
Depreciation, &c
as
of
Dec. 31
of this issue.
page
1919.
8,277,414
4,037,645
1918.
5,652,089
1,263,180
6,150,849
1,540,528
1.800,000
1,000,000
100,000
1,800,000
...
Spec. pay' t to employees
(6%)_x_
Preferred divs.
345,000
$484,313
$1,712,650
$419,726
395,576
$2,245,789
$107,960
414,631
393,363
x
Dividend
on
894,769
6,661,560
1,309,844
2,000,000
500,000
1,350,000
BALANCE
1920.
1920.
Liabilities—
14,704,310
15,839,796
45.097,345
4,914,238
Merchandise
72,209,721
7,825,257
Trade accept'ces
1,869,307
Cash
Trus. A employ.
bond pur.plan
Bills receivable.
1,066,751
Acc'ts receivable
44,012,698
848,378
1,335,015
29,526,549
Lib. bonds (mar¬
Com.
stock
value).b. 57,949,453
First Mtge. bds.,
5%, due 1922. 15,000,000
Bills payable... 41,550,000
Conv. 7% gold
1,193,220
2,703,265
1,396,639
Trade accep.dls.
Res've for depr.
Co., Inc 19,017,286
13,372,642
Res've for empl.
benefit fund..
(market val.).
Internat. West'n
Elec.
Res've for cont.
Total
188,584,196 128,489,925
27,054,594
15,000,000
13,500,000
27,000,000
Acc'ts payable..
1,200,000
14,563,466
1,082,384
24,021,005
20,264,379
1,600,000
4,617,888
1,600,000
4,833,472
2,020,000
14,217,480
188,584,196
128,489,925
value.—V. 112, p. 478.
Union Bag &
Paper Corporation.
(.Report for Fiscal Year ending Dec. 31 1920.)
INCOME ACCOUNT
Gross sales
"
(INCLUDING SUBSIDIARY COMPANIES).
Calendar Years
11 Mos. to 12 Mos.
to
1920.
1919.
Dec. 31 '18. Jan. 31 '18.
Net earns., &c.(see note)
Dividend from St. Mau¬
rice
do
Paper Co
do
(?)
$12,007,686 $11,664,303 $11,688,145
$3,374,738
$2,335,255
$2,619,173
$3,131,106
(11 M%)546,562(3^)140,625
stock.. (30%) 1,125,000
Total Income
Less—Provision for depr.
Interest on bonds.
Excess prof. & inc.tax
$5,046,300
$428,173
$2,475,880
$348,221
xl60,244
188,811
258,228
982,956
(1^)46,875
$2,666,048
$460,711
187,151
601,467
$3,131,106
$261,006
211,620
555,764
Balance
$3,474,927
$1,680,619
$1,416,719
$2,102,716
(18% )1,081,896(6 X )640,182(6%)589,075(6 % )589,075
Liberty bonds
__(2%)195,882
(4%)399,363
Fed. taxes for
Dividends
do
in
Adj. of
previous
years
70,286
Surplus, a.
Profit and loss surplus..
Note.—Prior
to
the
$2,393,031
$1,874,306
$774,271
$3,948,987
Outstanding
Kingsbury
says
Features.—These"were~(l)
oil-fields and
new
in substance:
_
the discovery and development of
great increase in our production of crude oil.
(2) a
growing demand throughout the Pacific Coast, Arizona, Nevada, Hawaii
and Alaska for petroleum products, which
outstripped the supply and
resulted in heavy drafts on the reserve stocks of crude oil, which for years
a
were carried on the Company's books at cost.
Results.—Earnings for the year 1920 after deducting all operating and
marketing expenses, were $59,413,819.
From this there was written off
for depreciation $6,784,833, and for depletion $3,013,732.
There was also
deducted for Income and Excess Profits Tax an estimated $7,960,000.
leaving a net profit carried to surplus of $41,655,254, or 18.79% on invested
capital and surplus of $221,677,017 as of Dec. 31 1920.
Regular cash dividends of $10 per share, with extra dividends of $4 per
share, aggregating $13,912,263 were paid on outstanding'Capital stock.
Surplus.—Surplus account was increased by $64,186,539, included in
which is $36,395,316 representing revaluation of lands due to the discovery
of oil in the Elk Hills of the San Joaquin Valley district and
Huntington
California.
This enhanced value is
Inventories.—Inventories amounting to $42,895,260 represent supplies of
$16,880,699 and petroleum products of $26,014,561.
All Inventories are
or market, whichever is lower.
Valuation.—The increase in our showing for 1920 as compared with 1919
is largely due to the production of crude oil which was developed during
1920 on unproven lans in the Elk Hills and Huntington Beach districts,
which a few years ago were not considered as having oil possibilities.
These
two new fields together with the company's other producing properties
were surveyed during the year by Ford, Bacon & Davis, engineers of New
York, and were valued by them at over $250,000,000."
Increase in Consumption—Gasoline Imported.—During 1920 the United
States Navy and the United States Shipping Board boats consumed more
than 8,000,000 barrels of California oil as compared with but little more than
valued at cost
1918.
Gasoline production showed
no decrease but consumption so increased
during the year for the company to bring from Mexico
2,000,000 barrels of this product to
sup pi; the trade formerly furnished from California.
During the latter part of the year the large increase in our production of
crude oil gave promise of an increased supply of both fuel oil and gasoline.
Crude Oil Production.—The gross production from the company's wells
was 29,073,429 barrels of crude oil,
a daily average of 79,436 barrels as
compared with 25,484,984 barrels In 1919, a daily average of 69,822 barrels,
a gain of 9,614 barrels daily, equivalent to an increase of 13.8%.
Eighty-six oil wells and one gas well were completed during the year.
On Dec. 31 1920 the company was engaged in drilling 56 new wells, and
redrilling 19 old wells, a total of 75 strings of tools.
Stock3 of Petroleum Products.—The total stock of crude oil on hand as of
Dec. 31 1920, was 7,615,219 barrels.
The total of all stock (crude semi¬
finished and finished stocks) was 15,660,066 barrels, a decrease In crude, of
452,860 barrels and in the total of all stocks of 3,809,715 barrels (10,437
barrels per day).
Crude Oil Prices.—The base price of $1.23 per barrel offered by the
company on June 10 1919 for heavy crudes, was unchanged until Mar. 17
1920, when the company increased its offer for the heavy crudes 25 cents
per barrel.
The offers for refinable grades at the same time represented
increases of 26 cents to $1.26 per barrel for the very highest grades.
On
July 10 1920 the company increased its offer 12 cents per barrel.
Producing Properties.—The company's producing operations during 1920
were most successful.
Our development on Its Tupman fee property at the
east end of the Elk Hills on which the first well was completed in Feb. 1920,
resulted in a daily average production in Dec. 1920 of 37,438 barrels.
In Southern California, our wildcat efforts resulted in the discovery of the
Huntington Beach field in Orange County.
One of the wells finished in this
area had an initial production estimated at 6,000 barrels per day but the
casing colapsed and redrilling is now in progress.
Since Jan. 1 1921 the
company has completed several wells In that locality each with an initial
daily production of 500 to 800 barrels.
The company has 5,514 acres of
that it
was
necessary
land under lease in this district at this time.
$827,645
$3,174,715
$1,114,278
$2,347,070
1920 the company was accustomed to report
its net earnings after deducting ordinary repairs and maintenance and
also,
as a separate item, the dividends received from the St. Maurice
Paper Co.
year
For 1920 it shows "net earnings (including Income from
subsidiary com¬
panies) after deducting the aforesaid ordinary repairs and maintenance.
The "Chronicle," knowing the dividends disbursed by
the St. Maurice
Paper Co. in 1920 (namely 30% stock dividend paid in April, and 11)4%
In cash dividends, viz., Feb. 1H%, May
\M% and 5% extra, Aug. 2%
and Nov. 2%), has deducted and shows these dividends
separately, but
this still leaves included In net earnings dividend income from one or more
other subsidiaries to disturb the comparison with previous years.—Ed.
x Includes: (a) 5% 1st M. gold bonds Union Bag &
Paper Co., $117,638;
(&) 5% 1st M. gold bonds or Sheboygan Paper Co., $34,006; and (c) 6%
bonds of Allen Brothers Company.
I
'
a Surplus for year of $2,393,031 Is added to previous surplus of $5,805,898
(as adjusted), making a total of $8,198,929, from which has been deducted:
50% stock dividend (paid May 20), $4,977,850; dividend reserve for 1920,
$1,200,000 (see V. Ill, p. 2529); adjustment for depreciation, $146,773;
leaving a profit and loss surplus of $1,874,306.
^
Company of California.
and the Mid-Continent fields nearly
Total
Preferred stock 7% authorized, 500,000
shares; none are issued,
b Common stock, authorized,
500,000 shares, of which 350,000 are issued;
par
$1,329,835
$1,425,239
{Report for Fiscal Year ending December 31 1920.)
V
900,000 barrels in
a
no
$135,809
$1,548,329
of $35,879,649.
$
accr.
2,303,391
Sundry invest'ts
360,703
395,558
(6)719,278
up on the books under rules and regulations of the Internal Revenue
Department for the purpose of determining depletion.
Plant Account.—During the year 1920 plant account was increased in all
departments by expenditures for new construction and additions in amount
(no
bonds...
(4)^)539,924
Balance, surplus
..$1,009,165 def$870,912
Profit and loss, surplus
$1,686,582
$677,417
—V. 110, p. 1418.
."
Beach and Brea districts of Southern
30,000,000
par
Bills pay.,
(6%)
$101,302
411,033
395,589
set
1919.
$
Pref. stock.a
by Lib. bonds
...
301,716
SHEET DECEMBER 31.
$
17,174,836
Mach'y A equip. 20,663,477
ket value)
210,321
1919.
$
Real est. A bldgs
1,088,909
preferred stock to date of its retirement March 9 1920.
Assets—
charges
President K, R.
Common dividends._ ($10)3,000,000(10)
1500,000 (10) 1500,000 (8) 1,200,000
Balance, surplus
1917.
$4,497,121
1,972,937
278,395
__•
207,858,757 136,577,067 145,891,038 151,649,551
183,511,734 118,420,440 128,219,691 135,427,053
14,321,434
10,986,139
9,999,965
8,487,527
1,748,175
1,518,399
1,520,533
1,073.411
...
1918.
$4,951,921
2,930,519
308,752
Standard Oil
...
Net income
YEARS.
1919.
$2,829,542
2,057,197
288,033
YEARS.
....206,111,680 135,722,489 145,226,119 150,340,359
1,747,077
854,578
664,919
1,309,192
Interest paid
Reserve for contingenc's
CALENDAR
$5,374,050
3,234,263
324,000
1917.
Taxes
page.
INCOME ACCOUNT FOR
-
dividends
Common dividends
Bois, together
of Delaware,
Gross income..
CoaMSorporation.^
Fixed
1920.
Cost of merchandise
1920.
sheet
Preferred
(Including the Owned Subsidiaries, Western Electric Co., Inc.,
and Western Electric Co., Inc.,
of California).
Expenses
in
Net earnings.........$1,815,787
Federal taxes
Co.
RESULTS FOR CALENDAR
.....22,594,809 19,893,608
and bills receivable
for
{Report for Fiscal Year ending Dec. 31 1920.)
42,323,614 36.473.247
{Report for Fiscal Year ending Dec. 31 1920.)
a
Total
investments
reserved
excess
profits taxes....
The remarks of President Charles G. Du
with the income account and balance sheet
Sales....
$
exchange for outstanding shares of
Preferred and Common stock of Union Bag & Paper Co. in accordance with
consolidation plan; outstanding, 149,338 shares.
y After deducting $1,022,000 bonds in treasury and $1,780,000 bonds re¬
deemed and held by the trustees of sinking fund—V.
112, p. 1164.
702,012
Accrued int., &c__
Provision for Fed'l
Western Electric
Other income.
1919.
$
...
$
(auth.,
520,000,000) ...13,000,000 13,000,000
Com. stock (auth.,
S20,000,000) ...13,000,000
9,100,000
Bills payable
7,160,000
1,450,000
Audited vouchers..
370,827
1,345,422
Represents customers' notes receivable for agricultural machinery, &c.,
including interest accrued thereon, 84,141,528, less commission certificates
outstanding, 8551,459.
y Investment in and advances to Compagnie Case
de France, S. A.—V. 112, p. 1141.
on
31.
1920.
..
*
1920, will be found
DECEMBER
Liabilities—-
Plants, bldgs., Ac.11,387,973 10,784,125 Capital stock.z... 14,977,850
10, ,000.000
St. Maurice Paper
1st M. 5s.y
2,198,000
447.000
Co. stock at par 4,879,000
3,750,000 Cheboygan 5s
590,500
700,500
Investments
see below
430.000 Allen Bros. 6s
140,000
150,000
Inventory (at or below cost):
Acc'ts payable
549,550
424,101
Pulpwood
1,113,826
1,056.491 Interest accrued..
64,604
75,808.
Supplies, Ac.
852,026
471,205 Accr. Fed. taxes.. 1,000,000
290,000
Merchandise
2,717,4541,491,983 Surp. (re-apprais.)
,856.912
Acc'ts receivable..
952,746
1,422,359 Surplus......
1,874.305
,948,987
Cash
612,882
415,692 Reserved for div__ 1,200,000
Prepaid Ins., Ac..
78,901
71,752
Reserve for contin¬
Prepaid int., Ac__
S
Pref. stock
Income A
Can. Vict, bonds
Due from property
Total
1920.
,
est.,plants,Ac.12,234,391 10,669,130
Pat'ts, designs, Ac. 1,044,423
1,038,346
tal stock
31.
1919.
$
Real
Inventories
SHEET
1919.
$
...
BALANCE
v-V:';
BALANCE
1920.
Assets—
pages of
Assets—
1375
„
^
„
The discovery of a new oil horizon at a depth of approximately 4,000 ft.
the Kraemer No. 2 property in the Richfield District, Southern Califor¬
nia, has added materially to our production on that property.
We have also leased and are drilling on (a) 1,628 acres of land about 12
on
miles
northwesterly from Huntington Beach.
(&) Over 9,000 acres In
County.
The Company is also "wildcatting" in other parts of
Central and
Ventura
this
State and in Washington and has geological parties in
South America and in Mexico.
Through the subsidiary the Richmond Petroleum Co. (entirely owned)
are prospecting in Rio Blanco
County. Colo., and are drilling on the
Island of Luzon, Philippine Islands.
we
Bondoc Peninsula,
Manufacturing Department.—Refining facilities were increased by $13,A new office building and new mechanical shops were completed
663,361.
at Richmond and new mechanical
ing on
sure
a new can
shops at El Segundo.
Work is
progress¬
factory at Richmond and on the installation of 40 hew
pres¬
units at Richmond and El Segundo.
Marine Department.—In 1920 the company contracted for one single-screw
tank steamer, 10.200 tons deadweight capacity and three twin-screw tank
steamers, each of 15,000 tons deadweight capacity.
These four ships to¬
gether with two other ships now building, contracted during 1919, will be
delivered during 1921.
The
company
purchased a new single-screw
tank steamer of 9,752
tons deadweight capacity.
Two
Two
and three chartered from the U. S.
sold during the year
Shipping Board have been returned to the owners.
Pipe Line.—The pipe lines were extended to the Elk Hills and Huntington
Beach districts at a cost of $540,000.
Sales.—The sales plant account was increased by $4,016,600.
Twentyseven new sub-stations were added,
making the total 411 and 43 new
service stations making a total of 261.
There were also added 266 motor
trucks and 177 automobiles.
'
Automobiles and Trucks.—On Dec. 31 1920 the company had in service
1,361 motor trucks and 1,059 automobiles.
Taxes.—Tax payments during the year included: Federal income and
excess profits tax (1919) $9,206,862: Federal capital stock tax, $374,914;
franchises and licenses, $317,032; property taxes for 1920, $2,607,900;
total, $12,506,708.
Of the property tax $2,355,283 was paid in California, and $252,616 in
other States.
Property taxes increased for the year $890,035 or 51.81%,
largely due to higher tax rates.
Employees.—On Dec. 31 1920, the number of employees was 18,80o, an
increase of 2,446 over Dec. 1919 and the company's payroll for 1920 in¬
creased 33.91% over 1919. averageing 9.12% per employee.
,
,
New Home Office Building.—Early in 1920 the company purchased at
Bush and
Sansome Streets immediately opposite the present building in
San Francisco, property 136.5 feet by 206.25 feet on which we have started
the construction of a 22-story office building.
Stockholders.—Number increased during the year from 7,140 to 7,452;
were
.
45%
Dividends......
Rate per
cent
...
Div. in Lib. bonds
Balance, surplus....
Previous surplus
$41,655,254 $31,062,768 $14,953,074 $18,649,631
9,316,248
3,912,263
10,931,064
9,937,331
(10%)
(14%)
(11%)
(10%)
(2^)2,484,333 2,484,333
$2,531,410
15,272,378
$27,742,991 $17,647,371
58,117,168
17,810,633
Total surplus.
$85,860,159
Adj. taxes, prev. yr._._
Cr48,232
Appreciation account.a
Stock div. (33 1-3%)-.
$9,333,383
30,782,324
$35,458,004 $17,803,788 $40,115,707
Deb46,442
Cr6,845
22,705,605
36,395,316
________
24,843,327
$58,117,168 $17,810,633 $15,272,378
a This represents enhanced values due to discoveries of oil on Company's
land, referred to in statement and is set up on books of company in accord¬
ance with rules and regulations of the Internal Revenue Department for the
purpose of determining depletion.
Total P. & L. surpl. .$122,303,706
BALANCE
1920.
A SiSCtS
Plant
31.
DECEMBER
SHEET
Liabilities—
Govt, securities
159,461
Inventories
42,895,260
Accounts rec....
17,753,404
380,825
Notes receiv
Accounts pay...
payable..
profit &
inc. taxes
Insur.
(eat)
Inventories.d
2,708,454
3,689,734
587,701
1,511,247
5,458,496
on
1,406,208
94,486
3,382,333
112,156
Accounts
617,974
982,282
Sundry debtors
contract..
*
premium.
Surplus "y"
&c.,less reserve.
to
acquire
of
■
P.M.C.Co
723,044
936,937
250,000
58,117,168
245,755,606 174,317,551
Surplus as shown is made up of (a) earned surplus Dec. 31 1920,
406,099 and appreciated surplus Dec. 31 1920, $66,897,607.—V.
p. 1031
y
$55,112,
^46,847
of 1920. and since that time the industry
passed through a severe depression.
That the affairs of the corporation
in excellent shape to meet this depression is clearly shown in the state¬
ment submitted herewith, and its present sound financial condition is the
best insurance for its future prosperity when normal business conditions
are again restored.
Gold Notes.—During the year the corporation has purchased on the open
market and deposited with the trustee $430,300 of its $5,000,000 Ten-Year
Gold notes dated Nov. 10'1915 and due Nov. 10 1925
Including this
purchase, it has now reacquired and deposited with the trustee $2,694,850
par value of these notes.
Thus more than half of the funded debt has been
paid in half the period for which the loan was made.
report
was
in building,
November, but
manufacturing plant, hampered by stagnation
brick
The
car supply and inefficient labor, closed down in
desirable stock on hand.
Conditions having improved
inadequate
with
a
all capable
Oil pros¬
pects are particularly encouraging.
Since Jan. 1 1920 24 wells have been
completed, of which 19 are producing oil or gas, and 5 were failures.
At
present three wells are being drilled and 14 locations have been selected
for
early development.
department managers have
The officers and
deman naturally resulted in a large inventory, and the business conditions
for the balance of the year were so poor that this inventory could not be
liquidated.
However, the financial condition of the company was so
strong that it continued to discount purchase invoices and did not find it
necessary to use trade acceptances or to borrow money from the banks.
Outlook.—The year of 1921 will undoubtedly be one of keen competition
because of the over-expanded condition of the older companies and the
companies which have come into existence during the period of
abnormal prosperity resulting from the war.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR CAL. YEARS.
many new
$14,919,065
1918
$12,928,600a$ll,890,'079
Cost of sales, incl. all oper., selling &
plant maint. & repairs.__
Depreciation of plants
gen. exp.,
Net income from sales
Other income, incl. int. earned
Total
Int.
on
..
..
income..
Peerless Truck & Motor Corp.
13,438,105
248,192
11,864,735
218,714
10,831,089
214,808
$1,232,768
219,732
$845,152
291,631
$844,181
230,808
$1,452,500
$1,136,783
$1,074,989
$166,018
122,403
41,715
$229,112
71,596
6% secured convertible notes
$149,807
prof, tax & income tax (est.)
200,000
Depreciation of investment, &c
13,878
Sundry other charges
35,554
Depreciation adjustment
Cr.50,840
Dividends
(8M%)850,000
Pref. divs. of Peerless Motor Car Co..
1,526
Disct. on 10-yr. notes with trustee
Cr. 10,045
Fed. exc.
Total
Balance,
deductions
surplus.......
386
Production, &c.. Year 1920.—(1) Number
RESULTS FOR CALENDAR
products sold, ex¬
penses and taxes.
$1,189,880
$466,156
$9,150
$262,620
$670,627
$1,065,839
Including sales to date of liquidation of General Vehicle Co., Inc.,
$770,045:
Note.—An annual dividend of 4% has been declared on the $10,000,000
capital stock, par $50, payable in four quarterly installments of 1% each,
as foilows: Mar.
31, June 30, Sept. 30 and Dec. 31 to holders of record
Mar. 1, June 1, Sept. 1 and Dec. 1, respectively.
In Jan. last a quarterly
dividend of 1H% was paid.
Dividend record for 1920: Jan. and April.
Suarterly divs. of IH%, together with extras of 9%. 1% each: in July and
regular quar. divs. of 2M% each—total, H of
YEARS.
1918.
1919.
$774,619
$486,910
$1,453,610
Gross income
1917.
$889,769
Cost of
Net
earnings
381,541
....
O
116,882
68,274
Res., sinking fund, &c._
Dividend No. 1 (5%).__
$46,015
4,818
115,019
Net oper.
income
previous surplus
710,819
$128,984
24,684
55,946
$178,950
28,429
74,528
$29,461
65,475
$276,525
45,352
645,635
$105,369
45,868
30,040
1,177,085
$48,354
22,654
$75,994
289,507
75,153
"
5^532
"3*921
86,197
BALANCE
Total
-V.
p.
Funded debt
898,900
Current liabilities.
115,580
165,852
Surplus
$2,558,997 $1,982,505
.....
112,
Cap.
273,883
Total
Other current ass'ts
241,402
$22,654
31.
1920.
Liabilities—
stk. outst'g.$1,378,665
1919
1920.
Assets—
SHEET DEC.
Property accounts $2,230,077 $1,599,081
Def. conting. ass'ts
16,471
65,622
Cash&U.S. bonds.
71,047
43,919
418",000
$65,476
$4,818
$165,852
_
1919.
$919,270
915,200
143,217
4,818
$2,558,997 $1,982,505
475.
Deere
&
Company,
Moline, 111.
{Report for Fiscal Year ended Oct. 31 1920.)
President William Butterworth, Moline, Feb. 17, wrote
substance:
in
Results.—Income from operations after making
and local taxes, depreciation,
and
other
contingencies
was
provision for ail
Fedora'
cash discounts, possible losses of receivables
$6,499,908 [contrasting with $6,555,807 in
1918-19].
Deductions were: (a) Administrative and general expenses.
$1,121,884; (b) interest on notes payab'e, &o., net, $570,265; (c) depletion
of timber lands and miscellaneous charges, $160,041.
Net income for the
ypar
year,
called
$4,647,718 [against $5,257,177 in year 1918-19].
Preferred dividends
for $2,450,000Total p. & l. surplus Oct. 31 1920, $17,237,48/
[against $15,039,770 in
The
sales
1919].
increased about 15% over 1919, but owing to large increases
and supplies, and of labor and overhead expenses
in the costs of materials
the profits were reduced by
$609,459.
Working Capital.—The net working capital
decreased $270,339, resulting
from (1) an increase in quick assets of $12,947,269, chiefly due to increases
in inventories of $7,680,280 and in receivables of $5,927,018; (2) an increase
in liabilities of $13,217,608 occasioned by increases in notes payable of
$13,340,817, &c.
During the year we priced all inventories at cost or market, whichever
was lower, and set up a reserve to cover the reduced value.
After deducting
this reserve the inventories at Oct. 311920 showed an increase of $7,680,280,
as compared with Oct. 31
1919 brought about by the unforeseen decline in
business occasioned by the decline in the price of farm products.
Owing to the increase in the volume of business during the year, and also
to a falling off in collections during the fall months, the company's notes
and accounts receivable increased $5,927,018 during the year.
The in¬
creases in the inventories and the
notes and accounts receivable, account
for the large increase in notes payable of $13,340,817.
Capital Expenditures.—Capital
charges during the year aggregated
$1,999,187, principally for additions to the plant of the Waterloo Gasoline
Engine Co. at Waterloo, la., and the Van Brunt Mfg. Co. at Horicon, Wis.
Timber properties were purchased by the Moline Timber Co. in Arkansas.
A considerable amount of new machinery was also purchased for the fac¬
the current year.
$1,135,423, and on
aggregated $8,021,031, viz.: (a) Depreciation of property and equip¬
ment, $4,413,338: (b) losses In current assets. $2,473,669; (c) contingencies.
$650,000; (d) insurance and pension, $484,024.
During the year the total
charges for deprectation, maintenance and repairs amounted to $3,288,814,
as compared with $2,298,805 in 1919.
Pref. Stock.—The company has purchased and now carries in its treasury
$1,451,000 Pref. stock, which is held for sale to employees on the monthly
payment plan.
At Oct. 31 1920 2,365 employees were paying for 17,74<
shares of Pref. stock on the installment plan.
The total number of Pref.
stockholders Dec. 31 was 5,133, an increase of 346Slow Collections.—Implement dealers were unable to make their usual
fall collections owing to the rapidly falling prices of farm products, and the
country banks were not in position to extend their usual credit facilities
to the farmers and to our dealers.
No new construction is contemplated during
Reserves.—Reserve accounts were increased in "920
1,736
Cr.293,681
a
>ct.
of brick: Production, 8,694,416
(against 7,196,695 in 1919); sales, 6,442,479 (agst. 9,686,22 8 in 1919)
shipments, 6,171,479 (agst. 7,098,517): unfilled orders Dec. 31 1920, 271,000; inventory Dec. 31 1920, 3,481,425.
(2) Tons of Coal: Production
(mines under lease), 425,329 (agst. 201,802 in 1919); sales (on commission)
212,596 (agst. 83,518).
(3) Barrels of oil: Production (under lease), 189,659
(against 144,380 in 1919).
tories.
(2)200,000
1,526
Cr .65,506
all become substantial hold¬
of the stock.
ers
Report of L. H. Kittredge, Pres. Peerless Motor Car Co.
During the first half of 1920 the demand for our product greatly exceeded
of the plant, but the strikes of steel workers and of the railway
switchmen made manufacturing extremely difficult and interfered to some
extent
with the production of the Peerless Works.
Notwithstanding
these difficultias, the company completed the first half of tne year less than
200 cars behind its full capacity schedule.
Shortly after the mid-year period, the demand for motor cars, in common
with many other commodities, rapidly diminished to a point considerably
below normal.
This sudden change from abnormal to less than normal
the plant
will reopen as soon as the trade revives.
Our holdings of almost 14,000 acres of coal, clay and oil lands,
of further development, offer possibilities of enlarged operations.
"
the capacity
19
herewith shows gratifying results and a very satisfactory
During the year a 5% dividend (amounting to $68.paid from earnings, after ample reserves (totaling ($116,882) , were
made for sinking fund, extraordinary repairs, replacements, depreciation,
depletion and doubtful accounts, leaving a net balance of $46,015 as an
addition to surplus.
As earnings were derived Chiefly from coal and oil,
it is evident that the diversity of its products is of singular advantage.
The
275)
industry
were
0., Jan.
financial condition.
Profit & loss surplus.
has
1920.)
said in substance:
1921,
Adj. of int. & sink. fund.
ended abruptly during the summer
Net sales
Surplus..
Deduct—Taxes prev. yr_
Status.—The favorable business conditions in the automobile
1919
©664,058
295,342
5,259,600
.
(Report for Fiscal Year ending Dec. 31
President S. L. Chamberlaine, Columbus,
Adjustment
Peerless Truck & Motor Corp.
1920
698,854
81,357
5,522,220
payable
reserves
Total .........13,854,607 15,651,529
Total
13,854,607 15,651,529
a After deducting in 1920 $255,302 charged off for depreciation,
b In¬
cluding cost of acquisition of stocks of sub, cos.
c Representing considera¬
tion received in cash for (auth. $20,000,000) $10,000,000 (200,000 shares at
$50) capital stock Issued as full-paid and non-assessable in accordance with
the Virginia statutes,
d Valued at cost or market, whichever is lower,
e Including reserves for Federal taxes,
g After deducting $2,694,850 re¬
acquired and deposited with trustee.—V. 112, p. 659.
Add
(Report for Fiscal Year ending Dec. 31 1920.)
President Burton Gr. Tremaine says in substance:
Extracts from
22,890
66,171
22,890
Prepaid insur., &c.
Bond inter est
Total........245,755,606 174,317,551
Total.
x After deducting $626,689 unsubscribed stock.
2,735.450
1,106,297
470,872
200,000
Conting t reserve.
of
stock
270,609
56,507
payable.
drafts disc..
Sundry creditors &
Cash
1920.
724,053
2,897,697
250,000
122,303,707
Doc.
Dividend
Acc ts & notes rec.,
bal.
notes......g2,305,150
&
secured convert¬
ible
94,163
Suspended earns
Stock
5,410,080
....
21,800
Truck
Motor Corp. 6%
U.S. Lib. bds.and
certts. ot indebt.
21,800
Pref. stock.
Co.
421,312
9,327,339
7,960,000
reserve..
Merchandise due
account.
Deferred eliarges
99,373,311
5,589,753
3,965,000
Excess
Emp. Lib. Loan
Cash..
8,187,675
Notes
160,861
35,184,439
14,744,892
S
$
Capital stock.-x 99,373,311
110,377,447
6,292,469
3,885,570
account.. 174,282,899
Other Invest....
1919.
1920.
1919.
' '
Peerless
4,898,110
Peerless Motor Car
2,862,034
1,237,044
3,918,767
..
Cash
(bbls.)_29,073,429
profits
3,067,853
equlpment.a. 2,972,774
franchises
2,862,034
and good-will.
Capital stock... 4,898,110
Hocking Valley Products Co.
25,484,984 22,446,021
18,286,588
$59,413,819 $48,566,328 $44,276,522 $30,377,073
Deprec. & Depletion..
9,798,565
8,176,220
9,917,985
5,897,326
Excess profits & income
7,960,000
9,327,339 19,405,462
5,830,116
Prod., crude oil
Earnings.......
c
S
•S
Liabilities—
bPatts,
1917.
1918.
1919.
1920.
S
Land, plant, bldgs.
&
1919.
1920.
1919.
$
YEARS.
INCOME ACCOUNT FOR CALENDAR
Net
1920.
Assets—
women.
are
31.
CONSOLIDATED BALANCE SHEET DEC.
The aggregate cost of
these seven ships represents an expenditure of about $1/ ,000,000.
vessels contracted for in 1919 were delivered and are now in service.
steamers
[Vol. 112.
CHRONICLE
THE
1276
Dec. 31
March 26
1921.]
THE
CHRONICLE
1277
Outlook..—The
very decline In the price of farm products should make
greater use of improved farm machinery that crops may be
produced on a profitable basis.
[As to sale in Feb: 1921 of $10,000,000 7H% gold notes, see
V.112.P.748.]
IThe comparative income account was in "Chronicle" of
Mar.19,p. 1148.]
Worthington Pump &
Machinery Corporation.
{5th Annual Report—Year ended Dec. 31 1920.)
Pres. C. Philip Coleman, N. Y., March 8, wrote in subst.:
necessary the
CONSOLIDATED
BALANCE
1920.
$
$
equipment...20,512,847 18,837,560
3,300,100
2,976,200
Trade-marks, pat¬
Prpaid insur., &cLiberty bonds....
•Cash
Reserve
5,758,279
15,964,413
Notes & accts. rec.21,891,430
Ins. fund invest...
139,215
Results.—The volume of orders booked early in 1920 was satisfactory, but
in the latter part of the year partial
suspension of buying occurred, and has
continued to the present date.
The volume of inquiries, however, is large,
and when political and economic adjustments are
accomplished, a resump¬
tion in buying should take place.
Volume of Bookings and Billings and
222,000
subsldi-
Accrued taxes—
2,898,211
5,553,493
of
139,50 0
.
ary companies..
2,000
Notes payable
14.3G5.549
Accounts payable- 3,308,300
19,037,086
472,244
772,795
2,442,968
—
Stocks
203,100
26,717,366
__x
5
17,904,400
Subsid. companies'
bonds &mtges._
17,904,400
Pref. stock owned. bl ,451,000
1919.
§
Preferred stock..b35,000.000 35,000,000
Common stock._dl7,904,400
&
good-will 17,904,400
31.
1920.
Real estate, bldgs.
Inventories...
OCTOBER
Liabilities—
Timber lands, &c.
ents &
SHEET
1919.
Assets—
2,000
1,024,733
2,342,841
4,707,347
-•>
;•••'"
3
'
' '
*
5,713,514
Unfilled Orders
1918.
„
1917.
S
$
$
19,760,556 34,049,241 61,130,572
32,074,592 43,443,485 28,407,699
4,905,474
7,385,135
6,202,285
Bookings.
27,478,019
Billings..
27,924,745
Profits (aft.depr.) 2,026,302
a8,021,032 6,885,608
......17,237,487 15,039,770
Surplus—
p*
Mfg. and Trading Profits (after Deprec.).
1919.
1920.
v
1916.
$
19,844,452
14,097,031
2,001,768
Hand at Dec. 31 1920 (after Deducting Those in Process
of Adjustment).
on
,
84,134,866 :
Total
-100,685,615 84,134,866
a Reserves include in 1920
84,413,338, against property and equipment,
82,473,669 against working and current assets, 8484,024 against insurance
and
pensions
and
8650.000 against
contingencies.
b Includes
in
$1,451,000 Pref. stock owned held for sale to employees
monthly payments, but not $2,828,500 Prof, stock purchased and held
treasury.
d After deducting $3,668,400 reserved for sale to
employees under con¬
tracts.
White
Motor
Company,
inventory adjustments.
sales for the last quarter were $9,711,529.
The quarter shows a
operating loss, the result of general business conditions, and it seemed
advisable to make inventory adjustments of
$1,193,928, reducing the
inventory account from cost to actual market value.
The average production of trucks per man was increased
from 2.75 in
1919 to 3.017 in 1920. and the labor turnover was
only 38.5%.
Results for Year.—The operating profits for the
year were $3,486,704, to
which should be added $417,238 for miscellaneous
income, &c., making a
total profit of $3,903,942, exclusive of Federal
income, war and excess
profits taxes.
Deducting the reserve for these items, estimated at $300,000
and $1,193,928 for
inventory adjustments, reducing the inventory account
from cost to market value and
deducting dividends of $2,000,000 (8%), a
balance remains to be carried to surplus account of
$410,014, as against
$1,429,875 for 1919.
The surplus, as shown by the balance sheet of Dec. 31
1919, was $7,879,056.
To this should be added an adjustment of Federal
income, war and
excess profit
taxes, applicable to prior period, of $183,242.
Adding the
balance of profits for the year 1920, carried to
surplus account of $410,014,
makes the surplus account on Dec. 31 1920
$8,472,312, as shown by the
balance sheet
.
Inventory.—The finished
cars, material in process, material and
supplies
1920, and prices reduced on the basis of market
inventory item shows an increase over 1919, due
to an increased stock of finished trucks.
The inventory of materials, raw
or in process,
was reduced in quantity as much as
possible.
Capital Assets.—During 1920 the sum of $3,348,118 was
expended for:
(1) The completion of the shipping and finishing
building at the factory:
(2) a subsidiary shipping building in Cleveland flats: (3) land in Kansas
City for a service station: (4) completion of N. Y. and Atlanta service sta¬
tions; (5) land and building in Denver for sales and service
departments;
(6) additional machinery and equipment.
Sales of property at 205 West End Ave. and the
service building and lots
on West 57th
St., N. Y. City amounted to $244,209,
making the net ex¬
penditures added to capital assets $3,103,909.
Capital Increase.—On June 9 1920 the stockholders authorized an in¬
crease in the capital stock from
$25,000,000 to $35,000,000, but no at¬
tempt will be made to dispose of the new stock until the
readjustment
period has progressed much farther than at present. (V. 110,
p. 1983.)
Price Policy.—Manufacturing economies have
enabled us to place our
trucks on the market at an
average increase on all models of only about
17% over 1914 prices.
No reduction in its selling prices can, therefore, be
taken
of Dec. 31
value of materials.
The
as
expected unless there is
resumes
a
very
Foreign
foreign business shows
decided reduction in costs and until pro¬
an
increase of
the
adverse
78%
rates
of
exchange, our
We are obtaining a
1919.
over
strong foothold in a number of foreign countries.
Outlook.—The factory production has been reduced to a
point where it
meets the demands of current business, but the
factory and the factory
organization-have been maintained.
We believe the readjustment
has been passed and that our
product will be in
the year.
period
increasing demand through
Stockholders.—The number was 3.518 on Dec. 15 1919 and 6,340 Dec.
15,
1920; average holding about 79 shares per person.
The income account was given in the issue of March
5 1920, page 941.
TABLE
OF
1920.
COMPARISONS.
1919.
1918.
25 ,000,000*24 .604,850
8 ,472,312
7 ,879,056
1917.
-
'
16,000,000
6,621.476
16,000,000
5,216,301
Reserve for—
1916.
16,000,000
2,541,041
ContingenciesFederal taxes..
before
2 ,000,000
300,000
,
Fed. taxes, &c.x3 ,903,942
Dividends
2 ,000,000
..51 ,998,122
Add'ns to factory 1 ,381,401
2 ,000,000
1 ,600,000
740,000
3,700,000
740,000
1,030,000
740,000
Add'ns to branch.
& service sta'ns 1 966,717
273,023
761,863
Inventories .....22 989,073 15 728,141 10,156,558
Factory empl.(avg.)
6,223
5,475
4,844
164,785
6,835,176
3,6ll
$4^604,850 subscription to capital stock Dec. 31 1919.
deducting $1.193,928 to reduce inventory from cost to market
CONSOLIDATED
BALANCE
1920.
S
& real est., a 8 ,606,859
5 ,864,856
good-will,
pat., models. &c.
SHEET
DEC.
1919.
S
5 388.910
,031 786
Notes receivable..
2 026,976
,140,256
Deposits
on cars..
Accts. receivable._
4 738,068
.931,598
Accrued
taxes
real
212.500
estate
accts.
Govt,
secur.,
120,970
350,000
9i7.612
22 989,073
rec.
15 728,141
incl.
pay-rolls..
rec.
2,920,557
U. S. Lib. bonds
161,988
339,266
,358,603
149,174
46,289 440 40,253,436
130,288
81,141
discounted.
Contingent
Reserve
total
185,141
2,000,000
or
of
our
returns
for
Federal
taxes,
""
■
■
Improvement in existing lines and further additions to related lines makes
a continuation of development work.
Common Dividends Begun.—Quarterly dividends of $1 50 per share (6%
p. a.) on the Common stock were paid during the year.
Voting Trust to End April 1.—The voting trust will expire by limitation on
April 1 1921.
desirable
.
INCOME
Calendar Years—
ACCOUNT.
1920.
1919.
1918.
1917.
Billings to customers-..$27,924,745 $32,074,592 $43,443,486 $28,407,699
Cost of sales—
25,898,443
27,169,118
36,058,350
22,205,413
Operating profit
$2,026,302
$106,101
223,455
Gross income....
Interest, adjustm'ts, &c.
Federal taxes
?*
$7,385,136
$140,295
105,256
$6,202,285
$15,958
36,327
$5,284,105
27,041
2,000,000
$7,630,686
492,912
4,000,000
56,254,571
317,349
1,504,857
391,498
(6)619,300
391,498
391,498
(6)619,300 (4 jH}) 464,475
300,000
...
Dividends on—
Class "A" pref.
$4,905,474
$101,696
276,934
$2,355,858
24,935
Interest receiv., &c., net
Int. & divs. from invest't
I
391,498
(7%).
Class "B" pref.
(6%)619,300
Common stock._.__(6%)747,129
To
reserve
Balance
l",500,000
1,267,364
1,500,000
$272,996
$746,266
$859,611
$2,076,392
$4,625,734
$4,352,738
$3,606,472
$2,746,861
...
...
—
—-
Total p. & 1. sur. Dec. 31
BALANCE SHEET DECEMBER 31, INCLUDING SUBSIDIARIES.
1920.
S
U. S.
securities—
Acc'ts & bills
Net
802,362
13 ,249,516
rec.
.
Miscellaneous
1920.
6,240,446
12,850,224
6 ,723,256
4,700,309
Liabilities—
Trade
Minor stock at par
Acer. int. on bonds
2,300
490,300
11,975
Miscellaneous....
1,326,827
Bonds of sub. cos.
.
in
carried
707,050
2,087,974
431,148
346,145
706,270
Res. for Fed. taxes
78,158
General reserve—
progress
in
inventories..
Surplus..........
Total
.36,157,478 37,599,515
After deducting
2,300
506,200
12,192
1,246,713
Adv. agst. work
681,158
assets of
charges.
$
_z20,951,000 20,951,000
accounts—
849,506
906,327
Capital stock
2 ,367,117
curr.
1919.
$
1919.
$
Assets—
Plant, pat'ts, &c.xl0 ,133,170
9,549,948
Foreign aff 11. cos.. 1 ,423,605
679,135
See note
Treasury stock
■
Total
......
2,899,836
5,000,000
4,625,734
1,197,603
3,424,441
5,000,000
4,352 738
36,157,478 37,599,515
depreciation of $6,994,128.
f
common stock (par $540,000) in treasury is held by the voting
subject to the order of the board under the plan of reorganization
for securing the aid of new interests in the management or otherwise for its
y
The
trustees
,
z Capital stock issued as full paid and non-assessable under the Virginia
statutes, includes Class "A" 7% cum. pref., authorized $10,000,000, issued,
$5,592,833; Class "B" 6% cum. pref., authorized. $11,000,000, issued,
$10,321,671, and common (including balance of $540,000 returned to
treasury), authorized, $15,000,000, issued, $12,992,149 making a total of
$28,906,653.-*~V. 112, p. 1038.
Winchester
Company, New Haven, Conn.
{Report for Fiscal Year ending Dec. 31 1920.)
President J. E. Otterson, Feb. 24 1921 wrote in subst.:
r
Results.—Our commercial sales for the year 1920 exceeded the commercial
fected by the general business depression, it if> reasonable to assume that
our sales would have been increased by more than $4,000,000 over the best
1,600,000
7,879,056
year, with a corresponding increase in profits.
The Winchester Company and its subsidiaries show for
the
year
sales, $18,042,247; cost of sales, $12,840,268;.selling and general expenses
(including depreciation and interest), $4,116,063; proportion of profits ap¬
plying to stockholders of Winchester Repeating Arms Co., other than the
Winchester Company, $37,233; leaving net consolidated earnings for year,
$1,048,683.
Dividends aggregating 7% were paid on 1st Pref. stock,
calling for $682,829, and 6% on 2d Pref. stock, $120,000; a total of $802,829,
leaving as increase of surplus account $245,854.
[Sales and charges on contracts for the year 1919 aggregated $24,910,904.
Deduct selling and general expenses, $19,595,770; reserve for
depreciation,
...46,289,440 40,253,436
capital stock $25,000,000.
market, whichever is lower.—V. 112,
/
examination
2,000,000
.
issued
At cost
of
sales of any previous year in the history of the company by about $2,000,000.
Had the rate of sales in the early part of the year not been adversely af¬
After deducting 1920 $1,237,657 reserve for depreciation,
x The remainder of the additional issue of 100,000 shares
amounting to
$395,150 has been subscribed and paid subsequent to Jan, 1 1920, making
y
assets
8,472,312
Fed.
a
the
current
300,000
reserve
for
(est.)
Surplus..
Total
3,423,779
186,887
58,864
notes
taxes
Deferred charges..
Total
$
Accts. payable and
Customers'
on
Inventories y
1919.
$
.388,910
212,500
Miscel
31.
x25,000 000 24,604,850
payable for
borrowed money 7,200,000
500,000
232, .500
receiv.
'market.--
Notes
1 ,472,329
Secur. in other cos.
net
„,
Capital stock
Cash
sheet/shows
benefit.
val
1920.
Liabil'ties—
balance
Governments.)
beginning with 1916, is still pending, but the reserves are believed to be
more than ample.
/
Foreign Interests.—Investment in the securities of Worthington-Simpson.
Ltd., was increased by the purchase of £88,630 of 5% debentures, £24,258
Preference shares, and £31,677 of ordinary shares.
The investment in
Societe Francaise des Pompes et Machines Worthington was increased by
acquiring their total increase in capital stock of three million francs.
The
dollar cost of the securities owned in these companies is reported under
caption "Investments in Securities of Foreign Affiliated Companies."
The current accounts against our foreign affiliated companies are included
in our general accounts receivable, and the current accounts of our
European
branches, as distinguished from our foreign affiliated companies, are carried
under the caption "Net Current Assets of European Continental Branches."
New Products.—Development work at the Snow-Holly Works upon the
Diesel engine, for marine and also for electrical stationary generating ser¬
vice, and on the heavy oil engine at the Blake & Knowles Works, justifies
the placing of these two lines on the market in several sizes.
Successful
endurance tests of the 2,600 h. p. marine Diesel engine and of the 50 h. p.
heavy oil engine have been completed.
Our entire line of small farm engines
also has been redesigned, and the manufacturing equipment of the gas
engine department has been rearranged and increased.
The manufacture
of these newly designed engines is now well under way.
These additions improve materially our position as regards internal com¬
bustion engines, the demand for which is growing throughout the world.
The development of a locomotive feed water heater in several sizes at the
Blake & Knowles works and of an hydraulic turbine at the Worthington
works have been completed and these new products ahve been placed on the
x
242,032
9,638,129
4,341
Includes
Assets—
Upon these and the uncompleted improvement work
expended during the year $1,263,602.
Further ex¬
on business conditions.
Assets.—The
continental brch.
5 ,729,875
6,380,585
4,830,309
4.441,041
1, 440,000
1,280,000
1,280,000
1,160,000
41, 667,697 39,559,794 25,749,446 18,307,756
1, 112,417
629,791
580,383
451,477
__
Before
Current
and British
Deferred
Sales
x
S.
Cash
Earnings
*
U.
Inventories
Capital stock
Surplus.
was
$19,166,414, of which $2,367,116 is cash and $802,362 is in securities of the
normal
activity.
Department.—In spite of
$1,782,098.
1920 there
1
penditures will depend
Taxes.—Government
The
Mtges.
Jan.
this amount.
small
of
$9,234,721
Inventories.—The values of materials and supplies were adjusted to cost
or market,
whichever was lower; this necessitated a writing down out of
profits for the year, of $1,393,992.
The net income shown is after deducting
Sales.—The gross sales for the year 1920 were
$51,998,122, an increase
of 810,330.425, or 19.8%, over 1919.
For the first 9 months the total sales
amounted to $42,286,593, an increase of
$13,176,376, or over 45%, for the
9 months.
The profits on Sept. 30 1920 were $3,935,394, exclusive of
Federal income, war and excess profits taxes and of
Bldgs
$41,834,777
ments of
Cleveland.
{Report for Fiscal Year ending Dec. 31 1920.)
Cost
1916,
$26,161,859
Net
President Windsor T. White, March 10, wrote in brief:
duction
1917.
$8,784,542
War Contracts.—In December the contract with the War Dpeartment for
munitions was finally adjusted.
§ince Jan. 1 1921 a settlement has also
been reached with the Navy Department by which we acquire on a satis¬
factory basis the Government's additions and betterments at the Blake &
Knowles Works. This latter settlement will be included in report for 1921.
Additions. &c.—During 1920 the board authorized additions and better¬
.
x Taken at cost or market value, which ever is
lower, and includes reserves
of $9,409,733 for
possible inventory losses.— V. 112.p. 1148.
were
1918.
$9,724,011
on
1919.
Apt
83,373,
Total ........100,685,615
1920.
p.
941.
previous
CHRONICLE
THE
1278
Outlook.—The railroads—our principal
have more equipment than they can use.
customers—for the time being
Such surpluses, however, melt
rapidly with returning normal business.
In the meantime we are reducing
our expenses as much as is wise.
Our working capital and surplus are unimpaired, the plants are in better
condition than ever before, and our organization is intact pending the
$1,206,255: provision for estimated Federal and State taxes and other
contingencies, $1,200,000; add interest received, $95,144; net profits for
1910, $3,004,023.
See V. 110. p. 1097.—Ed.J
Operations and Developments.—A little more than a year ago we launched
a plan, somewhat revolutionary so far as the hardware world was concerned,
year
for
,
equipping our
war
,
plant for the manufacture of hardware products and
return of normal business.
the distribution of these
products directly to the retail hardware trade, se¬
lecting the best hardware merchant in each town to act as our exclusive
agent.
In the cities with population greater than 50,000 we contemplated
establishing our own retail stores, to be known as "The Winchester Stores.
Accordingly, we have undertaken the development of 25 new lines, viz.:
Fishing rods
Fishing reels
Fishing lines
Flashlights
Batteries
Butcher knives
Kitchen cutlery
Pocket cutlery
Roller skates
Ice skates
Hatchets
Chisels
Screw drivers
Wrenches
,
Pliers
1
Carving sets
Scissors
Razors
Axes
Hammers
Deduct—Depreciation
Add—Interest,
"Winchester."
Office and Store.—Your company has purchased a third interest
Liggett-Winchester-Ley Realty Corporation, which is erecting a
building at the corner of 42d St. and Madison Ave., N. Y. City, to be one
of the finest retail store and office buildings in this section.
Our interest
in this building is held on such a basis as to promise a very satisfactory re¬
turn.
We contemplate opening a retail store in this choice site, probably
n May 1921.
(Compare United Drug Co., V. 112, p. 947.)
Inventory.—During the war our inventory of commercial goods became
depleted.
The development of
new
lines and the establishment of
1920.
$
Cash
.
Acc'ts A notes
Marketable
depos.
rec_
$
594,863
2,691,619
1,645,404
2,253,446
Bank loans
Accrued
Accr'd
137,593
17,541,859
Gov't bonds, Ac..
Acc'ts payable...
..
Inv. in other cos..
529,594
9,800,807
5,038,823
225,000
135,250
Plant & equip..15,403,711 10,397,698
Misc.
9,754,700
2,000,000
stock-_. 1,000,000
2,000,000
Pref.
cum.
estab., incl.
equip. & real est. 2,301,198
Newdevel'ts, Ac.. 2,405,798
Deferred items.
286,909
__
6%
Inventories
Pref. Btk. sink. fd.
_
1,000,000
11,427,794
1,748,274
.41,498.800 30,317.989
of 7% cum. 1st Pref.,
Outstanding as above.
Par
$100. y Includes $2,375,000 previously treated as reserve for amortization.
b The plant and equipment item was reached by (1) adding $1,457,087
from construction work in process and the cost of tools for new products,
&c.; (2) deducting reserve for depreciation, $7,161,866, after transferring
$2,375,000 from such reserve to general reserve;
Note.—The chartered accountants say in substance: (a) The inventories
were valued on the basis of book costs,
except the finished new products
which were taken at selling price less estimated cost of marketing.
(c) The reserve for depreciation on plant assets for 1920 was fixed at
$414,792.
(d) There has been expended for the development and market¬
ing of new products, including the establishment of warehouses, selling
agencies and the acquisition of patents and processes, to Dec. 31 1920, the
sum of $2,405,797.
(e) The amount of $2,800,000, appropriated at the close of the war as a
reserve for carrying charges and losses arising from the termination thereof,
has been increased through the transfer of $2,375,000
previously considered
6%
as
a
non-cum.
reserve
Preferred
ana
Common stock.
for amortization.
This action
was
taken
as
456,346
7,866,932
84,813
329,147
7,151,180
receivable
S.
Lib.
13,219,235
bds.
Cash...
Insurance
4,276.946
3,587,570
1,894,709
8,612,804
1,350,419
prems.
Ac., unpaid....
Total...
Accts.
payable
&
3,188,918
5,650,000
pay-rolls accr...
1,780,665
-----r
pofits,
in¬
come, Ac., taxes 1,788,760
Accrued Interest
A
ctfs. of indebt—
stock.-.20,401,000 17,184,000
8.481,300
8,481,300
Cap. stk. of sub. co 4,955,459
5,017,573
4% debentures...
684,800
1.028,800
cess
(less
reserves)
U.
$
Common
Preferred stock...
Notes payable....
Prov. for war, ex¬
Accounts and bills
31.
1919.
'
$
113,013
148,956
..60,204,794 51,297,290
1,940,630
on
bonds and debts
17,147
11,413
Com. div. payable
409,840
Reserves
619,209
Approp. surplus..b2,869,364
Profit and loss—cll,144,731
Total
386,640
528,968
5,657,403
9.274,167
—.60,204,794 51,297,290
After
deducting depreciation reserve, $2,121,071.
b The "appropri¬
surplus" to Dec. 31 1920 had been credited with sums aggregating
$6,086,216, used or appropriated for redemption of bonds, debentures and
Preferred stock, including $428,813 so appropriated in 1920.
Out of said
accumulations, there were paid in 1920 two stock dividends (6% May 29
and 12% Dec. 31), together aggregating $3,216,852, leaving of said surplus
$2,869,364. [Ed.]
c After adding discount on debentures retired, $12,785.
The authorized Preferred and Common stock amount to $25,000,000
each, the Pref. shares $100 par value, Common $33 1-3.—V. 112, p. 1027.
a
ated
Graphophone Manufacturing Co.
President Van Horn Ely in report
dated March 8
says
in substance:
Results.—The year afforded the largest gross sales in our history, being
more than $4,000,000 in excess of 1919, notwithstanding the general business
recession in the last quarter.
Net earnings declined on account of the in¬
raw material and labor and higher advertising expenses.
Taxation.—The unfavorable gross sales tax levied by the U. S. Govern¬
413,817
_Total
...41.498,800 30,317,989
Total
""x Capital stock authorized," $10,000,000^each
Liabilities—
Other real estate..
Miscell. securities.
DEC.
1090
creased cost of
non-
Capital surplus... 8,627,794
Surplus
1,994,127
$
$2,286,594
.
SUBSIDIARY COS.)
1919.
$
plant,
equipment, good
will, Ac.......832,946,233 29,463,780
Jf*
stock
Common
113,400
98,300
1,487,256
195,802
1,636,184
9,754,700
2d
—
{INCLUDING
Real estate,
969,678
1,795,545
3,934,632
•» '
$4,496,442
2,209,850
(Report for Fiscal Year ending Dec. 31 1920.)
xlstPref. 7% cum.*
stock.
■
279,810
322,373
322,769
1,249,600
stock-
iriated surplus
Com., 9% ($1,616,159)—
1920.
Assets—
$
pay-rolls..
reserves
SHEET
Columbia
Gen'l reserve y
Retail stores—Cost
of
taxes
de¬
...
Balance, surplus....
BALANCE
1919.
2,021,005
9,925,000
268,635
177,360
on
-
earns
Subsidiaries).
$
Accrued interest..
s com¬
pensation
Unci.
1920.
as sec .for
Workmen
31
Liabilities—
secure,
Inventories..
b
SHEET DEC.
1919.
borrowed money, $240,798; (5)
Net profits carried to unax
our
inventory, and this increase has been augmented by the general
business depression.
Upon the return of normal business conditions a
reduction in inventory will be possible and we believe that the valuation
placed upon it will permit of manufacture and sale under present market
conditions at a profit.
The purchase commitments outstanding are below normal and cover
only sufficient materials for about two months' consumption at normal rate.
Outlook.—With such development as we have accomplished the prospect
for the future is bright indeed.
'
[The comparative income account was given in V. 112, p. 1032.]
CONSOLIDATED BALANCE
on
Dividends—Pref., 7%.
branch warehouses and retail stores has of course made it necessary to in¬
crease our
Assets—
424,498
$6,670,994
sub. co. appertaining to outstanding minority
Reserved for excess profits and income taxes
Y.
the
in
and
—
securities sold
on
669,238
_
$145,362,
income.
Deduct—interest: (a)
bentures, $39,012
Net
&c.,
investments, $279,136---
Total profits and
Loss
—
exchange,
and
1920.
$6,915,734
,
Boston (two stores), Providence, Pawtucket, Worcester, Lawrence. Spring¬
field, Troy and New Haven.
These stores are developing at a satisfactory
rate in spite of the business depression.
They offer not only an excellent
outlet for our products, but advertise and build up the good-will and trade
N.
1919.
$6,107,825
;
.....
discount
income from
We have opened warehouses in New Haven, Chicago and San Francisco,
and will open a warehouse in Kansas City in Feb. and in Atlanta in March.
We have opened 9 Winchester-owned retail stores in Eastern cities, viz.:
name
1918.
Saws
In spite of traffic blockades, labor shortage and general business deprestion, this great development is well toward completion, and these 25 lines
of new products are being marketed through some 3,500 Winchester stock¬
holding agents who have their exclusive sale in their respective territories.
The full and further development of this, business will completely occupy
the excess buildings and facilities growing out of the war development.
Our new products have been universally accepted as of high quality and
special merit.
We expected some failures In our early efforts, but we aim
to have every Winchester product of the highest quality.
Criticisms, how¬
ever. have been remarkably few.
After a survey of practically the entire hardware trade of the United
States we entered into contractual relations with some 3,500 of the best
hardware dealers to act as our exclusive agents in their respective towns
under arrangements by which they have become Preferred stockholders of
the Winchester Company.
We contemplate increasing the number of
these stockholding agents to about 7,000.
value of the
CONSOL. GENERAL PROFIT & LOSS ACCT. YEAR END. DEC. 31 1920.
Earnings from oper., after deducting
mfg., selling & admin, expenses... .$4,442,237
Files
Shears
,
:
[The usual comparative income account was given in V. 112, p. 1027.]
Auger bits
Planes
„
[Vol. 112.
the result of
ment on
STATEMENT
INCOME
OF
AND
SURPLUS
FOR
1918.
YEAR
1920.
1920.
$7,793,044
....$1.939,513
Earnings from all sources
THE
1919.
$5,805,514
on funded and floating debt, $620,560; discount
gold notes, $35,000
Reserves for general depreciation ($439,617), bad debts written
Deduct—Interest
655,560
on
off
($46,057)
-
—-
Reserve for excise, income and excess profits taxes,
Dividends declared [7% Pref. and $1 in cash and
Common stock
a
ruling from the Treasury Department.
There has been charged to this
reserve during 1920 the sum of $1,240,368,
consisting of carrying charges
of idle war plant, including depreciation relating thereto and overhead
resulting therefrom, losses in realization of Government securities purchased
during the war period, and other related items.—V. 112, p. 1172.
comparatively few classes of industry continues, but an effort is
being made to have this tax removed by the incoming Administration.
In
1920 this tax cost us about $2,000,000.
New Securities.—During the year the working capital was increased by
the sale of $6,000,000 5-year 8% gold notes and by the receipt of $5,000,000
from the sale of Common stock. (V. Ill, p. 496, 1282; v. 110, p. 2294,
1976, 1751.)
Inventories.—Finished goods and raw material on hand were larger than
usual due to trade conditions, but were revalued at prevailing market
prices Dec. 31 1920.
Sinking Fund.—Pref. stock of par $555,600 was retired and
canceled
during the year through the sinking fund.
Officers.2—In December Francis 8. Whitten was made Chairman of the
board and Van Horn Ely, a member of the board and the executive commit¬
tee since 1916. was elected President as his successor.
[Columbia Graphophone Factories Corp. of Baltimore, see V. 110, p.
1751, 1293.]
Balance
to
on
1920.
l-5th share of
each share of Common—Ed.]
-i
—
485,673
2,113,006
2,078.187
$473,088
2,864,545
surplus account
Add—Surplus at Dec. 31 1919
.
__—
—
Total
$3,337,633
Deduct—Special provision for reducing inventories to market
value, $1,971,012; other charges agst. surplus, $347,032
2,318,044
.
'
American
Steel
Foundries.
President R. P. Lamont,
Chicago, March 4, wrote in subT:
Results.—Our gross business (including Griffin Wheel Co.) reached the
largest total in our history—$59,481,564 [against $49,113,097 in 1918—
1919 not reported].
During the first three quarters the net earnings ran
about $6,000,000 p. a., but, with the decline in general business, our
business began to shrink rapidly in the fourth quarter.
and materials of doubtful value.
profits and income taxes is alwavs sub¬
ject to verification, but the reservation for that purpose is believed to be
correctly figured.
'
Or if
fin Wheel Co.—The earnings of this subsidiary exceeded the estimates.
Repairs.—Maintenance absorbed in manufacturing costs in 1920 aggre¬
gated $4,371,355. *•
Sinking Fund.—As usual we retired $344,000 4% debentures, which cost
us $331,215,
leaving outstanding $684,800 out of the original issue of
$3,436,800. • Two more years should see them out of the way.
For the preferred stock, a sinking fund reserve installment of $84,813
was set aside and is carried in a separate bank account.
Dividends.—Cash dividends of 7% on the pref. stock and $3 a share (9%)
on the common stock (par $33 1-3) were declared during the
year; in addi¬
tion, stock dividends aggregating $6 a share (18%) on the common stock
were paid out of appropriated surplus.
[See foot note "b" below.—Ed.]
Bills Receivable.—The accounts receivable Dec. 31 stood at the high figure
of $13,219,235.
The delay by the U. S. Treasury in its payments to the
railroads of sums due is largely responsible for this situation.
The bill
recently passed by Congress, authorizing the Treasury to make payments,
should bring speedy relief and enable us to pay our bank loans.
excess
[The directors
on
$1,019,589
*.
March 1 1921 voted to omit the payment of the cash
and stock dividends usually paid April 1 on the Common stock, no par
value.
Dividends of 25 cents in cash and 1-20 of a share in Common stock
were
paid quarterly from Oct. 1919 to Jan. 1921 incl.—Ed.]
comparative income account was given in V. Ill, p. 1028.
The usual
own
By Dec. 31 we had reduced our supplies and raw materials to the lowest
point in many years, and had written them down to market prices, necessi¬
tating a reduction in profits of approximately $1,500,000.
We also took
a loss on Liberty Bonds and Victory Notes of about
$320,000.
Nevertheless we were able to carry forward to surplus $4,496,442 [before
allowing for dividends declared during year].
In addition to reducing all materials on hand to market values provision
was made for possible losses on material commitments and on
supplies
Taxation.—The amount of
1
Surplus at Dec. 31 1920. per balance sheet
{Annual Report for Fiscal Year ending Dec. 31 1920.)
BALANCE
SHEET,
DEC.
31.
1920.
1919.
1920.
1919.
$
$
5,553,078
3,221,086
7% Cum. Pf. stk.x 9,883,731
Com. stk. "Stated
5,177,900
6,731,578
value"
12,902,239 x7,083,311
5,375,211
Accts.pay.A accrs. 2,864,918
ket prices
23,236,574
Investments in af¬
9,516,620
Dividends
Assets—
Cash
Notes and accounts
receivable
Inventories at mar¬
filiated
2,136,351
cos
Due from Col. Gra.
of Eng. for
mdse
946,720
Adv. to affil. co.'s.
10,000
.
$
$
10,584,841
payable
In Common stk.
63,276
13,450,000
685,000 Notes payable
5 yr. 8% gold notes 6,000,000
5-yr. M. on real est
250,000
2,789,634
Other securities...
Liabilities—
311,661
250,000
Am. Graph. stock-
Real estate, build¬
ings, A equip... 4,841,964
Patents, franchises,
good-will, Ac... 1,013,720
385,000
Deferred charges.. -347,748
Preferred
1,250
5,410
Common
10,000
3,685
1,019,589
12,115
2,864,545
5,089,674 Surplus
1,000,000
Unamor. dis. notes
Total
233,136
46,438,689 26,487,094
Total
..46,438,689 26,487.094
Note.—The capital stock of the company as shown in the balance sheet
includes (a) 7% Cum. Pref. stock, $14,205,200 authorized (par $100), less
unissued $3,688,125, in treasury
$560,434, and held by Am. Graphophone
Co., $72,910; net, $9,883,731, (6) Common stock of no par value total au¬
thorized, 3,000,000 shares, less in treasury 362,334 shares, in hands of Am.
Graph. Co. 2,139,291 shares, and unissued 1,729,312 shares; net, 1,268,186
shares outstanding.
Contingent liabilities $100,000, endorsement of note of
affiliated company.—V. 112, p. 1028.
March 26
1921.]
THE
CHEONICLE
Underwood Typewriter Co., Inc.
(Report for Fiscal Year ending Dec. 31 1920.)
President John T. Underwood, N. Y., Feb. 10
BALANCE
1920.
Assets—
1921,
wrote in substance:
$4,502,335, $4,230,754 and $3,271,971, respectively, in years 1919, 1918
and 1917—Ed.]
Dividends have been declared and paid of 7% on the Pref.
shares, and
three cash dividends on the Common shares of 2% each; and one of
2%%
Jan. 1 1921, in addition to which an extra dividend was
paid July 1 of 5%
in U. S. Govt. Victory 4%% bonds, making a total of
133^% paid out of
the 1920 profits, leaving an amount of $758,238 added to
surplus account.
The production of finished machines and the sales for the year were the
largest in our history, but owing to the universal increase in costs of raw
materials and wages, the final net profits were less than in 1919.
The re¬
sults, however, are satisfactory.
Capital Slock.—No Preferred shares have been canceled, as the amount
still in excess of the
requirements of the charter.
Profit Sharing,
amounts to
from their
funds to
own
a
viously occupied in the Hartford plant was released in December for the
standard product.
Outlook.—The demand continues sufficient to run the factory at full time,
and the business thus far for the new year, particularly with the added
fact that the demand for the Underwood bookkeeping machine as well as
for the new Underwood standard portable typewriter, is steadily increasing.
Indicates that the company will continue to do a profitable business.
The
comparative income statement will be found
on page
661 in issue of Feb. 12.
GENERAL
1920.
Assets—
;;
$
SHEET DEC.
1920.
Liabilities—
S
7,995,720
Pref. stock, 7%
Common
1919.
$
—
2,641,179
170,153
358,128
953,632
254,500
234,500
pay-rolls, <fcc
Reserve for Fed'l
and other taxes.
4,912,639
Inventories
4,676,585
Bonus to employ's
1,013,526
333,309
1,250,000
421,738
(cost
less)
Accts. & notes rec.,
less reserves
4,835,854
Pref.
Cash
1,203,984
Govt, bds.¬es.
Furn., fixtures,Ac.
1,284,599
462,596
3,425,652
2,656,675
3,612,332
359,434
Prepaid insur.,&c.
71,329
dividend,
Jan. 2
Jan. 2
69.318
Total
pay.
Com.,
68,250
Profit and loss
Surplus for
68,250
225,000
630.000
8,633,090
7,926,138
706,952
pay.
758,238
year..
Chemical Co...
24,918,269 25,841,551
V
Payments In adv..
? 72,742
1919.
>
....
_
Bal., surplus..$3,393.053 $3,618,289 $1,756,627 $3,709,516 $2,081,766
Pref. div. (5%%)
503,433
[Pref. stock issued in 1920]
Balance.
(7%)840,000
(7)840,000
(5)600,000
(5)600,000
surp_$2,049,620 $2,778,289
$1,156,627
$3,109,516 $1,481,766
(5)600,000
BALANCE SHEET DEC. 31.
•
1920.
1919.
$
$
Assets—
Tank
equip...37,206,313 20,192,558
Real estate
34,918
2,946
car
25,477)
115,448/
Office furniture—
Shop investment.i
Cash
Marketable
1,759,311/
secur.
Materal—
...
Acct's receivable-_
881,608
1,978,392
Car trust fund—.
—V.
112,
p.
350,550
1032.
National
$
1919.
Preferred stock... 12,000,000
Common stock... .12,000,000
2 967,194
Accounts payable.
1,265,065
Res. for annuities
162,866
Surplus
.11,492,553
.
The total
in
shows
an
increase of 13.49%; operating expenses in¬
in Minnesota to establish the fair value of their
properties on which they
will be allowed to earn a reasonable rate of
return, and thus restore their
credit.
[See a subsequent page.—Ed.]
Physical Condition.—The condition of the property has been greatly
improved during the year.
As fast as practicable the company Is remodel¬
ing its cars to provide front exits and a part of the cars ere being rebuilt as
trailers to facilitate traffic in the rush hours.
The subsidiary companies laid nearly 13 miles of track
during 1920 in
in order to enlarge the loop facilities in the two
the downtown districts,
cities, reducing congestion during rush hours.
Gold Notes.—Your directors, feeling that the book indebtedness of
the
subsidiary companies should be put in a more permanent form, have di¬
rected that they issue their 10-Year Gold Notes to this
company as follows:
Minneapolis Street Railway Co
..$5,900.000
The St. Paul City Railway Co
1,700,000
The Minneapolis & St. Paul Suburban Railroad Co
2,250,000
These notes will be held in the treasury of the Twin
City Rapid Transit
as
the condition of the money market and the
earning
the subsidiary companies warrant their being offered
[For recent valuation of St. Paul City Ry.
V. 112, p. 258.]
see
1919.
107,125
revenue
12,000,000
3,000,000
327,303
180,649
1918.
90,705
'
.
.
Total oper. expenses.
_
77,479
62,111
■
$11,442,444
Way and structures.
$1,234,266
$1,102,568
Equipment
1,475,075
1,245,070
Power
1,185,182
1,175,293
Conducting transports.
4,652,777
3,788,711
Traffic
43,560
62,450
General & miscellaneous
1,203,972
1,070,967
Net operating revenue.Taxes
1917.
222,186,823 188,930,268 199,621,160
$11,351,739
1,618,501 $10,119,755
Total oper. revenue.-$12,986,406
$9,695,980 $10,181,867
$1,005,629
$1,031,215
823,048
781,664
1,132,335
1,047,485
3,142,150
3,031,123
37,422
57,138
863,390
774,895
$9,794,834
$3,191,572
1,161,506
$8,445,059
$2,997,368
1,126,338
$7,003,974
$2,692,006
936,451
$6,723,520
$3,458,347
$2,030,065
84,332
$1,871,047
51,034
$1,755,555
$2,542,151
15.215
25,846
$2,114,397
1,080,684
34,613
210,000
$1,922,081
1,087,447
46,283
210,000
$1,770,770
$2,567,997
989,725
916,196
¥4*1
JWbr
''Operating income.
Non-operating income._
Gross income.
funded debt.
Miscellaneous
on
Pref. dividends (7%).__
Common dividends
1,034,428
45,040
210,000
40,222
210,000
(3%)660,000(2H)f550000(2%)440,000 (6)1,320,000
Net p. & 1. adjustments.
Cr.56,973
9,398,694
Net profit and loss...
$186,073
f A Common dividend of 2 V2 % was
side)49,420,485 24,906,646
S
Road & equipment 53,984,754
mtgd.
New Plants.—The plants of the St. Louis Coke & Chemical Co. at Granite
City, 111., are completed, and are successfully coking the Illinois coals into
metallurgical coke, with its natural by-products, and using this coke in
their 500-ton blast furnace for the production of pig iron.
We shall be
directly drawing part of our raw material requirements from them, and con¬
fidently believe that the investment will afford satisfactory returns.
The
a
sold
162,747
1,123,337
1,135,831
Cash......
171,059
Loans &'notes
117,671
rec.
Misc. acc'ts recclv.
121,603
Material & suppl's
1,346,415
Rent8& insur. paid
in advance
26,886
balance sheet shows further substantial investment in the securities of that
3,000,000
$
3,000,000
Fund, debt unmat.20,188,000 20,213,000
1,128,629 Loans & notes pay.
119,608
119,608
1,254,859 Acc'ts & wages pay.
207,779
109,394!
1,132,331 Misc. acc'ts pay..
6,617
3,184
112,928 Acer. Int. (not due)
392,727
392,977
112,468 Tax liability
1,180,224
1,134,336
Reserve for Injur¬
868,838
ies & damages..
196,272
183,165
3,083 For depreciation../9,512,832
8,789,611
Miscellaneous
of which, however, is of a temporary character and will be
liquidated in 1921 or 1922.
Finances.—Notwithstanding this relatively large investment which is not
included as a current asset, your company is in favorable condition so far
as its liquid position is concerned.
Earnings.—The earnings for the past year cannot but be regarded as
satisfactory, and although, like other industries, we are not receiving orders
in a volume as large as in the past two years, we shall no doubt realize
commensurate profits as soon as business returns to normal.
There is
every evidence to-day of increased orders in the immediate future.
1919.
$
53,083,266 Common stock...22,000,000 22,000,000
Preferred stock...
prop.
prop,
Misc. pkys.
SI.
1920.
Liabilities—
Deposits in lieu of
Other Investment.
substance:
SHEET DEC.
1919.
S
A SS€t8~~~~r
$28,352
$41,302
$8,050
declared Jan. 27 1920 and paid Feb.20
BALANCE
1920.
Enameling & Stamping Co.. Inc.
company, part
CALENDAR
for general
m vestment.
CONSOLIDATED
INCOME ACCOUNT FOR
..,46,671,776 45,695,002
Wages—Fares.—In both Minneapolis and St. Paul the employees made
demands for a substantial increase in wages.
A most serious strike was
threatened, but arbitration gave the employees an increase in
wages of
approximately 20% and the Minneapolis Street Ry. Co. the right to charge
a 6-cent fare, effective Aug. 16, and the St. Paul
City Ry. Co. the right to
charge a 6-cent fare effective on and after Sept. 13 1920.
In this connec¬
tion the cities insisted upon substantial increases in service.
The increases in fare provide emergency relief only.
It is hoped the
State Legislature will enact a law which will enable street
railway companies
Interest
(Report for Fiscal Year ending Dec. 31 1920.)
President George W. Niedringhaus, New York, Feb. 15,
wrote
revenue
creased 15.98%.
1,209,018
Total (each
Total
Results.—The earnings for the past year, after paying all
expenses and
making proper allowance for depreciation, were sufficient to warrant a
dividend of 3% upon the Common stock (payable Jan. 3
1921) as well as
the regular Preferred dividends of 7% per annum.
512,295
......
800,000
8,958
8,230,604
Minneapolis, St. Paul, &c.
(Report for Fiscal Year ending Dec. 31 1920.)
President Horace Lowry Jan. 25 wrote in substance:
$
-
Equipment trusts. .12,500,000
22,335
7,068,468!
_
1920.
Liabilities—
723,096
8,238
9,957,248
Twin City Rapid Transit Co.,
Other
.....$7,224,982 $6,694,169 $6,051,375 $4,467,465 $2,683,145
Depr. & amort.. 2,545,438
1,858,826
3,386,334
716,313
590,821
Fed. taxes (prev.
year)
1,286,491
1,017,054
908,415
41,635
10,559
divs
Accrued interest..
Profit and loss
46,671,776 45,695,002
112, p. 751.
1916.
expenses
Com.
1,613,500
Res. for Fed. taxes
Total
—V.
1920.
1917.
200,000
Sink, fund reserve.
5,639,039
INCOME STATEMENT FOR CALENDAR YEARS.
YEARS.
1918.
1,161,856
250,685
659,890
547,803
—
Rev. passengers carried._
Rev. from transporta'n_$12,879,281
Earns, after oper.
Res. for annuities
211.446
and accrued lnt.
Cash......
Union Tank Car Co., New York City.
CALENDAR
1,250,000
129,387
1,977,000
Accounts payableReserve account..
S
10,060,000
15,591,800
2,150,000
2,792,523
4;684,616
1.436,500
Investments at cost
/
(Report for Fiscal Year ending Dec. 31 1920.)
INCOME ACCOUNT FOR
2,228,713
4,994,962
3,922,444
power of
Total
—V. 112, p. 1032.
1920.
1,963,436
896,637
(less bad debts).
Co. until such time
24,918,269 25,841,551
6,654,309
Inv. St. L. Coke &
3,900,000
9,000,000
984,841
205,026
cos.
1919.
Liabilities—
$
Pref. stock issued. 10,0CC,000
Com. s'opk issued. 15,591,800
Ref. 1st M. bonds.
ma¬
U.S.ctfs.&Lib.bds.
*
3,692,022
machinery, &c-_
Stock in other
29,527,055
terials & supplies 8,687,000
$
3,900,000
stock
1920.
*
Accts. & bills rec'le
31.
9,000,000
Accounts payable.
628,728
Reserve for exp.,
Invest., special sur¬
plus capital res.
or
BALANCE
1919.
Pat's, tr.-mks.,&c. 7,995,720
Real estate, bldgs.,
'
good-will, &c_..30,270,267
total of over $100,000.
with alterations, machinery, tools and
equipment, was paid for from in¬
vestment funds which had been set aside for the purpose.
The space pre¬
V..
Real estate, plant,
&c.—The distribution for the year among employees
$333,309.
Employees also subscribed to an additional amount
Plant for Portable Typewriter.—During 1920 the company purchased a
modern fireproof factory property adjacent to the railroad at
Bridgeport,
Conn., to meet the requirements of its new portable typewriter.
The cost,
SHEET DEC. 31.
1919.
$
Merchandise,
Results.—The net earnings for the year amounted to $3,471,816. from
which there has been set aside the sum of $665,485 for Federal income and
excess
profits taxes.
[These net earnings, $3,471,816, contrast with
canceled is
1279
34,790
58,125
Unadjust. credits.
Total
-V.
58,190,304 57,696,402
112, p. 470.
43,801
21,421
Profit and loss.:...
1,307,654
1,671,581
Total
58,190,304 57,696,402
Railway Steel-Spring Company.
(19th Annual Report Year Ended Dec. 31 1920.)
Pres. F. F.
YEARS.
Fitzpatrick, Feb. 24 1921, wrote in substance:
~
Calendar Years—
Gross
1920.
1917.
$5,636,857
$4,957,601
$6,445,239
15,541
285,276
177,753
115,049
$5,183,927
954,423
$5,814,610
935,915
$5,072,650
927,079
$6,460,780
820,888
21,344
$4,229,504
$4,878,696
$102,623
$5,618,548
(6)935,508
$4,145,571
$110,806
161,500
1,100,000
598,262
(6)935,508
$2,502,860
$1,726,644
8,230,604
$2,656,262
$2,222,434
7,158,523
$2,906,076
$1,239,495
5,919,028
$2,594,927
$3,023,621
2,895,408
$9,957,248
$9,380,957
$7,158,523
$5,919,029
$9,957,248
$8,230,604.
$7,158,523
$5,919,029
Other income
Total income
1918.
$4,898,651
profits
1919.
__
Depreciation, &c
General interest
Net
profits...
♦Bond interest
$90,352
Sinking fund reserve
177.000
Res. for Fed. taxes (est.)
600.000
Pref. dividends (7%)—
700.000
Common dividends
(6%)935,508
Total deductions
Balance, surplus...
Previous surplus..
169,000
800,000
649,131
$118,993
154,000
1,100,000
598,262
(4)623,672
Results.—This report is a Consolidated Statement of income surplus and
balance sheet, including the Canadian Steel-Tire & Wheel Co., Ltd.
The
results
of the Canadian subsidiary were entirely satisfactory and fully
justified the establishment of the plant at Montreal.
After making a charge of $621,796 for depreciation of machinery, plants
and gas wells and after allowing for all adjustments of inventory accounts,
and charges for maintenance of properties, our net earnings amounted to
$4,435,350.
A reserve of $1,000,000 has been made to cover all taxes,
Including Federal Income and Excess Profits Taxes.
We have also paid our
Preferred dividends and 8% p. a. on the Common stock after which there
carried to surplus account $1,410,350.
All Federal income and excess profits taxes up to 1920nave been paid and,
was
as above noted, a reserve has been made for 1920 taxes.
Govt. Securities.—The item of "Stock, Bonds and Investments," as shown
In the assets of the Company, mainly comprises U. S. Government scurities.
A reduction [about $2,100,000) in this amount was brought about during
1920 by reason of the necessary increase in the "Accounts Receivable"
and "Inventories," due to prevailing conditions, but this should be
during the current
Total
Deduct—Federal taxes for
1917 and 1918—.
Profit and loss surplus
♦
1,150,353
After deducting interest on bonds held as an investment.
Outlook.—The
adjusted
year.
financial
condition
of your
continues to show
improvement and it is expected that the results for the year 1921 will be
satisfactory.
The fore part of the year will no doubt be a period of read¬
justment while the last half will probably show an Improvement in the
general business conditions.
Inventory.—In taking the annual Inventory all material has been valued
at cost or less, in no case at more than the current market price.
company
:i;
[Vol. 112.
CHKONICLE
THE
1280
Gross earnings
Not shown 825,182,031
Not shown
-
*$4,435,350
_
Pref. "dividend
Frer.
dividend
$4,394,353
$1,200,666
945,000
945.000
945,000
Assets—
945,000
045,uou
3,500,000
945,000
(5)675,000
(8%) 1,080,000(8) 1,080,000 (5^)776,250
road..19,449,498
&1. surplus
Adv. from sub .cos.
U. S. Hous. Corp.
Housing
advances......
U.
S.
Advs. to sub. cos.
BALANCE SHEET DECEMBER 31.
1920.
$
$
Assets—
Ac
Inventories
bonds and
Stocks,
2,268,848
6,292,227 Res. for contlng.. 1,254,229
1,882,754 Res. for Fed. inc.
A ex. prof, taxes 1,000,000
1,200,000
86,304
..12,942,355 11,532,004
2,277,715 Surplus
4,199,827
4,061,186
69,961
1,981,754
investments
receivable..
Accts
stock...13,500,000 13,500,000
13,500,000
554,343
Accounts payable.
785,984
205,250
Res. for divs., Ac..
615,942
Other Items..--.Cash
.....43,598,510 42,760,445
Total
...43,598,510 42,760,445
Total
112, p. 855.
-V.
1,940,051
382,842
Cadll
170,712
88,999
416,975
24,406
332,425
Ins., other unadj.
items, Ac
38,004
46,004
♦Accumulated
Note.—The
66,619
698,763
14,871
354,982
134,236
Dep. with trustees
Bond disc. & exp._
x
1,859,709
83,972
Acc'ts receiv., Ac.
Mat'I and supplies
stock... 13,500,000
Common
3,809,824
5,103,968
-
$
$
Liabilities—
Preferred
property,
...28,181,813 28,411,621
Plants,
1919
1920.
1919.
493,311
546,498
contract-
$3,687,859
After deducting manufacturing,
19,379,399
under
structed
Investments
operating, maintenance, repairs, ad¬
ministrative expenses, depreciation, &c.
*
4,979,687
2,997,350
...
not used in oper.
of
8
4,979,687
Common
2,997,350
Funded debt x.-.l 1,387,200 11,387,200
259,750
Equip, tr. ctfs. y._
221,250
♦Pref. 5% eumuL.
Road A equip, con¬
$8,657,800
$1,169,353
$1,704,849
$12,942,354 $11,532,004 $10,362,650
.$1,410,350
Balance, surplus
•$
$
1919.
$
Liabilities—
equip., includ. real estate
Corp.
Total p.
1920.
1919
Iload A
$9,098,968
$291,109
$92,920
4,500,000
_
(7%)
(7%)
Common dividend
14,806,747
$8,019,019
$1,000,000
Net earningsDeduct—Interest
Res. for all taxes
$23,905,714
17,163,011
Not shown
Not shown
Oper. exp. and deprecia.
1920.
1917.
1918.
1919.
1920.
30.
BALANCE SHEET NOV
RESULTS FOR CALENDAR YEARS.
dividends
funded
on
debt
62,002
528,932
472.695
160,000
260,000
640,000
259,355
640,000'
122,273
Bank loans
Due
275,832
188,885
1,507,506'
Lehigh Power
Securities Corp.
Acc'ts A wages,Ac.
Accr'd
taxes
other unadj .items
440,590
Reserves
Surplus.
196,464
and
_
_
... .
1,558,266
.
23,356,907 23,165.369
Total both sides
preferred stock unpaid, 28)4%.
1st Mtge.
includes: (a)
+
gold bonds (4%),
$2,770,500; (5%) $2,224,000; Consol. Mtge. (4%) gold bonds, $354,000;
(b) Collateral TrUst (6%) gold bonds, $924,200; (c) and Refunding & Impt.
Mtge. gold.bonds(5%) ,$6,961,000, less treasury bonds deposited in banks as
security, amounting to $365,000; dep. with U. S. Housing Corp., $600,000;
in possession of company, $881,000.
This makes a total funded debt of"
$11 387 200
y The
Equipment Trust Ctfs. include: (a) Series "A," 5%, $21,250;
(b) Series "B," 5%, $60,000; and (c) Series "C," 5%, $140,000—V. 112,
372.
...j-N
p.
Chicago City & Connecting Railways
Collateral Trust.
112,
Income account given in V.
STATEMENT OF CURRENT
371.
ASSETS
Pres. L. R. Lemoine,
AND LIABILITIES DEC.
1919.
1920.
Liabilities—
$251,000
$33,729 Bills payable...
271,542
267,000 Accrued int. payable. .$265,575
447,852
...._.
cost)
interest
Excess over current
21,867
237,999
33,827
33,310
ceivable
in
liabilities
re¬
FINANCIAL
...$713,867 $782,408
Total
$713,867 $782,408
Total.
5.329
442,963
Reserves
(at
Other investments
Accrued
1919.
3i.
1920.
$37,678
267,000
,
receivable...-.-
STATEMENT DEC.
1920.
31
(see page 26,
250,000, and
Sinking fund 5% gold bonds outstanding, $21,246,000
Railway Section"); Pref. Participation shares,
"Electric
Common Participation shares,
Assets
150,000, having no par value.
(pledged to secure said bds.)— Stocks (par). Of Total Iss.
Bonds (par).
..$16,971,900 $18,000,000
x
10,000,000
10,000,000
y
Southern Street Ry
2,400,000
2,400,000
____
Hammond Whiting & East Chic. Ry.
1,000,000
1,000,000(all) 1000,000
Chicago & Western...
72,000
72,000
Chicago
City
Ry
Calumet & South Chicago
Ry
-
x
y
Outstanding
bonds
not
pledged
to
secure
aforesaid
bonds, viz.:
"x" $33,926,000; "y" $5,393,000.
Fixed capital consists of the securities
pledged with trustee under inden¬
ture securing $22,000,000 (reduced by sinking fund to $21,246,000), sinking
fund 5% gold bonds beneficial interest in which is represented by Preferred
and Common Participation shares.-—V. 112, p. 371.
>
Lehigh Valley Transit Co.
(Report for Fiscal
V.-Pres. E. M. Young,
Year ended Nov. 30 1920.)
AUentown, Pa., Jan. 10 wrote in sub.:
total gross earnings have increased $697,472—18.5%.
operating expenses have increased $869,808—31.9%, and the net
operation have decreased $172,335—16%.
The usual depreciation allowance set up monthly during the year has
been entirely inadequate and an additional appropriation of $135,647 was
necessary from the year's surplus in order to provide 5% on the rolling stock
and for the actual expenditures for replacement of track, ways and struc¬
tures, &c. (with no provision for the accrued depreciation on the remainder
of this part of the property or the power house).
This results in an increase
of $164,403 (205^%) credited to accrued depreciation reserve over the
amount set aside for the same period last year.
The balance left after fixed charges, &c., is $139,333, which is $316,931
less than the balance for last year and does not equal the dividend require¬
ments for the year on the outstanding preferred stock.
Power.—At the power house a 10,000 k. w. steam turbo-generator has
been installed, replacing three smaller units.
This means more economical
Results.—The
Total
earnings from
generation of power.
Coal.—1The large reserve supply of fuel has been reduced to an average
investment of approximately $77,500, it being thought unwise to hold the
large fuel reserve which had been accumulated at lower prices.
However,
said reserve is again being built up at the prevailing lower prices.
Additions.—Although the U. S. Housing Corporation's project in Beth
lehem has been abandoned, it was thought wise to complete, at a cost of
$53,187, the work originally contracted for.
This brings the total spent
on
this project to $546,498.
The demand for passenger transportation
does not warrant the operation of cars over all of the new track.
Fares.—Early in May the P. S. Commission approved an increase in the
these
products.
general foundries and machine shops are supplied with work for some mont hs.
Completion of Machine Shop at Addyslon. &c.—The additions to plant
account, amounting to $231,122, represent chiefly the completion in June of
the machine shop at Addyston, and certain tools and equipment.
During 1920 there was expended for repairs, replacements, &c., $1,527,400, or about 23% more than in 1919 (partly due to higher costs).
Reserves, &c.—In addition, there was absorbed in operating charges
$430,363 credited to depreciation reserve, out of which fund the sum of
$46,715 was expended during the year.
This reserve, set up through
operating costs, increased $383,649 during the year and as of Dec. 31
amounted to $1,487,066, making the total reserves including those for
insurance and doubtful accounts $1,782,771.
In addition to the [$702,7391 cash on hand as of Dec. 31, current assets
include an investment in U. S. Government (Liberty and Victory) bonds of
$717,997.
Net working capital as of Dec. 31 1920 stands at $4,471,658, viz.:
Accts. rec'le, inventories, U. S. Govt, bonds and
increase of $131,000 during the year.
Charged Off.—A shrinkage in the material and supply account of past
been cleared up through a charge of $138,096 against profit and
loss account.
NOV.
June 1, Sept. 1
Gross earnings..
Operating expenses, including taxes._
$4,468,776
$3,771,303
1918-19.
2,725,903
$872,588
$1,045,400
$886,525
Income from int. on notes and dep._
Income from dividends on stocks.___
4,723
Total net earnings
Depreciation allowance
Additional depreciation
Interest—-funded
20
4,792
1
168,371
145,680
$1,045,831
$109,026
xl35,647
$1,194,863
$80,270
561,133
72,718
24,001
563,319
50,500
23,524
debt
78,740
_
-----
23,878
$139,333
$456,740
x "Appropriated for equalization and accrued depreciation to
depreciation and maintenance during year
$348,255
heavy
cover
PROFIT AND LOSS ACCOUNT YEAR ENDED NOV. 30 1920.
Balance Nov. 30 1919-
$1,507,506
—138,096
taxes
59,004
42,351
$1,442,571
4.30,364
Depreciation reserve __j.
Interest
160,615
Preferred dividends (5%)
600,000
$6,344
424,706
85,341
600,000
$1,600,585
405,907
85,641
600,000
$1,863,095
403,640
17,341
600,000
Balance, sur. or def..sur.$251,592df$l,103,703 sur$509,037
sur$742,140
Total income
+50,000
end. Nov. 30 1920, less
op. exp.
$476 acc't 1919
...
(cr loss) is shown for each year (1917 to 1920,
inclusive), after deducting cost of operations, maintenance of plants, &c.,
a
Net operating income
general expenses, provision for taxes, doubtful accounts and adjustment of
The
amounts
x
$1,241,583; in 1918, $860,360; in 1917,
Loss.
BALANCE SHEET DEC.
1920.
$
31.
Liabilities—
Pref.
stk.
S
*
outst'g. 12,000,000
,479,537 25,248,415
676,176 Com. stk. outst'g. 12,000,000
702,739
Am. P. AFdy. bds.
y692,000
Raw and manufac¬
tured mat'ls, Ac. 2 ,280,058
2,178,034 Accts. A bills pay. 2,773,891
Accrued int., Ac..
164,529
Accounts and notes
Plant
A property .25
Cash...
....
3 ,709,283
receivable
U.
S.
Govt.
bonds
sinking
717,997
711,950
12,000,000
752,000
2,561,799
10,088
Doubtful
18,248 Surplus
32,899,702 31,975,287
66,504
Reserves—
Insurance
for
Total
S
12,000,000
1,487,066
accts.
145,247
150,457
x3,486,512
Depreciation...
(Lib¬
fund
x
3,142,463
1919.
1920.
1919.
$
Assets—
and $599,066 balance of
profit and loss account.
After deducting $808,000 bonds in treasury and
1171.
y
1,103,417
117,895
138,753
3,234,920
32,899,702 31,975,287
Total
Includes $2,887,446 working capital reserve
sinking fund.—V. 112,.
p.
The Laclede Gas Light
Co., St. Louis.
(Report for Fiscal Year ending Dec. 31 1920.)
President C. L. Holman Feb. 1 wrote in substance:
Financial Statement.—The gross income was $6,533,607, an increase
of
$1,001,897 over 1919.
Operating expenses, including maintenance and
amounted to $4,021,875, being an increase of $674,994; and the
amount reserved for replacements and contingencies was $569,366, an in¬
crease of $259,634.
The net earnings were therefore $1,942,366, increase
$67,269.
Interest and discounts called for $1,680,339, increase $71,966,
and Preferred dividends as usual for $125,000, leaving net for Common
stobk $137,027, $4,697 less than in 1919.
No dividends were paid on the
taxes,
Common stock.
$1,001,897 over 1919 was mainly due to the very
The increase
operating expenses was due to the cost of producing the added
quantities of gas and electricity sold and to higher prices for labor and
considerable increase in the sales of the company's products.
138,857
material.
created unusually high prices for coke.
Inasmuch as
operating expenses the value realized from the sale of by-
The fuel shortage
Balance Nov. 30 1920
deducted for upkeep of plant and equipment
In 1920, $1,527,400; in 1919,
were:
of $674,994 in
for years
1918 and 1919
Net income year
$1,820,744
82,557
-
The increased income of
Deduct—Adjustment of material and supplies to approximate
physical value at Nov. 30 1920
Add—Approximate over-estimate of Federal
1917.
$1,541,581
x$76,213
$1,029,359
$43,760
Interest—floating debt
Amortization discount and expenses.
.
138,022
559,208
appropriation
Balance.
20
3,764
149
YEARS.
1918.
operating income.. $1,324,243
118,328
Other income
2,433,620
Net earnings from operation._____
Income from interest on bonds
CALENDAR
1919.
1920.
a Net
1917-18.
$3,320,145
3,596,188
1919-20.
(V. 112, p. 478, 169.)
and Dec. 1, respectively.—
INCOME ACCOUNT FOR
Gash
30.
2,938,419
stock, payable quarterly out of the earnings of the past year, viz.:
March 15, June 15, Sept. 15 and Dec. 15 1921, to holders of record March 1,
erty)
ENDING
YEAR
FOR
hand_.$7,410,077
Pref.
years has
STATEMENT
on
Note.—The directors on Jan. 27 1921 declared a dividend of 5% on the
$1,055,811.
gold bonds, of which there are now in the treasury $1,846,000 par value, an
cash
Accounts, bills payable and accrued items.
inventories.
necessary replacements and renewals.
Finances.—The cash situation still presents many difficulties.
The
amounts required to meet the demands of the service and the necessary
track and roadway improvements, forced by the extensive paving program
of the State Highway Department as well as by some municipalities, have
absorbed the available cash obtained from operations.
It was impracticable to sell any of the Refunding &
Improvement 5%
earnings
Fortunately, miscellaneous work has notably increased and there are
gradually developing therefrom several standard lines of apparatus which
should contribute materially to overhead.
At the moment the larger
of
operation, including
N. Y., Feb. 24, wrote in substance
were $851,592,
as compared with a deficit of'
The accumulation of unsold stock On high levels was
avoided.
In fact, earnings partly accrued through sales from the con¬
servatively valued inventory.
We entered 1920 fairly supplied with tonnage, chiefly of the smaller sizes.
In May and June the demand slackened.
Operating conditions rapidly
became all but impossible because of shortage of car supply and the con¬
tinued indifference of labor.
In the early fall the tapering off of business
enabled us to clear the yards, and then came the rapid curtailment of No¬
vember and December, with cancellations and adjustments.
Bookings
for December were the lowest of record, and there was all but complete
suspension of business during December and January.
New Plan by Which Employees Acquire Pref. Stock "at the Market."—On
Dec. 31 1,567 shares of Preferred stock had been sold to employees; 477
shares were paid for in cash.
Production.—Our chief business is the manufacture of cast iron bell and
spigot pipe, flange pipe and pipe fittings, from which earnings have mainly
accrued.
Shipments of these products in 1920 were 43% greater than in
1919.
Late in 1920 the all but complete stoppage of purchases by railroads,
municipalities and public utilities almost forced the closing of plants for
Results.—The
$503,703 for 1919.
basic fare from 6 to 7 cents, and, although our gross earnings were thereby
increased, the revenue thus received was insufficient to meet the higher cost
INCOME
Pipe & Foundry Co. (of N. J.), New York.
(22d Annual Report—Year ended Dec. 31 1920.)
375,879
Assets—
Cash
Bills
p.
U. S. Cast Iron
1920.)
(Report for Fiscal Year ending Dec. 31
$1,558,267
we
deduct from
March 26
1921.]
THE
products, the increase in operating
had not
realized
we
an
CHRONICLE
would have been much greater
unusually large return from the sale of our coke
expenses
by-product.
Construction.—Plant and investment account increased (net) $415,219.
Gas Rate.—The company is still
operating under a temporary gas rate of
85c., 60c. and 50c. net
Missouri
in
June
of
1,000
per
cu.
ft., fixed by the P. S. Commission of
1919.
Valuation.—On June 4 1920 the company completed and filed,
by the Commission, a physical inventory and valuation of the
ordered
as
temporary valuatfon arbitrarily set by the Commission and
based
it
our
present
on
in
effect until such time
the Commission should fix
as
a
gas,
rate
based upon its valuation of the company's property.
[Since the printing of this report notice has been received from the P. S.
Commission that the present temporary rates of 85c., 60c. and 50c.
per
1,000 cu. ft. gas sold have been extended for a further period of 60 days,
the Commission desiring some further time for its investigation.
This
does not necessarily mean that a decision will not be rendered before the
expiration of said period.]
Operating income
1919.
$8,047,915
3,955,600
815,914
$
$
106,178
257,838
1,087,924
First
Mtge.
Coll.
& Ref. 7s
(bond disc't)
Acc'ts
538,958
482,712
16,000,000 16,000,000
payable---
Total
Total
42,971,287 42,093,491
112, p. 658.
748,966
141,724
1,325,901
42,971,287 42,093,491
Assets
""
$7,087,636
133,796
$6,184,990
310,669
Cr .66,219
$8,254,406
$7,614,189
BALANCE
1920.
S
Subs, to cap. stk__
1st Mtge.
1,113,740
6.56,720
Accounts payable.
Customers' depos.
695,120
856,725
660,915
"Oth.current liab." 1,467,743
Accrued liabilities.
250
758,338
284,346
4^3,6^8
7,737,073
1,595,235
2,9C5
101,434
<
29,482
876,978
Unadjusted credits
Other reserves
312,267
Accrued interest..
Accrued taxes....
805,403
2,157,004
wiring
Coal in stoiage... 1,121,389
Accts. & bills rec'le 8,394,525
Cash..1,292,235
.....
Prepaid
10,523
183,620
47,874
1,232,174
1,478,046
accounts.
debits....
1918.
Service annuity res.
Balance, surplus..
Balance, surplus.____
$522,550
$917,971
280,000
(14)560,000
$394,702
__a$l,362,550
$1,254,967
(7%)
280,000
280,000
dividends.__(14%)560,000 (14)560,000
$77,971
$414,967
"Stated after deducting all charges and expenses for management and
making provision for the estimated Federal tax on profits, including war
profits and excess profits tax for the year and making suitable additions
Additional
x
—V.
general funds for advertising, insurance, &c."
BALANCE
SHEET DECEMBER
31.
1919.
$
$
Assets—
Real est.,
1920.
mach'y,
trade,
Preferred stock...
patents,
&c., after depre¬
Pref. div. payable-
fixtures,
ciation
Leaf.
Common
3,539,375
6,178,088
1,101,386
5,699,922
1,236,268
2,387,661
1,124,800
Provision
stock,
Cash
-
rec.-x2,189,116
Liberty bonds
1,125,550
Total
for
vertising,
Bills & accts.
..14,122,562
$
4,000,000
4,000,000
stock
70,000
260,000
Corn. div. payable
3,528,422
mfd.
supplies, &c.
1919.
$
Liabilities—
marks,
Accounts
4,000,000
70,000
260,000
ad¬
1.772,602
1,369,405
3,029,715
2,507,165
bills
Total surplus
Total
1.781,456
y990,245
&
Payable
13,988,026
4,000,000
insur¬
ance, &c
1,143,499656,671
7,614,189
8,254,406
725,036
.141,625,727130,151,365
$5,000,000
pledged
to
secure
7%
Collateral
gold
notes.
The
Adams Express
1
Company, New York.
(Report for Fiscal Year ending Dec. 31 1920.)
President William M. Barrett, March 1, wrote in subst.:The report of July 31 1920, was issued under date of Aug. 16 1920*
Our fiscal year ends Dec. 31.
Since the last report, the Association has adjusted claims asserted against
it
'
1920.
16,088,094
695,120
112, p. 852.
a
to the
13,750524,989
312,267
775,7502,357,303
141,625,727130,151,365
1917.
$1,074,702
280,000
(10)400,000
earnings
Preferred dividends
Common
540,011
Amort. & depree..l7,353,501
Insurance reserve. 1,221,010
Total
Total
1919.
1,335,073-
1,767,680
&c
work,
46,631",666
5,000,000
1,95C ,000
2,298,870
Municipal comp'n.
2,692,852
Contract
bonds.x46,631,000
1,037,780
759,764
store
(Report for Fiscal Year ending Dec. 31 1920.)
1920.
163,600
7% Collat. notes..
Loans & notes pay.
in
$
50,978,000 50,422,800-
7,884,947
rooms
1919.
$
Capital stock
6,881,359
Materials
$6,184,990-
31.
1920.
Liabilities—
■
investments 3,611,184
Unadj.
Net
$6,953,840
SHEET DEC.
Invest, in affil. cos.11,644,389
1,221,010
—
-
1919.
$
■
Special deposits...
Int.,divs.,&c.,rec.
Em pi. work, funds
(George W.) Helme Co. (Snuff Mfrs.), New York City.
$7,858,639
Plant, real est.&C.107,512,786 99,250,783
Securities
488,COO
800,000
676,900
897,654
Liabilities accrued
704,502
Com. stock div. fd.
278,751
Surplus & reserves 1,890,380
$1,009,725
5,175,265
CONDENSED
Service annuity fd.
Investment
1,080,319
$902,646
6,184,990
112,584
Profit & loss surplus--
Ref. &
Deferred charges
$904,799
6,953,840
$8,366,990
Total
Other
Bills &acc'tsrec~
$752,801
7,614,189
Fed. taxes (prev. year).
Net adjustments
Ins.&cas. fd.inv.
Cash
$6,808,627
$2,131,550
3,667,352
Balance, surplus
Common 8tock---10,700,000
10,700,000
2,500,000
Ext. M. 53.10,000,000 10,000,000
$7,068,020
$2,131,550
4,033,824
Previous surplus
Preferred stock— 2,500,000
Liabilities—
$8,096,590
$2,299,237
3,942,340
950,214
619,802
$2,523,600
bonds
on
Assets—
$
$
Plant & investm*t.40,l60,8l7 39,745.599
463,173
$6,493,796
314,831
Dividends (8%)
Other deductions
Stores
1,141,261
$7,476,788
$6,771,743»
296,278
•fotal___„
Interest
7
1920.
$7,367,949
679,966
Other income
■
CONDENSED BALANCE SHEET AS AT DEC. 31.
1919.
1917.
Not stated
16,633,300
15,336,791
$35,317,135 $30,366,426 $26,505,136 $25,351,585
Operating expenses
21,810,757
16,489,252
14,119,935
13,791,636
Federal tax reserve
See text
150,000 No such reserve provided
Uncollectible oper. rev._
110,930
Amortization & deprec'n
2,887,428
2,880,255
2,822,091
2,83~6~246
Taxes & munic. comp'n_
3,140,071
3,370,132
2,791,368
2,229,907
[The comparative income account was given in V. 112, p. 658.]
1920.
YEARS.
1918.
candle-powerequiv___ Not stated
rates.
50c. rate.
Being confronted with the necessity of at once contracting for
its supply of coal at higher prices, the company presented a further
petition
for permission to charge $1 25, $1 00 and 90c. net per 1,000 cu. ft. for
remain
1919.
Gross earnings
which
Higher Rates Asked.—At the time of filing this inventory the company
prayed the Commission for an emergency rate of $1 00, 75c. and
65c.
The Commission denied this application, but extended the 85c., 60c. and
to
1920.
ifl
.
♦Connected business, 16-
company's
property, showing the reproduction value as $69,490,010 and the original
cost value as $42,354,196.
These valuations are in excess of the tentative
and
INCOME ACCOUNT FOR CALENDAR
..
+
The increase of $71,966 for interest and discounts was due to the
higher
average rate of interest paid on mortgage bonds during the year 1920.
1281
14,122,562 13,988,026
x Includes invastment
in bonds and notes of municipalities and noncompeting corporations,
y Includes provision for income and war profits
and excess profits taxes.—V. Ill, p. 2234.
on account of operations prior to Dec. 31
1917, aggregating more than
expending for this purpose approximately $600,000 and in¬
creasing its loans from banks by $500,000.
The company has therefore
$1,400,000,
made substantial progress in disposing such claims
all proper dispatch to dispose of the balance.
1
and will proceed with,
•
Dividend Expected.—From
July 1 1918 to Aug. 31 1920, the (merger)
company's operations resulted in a large loss.
The Government however,
guaranteed that company against loss during said period.
The Interstate Commerce Commission has approved the continuation
of the American Railway Express Co., and that Company has entered into
uniform contracts effective Sept. 1 1920, with nearly all of the railroads
over which it operated during the period of government control for the
operation of the express business over such railroads.
It is expected that
the operations o fthat company under the new contracts since Sept. 1 1920,
will enable it to pay a dividend upon its capital stock during this year.
This Associations is a large owner in the capital stock of the American
Railway Express Company and the future of that company and the financial
success of its operations are,
therefore, matters of vital interest to our
shareholders.
Value
Commonwealth Edison
lateral
Company, Chicago.
in
{Report for the Fiscal Year Ending Dec. 31 1920.)
President Samuel Insull says
in brief:
Results.—During the year 59,967 new customers were added to the system,
increase of 14.5%.
This is the greatest number ever added in any one
and largely on account of it there was an increase in the gross operating
revenues of about $5,000,000.
of Collateral.—Attention is called to the market value of the col¬
deposited as security for this Association's 4% gold bonds maturing
and 1948 respectively.
The market value of this collateral de-
1947
posited as security for these bonds on the date of its statement of Dec. 31
1920, was not equal to the par value of the two issues of bonds by the sum
of $4,005,365.
The balance sheet shows the full amount of the outstanding
bonds as a liability and shows the security pledged as collateral for the
bonds in the assets column at its market value at the end of the year.
an
year,
The net income nevertheless is
slightly less than in 1919, partly because the
operating expenses further increased and partly because or the creation of a
reserve to pay the excess profits tax for the year.
In former years this tax
has been charged in whole or in part against accumulated surplus since the
exact amount payable could not be determined by Dec. 31.
It is thought
that the tax will not exceed the amount of the
reserve.
Coal.—The increased cost of coal contributed largely to the increase in
operating expenses.
The average cost delivered in 1920 was $1.08 a ton
more than in 1919 largely due to increased cost of producing coal and the
general increase in freight rates.
Because of increasing business a new operating contract was entered into
under which a new high-grade coal mine has been acquired and this company,
heretofore receiving one-half of the coal produced at its mines, is now receiv¬
ing practically all the output, covering its entire requirement for coal at a
very small percentage above cost of production.
Output.—The electrical output showed
was 478,820 kilowatts.
a
heavy increase.
The maximum
load carried
Additions.—Substantial progress has been made with the new Calumet
Station located at 100th St. and the Calumet liiver.
It should be ready
for operation late in
the fall of 1921.
THE
ADAMS EXPRESS
COMPANY AND
SOUTHERN EXPRESS CO-
APPROXIMATE BALANCE SHEET DEC. 311920& JULY31 1920.
assets.
Investments—
Securities
Dec
value
July 31 '20.
$6 164,261
$6,137,659
5,881,069
.
hold
by trustees for
Express Co. coll. trust 4% gold bonds:
(а) Guaranty Trust Co. trustee, for bonds due
Adams
June 1
(б)
1947-
—
Bankers Trust Co.,
March 1 1948
Securities at market
Industrial
-
trustee for bonds due
value
deposited with State
Commissions.
9,089
8,910
2, 240,000
2,250,000
671,277
713,237
11, 904,300
112,569
11,904,301
115,358
Second mtge.
bonds of Adams Express Building
Co., unpledged, at par value
Securities of other companies, unpledged at market
value
Capital stock of the American Ry. Express Co. at
par
value ($1,250,000 deposited as collateral
with Director General of Railroads for Indebted¬
ness
of
the
Southern
Express
Co.
for express
privileges)
Securities of subsidiary cos. at fair value
Securities.—To provide for the purchase of additional machinery
and equipment an issue of $5,000,000 five-year collateral gold notes secured
by a pledge of $7,143,000 first mtge. 5% gold bonds was sold to the public
31 '20.
6 124,874
market
at
New
in June
on a
7)4 % basis (V. 110,
p.
2294, 2389).
The remainder of the necessary new money was obtained by the
stock which was offered to the stockholders of record on Oct.
new
All the
new
was
$27,226,370 $27,010,534
15 for
Accounts receivable and accrued
par
stock
investments
sale of
in amounts equal to 10% of holdings of existing stock.
The company at the same time offered to purchase the subscription rights
at 25 cents per right (being $2.50 for the right to subscribe for one share of
new stock) in order to sell as much as possible of the same toi customers and
employees.
The results have been most gratifying (V. 111, p. 1475).
subscription at
Total
Land, buildings and equipment.
Treasury cash
1
Interest
Trust
Adams
collected
Securities
and
(for
Bonds)
from
payment
$17,151
194,152
167,769
432,990
accrued
$17,151
209,289
232,987
*
570,314
Collateral
of interest
on
-
Total assets
$28,118,787 $27,959,920
sold and in the last 15 months the number of stock¬
holders has increased from 6,838 to 17,396, and will be upwards of 26,000
as soon as all the stock sold on the installment plan has been fully paidfor.
This increase should result in great good to
holders of record 56% are men, 39% women
the company.
Of the stock¬
and 5% banks, corporations,
partnerships and estates.
Investment Department.—This Department is available to any one desiring
relative to the company's securities.
Its headquarters are
information
LIABILITIES
Dec. 31 '20.
July 31 '20.
$10,000,000 $10,000,000
Capital stock outstanding
Collateral Trust 4% Gold Bonds: balance outstand.—Due June 1 1947—Guaranty Trust Co., trustee. $8,997,500
Due March 1 1948—Bankers
280,307
Trust Co., trustee._
Loans
at 72 West Adams St.
Director General of Railroads
Industrial Relations.—The Manager of our new Industrial Relations
Department is now engaged in the development and introduction of a
plan for the settlement of questions concerning the employees in their
relations to the company. Through the establishment of Department,
Special and General Joint Councils, in all of which the employees and
tne management will have equal voting power.
Machinery is provided
for appeals to a superior Council and to the President of the company, and
finally if necessary to three arbitrators.
Similar plans are in successful
operation elsewhere throughout the country.
Accounts payable
Deferred credits
CAPITAL.
AND
(Southern Exp. Co.)
and accrued
claims, express
privileges, unpaid money orders and conting
Deficit.
—def
Total liabilities and
112,
p.
2,115,564
2,126,792
3,587.161
3,342,017
—
Interest payable accrued.
Reserves:
for loss and damage
-V.
$9,027,000
7,297,000
90,000
753,159
67,130
10,997
469,490
7,297,000
590,000
843,538
121,670
capital
...—$28,118,787 $27,959,920-
565.
*
THE
1383
{Report for Fiscal Year Ending
will be
Chicago.
Corporation,
Hartman
The
e
Dec*31 1920).
Feb. 1 wrote in substance:
Corporation and its affiliated companies for the
profits of the
year 1920, after deducting taxes and necessary reserves, are 81,859,203.
^Our inventories were valued at market or cost, whichever were lower
and showed a comparatively-small increase over those of last year.
This
was due to the fact that the directors undertook, as early as last July, to
curtail inventories and to avoid wherever possible future commitments,
k*Accounts receivable were valued in accordance with our established
method of charging to loss all accounts which had proved uncollectible.
In
addition, a further reserve, estimated to cover one year's losses ahead, is
deducted and the balance becomes the net inventory value of our Accounts
Receivable and is calculated to be equivalent to its realizable cash value.
•► While there is a general feeling of pesssimism surrounding the immediate
future of business in general, we feel encouraged to believe that we shall
nevertheless, be able to accomplish satisfactory results for our stockholders]
YEARS ENDING DEC. 31.
INCOME ACCOUNT FOR
116,006
......
41,068
i
'(5)600,000
(7%)840,000
Dividends paid...
$1,019,203
$1,687,224
$195,333
859,316
all expenses of merchandise and administration, incl.
Balance, surplus
x After deducting
-
accts., deprec., accrued commissions
provisions for losses on customers'
Federal and other taxes, &c.
Prop., fixtures, Ac
920,710
996,882
supplies..
2,803,130
2,669,862
Mdse. &
Due from custom¬
ers
(net), &c— 10,074,913
Cash
539,309
8,378,897
545,408
75,000
75,000
232,778
85,336
526,346
4,992,992
4,992,992
Investments
U. S. Lib. bondsDeferred charges. .
Good-will,
&c
advances
or
70,123
561, 469.'
It is understood that the
shares
new
V.
112,
19,724,174 18,255,511
Total
were
The
See
651, 932, 1143.
p.
Chicago & North Western Ry.—Bonds Authorized.—
The I.-S. C. Commission has
authorized the company to issue $1,440,000
bonds of 1987 and $416,000 1st & Ref. Mtge. bonds. Of the
Mtge. bonds
$1,000,000 will be issued in respect of expenditures
for additions, improvements and betterments made during 1920 and $440,000 in respect of the retirement of the remaining $440,000 Wisconsin North¬
Gen. Mtge,
Gen.
bonds, due July 15 1931.
The $416,000 1st & Ref. Mtge.
$416,000 Mankato & New Ulm Ry. Co. 1st
Ry. 4%
to be used to retire
are
S
at
1929.
12,000,000
of
The company proposes to sell the bonds for which authority is granted
a minimum price of 90. or to pledge them as security for the performance
obligations which it may incur.
Definite plans for disposing of the pro¬
posed bonds have not been formulated at this time.—V. 112, p. 1143.
Chicago Railways Company.—Earnings.—
850,000
387,000
Chicago Railways, 45%
5% on investment.—
664,477
Miscellaneous
4,763,109
3,743,906
570,128
Jan. 31
—19,724,174 18,255,511
Total
which shareholders will receive
bonds and 100% in new common.
York "Curb" on March 24.
traded in on the New
1,765,000
292,698
278,000
accruals..
Surplus
Plan.—
reorganization plan will soon be made public.
assessment on both the common
The plan, it is said, will provide for a $30
and the preferred stocks, in exchange for
1918-19.
$822,485
4,541,539
$308,747
4,501,960
145,653
119,080
109,924
$5,874,127
$5,483,104
$4,920,632
\$4,868,430/ $4,744,888
j
\
115,839
250,000
250,000
$4,760,647
19,475
250,000
1920-21.
Interest.
—
——
Deduct—
Total interest on bonds
112, p. 657.
Interest
on
loans
Sinking fund reserve accrued
GENERAL INVESTMENT NEWS.
1919-20.
$1,147,816
4,580.658
Years—
income
Gross
-V.
1 next.—V. 112, p.
Chicago & Eastern Illinois RR.—Reorganization
1919.
other
and
^
to build a 10-mile branch
It is expected to have It in oper¬
ation by Aug.
625,367
Other accts. pay—
,tJ1
,
Mtge. 3H% bonds due Oct. 1
140,000
Mdse. accts. pay—
Taxes
for notes.
or
Ala.
bonds
31.
Capital stock
12,000,000
Underlying
bonds
(sub. cos.)
Notes payable
Georgia RR.—Bonds Authorized.—
of
The Commission also authorized the company
$
Mobilities—
$
$
.■
line of railroad in Jefferson County,
1920.
1919.
'
1920.
I
■,
::
"Financial Reports" above.—
: y,
y.y, :,V-
Railways under
National
2139.
p.
Central
ern
CONSOLIDATED BALANCE SHEET DEC.
Assets—
Ill,
The I.-S. C. Commission has authorized the company to procure the
authentication and delivery to it by the trustee of $506,000 Ref. & Gen.
Mtge. 6% bonds, series A, and to pledge the same for Government loans
8810,989)
8509,316
21,656/
(5)600.000(3^)450,000
82,328,293
81,975.209
Total profits & income
Interest charges
x
1917.
1918.
1919.
Railway.—Annual Results.—
Canadian Northern
See Canadian
V.
100% in new general mortgage 5%
'
1920.
Shuttle cars will take the
operated to the Everett elevated station.
Elace of two former through routes and service on the end of another will
discontinued.—V. 112, p. 1023.
President Max Straus
The net
[Vol. 112.
CHRONICLE
RAILROADS,
INCLUDING
ELECTRIC
General Railroad and Electric
following table summarizes recent
Federal Income tax on Int. coupons._
Economies.—(a) "Wall St. J." Mar. 23, p. 1.
(b) National agree¬
ments cost the roads $300,000,000 yearly.
Gov. Miller's Traction Bill Passed by N. Y. Legislature, but Injunction
p.
716.
(b) Higher rates ordered for Nevada
effective April 28.
Return.—"Times" Mar. 19, p. 3; Mar. 21, p. 21.
of Rights.—"Times" Mar. 19, p. 1.
"Bost. N. B."
Mexican Strikers Gradually
Bill
Labor's
19, p. 5.
Penn. RR. and A. Y. N. II. & H.—"Times" Mar. 21, p. 2.
Ry. Jour." Mar. 19, p. 565; Feb. 12i.
of Mar. 19.—(a) RR. gross and net earn¬
ings for year 1920, p. 1078 to 1083.
(b) Federal payments to RRs. under
guaranty, &c., p. 1102.
(c) Unskilled labor opposes wage cuts, p. 1102.
(d) Penn. RR. wage conferences,
(e) Erie RR. restores wage scale, but
cuts personnel, p. 1103.
(f) Other railroad labor matters, p. 1103 to 1106.
(g) RR. wage statistics, p. 1105; compare "Ry. Age" Mar, 18, p. 700.
(h) RR. rates—Colorado Legislature would preserve State rights as to intra¬
state rates; protest against live-stock rates, p. 1106 and 1167.
Loss of Revenue
One-Man Cars Attacked.—"El.
Matters Covered in "Chronicle"
Atlanta
Birmingham & Atlantic RR.-
-Constitutionality
of Newlands Act Attacked.—
The
constitutionality of the Newlands Act, which provides for a 20 days
notice to employees of railroads when a cut in wages is contemplated, has
t<
been attacked in a brief filed by the receiver.
The brief declared that to
days necessa.-y for such notice, with a daily
would have amounted to confisca¬
The brief was filed in an answer to a
petition recently brought before Federal Judge Samuel H. Sibley, asking
that the receiver's order reducing wages be revoked.
Attorney-General
Daugherty has announced his intention to enter the case for the purpose of
upholding the Act.
Resumption of local freight and passenger service throughout the system,
with the exception of the Waycross Division, was announced March 21 by
B. L. Bugg, receiver.
New men are being put to work daily, filling the
places of strikers, it is said, and full schedules are predicted soon.—V. 112,
p. 1143, 1Q23.,
of the
Cincinnati Street Railway.—New Directors.—
of the Citizens' National Bank, and Attor¬
Robert A. Taft have been elected directors, succeeding Stephen R.
Charles W. Dimuis, President
L. I., is being
The road suspended service on May 15.—V. 107,
removed.
500.
Baltimore Chesapeake & Atlantic Ry.—New Directors.
Former Senator John W.
Smith, James Dixon and C. D. Murphy have
V. Brewington ana the late
p. 774.
been elected directors to succeed the late M.
Dixon.—V.
109,
Belt Railway of Chicago.—Earnings.—
The Columbus City
1920.
1919.
1918.
1917.
$3,780,321
$3,899,764
$3,805,947
Boston Elevated Ry.—Fares.—
The company plans to
fore fares have
establish
a new
system of fares on March 26 on
in the cities of Maiden and Everett.
Hereto¬
been 10 cents with free transfers at all intersections to con¬
Under the new plan ail local fares will be 5 cents and trans¬
heretofore issued will be eliminated except to shuttle cars that will
operated on parts of two routes that formerly ran through to Everett
necting routes.
fers
station.
The fare to Boston
will still be
on
M&rch 14 passed an ordinance authorizing
cenfcs cash or 6 tickets for 25 cents
Bonds.—
has authorized the company to issue
Commission
RR.
25c.
to 5
in April 1922.—V. 112, p. 743.
Death Valley RR.—Stock to Retire
The California
$100) to retire 90 of its out¬
standing bonds (par £100).
The stock Is to go to Borax Consolidated, Ltd.,
holder of the bonds.
(The sterling is to be figured at $4 87 to the £.)—
v.
no,
1088.
p.
Asks Contributions
y^y'y*'V^y.
•
.
Grande
Rio
&
Denver
of $1.25
a
RR.—Stockholders'
Committee
Share.—
Chairman of the stockholders'
Western Pacific inter¬
been mailed to shareholders, announcing an assessment of $1 25
A letter signed by Benjamin B. Odell,
committee, which is opposing the sale of the road to
ests, has
a
and says in part:
share,
"As
a
result ofthe opposition
made by your committee to confirmation of
your property for the inadequate sum of $5,000,000 which
attempted to be consummated as a result of the judgment obtained
the sale of all
sale
was
by the Equitable Trust Co. (representing Western Pacific)
railroad, Judges Sanborn and Lewis in Federal Court have
against your
deferred con¬
stockholders or others an opportunity to bid
for said property the sum of $10,000,000 or more.
"As a condition of ordering this re-sale, the Court requires your committee
to deposit with it on or before March 25 the sum of $100,000.
To comply
with this order the committee requests you immediately to forward a check
or money order for $1 25 per share of stock held by you.
If the committee
receives contributions amounting to $100,000 in time to make the deposit
the committee will make an application to the Court that the sale be de¬
ferred or that no confirmation of it be had until after the litigation now pend¬
ing be disposed of on the merits: and unless this application is granted the
contribution made by you -will be returned, less such actual expenses and
disbursements as it may have incurred, not to exceed 25 cents per share.
"The application will also provide that in the event of a re-sale and the
committee becoming the purchaser the $100,000 shall be applied on the
firmation of sale to afford the
If the committee makes the purchase reorganization
purchase price.
will
be in view in which only contributing stockholders will be allowed to par¬
ticipate.
apply for an extension of time on March 25, as it
realizes that the time is too short within which to hear from all stockholders."
—V. 112, p. 1143.
"The committee will
Eastern Connecticut Ry .—Successor
See Shore Line Electric
and other points reached from the rapid transit lines
heretofore.
Seven routes
10 cents with universal transfers as
Trunk
Grand
See
V.
Canadian
Company.—
Ry. above.
Trunk Ry. of
Grand
See
V.
Pacific Ry.—Annual
Results.—
National Railways under "Financial
Reports" above.—
1024.
112, p.
Canadian National
112, p.
Canada.—Annual Results.—
Railways under
"Financial Reports" above.—
1144.
Great Northern
—V. 112, p. 1144,
Ry.—New Director.—
director, succeeding R. F. Smith.
1024.
Hagerstown (Md.) & Frederick
Ry.—Earns.—Officers.
The annual report for the year 1920 shows: Operating revenues, including
sub. cos., $2,016,226, as against $1,546,273 for 1919; operating expenses
and taxes, $1,345,504, as compared with $937,565; net profits before de¬
a|nd dividends, totaled $276,891, as against $236,010 for 1919.
Flook have been elected Vice-Presidents.
preciation
Charles M. Harris and Cyrus F.
—V. Ill,p.
1752.
President of the Union Trust Coj, Springfield, Mass.,
appointed receiver by the Superior Court, with instructions to
William E. Gilbert,
has
been
complete return of the road's assets within 30 days.
The Court
action was taken on a suit brought by the Hampden National Bank of Westfield to recover on a note, a suit that Attorney H. W. Ely, counsel for the
make
110, p. 1748.
all surface routes operating
be
Council
extension of the present rate of fare, viz., 6 cenfcs cash or 5 tickets for
until the present franchise expires in 1926.
The fares were to drop
Hampden Railroad Corp.—Receivership.—
$4,730,854
Calendar Years—
Gross earnings
—V.
Power & Light Co.—Fare Ordinance.—
Columbus Ry.,
T. M. Schumacher has been elected a
The structure of the road, which extended from Amityville to Babylon,
Robert B.
Goepper.—V. 108, p. 1511.
Burton and Edward
company's property.
Babylon (L. I.) RR.—Electric Line Removed.—
p.
$182,461 def.$374,017
$463,587
:
ney
have awaited the period of 20
loss of $4,500 accruing to the company,
tion
1851.
-
-
439 shares of its Common capital stock (par
Readjustment of Export and Import Rail Rates Through Pacific Coast Ports.—
(a) Re-establishment advocated by Shipping Board.
"Ry. Age" Mar. 18,
p. 717.
(b) Steel rates to Far East cut from $11 25 to $5 88 a ton.
"Bos¬
ton N. B.
Mar. 24.
Coastwise Tug Men Strike.—See "Wages" in "Industrial" summary below.
Anthracite Coal Prices Cut 50 Cts. a Ton on Domestic Sizes.—Following the
example of Erie RR. the D. L. & W.f &c., Delaware & Hudson, Central
RE. of N. J. (Lehigh & Wilkesbarre Coal Co.), &c., have announced a
50-ct. cut on domestic sizes.
"Coal Trade Journal" Mar. 23, p. 325 and
p. 321.
"Bost. N. B." Mar. 19, p. 19.
Bituminous Coal Output Continues to Decline.—Weekly output Mar. 12,
6,891,000 tons, against 7,432,000 tons Feb. 26 1921 and 10,304,000 tons
Mar. 5 1920.
"Coal Trade J." Mar. 23, p. 331.
RR.
securities.
Net income for interest, &c
"Times" Mar. 23, p. 24.
Mar.
on
—V. 111. p.
City.—"Times" Mar. 23, p. 1; "Wall St. J." Mar. 23, p. 9.
tate Rates.—(a)
Receiver Attacks Newlands Labor Provisions.—See Atl, Court. & "Rv.below.
Atl. Age"
Case argued in U. S. Supreme Birm.
18,
222,528
railroad and electric rail¬
RR.
Mar.
42,000
147,916
ROADS.
Railway News.—The
of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
tm Be Sought by
Mar. 24, p. 2.
42,000
142,761
Loss
news
way
107,347
42,000
Corporation expend. & adjustments.
a
road, declared is a friendly one.
for the purpose
Mr. Ely said that the receivership was
corporation.—V. 112, p. 849.
of winding up the affairs of the
Indiana Harbor Belt
RR.—Equip. Trusts Authorized.—
The I.-S. C. Commission has
authorized the company to assume obliga¬
Equip, trusts cer¬
liability in respect of not exceeding $354,000 7%
tificates.
Dated Feb. 1 1921, maturing semi-annually
tion
or
from Aug.
standard
$35,400 F. & A.
1 1921 to Feb. 1 1926.
Secured on 10 Class U-3 Government
8-wheel switching locomotives, with tenders, equipped with
March 26 1921.]
THE ' CHRONICLE
N. Y. Central
specialties, costing $479,000.
Guaranty trust Co. of NewYork, trustee.
Denom. $500 or $1,000.
Divs. payable F. & A.—V.
112,
p. 744.
Interborough Rapid Transit Co.—Files Suit.—Tenders.
The Rapid Transit. Construction Co. has
filed suit in the
Superior Court
against City Comptroller Craig asking that a
mandamus be issued
the payment by the
city of
requiring
$2,260,534.
by the Construction
The $2,260,534 demanded
Co. represents the cost
installation of the multiple car door control, which has
been intro¬
duced in the last few months and is now in
operation on 982 subway cars.
The new device makes it
possible to dispense with a number of guards and
thereby is said to greatly lower operating costs.
The Guaranty Trust Co. of N.
Y., trustee, will, until April 1, receive
bids for the sale to it of sufficient
First & Refunding Mtge. 5%
gold bonds,
due Jan. 1 1966, at not
exceeding 110 and int., to exhaust the sum of
$319,391 now in the sinking fund.—V. 112,
p. 469.
of the
.
1283
Ry., extending from Salem, 111., to
Bismarck, Mo., a distance of 133 41
(with branches).
In Oct. 1920 a decree of
foreclosure was entered,
directing the sale of the
Illinois Southern Ry.,
fixing no price, but reserving the right to
reject all
bids based on scrap value.
At tbe sale the
property was bid in by a repre¬
sentative of the bondholders for
$725,000, the next highest bid being $700,000, which bid was made by junk dealers.
The bid for the bondholders
was
also made on the basis of
scrap value and with the intention of
dismantling
the property.
Subsequently, however, certain interested
shippers located
on the line
brought about the organization of the new
company and offered
$900,000 for the property, agreeing to operate it for
miles
at least 10 years.
The
new company
proposes to Issue $1,800,000 Common
stock in exchange for
the property and $300,000
bonds, the proceeds of the bonds to be
used for
additions and betterments only.
Such bonds have
already been subscribed
for by interested shippers.
The stock, except
qualifying shares, will be
owned by 6 corporations
operating lead mines to be served by the
line
V. 112, p. 744.
'
'•
.
Interstate Public Service Co.—Consolidation
Appro.ved
The Indiana P. S. Commission on Feb. 25
approved t he acquisition by and
merger with the Interstate Public Service Co. of the
following companies:
Louisville & Southern Indiana Traction Co., Louisville &
Northern Ry. &
Lighting Co., New Albany Water Works Co., Central Indiana
Lighting
Co. and
United Gas & Electric Co.
Present
and
Proposed
Common stock...
Preferred stock
of Interstate
$3,000,000
2,500,000
2,500,000
Prior lien stock.
The
Capital
Public
-Present Capital
Authorized. Outstanding.
$2,000,000
2,020,000
1,350,000
•
Company.
Proposed Capital
Aulhorized.Outst.(Appr.)
$5,000,000
5,000,000
5,000,000
$4,000,000
4,500,000
449.000
Company—
Pref.
Common.
Louisv. & So. Ind. Tr..$432,480
$2,000,000
Louisv. & N. Ry.
Lt. 916,900
3,499,000
New Albany Water Wks
232,950
United Gas & Elec. Co.
'1,000,000
Central Ind. Ltg. Co... 375,000
600,000
-—Will Receive
Pref.
Common.
$525,000 $130,000
400,000
550,000
250,000
100.000
575,000
200,000
250,000
150,000
xlndebVss
Assumed.
$ 989,000
922,000
472,000
1.360,000
1,002,000
x The funded debt of
the merged companies assumed is as follows:
(a) Louisville & Southern Indiana Traction $999,000 1st 5s. due
1923;
(&) Louisville & Northern Ry. & Light Co. $500,000 1st M.
5s, due 1925,
and $422,000 6% Debenture
notes, due 1915; (c) New Albany Water Works
$150,000 1st 5s, due 1925, $401,000 1st Consol. 5s, due
1924, and $71,000
Deb. 6s, due 1917; (d) United Gas & Electric Co.
$610,000 1st 6s, due 1942,
and $750,000 1st cons. 5s, due
1942; (e) Central Indiana
Lighting $895,000
1st Ref. 5s and $107,000 underlying bonds, due 1931
(Peo. G. E. & H. Co.).
The effect of the consolidation will be a total
reduction in current debts
and stock amounting to
$7,255,958, as follows:
Total debts to be cancelled_$l
,329.6281 Total stock reduction
$5,926,330
—V. 112, p. 562.
Interstate Railways
Jan. 31 Years—
Gross income.
—Earnings.—
1920-21.
1919-20.
$340,531
21,549
Expenses, taxes, &c
$343,921
19,766
310,496
Bond interest
Preferred dividends
306,620
Balance, surplus..
—V. Ill, p. 588.
$12,362
Keene
1918-19.
$337,840
8,821
1917-18.
$519,117
16,440
431,064
323,598
(3%)30,000
...
$13,660
$5,420
$41,613
(N. H.) Electric Ry.—Recapitalization.—
T. Russell Robinson,
Manager, in a notice to bondholders and stock¬
holders, proposes to reduce the financial obligations of the
company by
about 50%, and to obtain $15,000 under a
prior lien, to be used to purchase
new equipment.
As a part of this plan the City Councils of Keene have
been asked to make a similar reduction in a claim of
about
$4,800 against
company.
car trust notes maturing in
equal monthly payments over 60 months.
If
the bondholders consent to accept this
proposition, it is then proposed to
reduce the 6% pref. stock from $70,000 to
$35,000 and the common stock
from $75,000 to $35,000, and if
necessary to issue 7% bonds to a certain
amount to aid in re-equipping the road.
The road comprises in the main 10 miles of
single track with turnouts,
9 cars, 2 snow plows, carhouse, station and
machinery and amusement
park equipment at Swanzey.
("Electric Railway
Journal.")
Louisiana & Arkansas
Guaranty
Trust
Ry.—Equipment Trust.—
Co., has been
appointed trustee
under
equip,
trust
agreement dated Feb. 1 1921, securing an authorized issue of
6% equip¬
ment notes.
Of this issue those designated as Series "G" are to be dated
April 1 1921 and due semi-annually Oct. 1 1921 through
April 1 1924, and
are limited to an authorized issue of
$66,000 par value.—V. Ill, p. 692.
Lexington & Eastern Ry. 1st Mtge. 5s, which have been nominally Issued
and held in the treasury, as collateral
security for $4,500,000 6% promissory
notes to be dated Mar. 1 1921, due 6 months after
date; and (2) to pledge
and repledge, from time to time, securities
nominally issued, now held in
its treasury, for such short-term notes as it
may lawfully issue without
authorization.:—V. 112, p. 1144, 1024.
Louisville & Northern Ry. &
Lighting Co.—Merger.—
See Interstate Public Service Co. above.—V.
112, p. 562.
Louisville Ry.—Rebate
/
Receipts.—
The U.S. Circuit Court of Appeals has
granted the motion of the
City of
Louisville, whereby rebate receipts for 10 cents will be issued by the com¬
all patrons of the car lines who purchase car tickets in strips of five.
112, p. 933, 849.
pany to
—V.
Louisville & Southern Indiana Tr.
Co.—Merger.—
See Interstate Public Service Co. above.—V. 112, p. 562.
Central RR.—Annual
Maine
Report.—
Income Statement Showing in 1918, 1919 and 1920 Combined Results, Federal
and Corporate, Excluding United States Rentals.
Calendar Years—
Operating
Operating
1920.
1919.
1918.
o
expenses
Net revenue
,
1917.
def$l,317,615
1,167,715
def$86,628
1,099,206
$335,180
875,606
$3,449,701
727,322
income-_def$2,485,330df$l,185,835 def$518,426
$2,722,379
Taxes, &c
-
Operating
^
$21,357,508 $17,525,178 $16,415,178 $14,125,577
22,675,123
17,611,806
16,059,998
10,675,876
revenues
Other income
581,103
424,829
383,672
441,534
def$l,904,227 def$761,005 def$134,754
$1,014,423
$941,641
$805,872
Rentals, &c
1,372,169
1,642,219
1,474,600
Preferred divs. (5%)—
112,500
150,000
150,000
Common divs. (6%)
540,666
720,888
720,888
$3,163,913
$816,609
1,245,779
income.
on
Balance,
funded debt.
sur. or
—V. 112, p. 933.
def.def$4,943,985df$4,215,753df$3,286,114
150,000
720,888
$230,637
Minneapolis St. Paul & Sault Ste. Marie Ry.—Asks
Authority to Purchase Wisconsin & Northern RR.—
The company has asked authority of the I.-S. C. Commission to
purchase
for $3,339,500 the Wisconsin & Northern RR., 133H miles.
Capital out¬
standing, $1,497,000.—V. 112, p. 653.
Missouri-Illinois RR.—Successor
National Properties
Company, &c.—
offered from time to time to
p.
1084, 290.
Co —Distribution:—
4-6% bonds.
The price brought by the securities
was $265,000.
including cost of bringing suit, sale, and
The court expenses,
distributing of the property and
fees of trustee, counsel and
special master, amounted to
$29,812, leaving
a balance for distribution to
the bondholders in
proportion to their holdings
of $235,188, if approved
by the Court.
This amounts to $36 on each
bond
of $1,000.
Owners of bonds
to the amount of
$338,400 have not filed their proof of
ownership and the sum of $12,182 will be paid into Court
to cover the
proportion of the proceeds due to them.
The Court mav direct that the
special master shall continue to act for six
months, without compensation,
to make the final adjustment.—V.
Ill, p. 2423.
National Railways of Mexico.—Strike
Ended.—
The strike of the railroad workers in
Mexico came to an end on Mar.
20.
The workers had been on strike for over
6 weeks.—V. 112,
p. 562.
New York
Railways.—Sale of Real Estate Postponed.—
The sale of the real estate under the
orders of the Court,
according to th
provisions of the First Real Estate & Ref.
Mtge., has been
April 6.—V. 112,
p.
adjourned unti
1144, 1137.
Pittsburgh & Shawmut RR.—Collateral Note.
The I.-S. C. Commission has authorized
the company (1) to assume obli¬
or liability, as endorser, in
respect of (a) a $510,388 demand note
gation
made by the receiver of
Pittsburgh Shawmut & Northern RR. to the order
of this company, under date of Oct. 1
1914, and bearing int. at rate of 5%,
and (&) a $600,588 demand note
made by Allegheny River
Mining Co. to
the order of the company, under date of
July 1 1913, and bearing int. at
the rate of 6% p. a.; and (2) to
pledge said demand notes and $1,000,000
1st Mtge. 5% bonds as security for the
payment of the principal and inter¬
of a $1,500,000 collateral note issued
by the company Feb. 27 1920,
and payable to the order of Edward F.
Searles on Mar. 1 1921, but which
has not been paid, renewed or
otherwise satisfied.—V. Ill, p. 589.
est
Public Utilities Co.,
Evansville, Ind.—Name Changed.
Announcement has been made that the
company has changed its name to
Southern Indiana Gas & Electric Co.
Company operates about 68
miles of electric railway.—V.
Ill, p. 589.
the
Raritan River RR.—Notes Authorized.—
The I.-S. C. Commission has authorized
the company to issue $100,000
6% promissory notes payable one year after
date, said notes to be nego¬
tiated at a bank or banks
by the company on a basis of not exceeding 6%
per annum
to
The proceeds
current
112, p. 746.
pay
V.
are
expenses,
for the purpose of obtaining funds with which
and amounts due connecting roads.—
taxes
Reading Company.—Changes in Plan Suggested.—
The Continental
Insurance Co. and the Fidelity-Phenix Fire
Insurance
Co., New York (owners of 4,200 shares of common stock
each), have asked
the U. S. District Court at
Philadelphia for a modification of the proposed
segregation plan.
This action is taken independently of the Prosser com¬
mon
stockholders' committee
are
substantially the
Objection Is made
(see |V. 112, p. 1144), although the changes
same.
to that part of
the plan which provides that the Pre¬
ferred stocks shall share in
any distribution of the accumulated surplus,
and also to the payment of a
bonus of $10 for $1,000 bond to holders
of
Reading General Mortgage 4s.
Referring to the General 4s, the petition says: "Your
petitioners aver
a segregation of the coal and
railway properties of the Reading Co.,
pursuant to the decree of mandate entered
herein, can be effected by per¬
mitting the General Mortgage to remain undisturbed and
by providing for
the making of such agreements with
trustee under said General
Mortgage
as will render
impossible any common control of the coal and railway
prop¬
erties, and that such plan can be effected without
requiring the release of
any
property from the lien of said General Mortgage."
William B. Kurtz, a large holder of Second
Preferred stock, has also pre¬
sented a petition to the Court to
intervene, and makes suggestions for modi¬
fication of plan.
that
The argument
accompanying the petition is divided into two sections, the
first treating of the relative
rights of holders of Preferred and Common
stock in the surplus of the
Reading Company.
ment of certain Common stockholders
that the
In t^o petition the argu¬
$33,0,>0,000 surplus of the
company is exclusively the property of the Common
rt ockholders Is refuted.
The second part of the petition relates to the
proposed interference with
the General Mortgage.
The petition objects to that section of the segrega¬
tion plan which involves the
payment of a premium of $10,000,000 to
General Mortgage bondholders who
sign the release of the P. & R, Coal &
Iron Co. from the
mortgage, and suggests that the mortgage be left as it
is and that certificates of interest in the
Coal Company stock be distributed
to Reading stockholders instead of
removing Coal Co. stock from under
mortgage.
He urges that the
plan be amended to eliminate the offer of cash to bond¬
as a premium and to
provide for distribution of certificates of inter¬
est in the Coal Co., and concludes that under
this modification of the plan,
it would be
necessary for
holders
any payment to be made by the Reading stock¬
holders for the certificates of interest so
distributed, as the amount saved
by omitting the offer of a premium to the bondholders would more
than
make up the difference.
The certificates of interest should,
therefore, be
distributed without any payment therefor.
The Prosser committee has
presented to the Court a memorandum an¬
swering contentions in briefs presented by the Iselin committee,
represent¬
ing the Preferred stockholders (V. 112, p. 1144), and W. B.
Kurtz, a Pre¬
stockholder (see above).
It is regarded in some
quarters that the segregation plan will be modified
as a result of the
objections raised by the Common stockholders and bonds
against certain of the terms.
Judges Buffington, Wolley and Davis will hold a conference in the U. S.
ferred
District Court at Philadelphia on Mar. 28 and consider the
various petitions
of intervention.
It is expected they will name a date for a final court
hear¬
ing in the matter.—V. 112, p. 745, 850, 935, 1025, 1144.
Richmond Terminal Ry.—Notes Authorized.—
The I.-S. C. Commission has authorized the
company to issue under date
1 1921 two promissory notes of
$12,500 each, payable to the order
of Richmond Fredericksburg &
Potomac RR. and Atlantic Coast Line
RR.,
respectively, on or before Jan. 1 1924, with int. at rate of
6% per annum.
See V. 112, p. 1144.
of .lan.
The I.-S. C. Commission has authorized the company to acquire and
operate a line of road formerly owned and operated by the Illinois Southern
employees.—V. Ill,
The report of the distribution of the
proceeds of the sale of 181,860
shares of stock of American
Railways under foreclosure was filed in
the
U. S. District Court at
Wilmington by the special master, F. Deh.
Janvier,
Mar. 10.
The stock was pledged as collateral
for the National Properties
asked
Louisville & Nashville RR.—Bonds Authorized.—
The I.-S. C. Commission has authorized the
company (1) to pledge $4,000,000 of the Lewlsburg & Northern RR. 1st Mtge. 5s and
$1,000,000 of
Gross
consumers and
;
It is proposed that the payment of
$80,000 1st Mtge. 5% bonds due on
Oct. 1 1920 be made by issuing the holders
proportionally $40,000 new 1st
mtge. 7% bonds, to mature in 20 years, subject to a prior lien of
$15,000
Interest
Monongahela Valley Traction Co.—To Increase
Capital.
The stocltholders will vote
April 16 on increasing the capital stock
from
$16,000,000 (consisting of $12,000,000 common and
$4,000,000 6% pref.)
to $20,000,000,
lie increase in stock to consist of
$4,000,000 6% pref. (par
$25).
It is sta
d that the new stock will be
company
—Present Capital—
v.;
RR.—Suspends.—
Traffic on the road was discontinued on
March 17 as the result of
orders
of C. A. Phelan, Gen. Mgr. and
receiver, as the result of "interference and
lawlessness" resulting from the strike of
union employees last month —
V. 112, p. 933.
Service
will have a total funded debt of
$9,678,000, including
$4,746,000 of funded debt of the merged companies assumed.
The com¬
panies to be merged will be acquired for stock in Interstate Co. as
follows:
the
Missouri & North Arkansas
THE
1284
operation in its
out of 59.
includmg 2
I enn-
subsidiary, the Carnegie Steel Co., calls this week for 45%
steel works departments, and it now has 25 active blast furnaces
"Out of 166 merchant furnaces, only 27 are now operating,
in Alabama and 1 in Tennessee, and several furnaces in New York,
Seaboard Air Line Ry.—
I.-S. C. Commission has authorized the company to abandon
1.39 miles of a branch line of road in Nassau County, Fla.-—V, 112, p. 258,
The
sylvania and Ohio will probably blow out soon.
.
.
"The week has been the best in many months in structural steel.
Agri¬
cultural implement works promise to be poor buyers of steel in 1921.
Im¬
plement warehouses are well stocked and farmer buying power
The "Iron Trade Review" of Mar. 24 says: "German steelmakers have
invaded the Cuban market and in recent weeks have taken 4,300 tons or
rails much below American prices.
Germany also sold Argentina 10,000
steel wheels against American and British competition, and British mills
captured 2,000 tons of structural material for Mexico.
A sale of
of Chinese pig iron was made to a California buyer at $35 ex-ship^
where, American producers are faring better in the export market.
933, 1025.
Electric Ry., Conn.—Successor Company.—
The committee on railroads of the Connecticut Legislature has reported
favorably on a bill incorporating the Eastern Connecticut Ry. to purchase
all the present line of railway now owned by the Shore Line through Nor¬
wich, Preston, Ledyard, North Stonington and Stonington to the Connecti¬
cut-Rhode Island line at the Pawtucket River and connecting with the tracks
of the N. Y. N. H. & Hartford RR. at Brewster's Neck.
The capital of the
company is $50,000, with the right to increase to $500,000.
Incorporators
Shore Line
Robert W. Perkins, Norwich; Edward M. Day, Hartford, and
B. Whittlesey, New London.
("Elec. Ry. Journal.")—V. 112, p.
are:
& Electric Co.—New
Southern Indiana Gas
See Public Utilities Co.
is low.
1,000 tons
Else¬
Charles
1025.
red, $1 69 Mar. 22 agst.
:
Electric RR.-—Sale of 3 Roads.—
Judge Cummings at Sunbury, Pa., on March 18 directed the sale of the
Sunbury & Selinsgrove Electric RR., the Sunbury Milton & Lewisburg
RR., and the Chillisquaque Connecting RR., which have been in receivers'
Sunbury & Selinsgrove
Table Showing the
hands since 1913.
The order of sale of the three properties is
bond claims of more than $600,000, with interest
made to satisfy mortgage
defaulted for 8 years. The
Sunbury & Selinsgrove runs between these two towns, and is 7 miles long.
The Sunbury Milton & Lewisburg does not touch Sunbury, but operates
two miles of line along the Pennsylvania RR. yards above Northumberland,
while the other line exists on paper.
Frederick J. Byron and Charles
Sunbury,
Grant,
are
receivers.
Tennessee Alabama & Georgia RR,—Permanent
Charles Hicks, formerly Gen. Mgr. and temporary receiver,
appointed permanent receiver.—Y. Ill, p. 2424.
Toledo Terminal
Receiver
has been
RR.—Notes.—
authorized the company to issue $72,000
under a certain proposed agreement of conditional sale
Locomotive Company covering the acquisition of 2
C. Commission has
The I.-S.
of promissory notes
the American
with
freight locomotives, costing
111, p. 2521.
$96,500, of which $24,500 paid in
cash.—V,
Trenton Bristol & Phila. Street Ry.—Fare Increase.—
The company has been granted permission by the P. S. Commission of
Pennsylvania to increase its fares from 7 to 8 cents between Morrisville,
Trenton and Torresdale and intermediate stations.
Special car rates are
also advanced.—V. 110, p. 466.
United RRs. of San
Francisco.—Plan Progress—Sale.—
by the Union Trust Co. of San Francisco
Cable 1st Mtge. 6s, due Apr. 2 1918, it Is
expected that the reorganization plan will be fully accomplished and the
new securities issued and ready for delivery on or before Apr. 30 next.
The road was sold under foreclosure Mar. 24 to the Market Street Ry. for
$7,000,000, in accordance with the reorganization plan.—V. 112, p. 1026.
According to a letter sent out
holders of the Omnibus
to the
Virginia & Blue Ridge Ry.—Note
The I.-S.
Authorized.—
authorized the company (1) to
C. Commission has
issue 12
promissory notes, aggregating $106,000, it 6% p. a., for the purpose of
extending certain loans evidenced by promissory notes for a like amount now
50,000 1st Mtge. to pledge as collateral security
fast due; and (2) bonds.—V. Ill, p. 1662.
for certain of said notes
& Annap. Elec. RR.—Guaranty.—
acquisition of the Annapolis Short Line, the acquisition
Washington Bait.
In regard to the
has been effected upon
by the following terms:
The company guarantees
(1)
the principal and interest of
$1,000,000
bonds of the Baltimore & Annapolis Short Line RR.,
It guarantees the principal and interest of $732,000
15-Year Sinking Fund 7% bonds of the Annapolis Short Line RR., issued
to take up the floating debt of the property.
This $732,000 of bonds has
been issued at 92.
(3) The company also guarantees principal and interest
of $240,000 car trust certificates issued by the Annapolis Short Line RR.,
payable 10% p. a. with interest at 7%.
See V. 112, p. 654, 850, 933.
1st Mtge. 5% 40-Year
due Aug. 6 1946.
(2)
Wisconsin & Northern RR.—To Be Acquired.—
Minneapolis St. Paul & Saulte Ste. Marie Ry. above.—V. 112, p.
See
746.
General
Industrial
AND
and
MISCELLANEOUS
Public
1 65
1 00
_
Department"), either concurrently or as early as practicable
after the matter becomes public.
Legislation at Albany.—(a) N. Y. Port Development bill passed; "Times"
Mar. 24, p. 19.
(b) Dry bills pass Senate; Ide n Mar. 23, p. 17.
fc) High¬
Senate; Idem Mar. 24, p. 19.
(d) Bill to fix
prices introduced by Senator Nathan Strauss Jr.; "Sun" Mar. 22, p. 3.
Shipping Board Has 536 Vessels Idle and 54 Building.—"Jour, of Com¬
merce
Mar. 23; "Wall St. Jour." Mar. 24, p. 9.
Wages.—(a) Meat packers reach agreement as to temporary wage de¬
crease.
See "Current Events" above and "Times" Mar. 24, p. 1; Mar. 25.
(b) International Harvester Corporation; see that company below,
(c) Int.
Nickel Co. cuts wages of unmarried employees in Canada 15%; 300 out
of usual 700 men now at work there.
"Boston N. B." Mar. 21.
(d) Ship-
Sards 8, p. 17. (e) Anaconda Copper Co., &c., declineApril 1. "Times"
lar. at N. Y. Harbor announce 10% reduction for
to renbw contract
with unions; "Boston N. B." Mar. 3, p. 5.
(f) Gov. Kilby
cides against Alabama coal miners; "Times" Mar. 20, p.
as
4.
arbiter de¬
(g) State
report wages of farm laborers as reduced to $50 to $75 a month
without board, as against $75 to $100 in 1920 and $40 to $60 prior to war.
"Sun" Mar. 22, p. 2.
(h) Labor costs, rents, &c., 1914 to 1920; "Boston
N. B." Mar. 22. p. 6.
(i) 13,000 striking painters at N. Y. accept agreement for 1920, with
wages at $1 12 an hour for a week of five 8-bour days;" Sun" Mar. 22, p. 8.
(j) "Engineering News-Record" of Mar. 24 reports in Chicago continued
unemployment has forced unskilled common labor down to 50c. per hour,
whereas
recently rate was 60@ 65c.
Boston builders break with union
authorities
employees.
Union carpenters at Birmingham, Ala., voluntarily cut their
14%.
In Colorado 97 Cheyenne building crafts are striking against
a dollar a day decrease.
Denver contractors and unions have practically
reached agreement on a dollar reduction.
The National Association of
Builders' Exchanges forecasts a general wage reduction.
Strikes.—(a) Coastwise tug men at N. Y. agree to strike against wage
cut and ask Hoover to investigate.
D. L. & W. RR. said to be the only
local road not affected.
"Sun" Mar. 24, p. 23.
Harbor men accept cut;
wages
22.
(b) 2,000 N. Y. tailors strike for 44-hour weei;
(c) 150 Kansas coal miners strike despite Court or¬
der; "Times' Mar. 23, p. 15.
British Coal Miners.—(a) Crisis due to insistence on national wage settle¬
ment.
"Times
Mar. 25, p. 17.
(b) Protest against decision to end Gov¬
ernment underwriting of coal industry on Mar. 31; "Coal Trade Jour.,
''Times" Mar. 24, p.
Sun" Mar. 22, p. 3.
Mar. 23
Labor
p.
339
Conditions
Detroit.—Employees at work, 75,781 (24,683 full
4 1921 and 192,000 to 200,000 in Feb. 1920.
p. 5.
Dodge plant reopened Mar. 17; "Times"
Buick plants (Gen. Motors Corp.) at 40% of capacity;
at
agst. 30,919 Jan.
"Bost. N. B.\ Mar. 23,
time),
Mar.
18, p. 4.
"Boston N. B." Mar. 21, p. 11.
Steel and Iron.—The
"Iron Age" of Mar. 24 says in brief: "Better buy¬
ing of steel for construction and the reinstating of a few more fractions of
the voluminous cancellations by automobile builders have been favorable
features of the week.
Price developments are not uniform and cannot be
Pig iron and scrap are lower.
[Valley pig No. 2 being
quoted at $25 Mar. 22, agst. $27 Feb. 22 1921 and $42 Mar. 23 1920.]
In finished lines the weak spots still are wire products, sheets and bolts and
nuts.
[Open hearth sheet bars at Pittsburgh quoted at $38 50 Mar. 22,
$42 Feb. 22 1921 and $70 Mar. 23 1920.1
"The Steel Corporation has been taking new business at the rate of about
15,000 tons a day, or nearly one-third of capacity.
The schedule of its
called significant.
Jan. 1
1920.
1919.
1918-
1917.
$6 10
4 50
2 60
$5 00
3 25
1 75
2 98
3 02
$4 00
2 60
2 32
$3 75
2 55
1 20
$2 95
2 05
95
1 63
1 67
48
3 48
3 73
2 38
2 08
52
3 52
3 77
2 42
2 12
75
3 00
3 50
2 75
2 25
2 00
1 69
Healdton
00
2 25
2 75
2 00
1 45
1 20
80
Gulf Coast
25
1 75
*2 50
1 50
1 80
1 00
98
Canada
88
3 88
4 13
3 38
2 78
2 58
2 08
*
High price of $3 reduced to 50 cents in the latter part of 1920.
Matters Covered in "Chronicle" of March 19.—(a) Building operations in
1920, p. 1075 to 1078.
(b) Canadian water powers and pulp and paper
developments,
(c) Foreign Trading Corp., p. 1086.
(e) Stock Clearing
Corp., p. 1088.
(f) War Finance Corp., Eugene Meyer again Managing
Director,
(g) Work of 69th Congress.
(h) Ruling as to liquor for medicinal purposes.
,
(i) Farm prices 70% above pre-war normal,
(i) Proposed national sales
agency for grain, p, 1099.
(k) Kansas flour mills must have approval of
Court to shut down,
(I) Plans for pooling wheat, p. 1100.
(m) Sugar
prices, slight advances, p. 1100.
(nj Embargo on wool urged by Presi¬
dent, p. 1100.
(o) Hard coal prices cut, p. 1100.
(p) Dye industry, p.
....
....
1101.
Income tax matters, Solicitor General
1107, 1109.
N. Y. Tax
1100,
(q)
sales of securities, p.
in, p. 1108.
Abitibi
U. S. Govt, appeals.
Power
admits error as to ruling on
Bureau will not concur there¬
"Fin. Am." Mar. 22.
1
Co.,
Paper
&
Ltd.—Bonds Offered.—
Peabody, Houghteling & Co., Chicago, are offering at par
and int. $4,000,000 Consol. Mtge. 8% Sinking Fund gold
bonds.
A circular shows:
March 15 1931.
Denom. $1,000, $500 and
Int. payable in U. S. funds at First National Bank, Chicago,
New York.
Montreal Trust Co., trustee. Int.
payable without deduction for Federal income tax, but not in excess of 4%.
Provisions of Issue.
Dated March 15 1921, due
$100 (c*).
and Chase National Bank,
Now issued to reimburse
the treasury for
construction expendit's_$4,000,000
Gen. Mtge. bonds, to bear int. at
determine, but not exceeding 8%-- 7,815,500
Reserved for addit'l working capital, provided net earnings are
not less than 4 times int. charges on all funded debt issued and
to be issued, and subject to the approval of Peabody, H. & Co. 2,184,500
Security.—Secured by a direct mtge. upon all the property now owned
or hereafter acquired, subject only to $3,815,500 1st Mtge. 6% serial bonds
and $4,000,000 6% Gen. Mtge. Sinking Fund bonds.
Sinking Fund.—Mortgage provides a sinking fund of 10% of annual net
profits available for divs. (but in no event less than $300,000) to be applied
by trustee to the purchase of these bonds up to 110% and int.
Net Earnings Available for Interest and Depreciation.
Reserved for retiring First &
such rate as directors may
$2,125,718
$5,043,133
468,930
& General Mortgage bonds
and Skg. Fd. on 1st & Gen.
Serial payment
1920.
1919.
1918.
$1,643,654
1917.
$1,323,001
Maximum interest charge on
Balance
420,700
Mtge. bonds
320,000
consolidated bonds..
$3,833,503
...
Authorized. Outstand'g.
250,000sh. 250,000sh.
$1,000,000 $1,000,000
(closed) 5,000,000
3,815,500
:
5,000,000
4,000,000
8% Consolidated Mtge. bonds (this issue).
14,000,000
4,000,000
Purpose.—All bank loans and all other floating indebtedness are provided
for by the proceeds of these bonds.—V. 112, p. 851, 934.
.
Capitalization after this Financing—
value)..
Common shares (no par
7% Cumulative Preferred stock
6% IstM. bonds maturing serially, 1922-34
6% Gen. M. Sinking Fund bonds (closed)
motor tax voted by N. Y.
milk
Jan. 1
1921.
2
2
1
1
1
2
North Lima
Illinois...
Mid-Continent
$939,873
Utility News.—The
Jan. 1 Jan.l
Jan. 1
$5 50
4 00
2 00
$3 00
Pennsylvania
Somerset, light
Ragland
Crude Oil.
Jan.27
1921.
1921.
Maximum interest on First
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
er
Price of the Principal Grades of
Mtir. 24
1916.
INDUSTRIAL
at
prices for the past 15 months have been recorded
following commodities, viz.: (a) Wheat, No. 2
$2 12 Jan. 12 and $1 79, the low. Nov. 27, and
$2 60, the high, Jan. 7 1920.
(b) Flour, Minn, patent, $8 75 Mar. 22.
agst. $10 50 Jan. 13 and $9, the low, Dec. 1, and $16 25, the high, Jan. 7
1920.
(c) Eggs, 26c. Mar. 22, agst. 79c. Jan. 17 1921 and 89c. Dec. 10,
the maximum for 1920.
Oil.—Carl H. Pforzheimer & Co., 25 Broad St.. New York, specialists in
oil stocks, report as of March 24 as follows:
Prices.—New low
wholesale this week for the
Name.—
' " Ci
above.
[Vol. 112.
CHRONICLE
American
Brake
Shoe & Foundry
Denver—Also American Forge
"Annual Reports"
See
on a
Co.—New Plant at
Co.—
preceding page.—V. 112, p. 472.
American Coated Paper Co., Inc.—Enjoined.—
Judge John C. Knox in the XL S. District Court, March 14, on application
of Francis G. Caffey, U.S. Attorney, granted a perpetual injunction against
the American Coated Paper Co., Inc.. National Coated Paper Corp., Paw¬
tucket Glazed Paper Co., David G. Garravant, as co-partner in the firm
of Bulkley. Dunton & Co.. and Edward G. Lloyd, restraining them from
engaging or carrying into effect an alleged combination in restraint of trade.
The Department of Justice alleged in its petition for the restraining order,
that the defendants named were in a combination to maintain uniform
prices in the sale and distribution of their products contrary to the provisions
of the Anti-Trust Law.
American Hawaiian SS.
Co.—New Officers.—
Henry Dearborn has been elected President to succeed the late George S.
W. Averill Harriman has been elected Chairman of the Board,
and J. D. Tomlinson as Vice-President.—V. 112, p. 1027.
Dearborn.
American Ice Co.—No Extra
The regular
Dividend.—
quarterly dividend of 1 % has been
declared on the outstand¬
ing $7,500,000 Common stock, par $100, payable Apr. 25 to
record Apr. 8.
Quarterly dividends of 1% each have been
Jan. 1920: an extra of 1% was also paid in Jan. last.—V. 112, p.
holders of
paid since
254, 64.
Co.—Liquidation Proceeding
Journal" March 22 says:
Active negotiations for sale of the properties are now being carried on and
no difficulty is being experienced in liquidating accounts receivable for malt
delivered.
With the exception of storing grain for other companies in its
5 plants, the company is not operating.
A sum sufficient to pay carrying
charges of the plants, including all taxes, is being realized.
The bonds
outstanding have been reduced by retirement to $121,000.
Cash on hand
American
Malt
&
Grain
Satisfactorily.—The "Wall Street
of which $430,000 is being loaned out at call.
the stock a liquidating value of approximately
share.
Summing up the situation he said: "We expect to have at
least $700,000 in cash on hand after bond retirement.
The five plants
were carried in the balance sheet at $983,000, which was the lowest figure
which the Court allowed us to take them over at when we purchased them
from the old American Malting Co. in 1919.
We believe we can realize
$1,000,000 by the sale of the plants, which would put us in possession
about $1,700,000, equal to $33 a share on the stock.
"Poor business conditions and the money market are retarding the sale
now
amounts to $465,000,
One of the trustees gives
$33
a
of
and just when they can be disposed of at a suitable price is a
As soon as we dispose of one or more of them, it is the intention
a liquidating dividend and not make stockholders
await final liquidation.
This would probably take the form of a $10 dis¬
bursement."—V. 112, p. 64.
of plants,
question.
the
trustees to declare
of
March 26 1921.]
American
THE
Railway Express
CHRONICLE
Co.—Receives $19,700,600.
Ashland
The company has been reimbursed $19,700,000 from the United States
Treasury to cover losses incurred through operations during the six months
guarantee period, from March 1 to Sept. 1 1920.
The loss and damage
claims alone for goods stolen during that period will exceed
and the total deficit
—V.
was more
than $30,000,000.
American Ship & Commerce Corp.—New Officers.—
on
Invites
Ex-President
William H.
Taft to Make Impartial
meeting yesterday of the board of direc¬
tors a letter from the Messrs. Guggenheim Brothers
was
presented respecting the charges of Karl Eilers and author¬
Investigation.—-At
a
ized to be forwarded
This
statement
to
the denials
in the Eiler statements.
' ; v
Guggenheim further urge that some man of
national reputation for integrity and ability be invited to
make a personal investigation of the various charges.
They
recommend that ex-President William H. Taft be requested
to undertake the task and the representatives of the man¬
agement have accordingly sent a formal invitation to Mr.
this
bondholders,
from
Brothers,
noteholders,
asked
creditors and Preferred and Common
subscribe to the following refunding plan
to
ap¬
Plan
for
Funding
Note
and Current Liabilities
Capital Requirements.
and
Financing
Working
There will be issued 2d Mtge. 7% bonds,
payable July 1 1936, callable
at 110 and interest, in the aggregate sum of $2,000,000.
[If the plan goes
through, avoiding foreclosure, it is proposed to leave the present stocks and
first mortgage bonds unchanged in amount and
undisturbed.—Ed.]
(a) Part of these new bonds, namely, $1,050,000, it is proposed to sell at
parties in interest in the following amounts:
Bondholders
15% of their present holdings
Noteholders and creditors prior to receiv'ship_25% of face of claims
Preferred stockholders—
15% of their present holdings
Common stockholders
10% of their
.
present holdings
(b) Part ($625,000) will be issued in full settlement of claims as follows:
Noteholders and creditors prior to receiv'ship_ 75% of face of claims
Creditors of the receiver
-,__100% of face of claims
(c) The remainder ($325,000) will be held in the treasury for future sale.
Application
of the
$2,000,000
Second
Mortgage
Bonds.
Cancellation For-Cash
Statement
Dated
at
by the Messrs. Guggenheim
York, March 24.
New
(1) The salary of the President of the company, Mr. Simon Guggenheim
was paid to Mr. Karl Eilers when he
[Paragraphs 2 and 3 deal with the disposition of the outside mining prop¬
erties, and explain the reasons that made it necessary to give up the copper
sales agency.
See full particulars in the annual report which was pub¬
lished in last week's "Chronicle," p. 1152 to 1157; also see V. 112,
p.
254, 472.—Ed.]
(4) Mr. Simon Guggenheim. President of the company, is the largest
single stockholder of the company, the total holdings in Common and
Pref. stock of Mr. Guggenheim and his wife being in excess of 28,000 shares.
Mr. S. R. Guggenheim, although not a director, is the owner of 8,000 shares
of the Common stock of the company.
Messrs. Isaac and Daniel Guggen¬
heim are directors, but not officers of the company and draw no salaries.
(5) That the policy of the present management has been successful is
evident from the fact that in the fiscal year of the company ending April 30
1901 the net earnings of the company were $3,828,000, representing 3.83%
of the then outstanding capital stock.
During the year ending Dec. 31 1919
the net earnings were $11,248,000, being 9.09% of the then outstanding
capital stock, the latter year being a reconstruction year following the sign¬
ing of the Armistice, during which industrial and commercial conditions
were generally unsettled.
At the end of the year 1903 the net current and
working assets of the company were $17,963,803.
At the end of the year
1919 the net current and working assets were $54,486,895.
(6) We venture to recommend that the board invite a man of the high
character and standing of ex-President William H. Taft to conduct a careful
impartial investigation of all charges which have been made or which may
be made.
We should be glad personally to
defray the expense of such an
inquiry if that should be regarded as consistent with the company's interest.
Mr. Taft, or whomever the board may select, should have power to em¬
ploy expert assistants, such as accountants, engineers, counsel, metallurgists
and other specialists.
He should have access to all records and documents
and his findings should cover specifically the
question as to whether th
Messrs. Guggenheim have or have not at all times in their relations with
the company consulted primarily the interests of the stockholders, and
whether anything has been done by them which was not in accord with
high standards of trusteeship and honorable conduct.
[Signed: Isaac Guggenheim, Daniel Guggenheim, Murry Guggenheim,
S. R. Guggenheim and Simon Guggenheim.]
The proxy committee for the management
further
say:
We expect to nominate and place upon the board a substantial number of
directors, representatives of important financial institutions, which
large stockholders, including trust companies, bankers and insurance
companies.
There will thus be a representation of the largest stoekholdders
and some of the most important financial institutions or New York
City.
[Signed: Simon Guggenheim, E. L. Newhouse, F. H. Brownell and William
Loeb Jr., holders of proxies requested by present
management.]
new
of Claims,
By present bondholders, 15% of present bondholdings (int. due Jan. 1 1921 to be paid)
By present noteholders, 25% of face of notes
To present noteholders who subscribe for
bonds, 75% of face of notes in cancel¬
lation thereof
$450,000
By creditors prior to receivership, 25%
Investigating Committee Formed.—
(at Par).
$300,000
150,000
.
•
of face of claims.
To
25,000
creditors
subscribe
prior to receivership
(who
for bonds),
75% of face of
claims in cancellation thereof
To
receiver's creditors
claims 100% of face.
in
75,000
cancellation
of
100,000
By Pref. stockholders, 15% of holdings..
By Common stockholders, 10% of holdings
x
x
—
The Preferred stockholders shall surrender all claim and right to unpaid
dividends prior to April 1
Balance
Sheet,
Giving
1921.
Effect to the Plan (Adopting
Receivership Proceedings).
Assets—
Cash &
accts.
receivable.
Material & work in process
Unexpired insurance
Other
assets
Investments
Bonds
Appraisal
Made
in
Liabilities—
Cash from sale of bonds..
z
Cash on deposit
x
375,000
200,000
$625,000 $1,050,000 $1,675,000
325,000
v
Balance for sale
unsold
Fixed assets
Preferred stock
Common stock
$124,217
1,050,000
$2,500,000
2,000,000
5% 1st Mortgage bonds.. 2,000,000
7% 2d Mortgage bonds.. 2,000,000
Current taxes.....
50,000
310,954
122,668
4,657
89,818
49,142
325,000
6,473,543
Total (each side)
$8,550,000
Real estate, $648,300; bldgs. with equipt., $3,818,758; good-will, pat¬
ents, trade-marks, &c. (carried on the books prior to the receivership at
x
$3,028,168), $2,006,485.
for capital expenditures.
z
With Guaranty Trust Co., N.
Y., available
Foreclosure Sale Due.—The property is subject to foreclosure on and after
April 1 1921.
To prevent that action this plan must be agreed to
Payments for Bonds.—Payment for the bonds subscribed
promptly.
may be made in
four installments at the Winters National Bank, Dayton, the first quarter
in cash on or before March 21 and the remaining three on April 15. May 15
and June 15.
The plan has the following signatures:
Directors.—C. H. Rembold (President), Lawrence Maxwell, H. W. Loth-
are
Stockholders'
are
proved by the directors, stockholders' committee and the receiver, Valen¬
tine Winters.
This plan is dated March 6 1921.
end.
Extracts
is $30,000, which is $10,000 less than
was Vice-President of the
company.
.
The
stockholders
par for cash to
The Messrs
Taft to
Barney & Smith Car Co., Dayton, O.—Refunding Plan.
supplements
covered in
Condensed
Atlantic Petroleum
Corp.—Listing—Earnings.— /
The New York Stock Exchange has authorized the
listing of temporary
interchangeable certificates for $6,807,375 capital stock (auth. $7,000,000),
par $25, on official notice of issuance in exchange for present
outstanding
capital stock of the par value of $5 per share, at the rate of one $25 par value
share for each 5 shares par $5 each.
The stockholders on Mar. 11 author¬
ized the change in the par value.
The income account for the calendar year 1920 shows: Gross
income,
$3,202,451; expenses, $690,612; abandoned and canceled leases, $319,940;
reserves for 1920 Federal (est.) taxes, $25,000; reserve for
depreciation and
depletion, $463,834; reserve for drilling costs, $657,470; balance, surplus,
$1,045,595; deduct dividend of 2%% (being initial div. paid Jan. 20 1921),
$170,184; balance, $875,411; profit and loss surplus Dec. 31 1920, $1,085,430.—V. 112, p. 164, 260.
the stockholders.
and further explains the
already made by President
Guggenheim, Chairman Newhouse and the directors them¬
selves under dates of Dec. 30, Dec. 22 and Jan. 30 (V. 112,
p. 254, 472) respecting the outside mining properties and
the discontinuance of the sales agency, and again reiterates
that three members of the Guggenheim family own 36,000
shares of the stock, not merely the 324 shares referred to
matters
Steamship Lines.—
Shipping Board which call for the delivery of 6,000,000 bbls. of fuel oil and
9,000,000 bbls. of crude.—V. 112, p. 1146, 1027.
the Common stock in
American Smelting & Refining Co.—Emphatic Denial
of Eilers Charges by the Guggenheim Brothers—Three Members
of the Family Own 36,000 Shares of Stock—New Directors to
be Chosen to Represent Other Large
Interests—Management
par t, at
The company, it is reported, is negotiating for the sale of its oil
properties
and tanker fleet.
The sale, it is said, will include contracts with
the U. 8
Shipbuilding Co.—Extra Dividend.—
has been declared
or
Atlantic Gulf & West Indies
R. H. M. Robinson has been elected President,
succeeding W. Averill
Harriman, who becomes Chairman of the Board.—V. 112, p. 1027.
An extra dividend of 2 M %
Co.—Preferred Stock Offered.—
95 and div„ $600,000
Divs. Q.-M.
Callable,
103.
Participates with common stock on divs., exceeding 8 %.
Company was incorporated in 1863 in Connecticut.
Net assets, $300 per
share.
Output, 6,000,000 yards per annum.
Average annual earnings
past three years, equivalent to nearly four times dividend requirements on
this issue.
Arthur H. Brewer, Norwich, Conn., President.
all
$12,000,000,
("Chicago Economist.")
addition to the usual quarterly dividend of 1 % %, both payable
May 2 to
holders of record Apr. 15.
Extra dividends of like amount have been paid
quarterly since Feb. 1919.—V. Ill, p. 2523.
Cotton
Barstow, Hill & Co., Boston, are offering at
Partic. 8% Cumul. Pref. (a. & d.) stock, par $100.
112, p. 565.
American
1385
mann,
T. C. Simpson, Claude V. Black, Emile E.' Werk, E. F. Kimmel.
P.
Taft, William Cooper Procter,
Stockholders'
Committee.—Charles
Lawrence Maxwell.
Receiver.—Valentine Winters.—V.
Barnsdall
A stockholders'
112, p.
1027.
Corporation.—Listing.—
investigating committee has been formed and includes:
Henry Evans, Chairman Continental Insurance Co.; Clarence H. Kelsey.
President Title Guarantee & Trust Co.; Henry K. Pomroy,
Denny, Pomroy
& Co.; Willis D. Wood of Ladd & Wood; Henry Whiton, President Union
Sulphur Co.
Title Guarantee & Trust Co. is depositary for committee.
A dispatch from Monterey, Mexico, Mar. 18 states that all of the
princi¬
pal mines in the districts of Durango and Coahuila, from which the smelter
of the American Smelting & Refining Co. at Asarco, in the Velardena dis¬
trict, draws its ore supply, have closed down, throwing several thousand
On and after March 21 1921 the capital stock of the company will be
stricken from the Boston Stock Exchange list, more than 95% of the stock
laborers out of employment.
having been exchanged for Class B capital stock Barnsdall Corp.—V. 112,
While the smelter is still operating, it is stated that it is facing a shortage
of fuel, and this fact, together with the cutting off of its ore supply, may
cause it to suspend operations.
The smelter still has a considerable supply
of high grade ore on hand.
The suspension of mining operations is due to
112, p. 1138.
the low price of silver and lead, it is stated.—V.
Murry H. Coggeshall of Coggeshall &
director.—V. 112, p. 1027.
Ames-Holden-McCready,
Hicks, N. Y., has been elected
The
Oil
Ltd.—Bond Issue.—
Co.—Stock.—
offered for sale in London 600,000 10% "A"
Pref. shares of $1 each at 5s. per share.
The
company, incorp. in Delaware, owns oil properties in Oklahoma which have
been in operation since Jan. 1920.
The whole of the present capital of
$4,000,000 is held by the British Motor Spirit Co., Ltd.
company
recently
Cumulative Participating
.
Armour &
Co.—Packers Announce
Wage Agreement.—
See under "Current Events" this issue.—V. 112, p.
Arundel
Common and Pref.
V.
1027, 935.
Corporation.—Earnings.—
Net income for 1920 amounted to
stocks there
Ill, p. 297.
$149,803.
was
a
Bigheart
Producing
After dividends on both the
deficit for the year of $81,576.—
&
Refining
Co.
below.—V.
112,
Bigheart Producing & Refining Co.—Stricken from List.
p.
65.
i
.
.
1
(E. W.) Bliss Co., Brooklyn.—Annual Report.—
Calendar Years—
Net earninga after depre-
1920.
1919.
Preferred dividends
Common divs. (cash)
Surplus
Total
surplus
1918.
1917.
„
taxes—$2,376,338
114,500
615,000
Com. divs. in Lib. bonds-
The purpose of the $2,000,000 7% 10-year 2d Ref. Mtge. bonds is "to
provide for the exchange, refunding or payment of the outstanding 2d Mtge.
Debentures, and to provide the means of raising further moneys required by
the co. in the conduct of its business opera tions."—V. 112, p. 1146, 851.
Anglo-Texas
(par $25).
See
1019, 935.
p.
ciation & Fed'1
American Writing Paper Co.—New Director.—
a
The Boston Stock Exchange on March 18 1921 placed on the list 520,000
shares Class A Voting stock and 170,000 shares Class B Non-voting stock
-$1,646,838
$1,855,524
$1,271,353
100,000
100,000
(45)562,500(37^)468750
(10)125,000
$2,339,925
100,000
(50)625,000
——
$1,193,024
$577,603
$1,614,295
.-$18,925,133 $17,274,080 $16,131,878 $15,336,134
Unfilled machine orders amount to about $2,500,000.
In addition,
torpedo work which is being billed to the U. S. Government at about
$1,000,000 a month will last for several months.
There are $3,962,000 bank loans outstanding, also capital stock as recast
during 1920, via.: (a) $1,500,000 1st Pref. stock 8% cum., par $50; (6)
$300,000 6% cum. 2d Pref. stock, Class B, par $10; (c) 300.000 shares of
no par value common.
There are also 40,000 shares of 7% Cum. 2d Pref.
stock. Class A, issuable at discretion of board.
Compare V. Ill, p. 391,
694, 1372, 2524.
British-Amer. Nickel Corp., Ltd.—New
Financing Plan.
The bondholders will hold a meeting on March 31 "for the purpose of
considering the reconstruction of the corporation."
It is intended to con¬
sider a new financing scheme, which would involve the issue of $24,500,000
in bonds of three classes: $6,000,000, first income; $6,000,000 "A" income,
and $12,500,000 "B" income.
Of the first issue. $4,000,000 would be hy-
pothecated for debts and the balance held in the Treasury.
The second
$6,000,000 would be exchanged for 15-year first mortgage bonds.
The
$12,500,000 issue would be exchanged for .$10,000,000 debenture stock,
and the $2,000,000 remaining would be issued to satisfy certain claims of
Norwegians.
("Toronto Globe" March 16.)—V. 112, p. 1028, 565.
British
Empire Steel Corp.—Companies
Merger—Terms of Exchange.—
Going
into
Steel Corp., Ltd., and the Nova Sco¬
tia Steel & Coal Co. will vote Apr. 7 on consolidating in the British Empire
Steel Corp.
The Halifax Shipyards, Ltd., will also go into the merger.
The present Preference shareholders of the companies going into the merger
will receive new 7% Cumulative Pref. shares Series "B" share for share.
This Series "B" stock ranks as a first preference both as regards dividends
and distri- bution of assets on a winding up with Series "A" Pref.
The
Series "A" Pref. is to be set aside and will be issued from time to time to
obtain new capital as required.
The 7% Preference shares Series "B" are to be exchanged as follows:
(1) For 6% Dominion Steel Corp. Pref., $7,000,000: (2) for 7% Dominion
Iron Pref., $5,000,000; (3) for 7% Dominion Coal Pref., $3,000,000: (4) for
8% Nova Scotia Pref., $1,200,000; (5) for 6% Eastern Car Pref., $750,000;
(6) for 7% Halifax Shipyards Pref., $3,000,000; total, .$19,950,000.
The basis of exchange of the Common stocks is as follows:
(1) Each fully paid Ordinary or Common share of the Dominion Steel
Corp. will be exchangeable for $95 of fully paid 7% Cumulative Second
Preference shares and $40 fully paid Common stock in the British Empire
The stockholders of the Dominion
Steel Corp.
(2) Each fully paid Common share of the Nova Scotia Steel & Coal Co.
exchangeable for $90 fully paid 7% Cumulative Second Preference
shares of the new corporation.
April 18. to the unissued $1,183,000 common stock at par, at the rate of one
for each five shares of their holdings.
Payment for subscriptions
be made in full at the time of subscription or in installments.
If
payment be made in installments, interest at rate of 6% per annum will be
paid upon installments.
Underwritten.—The directors have arranged for the underwriting by a
firm of bankers of the shares of both issues not taken by the stockholders, fet
President M. C. Lefferts, March 2, says in substance:
Ever since organization in 1891 it has been the policy of the company to
finance its large investments in real property, buildings, machinery and
other capital expenditures, as well as to furnish the increased amounts of
working capital necessitated by the enlarging business, entirely from its
earnings.
During 1920 alone company expended $1,389,874 for such pur¬
poses, all of which was taken from the surplus earnings.
The company is now contemplating immediate further extension and
enlargement of its plants for the purpose of enabling it to accept business
which, owing to its lack of capacity, it has been compelled to decline during
the past five or six years, and in view of the considerable amounts of money
required for such extensions and for the increased working capital called for
by such enlarged business, the directors have resolved to issue the above
stock instead of continuing to cake the needed amounts from the earnings
share
may
of the
company.
The entire proceeds
shares and $40 Common
Will Receive
7% 2d Pref.
Common.
$43,000,000 $40,850,000 $17,200,000
15,000,000
13,500,000
6,000,000
Present Common—
Dominion Steel Corporation
Nova Scotia Steel &
of Halifax Shipyards will be ex¬
Preference shares and $25 Com¬
Coal
3,000,000
1,250,000
Approximate Capitalization of New Corp. Outst'y upon Exch. of Securities.
Halifax
Shipyards
-
5,000,000
—
Cumulative Preferred Series "A"._
Cumulative Preferred Series "B"
Cumulative Second Preferred stock
8%
7%
7%
__
$19,950,000
57,350,000
stock.24,450,000
bond and debenture issues of the various companies are to remain
The
British Empire Steel Corp. will be issued
other than those necessary to provide for the exchange of the present out¬
standing securities of the three companies involved in the merger.
Roy M. Wolvin, who probably will be the President of the consolidation,
is quoted as saying that the constituent companies were well fortified to
carry on their respective operations and, as no extensive developments or
improvements were under way, the need of new money was not urgent.
Financing for additional development of the very large natural resources
would be undertaken when general conditions warranted.
[The companies which were originally to compose the British Empire
Steel Corp. were: Dominion Steel Corp., Ltd., and its subsidiaries; Nova
Scotia Steel & Coal Co., Ltd., and its subsidiaries: Canada Steamship Lines,
Ltd., and its subsidiaries; Collingwood Shipbuilding Co., Ltd., and its
subsidiaries: Halifax Shipyards, Ltd., and its subsidiaries; Davie Ship¬
building & Repairing Co., Ltd., Maritime Nail Co., Ltd., Century Coal Co.,
Ltd.]—V. 112, p. 852.
Brooklyn Edison Co., Inc.—Bonds Listed.—
The New York Stock Exchange
has authorized the listing of $3,000,000
1920.
Calendar Years—
Net
New York —Earnings.—
profit, after Fed. taxes..
$307,713
dividends
(8%)73,410
Preferred
1919.
1917.
1918.
$326,494
$441,896
$261,014
6,107
_
______
$234,303
$320,387
$441,896
$261,014
_$2.198,485x$l,964,182 $2,340,833 $1,898,937
deducting sundry adjustments.—V. Ill, p. 2426.
After
By-Products Coke Corporation.—Subscription
If the stockholders
taxes, &c., for the year ending Dec. 31 1920
compared with $96,295 in 1919.
The balance sheet
as of Dec. 31 1920 shows cash amounting to $110,414; accounts receivable,
$22,426; and accounts payable, $22,466.—V. 107, p. 2100.
Federal
after
loss
Coke Co.—Earnings.,—
1920.
1919.
1918.
$1,538,900
$292,841 $1,533,243
&c—
235,586
227,385
216,684
$1,258,989
439,406
Central Coal &
Calendar Years—
profits.
Expenses, interest,
Gross
$65,456
677,909
$1,316,559
200,276
$819,583
482,913
$1,729,574
$743,365
$1,516,835
$1,302,496
Total net earnings
Regular quarterly dividends of 1H% on Pref. stock and VA% on the
stock have been declared, payable April 15 to holders of record
March 31.
In January last extra dividends of % of 1% on Pref. and 1%
extra on the Common stock were paid.—V. Ill, p. 2426.
Common
Central Indiana Lighting Co
Stockholders' Protective Committee Formed.—
reported that a stockholders' protective committee has been formed
to oppose the proposed issuance of $5,000,000 9% cumulative preferred
stock which the committee claims would be ruinous to the market value
of the existing common stock.—V. 112, p. 1147.
It is
California Wine Association.—Forming Voting Trust.—
It is reported that many of the stockholders are depositing their stock
with the Crocker National Bank, San Francisco, in agreement with
the
three-year voting trust formed in an effort to bring about an annual meet¬
ing of the company.
James J. Fagan, Vice-President Crocker National Bank; W. J. Gray and
A. Haas have been named as trustees; Crocker National Bank, depositary.
—V. Ill, p.
1664.
Cambria
Steel Co.—Output—Shipments.
Iron Co., which is controlled through lease by the Cambria
produced in 1920 1,661,399 tons of coal.
Total shipments iron ore
from the Cambria Iron Co.'s mines during the year amounted to 1,384,380
tons, compared with 779,068 in 1919.
It is stated that the Cambria Steel Co. expended for new property in
1920 $10,288,525, of which amount $5,348,370 was for coke plants.—
V. 112, p. 747.
The Cambria
Steel Co.
Canadian General Electric Co., Ltd.—Earnings1920.
1919.
1918.
1917.
$2,213,731
$1,617,989 $2,013,997 $2,051,609
Calendar Years—
Profits
857,042
Depreciation, &c
524,668
577,513
918,012
-$1,356,689
$1,093,321
(b) 780,000
$1,436,484
780,000
$1,133,597
(a)l,014,114
Netprofit.
Dividends
$342,575
$313,321
$656,484
$353,597
400,000
600,000
500,000
Surplus-.
Transferred to reserve.
780,000
—Merger.—
Service Co. under "RRs."
See Interstate Public
above.—V. 112, p. 566
Chicago Pneumatic Tool Co.—Resignation.—
Allan A. Ryan has resigned as a director.—V. 112, p. 1142.
Cleveland (O.)
Worsted Mills Co.—Earnings.—
Net after taxes for the year
ending Dec. 31 1920 was about
$1,087,000.
full time (48 hours a week) since Jan. 1.
already has orders on hand for a substantial
business.—V. Ill, p. 1373.
'AA-
plants have been running
The
It is stated that the company
amount of
Coca Cola Co.—Earnings.—
Earnings from operations for February,
$235,557, as compared with $205,700 in Jan.
Colorado Fuel & Iron
it is reported, amounted to
last.—V. 112, p. 1028, 930.
Co.—Annual Report.—
Years end.
Calendar Years
June 30 '17.
1918.
1919.
1920.
$34,405,218 $48,223,575 $40,004,887
$3,725,055
$8,101,110 $9,019,602
Interest, taxes, &c_4,692,438
4,302,701
5,369,064
5,040,133
Preferred dividends -_(8%) 160,000
(8)160,000
(8)160,000 (38)760,000
Div. on com. stock (3%)
1,026,994
1,026,993
1,026,875
1,027,065
Total gross earnings—.$51,812,813
Total net income------- $5,979,244
$99,812df$l,764,640
Balance, surplus
-r~V. 112, p.
Rights.—
scriptions close on May 16 and may be made in full on or before that date
or as follows: May 16, 20%; June 15, 20%; July 15, 15%; Aug. 15, 15%r
Sept. 15, 15%; Oct. 15, 15%.
Interest will be allowed at the rate of 9%
per ann. on all amounts paid on a subscription from time of receipt to
date of issue of the stock.
s
The stockholders will vote also April 15 on creating an open mortgage
to be secured on the entire property, of which it is proposed to issue $4,000,000.
See further data in V. 112, p. 1147,
1917.
-___$1,303,314
426,260
earnings
Net
Delta T. & L. net
authorize the $5,000,000 9% Cum. Pref. stock issue
April 15, the Common stockholders of record April 18 will be given the
right to subscribe at par ($100) to the new issue ofiPref. stock to the extent
of one share of Preferred for each two shares of Common stock held.
Sub¬
on
.
Earnings.
Mining Co.
Centennial Copper
The
Balance, surplus
Profit and loss
x
...
,
amounted to 8165,801.
6% Series "B," $2,000,000 7% Series "C," and $5,000,000 7% Series "D"
General Mtge. gold bonds (see offering in V. 110, p. 972; V. Ill, p. 1186,
2328).—V. 112, p. 648, 936, 1147.
V
Butterick Company,
,
1147,936.
Common
undisturbed.
It is stated that no shares of the
■
„
from the sale of these additional shares will be used
for amounts already expended during 1920 from
surplus earnings for property and plant extensions and for further, contem¬
plated. plant extension to be carried out as rapidly as can be economically
and efficiently done and to supply, if needed, such additional working
capital as may be called for by such extension of the business.—V. 112, p.
to reimburse the treasury
will be
(3) Each 8100 fully paid Common share
changeable for $60 7% Cumulative Second
mon stock of British Empire Steel.
[Vol. 112.
CHRONICLE
THE
1286
1028
,
$1,545,171
$2,192,404
474.
Colt's Patent Fire Arms Mfg. Co.—Smaller Dividend.—
quarterly dividend of 4% has been declared on the outstanding $5,000,stock, par $25, payable April 1 to holders of record March 12.
January last a quarterly dividend of 5% was paid.—V. 108, p. 1392.
A
000 Capital
In
Columbia
The company
Graphophone Mfg. Co.—Cuts Prices.—
graphonolas 33 1-3%, bringing list
has reduced price of its
Sricesreduced 15%. These prices, according major part of itsmeeting have
down to pre-war levels. Prices on the to officials, are records with
een
buying by the public, and the country-wide sale started a short while ago is
reported as returning encouraging results.
New scale of prices was made to
stimulate buying so the company could work off all or part of its $23,236,000
of inventories.
Price at which inventories were carried on Dec. 31 ,an offi¬
cial states, was about parallel to the present selling levels.
it is stated, is considering no new financing at this time.
hand, while its notes payable are about same
$13,450,000.—V. 112, p. 1028.
The company,
It has $6,000,000 of cash on
as
Jan.
on
1,
Capital Inc.—Div. Decreased.
Congoleum Co.,Inc.—Plans
The stockholders
will vote April 12 on increasing
the Common stock from
30,000 to 40,000 shares (no par value).
Compare V. 109,
The directors have declared a quarterly dividend of $1
p.
274, 374, 778.
per share on the
payable April 15 to holders of record April 4.
In Oct. and
last dividends of $1 50 per share each were paid.—V. 109, p. 778.
Common stock,
Jan.
Consolidated Distributors,
Inc.—Listing—Earnings.—
York Stock Exchange has authorized the listing of 190,484
Common stock, no par value, on official notice of the
issuance of certificates bearing the name Consolidated Distributors, Inc.,
in exchange for the present outstanding certificates bearing the name
Times Square Auto Supply Co., Inc., with authority to add 19,516 addi¬
tional shares, making a total amount applied for of 200,000 shares.
The
stockholders of the Times Square Auto Supply Co., on March 7 authorized
change of name as above.
The change of name has in no way affected the
corporate identity of the company or its rights, powers and obligations.
The
New
(auth. 300.000) shares
Consolidated Income Account
Net
Calendar Years (Times Square
—-
—
profit on sales
General and administrative expenses
Gross
Net
1919.
taxes
profit
The Times Square
Auto Supply Co.
$3,985,154
3,508,415
$2,328,456
2,317,703
800
— --
$o,4o6,9o4
3,128,498
$476,739
$9,952
-
Cost of sales——
Federal
Auto Supply Co.).
1920.*
sales
$280,441
90,395
105,903
paid an initial div. of 50 cents (cash)
share on the Common stock in April 1920; in July and Oct. 1920, 62 H
(cash) per share each, and on Jan. 27 1921, 62 K cents per share
The Preferred stock was retired during 1920.
See under Times
Square Auto Supply Co. in V. Ill, p. 2333, 1572, 1378.
per
cents
in scrip.
sur.$342,575 def.$86,679sur. $56,484def.$146,403
Balance
Dividends paid, 8%, and a bonus of 2% on the Common and 7% on
Pref. stock,
b 8% on $8,000,000 Common stock and 7% on $2,000,000
Pref. stock, par $100; same paid in 1917 and 1918.—V. Ill, p. 2142.
a
Y. City.—Offering of Preferred and
Common Stock to Common Stockholders—Underwritten.—
Celluloid
The
Co.,
N.
stockholders on March 17 increased the capital stock from $6,000,000
(all common) to
$10,098,000, to consist of $3,000,000 8% Cumulative pref.
$7,098,000 common (par $100).
Offer of Preferred Stock.—The (common) stockholders of record March 8
($5,915,000 outstanding) are given the right to subscribe at par and div. up
to March 31 for the $3,000,000 pref. stock at the rate of one share of the
Pref. stock for each two shares of their holdings.
Subscription for Pref.
stock must be made in New York funds, at the office of the company,
30 Washington Place, N. Y. City.
Offer of Common Stock.—The (common) stockholders of record Mar. 8
($5,915,000 outstanding) are also given the right to subscribe, on or before
stock and
Consolidated Gas Co., N.
Y.—Gas Argument Date.—
U. S.
Argument of the company's case has been set for Oct. 10 next by the
The case involves the right of the P. S. Commission
compel an 80-cent rate for 1,000 cu. ft. of gas.—V. 112, p.
Supreme Court.
1148, 936.
Cornell
(Cotton) Mills Corp.—Extra
to
Dividend of 1%.—
declared on the stock, in addition to
both payable April 1 to holders of record
amount was paid extra as compared with
an extra of 3% paid in Oct. 1920.
In April and July 1920 dividends of 10%
each were paid while in June 1920 a special distribution of 20% was made.
An extra dividend of
1% has been
the quarterly dividend of 2%,
March 15.
In Jan. last a like
—V.
112, p. 66.
Corn Products
Refining Co.—Retire Pref. Stock.—
have voted to cancel $5,000,000 Preferred stock which
purchased by the company during the year 1920.
The retirement
this Preferred stock brings down the total amount of Preferred outstanding
to about $25,000,000.
See annual report in V. 112, p. 1020, 936.
The stockholders
was
of
March 26
1921.]
THE
CHRONICLE
Crowell & Thurlow Steamship Co.—No Dividend
Sept. and Dec. 1919 and
was
Flint Mills of Fall River.—Dividend Decreased.—
—
The directors have voted to omit the payment of the quarterly dividend
due Mar. 31.
Quarterly dividends of 75 cents per share have been paid
ifrom June 1920 to Dec. 1920 incl., as compared with $2 per share paid in
in Mar. 1920.
In May last a 200% stock dividend
paid, increasing the outstanding capital stock from $1,000,000 to $3,par $10.—V. 112, p. 936, 566.
V
A quarterly dividend of 2% has been declared on the stock, payable
Apr. 1 to holders of record Mar. 16.
In Jan. last a quarterly dividend of
4% was paid.
During 1920 total dividends amounted to 48%, as against
19% paid in 1919.—V. Ill, p. 2525.
(H. H.) Franklin Mfg. Co., Syracuse, N. Y.—Earnings.
000,000,
Net profit from sales, it is reported, for the year ending Dec. 31
Cuban-American Sugar Co.—Bonds Approved.—
The stockholders have approved the issue of $10,000,000 8% bonds re¬
cently issued by the company and underwritten and offered by the Na¬
tional City Company.
See V. 112, p. 1028, 1148.
Cudahy Packing Co.—Packers Announce Waqe Agreement.
See under "Current Events" this week.—V.
Cumberland Telep. & Te eg.
Cal. Years—
1920.
112, p. 937, 852.
Co,—Earnings.—
Cat. Years—
1919.
______
Assets—
1920.
Co.—Balance Sheet Dec. 31.
1919.
1920.
Liabilities—
1919.
Cash & securities. $1,091,678 $1,391,289
do
2,816,964
396,703
135,720
3,305,015
for'n brches
Treasury
stock.
Merchandise
Machinery,
furni¬
Capital stock
a$6,730,880 $6 ,133,200
925,847
2,263,324 Accounts payableNotes pay.,Lib.bds
440,000
343,459
313,052
124,281 Bills payable-____
100,000
1,080,000
2,332,946 Notes payabe
499,166
Special reserves.
2,199,551
955,778 Res've for purch. of
first pref. stock.
724.501
37,044
»
97,701
313,402
228,126
1,000,000 Surplus
_.
ture, &c
Real estate
1,102,228
801,003
Good will
1.000,000
1920
surplus Dec. 31
1920, $696,515.—V. 112, p. 749, 262.
General Electric
Co., N. Y —New Lamp Plant.—
The company, it is stated, has completed plans for tne construction of its
proposed new plant at New Albany, Ind., for the manufacture of eledtric
lamps, to cost about $1,000,000.
It will be operated in the name of the
National Lamps Works division of the company and will give employment
to about 600 operatives.—V. 112, p. 474.
* ' t"
Glidden Co., Cleveland, O.—No Common Dividend.—
The regular quarterly dividend usually paid April 1 on the Common
stock, will be omitted on that date.
It is stated that three months ago a
quarterly distribution of 50 cents per share in scrip was made on the Common
stock.
____
•
.
The directors have declared the regular quarterly dividend of 1 % % on
the Preferred stock, payable April 1 to holders of record March 18.—
V.
—V. 110, p. 564.
Accts. & notes rec_
amounted to $2,225,625, and balance carried forward to
1919.
1920.
Oper. revs.__$13,947,012 $5,434,322 Govt, comp'n.
$1,184,594
Oper. expenses11,519,942
4,245,339 Gross income.$1,578,029 $2,125,519
uncollec. revs,
Rents & misc.
191,026
92,564
and taxes._
934,176
324,122 Interest
1,241,415
1,165,074
Divs. (6%)—
886,406
886,407
Oper. incomes1,492,894
$864,861
Net deficit.
$740,817
$18,525
Non-oper. rev.
85,135
76,064
Dennison Manufacturing
1287
112,
p.
474.
Goldfield Consolidated Mines
Co.—Earnings.—
Total earnings for the year ending Dec. 31 1920 were $33,455, compared
with $244,849 in 1919; total expenses were $248,330, against $1,227,565;
net deficit for the year was $214,875, compared with a deficit of $932,716 in
1919.
The total surplus as of Dec. 311920 was $627,796.—V. Ill, p.
2047.
Goodyear Tire & Rubber Co.—Meeting Postponed.—
The postponed meeting of stockholders for the purpose of approving the
refinancing plan has been called for March 29.
It is stated that more than
85% of the stockholders are ready to ratify the plan.—V. 112, p. 1149, 937.
Gray & Davis, Inc., Boston.—To Vote on Changing Par
Stock from $25 to No Par Value Shares.-—
Value of
Total
$10,649,311 $8,792,118
Total —
$10,649,311 $8,792,118
.
Represents first preferred stock, $4,500,000; second preferred, $422,900;
Partnership, $1,807,980.
The directors recently voted to issue $621,600 of additional Industrial
Partnership stock.—V. 112, p. 656.
a
and Ind.
Diamond Match
Co.—Report.—
500,000
1,357,208
Surplus
$790,093
$3,055,881
$701,419
$1,449,479
$978,003
$748,060
Cable Co.,
Ltd.- -British Govern-
Cable.—
The British Government has acquired for £570,000 (including £100,000
Ballinaskelligs, Ireland, Harbor
Grace, N. P., and Rye Beach, N. H., and Halifax, N. 8.) this company's
•cable.
The cable is intended as a reserve for the existing imperial cable.
It has been leased for a short time to the Western Union for £57,000 a year.
—V. Ill, p. 1665.
worth of cable stock and cable stations, at
.
(Henry) Disston & Sons, Inc.—No Action.—
The adjourned stockholders' meeting scheduled for March 16, to vote on
increasing the capital stock from $3,500,000 to $6,000,000, was again ad¬
journed until April 6 because of lack of a quorum.—V. Ill, p. 2525.
Edmunds
&
Jones
Corp.—No Common Dividend
—
The directors have omitted the declaration of the regular quarterly di vi¬
dend usually paid April 1 on the Common stock.
Quarterly disbursements
of 50 cents per share have been made from July 1919 to Jan. 1921. inclusive.
The directors have declared the regular quarterly dividend of 1 % % on the
Pref. stock,
Elk
payable April 1 to holders of record March 20.—V. 112,
Coal
Horn
p.
748.
Corp.—Annual Report—Directors.—
See under "Financial
Reports" and "Reports and Documents" on
subsequent pages of this issue.
Virgil L. Highland, President of the Empire National Bank, Clarksburg,
W. Va., and Walton Miller, President of the National Bank of Fairmont,
W. Va., have been elected directors, increasing the number of directors from
10 to 11, and filling a vacancy caused by the death of 8. P. Fetter.—V. 110,
p..1418.
Fairbanks, Morse & Co.—No Dividends—Earnings
June 1920.
for 1920 amounted to $2,678,735 after providing for sinking
fund. Federal taxes and $1,650,000 reduction in inventory.
After Pref.
dividends there was a balance of $2,658,735 for the Common stock, as com¬
pared with
a
Falcon
balance of $3,176,862 in 1919.—V. Ill,
Steel
Co.,
Niles,
p.
1756.
O.—JEarnings.—
Net
earnings in 1920, after dividends, depreciation and reserves for
Federal taxes, amounted to $888,000.
The company shipped 42,000 tons
of black and blue annealed sheets from the time its plant started production
on March 1 until the close of the year.
A three-pot galvanizing department
was completed during the latter part of 1920.
The annual meeting will be held hereafter on the fourth Tuesday in Sept.
instead of in Feb., so as to accord more closely with the end of the fiscal
year. June 30.
The plant and general offices are located at Niles. Ohio, the plant con¬
sisting of 7 sheet mills and one jobbing mill.—"Iron Age" Feb. 24.—V. 110.
p.
of the stock
262.
Gray Motor Car Corp.—Organized.—
Frank L. Klingensmith, who recently resigned as Vice-Pres. and Treas.
of the Ford Motor Co., and Frank F. Beall, formerly Vice-Pres. in charge
of manufacturing for the Packard Motor Car Co., have organized the
110, p. 1854) with a capital stock of $4,000,000 to
a motor car to sell for about $1,500 and will use the plant and
equipment of the former Gray Motor Co.
The officers are:
Frank L. Klingensmith, Pres.; Frank F. Beall, VicePres. and Gen. Mgr.; George H. Kirchner, Pres. First State Bank, Detroit,
Treas.; J. B. Moran, Sec. and Asst. Treas.
Compare Gray Motor Corp.
in V. 110, p. 1854.
manufacture
Co. of Calif.—Bonds Offered.—
Cyrus Peirce & Co. and Bonbright &
Co., Inc., are offering at 100 and int. $2,500,000 Gen. Lien
Conv. 8% 15-Year gold bonds.
The bankers state:
Great Western Power
1 1921, due Feb. 1 1936.
Callable, all or part, on any int.
Denom. $100, $500 and $1,000 (c*).
Int. payable
Equitable Trust Co., N. Y., trustee; Continental & Commercial
Trust & Savings Bank, Chicago, and Anglo-California Trust Co., San
Francisco, co-trustee, without deduction for any normal Federal income
tax up to 4% which it may lawfully pay at the source.
Under the present
law company will pay the 2% tax deductible at the source.
Collateral Security.—Bonds are to be later secured by the pledge of an
equal amount of Series "B" 7% bonds when the same may be issued under
the First & Ref. Mtge. dated March 1 1919 and after $5,000,000 of said
bonds shall have been pledged as security for the $5,000,000 outstanding
Gen. Mtge. Convertible 8% gold bonds dated Aug. 1 1920 (V. Ill, p. 899,
2428).
The Series "B" 7s rank equally with $6,000,000 Series 'A
6%
First & Ref. Mtge. bonds now outstanding.
No additional bonds may
be issued under the First & Ref. Mtge. until there shall have been pledged
Series "B" 7% bonds to the full par value of the $5,000,000 Gen. Mtge.
Conv. 8% bonds now outstanding and to the full par value of bonds of this
new issue outstanding.
Steps are now being taken for the immediate issu¬
ance of $3,725,000 Series "B" 7s, which are to be pledged as security for
Dated Feb.
date at 105 and int.
F. & A. at
the Gen. Mtge. Conv.
8% bonds.
'
new 8% bonds are called, all or part, which
only be done after completion of the pledge of Series 'B" 7s, the holders
will have the option of being paid 105 and int. in cash or accepting pledged
Series "B" 7% bonds at par, accrued int. and a premium of 5% in cash.
If not called, these bonds will be convertible on Feb. 1 1935 into Series
B
7s, bond for bond.
Conversion Feature.—If these
may
Capitalization
as
of January
31
1921.
Corporation)
$27,500,000
7% Cum. (incl. $1,949,600 recently underwritten).
3,865,684
6% Debentures, due 1925—__
-~j
4,177,600
Gen. Lien Conv. 8% bonds (this issue) (auth. $5,000,000)--2,500,000
Gen. Mtge. Conv. 8% gold bonds (V. Ill, p. 899, 2428)
First & Ref. M. 6% bonds, Series "A," due March 1 1949—
Underlying Divisional Mortgage 5% bonds-.
3,285,200
First Mortgage 5% bonds, 1946 (closed mortgage)-.,20,519,000
Common stock (all OAvned by Western Power
—
The directors on March 22 voted to omit the payment of the regular
•quarterly dividend usually made April 1 on the Common stock.
Quarterly
dividends of $1 25 per share have been paid on the Common stock since
Net profit
p.
E. H. Rollins & Sons,
Direct United States
ment Purchases
1,264,940
550,000
1,357,208
$816,308
$2,265,787
______
Profit and loss surplus
—V. Ill, p. 1953.
1917.
$5,917,400
2,309,439
1,103,099
1,526,850
$3,873,500
$3,556,399
882,883
value.—V. 112,
Gray Motor Corp. (V.
Income account for the year 1920 compares as follows:
1920.
1919.
■1918.
Earnings.
$4,026,603
Deprec., repairs, res.,&c.
1,429,302
Tederal taxes
450,000
Dividends
1,357,208
The stockholders will vote April 7 on changing the par value
from $25 to shares of no par
Pref. stock
—
—
Earnings (Reclassified) with Est. for Yr. End. July 31 '21 based on present rate.
-12 Mos. End. Jan. 31July 31
1920.
1921.
1921. (est.)
Gross, excl. of int. during construction.$5,291,999
$6,053,350 $6,600,000
Operating expenses, taxes, rentals, &c_ 2,473,963
2,850,096
3,038,000
Net earnings—
________$2,818,036
$3,203,254
int.
on
outstanding Mtge. bonds, incl.
$960,000 interest on this issue
2,150,980
Annual int. requirements on all outstand'g deben's.
250,656
—
.
$3,562,000
Annual
2,150,980
250,656
Surplus over interest charges.
$801,618 $1,160,364
Purpose.—To provide in part funds necessary to compltee the Caribou
and the new transmission line. Compare V. Ill, p. 899,
development
1092.
993, 1856, 2330, 2428.
Players-Lasky
Famous
Corporation.—Growth
of Moving Picture Business.—
Dominick
&
Dominick, members of the N.
Y.
Stock Exchange, 115
Broadway, N. Y., have issued a circular setting forth the financial features
•of the report which wras printed in full in the "Chronicle" last week (p. 1167,
1139).
The bankers say:
This report shows net earnings for 1920 (after taxes) of $5,337,129 as
■compared with $3,132,985 for 1919.
Earnings so far in 1921 are reported
as being at an even better rate than in 1920.
In spite of the general business depression, the company's statistics show
no decline in the motion picture business.
In fact, numerous signs indicate
that public interest in motion pictures is on the increase.
Estimated boxoffice receipts for motion picture theatres for 1920 were $730,000,000
(4 times the receipts of all other kinds of theatres), as against $640,000,000
in 1919 and $502,000,000 in 1918.
The Famous Players-Lasky Corp. sup¬
plies 75% of the motion picture theatres of the country, all or part time.
Explaining the item ofinventory in the balance sheet, the circular states
that the "pictures are depreciated in value on the books automatically as
released until at the end of three months they are carried at only 50% of
their cost and at the end of two years are carried at $1."
The Famous Players-Lasky Corporation has acquired a whole or part
interest in 147 companies, including all three branches of the business—
producing, distributing and exhibiting—and employs over 8,800 persons.
The corporation numbers among its customers 15,000 of the 19,000 motion
picture theatres in the United States, besides many of the 23,000 additional
theatres throughout the rest of the world.
The circular gives the names
of a number of the leading authors and performers now under contract
with Famous Players.
It also gives a list of many of the novels and plays
on which corp. owns film rights.
See V. 112, p. 1139, 165; V. lllp.2143.
Finch Run Coal Co.—New Bonds.—
See Bethlehem
Steel Corporation under "Financial Reports'
Guffey-Gillespie Oil Co.—Control May Change
officers, control will change.
Either Arkansas Natural Gas, a Benedum
Trees concern, or Mellon interests will acquire the property, whicht has a
book value of $25 a share."—("Phila. News Bureau. )—V. 112, p. 377, 58.
Harmony Mills, Boston.— Earnings.—
Calendar Years—
Net earnings, after deprec.
—V. 106, p. 927.
Houston Oil
1920.
1919.
& est. taxes $1,077,041
,
0<v_
$601,327
$644,817
Co.—Earnings.—
A preliminary statement for the 15 months ending Dec. 31 1920 shows:
sales and royalties, $2,632,597; timber sales, $1,180,657; turpentine
Oil
and miscellaneous earnings, $100,965; total receipts, $3,914,219; adminis¬
trative and operating expenses and Federal taxes, &c., $950,780; net before
depreciation and depletion, $2,963,439.—V. 112, p. 657.
Howe
Scale Co.,
Rutland, Vt.—Annual Report,—
1920.
Calendar Years—
Gross profits on sales
Net profits...
Interest.-
—
T —
Depreciation
Federal taxes (estimated)-,.—
Preferred dividends (7%)-Common dividends (4%)
Written off good-will, &c——
Balance,
above.
—
"New interests are appraising Guffey-Gillespie oil properties, and be¬
of market position of stock and, it is reported, heayylosses of present
cause
surplus..-.
—V. Ill, p. 1283.
$1,910,692
$557,259
55,944
42,835
110,000
1919.
$1,694,941
$574,423
50,607
41,759
100,000
1918.
$1,562,326
$680,048
^
_
35,665
38,626
318,500
65,228
40,000
3,094
66,911
40,000
§§,358
$240,157
$275,145
$178,899
40,000
1388
THE
CHRONICLE
Howe Sound Co.—Dividend Omitted.—
Jewel
The directors have omitted the declaration of the regular quarterly divi
dend usually paid Apr. 15.
Dividends of 5 cents per share have been paid
Co., Inc.— Annual Report.—
The report states that since Jan. 1
and labor conditions
shown a moderate profit.
coffee market
Suarterly on the capital stock, par 81, from $1,984,150.—V. 106, p. 1039.
apital stock outstanding (at last accounts), Apr. 1918 to Jan. 1921 incl.
Hudson River Vehicular Tunnel.—To
Tea
[Vol. 112.
1921, with
more
expenses curtailed and the
favorable, the operations have
•
Net operating loss for year ended Dec. 311920——
$1,709,935
Reduction of inventories from cost to market value
690,099
Actual and anticipated loss on liquidation of unprofitable branches
326,971
Open Jan. 1 1925.
The New York State Bridge & Tunnel Commission, in a report filed with
Governor Miller, announces that the vehicular tunnel under the Hudson
JRiver to Jersey City will be open for traffic not later than Dec. 31 1924, if
Total
——
$2,727,005
—
Less—Miscellaneous income, including profit from sale of land
and buildings and reimbursement for use and
occupancy of
the money is available so that the schedule of contracts can be let promptly.
The estimated cost of the tunnel is $28,669,000.
New Jersey has already
Hoboken
plant.
543,499
authorized its share of the cost through a referendum, but New York has
Total losses for year
Add—Balance of deferred development expense written off
made one
appropriation of $2,000,000, while there is another bill for $5,000,000 before the Legislature.—V. 112, p. 1029.
v
Illinois
Brick
Deduct—Surplus Dec. 27 1919, viz., current surplus, $51,666;
capital surplus, $737,139—
Chicago.—Dividend Omitted.
Co.,
—
The directors have omitted the declaration of the quarterly dividend on
the $5,000,000
Capital stock usually paid April 15, owing to
poor
Calendar Years—
Net
$1,628,111
earnings
Reserve for taxes
285,000
Preferred dividends-.,. (7%) 197,902
Common dividends.—(16%)721,170
Balance, surplus
x
$424,039
1919.
of $695,738 in 1918 and
$2,467,980
725,000
(7)210,000
(12)360,000
$3,703,988
2,500,000
(7;210,000
(12)360,000
$1,172,980
$633,988
8275,895
854.
The "Baltimore Sun" of March 20 says: "To provide funds for purchasing
oil at current prices and increasing production, the company has
arranged to raise $2,000,000 through the sale of its 8% gold coupon notes,
dated April 1 1921, the only funded debt of the corporation [aside from
$690,000 tank car equipment.—Ed.]
Poe & Davies, local bankers, are
now
organizing a syndicate to underwrite the note issue, which will be
offered to the public at 98% and int., to yield about 8.25%.
The current
assets are $3,335,557.
"The refining capacity of the Indiahoma plants, which are located at
East St. Louis, 111., and Okmulgee, Okla., is about 15,000 bbls. of oil per day.
"During the past two years the management has expended $4,000,000 in
enlarging and extending the properties.
The gross sales have increased
from about $1,000,000 in 1915 to over $14,000,000 in 1920.
The company
has paid dividends of not less than 12% since 1915."
Earnings
of
Indiahoma
Refining
Co.
Calendar
for
Years.
1919.
1920.
Gross
earnings ($2,062,635 in 1920 from refineries).$3,795,950
Depreciation and depletion charges
2,596,224
Int. charges ($180,944) and Fed'l taxes ($52,000)__
232,944
Divs. paid on com. stock (Pref. retired July 1919)
(14% per annum)..
672,852
$1,249,113
480,351
341,235
298,925
Balance to surplus account.
$293,930
$128,602
Capital stock Dec. 31 1920, $5,000,000; notes payable, $840,000; profit
Ill, p. 1857.
...
and loss surplus, $1,849,311.—V.
Inland Coal &
Iron
Co.-
_
Interlake
,
International Agricultural Corp.—No New Financing.
Treas. John J. "Watson Jr. is quoted:
"Corporation will not do any finan¬
our regular de¬
positories not yet made use of and this provides a reserve to fall back on if
necessary."—V. 112, p. 475.
cing this
year.
We have banking accommodations with
International Combustion Engin.
9,647,738
$1,673,618
49,246
154,988
281,709
$3,480,792
$2,892,735
$1,505,290
$663,807
700,000
$418,740
781,090
66,318
$407,601
Reserved for depreciat'n
International Harvester Co.—Price and
Wage Reductions
The company has reduced prices 10% to
15% on about one-third of
machines listed, representing approximately 43% of gross business. Thresh¬
ers are reduced $100,
tractors $150 to $350, and gas engines $10 to $25.
Reductions are also announced on farm wagons,
plows and seeding machines
of
15%, and cream separators 10%.
The company on Mar. 23 announced a reduction of 5 to
20% in wages.
The reductions will affect every employee from President to
office boy.
Employees who received the largest increases in wages in recent years are
to have the most severe cuts
now, it is stated.
It is also
International Shoe
Co.—Reincorporated in Delaware.—
The International Shoe Co., incorp. in Missouri in Dec.
1911, was re¬
incorporated under the laws of Delaware March 16 1921, in accordance with
vote
of the stockholders March
14.
The authorized capital of the new
company consists of $25,000,000 8% cum. pref. (a. & d.) stock (callable at
115), and 1,400,000 shares of common stock of no par value.
Of the new
stock $12,250,000 of the pref. will be
exchanged, share for share, for the
present outstanding $12,250,000 7% pref. stock and 765,000 shares of com¬
mon stock of no par value will be issued in
exchange for the present $12,750.000 common stock in the ratio of six no par value shares for each share
of $100 par.
The Delaware corporation will receive all the assets and assume all the
liabilities of the Missouri Corporation which will be dissolved.
None of the
stock has been offered to the public, and at this time it is not
contem¬
new
plated that there will be. The reorganization has been effected exclusively
by the stockholders and without any outside financial assistance.
The
reorganization was brougho about "in order to meet the natural growth and
expansion of the business of the corporation.—V.
Iron Products
112, p.
1150;WByaiiai
Corp.—Acquisition.—
The company has purchased the capital stock of the
Molby Boiler Co.,
and the following officers have been elected.
G. A. Harder, Pres.;
R. R. Rust, Vice-Pres.; Stephen Barker, Sec. & Treas.
Mr. Harder is
President of the Iron Products Corp.
The new company intends to
Liberty
equip
plant recently purchased at Mount Union, Pa., for the exclusive manu¬
of Molby boilers, and it will specialize the
magazine-feed downdraft type of boiler, also increasing the output.
E. C. Molby, founder of
the Molby Boiler Co., will continue as manager of sales for the new com¬
pany.
("Manufacturers' Record.")—V. 112, p. 475.
Bonds
of Portion of Property—
Starters
$572,029
$830,255
Corp.—Receivership.—
Judge Mayer on March 23 appointed James J. Lyons and John Inwood
an equity proceeding instituted by Fred S.
Taggart, trustee for
Howard S. Borden, a creditor to the extent of $20,000.
Company was
organized Oct. 4 1918.
Has outstanding approximately $1,000,000 Com¬
mon
and $1,000,000 Preferred stock.
Factory at Poughkeepsie, N. Y.
Manufactures starters for aeroplanes and automobiles and other automobile
I
accessories.
Lima Locomotive Works,
Inc.—Listing—Earnings.—
The N. Y. Stock Exchange has authorized the listing of $2,865,000 7%
Cum. Pref. stock, par $100. and $4,350,000 Common stock, par $100, with
authority to add $335,000 Pref. stock and $3,200,000 additional Common
stock
the
official notice of issuance
on
total
amounts
applied
for
on
of Pref.
conversion
$3,200,000
Pref.
stock
stock, making
and $7,550,000
Common stock.
Earnings Since Organization for Stated Periods.
Amount of
Net
Depr. &
Federal
Balance,
Sales.
Earnings. Ob sol.Res. TaxPaid. Surplus.
Period—
$
$
$
$
$
Oct. 21'16 to Oct. 31'17—7,453,736
875,807 305,925
64,340
505,541
Nov. 1 '17 to Oct. 31 '18-13,728,263 2,117,792 616,591 758,788
742,413
Nov. 1 '18 to Dec. 31 '19-9,051.495
896,613 277,353 119,486
499.774
Calendar year 1920
12.047,657 1,697,597 258,866x360,000 1,078.731
Estimated.
The company has paid regular semi-annual divs. on the 7% Pref. stock.
No divs. have been paid on the Common stock.—V. 112, p.
Lincoln Motor
The balance
—V.
112,
p.
sheet
1030.
Co., Detroit.—Surplus Dec. 31 1920.—
Dec.
of
as
31
1920
shows
surplus of $1,785,535.
a
1150, 475.
Mackay Companies.—New Cable, Miami to Havana.—
Clarence H. Mackay, President of the Postal-Telegraph-Commercial
Cable system, has announced the laying of a new submarine cable between
Miami and
Havana, supplementing the present cable from New York to
Havana.
The new cable landing at Miami will be connected directly with
Postal offices throughout the United States.—V. 112, p. 848, 854.
Magna Oil & Refining Co .—Earnings for Cal. Year 1920.
Total income
(from all sources)
$2,506,350
Expenses, including State and Federal taxes
Net income (equal to $1 70 per
—V. Ill, p. 1476.
share
Massachusetts Lighting
1921—Feb.—-1920.
$215,232
Y.
Ill,
p.
on
610,603
1,112,392 shs. out.)__$l,895,747
Companies.—Net Sales.—
Increase. I
$179,664
2226.
$35,568
1921—8 Mos.—1920.
$1,811,731
Increase.
$1,401,799
$409,932
•
.
Maverick Mills,
Net profits before dividends for the year ended Dec. 31 1920 were $19,071
$238,429
as
compared with Dec. 31
1 1921 was $309,069,
1919.—V. 112, p. 379
a
decrease of
Mayflower-Old Colony Copper Co., Boston.—Earns.—
Total
receipts for the year ending Dec. 31 1920 amounted to $193,605,
against $109,993; total payments were $121,948, compared with $118,937;
leaving a balance, surplus for the year of $71,657 as against a deficit for
1919 of $8,944.—V. 110, p. 566.
as
Mexican
Eagle Oil
Co., Ltd.—Stock Offered—Status.—
Joseph Walker & Sons, New York, own and offer, subject to previous
sale, 1,000 Ordinary shares of stock at $24H net per share.
N. L. B. Tweedie, of Joseph Walker & Sons, New York, has prepared a
circular showing:
The figures from the report for the fiscal year ended June 1920 (when
converted into U. S. dollars at the rate of ,50 cts. for each Mexican dollar
49%c.) show
a profit for said year of $27,329,600, as against $14,754,000
1918-19.
After setting aside for reserves and provident fund the
$4,476,158, there was paid a dividend of 60% ($3), as against
45% ($2 25) in 1918-19.
The balance sheet of June 30 1920 indicates that the freehold properties
of the extent of 138,000 acres and the buildings, plant and
equipment
acquired at a total cost of $29,500,000 have been written down to $13,126,000.
The other properties, covering an area of over 1,750,000 acres held
under Federal ana State concessions, and under long leases and containing,
prolific oil wells, which cost (including expenditures thereon and plant and
equipment in actual working) $26,900,000, are valued on the books at the
par
for year
sum
of
nominal sum of $500,000.
The company shipped during
barrels of oil,
the year ended June 30 1920 18,000,000
and in the half-year ended Dec. 31 1920 12,000,000 bbls.
No record is given of the company's sales in the Mexican internal trade or
of the sales to other exporting companies, such as the Standard Oil Co.
-
Comparative Annual Net Profits—Years ending
June 30—U.
S.
Dollars.
[After deducting interest on debentures and including interest earned.]
1919-20.
1918-19.
$29,726,786
$18,597,213
t
1915-16.
$8,532,000
1914-13.
1910-11.
$4,083,258
$437,086
Compare V. 112,
Total net profits 1910 to June 30 1920, $98,014,150.
p.
67,
167, 254, 264.
Miami
Copper Co.—Copper Production (in Lbs.).—
Increase, i
1921—Feb.—1920.
4,089,520
4.200,101
—Y.
1921—2 Mos.—1920.
110,58118,590,094
8,550,761
Increase.
39,333
112, p. 658.
Guaranteed.—
Bethlehem
Steel
Middle
Corporation under "Financial Reports" above.
Joslin-Schmidt Co.,
Former
Cincinnati, O.—No Dividends.—
Because of the financial and commercial
situation, the directors deemed it
advisable to pass the 1H% quarterly dividtnd
usually paid Feb. 15.—V. 104, p. 2644.
on
the Cumul. Pref. stock,
'.•/
Boston.—Earnings.—
The profit and loss surplus as of Jan.
facture
Jamison Coal & Coke Co.—Sale
$1,426,807
$1,724,107
receivers in
Inc..
a
45,910
204,750
200,917
191,902
Balance, surplus
reported that the
present conditions will make it necessary for the company to lay off several
thousand men within the next 60 days.—Y.
Ill, p. 2429.
199,780
$1,722,864
$342,963
305,000
34,646
210,000
275,000
—V. Ill,p. 697.
Corp.—Div., dec.—
The corporation has declared a dividend of $1 50 per share, payable
April 6 to holders of record March 23.
This is the second quarterly divi''dend paid by the corporation.
The corporation, through stock ownership, has acquired control of Com¬
bustion Engineering Corp. of New York ana Underfeed Stoker Co.,
Ltd., of
London.
The English company had a large interest in the French com¬
pany.
The International Corp. thereby becomes the largest and most im¬
portant concern in the combustion field.
The International Corp. has
outstanding approximately 50,500 shares of
capital stock, of no par value.
Neither the Corporation nor any of its sub¬
sidiaries has any funded debt or pref. stock in the hands of the
public,
excepting $161,100 bonds of the Amerioan company, which are being retired
by sinking fund operations.
See
8,950,780
$1,385,535
119,755
Provision for Fed'l taxes
Int. on borrowed money
v
a
19,232,134
$2,611,026
Total
Steamship Co.—Extra Dividend.—
An extra dividend of 2% has been declared in addition to the
regular
quarterly dividend of 2%, both payable April 1.—V. 110, p. 768.
1917.
21,875,109
x
bankruptcy, offered the entire property of this
1918.
$3,325,804
Miscellaneous income...
-Bankruptcy Bale.
R. H. Eggleston, trustee in
cy, offered the entire
bankrupt concern for sale on March 21 at Birmingham, Ala.
1919.
$21,843,160 $10,336,315 $11,321,356
Balance
Refining Co.—Gold Notes—Annual Report.—
crude
788,805
—
tion, &c„ expenses—
Preferred dividends (7%)i
Indiahoma
——
Detroit.—Annual Report.—
Earnings—Cat. Years.
1920.
Sales less returns, &c„_$25,200,913
Cost of sales, administra¬
$2,878,395
1,200,000
xl,312,500
(3)90,000
Being 36^ % on account of accumulations and 7% regular.—V. 112, p.
— —
profit of $1,558,351 in 1917—V. Ill, p. 1857.
a
Kelsey Wheel Co.,
1917.
1918.
— — —
—
Subsidiary.—Earnings.-
1920.
———
Net deficit at Dec. 31 1920
$1,507,288
For 1919 there was a loss of $1,847,203 before dividends, against a profit
building
conditions, which have reduced the company's earning power to an ex¬
tremely low ebb.
Dividends of 1H% have been paid quarterly from April 1920 to Jan
1921, inclusive.—V. 112, p. 1149.
Indian Refining Co. and
$2,183,506
112,587
.—
p.
States
Oil
Corporation.—New Director.—
Congressman Scott Ferris has been elected
939.
Midland Packing
See Wilson & Co.,
a
director.—V.
112,
•
Co., Sioux City, la.—Leases Plant.—
Inc., below.—V. 112, p. 1150.
Maech 26 1921.] 1
THE
CHRONICLE
Midwest Oil Co.—Extra Pre}. Dividend—Common Div.—
Penn
An extra dividend of 1
% has been declared on the Pref. stock in addition
dividends of 2% each on the Pref. and Common
stocks, all payable
April 15 1921 to holders of record Mar. 31.
In Jan. 1914 initial dividend
of 2% was paid on the Common
stock; none other until Jan. last, when a
like amount was paid.
In Jan. last an extra dividend of 1% was also paid
on the Pref. stock in addition to the
regular of 2%.—V. Ill, p. 2527.
1921—Feb.—1920.
p.
1921—2 Mas.—1920.
Increase.
1.056,564
751.
12,706 2,046,060
making the
applied for v. t. c. for 337,785 shares of capital stock (auth.
350,000 shares).
The proceeds of the sale of the above stock will be used
total amount
in part for additional
working capital and in part to acquire at least a ma¬
jority of the issued and outstanding 60,000 shares (no
par) of capital stock
of Rockaway (N. J.) Rolling Mills
Corporation.
Calendar Years—
Decrease.
2,076,776
Corp.—Listing—Earnings.—
trust certfs. for
Mohawk Mining Co.—Copper Production (in
Lbs.)
1.069,270
112,
Seaboard Steel
The N. Y. Stock Exchange has authorized the
listing of additional voting
103,474 shares of capital stock (no par value),
to
—V.
1289
V
1920.
Net sales—
Cost of sales
$9,744,205
8,870.670
222,512
.def$342,906
$191,172
43,334
80,107
$651,023
160,776
.def$299,572
468,675
$271,279
113,786
$811,799
354,138
Montgomery Ward & Co., Inc.—Listing.—
Morris & Co.—Packers Announce
Municipal
Gas
Co.,
Albany,
Other income.
Int.,
Wage Agreement.—
Y.—Notes Offered.—
account of rehabilitation of properties and
Dillon. Read & Co. are offering at 100 and int,
$1,250,000
One-Year 8 % Gold notes.
Dated April 1 1921, due April 1 1922.
Denom. $1,000 (c).
Int. payable
& O. in New York.
Central Union Trust Co., New York, trustee.
covenants that no funded debt ranking ahead of or
equally with
this issue shall be created
during the life of these notes unless provision is
made in cash for their payment at
maturity.
Piedmont-Mt. Airy Guano Co., Bait.—Bonds
Offered.—
Company
Baker, Watts & Co., Mercantile Trust & Deposit Co.,
Fidelity Securities
Corp. of Maryland and J. S. Wilson, Jr., & Co., Baltimore, are
offering a
98^6 and interest, yielding about 8.15%, $500,000 1st Mtge.
(15-Year) 8%
Sinking Fund Gold Bonds.
Dated March 1 1921.
Denom. $1,000 (c*).
Data from Letter of Carl H. Graf, VicePres. & Gen. Mgr. of
Company.
Company.—Organized in 1885.
Does
entire
Albany, N. Y.
including
adjacent communities in which
electric output about 42,000,000 K.W.H.,
commercial
electric
light
Company
agrees to refund to holders of these bonds any State or municipal'
paid in Maryland not exceeding 45c. for each $100 par value.
Red.
int. date, all or part, at 105 and int.
Interest payable M. & S. at
Mercantile Trust & Deposit Co., Baltimore,
trustee, without deduction of
Population about 155,000,
company
taxes
Annual
operates.
on
and gas output 872,000,000
cu. ft.
Electric energy is acquired from the hydro-electric
plant of the
Cohoes Power & Light Corp.
Franchises are unlimited as to duration.
504,292jl915
378,48811913
1,703,628
Condensed
Balance
Sheet
as
of Jan.
31
1,407,165
(After
Federal
income
tax
up
to
Data from Letter of Edwin W.
2%.
Levering, President of the Company.!
Purpose.—Proceeds (together with proceeds from the sale of preferred
(or) common stocks at par amounting to $300,000) will be used to pay
current debt incurred in construction of
plant at Curtis Bay and to provide
and
additional working capital.
560,598
557,526
1,309,277
-
1921
any
normal
Gross Earnings and Net Income after
Depr., Taxes & Available for Int. Charges
Year.
Gross.
Net.
|
Year.'
Gross.
Net.
1920
..$2,379,253
$5.56,041 |1916-^---_-81, 504,366
$592,400
1919
1,909,706
1918
Federal taxes from prior years,
$935,698; dividends on Pref. stock Tacony Steel Co., $38,842; deficit for
year as above, $768,248; surplus Dec. 31 1920, $4,915,251.
The total profit and loss surplus of the
Rockaway Rolling Mills Corp.
as of
D,ec. 31 1920 was $71.577.—V. 112, p
1151.659.
v
A.
and power and gas business in
f. prov. & inv. adj., &c_.
s.
def$768,248
$157,492
$457,661
Surplus Jan. 1 1920, $5,919,139; add proceeds from shares
exchanged for
Tacony Steel Co. stock, $738,900; total, $6,658,039; less adjustments on
112, p. 939, 854.
N.
1918.
$4,015,877
3,667,194
157,511
The
N. Y. Stock Exchange has authorized the listing of 285,000
additional
shares of Common stock (no par value) on official notice of issuance
in ex¬
change for 95,000 shares of Class B stock upon the basis of 3 shares of Com¬
mon stock for one share of Class B
stock, making a total amount applied
for 1,285,000 shares of Common stock.—V. 112,
p. 854, 939.
See under "Current Events" this issue.—V.
1919.
$5,527,066
5,620.074
Selling and administration expense__
249,898
30,716
Earnings.—Average net profits for the last ten years, before Federal taxes
and depreciation, have been at the rate of over
$100,000 p. a., and for the
This Financing).
1919 and 1920, before such allowances,
years
Property account.__._$7,311,005 1-Year 8% gold notes____$l,250,000
Securities owned.
1,668,264 Common stock..
6,000,000
were
respectively.
.
Company.—Organized in Maryland
Current assets
i____
828,175 Current liabilities...
Def'd & prepaid charges.
52,595 Reserves
Total (each side)$9,860,039
644,280
^ 977,923
Surplus
987,836
Dividends.—Has paid dividends in each year since incorp. in 1885,
present
rate being 6% p. a. on $6,000,000 Common stock.
Purpose.—Proceeds will be used to increase working capital.—V .111, p. 1955.
and
sale
of commercial
in
1896.
$134,928 and $165,828,
Engaged in manufacture
fertilizers.
....
Sinking Fund.—Annual Sinking Fund of $26,250, beginning March
1922, is to be used for the purchase or redemption of bonds of this issue.
Pilgrim Mills, Fall River —Dividend Reduced.—
The directors have declared quarterly
March
on
23
voted
to
authorize
increase
an
of the
Capital stock from $400,000 to
surplus assets into
distributed pro rata
V. 112, p. 1150.
$600,000, par $100, by converting the
capital.
The additional shares will be
the present shareholders as a 50% stock div.—
Pioneer
permanent
among
Pittsburgh Coal Co.—To Retire $5,000,000 Preferred.—
The stockholders
ury stock.—Y.
112, p. 1150.
Officer, &c.—
New
Albany Water Works.—Merger.—
See Interstate Public Service Co. under
,
"RRs." above.—V. 112, p. 567.
New York Dock Co.—New Director.—
Charles E. Hotchkiss has been elected
a
director to fill
a
vacancy.—V.
Pusey & Jones Co .—Judgment.—
Judge Morris of the U. 8. District Court at Wilmington, Del., on March22
a judgment against the
company for $750,000, with interest from
Feb. 10 1920 to March 22 1921,
amounting in all to $800,125, in favor of the
Baltimore Drydock & Shibpuilding Co.
The suit grew out of a deal be¬
tween Christopher Henevig, then with
Pusey & Jonas Co., the Baltimore'
company paying $750,000 cash as part of the purchase price of the Glouces¬
ter, NT. J., plant, and Pusey & Jones stock amounting to more than that was
turned over to them.
The deal was never completed.—V. 112,
p. 752.
Radio Corp. of America.—United Fruit
New York Edison
The
Co.—Injunction Stayed.—
between the new and the old rate of 7 cents, or make
provision for the re¬
turn of the difference to customers in the event that
the higher rates be not
sustained.—V.
112,
p.
1030.
1920.
1919.
$491,295
Cal. Years—
1920.
$370,793
1919.
Cr. $1,980
304,460
36,174
$125,844
North Butte Mining
86,240
Henderson & Loeb, 100 Broadway, N. Y., in circular just
issued contrasting the new Pacific Oil Co. (V. 112, p.
650)
and the proposed
release of
would
save
the
company
about
Assuming the original terms are approved,
Reading will entitle the owner to subscribe to one new
that the current price of 14 for "Reading rights" is equivalent to
valuation of $32 per share for Reading Coal Co. stock.
[See original plan,
ers,
Common and Preferred.
each two shares of
share,
a
so
V. 112, p. 745.]
The properties
to be acquired consist of 85,630
acres of anthracite coal
lands,
notes has been
quarterly dividend
declared on
of 23^% in cash, both payable April 15 to holders of record March 31.
October and January last dividends of 2% each were paid in
In
with improvements and equipment, owned outright; 11,677 acres
controlled through subsidiaries; and 5,563 acres leased.
The lands are
located in the Schuylkill field of Pennsylvania.
In 1919 the company oper¬
ated 31 collieries.
Tentative Balance Sheet,
Liberty bonds;
this compares with 2M% extra paid in Liberty bonds in
January and July
1920 and in January and July 1919.—V. Ill, p. 2528.
Oklahoma Producing &
Reading Coal Co., both representing "the
important fuel lands from railroad control," report
Capitalization, &c.—Under the segregation plan now being considered,
Coal Co. will acquire the assets of the Philadelphia & Reading
Iron Co.
The plan submitted by the company proposes to offer
the stock for
subscription at $4 per share to the present Reading stockhold¬
Supply Co.—Extra Dividend.—
the
Decrease.
Reading
dividend of H of 1% in Victory Loan 4%%
the capital stock, in addition to the regular
for
1921—2 Mos.—1920.
1,209,593
1,295,833
Coal &
Co.—Copper Output (in Lbs.).—
work.
It was sttaed that this
a month.—V,
112, p. 751.
Results
67,330
$32.i39
1921—Feb.—1920.
Decrease. I
1921—2 Mos.—1920.
Decrease.
433,941
1,768,509
1.334,568!
879,231
3,708,569
2,829,338
The directors have voted to suspend
production, but to continue devel¬
An extra
Decrease.1
in brief:
Surplus....
Gross operating revenue, including profit on merchandise sales.
P. C. Dings is Treasurer.—V. 104, p. 1494.
a
Ohio Fuel
Ltd.—Gold Output (in Ounces).—
Reading Coal Co.—Pending Plan.—Status.—Newburger,
Co;, Chicago.
a Gross earns.$2,769,552
$1,727,832 Add—Ot h. inc. C'r .$57,330
Net, aft. taxes
$733,165
$197,791 Int., depr.. &c
355,802
Int., divs.,&c.,
Preferred divs.
66,979
ofsub.cos..
241,870
126,998
Balance
Rand Mines,
1921—Feb.—1920.
558,000
625,330
—V. 112, p. 752, 265.
,
North American Light & Power
Cal. Years—
Acquires Interest.
President Edward J. Nally says: "The United Fruit Co. has acquired
substantial minority interest in the Radio Corp. of America.
The United
Fruit Co. will be represented on the Board of directors
by George S. Davis."
—V. 112, p. 1031, 477.
a
Appellate Division of the Supreme Court has granted an order
staying the injunction of Supreme Court Justice Daniel F. Cohalan, which
restrains the company and the United Electric
Light & Power Co. from
adding to the bills of consumers the cost of coal above $3 a ton.
This
enables the companies to charge the higher rate if
they deposit the difference
$50,000
Co.—Listing.—
rendered
Ill, p. 2144.
opment
March 23 voted to retire $5,000,000 Preferred treas¬
The New York Stock Exchange has authorized the
listing on and after
April 1 of $1,339,532 50 additional capital stock, par $100, on official notice
of issuance in exchange for outstanding scrip,
making the total amount ap¬
plied for $6,316,400.—V. 112, p. 1151, 1031.
H. M. Steele has been' elected Secretary and
Treasurer, succeeding John
Stambaugh Jr.^ and J. H. Fitch as Secretary and Treasurer, respectively.
The company's general offices have been moved from Newton
Falls, O.,
to Youngstown, O.—V. Ill, p. 1858.
on
112, p. 1031, 379.
Porto Rican-American Tobacco
agree upon a
Newton Steel Co., Ohio.—New
Steamship Co.. Cleveland.—Earnings.—
ending Dec. 31 1920, after deducting all expense
depreciation, amounted to $1,779,337.
After deducting reserve for
income and excess profits taxes of $550,000, there remained a net balance
of $1,229,337.—V. 84, p. 453.
^
are
the Preferred
Net income for the year
National Conduit & Cable Co.—Bondholders' Committee
remedial steps.—V.
on
and
The holders of the $4,438,500 bonds, it is
reported, are being notified
of the formation of a protective committee and have been asked
to deposit
their securities.
Under the terms of the indenture there occurred a technical
default on the bonds late in February.
The stockholders' committee, it is
said, will now endeavor to
Elan forhave reorganization or for April 15 in which shareholders Theto take
olders the extended the time to the protection of the bonds.
bond-
dividends of 2%
and Common stocks, both payable March 31 to holders of record
March 26.
In Dec. last a div. of 3% was paid on the Common stock.—V.
109, p. 2445.
Narragansett Mills Corp., Fall River.—50% Stock Div.
The stockholders
[Based
;
Showing Total Assets of $90,217,000.
Phila. & Reading Coal & Iron balance sheet of Dec. 31 1919,
giving effect to the proposed recapitalization, including the trans¬
Reading Company of $10,000,000 in cash assets.]
on
and after
fer to
Refining Corp.—Earnings-
Year
Ending Dec. 31
1920.
Gross earnings, $13,691,201; expenses, $7,267,149; net
earnings.$6,424,052
Deduct—Interest and taxes, $272,928; depletion, depreciation,
&c., $3,853,495, leaving net income of
2,297,629
Pref. divs. (8%), $240,000; Common (8%), $1,723,280; total divs.
1,963,280
Coal lands
$44,330,000
Impts. & miscell.
prop..
Invest, in subsidiaries
Net current assets.
Miscellaneous
funds
___.
Reserves
$2,880,000
20,842,000
Underlying
9,991,000
12,423,000
2,631,000
Gen. M. 4s, to be owned
9O0.OOO
bonds
by Reading Company. 25,000,000
Capital stock of no par
value, 1,400,000 shares,
equity
61,437,000
—
Balance, surplus
$334,349
—V. 112, p. 1030.
Ore
See
Steamship Company.—New Ships.—
Bethlehem
Oriental
Steel
Corporation under
"Financial Reports" above.
Navigation Co.—Earnings.—
The total net revenue for the year 1920 was $1,256,098 before deductions
for Federal taxes, interest on floating debt, &c., leaving a balance available
for dividends, reserves, depreciation and surplus of $965,882 for the year,
an increase of $52,092 over the balance so available in
1919.—V. Ill, p.
1571.195.
Paauhau
Sugar Plantation Co., Hawaii.—Earnings.—
Net profits for the year ending
Dec. 31 1920 were $341,886, after de¬
ducting $155,614 strike losses and $73,951 for depreciation.—V. 106, P'-?132.
1
The book value of the stock on the above showing is therefore about
$44 per share, but the actual value will depend largely on the future earn¬
ing power of the company.
Output, Gross Receipts and Net Profits as Shown by Last Four Reports.
Dec. 1919.
Dec. 1918.
Dec. 1917.
Dec. 1916.
10,067,588
11,572,061
11,517,904
10,006,688
Gross revenue..
__.$60,105,225 $56,386,939 $49,896,908 $42,701,061
Net earnings2,866.737
4,160,162
5,436,633
2,463.790
Earned on new stock—
1.33%
2.26%
3.16%
1.05%
The extent of hidden earnings, if any, cannot, of course, be
definitely
established.
As to contest regarding terms of plan, see Reading
Company
under "Railroads" above and in V. 112. p. 745, 850, 933, 1025, 1144.
[Posner & Co., Ill Broadway, and Morris & Co., 66 Broadway, both
members of the N. Y. Stock Exchange, have also issued
special circulars
on the Reading plan.—Ed.1
Years ending—
Production, tons.
-
^
Common stock
:
550.000
Operates 3 factories.
Has over 4,000 customers.
Earnings.—Net earnings for nine years have averaged $201,048 per ann.,
or five times the amount of the First Pref. dividend.
Sales have been as
1917
1920-. —-$3,085,918
$1,883,297 1914-——$1,105,462
1913
1,065,536
1912
954,552
1,551,849
2,833,883 19161,232.598
1918
2,102,199 1915
President, William H. Cole.—V. 109. p. 1085.
1919...
-
-
...
-
St.
-
-
-
Tecumseh
Association, Inc.—Div. No. 2.—
Texas
The directors have declared a dividend of 3 % on the outstanding capital
stock, par $10, payable April 30 to holders or record April 15.
An initial
quarterly dividend of 2% and an extra dividend of 1% were paid on the
stock in January last.—V. Ill, p. 2529.
Seaboard Steel & Manganese
Shaffer
Oil
&
holders of record Dec. 10 1920.
The stockholders will vote March
In
V.
112,
(John R.) Thompson Co., Chicago.—Report.—
Results for Years
Solar Refining
1920.
$2,483,894
785,688
$1,698,206
(50%)1,000,000
$1,651,992
(30)600,000
$698,206
1918.
$1,739,442
771,563
1919.
$1,528,319
876,327
$1,051,992
Federal taxes...
1917.
$1,831,510
689,191
V.
112, p.
Cashdividends
Balance, surplus
$967,879 $1,142,319
(15)300,000 (35)700,000
Auto Supply Co., Inc.—Name Changed—
Southern
California Edison Co.-^- ■Earnings.—
$9,241,246
1,328,319
....$13,246,995
1,554,879
...
.....
Other income.
1918.
1919.
1920.
Calendar Years—
Gross revenue
The shareholders will vote April 19 on increasing the common stock
from $20,000,000 to $25,"000,000.
It had been proposed to increase the
pref. stock from $8,000,000 to $10,000,000, but this proposal has been
dropped.
The proposed increase in the common stock, it is stated, is for
the purpose of taking care of future expansion.—V. 112, p. 1171, 1032.
$442,319
$667,879
income
Operating expenses
......
Interest charges, &c
$14,801,874 $10,569,565
8,386,635
4.480,321
3,343,444
3,106,061
$2,983,183
$2,443,465
5,071,795
surplus
112, p. 752, 569.
Southern
Calendar Yrs.
Operating
(Bell) Telephone
1919.
1920.
$
$
reve-
&
1920.
Divs. (6%)
The New York Stock Exchange
919,126
United Gas & Electric Co.
1,650,000 1,650,000
Co.—Earnings.—
U. S. Steel
surplus for the year of $45,481.—V. 110, p. 1194.
Gas
&
Electric
Co.—New Acquisition.—
Co. announce that on behalf of this company they have
favorable basis, the stock and other interests in Shaffer Oil &
H. M. Byllesby &
Shaffer Oil &
Refining Co.
George N. Moore, Gen. Mgr. of the refining and sales department of
the Shaffer Oil & Refining Co., has been elected President to succeed
C. B. Shaffer.
It is stated that the Shaffer Oil & Refining Co. proposes
reduction in the outstanding common stock.—V. 112, p. 940, 660.
1920.
1920.
$
1919.
$
1919.
$
United
.
Total...
—V.
5,846,138
112, p. 940.
5,344,933
Total
5,846,138 5,344,933
March 23 voted to omit the payment of the regular
quarterly dividend on the Common stock, usually made April 1.
In July,
quarterly dividends of 2% each were paid; a 25% stock
dividend was also paid in July last, which increased the outstanding Com¬
mon stock from $4,000,000 to $5,000,000, par $100.—V. Ill, p. 700.
Oct. and Jan. last,
Major-Gen. John F. O'Ryan,
Stanley Rule & Level Co .—Name Changed, &c.—
Stanley Works, New Britain, Conn.—To Incr. Capital.
Legislative Committee on Incorporations (Conn.)
bill to permit the company to increase its capital to
110. p. 1978.
The
Stover Mfg. & Engine Co.,
has approved
a
$5,000,000.—V.
Chicago.—Extra Dividend.—
An extra dividend of 1 % has been declared on the Common stock along
with the regular quarterly of 1 %, both payable April 1 to holders of record
March 25.
A like amount was paid extra in April, July and Oct. 1920 and
See under "Current Events" this issue.—V.
S.
IVhip Co.
112,
Agreement.—
p.
1032.
Co., Westfield, Mass.—Merger.—
the New England Whip Co. will be merged with the
Frederick L. Parker is President.
United Verde Extension Mining
Co.—Smaller Dividend.
A quarterly dividend of 25 cents per share has been declared on the
outstanding $750,000 Capital stock, par $50 cents, payable May 2 to holders
of record April 25.
Dividends of 50 cents per share have been paid quar¬
terly from Aug. 1916 to Feb. 1921, inclusive.
Extras of 25 cents per share
were also paid quarterly from May 1917 to Feb. 1919, inclusive.—V. 112, p.
1032, 753.
Vanadium Corp. of
The directors on Mar. 22
America.—No Div.—Annual Report.
decided to omit the current
quarterly dividend,
15, "owing to the continued depression of business and in order
conserve the cash resources."
In Jan. last a dividend of $1 per share was
due Apr.
to
pjiid, as compared with dividends of $1 50 per
share paid in Apr., July and
Surplus Account for 15 A Months from Sept. 16 1919 to Dec. 31 '20
(after ordinary maintenance), $4,00o,541; other
income, $71,029; total
— -— — — — — — — —___—$4,0/6,570
Provision for (a) depreciation and depletion, $305,28/; (6) Federal
taxes, $794,662;
(c) contingencies, $335,633; (rf) organization expense written off, $67,058
— — — ———.—
1,502,640
Deduct—Four dividends, April 1920 to Jan. 1921, incl. ($oV2
per share on 373,334 shares)
2,053,337
Income and
earnings
carried to balance sheet
$520,592
of Dec. 31 1920 shows total assets of $16,539,806.
account, $10,536,347. and patents and processes,
&c.
$1 000,000, and also current assets, notably cash, $1,444,188, and in¬
ventories
$2,424,091.
Offsets include with other items (a) current lia¬
bilities, $756,087 (notes and bills payable $372,321), and outstanding se¬
curities, viz., capital stock, $14,323,697 (373,334 shs. no par value); and
also profit and loss surplus (as per income account), $520,592.
Balance, surplus,
The
balance sheet
This includes property
New Director.—T. M.
Y. Ill, p.
Swift & Co.—Packers Announce Wage
former commander of the 27th Division,
director.—V. Ill, p. 2433.
United States Whip
western system,
inlJan. 1921.—V. Ill, p. 1571.
10-60-year 5% sinking fund
Effective April 1
Net
The Legislative Committee on Incorporations (Conn.) has approved bills
authorizing the company to change its name to Stanley Securities Co. The
latter company will have the right, under the charter amendment, to ac¬
quire, hold and sell real estate, corporate municipal, Government and other
securities and to, retain the powers now vested in the Stanley Rule & Level
Co.
Compare V. 110, p. 1296; V. 112, p. 477.
($2,097,000)
States Trucking Corp.—Earnings—Director.—
1920 aggregated $529,292, owing, it is
1920, outlaw strikes, blocked
has been elected a
Standard Textile Products Co.—No Common Dividend.
The directors on
ninety-seven
operating loss for the year
The
Plant...
—
Corporation.—Bonds Called—Annual Report.
stated, to the great snow and sleet storms of
freight terminals and longshoremen's strike.
U.
$
Liabilities—
1,931,729 2,064,041 Capital stock...1,000,000 1,000,000
- 1,893,955 Deprec'n accts.
559,533
Cash
547,098
601,664
.1,063,638
164,409 Accts. payable..
518,574
Accts. receivable
265,363
649,683
448,142 Res. for Fed. tax.
Investments..._
425,749
774,386 Surplus..
3,780,466 2,918,373
Assets—
Dividends.—
gold bonds, dated April 1 1903, have been drawn for redemption May 1 at
110 and int. at the office of J. P. Morgan & Co., 23 Wall St., N. Y. City.
See annual report on subsequent pages.—V. 112, p. 1032.
(Nebraska.)—Balance Sheet Dec. 31.—
Merchandise —.1,775,339
thousand
Two
Refining Co., heretofore owned by C. B. Shaffer, J. K. D. Shaffer and
E. E. Smathers.
The Shaffer interests have severed their connection with
Standard Oil Co.
Preferred
declaration of the quarterly dividend
Pref. stock.
In Dec. last the payment of the
the Common stock was omitted.—V. 112, p. 169.
have omitted the
quarterly dividend on
The annual report for 1920 shows receipts of $68,249, of which $67,088
from assessments.
Disbursements totaled $22,767, leaving a balance,
on a
directors
Inc.—No
"Works,
Ircn
United
The
(Ind.).—Merger.—
Public Service Co. under "RRsV above.—V. 112,p. 569.
usually paid April 1 on the
was
acquired,
Interstate
See
—V. 107, p. 2295.
Standard
-
United Fruit Co.,—Acquires Int. in Radio Corp.—See Radio Corp. of America above.—V. 112, p. 1032, 588.
-def846,760sur167,750
South Lake Mining
has authorized the listing of (a) $4,345,900
reports above.—V. 112, p. 1032.
1,001,715
Balance
dividend of 2%.—V. 112, p. 661.
Co.—Listing—Earnings.—
7% Cum. Non-Voting Pref. stock, par $100: (b) $5,733,300 Common stock,
$100; and (c) $11,998,000 Equip. Trust 7% gold notes, Series A, due
Aug. 1 1930, with authority to add $7,654,100 Preferred stock and $6,266,700 Common stock, and
$264,000 Equipment notes.
See also under
$
.1,093,850
Interest—
866,251
declared on the out¬
1 to holders of record
cents per share (M of
par
pensation
973,511
Oper. expenses. 10,596,053 3,725,860 Gross income...2,172,459 2,841,477
275,369
104,601
Un.col.rev.&tax.
731,128
283,529 Rent & miscell—
Oper. income. 1,147,277
Non-oper. revs. 1,025,182
an
Union Tank Car
.12.474,458 4,875,640
nue
In Jan. last
1%) was paid in addition to a quarterly
1919.
$
com-
par $25, payable April
extra dividend of 12M
Common stock,
March 20.
Co.—Earnings.
Teleg.
.1Calendar Yrs.
Governm't
Co., Warren, O.—Smaller Dividend.—
dividend of 40 cents per share has been
A quarterly
$8,735,458
3,348,424
2,943,569
Balance,
—V.
Steel
Trumbull
$7,452,937
1,282,521
standing
Total
above.—V.lll, p. 2333, 1572,1378.
Corporation.—Change in Plan.—
Tobacco Products
given in V. 112, p. 1031.
The balance sheet of Dec. 31 1920 was correctly
$375,573
1164, 477.
Times Square
See Consolidated Distributors, Inc.,
Net profits
$794,164
result of the stock dividend of 33 1-3%
paid April 20 1920, increasing the common shares from $4,500,000 to
$6,000,000, stood Dec. 31 1920 at $816,714. against $2,292,565 in 1919.
The 7% Pref. stock has been reduced from $1,900,000 to $1,850,000, and
the building bonds to $185,000.
Accounts payable aggregate $363,700,
against $200,270; depreciation reserve, $1,149,169, against $790,148.—
The profit and loss surplus as a
Co.—Annual Report—Revised Earnings.—
Calendar Years—
dividends paid
Cr. 51,528
$519,313
;
Net income..
Cash
214,036
204,583
121,984
Cr.9,180
$540,542
:
Other items
The corporation reports the completion of its 8-inch pipe line from its
producing acreage in the Damon Mound field in Texas to the Sinclair
refinery on the Houston ship channel at Houston, Tex.
This line was not
involved in the recent sale to the Standard Oil Co. of Indiana of a one-half
interest in the Sinclair Pipe Line Co.
See V. 112, p. 660, 855.
Net inc. before taxes
254,184
Administrative expenses
Reserve for Federal taxes.
Adjustment of inventories
1919.
196,850
$14,793,780 $11,186,034
10,032,512
13,681,668
...
...
Current
Corp.—Pipe Line.—
Sinclair Consolidated Oil
1920.
ended Dec. 31—
certifs., $368,079), and
ending Dec, 31 1920 shows:
$395,263 (icnluding cash, loan and U. S.
current liabilities of $5,664.—V. 109, p. 1467.
29, payment to be made in
and July 8. See report for 1920
Sales
Copper Co,—Annual Report.—
Shannon
The financial statement for the year
increasing the capital stock
sale of an additional issue
1139.
p.
Cost of sales
assets of
on
50% each on May 27
two installments of
will now be
168.
112, p.
31
from $143,000,000 to $164,450,000 par, by the
of $21,450,000 at par, to holders of record Apr.
Refining Co.- -New ControlElectric Co. below.- -V.
authorized the listing of $13,000,000
official notice of issuance in exchange
making the total amount applied for
A stock div. of 10% is payable Mar. 31 to
(auth. issue).
$143,000,000
furnace last Dec. was finally
price paid was $75,000.
It is probable that a new company
organized to operate the furnace.—V. 112, p. 752, 379.
Company.—Listing.—
The New York Stock Exchange has
confirmed by the IJ. S. District Court on March 14.
The purchaser was
E. G. Tillotson, a Cleveland banker representing secured creditors, and the
See Standard Gas &
Corp.—Dividend Decreased.—
additional capital stock, par $25, on
for outstanding stock div. warrants,
Corp.—Sale.—
It is stated that the sale of the Temple (Pa.)
Mills
Cotton
dividend of 2% has been declared, payable April 1 to holders
In Oct. and Jan. last, dividends of 3% each were paid
on the $750,000 capital stock, as compared with 10% in July 1920 and 5%
each in Jan. and April 1920.
A dividend of 50% was also paid in March
1920 in Liberty bonds.—V. Ill, p. 1957.
A quarterly
The company has filed notice at Albany of an
$3,250,000 to $4,000,000—V. 110, p. 2298.
Salt Creek Producers
$495,995
of record March 20.
Co.—Capital Increase.—
increase in capital from
Lawrence Transmission
$139,969
$211,001
from Symington Corp.
y Includes 8%
for year 1919 and 32% accrued dividends.
In addition, quarterly dividends
were paid in 1920 on the $1,000,000 Common stock in Jan., April, July and
Oct. at rate of 2XA% quar., and in Jan. 1921 50 cts. on the no par value
shares.
Total surplus Dec. 31 1920, $1,832,243; bills payable, $150,000.
As to reincorporation in Delaware with 100,000 shares of no par value
common stock (in place of 10,000 shares of $100 par), and $1,500,000 8%
Cum. Pref. stock, see Y. Ill, p. 1378, 1368, 1572.
Business founded 25 years ago.
follows
$348,454
$379,969
Includes $1,000,000 dividend
x
550,000
—-
Company.—Manufacturers of "Apollo" chocolates.
$836,032
(8)120,000
220,037
Balance, surplus
Authorized. Outstanding.
$1,000,000
S500,000
—700,000
491,500
Capitalization, Including This Issue—
8% Cumulative First Preferred Stock
7% Cumulative First Preferred stock—
(16)240,000
Dlvs. Q .-P.
days' notice.
1917.
1918.
1920.
1919
$456,001 x$l,4l6,389
Preferred dividends. —(8%) 120,OOOy(40)600,000
Depreciation, &c
442,935
Common
dividends..(12^)125,000 (2^)25,000
Calendar Years—
Gross income
^
Red. at 110 and div. cn any div. date on 15
Annual Report.—
(T. H.) Symington Co.
(Chocolates).—Pref. Stock
Offered.—Richardson, Hill & Co., Boston, are offering at 100
and div., $500,000 8% Cum. First Pref. stock (par $100).
(F. H.) Roberts Co., Boston
The bankers state:
[VOL. 112.
CHRONICLE
THE
1290
has been
Schumacher, President of the El Paso & South¬
elected a director, succeeding Allan A. Ryan.—
2433.
For other
Investment News, see pages 1309
and 1310.
March 26
1921.]
THE
CHRONICLE
1291
IjjUpnrte and gomrojettts.
UNITED STATES STEEL CORPORATION
NINETEENTH
ANNUAL
REPORT
FOR
THE
FISCAL YEAR ENDED DECEMBER
31, 1920.
Office of United States Steel Corporation,
51 Newark Street,
Iloboken, New Jersey,
March
COMPARATIVE
For the Fiscal Years
INCOME
';++'
y
11, 1921.
\V
1920.
To the Stockholders:
ACCOUNT.
ending December 31 1920 and 1919.
■"
$
'AV-:
1919.
'I+
.+ Increase.
—Decrease.
\.$
■,
Earnings—Before charging
The Board of Directors submits herewith
combined
a
interest
re¬
which ended December 31.
of the condition
of
that
of
1920, together with
a
First
year
Second
statement
property at the close
INCOME
ACCOUNT
FOR
YEAR
THE
(approximately
$145,000,000),
employees'
Investments
amortization of proportion
ments
war
installed,
and
excess
of the
in
securities,
conditions of
for
reserves
allowances
on
8,408,460 87
for
inventory valuations,
To
Bonds
8,408,460 87
Funds
on
Bonds
of
Subsidiary
panies
To
on
Subsidiary
Corporation
—
U.
Bonds—
8,438,762 40
7,937,107 01
+501,655 39
98,043,136 09
+31,959,398 00
Deduct:
---$38,245,601 92
Interest
U.
on
S.
Steel
v
Corporation Bonds out¬
8.438,762 40
_
—
on
Corporation
Net Income in the year..130,002,534 09
Sinking
Bonds of U. S. Steel
on
Steel
38,245,601 92
—
Sinking Funds
S.
Com¬
-
Sinking Funds
+636,782 50
and
Funds
of
Companies
and
37,608,819 42
.
applied
follows, viz.:
Sinking
$176,686,898 41
Funds
+33,097,835 89
Depreciation and Re¬
placement
$185,095,359 28
Balance of Earnings in the year 1920---
Replacement
—293,115 85
143,589,062 52
Depletion and
Depreciation
as
profits taxes payable in 1921)
Depreciation and
8,701,576 72
176,686,898 41
,
facilities and improve¬
new
excess
outstand¬
Subsidiary Com¬
ances
(Ov+y
Less, Charges and Allowances for Depletion and Deprecia¬
tion applied as follows, viz.:
Funds
+7,756,230 35
+32,804,720 04
Less, Charges and Allow¬
for
of extraordinary cost resulting
on outstanding bonds,
mortgages and pur¬
chase money obligations of the
subsidiary companies
To
+7,817,586 98
37,713,256 92
Balance of Earnings
Less, Interest
To
42,327,714 20
*185,095,359 28*152,290,639 24
Total for year
panies
and taxes (Including $37,500,000 for estimated Federal in¬
come
50,145,301 18
45,469,487 27
Quarter——
com¬
pensation under merit plan, adjustments in value of material
and
+8,748,210 18
ing Bonds and Mortgages
dental to operations, including ordinary repairs and main¬
inventories
+8,482,692 53
36,520,341 16
Quarter—
Less, Interest
1920.
The total earnings were, after deducting all expenses inci¬
fr«m the world
35,729,326 96
45,268,551 34
Quarter..
Fourth
'
44,212.019 49
—
+
year.
.
tenance
•/
,
Quarter...
Third
the finances and
Bonds and
Companies:
aiy
Corporation and Subsidiary Companies for the fiscal
on
Mortgages of Subsidi-
port of the operations and affairs of the United States Steel
standing
s.>'
46,684,364 32
20,105,559 58
20,509,320 85
118,104 19
—
119,032 43
—403,761 27
Premium paid on Bonds
redeemed, viz.:
Net Income in
Deduct:
'
Interest
U. S.
on
Viz.:
the year 1920
$130,002,534 09
'"t.
.
Steel
On
tion
(y
Fifty-Year 5% Gold Bonds
..$11,360,076 25
Ten-Sixty-Year 5% Gold Bonds.
—..
S.
Steel Corpora-
—928 24
++'■/...
Bonds
••
■
717,228 49
Add: Net
Balance
of
814,418 93
—97,190 44
..109,061,641 83
Balance
8,745,483 33
.
Bonds....—J—
On U.
Corporation Bonds outstanding,
.
Subsidiary Compan¬
ies'
..v-
76,600,363 88
+32,461,277 95
sun¬
dry charges and credits,
$20,105,559 58
Premium paid on Bonds
On
Subsidiary
various
632,585 81
194,218 67
+438,367 14
109,694,227 64
76,794,582 55
+32,899,645 09
7%--—. 25,219,677 00
25,219,677 00
—
$118,104 19
S.
Steel
Dividends
Corporation
Bonds
U.
on
Steel
S.
Corporation Stocks, viz.:
717,228 49
Preferred,
835,332 68
Common, 5%_—
20,940,892 26
.
_.
.
_
_
„
___
Add: Net Balance of sundry
charges and credits, including
adjustments of various accounts.
$109,061,641 83
Less,
Appropriated
8i
made
Balance
.$109,694,227 64
_
for the
1920
year
U.
on
S.
Steel
of
account
propriations
for
Stocks, viz.:
7%
Common,
5%
--
-
-—
—
-
-
'
on
ap¬
con¬
struction
Preferred,
-
+32,899,645 09
addi¬
tional property and
Corporation
26,159,780 55
expenditures
authorized
on
25,415,125 00
from
Surplus Net Income
632,585
25,415,125 00
59,059,425 64
Surplus Net Income
Balance
Dividends
accounts
Companies'
Bonds
On U.
including adjustments of
redeemed, viz.:
30,000,000 00
+30,000.000 00
$25,219,677 00
Balance
25.415,125 00
carried
divided
50,634,802 00
Un¬
to
Surplus
26,159,780 55
29,059,425 64
+2,899,645 09
*
Surplus Net Income in the
year
1920
expenditures made
tional property
on
$59,059,425 64
—
Less, Appropriated from Surplus Net Income
on account
of
MAINTENANCE,
authorized appropriations for addi¬
and construction..
SURPLUS
OF
U.
S.
STEEL
Surplus
or
Balance of
CORPORATION
extraordinary
$25,000,000 00
.$468,048,201 93
as
Total
company sales
note
by subsidiary
of products
on
companies
on
$523,454,890 89
are on
Furnace
sales of meterials and
17,512,301 35
;
,
,]
2,614,604 34
16,770,575 17/
S.
»
3,356,330 52 20.01
Relin¬
4,732,649 41
6,733,245 39
5,757,479 96
ments..
Note.—Surplus of Subsidiary Companies amounting to $48,651,257 96,
subsidiary companies which
103,510,607 00 19,098,316 20 18.45
Ordinary Main¬
Repairs.. 142,735,828 89 120,281,182 17 22,454,646 72 18.67
hand in Inventories (see
on
Cent.
4,462,369 55
*2,000,595 98 29.71
Extraordinary Replace¬
inter¬
below)
and representing Profits accrued
Per
$
'
ings
Surplus, December 31-1920, exclusive
earned
Increase.
$
tenance &
Blast
Profits
1919.
control:
Railroad Admin._
29.059,425 64
498,454,890 89
of
ex¬
in 1919, as follows:
un¬
companies
Expended by U.
the
7
Total Undivided
in comparison with
were,
purposes
$
road
1,347,263 32
in
above
subsi¬
Expended by the rail¬
of miscellaneous
Surplus Net Income
1920, for current
properties of the
1920.
Repairs.
eral
property accounts
of
same
der Federal control—122,608,923 20
"
1920,
replacements
sidiary railroads
Adjustment of previous years' allowances
year
the
For railroads under Fed¬
Add, for the following items, viz.:
Balance
of
Total, exclusive of sub¬
1919, exclusive of subsidiary companies'
and
EXTRAORDINARY
also for blast furnace relinings and for
Ordinary Mainlnenace
and
com¬
inter-company profits in inventories, per
for depreciation
renewals
penditures for the
"Working Capital provided in organization..
1919
and
AND
panies from April 1 1901 to December 31
Annual Report for year
maintenance
diary companies,
April 1 1901.)
Surplus accumulated by all
AND
The expenditures made during the year
$29,059,425 64
SUBSIDIARY COMPANIES.
(Since
RENEWALS
REPLACEMENTS.
.30,000,000 00
Balance carried forward to Undivided Surplus
UNDIVIDED
Balance of Earnings after making allowances for estimated amount of
Federal income and excess profits taxes.
products to other
hand in latter's Inventories December 31
Total
♦Decrease.
The
1,295,110 41
29.02
153,225,958 26 131,476,797 11 21,749,161 15 16.54
.
foregoing expenditures
were
charged to current op¬
1920 is deducted from the amount of Inventories included under Current
erating expenses and to depreciation and replacement funds
Assets in Consolidated General Balance Sheet.
reserved
from
earnings.
table shows a classification of the amount
The following
[VOL. 112.
CHRONICLE
THE
1292
Expenditures During the Year 1920.
Total
Increase
Expenditures
Ordinary Main¬
tenance and Re¬
Expended on
above purposes
of the expenditures made during the year for
Extraordinary
Replacements.*
$4,738,852 75
$105,281,689 43
4,732,649 41
10,768,156 84
2.578.609 96
411,516 87
158,666 59
4,732,649 41
11,179,673 71
2,737,276 55
25,772,021 86
1,348,847 18
1,725,356 37
45,595 03
25,817,616 89
381,714 83
21,133 89
1,730,562 01
1,746,490 26
$147,468,478 30
$5,757,479 96
{
1920.
Total.
$100,542,836 68
"
in
in
1919.
pairs, including
Blast Furnace
Relinings.
Manufacturing Properties:
Total, except Blast Furnace Relining and
Blast Furnace Relining and Renewals
Coal and Coke Properties.
Renewals
Iron Ore Properties.
Transportation Properties:
Railroads
Steamships and Docks.
Miscellaneous Properties.
*
These
r
expenditures were paid from funds
the
The allowances made during
the charges
,
used
or
to
Income, which have been transferred to
I
be used in retiring bonds.)
$21,749,161 15
Funds.
Other
from and
and
Charges
to Funds
by
Aside
dur¬
$3,815,305 26
Bonds.
202,417,020 56
11,786,465 78
1920.
$12,254,067 66
$8,349,913 51 (&)
$3,904,154 15
38,245,601 92 $4,024,266 21 (a)
244,686,888 69
10,464,057 03 (c)
4,732,649 41 (d)
234,222,831 66
13,383,837 35
18.J16.486 76
6,330,020 98
depreciation accrued on the property of the
(&) Amount transferred to Trustees of Bond
Sinking Funds..!
$251,510,823 16
$275,057,443 11 $23,546,619 95
subsidiary railroads during Federal control.
.$8,349,913 51
—
.
*;y
(c) This total covers the following, viz.:
of Bond Sinking Funds......
—
——
—...
17, pamphlet report) for investment
depletion of investment in minerals.
adjustment of previous years' allowances for depreciation and other miscellaneous
5,757,479 96
in improvements
1,708,625 14
>
5,884 03
537,624 73
dismantled and retired
charged off and credited Property for
(d) Expenditures made during the year for
$2,454,443 17
:
.
—
replacements..
charged off and credited Property Account (see page
and equipment
Dec. 31
$8,438,762 40
(a) Includes $3,998,973 24 covering the net
Expenditures made in 1920 for extraordinary
accounts...
U.
CAPITAL STOCK.
amount
Steel
States
Corporation
S.
stock of the United
$2,067,000 00
Sundry Bonds of Subsidiary
Companies
4,060.000 00
...
1920, was the
Potter Ore Co. First Mortgage
$508,302,500 00
360.281.100 00
BONDED,
DEBENTURE AND
bonded,
total
United
debenture
and
mortgage
in
Net
a
net increase during
The
$36,685 11 were assumed
maturing mortgages, amounting to
Decrease during the
year
following is
summary
a
$7,435 17 were made,
Co.
Furnace
Sheet
&
Tin
Plate
Bonds.
C. Frick
100,000 00
Bonds
100,000 00
Co.—Pittsburgh-Mo-
Coke
Trustees of
Balance
Sinking Funds.
Outstanding.
Co.
Corporation
Bonds...$301.000,000 00
Duquesne
Equipment
115,000 00
Trust Bonds
Bess & Lake Erie RR. Co. issues, viz.:
110,000 00
Bessemer Equipment Trust Bonds
Girard Equipment Trust Bonds
...
$79,592,000 03 $224,408,000 00
Corporation
25,674,000 00
174,326,000 00
Bonds.__.$504.000,000 00 $105,266,000 00
$398,734,000 00
Bonds 200.000,000 00
10-60-Year 5%
Total U. S. Steel Cor¬
poration
Subsidiary
Companies'
121,393.000 00
U. S. Steel Corporation
590,000 00
Mortgage Bonds
RR.
Steel
Steel
Bonds—Guaranteed by
nongahela First Lien Purchase Money
Union
S.
Co.—W.
Dewees Wood Co. First Mortgage
H.
U.
$105,000 00
Bonds
St. Clair Steel Co. First Mortgage
American
S.
U.
Mortgage
and Held by
Sinking Funds.
50-Year 5%
First
Less Redeemed
Bonds in
retired during the year as fol¬
•
Clair
by general classes of the to¬
Including
Clairton Steel Co. issues, viz.:
St.
$13,870,450 85
Total
29,249 94
$568,928,334 12
lows, viz.:
1920-$555,028,633 33
1920.
debenture and mortgage debt:
tal bonded,
the year of______
Bonds and mortgages were
Debt, December 31
18
acquired, and payments of
connection with property
$13,899,700 79
debt of the
panies outstanding on January 1 1920 was
$568,899,084
No Issues of bonds were made during the year, but Real
Estate Mortgages amounting to
59,000 00
^
Co.'s proportion).
MORTGAGE DEBT.
Corporation and Subsidiary Com¬
Steel
States
Bonds re¬
(T. C. I. & RR.
tired by that company
Bonded, Debenture and Mortgage
The
$12,428,000 00
$13,840,700 79
fiscal year, viz.:
Stock
Preferred Stock—
Common
$23,546,619 95
I9¬
Steel Corporatipn
60-Year 5% Bonds.
December 31,
on
at the close of the preceding
as
same
outstanding capital
of
240,000 00
Subsidiary
teed
by
95,661,000 00
4,149,000 00
*60,420,069 50
Guaran¬
S.
U.
Steel
64.569,069 50
Corporation
Debenture Scrip,
Steel
25,732.000 00
Companies'
Bonds—Not
Illinois
13,16124
Company
__.
13,16124
—
Pittsburgh Bessemer & Lake
Erie
Gold
RR.
^
^
4,732,649 41
relinings and renewals at blast furnaces
'
The
of
Funds
1920.
$218,018,791 60 $53,014,385 30 $4,024,266 21
Total
to
Credit
in
including
Salvage.
Expenses.
Depletion, Depreciation and Replacement Funds
including amounts of same to be applied to Sink¬
ing Funds on Bonds of Subsidiary Companies.
Blast Furnace Relining and Renewal Funds
Total.
Credits,
to
Charges
Current
1919.
Applicable for Sinking Fund on U. S. Steel Corpo¬
Balances
Payments
Income
Income and
Dec. 31
Amount transferred to Trifstees
below.
Trustees of Bond Sinking Funds and
ing 1920 from
Balances
For
1 $131,476,797 11
41,559 30
464,754 30
v
Funds.
Amount
4,044,113 75
through charges to current operating expenses for account
also the transfers and payments made therefrom and
together wit'h the balances to credit of the funds at December 31 1920, are shown
Credits to
Amount
21,773,503 14
1,689,002 71
1,281,735 96
1920 from earnings and
year
Set
ration
12
98
87
79
FUNDS.
DEPRECIATION AND REPLACEMENT
include depreciation funds reserved from
(Balances shown at close of year do not
$17,086,890
Dec.2,000,595
1,820,040
292,398
by the funds from other sources;
made thereto during the year,
subjoined table.
in the
26
31
39
84
76
of the character included herein, as see
provided from earnings to cover requirements
DEPLETION,
of these funds; the income received
$1^3,225,958
1
$88,194,799
6,733,245
9,359,632
2,444,877
Ct>. Debenture
Total Subsidiary Com¬
$1,000 00
Bonds..
panies' Bonds.___..$185,975,230 74
$29,881,000 00 $156,094,230 74
Pittsburgh Bessemer & Lake
Erie
RR.
Co.
Total Bonded and De¬
Greenville
benture Debt
100,000 00
Equipment Trust Bonds.
.$689,975,230 74 $135,147,000 00
$554,828,230.74
Sundry Real Estate Mort¬
$101,000 00
Less, Proportion account
of P. B. & L. E. RR.
Grand
■
gage
48,299 21
52,700 79
redeemed
Funds,
U.
by
Trustees
Year
of
Sinking
viz.:
S. Steel Corporatin
5% Bonds
200.402 59
200,402 59
Bonded.
Total
Debenture and Mort-
Co.
not owned
Bonds
I
gages.
of
minority interest in stock
*
Debt.
Co., being the
L. E. RR. Co.
50-
$6,301,000 00
$690,175,633 33 $135,147,000 00 $555,028,633
stock.
33
L. E. RR.
same proportion of the total bonds as the stock of P. B. &
owned by U. S. Steel Corporation bears to the total issue of
Includes only 52.179%
of the outstanding bonds of P. B. &
March 26
•a
1921.]
THE
CHRONICLE
PRODUCTION OF RAW, SEMI-FINISHED AND FINISHED PROD¬
UCTS BY SUBSIDIARY COMPANIES
COMPARED
Products—
WITH
THE
IN THE
YEAR
YEAR
Less, Written off to Depreciation and Replacement Funds..
Balance of capital expenditures in the year
1920---_---_$102,956,133 05
1920.
On account of the capital expenditures made
as above, there
charged to Income for amortization of proportion of
extraordinary cost of the same resulting from world war
1919.
Tons.
,
Tons.
were
In the Lake Superior Region:
conditions, the
Missabe and Vermilion Ranges
$1,708,625 14
1920
1919.
;
Iron Ore Mined—
1293
of
sum
27,000,000 00
20,875,695 19,400,891
...
Gogebic, Menominee and Marquette Ranges— 3,587,937
Leaving
3,585,259
In the Southern Region:
net addition to Property Investment Account
a
for the year for capital
Tennessee Coal, Iron & RR. Co.'s Mines_
2,557,377
expenditures of
$75,956,133 05
2,436,943
The total net amount
Total
_...
..
.
...
.._.
use
25,423^093
5,981,022
—
5,835,289
RR.
Coal Mined:
For
27,021,009
....
Limestone Quarried
expended since April 1 1901 (the date
of organization of United States Steel
Corporation) to
January 1 1921, including expenditures by T. C. I, &
■
from
Co.
November
1
■
in the manufacture of coke...
For steam, gas and all other purposes
.—.....
6,443,409
1907
for
only,
additional
property and construction and for net unabsorbed out¬
24,384,925 22,955,636
lays for stripping and development work at mines, &c.,
5,937,487
equaled.
Total...
EMPLOYEES AND PAY ROLLS.
Coke Manufactured:
,
In
Bee-Hive Ovens
In
By-Product Ovens....
Total.
.
_
_
6,125,032
_....
i........
—
9,530,593
16,208,111
15,463,649
/The
5,933,056
10,083,079
Blast Furnace Production:
"
number of employees
average
paid in comparison with corresponding results for the pre¬
year
were
follows:
as
...14,352,617 13,481,738
Spiegel, Ferromanganese and Ferrosilicon..
180,029
1920.
Number.
Employees of—
155,766
Manufacturing
Properties..
1919.
Number.
.......
14,532,646
.
1?,637^504
Steel Ingot Production:
Bessemer Ingots
__—
5,402,897
—
Open Hearth Ingots
4,788,242
—13,875,063 12,412,131
200,991
188,550
Coal and Coke Properties.____
25,889
24,595
Iron Ore Properties
Total
11,517
12,425
24,643
23,132
transportation
Miscellaneous
.....
Properties
......
Properties
4,305
3,404
267^345
~ 252406
..$581,556,925
$479,548,040
Total
.19,277,960
________
17,200,373
Total salaries and wages paid.
Rolled and Other Finished Steel Products for Sale:
Average Earnings per Employee per day during
Steel Rails (Heavy and Light Tee and Girder)
1,490,616
Blooms, Billets, Slabs, Sheet and Tinplate Bars
Plates.
1920:
1,361,358
1,023,762
975,020
1,759,263
1,578,360
Heavy Structural Shapes
1,040,619
Merchant Bars, Hoops, Skelp, Light Shapes, Etc,. 2,846,686
Tubing and Pipe...
All
employees, exclusive of General
trative and Selling force..
1,192,582
7' "7'
-7777'
'
7;":-7^:'7
.
855,118
Wire Rods..
254,968
'.
......
Wire and Wire Products..
$6.96
Total employees, including General Administra¬
tive and Selling force..
.....
1,429,691
161,053
1,757,141
416,469
235,913
188,707
were
$6.17
|
under Federal
control.
351,704
Angle Splice Bars and All Other Rail Joints...
which
1.381,515
Finished Structural Work.
$6.12
$7.00
_______
Includes employees of subsidiary railroads
1,438,439
1,610,531
*
;x.
Adminis¬
2,270,711
___________
....
Sheets (Black and Galvanized) and Tinplates.....
Spikes, Bolts, Nuts and Rivets.
93,464
97,145
75,494
Steel Car Wheels
73,819
36,946
■fe
The demand
GENERAL.
for iron and
steel
seven
months of the year was
from
month
Sundry Steel and Iron Products...
Total..............._
98,415
•
—
91,919
..14,228,502
11,997^935
Miscellaneous Products:
:,.v 7-7:
7-A
Zinc.
63,077
Sulphate of Iron
40,291
24,450
130,210
5,393
2,313
...
Fertilizer-Sulphate of Ammonia..
Ammonia
35,197
14,683
133,798
Fertilizer "Duplex Basic Phosphate"
(as Liquor)..........
....
Benzol Products
119,109
—
-----
—
107,549
Bbls.
Universal Portland Cement.
Bbls.
--11.960.000
of orders
TERIALS
OF
MANUFACTURING
AND
FINISHED
SUPPLIES
AND
PRODUCTS,
AND
OPERATING
SEMI-FINISHED
INCLUDING
NET
MA¬
The net
classes
at
book
valuation
of assets for all
December
of
the
the
inventories
31, 1920, after allowing credit for
$95,000,000 for account of actual cost
inventory stocks in
1915, the
of
sum
excess
the
above
or
reserve
market
value
an
to
of
•months from
were
com¬
additions and
less
extensions
to
the
credits for property sold,
plants
and
the net
sume
of
total
rated
equaled
$104,664,758 19
Funds for investment cost of improvements and equip¬
retired...
Board
No change
was
of expenditures
on
The following
costs
arising
such dur¬
was
notwithstanding
from
advances
in
raw
substantial
labor
in¬
in
rates,
materials
required
mentioned,
also to carry forward to 1921 a large tonnage of unfilled or¬
These
latter at December 31, 1920,
of
total
totaled 8,148,122
products in comparison with
8,265,366 at the close of 1919.
The unfilled
ton¬
at December 31, 1920, has since been reduced to 6,933,-
nage
r
The production
18,905,382 73
8,046,342 05
ing the
Housing facilities
pared
$7,990,887 76
1, 1921.
for employees,
an
increase in every classification
for
results
the
30,844,518 70
natural
1920.
Tons.
development, water supply
Iron Ore Mined.
5,448,139 86
during the
year
For
sys¬
use
in
for strip¬
%
6 3
$6,581,710 75
Steel
Rolled
505.922
8,5
1,935,211
~6.7
Ingots
and
(Bessemer
744,462
4.8
5,835,289
145,733
2.5
....14,532.646
13,637,504
895,142
and
6.6
17,200.373 2,077,587
12.1
11,997,935 2,230,567
18.6
Open
19,277,960
Other
(For classification
15,463,649
5,981,022
Finished
Products for Sale
$104,664,758 19
5 937,487
16 208,111
Hearth)
4,028,804 03
6,443,409
Quarried
Pig Iron, Ferro and Spiegel
2,552,906 72
Increase.
Tons.
6.2
Manufactured
Limestone
Less, Credit for expenditures of this character
expenditures
1919.
Tons.
30,828,334 28,893,123
Coke
ping and development work at mines and
for additional logging and structural erec¬
absorbed in 1920 in operating expenses
de¬
24,384,925 22.955,636 1,429,289
making coke
For steam, gas and other purposes
1.190,138 95
tion equipment
com¬
The
,27,021,009 25,423,093 1,597,916
$102,111,851 47
Total expenditures
year.
Coal Mined:
gas
tems, limestone properties, &c
preceding
follows:
including
public utilities in connection therewith.
including
show
the
the several principal departments dur¬
tailed comparison is as
development of townsltes and construction
Properties,
year
with
if
i
22,853,630 94
—
Total
made in last annual report.
$37,677,329 18
...
Properties:
steamers
lines and
In¬
March
PRODUCTION.
Railroads and docks
Sundry
on
purchased, especially fuel, to net considerable profits
is a classification of the total expenditures by property
Iron and Manganese Ore Properties
of
of Commerce
that higher prices could have
year
enabled it,
viz.:
Coal and Coke Properties
Ocean
made during the year in
to maintain operations at the degree above
capital account during the
Manufacturing Properties
Transportation
four
The price policy adhered to by the Corpora¬
however,
867 tons at March
groups,
was
tons of various classes of steel
$102,956,133 05
the
adhered to by the subsidiary com¬
1,708,625 14
year
was
of the Department
been obtained.
a
Balance
During
prices for the principal steel products which
price schedule
ders.
Less, amount written off to Depreciation and Replacement
ment dismantled and
capacity.
panies notwithstanding the demand for steel
and
sup¬
April to July, the output equaled only about
ing the first half of the
to be
properties,
—
to
freight rates and higher costs for
including net outlays for
stripping and development work at ore mines,
as
in accordance with the schedule announced by the
dustrial
creased
1920 by all
except
the tonnage of finished products for sale, av¬
88.3%
CAPITAL EXPENDITURES.
year
Capacity
For the entire year the output of the steel plants,
measured by
tion,
made during the
full
ing principally from strikes and from shortage in fuel
This
panies for the acquisition of additional property and for
the
orders carried
with, especially from April
21, 1919, to which reference
comparison with the total at close of preceding year.
The expenditures
nearly
very
of
increase of $31,566;819 in
business accepted during
new
of
of unit prices therefor at close of
of $258,363,497,
Be¬
slackening in the volume
July inclusive, because of inadequate railroad service, aris¬
the domestic
subsidiary companies equaled
was a
interfered
were
80% of capacity.
AD¬
The
operate
operations
AND
VANCES ON CONTRACT WORK, &c.
materially exceeding capacity.
from 1919 enabled the properties of the subsidiary com¬
eraged
INVENTORIES
offering.
panies to
plies.
9.112,000
month
business booked
new
with considerable tonnage of unfilled
year
over
45,949
to
ginning with August there
I
products during the first
large, the
39,009
Axles
'
in the service of all
companies during the year, and the total salaries and wages
ceding
Pig Iron....
Totals
,7:7.
,
...$991.^57,487 66
30,823,334 28,893,123
Steel
,
.14,228,502
see
above table.)
-
Vessels completed and
9,112,000 2.848,000 31.3
ventory
27f"
18
5
barges....
SHIPMENTS,.
0;;vv'
The shipments
of all classes of
1919. Inc. (+ ) or Dec.(—)
1920.
other finished
and
steel
Rolled
12,453,243 10,310,729 +2.142,514 20.8
products
and
ingots, spiegel, ferro
Pig iron,
341,563
Sundry materials and
1,767,504
175,735
167,044
by-products
cement (bbls.)_ 11,380,260
1,645,464
Pig iron, ingots and scrap
6,979
Sundry materials and by-products.
55,657
1,932,454
86,395
48,157
—286,990 14.9
—79,416 91.9
+7,500 15.6
1,708,100
2,067,006
of 1919.
considerable part is due from railroad com¬
them, which have been
guaranteed and other balances
panies and interests dependent upon
currently
unable to receive
United States.
them from the
capital locked up in inven¬
total amount of working
The
balances, and accounts due from
Railroad Administration shows an increase at
tories, receivables, agents'
S.
II.
$81,859,981 over the similar total at
close of 1920 of
finished
other
and
A very
1920, compared
It is believed, however,
safe and will be fully realized in due
that these credits are
the
'
Export Shipments—
steel
13.7
9,618,611 +1,761,649 18.3
to customers, these receiv¬
$149,412,717 at December 31,
with $92,806,000 at close
14,183,352 12,475,837 +1,707,515
except cement
which prevailed during the
increased amount of credits
due
materials,
Total tons all kinds of
Universal portland
+111,003 48.1
—554.693 31.4
+8,691 5.2
230.560
1,212,811
and coke
absorb any
valuations.
subsidiaries were required to carry
of 1920, the
ables totaling
course.
scrap
Iron ore, coal
Rolled
%
Tons.
Tons.
Tons.
Domestic Shipments—
diminution in inventory
Owing to financial conditions
latter part
an
follows:
as
were
products during 1920, In
during the preceding year
comparison with the shipments
to this fund which now
added
$95,000,000 and which is available to
sudden and violent
.
$5,000,000 was set
During 1920 an additional
earnings and
from
aside
amounts to
values at
carried compared with such
items are
close of 1915.
263,807
171,890
D. W. tonnage..
increased unit values at which in¬
substantial part of the
delivered from
shipyards:
Ocean steamers
Oil
a
[Vol. 112.
five years a reserve fund to cover
cumulated during the past
Bbls.
Bbls.
Bbls.
.11,960.000
Universal Portland Cement.
:
CHRONICLE
THE
1294
close
—358,906 17.4
products
of
preceding year.
EXPENDITURES.
CAPITAL
Total tons all kinds of
materials.
shipped
construction,
mines. This
classified by property groups as follows:
properties, extensions and
tion of additional
14,098,707 12,243,183 +1,855,524 15.2
and development expense at
and net stripping
total expenditure is
For Manufacturing
(Covering all of above shipments, including cement and
ships delivered and other business not measured by
Inc. ( + ) Dec. (—)
'
,
.
-
>
%
Amount.
1919.
1920.
V/V
completed steam¬
the ton unit)
(not includ¬
Domestic
$909,081,769 +$162,657,731 17.9
165,167,876 + —17,262,472 10.5
$1,071,739,500
147,905,404
sales)
Export.........
+$145,395,259 13.5
$1,219,644,904 $1,074,249,645
Total
For Iron and Manganese Ore
purposes
United
operation by the
subsidiary railroads under
on
Railroad Administration, such
States
expenditures
included in these totals in order
on relatively the same basis. '
by that organization being
to
show the comparison
properties, including net addi¬
For Ocean Steamers.
7,990,887
22,853,631
For Housing
-
including improvement of
public utilities in con¬
facilities for employees,
and establishing necessary
5,448,140
nection therewith
natural gas lines, development
properties, water supply systems and limestone prop¬
For Sundry
of gas
properties, including
&c
erties,
%
Amount.
1919.
1920.
$104,664,758
Credit for write-off to
Depreciation and Replacement
of improvements and
Funds of original cost
and
•"
replacements
Extraordinary
v
.
.
5,757,480
general rehabilitation.
1,295,111 29.02
4,462,369
Balance of
1,708,625
16.54
practice observed in the
In continuance of the
allowance for amortization
world
the
The charges
for taxes for the year
lar charges
1920, other than Fed¬
profits tax, in comparison with simi¬
for 1919, were as follows:
amount absorbed in
of construction outlays
Federal
capital
and other
war
excise taxes
Sundry
7,328,142
7,925,063
....
596,921
297,808 Dec.79.720
218,088
■
11
.
.
$38,724,289 $29,594,337 $9,129,952
An estimated allowance of
$37,500,000 was made from the
income and excess
earnings for 1920 for account of Federal
capital required by the subsidiary companies
in the form of inventories
of raw materials and operating
supplies shows an increased lock-up at
compared
with
the
total
at
close of
December 31, 1920,
the preceding year
amounting to $36,566,819.
This increase is attributable in
part to increased stocks on
hand, operations at the close of
1920 having been
ago,
were
conducted on a broader scale than a year
and in part to increased cost of raw and
materials
produced by
and in so doing an
made of
semi-finished
Inventory items
whichever figure was lower,
adjustment or write-down in values was
$15,105,850, which was charged 1920 earnings.
total amount
was
the subsidiaries.
valued at cost or market,
The
invested in inventories at the close of the year
$353,363,497, but against this total there has been ac¬
important items are the following:
was
constructed
the
At
the
struction
was
mill
was
the
At
the
a
plant a
a
of Indiana
12-inch
facilities; and
10-inch hoop mill and an
mill were completed and
Gary Plant
of
new
15,000-
at Wilson, Pa., there
coal dock and coal storage
McDonald
18-inch band
Carnegie Steel Company a
station was installed;
power
steel
profits taxes which may be payable for that year.
The working
W.
at
of the pur¬
in 1920 were made.
statement in considerable detail
for which capital expenditures
At Carrie Furnaces of
K.
:
.....
t
been $147,297,854.
'
of this [pamphlet]
is made to previous pages
report for a
Increase.
transportation
stock,
resulting from world war re¬
quirements and conditions has
poses
During
1920, the aggregate
earnings and income for extraordinary
ending December 31,
years
.$30,581,138 $21,968,387 $8,612,751
State and local taxes...
Investment Account
carried to the Property
the| four
Some of the more
1919.
1920.
improvements resulting from
has
The balance, $75,956,133,
conditions.
war
the same representing an
of proportion of the extraordi¬
cost of such facilities and
nary
preceding
$27,000,000 of the foregoing expenditures were
charged to income for the year,
Reference
eral income and excess
$102,956,133
expenditures for the year
three years,
cost
$153,225,958 $131,476,797 $21,749,161
equipment dis¬
mantled and retired.
been
$147,468,478 $127,014,128 $20,454,050 16.10
tenance.......
1,190,139
—
—
I tier ease.
Ordinary repairs and main¬
10,599,249
and development—_
expenditures for mine stripping
tional
including expenditures made for these
totals in both years
... —
For Railroads and Docks
Less:
for repairs, main¬
tenance and general upkeep of the properties in compari¬
son with similar outlays in 1919, were as stated below, the
expenditures made during the year
The
$37,677,329
18,905,383
properties....
town sites
inter-company
ing
properties..
For Coal and Coke
BUSINESS.
OF
VALUE
TOTAL
of $102,956,133 for the acquisi¬
during the year the net sum
domestic and
both
to
trade.............
export
,
companies expended
Corporation and the subsidiary
The
Aggregate tonnage of rolled steel
and
other
finished
products
'
placed in operation.
Steel Company the con¬
and 20-inch
mill for
commenced, and a 10-inch hand
rolling
strip
operated merchant
installed.
Christy
construction
Park
of
a
of National Tube Company
plant
"Horn"
welding plant for welding
diameter was com¬
At the Lorain
plant of .this company the construction was commenced of
2 additional lap weld mills,
also of enlargement} of the
coupling shop equipment and an extension to the machine
steel pipe from
2p inches to 96 inches in
pleted and the plant placed
in operation.
shop.
At the
Company
Gary Plant of the
of the new 24 tin
of this
American Sheet and Tin Plate
additional expenditures were made
company
mill plant.
And at the
in completion
Vandergri^t
plant
substantial progress was made in the re¬
construction of the
pickling and galvanizing department.
March 26
1921.]
THE
At the Trenton plant of American Bridge
completed
was
the
in
reconstruction
the
modernizing
of
expenditures
made
were
Coal, Iron & Railroad Company
sire
undertaken
program
Fairfield
new
plant
of
that
by
Tennessee
for enlargement
The
company.
work planned and described in
the
in completing the exten-
1917
in
completed and placed in operation; the remaining 11 were
at
the close
and
bridge and structural plant.
Additional
•
Company work
and
1295
CHRONICLE
of
detail in previous annual
re¬
of, the
be
in various stages of construction
year
completed in 1921.
which they have
ditional
for
of
sum
$5,448,140
poses
satisfactory
plant and extending the
yard,
also
with the construction of
work
coal
ore,
be completed the latter part of
At
the
Kearny,
to
plant of
the
1921.
power
dock
in
made
was
on
which
;
for
(10,000 tons capacity)
The
extended
at
so
as
$11,517,149
included
account
for
in
erty
County,
Pa.
previously
therewith
connection
of
the
pur¬
for.
contracted
of these properties are located in Greene
These
coal,
of
purchases
together with
acquirements of coal property made by the subsidiary
panies during the past four years, place them in
the
com¬
position
a
where, as soon as the properties can be opened, they will
be self-contained and
basis of
on
low cost price,
a
requirements for steam coal, the major portion
have always
they
coal operators.
companies
coal
in their
of
Other capital outlays by the coal and coke
$2,514,975
include
for
completion
of
the
including town development at
mining plant,
new
Lynch,
Ivy,; $975,264 for additional housing facilities for employ¬
in
ees
railroad
After
in
tion
Pocahontas
the
coal
$2,075,208 for standard
and
December
careful
and
investigation, the Corpora¬
purchased at
$4,413,285
of
cost
a
South
mine
the
of Brazil, in the State of Minas Geraes, Brazil,
America, about 286 miles from Rio de Janeiro. This
is
developed and operating
a
5%, large
in
Home-Owning Plan.
monthly installments,
with favor
property.
from
a
this
mine.
Investigations
large tonnage of developed
ore
show
the
name
of and
the
U.
all of the
S.
Steel
stock
property will
of which
Corporation,
It
the
mine
will
is
be operated
$13,868,469 of bonds and purchase
year
corpora¬
be controlled
expected
the
by the
paid off.
were
redeemed through the sinking funds of the mortgages •
Of the foregoing total $12,428,000 of bonds
securing the bonds.
There
supply of
a
basic
raw
many
years
by
the
acquirement
the requisite
material absolutely necessary for the
manufacture of steel, and which
obtained almost entirely
prior to the world
war was
from India and the Russian Cau¬
casus.
panies.
There
assumed in connection with
Superior iron
ore
district expenditures total¬
ing $1,611,745 were made in connection with
relocating
many
buildings
Hibbing, Minnesota, on
to
other
moving and
improvements
at
Range, in order
permit of the mining of the very large deposits of ore
owned
by the subsidiaries which
expense
?
and
the Missabe Iron
underlie
com¬
the
pur¬
chase of real estate outstanding mortgages on same of
$36,-
wrere
685, and there
were
of mortgages.
No
during the
paid during tlie year $7,435 of this class
new*
issues of bonds
were
made and sold
year.
On February 1, 1920, an increase was made of about 10%
in the common labor rates
manufacturing and iron
other classes of
in
the year,
the
paid employees by the subsidiary
mining companies,
of
classes
employees of
advanced 15%
were
rates for
the
employees being advanced equitably.
in August and September, the
several
panies
the
coal
and upwards.
companies
Later
rates of
wage
mining
com¬
The wrage rates
wrere
also increased
of May 1st under the award of the Railway Labor Board
as
by
an average
The
labor
of about 20%.
following is
condensed comparative statement of
a
statistics of employees in service
of the Corporation
and the subsidiary companies for the years 1920 and 1919:
1920.
1919.
(March.)
(Febr'y.)
Increase.
Number.
%
Largest number of employees
in any one month
274,837
275,552
(May.)
i
i
month
Average
261,037
number
of
715
(Oct.)
Smallest number in any one
213,081
267,345
252,106
47,956
.
em¬
ployees during entire year
rolls
15,239
6 04
$581,556,925 $479,548,040 $102,008,885 21.27
Average salary
employee
the City.
This
will be saved several times over through lessened
mining costs when the ore is extracted.
or wage per
per
day..
year and
affecting different
explained above,
during the
does not
year
$ 83
of the salary
or wage per
average
13.45
different itmes dur¬
groups
of employees,
foregoing rate of $7.00 for
the
fully indicate the
as
average
employee per day
paid at the close of the
For the month of October, a representative month,
the average rate was
cember
The
$7.19
per
$7.23 per day; for the month of De¬
day.
employees of the Corporation and the subsidiary
panies
were
in January,
com¬
1921,'offered the privilege of sub¬
scribing for shares of Common Stock of the United States
Steel
Corporation at the price of $81
per
share, all other
conditions and terms being substantially the same as those
under which
During the year the subsidiary railroads added to their
$6 17
$7 00
Because of advances in wage rates at
ing the
year.
In the Lake
also paid during the year
wrere
$1,489,560 of mining royalty notes of the subsidiary
of this property will prove of great value to the subsidiary
companies, assuring to them for
money
Total amount of annual pay¬
Brazilian
a
This plan has met
were
has
The title lias been taken
Companhia Meridional de Mineracao,
tion,
that
of high grade which can be
produced at relatively low cost.
in
mangan¬
$7,745,872.
was
obligations of tlie Corporation and the subsidiary companies
In fact for
considerable part of the
requirements of the. subsidiaries has been obtained
ore
At December 31,1920, the unpaid
subsidiaries, which is being paid
by the employees.
•
the past few years a very
ese
to assist them in the construc¬
sums
balance advanced by the
Morra da Mina Manganese ore property located on the Cen¬
tral Railway
to satisfac¬
purchase of homes for themselves under hte Corpora¬
of employees of the railroad
cars.
lengthy
a
Field,
or
tion's
which
purchase from outside
obliged to
been
been necessary in
necessary
loaned to employees on contracts or mortgages, carrying
or
interest at
During the
chase of additional acreage of steam coal and surface prop¬
The greater part
have
years
the permanent force
secure
torily operate the properties. In addition to the investments
in repairing vessels.
use
expenditures made by the subsidiary coal and coke
companies
order to
tion
:
installation of a floating dry
the
The expenditures for these pur¬
during the past five
made directly by the subsidiary companies in tnese housing
permit the construction of ships 500 feet in length, and
progress
ad¬
an
the year
facilities and improvements, there have also been advanced
Shipbuilding Company,
Federal
during
storage
and it is hoped will
N. J., five of the shipways were
expended
in connection
all
rod and wire mill
new
a
commenced during the year
was
the
limestone
and
mill,
the 28-inch
remodeling
enlarging
in
made
was
progress
Steel Company
the Minnesota
of
be
housing facilities for employees and development and
building plant which will be finished in 1921.
plant
of capital expenditures,
was
improvement of town sites.
Duluth
vessels will
heretofore operated under charters.
As shown by the summary
ports was all completed in 1920 with the exception of the car
At the
These 27
owned and operated by the subsidiaries in lieu of steamers
the
construction
will
similar
offerings have been made in previous
The subscriptions received
years.
to date of writing this
equipment 34 locomotives and 1,069 freight and service cars
report have been the largest made under any offering, 81,722
of various kinds, costing
employees having subscribed
$4,500,040; and the manufacturing
and coal companies added to their complement of standard
shares.
railroad equipment 61ocomotives and
ceived
ice cars,
1,128 freight and
serv¬
costing $4,292,333.
At
Expenditures totaling $22,853,631 wTere made during the
year on
account of the construction by the subsidiary
com¬
in the preceding year
January 31, 1921, there
bers of
there
in connection with the export
holders
sidiary companies.
During the
year
16 of the steamers
were
an
aggregate
of
255,325
for
were
a
total of 161,201 shares.
55,449 employees'
or
mem¬
employees' familiesi who were stockholders of record
owning Preferred and Common Shares of the Corporation;
panies of 27 ocean cargo steamers designed to be operated
business and trade of the sub¬
for
These totals; compare with 63,278 subscriptions re¬
were
of
also
Stock offered
additional
an
record,
but
under
the
who
15,003 employees, not stock¬
were
stock
subscribers
to
Common
subscription plan who
were
[VOL. 112.
there
1920
in
made
was
pensions to retired
Pensions were granted dur¬
employees a total of $779,766.
ing the year to 324 retiring employees and at the close of
the year there were
the
Since
2,969 names on the Pension Rolls.
inauguration of the Plan in 1911
an
aggregate disburse¬
pensions has been made of $5,880,581.
ment for
Accident
Prevention.—The
*
tion and the subsidiary companies during the year for Safety
Work
$1,420,456 compared with $1,143,534 in 1919.
was
number of serious and fatal accidents in
The
1920, per 100 em¬
1906.
entire
The
of 126
time
employees is devoted to
Safety Work and in addition more than 7,000 employees are
Safety Committees.
constantly serving on
* '
including ordi¬
Operating Expenses,
and
maintenance
nary
and
repairs
subsidiary
by
charges
provisional
depreciation_______..81,440.734,562 52
companies for
Administrative, Selling and General Ex¬
penses,
employees' compensation un¬
der merit plan
and pension payments
including
general
transportation
of
expenses
35,945,536 86
companies)
Taxes (except as included in following
38,724,289 12
item)
Allowance for estimated amount of Fed¬
eral income and excess
profits taxes.
Accident
Relief.—The disbursements made by the subsi¬
(in¬
cluding accruals not yet actually payable under State com¬
pensation laws)
paid
Of this total 87.6%
$5,634,263.
was
was
10,849,880 54
families.
To
81,563,754,269 04
Less, Amount included in above charges
for allowances for
charge,
have built and
maintaining 298
are
25 base hospitals,
with
stations and
emergency
staff of 263 surgeons and physi¬
a
cians whose entire time is
38,245,601 92
_
1,525,508,667 12
Sundry
jSTefc
8229.968,358 01
_______
______________
Manufacturing and Oper¬
ating Gains and Losses, Including idle
Adjustments
given to company work, also 91
of
Inventory
85,726,463 39
Valuations
(In addition, adjustments of 8820,201
charged in Manufacturing Costs
.are
subsidiary companies
the
in separate item of
below....
as see
Balance
provide prompt and adequate treatment for
employees in case of accidents
depletion and de¬
preciation here deducted for purpose
plant expenses, royalties received, &c.
is payable directly to injured employees or their
or
37,500,000 00
_
Commercial Discounts and Interest
of showing same
diary companies during the year for Work Accidents
LOSS
$1,755,477,025 13
Earnings
Operating Charges, viz.—
ployees, was 13.29% less than in 1919, and 53.89% less than
in
AND
Manufacturing and Producing Cost and
(not
by the Corpora¬
expenditure
Sale£ and
Gross Receipts—Gross
'
and Carnegie Pension Fund disbursed in
SUBSIDIARY
AND
PROFIT
GENERAL
CONDENSED
ACCOUNT FOR THE YEAR ENDING DECEMBER 31 1920.
special compensation under the plan adopted in 1903.
During the year the trustees of the United States Steel
CORPORATION
STEEL
STATES
COMPANIES
of
to employees
the distribution
UNITED
As usual
in installments.
paying for their subscriptions
and Operating
Dr.
Expenses)
Rentals received
14,385,649 46
991,569 72
-
Compensation accrued in January and
February for
use
of subsidiary rail¬
2,179,000 76
roads under Federal control (estimated)
Dr.5,488,615 59
outside surgeons retained on salaries,
There are also being conducted 62
charges to employees.
for
stations
training
employees
work.
first
in
and
aid
Sanitation.—Additional
Total
Net
Producing and
Manufacturing,
Operating
Income before deducting provisional charges
rescue
v
the year
the
and all without any
preciation
for de¬
8224,479,742 42
—
______
Other Income and Charges—
installations
made
were
during
in providing modern sanitary facilities throughout
plants, mines and departments, for the health and com¬
Net
Profits
of
properties
owned,
but
whose operations (gross revenue, cost
of
product,
&c.)
expenses,
not
are
classified in this statement
■/
8321,346 76
Income from sundry investments and in¬
fort of employees.
The cost of sanitary work during the
including additional installations,
year,
was
$4,227,263.
At
terest on
of U.
the close
1,696
of the
comfort
there
year
were
with
stations
in and about the plants
adequate
facilities,
toilet
6,739,764 48
Total
of
the
Corporation and
its subsidiary
com¬
;
been
tion's Bureau of
its
follows, viz.:
consistently
continued.
The
Corpora¬
No.
8,
which
railroads
United
the
to
on
hand
in
excess
of pre-war unit
values
Corporation and subsidiary
of conditions
ment
cost resulting from
the world war, of new facilities and
extraordinary
27,000,000 00
improvements installed...
illustrates and describes
copy
under
companies for
36,500,000 00
the
better¬
employees work and live.
on
Grateful appreciation is expressed to the officers and
ployees of the Corporation and
Less, Net balance of Profits earned by subsidiary compan¬
re¬
of
the
several
em¬
subsidiary
companies for their loyal and efficient services during the
year.
rendered account of ma¬
purchasing compan¬
terials on hand at close of year in
ies'
of this Bulletin will be sent to stockholders
8194,719,506 90
:
ies on sales made and service
which
quest.
which profits have not been yet
realized in cash from the standpoint of a combined
statement of the business of all companies.
inventories
and
Total Earnings in the
9,624,147 62
Year 1920, per Income Account.
Less, Interest Charges on Subsidiary Companies' Bonds,
Mortgages and Purchase Money Obligations
8185,095,359 28
_
8,408,460 87
Balance of Earnings for the year before deducting pro¬
visional charges for depreciation
8176,686,898 41
Less, Charges and Allowances for Depletion and Depre¬
ciation,
By Order of the Board of Directors,
II.
PROPERTY
of this
account
as
of
December
31
1919,
INVESTMENT
per
46,684,364 32
Net Income
ACCOUNT
in the year
DECEMBER
to
Property Investment Account for the
31
1920
1920.
___81,895,829,447 72
for
capital expenditures
1,467,996 89
-
_______
year
8130,002,534 09
-
Annual Report
Sundry adjustments during 1920 in the foregoing balance
addition
838,245,601 92
8,438,762 40
GARY,
Chairman.
Balance
viz.:
By Subsidiary
Companies
By U. S. Steel Corporation.
ELBERT
Net
5,000,000 00
.__
Allowance for estimated proportion of
Balance
A
84,500,000 00
of the welfare activities conducted under direction of
some
the
Act__
market value of Inventory stocks
or
Safety, Sanitation and Welfare has lately
Bulletin
sidiary
States under Transportation
employees and their families referred to in previous annual
issued
as
8231,219,506 90
______
______________
Reserved for proportion of actual cost
its purpose the improvement of the material welfare of the
have
9,780,769 85
Accrued estimated payment by sub-
panies in general welfare and educational work, having for
reports,
v
se¬
Dr_
owned.
curities
Less, Charges
133,315 lockers.
efforts
bonds and other
Govt,
S.
in¬
cluding 20,340 washing faucets or basins, 3,389 showers and
The
16,199,187 57
deposits, &c_
Allowance for depreciation in book value
73,403,226 33
-
81,970,700,670 94
Less, Charged off in year 1920 to Depreciation Funds
54,007 00
(account Mineral Depletion).
81,970,646.663 94
Expenditures for Stripping and Development at Mines and Investment in Structural Erection and Logging Plants, viz.:
Balance at December 31
Expended during the
Less,
Charged
1919..
year
821,900,913 20
1920
off in 1920 to
86,581,710 75
operating
expenses
4,028,804 03
Net Increase in the year 1920
2,552,906 72s
24,453,819 92
Balance of Property Investment Account, December 31 1920,
.
'
per
Consolidated General Balance Sheet___
T
^
APPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES
Amount of appropriations made from Surplus
in the Consolidated
Net Income prior to January 1
___$1,995,100,483 89
+ i
*
DECEMBER 31
1908, applied in payment of capital
Amount of appropriations made from Surplus Net Income since
January 1 1908, applied in payment of same class of expenditures,
the Consolidated General Balance Sheet carried in the account
"Appropriated Surplus to cover Capital Expenditures"
.
expenditures, and
General Balance Sheet formally written off to credit of the
Property Investment Account
Total
"
.
1920.
-.-8162,795,509 45
but in
140,898,914 10
8303,694,423 55
March 26
1921.]
THE
CONSOLIDATED
CHRONICLE
GENERAL
BALANCE
SHEET,
1297
DECEMBER
/>
ASSETS.
Property Account—: T:V';
•'
31
1920.
•;
' ..7";" Vv''
%';'^7:v"'V jy'•
f.
^
/v',/'-;
^••'/V'
v''"'■
Properties Owned and Operated by the Several Companies—
Balance of this account
as
of December
31
1920, per details
Less, Depletion and Depreciation Fund Balances
previous page
a
at December 31
1920:
$251,510,823 16
depreciation appropriated from Income and applied
follows:
as
Invested in redeemed bonds held by Trustees of
Sinking Funds,
as
y
;
below, per table
on
a
but not treated
as
assets, and in cash
previous page
128,140,301 18
Invested in retired bonds redeemed with Sinking Funds..
-
$1,995,100,483 8c
_
Balances in various Funds per table on a previous
page
General
' :'//
^ '
on
.
.
_____
8,690,813 29
_
388,341,937 63
$1,606,758,646 23
Advanced Mining
Payments
Royalties—
:;
for Advanced Mining
.',-''1
Royalties
_____
.'V'
'Xr'''';
____
^ ■■'"'o
__________________
____
$29,821,048 96
Less, Fundi reserved from Surplus to cover possible failure to realize all of the foregoing
7,000,000 00
Mining Royalties—In respect of which non-interest bearing notes of the subsidiary companies have been issxied—See
Deferred Charges (Applying to future operations of the properties)—
Mine exploration expenses and other charges
Discount
subsidiary companies' bonds sold
on
96
31,196,918 69
$2,099,477 72
;
_
22,821,04$
Contra
(Net)
_
,
908,327 43
_
3,007,805 15
Investments—
.V-
"<
Outside Real Estate and
Investments
in
7
-i
"v.
-/■
-
sundry securities, including Real Estate Mortgages
__
Employees' Land Sales Contracts and Mortgages under Home-owning Plan
V
$6,313,952 54
7,745,872 52
14,059,825 06
Sinking and
Cash
Reserve Fund Assets—
resources
held by
Trustees account of Bond Sinking Funds.
(In addition Trustees hold $135,147,000 of redeemed bonds, which
Contingent
Fund and
viz.:
are not
treated
Miscellaneous Assets
Insurance and Depreciation Fund Assets and
Y:^y'yr'
■
$1,208,653 45
a
______
as an
asset.)
:
10,730,461 03
purchased bonds available for future bond sinking fund requirements,
■':</
•
Securities-
v-
1
■■
>. v.
$52,519,583 75
__.
Cash
_____
'
'
_________
2,529,131 22
$55,048,714 97
Less, Amount of foregoing represented by obligations of Subsidiary Companies issued for
capital expenditures made.
16,655,475 00
38,393,239 97
50,332,354 45
Current
Assets—
"""".y'
Inventories, less credit for Reserve and for amount of inventory values representing Profits earned by subsidiary
companies on Inter-Company sales of products on hand in Inventories December 31 1920 (See note below)_.$258,363,497 08
Accounts
Receivable
__•
Bills Receivable.
__•
„_i-
_____
Agents' Balances
—
Due from United States
Railroad
—___—
__________________
Administration
Time Bank
1,750,563 51
17,962,307 27
Sundry Marketable Securities (including U. S. Liberty Loan Bonds and Treasury Certificates)
Cash
138,724,743 29
10,687,973 89
—
150,350,616 78
Deposits
(in hand and
869,807 24
deposit with Banks, Bankers and Trust Companies, subject to cheque)
on
_____
123,660,954 96
702,370,464 02
$2,430,546,962 56
I
LIABILITIES.
Capital Stock of U. S. Steel Corporation—
Common
—_____
!_
;___^
________
Preferred
—
$508,302,500 00
—____________
____________——
_____
360,281,100 00
$868,583,600 00
Capital Stocks of Subsidiary Companies Not Held by U. S. Steel Corporation (Par Value)
Bonded and
Debenture
Debt
421,442 50
Outstanding—
United States Steel Corporation 50-Year 5% Bonds
.$224,408,000 00
United States Steel Corporation 10-60-Year 5% Bonds
—
-
_______
.__
,
Subsidiary Companies' Bonds, guaranteed by U. S. Steel Corporation__a_—_____
174,326,000 00
$398,734,000 00
'
.
______________________
Subsidiary Companies' Bonds, not guaranteed by U. S. Steel Corporation
95,661,000 00
60,433,230 74
554,828,230 74
Capital Obligations of Subsidiary Companies Authorized
in
Treasury subject to sale, but not included in Assets
or
Created for Capital Expenditures Made
or
(held
Liabilities-—See preceding pages)
Subsidiary Companies' Non-Interest Bearing Notes—Maturing
over a
period of 37
years,
$25,847,000 00
substituted for previously
'
existing mining royalty obligations—Guaranteed by U. S. Steel Corporation (See Contra)
Mortgages and Purchase Money Obligations of Subsidiary Companies—
Mortgages
___
__.
Purchase Money
________
'
31,196,918 69
:
:
-
________—_________—____—_
$200,402 59
Obligations issued in acquirement of Fixed Property
'
^
37,768 35
Mining Royalty Notes (Interest Bearing—Guaranteed by U. S. Steel Corporation).
127,282 23
36 5,453
1
Current Liabilities—
Current Accounts Payable and Pay-Rolls___________
a
$73,541,861 80
—
Accrued Taxes, not yet due, including reserve for estiniated Federal taxes
Accrued
1___
Interest, Unpresented Coupons and Unclaimed Dividends______________.
Stock Dividend No.
Preferred
7,480,702 45
79, payable February 26 1921
Common Stock Dividend No. 66,
63,063,930 51
6,304,919 25
payable March 30 1921.
6,353,78 1 25
—
156,745* 195 26
Total
Capital and Current Liabilities
____$1,612,140,840 36
Sundry Reserve Funds—
Contingent, Miscellaneous Operating and Otber Reserve Funds
Insurance Funds—
$131,742,048 68
:_—
_____
________
:____
____
22,310,268 53
.
154,052,317 21
Appropriated Surplus to Cover Capital Expenditures (See statement
Invested
in
on
previous page)-—
Property Account—Additions and Construction._____
140,898,914 10
Undivided Surplus of U. S. Steel Corporation and Subsidiary Companies-
Capital Surplus provided in organization
Balance of
—
—
Surplus accumulated by all companies from April 1 1901 to December 31 1920,
per
table
on
previous
page
Total Surplus, exclusive of Profits earned by Subsidiary Companies on Inter-Company sales of Products
hand in Inventories
December 31
1920
(see note below)
!___
$25,000,000 00
498,454,890 89
on
*
523,454,890 89
$2,430,546,962 56
Note.—That
part of the Surplus of Subsidiary Companies represent ing Profits accrued on sales of materials and products to other
subsidiary
panies and on hand in latter's Inventories is, in this Balance Sheet, deducted from the amount of Inventories included under Current Assets.
We have audited the above Balance Sheet, and
true financial
certify that in
our
opinion it is properly drawn
position of the United States Steel Corporation and Subsidiary Companies
on
up so as to
December 31 1920.
com¬
show the
;
PRICE, WATERHOUSE & CO., Auditors.
New York,
March 9, 1921.
THE
1298
CORPORATION OF NEW JERSEY
PUBLIC SERVICE
TWELFTH ANNUAL
To
REPORT—FOR YEAR ENDING DECEMBER 31 1920.
m
results of operations
of Public Service Cor¬
poration of New Jersey and subsidiary companies for the
twelve months ending December 31, 1920, were as follows:
Companies
Operating Revenue of Subsidiary
Operating Expenses and Taxes
-
-----S72,318,087 39
-
for gas and
economic
—-
3,237,529 28
^ ^ m 50
Interest on advances
to
516,719.663 80
,
„
requirements have, broadly speaking, been prac¬
SI 1,408 21
229,847 60
income
'■
and
- - - -
^ ^ ^ ^
_
Appropriation Accounts of Public Service Corporation of
New Jersey (exclusive of dividends) (credit)..*
—
8,4/2 27
$2,237,065 90
Preferred Stock of Public Service Corporation
exclusive of that owned by Public Service
Electric Company.
-
independent valuation of street
Act which became effective
May 5, 1920, creating a special commission of State officials
authorized to appoint a firm of engineers to make appraisal
of the properties of any or all the street railway companies
in the States.
This Act provides that the valuation of a
property so determined is to be accepted as evidence by the
Public Utility Commission in its determination of a reason¬
able
681./o/ 5U
Stock
t
........
$1,555,308 40
-
the outstanding
common stock of the corporation, and aggregating $1,199,984
were paid quarterly from the accumulated surplus of the
corporation,
-v; •'
? • v ■/
During the year Public Service Corporation of New Jer¬
Dividends at the rate of
sey
4%
per annum on
purchased at par $1,060,000 of the
capital stock of Public
Service Gas Company.
^
entered into
of twoj hundred safety type
cars, one hundred trailer cars, fifteen snow plows and fif¬
teen sweepers, all covered by Public Service Railway Com¬
pany Equipment Trust Series "E."
Total amount of Equip¬
On July 1
an
Public Service Railway Company
agreement for the acquisition
ment Trust notes to
passed
property,
for
rate
that
an
company.
Subsequent to the passing of this Act the Public Utility
Commission took no further action in the matter of fixing
value
the
to the
of
the
Railway Company's property.
organization of New York, was selected to make the valua¬
tion.
Work was undertaken about August 1 and the valua¬
tion is expected to be
hearing
a
completed early in March, 1921.
charges preferred by the City of Jersey
on
City the Governor of the State, on October 14, removed the
then four remaining
moval
was
members of the Commission.
On December 7 the Railway Company filed with the Pub¬
lic Utility
a
Commission
fective January
>
This rate
was
schedule of rates calling for
new
a
fare with free
cent
ten
transfer, the
suspended by the Utility Commission pend¬
hearings impossible.
appointment of
of
valuation
the
a
mination may
It is hoped, however,
new
the
commission and the
company's
the
electric
$1,300,000.
4.55c.
stock
Common
of
the
corporation
$400 was issued and sold at par, making the
amounting
to
total outstand¬
$30,000,000.
The operating revenue of subsidiary companies increased
$13,181,324.72 or 22.3% as compared with the previous year.
ing common stock
general conditions.
The crisis
which has affected the public utilities of the
country, referred to in the
annual
last
report,
although
passed in some phases still cqntinues in others, and certain
acute conditions remain to be met.
The wave of increasing
prices for material and labor, entering into cost of opera¬
tion, continued during the year.
Both the Electric Company and the Gas Company under
rates and conditions in
a
expenses,
is
in
but
the
prosperous,
and unreasonable and unregulated competition,
critical
a
condition
and must have immediate relief
if it is to continue to function.
ficient
to meet
operating expenses and fixed charges,
ex¬
cluding any amount for amortization or depreciation.
rate
schedule
mission.
to
of increased rates with the Public
fective August
full
hearing the
Commission
Utility Com¬
ordered,
ef¬
1, an increase in base rate from $1.15 to $1.40
Company during
of
early deter¬
company,
1920 showed
power
against 15,566 h.p. in 1919.
as
sales
showed
increase
an
kilowatt
per
hour
of
sold
increase of
an
load being 36,449 h.p.
The revenue from electric
17.32% with an average of
compared
with
an
average
price of 4.43c. per kilowatt hour sold in 1919.
At the
Marion Station
a
newr
12,500 K. V. A. turbo
erator was installed and modern
under-feed
gen¬
stokers substi¬
tuted for old type stokers in Section 4 of the boiler house.
coal
handling locomotive
tives for
this
crane
hauling ash cars
were
and
two
A
gasoline locomo¬
added to the equipment at
plant.
At the Essex Station two 1,372 h.p. boilers were installed
completing the fourth battery of four units each of similar
size at this plant.
At the Camden Station
condensers
new
number 4 and 5 turbo generators.
ties
of this plant were
tive
crane
Additional
for
a
In
installed for
increased by an additional locomo¬
apparatus
was
installed in
was
future addition at the Athenia
the
were
The coal storage facili¬
and additional tracks.
company's substations and land
distribution
department
an
a
number of the
purchased to provide
substation.
additional
was
provided at Trenton and underground
ried
on
storeroom
work
was
car¬
in Elizabeth and New Brunswick.
The coal situation, complicated by railroad labor troubles
car
shortage, was difficult and expensive during most
of the year,
notwithstanding the company had its full re¬
The miners' strike late in 1919
quirements under contract.
winter
the. rapidly
After
Electric
had left little stock
cases.
mounting cost of production,
brought about by the increased cost of materials, particu¬
larly of gas oil, the Gas Company was obliged to file a
Owing
ice
and
During the year the Railway Company did not earn suf¬
completion
an
The sales of commercial electrical energy by Public Serv¬
Railway Company,
owing
combination of inadequate rates, increased operating
reasonably
to
effect at% the close of the year are
property,
that with the
be arrived at.
14.27%, the gain in connected
stock.
rate to be ef¬
ing hearings but the removal of the Commissioners made
714%, of which $955,000 was issued up to December 31.
On August 2 Public Service Electric Company entered into
an agreement for the acquisition of six hundred steel rail¬
road coal cars, covered by Public Service Electric Company
Equipment Trust Series "A" 8% Certificates, amounting to
value of the corporation's
three-year secured 7% notes were converted into preferred
new
1.
be issued—$1,820,000, bearing interest
the year $2,000 par
Such re¬
.
contested in the courts by the Commissioners but
ultimately sustained.
was
at
During
Pursuant
Act, Ford. Bacon and Davis, an eminent engineering
After
-—*
Surplus before payment of Common
Dividends
the
fined public demand for an
of New Jersey,
Net Increase in
011
was
railway
$2,228,593 63
on
by
Legislature of New Jersey in response to a well-de¬
The
^ ^
43,074 Uo
Ot5o,z4/ 48
Income of
Dividends
Com¬
the
intervened to prevent.
28
93
Public Service Corporatin of New Jersey
•
and Subsidiary Companies
$2,218,498 60
Appropriation Accounts of Subsidiary Companies
Amortization of New Easiness Expenditures
prior to January 1 1911
— t.-t-!S
Adjustments of Surplus Accounts (credit)..
50,514 88
^ lg5 2g
Net
held
was
$3,895,412 04
Income
er
by
Commission to fix the value of the
The last formal hearing in the case
February 26, 1920, and a reasonably prompt
generally expected, but certain circumstances
decision
decision
and Ex-
Contractual Deductions from
£01186
collected
summing up by counsel,
values,
OQ
tioris—
Discount
estate
company's property.
Corporation of New Jersey Income Deduc-
Charges
Amortization of Debt
testimony
certain
real
12,324,689 U1
$6,495,136 95
Interest
to
as
$4,636,030 60
Subsidiary Companies,.
Public Service Corporation of New Jersey
Income from Securities Pledged (exclusive
of dividends on stocks of operating companies) and from Miscellaneous Sources.$2,137,lol
Less Expenses and Taxes
...
278,044
proceedings and re¬
have outlined
reports
of
presentation
mission
Interest ,
Net Income of
Public Service
Previous
during the years 1918 and 1919 and the last annual
report expressed the hope that there remained but the
sults
^ 255 gj
$16,960,919 61
Deductions of Subsidiary Companies (Bond
Rentals and Miscellaneous Interest Charges)...
Income
early in March, 1918, when the
filed with the Public Utility Commis¬
since
first application was
sion.
Public Service Cor-
poration of New Jersey
Otner non-operating
calorific standard from
Company to secure rates adequate
Efforts of the Railway
to current
tically continuous
Operating Income.
Non-Operating Income—
reduced the
conditions,
600 B. T. U. to 525 B. T. U.
$52,360,894 31
Charges,.
Amortization
1,000 cubic feet. In connection with the increased rate
following the lead of various other States, the
Commission at about the same time, 011 account of existing
per
the Shareholders:
The combined
[Vol. 112.
>
CHRONICLE
weather
quirements, and
so
over
barely
the
the first of the year.
permitted
railroad
delivery
labor strike
The
early
interfered with shipments that reserve stocks
tically exhausted.
vember
plying
1, the car
the
severe
of current
in
were
re¬
April
prac¬
For the six months from May 1 to No¬
shortage prevented railroads from sup¬
requirements
of the country and it
was
onlv
through appeals to the Inter-State Commerce Commission,
March 2G
1921.]
THE
CHRONICLE
resulting in ordering assigned cars, that this and other
public utilities were enabled to continue operations.
Throughout most of the year 1920 the company was
obliged to purchase in the open market large quantities of
coal in order to meet its
day to day requirements at costs
ranging from $7.75 to $17.50 per gross ton delivered to com¬
pany's bunkers.
Higher freight rates effective August 26,
1920, have increased the cost of coal to the company
slightly
over $1.00 per
gross ton. or approximately at the rate of
$1,000,000
per annum.
;
\
WELFARE
over
Service Gas Company
over the year 1919 of 10.69%.
At
the
house
built
was
water gas set
Works
and
at
sets
at
additional
an
1919.
of
eleven
the
generator
foot
the West
installed
were
on
standard
all of the water
gas
Works, Jersey City,
the Market Street
Works, Newark,
sets at the Paterson Works and
on
on
four
on
four of the
of the
three of the sets at the
Brunswick Avenue Works in Trenton.
As
already outlined, the coal situation during the greater
was very acute and the
company found it
to
purchase in
80,000 tons of gas coal
paid under its contract.
the
at
open
...
_______
_____
teen
removals
market
approximately
prices greatly exceeding those
there
year
from
were
railway
company.
Public Service Railway,
notwithstanding former trying
experiences, had one of the most difficult years in its his¬
tory.
During more than three months, weather conditions,
unprecedented within official records, made
operation not
only difficult but very expensive.
By the use of all its fa¬
cilities and almost superhuman efforts on
the part of the
operating force during the severe storms, the various lines
were
kept in operation,
sonnel, and
reflecting great credit
the
on
per¬
most favorable
a
comparison between this and
other systems
operating in large communities where many
sections were
such storms.
road labor in
not
operated for
a
considerable period after
Again, during the outlaw strike of steam rail¬
the spring, commutation train
service on prac¬
tically all railroads
was
suspended for days, and the bur¬
den of
transporting commuters from the northern part of
the State to the several ferries
reaching New York was
handled by the railway in a
way to merit general commen¬
dation.
The labor situation
during the greater part
difficult one, not only on account of
was a
of the year
shortage but by
of the higher rates
paid by other industries, so that
on May 1 the
company advanced the pay of trainmen five
cents per hour and made
corresponding increases in other
reason
departments.
To
provide
improved service, particularly on lines of
lesser traffic by
giving a shorter headway with lighter and
more
economically operated equipment, the safety
type of
car which can be
operated by one man was adopted.
Two
hundred of these cars were contracted
for.
First deliveries
were made late in the
summer and on
September 5 the first
regular service with this type car was started on
the Riv¬
erside line in Paterson.
By the close of the year seventeen
lines in
Passaic, Central and Hudson Divisions had been
equipped with these cars, the service of which is
satisfac¬
tory and fully up to expectations.
In order to accommodate the
dense
traffic
on
heavy city
lines, where the small safety type car is
unsuitable, the
trailer type of car without motor
equipment, to be hauled
by
one
One
of the company's
hundred
of the year
of these
only
standard motor
cars
one had
were
cars
was
adopted.
ordered, but at the close
been received.
It
has been tried
number of different lines and
operates in a very satis¬
factory manner. The balance of this
equipment is expected
on
a
shortly.
In
the
pension
truck
snow
year.
During the
were
one hundred.
Sixty-eight deaths occurred
amongst employees, as against eighty-three in 1919.
Total
of illness handled
by the department were
128
men's
1,142,
than last year.
more
626.89
of
injuries falling within
the
scope
Compensation Act was $139,624.99.
over 1919, as follows:
Payments required by law__
Additional payments, not
required by law
Expenses of Department
;
an
increase of
-$114,503 13
9,91196
15,209 90
______
_
The above indicates
.-$139,624 99
_____
the liberal
policy
on which the wel¬
fare work of the
company is conducted.
The increased cost
of the department is due
almost entirely to amendments
to the Workmen's
Compensation
a
larger
number of reports of injuries
(466 more than 1919), change
in the maximum
compensation and the application of the
maximum rate to
practically every case, in addition to the
increased cost of medical services
provided by the Act.
v '
insurance.
:
/
Fire insurance carried on
properties of the company has
received the same careful
scrutiny with a view to providing
ample protection with present replacement
costs, the result
being that the total amount of insurance at the end of
the
year was $58,964,917, as compared with
$47,326,488 for 1919,
an increase of
$11,638,429.
Total premiums paid for 1920
were
$175,787.36,
as against $152,563.18,
showing an in¬
$23,224.18. The average rate paid during the
year
29.8c., as compared with 32.2c. for 1919, a decrease of
of
crease
was
2.4c.
'V
.
taxes.
-y
Total taxes for the year amounted to
crease over the
preceding year of
$5,841,672.02,
an
in¬
$1,101,413.45.
financial
Attention
statement
and
statistics.
is called to the balance
sheets and
statements
of the corporation and its subsi¬
diary companies, which have been verified
by Niles & Niles,
certified public accountants of New
York, and to the usual
statistical information and other
statements herewith sub¬
mitted.
Thomas N.
MoCabter,
of earnings and
expenses
President.
COMBINED
RESULTS
OF
OPERATIONS
PUBLIC
SERVICE
CORPORATION OF NEW JERSEY AND
SUBSIDIARY COS.
FOR
THE
TWELVE
MONTHS ENDING
DECEMBER 31
1920.
Operating Revenue of Subsidiary Companies
$72,318,087 39
Operating Expenses and Taxes.
$52,360,894 31
__
Amortization Charges
3,237,529 28
55,598,423 59
Operating Income.
$16,719,663 80
Non-Operating Income—
Interest on
advances to
Public
Corporation of New Jersey,
Other non-operating income
Service
■
$11,408 21
229,847 60
241,255 81
.
$16,960,919 61
Income Deductions of
Subsidiary Companies (Bond Interest,
Rentals and Miscellaneous Interest
Charges)
12,324,889 01
Net Incoihe of
Subsidiary Companies
Public Servico
Corporation of New Jersey
Income from Securities
Pledged (exclu¬
sive of dividends on stocks of
$4,636,030 60
operating
Cos.) and from Miscellaneous Sources...
$2,137,151 28
278,044 93
also
plows, and fifteen singlecontracted for during the
R859>10635
Public
ServiceXCorporation
Income Deductions—
$6,495,136 95
of New Jersey
Interest
year
track
new
work
on Perpetual Interest
Bearing
Certificates
included
reconstruction of
rail and 4.102 miles with
same rail.
Total
Interest
taxes increased
$3,924,813.09, equivalent to
The ferries operated
by the company from
Bergen Point
on
Public
Service
track¬
on
3-Year Secured Convertible
7% Gold Notes
Interest
Miscellaneous Obligations.
Amortization
of
Debt
Discount
and
on
Expense
Other
—
Contractual
Deductions
Income
20.0%.
$1,203,046 20
General
Mortgage 5% Bonds
Interest
railway properties increased
$3,741,738.75 equivalent to 15.5%.
Operating expenses and
1,800,000 00
870,906 17
21,459 67
338,242 08
from
43,074 48
4,276,728 60
Edgewater and
respectively, showed substantial increase of
business during the
year.
During labor troubles in New
York
Harbor
the
ferry employees of this
company re¬
mained loyal, and service was not
interrupted from that
cause.
Net
Income of Public Service
Corporation of New Jersey
and
Subsidiary Companies..
Appropriation Accounts of Subsidiary
of the
10,185 28
railway, including expenses
department during the year was
$1,276,846.46, or 4.9% of the gross receipts.
Notwithstand¬
ing the increased number of vehicular
accidents due to the
large use of motor vehicles the figures
with the previous
year, in which
of the gross receipts.
$2,218,408 35
Companies—
Amortization of New Bu *
Business Expendi¬
tures prior to
January 1 1911
$40,329 60
Adjustments of Surplus Accounts (credit)
50,514 88
The cost of claims
against the
administration
$32,-
snow
New track built
during the year 1.468 miles.
age of system—897.721 miles.
The operating revenue of the
of
or
of the Work¬
Total
<
18.970 miles with
fif¬
and
cases
Less Expenses and Taxes
sweepers
45
roll, leaving listed at the
order to provide better facilities
for coping with snow
troubles, fifteen double-truck
80
28
42
$117,808 95
nineteen additions
Act, resulting in
the
$20,072
28,844
50,508
18,353
_____
end of the
year,
part of the year
necessary
paid for Welfare
_
During the
Cost
End
___
Sick benefits
Pensions
installed.
Automatic controls
sets
over
extension
an
-
was
.
The revenue from the sale of
increase of. 39.23%
Paterson
•
Total.
rates, the sales of gas by Pub¬
during 1920 showed an increase
lic
year.
foregoing total $117,868.95
follows:
as
Insurance
Notwithstanding increased
gas showed an
preceding
Of the
Work
<v' " V
.'
WORK.
The Welfare Department's
expenditures during the year,
including payments made under the Workmen's
Compensa¬
tion Act, amounted to
$257,493.94, an increase of $37,540.48
Expenses
THE GAS COMPANY.
:
1299
compare
favorably
the^cqst^amounted
to 5.3%
Appropriation Accounts
New Jersey (exclusive
Dividends
of New
of Public
of
Service Corporation of
dividends) (credit)
Preferred Stock of Public Service
Corporation
Jersey, exclusive of that owned by Public Service
on
Electric Company
Net Increase in
Dividends
$2,228,593 63
8,472 27
23T 065 90
681,757 50
Surplus before payment of Common Stock
$] ,555,308 40
[VOL. 112.
CHRONICLE
THE
1300
PUBLIC
SHEET
BALANCE SHEET,
Fixed Capital—
Balance December 31
leased com¬
securities
Other
1,275,000 00
Public Service Gas Company
to Public
Service Railroad
Advances to
Advances
Company
Real estate
Miscellaneous investments
110,000 00
181,911 05
101,750 00
.
year Gold Bonds
Funds and Other
Bonds
50-year Gold
special funds—
8inking Fund
$2,106,218 86
472,467 78— 2,578,686 64
Cash
receivable
- - - - - -
—
dividends receivable
Deferred Charges—
Prepayments
Unamortized debt discount
and expense.^
3,970,533 92
$126,703,443 17
SURPLUS.
50-
I
LIABILITIES.
BilLs
payable
Liabilities—
Premiums on stocks....
—
Contractual reserves.
Corporate Surplus—
Balance December 31
Net income year
1,057 ,951 47
67-
surplus
Consumers'deposits
payable
...
1—
Reserves—
T
304 ,611 14
$719,584 91
1,081,976 91
30 69
„
Casualty and
54,681 17
16,233 45
Insurance reserve
optional reserves
Capital Stock
dividends paid during year—
capital stock..$1,199,984
Common
Corporate SurplusBalance December 31
$121,965 16
1919
—
ending Dec. 31 1920—
Net Income year
$1,879,488 75
23,435 23
surplus.
PUBLIC SERVICE
2,004,662 67
off during year
physical property
in affiliated companies
$1,081,936
182,283
347,780
20,197
Cash
receivable
receivable..
<
.
premiums paid in
$129,037 82
683,405 03
4,974 06—
Dec. 31 1920
deficit year ending
-
Adjustments
(credit)
.
31 1920._
LIABILITIES
Unmatured—
Equipment obligations
Notes payable
Point Ferry
Company
—
Riverside and Fort
Current
Lee Ferry Company
affiliated companies
^^trurtion
of New
-
issued for
expenditures
Liabilities—
liability— . — ------Accrued interest, dividends
Tax
payable
Accounts
Other
Deferred
----- -
and rents
—
payable-.-
current liabilities
Accrued
1-627,000 00
326,040 00
Company Equip¬
Certifieates
estate mortgages
construction.
count
$50,148,322 91
Liabilities—
accrued
Interest accrued
Other accrued liabilities
Consumers' deposits
Other accounts
Other unfunded
...nnnnnn
payable
debt
—
Accrued amortization
205
of capital
Unamortized premium on debt
$1.332,317 32
Other optional
reserves—__;
24
31 1919ending Dec. 31 1920—
Balance December
50—
6,267,202 02
Net income year
300,349 32
Total
funded debt
and damages reserve.
unadjusted credits
Injuries
Capital Stock.
9
453
13/
15,043 80
"MM.
Q KAJ.
KOK QK
30',000',000 00
—
Additions to surplus
Premium on
100,000 00
Casualty and insurance reserve
Capital Stock.
Corporate Surplus—
1,900 96
,891
,045
,239
,251
3,390,533 87
$850,568 11
8,598,890 17
23 87
Permanent reserves
1,643,000 00- 2,023,000 00
depreciation—road and equip¬
385,866 26
..
$1,072,745 30
166,949 14
246,417 05
755,637 24
1,082,411 34
66,373 80
Reserves—
,000 00
65 ,000 00
7065,956
$2,621,662 42
Other Corporations—
Railway Company (ac¬
of United States Govt, contract;
Service
Taxes
$110,000 00
4,1qq>,027
39
$1,300,000 00
318,833 33
1,002,829 09
Current
„
ment
Other
Public Service Electric
ment Trust Series A,
Public
Liabilities
Reserves—
CAPITAL STOCK AND SURPLUS.
Advances From
_
Corporation
Richmond and Bergen
Bonds of
192,128 09
Funded Debt—
Advances for
Affiliated Companies-
jersey
Port
10,096,804 57
$104,524 91
86,691 07
912 11
Other suspense
Real
301,435 00
1,893,847 91
^
Service
5,961,708 35
14,415 64
89,180 00
Other current assets
LIABILITIES,
1,517,788 00
STOCK.
...
construction
Advances:
Public
—
...
mortgages.
Non-Negotiable Debt to
817,416 91
$46,000,000 00
obligations—
Advances for
1,215,500 00
Special deposits
receivable
dividends receivable
Interest and
Prepayments
Unamortized debt discount and expense.
$108,450,302 43
AND CAPITAL
bonds
Miscellaneous
Real estate
$2,287,498 92
528,501 66
$48,126,333 23
$1,520,173 96
2,385 96
Balance—Deficit December
Mortgage
23,463 55
other special funds
Sinking funds and
$707,416 26
812,757 70
31 1919.—
Balance—Deficit December
Funded Debt
$37,171,873 62
642,063 40
Investments
_
Deficit—
Profit and Loss
460,363 65
.
Deferred Charges—
funded debt..
unadjusted debits
Total
December 31 1920-.
Accounts
12,620 28
advance
Net
Balance
during year
Cash...
53,985 00— l,<12,b84 89
and insurance
Corporate
$37,632,237 27
property written off
Current Assets—
Materials and supplies...
i?
51
31
49
;
Discount on
Other
$33,813,504 64
3,818,732 63
1920
Total...
Less
$102,992,666 75
2,400 00
1,363,481 97
26,o02 23
Special deposits.
Other current assets
Rents
31 1919
Construction—Year ending Dec. 31
31,243 63
Sinking Funds
Current Assets—
Materials and supplies
Deferred assets
Deferred Charges—
DECEMBER 31 1920.
Balance December
1,911,140 83
$103,070,588 09
.
77,921 34
December 31 1920
dividends and rents
ELECTRIC COMPANY.
BALANCE SHEET
ASSETS.
31 1920
Miscellaneous
Interest,
PUBLIC SERVICE
DEFICIT.
Total
Miscellaneous accounts
$23,540.54025
$126,703,443 17
--$ 101.159,44/ 26
Balance December
Investments
675,053 52
\
Fixed Capital—
Equipment—
31 1919
Construction—Year ending Dec.
Road and
property written
1,181,000 00
December 31 1920-...
2,752,110 56
DECEMBER 31 1920.
ASSETS AND
Balance
Balance of surplus
ffiAYXOHPAN^AND PUBLIC SERVICE
BALANCE SHEET.
Less
$1,856,053 52
paid during year...
Less dividends
Dece mber 311920
Balance of surplus
>
1,757,523 59
Total
Deductions from
00
804,678 67
preferred
8% Cumulative
1,872,507 13
15,160,000 00
—
$4,756,773 23
Less
3,927,921 14
,
Permanent reserves
$4,781,760 87
24,987 64
J
$872,878 60
23,074 40
472,600 40
1,110,733 32
1,413,200 54
35,433 88
—
Accrued amortization of capitalUnamortized premium on debt
$2,418,535 12
2,363.225 75
1919.
ending Dec. 31 1920
Total
Deductions from
liabilities.
Other unfunded debt...
33
92
55
$30,000,000 00
10,059.400 00—40,059 ,400 00
.......
450,000 00
Interest accrued
Other accrued
Other
preferred capital stock..
8% Cumulative
787,000 00
Corporations—
Corporation of New Jersey
accrued
Taxes
$82,491 ,370 00
38 ,000 00
$1,500 00
303,111 14—
Capital Stock—
Common capital stock..
$668,058 46
Payable
Current Liabilities—
— —
Reserves—
SURPLUS.
$238,166 67
429,891 79
construction
Other accounts
$2,283
941,111
109,922
4,633
accrued
Interest accrued
Other accrued liabilities
Accounts payable
Taxes
CAPITAL STOCK AND
Real estate mortgages..
Public Service
12,440.600 00
Current
97'918 69
Funded Debt—
Bills
$50,000,000 00
20,050,770 00
certificates
•
5,302 63
Advances From Other
5% Sinking Fund
year Gold Bonds
Perpetual interest-bearing
68,375 08
$23,540,540 25
Advances for
CAPITAL STOCK AND
LIABILITIES,
Funded Debt—
General Mortgage
5.536,981 12
$24,240 98
Prepayments
Unamortized debt discount and expense.
508,473 55
$18,028 27
3,952,505 65—
—......
f.
v'-■v.;1
Other suspense
$339,738 93
11,237 62
157,497 00—
,
>
Deferred Charges—
Current Assets—
Interest and
...
receivable
Interest and
—
5%
Sinking Fund of General Mortgage
Accounts
receivable
receivable
dividends
Other current assets
Bills
12,500.000 00
: V
$2,885,045 29
111,583 53
400.00
2,527,594 86
4,257 44
8,100 00
......
Cash
$107,145,749 06
14,333 66
.
Special Funds—
Sinking
■<
special funds
Current Assets—
Materials and supplies
Sinking Fund 50-
General Mortgage 5%
Other
;
Sinking funds and other
Accounts
Bonds—
Treasury
f
Investments
$17,402,824 13
488,482 65
31 1920
Balance December
105,735 85
450,000 00
88,471 23
written off during year
Less property
50-
$1,500,000.00)--
Gold Bonds (par
year
$17,491,295 36
Total
917,835 00
(par
'
,
$15,921,029 64
1920
1,570,265 72
1919
Construction—Year ending Dec. 31
$104,003,517 16
certificates
$920,485 00)
General Mortgage 5% Sinking Fund
DECEMBER 31 1920.
ASSETS.
ASSETS.
Investments—
Securities of subsidiary and
panies
Perpetual
interest-bearing
OAS COMPANY.
SERVICE
BALANCE
CORPORATION OF NEW JERSEY.
DECEMBER 31 1920.
PUBLIC SERVICE
79
—
$1,924,039 46
3,813,372 57
$5,737,412 03
26,332 70
,
$5,763,744 73
83
Less dividends
39
17
676,428 18
49,035,000 00
$108,450,302 43
Balance of
paid during year
surplus Dec. 31 1920
3,600,000 00
2,163,744 73
,
'
$48,126,333 23
March 26
1921.]
THE
Henry A. Niles. O.P.A.
53
STATE
Norman E.
Webster, O.P.A.
Henry A. Horne, O.P.A.
STREET,
NILES
&
1301
and its
subsidiary companies for the year ending December 31
1920, and that tne balance sheets, as of December 31 1920, of
BOSTON.
Certified
'
CHRONICLE
Public Service Corporation of New
Jersey,
Railway Company and Public Service Rail¬
road Company (consolidated),
NILES
Public Service
Public Accountants
111 Broadway, New York
.
CERTIFICATE
OF
A
ACCOUNTANTS.
Public Service Gas
New
York, March 1 1921.
We have examined the books and accounts of the Public
Service Corporation of New Jersey, and of its
subsidiary
Company, and
Public Service Electric
shown
Company,
*
*
£
^
\
'
16 to 19 [pamphlet report], are in accordance
with the books, and correctly show the financial
condition
of those companies at that date.
operating companies for the year ending December 31 1920.
We certify that the statement shown on
page 15 [pamphlet
report] correctly presents the combined income and profit
and loss of the Public Service Corporation of New
Jersey
on
pages
NILES
&
NILES,
Certified Public Accountants.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND
SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31 1920.
Amount
Authorized.
Outstanding.
Amount
Owned by the
in the Hands
Corporation.
Public Service Corporation of New Jersey—
Public Service Corporation of New Jersey 5% General Mortgage.
Due October 11959.
Fidelity Union Trust Company. Trustee.
Interest Payable April and October
Perpetual Interest Bearing Certificates of Public
Service Corporation of New Jersey.
Rate 6%.
Interest Payable May
Fidelity Union Trust Company, Trustee.
and
November
Public Service Corporation of New Jersey Three-Year Secured Convertible
7% Gold
Notes.
Due March 1 1922.
Fidelity Trust Company
$50,000,000 00
$50,000,000 00
20,200,000 00
20.050.770 00
of Public.
$14,000,000 00 ♦$36,000,000 00
920.485 00
19.130.285 00
$14,920,485 00
$67,570,885 00
(Philadelphia), Trustee.
Interest
Payable March and September
12,500.000 00
12,440.600 00
$82,491.370 00
Public Service Qas Company.
Public Service Electric Company.
Companies Leased by Public Service Qas Company—
Newark Consolidated Gas Company 5% Consolidated Mortgage.
Due December 1
1948.
Fidelity Union Trust Co., Trustee.
Interest Payable June and December
Newark Gas Company 6% First Mortgage.
Due April 1 1944.
National New¬
12,440.600 00
$10,000,000 00
$6,000,000 00
$6,000,000 00
4.000,000 00
3,999,700 00
3,999.700 00
10,500.000 00
10,500,000 00
10.500,000 00
500,000 00
500.000 00
500,000 00
100,000 00
100,000 00
100,600 00
100,000 00
85,000 00
85.000 00
1,300,000 00
1,300,000 00
1,300,000 00
20,000,000 00
18.617,500 00
1,000,000 00
308.000 00
2,000,000 00
367,000 00
200,000 00
181.000 00
30,000 00
30,000 00
30,000 00
5,000,000 00
4,049.000 00
4,049.000 00
600.000 00
585,000 00
585,000 00
50,000 00
50,000 00
50,000 00
450,000 00
316.000 00
316,000 00
15,000,000 00
12,892,000 00
100,000 00
100.000 00
100,000 00
2.000.000 00
2,000,000 00
2.000,000 00
2,750,000 00
1.974.481 24
573,181 70
750,000 00
750.000 00
20.200 00
Interest Payable April ana October
Somerset Lighting Company 5% First Mortgage.
Due February 1 1939.
Fidelity
Union Trust Co., Trustee.
Interest Payable February and August
The Gas St Electric Company of Bergen County 5% General Mortgage No. 2.
Due
November 1 1954.
Fidelity Union Trust Co., Trustee.
Interest Payable May
500,000 00
500.000 00
150,000 00
150,000 00
21,000 00
129,000 00
November
i
The Gas St Electric Company of Bergen County 5% General Mortgage No. 1,
Due
November 1 1954.
Equitable Trust Co., Trustee,
Interest Payable May and
5,000.000 00
3.271.000 00
1,655.000 00
1.616.000 00
ark and Essex Banking
Co., Trustee.
Interest
Payable
July,
October, January
April
Hudson County Gas Company 5% First Mortgage.
Due November 1 1949.
New
Jersey Title Guarantee & Trust Co., Trustee.
Interest Payable May and No¬
vember.
New Brunswick Light, Heat & Power Company 4% First Mortgage.
Due Decem¬
ber 15 1939.
Fidelity Union Trust Co.. Trustee. Interest Payable June and Dec.
Ridgewood Gas Company 5% First Mortgage.,
Due June 1 1925.
Equitable Trust
Co., Trustee.
Interest Payable June and December
Ridgewood Gas Company 5% Second Mortgage.
Due April 1 1925.
Trust Co., Trustee.
Interest Payable April and October
Public
Service
Electric
Company.
Public Service Electric Company Equipment
$65,000
due
February 1st and August 1st.
Payable February and August
each
Interest
Trustee.
Trust
Series
A
Philadelphia
Fidelity Union
8% Certificates.
Trust Company,
Companies Leased by Public Service Electric Co.—
United Electric Company of New Jersey 4% First Mortgage.
Due June 1 1949
New Jersey Title Guarantee & Trust Co., Trustee, r Interest Payable June and
.
D GCftmher
^
m 4*
±
m
m- ~
m m — —
im
~
m m ~
mi
mm
mm
m m
im im
tm ** m m* m m
tm **
m m m ~
~
m
Light",~Heat~<fc~Power
Consumers'
Company "5%, First Mortgage.
Due June 1 1938".
Title Guarantee & Trust Co., Trustee.
Interest Payable June and
New Jersey
December
-
—
North Hudson Light, Heat & Power Company 5% First Mortgage.
Due October 1
1938.
New Jersey Title Guarantee St Trust Co., Trustee.
Interest Payable
April and October
Middlesex Electric Light & Power Company 5% First Mortgage.
Due January 1
/
1965.
Fidelity Union Trust Co., Trustee.
Interest Payable July and January
Weehawken Contracting Company 6% First Mortgage.
Due February 20 1928.
Weehawken Trust Co., Trustee.
Interest Payable August and February
683,000 00
17.934.500 00
308,000 00
,
21,000 00
367,000 00
160,000 00
Companies Leased by Public Service Qas Co. and Public Service Electric Co.—
Paterson & Passaic Gas St Electric Company 5% Consolidated Mortgage.
Due
March 1 1949.
The Paterson Safe Deposit St Trust Co., Trustee.
Interest Pay¬
able September and March
■
Edison Electric Illuminating Company of Paterson 5% First Mortgage.
Due July 1
The Paterson Safe Deposit & Trust Co., Trustee.
Interest Payable Janu¬
ary and July
Passaic Gas Light Company 6% First Mortgage.
Due June 1 1922.
The Paterson
Savings Institution, Trustee.
Interest Payable June and December
Passaic Lighting Company 5% Consolidated Mortgage.
Due May 1 1925.
Guar¬
anty Trust Co., Trustee.
Interest Payable May and November
South Jersey Gas. Electric & Traction Company 6% First Mortgage.
Due March 1
1953. Fidelity Union Trust Co., Trustee. Interest Payable September and March
Burlington Gas Light Company 5% First Mortgage.
Due May 1 1921.
Burlington
City Loan St Trust Co., Trustee.
Interest Payable May and November
Trenton Gas & Electric Company 5% First Mortgage.
Due March 1 1949.
Equita¬
ble Trust Co., Trustee.
Interest Payable March and September
Somerset Union St Middlesex Lighting Company 4% First Mortgage.
Due Decem¬
ber 1 1943.
Fidelity Union Trust Co., Trustee.
Interest Payable June and Dec.
Central Electric Company 6% Consolidated Mortgage.
Due July 1 1940.
Fidelity
Union Trust Co., Trustee.
Interest Payable January and July
Plainfieid Gas St Electric Light Company 5% General Mortgage.
Due April 1 1940.
1925.
-
-
Guaranty Trust Co., Trustee.
and
November
—
—
—
The Gas St Electric Company of Bergen County 5% Consolidated Mortgage.
Due
June 1 1949.
Fidelity Union Trust Co., Trustee. Interest Payable June and Dec.
Hackensack Gas Light Company 5% First Mortgage.
Due July 1 1934.
G. W.
Conklln, D. W. Chamberlain, Trustees.
Interest Payable July and January at
Fidelity Union Trust Co
Company 5% Gen'l Mortgage.
Due July 1 1935.
G. W.
Conklln, E. A. Pearce, Trustees.
Interest Payable January and July at Fidelity
3.507.000 00
Union
Trust
Co.
St
5,000,000 00
38.000 00
38,000 00
1,500,000 00
1.443,000 00
1.443.000 00
42,000 00
24,000 00
24,000 00
10,000 00
10,000 00
200,000 00
23,000 00
23.000 00
Electric
Geo. W. Conklin, Trustee.
August
250,000 00
Shore"Lighting
Trdst Co.,
729,800 00
40.000 00
Company 5% First Mortgage.
Due January 1 1939.
Interest Payable January and July
Princeton Light, Heat & Power Company 5% 30-year Sinking Fund Mortgage.
Due
February 1 1939.
Equitable Trust Co.. Trustee.
Interest Payable February and
Gas
1.401,299 54
500,000 00
Hackensack Gas St Electric
Englewood
9.385.000 00
Company. 5% First Mortgage.
Due April 1 1951.
Interest Payable April and October..
Total Public Service Gas Company and
165,000 00
165,000 00
400,000 00
400,000 00
400.000 00
Fidelity Union
Trustee.
Public Service Electric Company
$70,728,681 24
$6,480,381 70
$64,248,299 54
$15,600,000 00
$15,000,000 00
$7,230,000 00
$7,770,000 00
---------
20,000.000 00
14.061.000 00
North Hudson County Railway Company 5% Consolidated Mortgage.
Due July 1
1928
9. B. Dod, Trustee.
Interest Payable January and July at
First Na¬
tional Bank, Hoboken..
------
1.498,000 00
12.563,000 00
3.000,000 00
2,998,000 00
2.998,000 00
1,292.000 00
1.291.000 00
1.291,000 00
Public Service Railway Company—
North
Jersey
8treet
Railway Company
Bankers Trust Co., Trustee.
4%
First Mortgage.
Due May
Interest Payable May and November
1
1948.
.
Jersey City Hoboken St Paterson Street Railway Company 4% First Mortgage.
Due
November 1 1949.
New Jersey Title Guarantee St Trust Co., Trustee.
Interest
Payable May and November.
.
-----—-
-
North Hudson County Railway Company 5% Improvement Mortgage.
Due May 1
Fidelity Union Trust Co.. Trustee.
Interest Payable May and November
North Hudson County Railway Company 5% Weehawken Extension Mortgage.
Due February 1 1945.
Fidelity Union Trust Co., Trustee.
Interest Payable
February and August
Paterson Railway Company 6% Consolidated Mortgage.
Due June 1 1931.
Colum¬
bia Trust Co., Trustee.
Interest Payable June and December
1924.
—-—------—---—
•Includes $2,566,000 purchased
by the Sinking Fund.
100,000 00
100,000 00
100.000 00
............
1.250.000 00
1.250.000 00
1.250.000 00
CHRONICLE
THE
1302
[Vol. 112.
Amount
Authorized.
Brought forward
Railway Company 5% 2nd General Mortgage.
Due October 1 1944.
Fi¬
delity Union Trust Company. Trustee.
Interest Payable April and October
Elizabeth Plalnfleld k Central Jersey Railway Company 5% First Mortgage.
Due
December
1
1950.
Fidelity Union Trust Co., Trustee.
Interest Payable June
Amount
Owned by the
Corporation.
Outstanding.
$34,700,000
in the Han d*
of Public.
$8,728,000 00
$25,972,000 00
Paterson
and
December
$300,000 00
2,500,000 00
100,000
3,500,000 00
Due July 1 1922.
2,400,000
100,000 00
1,500,000
500,000 00
500,000
500,000 00
500,000
1,500,000 00
1,000,000
1,000,000 00
5.000,000 00
5,000,000
5.000.000 00
500.000 00
100,000
100.000 00
880,000 00
.
Plalnfleld Street Railway Company 5% First Mortgage.
300,000
572.000
572,000 00
Trust
November.
Brunswick Traction Company 5% First Mortgage.
—
.
Due July 1 1920.
154,000 00
2.246.000 00
Fidelity
Co., Trustee.
Interest Payable January and July
v.
Elizabeth k Raritan River Street Railway Company 5% General Mortgage.
Due
May 1 1954.
Fidelity Union Trust Co., Trustee.
Interest |Payable May and
Union
300,000 00
100,000 00
1.226.000 00
274,000 00
Fidelity Union
Co., Trustee.
Interest Payable January and July
East Jersey Street Railway Company 5% First Mortgage.
Due May 1 1944.
Perth
Amboy Trust Co., Trustee.
Interest Payable May and November
—
Middlesex & Somerset Traction Company 5% First Mortgage.
Due January 1 1950.
Fidelity Union Trust Co., Trustee.
Interest Payable January and July
Public Service Newark Terminal Railway Co. 6% First Mortgage.
Due June 1 1955.
Fidelity Union Trust Co., Trustee.
Interest Payable June and December
Public Service Series "O" Equipment Trust 5% Certificates.
$25,000 due each March
1st and September 1st.
The Pennsylvania Company for Insurances on Lives be
Trust
Granting Annuities, Trustee.
Interest Payable March and September
Service Series "D" Equipment Trust 5% Certificates.
$44,000 due each
500.000 00
/
500,000 00
Public
November 30th and May 31.
Philadelphia Trust Co.. Trustee.
Interest Payable
November 30th and May 31
.
Public Service Series "E" Equipment Trust 7}i% Certificates.
$140,000 due each
Feb. 1st and Aug. 1st for first five years and $42,000 due each Feb. 1st and Aug. 1st
for the second five years.
Bankers Trust Co., Trustee. Interest Payable Feb. k Aug.
Total Public Service Railway Company
1,820,000 00
955,000
Companies Controlled by Public Service Railway Company—
First Mortgage.
Due June 1 1933.
Bankers
Interest Payable December and June
Jersey City & Bergen Railroad Company 4H % First Mortgage.
Due January 11923.
Edmund Smith, Trustee.
Interest Payable January and July at Bankers Trust
Co. or First National Bank, Jersey City
Newark Passenger Railway Company 5% First Mortgage.
Due July 1 1930.
New
Jersey Title Guarantee k Trust Co., Trustee.
Interest Payable January and July
Passaic k Newark Electric Traction Company 5% First Mortgage.
Due June 1 1937.
New Jersey Title Guarantee k Trust Co., Trustee.
Interest Payable June and
955,000 00
$47,627,000 00
—
----
$9,166,000 00
$38,471.000 00
Consolidated Traction Company 5%
Trust Co., Trustee.
December
,
_
$15,000,000 00
$15,000,000 00
1.000,000 00
258,000 00
258,000 00
6,000,000 00
6,000,000 00
6,000.000 00
1,000,000 00
550,000
550.000 00
500,000 00
...»
.
$15,000,000 00
500,000
500.000 00
Rapid Transit Street Railway Company 5% First Mortgage.
Due April 1 1921.
Fidelity Union Trust Co., Trustee.
Interest Payable April and Octobers
Orange & Passaic Valley Railway Company 5% First Mortgage.
Due December 1
1938.
New Jersey Title Guarantee k Trust Co., Trustee.
Interest Payable
1,000,000 00
833,000
3,000,000 00
1,940,000
1.940.000 00
1.000,000 00
*1,000,000
1,000.000 00
250,000 00
175,000
175,000 00
300,000 00
150,000
160.000 00
5,000,000 00
4,011,000
4,011,000 00
1,000,000 00
631,000
♦564.000 00
1,500,000 00
June and December
Due July 1 1946. New
Jersey Trust k Safe Deposit Co. (Camden), Trustee.
Interest Payable Jan. & July
Bergen Turnpike Company 5% First Mortgage.
Due July 1 1951.
New Jersey
Title Guarantee k Trust Co., Trustee.
Interest Payable January and July....
People's Elevating Company 5% First Mortgage. Due October 1 1939. New Jersey
Title Guarantee k Trust Co., Trustee. Interest Payable April and October
.
1,600.000
1,500,000 00
750,000 00
83,000 00
Camden <fc Suburban Railway Company 5% First Mortgage.
Paterson k State line Traction
Company 5% First Mortgage.
Due June 1 1904.
Fidelity Union Trust Co., Trustee.
Interest Payable June and December.
New Jersey k Hudson River Railway k Ferry Company 4% 50-year Mortgage.
Due
March 1 1950.
United States Mortgage k Trust Co., Trustee.
Interest Pay¬
able March and September
Hudson River Traction Company 5% First Mortgage.
Due March 1 1950.
United
States Mortgage k Trust Co., Trustee.
Interest Payable March ana September..
Riverside Traction Company 5% First Mortgage.
Due June 1 1960.
west End
Trust Co., Philadelphia, Trustee.
Interest Payable December and June
...
Total Companies Controlled
by P. S. Ry. Co.—-—
•'
'•
$80,175,000 00
—
Companies Controlled by Public Service RailroadjCo.—
Elizabeth k Trenton Railroad Co. 5% First Mortgage. Due April 1 1962.
Trust Co., Philadelphia, Trustee.
Interest Payable April and October
Fidelity
$1,200,000 00
$9,239,000 00
$70,869.000 00
$990,000 00
$990,000 00
$990,000 00
it
$990,000 00
$234,385,051 24
Total Companies Controlled by Public Service Railroad Co---
*
$83,000 00 $32,398,000 00
$32,648,000 00
——
Total Public Service Railway Co. and Subsidiary Companies
TOTAL FUNDED DEBT
j
$30,639,866 709203,678,184 64
$67.000 Hudson River Traction Company bonda owned by New Jersey & Hudson River Railway & Ferry Company.
REAL
ESTATE MORTGAGES
Amount
Amount
Owned by the
Outstanding.
in the Hands
Corporation.
Authorized.
of Public.
$301,435 00
238,166 67
318,833 33
Total.
$301,435 00
$858,435 00
Public Service Railway Company Real Estate Mortgages.
Public Service Gas Company Real Estate Mortgages
Public Service Electric Company Real Estate Mortgages.
$858,435 00
238,166 67
318,833 33
BY SUBSIDIARY OPERATING COMPANIES OF PUBLIC SERVICE
RATES OF DIVIDEND PAYMENT8 GUARANTEED FROM RENTALS,
LIST OF 8TOOK8 OF COMPANIES OPERATED UNDER LEASE
CORPORATION
OF
NEW JERSEY,
WITH
THE
Amount
Amount
Pledged
Public,
Including
Outstanding Under Oen.
Mortgage.
Directors'
Shares.
Capital
Stock
Corporation
ana
RENTALS
in Hands of Equivalent Per Cent on
Owned by
COMPANY
Capital Stock.
Ann.
Rate
12-31-20
and thereafter.
Term
Date
of
0f
Lease,
_
T
Years.
Lease.
'
Borden town Electric Co
$50,000
...
Burlington Electric Light k Power Co
The Camden Horse Railroad Co
....
.....
.............
The Camden k Suburban Railway Co
Clnnaminson Electric Light, Power & Heating Co.*
Citizens' Electric Light. Heat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Elizabeth k Trenton Railroad Co., Preferred
Elizabeth & Trenton Railroad Co., Common
Essex & Hudson Gas Co..
The Gas Light Co. of the City of New Brunswick..
The Gas k Electric Company of Bergen County
.......
.....
,'
Hudson County Gas Co
Middlesex Electric Light k Power Co
The Morristown Gas Light Company
.
Newark Consolidated Gas Co
New Jersey & Hudson River Ry. k Ferry Co., Preferred
New Jersey k Hudson River Ry. & Ferry Co., Common
The Nichols Electric Light & Power Co. of Nutley, N. J
Orange k Passaic Valley Railway Co.
The Paterson k Passaic Gas k Electriic Co.
Princeton Light, Heat k Power Co.
Rapid Transit Street Ry. Co. of the City of Newark.
The Ridgewood Gas Company.
Riverside Traction Co., Preferred
Riverside Traction Co., Common
Shore Lighting Co
Somerset Union k Middlesex Lighting Co
South Jersey Gas, Electric k Traction Co.
The South Orange & Maplewood Traction Co
United Electric Company of New Jersey
Weehawken Contracting Co., Preferred
Weehawken Contracting Co., Common
....
......
17,550
250,000
3,000,000
20,000
41,400
15,000,000
60,000
....
$50,000
500
$17,050
I
"41475
250,000
3,000,000
20,000
225
15,000.000
25!
180,300
811,350
6,500,000
400,000
2,000,000
10.500,000
174,500
175,000
307,500
367,150
6.000,000
750,000
4,633
2,500,000
2,446,350
25,000
24,750
♦923,500
1,000,000
269,700
5,000,000
122,500
115,850
504,000
100,000
266,500
747,150
112,000
104,900
1,050,000
422,400
6,000,000
225,000
20,000,000 •19,604.600
41,050
41,050
70,000
69,450
t59,975
180,300
811,350
6,500,000
400,000
2,000,000
10,500,000
45-
1-14
1-11
900
^1°
4%
4-
1-96
999
5- 1-04
1-14
6-15-10
999
6-
1-98
999
9-
1-09
999
4-
1-12
1—03
999
4-
6—
40
999
900
1- 2-05
900
1-05
1-03
500
350
57-
1-08
999
900
999
1-10
999
6,000,000
$743,867
53,650
12-
1-98
999
5-
1-11
900
250
5-
1-08
999
76,500
4,730.300
6,650
504,000
100,000
260,500
747,150
7,100
627,600
6,000,000
225,000
395.500
110-
1-03
1-03
900
5-
1-11
900
6-
1-93
999
1-
6-
900
7-
1-10
999
4-
1-12
999
5-
1-11
900
12-31-03
'
6- 1-03
10- 1-03
900
900
Perpetual*
7-
1-07
999
1-
1-10
999
550
$83,886,300 $24,626,983 $59,257,817
•Pledged under agreement securing Public Service Corporation of New Jersey Perpetual Interest-Bearing Certificates,
t All of this stock except directors shares Is owned by Essex k Hudson Gas Company and Newark Consolidated Gas Company.
t $1,500 reserved to retire stock of consolidated companies.
46
1-5
12.82yo
March 26
1921.]
THE
CHRONICLE
LIST OP STOCKS OP
SUBSIDIARY OPERATING COMPANIES OP
PUBLIC SERVICE CORPORATION OP
NEW JERSEY.
*
$$24,999,000 pledged under Public Service Corporation of New Jersey
Mortgage; $4,978,900 pledged as security to 3-Year Secured
General
Convertible
t
Gold
Pledged
under
119900278654
Amount in Hands
Stock
Outstanding.
of N.J.
Shares).
$30,000,000
15,160,000
£48,750,000
285.000
*$29,999,000
tl5.158.900
$48,729,000
1284,100
$1,000
1,100
U21.000
900
Capital
Public
Public
Public
Public
Service
Service
Service
Service
Electric Oo.
Gas Oo
Railway Oo.
Railroad Oo
of the Public.
(Inc.
Directors'
$94,171,000
amount
SUMMARY
OP
SECURITIES
THE
$24,000
$30,039,868 70
24,626,983 00
94,171,000 00
...
....$149,437,849 70
OP SUBSIDIARY OOMPANIE8 AND
CORPORATION OP NEW JERSEY.
SERVICE
Electric
year.
■
I..
Oas
Properties.
,■
Properties.
$1,776,557
3,502,811
3,721,631
4,161,917
4,647,219
4,584,682
5,117,728
5,872,237
6,689,731
7,582,373
8,545,845
9,340,749
10,487.281
65
92
68
81
18
27
$3,026,993
5,378,440
6,059,446
6,526.316
7,251,480
17,745,869 50
20,190,376 12
23.660.578 30
86
57
58
06
47
33
12.898,064 75
15,240,114 06
*Ohange in classification of
accounts effective Jan.
NEW JERSEY,
Electric—
YEAR
Operations
$646
26,717
3,326
2,555
116,160
—
General Office Equipment...
General Shop Equipment
-
_
General Automobile Equipment
General Motorcycle Equipment.__.__
General Freight Car
Equipment
Buildings
153,642
58,641
278,685
18,788
9,261
287,781
256,679
75,708
61,935
344,773
97,514
192,209
487,018
353,666
51,612
54,520
_
Accessory Electric Power Equipment-Miscellaneous Power Plant Equipment-____
Substation Buildings
Substation Equipment
Poles and Fixtures—
_
—
_
_
_
_
_
Underground Distribution System.
Line Transformers and Devices-Electric Services
_
_
_
_
_
-
_
_______
Electric Meter InstallationMunicipal Street Lighting System____
Electric Tools and
Electric
Implements.
_
63
59
Fixed Capital installed during year
Less property written off during
year
Service
81
02
19
_
Trunk Lines and Mains
Gas Services
369,244
225,749
38,139
3,575
—
•
—
Municipal Street Lighting Fixtures...
Gas Engines and Appliances
Gas Tools and Implements
58
76
Capital
Fixed Capital in Other Departments.
-
during
59
51
36
-
24
—
_
—
______
--
-
_
--
--
41
05
43
64
31
343 55
-
1,523 43
329 63
285 33
...
902 99
--------
.
.$1,911,633 43
90,262 50
1,821,370 93
'
$6,661,534 40
ELECTRIC
Railway
STATIONS.
and
_
Lighting.
June 1 1903. Dec. 311920
14
18
Number of Generating Stations.—
Capacity of Generators in K. V. ANumber of Substations
291,855
40,075
;—
-
9
71
Capacity of Rotaries in Kilowatts
5,400
Capacity of Motor Generator Sets in Kilowatts-,
Kilowatt Hours Produced (years 1903 and 1920)__129,614,180
70,400
ELECTRIC
CONDUITS
—.
AND
TRANSMISSION
It ,7m
892,339,164
LINES.
(Railway and Lighting Combined.)
Length of Transmission Lines (in miles)
Length of Conduits (in street miles)
_
—
47
Number of Poles
Miles of Wire
Number of Transformers
Total
Commercial
_
Load
equivalent)
.
—
(in
50
45,059
4,244
5,336
16,000
176,356
19,818
28,631
234,496
710,000
—.—
Connected
_
158
STATISTICS*.
—
Number of Meters
49
84
66
925
or.
___.-_._r
ELECTRIC DISTRIBUTION SYSTEM
10,379,724
W.
....
ELECTRIC LIGHTING AND POWER STATISTICS.
43
.:
Kilowatt
87
Year.
_
...
_
______
__—-
...
Paving
Roadway Machinery and Tools
Structures and Foundations
Bridges, Trestles and Culverts (credit)
Sold.
1903—
1904—
1905—
1906—
1907—
1908—
1909—
1910—
...
1914—
1915—
20
33
1916
1917—
—
43
39
1918—--
28
1919—
1920—
21
55
Gas Sold—M. Cubic Feet
Miles of Mains in use Dec. 31
Meters in Service Dec. 31
Services Run.
Ranges Sold
Water Heaters Sold..
;
Heating Stoves Sold
Gas Arcs Installed
Lamps Sold
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed
No. of Gas Engines Installed
Engines
-
1912.
December
31.
7,745
9.671
10,397
10,863
11,441
11,726
Total Connected
Load in K. W.
Supplied Dec.31
December 31.
45,380
55,748
68,331
81.873
92.143
102,104
118,138
137,058
156.202
180,942
209,835
239.719
277,652
326.019
367,021
430,485
464.605
525,258
16.640
18.906
20.347
22,339
12.297
12,787
159,044,648
197.079.581
280,871,843
371,509,459
440,676,475
442,641,630
505,813,937
No. of Street In-1
candesc't Lamps'
5,733
8,538
12.351
13.168
13,821
14.352
15.175
8,121
8.681
9.150
48,894.308
56.686.749
65.472,561
69,274,132
78,911,840
89.742,689
103.144.595
122.543,747
141,936.243
13.187
24,214
26,062
29,033
12,619
10,954
10,073
9,367
9,353
8,559
The increases shown above
15
31,376
32,080
33,415
35,523
are
somewhat, but not very
materially, affected by properties acquired between June 1
1903 and January 1 1921.
GAS
1911.
Gas Fixtures Installed
1911—
1912—
73
5 53
388 51
Elevated
No. of Street Arc
Lamps Supplied
Hours
07
1913—
5,717
4,139
14,861
38,255
199,695
6,478
253,374
204,152
5.011
Rails, Rail Fastenings and Joints.
Special Work
Roadway Labor
02
20,464 36
—
—
8,747
19,408
166,051
147,701
14,724
—-
...
86
$40 45
Other Lands used in Electric Railway
Operations
Horse Power of Gas
140 92
-----
— --.
$1.481.791 49
Grading
Welsbach
797,945 53
...
'
Fixed capital installed during yearLess property writ ten off during year
52
79
12
..-.$1, 570,265 72
88,471 23
year
Railway—
Engineering and Superintendence
Right of Way
Hot Plates Sold
773 81
674,487 26
5,894 18
_
—
2,137 47
2,475 00
33,719 12
___
Fixed capital installed during year
Track' and
51 90
—
—
30
73
311 26
1,234 48
Laboratory Equipment
Other Tangible Gas
Ballast
Ties
48
617,093 21
Gas Meter Installation
Less property written off
_
.
—
—
„
962 57
11,442
53,772
45,496
44,163
.
96
64
46
56
10 12
_
57
25,588 02
...
28
___
—
78
32,226 50
1
59
82
08
58
19
71
32
9,091 96
1,175 36
Equipment
Power Plant Equipment (credit)
Substation Equipment (credit)
Transmission System (credit)_ ■—_
Organization
Miscellaneous Construction Expenditures (credit)
Miscellaneous Intangible Capital..
Ferry Slips, Buildings and Piers—----Fixed Capital Installed in Other Departments
(credit)
4,792 58
_____
29,186,899
32.016.020
34,593,808
37.279.319
38,760,260
40,328,175
45.030.725
49,642.145
55,510,599
61,641,842
74,696.494
57
571 6(1
of Cars
Miscellaneous
20152
Furnaces, Boilers and Accessories...
Steam Engines
Water Gas Sets and Accessories.
Purification Apparatus
Accessory Equipment at Works
29
57
55
26
09
60
08
89
29
10
88
98
47
60
35
08
$2,950 27
■
Equipment
Furniture
3,756 90
27,471 42
-
91
34
44
36
977 77
Shop Equipment
$456 54
2,628 81
23,626 21
.
$9,462,199
17,759,781
19,909,842
21,498.826
23,628,043
24,267,687
26,560,451
75
__
Electric Equipment
460,363 65
__
Total.
74
Crossings, Fences and Signs
Signals and Interlocking Apparatus..
Stations, Miscellaneous Buildings and Structures
.$3,818,732 63
General Motorcycle Equipment.
General Stable
Equipment
Works and Station Structures.
Holders
Gas Meters
27.990.695 65
_
....
Shop Equipment.
Automobile Equipment
80
70
24
66
Passenger and Combination Cars..
131,647 36
Land Devoted to Gas
Operations.-•
Structures
Office Equipment
83
69
01
46
19
99
44
49
56
53
73
— —
63
46
-$3,358,368 98
General
General
General
General
94
2,475 00
y.
77
11,086,353 43
12,114,412
13,290,431
14,450,088
15,262,426
16,201,932
16,379,309
16,638.141
18,255.613
19,494,677
20,901,063
24,212,024
8,353 72
2,368 75
...
Laboratory Equipment
Other Tangible Electric Capital
Engineering and Superintendence
$187,403
463,249
640,405
723.658
1,023,951
1,246,721
1,457,432
1,532,347
1,890,512
1,939,338
2.308.873
2,484.644
2.437.874
1.965.421
1,953,097
2,040.242
2,160,851
2,137,151
General Office Buildings (credit)
Shops and Car Houses (credit)
566,642 38
_________
Electric Generators-.
Underground Conduits--Transmission System
Overhead Distribution System
92
174,629 05
-
37
79
45
92
Distribution Poles and Fixtures
Underground Conduits.Distribution System—
201 53
567 61
____
____
Furnaces, Boilers and Accessories
Steam Engines
Elect ric Meters
1920.
.•
Land Devoted to Electric
General Structures
Power Plant
BY
CORPORA¬
OF
P. S. C. Miscel¬
laneous Income.
I
EXPENDITURES CHARGED TO FIXED CAPITAL
ACCOUNTS
SUBSIDIARY COMPANIES OF PUBLIC SERVICE
TION
$4,471,244
8,415,278
9,488,358
10,086,933
10,705,392
20,908.069 25
1915*....
1916
19171918.
1919
04
MISCELLANEOUS INCOME OP PUBLIC
Railway
Properties.
50
63
56
01
50
23
58
46
42
83
39
53
7,349,930
7,870,878
8,491,882
8,985,688
9,809,669
10,222.668
10.555,556
10,764,877
11,911,625
12.954.256
14,823,424
15,078,590
1913*
1914
CORPORATION.
Companies
Subsidiary Operating Companies..
Total
1903 (Seven Months)
Gas
BY
Par Value.
Stocks of Leased
OPERATING REVENUE AND NON-OPERATING INCOME
Other
OWNED
Bonds
Stocks of
$94,195,000
Notes; $21,100 in hands of Treasurer.
Public Service Corporation of N. J.
General Mtge.
$18,400 is reserved to retire outstanding stock of
consolidated companies.
I $47,479,000 pledged under agreement securing Public Service Corpora¬
tion of New Jersey Perpetual
Interest-Bearing Certificates.
$1,250,000
pledged under Public Service Corporation of New Jersey General Mortgage.
a Includes stock of merged
companies.
t Of this
Amount
Owned by
P. S. C.
1303
STATISTICS.
1913.
1914.
,894,571 9,637.555 10 .221,097 10.907,541
2,637
2,741
2,844
2,906
388,606
410,649
454.389
435,383
15,327
14,154
13,192
10,787
20.608
20,855
23,296
23,437
6,753
5,971
9,587
8,792
3,606
3,135
2,421
3,044
2,423
3,403
7,477
3,703
4,505
4,787
5.222
3,815
46.096
80,986
33.634
49,805
123.977
146,894
121,254
136,367
24,011
9,431
16,731
22,608
686
682
927
1,134
30,208
32,179
27,419
20,008
1
1915.
1916.
11,231.828|12 .399,852
2,977
473,644
11,452
23.071
9.963!
1,945
8.383!
4,921
68,908
185,285
15,335'
1,175
15,817
39
36
32
40
29
333H
300H
268^
505X
292 X
3,041
496.885
11,037
27,901
11,766
2,221f
11.094
5,405
59,277
314,303;
34,190,
1,778!
15,769
48
774 W
1917.
1918.
1919.
1920.
13 .610,865 in ,783.231 14,900.704 16 493,276
3,089
3,126
3,096
3,170
516.745
526.213
538,674
553,343
7,629
3.227
7,166
7,590
27,613
9.524
12,209
15,572
11,468
5.317
7.496
9,831
1,608
707
499
547
19,442
6,119
7.059
6,731
4,918
1.556
1.563
1,296
41,828
18.835
14,622:
17,018
327,868
157.468
213,832
150,502
42,737
14.514
24,854
26,854
2,444
1,205
824
736
12,883
5.780
5.854
5,901
47
514 X
9
351
133'
11199900467582
34
197568
STATISTICS.
RAILWAY TRAFFIC
Percentage
Passengers.
YEAH.
Passes.
Passengers
Transfers.
50,000,000 215.400,000
165,400,000
:180,000,197
55,079.789:235.079,986
198,326,467 62.986.021261,312,488
211,025,386 71,638,588282,663,974
,
74,688,628 294,110,602
238,171,2571 81,548,978 319,720,235
258,746,130 82,652,558 341.398,688
277,730,238 84,820,157362,550.395
293,085,287 90.018.960383.104,247
308,985.240 95,425.865404.411,105
219.421,974
,313.923,363100.498,677414.422.040
342,205,993109,492,019451,698,012
361,187,782115.787.201|476.974.983
♦J53,190.897| 98,029,909 451,220,806
*327,619,606 69,069,628.396,689,234
1919f
1920*-..
21.8
3.83c.
21.2
3.83c.
22.1
3.76c.
23.2 |
23.0 1
3.70c.
23.0
3.72c.
22.1
3.78c.
21.4
3.82c.
21.2
3.82c.
21.1
3.82c.
21.2
3.83c.
21.5
3.82c.
21.8
3.82c.
21.9
15.4
3.82c.
4.31c.
5.71c.
17.7
89,777,107'453.534,694
*363,757,5871
♦
Excluding revenue transfer passengers,
t Mile zone system in effect from September
20.0
------
Second main track and turnouts
.300.322
12.895
46-331
-
.
;
2.60
30.87c.
2.67
30.97c.
2.71
1.046,733
1.107,976
1.115.830
1,135.403
1.234,147
1.306,781
1,236,221
1,086.820
60,798,743 6,539,207 1,239,166
Track reconstructed with same
since 1903:
;
Racine, Wisconsin,
March 15 1921.
the Stockholders of the
submits
the following statement
December 31 1920,
the results of operation for the fiscal
Company's financial position at
ending
that date:
on
INCOME ACCOUNT
Profit from sale of manufactured
other sources,
1920.
FOR
product and
Income'from
operating expenses and
deducting Interest Charges,Jand
Depreciation on Plant and Branch Properafter deducting ail
ordinary losses, but before
Provisions for
3.02
3.41
32.44c.
36.00c.
39.29c.
3.75
4.02 Y
43.21c.
-—
18.970 miles
4.102
'
1.468 "
BY
SUBSIDIARY COMPANIES OF
CORPORATION OF NEW JERSEY.
166
£
.
-
$4,791,942|49
ties and Federal Taxes...--------
146
223
Population
(1920 Census)
2,494,409
2,307,716
2.423,225
2,599.489
-
COMPANY
REPORT.
stances
is responsible for
over
the increase in the
inventories car¬
into 1921.
Inventories have been valued, as
Threshing Machine Company:
report on
31.37c.
-
ried
a
2.75 Y
2.84
2.92
192
THRESHING MACHINE
1920 ANNUAL
together with
2.68
30.49c.
Municipalities
Railway
Total Number
327
The Board of Directors
'•
30.72c.
rail during 1920—
rail during 1920
SERVED
MUNICIPALITIES
Gas
Open
^
J. I. CASE
J. I. Case
2.37
2.50
1920
Electric
594
^
ars
2.13
2.21
2.24
29.08c.
Served.
available for operation:
Open
1,389
I
30.29c.
31.07c.
PUBLIC SERVICE
1,965
Number of new passenger
Closed
year
875.946
951.721
993,289
588,525
644,055
715,925
774,422
.897.721
Total number of passenger cars
Closed
of the
803.581
4.747,729
4,961,608
5,159.073
5.465,926
5,696.066
5,665.119
5.573.670
5.911,131
56.087.403 6.021.225
54,039,150 5,698,089
57',644,927 6.039,453
Extensions built during
-
TotaJ
o
4.598.714
4,003,614
4,228,344
4.464,162
4.671,246
.
and loops
Connections, crossovers, wyes
Carhouse and yard tracks
$2.06
25.59c.
25.73c.
26.29c.
26.75c.
27.56c.
32.168.888
35.068,223
37,462,804
39.178,277
39,519,972
40,890,360
42,632,760
44,561,141
47,355,292
49,853,408
50.792.889
51.873,660
54,964,708
Track reconstructed with new
-538.173 miles
First main track
Hour.
Mile.
Day.
14 to December 7.
1920.
MILEAGE—DECEMBER 31
3.70c.
Per Car
Per Car
Per
gers
Hours.
Mileage.
5.79c.
96.969.254407,277,914
310,308,660
Car
Car
Per
Passenger.
Receipts
Receipts
Passen¬
Fare
Using
Total
and
Passenger
Passenger
Average
of
Passengers
Transfers
Revenue
[VOL. 112.
CHRONICLE
THE
1304
usual, at cost or market
price, whichever was lower.
RECEIVABLE.
NOTES
accrued thereon,
$3,590,068 69, as against
$3,662,406 95, a decrease of $72,338 26.
In general, low prices of farm produce considerably re¬
duced the farmers' paying power and it was found advisable
where financial responsibility was unquestionable, to make
slight modifications in the Company's otherwise cash terms.
Customers'
including
notes,
interest
amounted at December 31 1920 to
CAPITAL STOCK.
Deduct—
accumulated Surplus
issue of that amount,
par value, of Common Stock, distributed as a dividend
Provision for Federal Taxes
1,854,979 72
proportionately to holders of such stock. The par value of
Net Profits and Income for the year
......$2,936,962 77 outstanding Common Stock was thereby made equal to the
Appropriation to increase Reserve for Contingencies
1'000,000 00
par value of outstanding Preferred Stock.
Surplus Net Profits carried to Surplus Account—
$1,936,962 77
The Preferred Stock has equal voting power with the Com¬
SURPLUS ACCOUNT.
mon Stock and is preferred both as to assets and as to divi¬
Surplus, December 31 1919—
$7,558,959 62 dends; it is entitled to cumulative dividends at the rate of 7 %
Surplus Net Profits for the year
1,936,962 77 per annum, which are payable quarterly on the first day of
Together..-----...
.$9,495,922 39 January, April, July and October.
No dividend upon the
Less—Dividends paid:
Common Stock in excess of 6 % per annum may be declared
Preferred Stock.
$910,000 00
or paid if thereby the assets,
applicable to the payment of
Common Stock
'
870,000 00
1,780,000 00
dividends, as determined by the Board of Directors, shall be
nterest on Notes Payable.
Provision for Depreciation
$471,839 35
- —
on
;
Plant and other
was
683,140 37
700,000 00
Properties..
At December 15
1920 $3,900,000 of
permanently capitalized by the
—
3,900,000 00
Distribution of Common Stock.
Balance, December 31 1920—
PROPERTY
were
as
year,
representing extensions and improvements,
follows:
Machinery and Equipment
.
Patents
The
Additions
___
$172,066 89
1,166,424 68
806,898 38
6,076 43
.----$2,151,466 38
Company's policy of maintaining its properties in
first class working
order has been fully adhered to.
inventories;
Railroad
and^labor conditions affected to some degree the
Company's capacity for carrying out the manufacturing
schedule for 1920, approved by the Board in 1919.
Not
material delayed in reaching the factory when
a shortage of labor existed during the early
part of the year.
Furthermore, the railroad ear shortage
prevented delivery of a large amount of machinery for which
orders were on hand.
The combination of these circum¬
only
amount less than
BORROWED
as
was raw
required but
$2,000,000.
MONEY.
borrowing during the year were
follows:
Low—January
$1,450,000.00
1
High—July 23—
9,337,500.00
stood at
,
payable at December 31
The amount of notes
Buildings and Equipment
Net
an
High and low points of
Branches, &e., dur¬
Land
-
reduced to
ACCOUNT.
Additions to Land, Buildings, Plant,
ing the
5,680.000 00
.$3,815,922 39
-----
$7,160,000 00.
RESERVES.
'
Y
Collection Expenses—
A further provision of $1,000,000 00 has been made by a
charge against the earnings for the year, bringing the reserve
to $3,300,000 00.
In addition to providing for estimated
future Collection Expenses and Losses on Notes Receivable
the reserve now includes approximately $3,000,000 00 avail¬
able for possible loss on realization of Inventories and for
For
other
For
Contingencies and Future
contingencies.
'
Depreciation—
made for Depreciation by a
against Earnings. Deductions for
property sold, abandoned or otherwise put out of service,
amounting to $103,012 16, brought the reserve to $2,983,Adequate provision has been
charge of $683,140 37
820 66 at the close of
the
year.
March 26
1921.]
THE
CHRONICLE
1305
SALES.
AUDIT.
Gross Sales for the past five
years have been as follows:
1916-
047,256.71
1917
;
1920—
realized cash
business; i.
1919 of
over
.Respectively submitted.
$2,204,-
By authority of the Board of Directors,
largely
during the
7
on a
year to
cash basis.
% thereof.
on
some
extent
Reserve
and
of low and fluctuating exchange rates.
economically
territories
are
still far from normal, the
accruing
2,983,820 66
Patents, Designs, Devices, &c
sales
ASSETS:
Inventories of Materials, Supplies and Fin¬
ished Product.....
.2
.—$22,392,222 15
Customers' Notes Receivable,
improvement notice¬
year
1,044,422 71
$13,278,814 00
CURRENT
While politically
During the past
and
For¬
including Interest Accrued_$4,141,527 92
able in some quarters justifies the
management in strength¬
ening its foreign organization in the anticipation of greater
activity in the future.
Depreciation
$12,234,391 29
number of the Company's foreign sales
a
for
Renewals
eign sales, while practically the same as in the previous year,
may be considered satisfactory in view of the two-fold handi¬
cap
1920.
Deduct:
account of rail¬
on
31
Land, Buildings, Plant and Equipment—$15,218,211 95
cus¬
explained elsewhere in this report.
as
DECEMBER
PROPERTIES:
financially responsible.
Domestic sales suffered to
SHEET.
ASSETS.
cases
by thorough and systematic investigation the
road conditions
BALANCE
De¬
to the
Credit is extended only in
tomer has been found to be
President.
the extent of 93 % of the year's
account of the year's business,
on
DAVIS,
The Company
it had Notes Receivable outstanding
1920,
of
WARREN J.
made
e.,
cember 31
where
increase
an
6.8%.
were
amount
below.
—.34,547,320-64
The Sales for 1920 show
Sales
Certified
32,342,653.26
.
conducted
was
by Messrs. Price, Waterhouse & Company,
Public Accountants, whose certificate is shown
_25,162,769.57
i
1919
Company's books and records
in past years
as
17,657,753.99
1918__
667 38, or
Audit of the
Less
—
Commission
cates
Certifi¬
outstanding
551,459 23
.
3,590,068 69
were
Accounts Receivable—due by Dealers, &c.
more than 60
foreign countries.
Company's products are distributed through an ef¬
fective sales
organization. The Company operates 70
branch houses, most of which it owns.
54 of these are in the
Investment in and Advances to Compagnie
effected in
Case de France, Paris
The
United States;
Europe,
all
under direct
supervision
and
control
In addition the
of
ployees for Capital Stock (fully secured).
Purchase
power
stocks
Foreclosure and held for Sale
on
DEFERRED CHARGES TO
1,006,748 13
FUTURE
OPERATIONS:
Selling and Publicity Expense on account of 1921 Season,
The
in
Unmatured Advertising, Prepaid Interest and Insurance
Premiums,
&c
514,625 29
$42,323,614 27
the growth
:
and
the business.
of
success
'
LIABILITIES.
The
policy of giving service ip. all parts of the world where Case
machinery is knowm is being maintained.
CAPITAL
1
STOCK:
Authorized:
>
,
7% Cumulative Preferred Stock—200,000
Official contests, not only in the United States and Canada
but also in more distant lands,
Shares of $100 00 each—
Common
including South America,
Stock—200,000
$20,000,000 00
Shares
$100 00 each——
of
20,000,000 00
—
Europe, Africa and Australia, have awarded the Company's
product highest honors during the past
most exhaustive of all such events,
One of the
year.
in
the
gold medal
(first prize)
Issued and
re¬
Shares of $100 00 each
being awarded the
Common
of
13,000,000 00
T'T
;
Bills
LIABILITIES:
Payable.
Accounts
Los Angeles. California
Amarillo, Texas
Louisville, Kentucky
7,160,000 00
—
Payable—
Audited
Vouchers-.
$370,826 94
Dealers, &c
Atlanta, Georgia
Madison, Wisconsin
Billings, Montana
Mankato, Minnesota
Bismarck, North Dakota •>
Boston, Massachusetts
Mason City, Iowa
Minneapolis, Minnesota
Chicago, Illinois
Minot, North Dakota
Columbus, Ohio
New York City, New York
Dallas, Texas
Oklahoma City, Oklahoma
Denver, Colorado
Oshkosh, Wisconsin
Des Moines, Iowa
Peoria, Illinois
Devils Lake, North Dakota
Phoenix, Arizona
Dover, Delaware
Portland, Oregon
Enid, Oklahoma
San
330,046 37
Nashville, Tennessee
Crowley, Louisiana
•
-$26,000,000 00
CURRENT
STATES.
Aberdeen, South Dakota
Shares
the following
at
points:
UNITED
$13,000,000 00
Stock—130,000
$100 00each...
located
are
Fully Paid:
7% Cumulative Preferred Stock—130,000
Case 10—18 tractor in the first class.
Company's Branches
$40,000,000 00
/
that held by the Royal
Agricultural Society of England at Lincoln in October,
The
1
79,764 82
Hand..
immediately available when required, have made this
factor
sulted
|
90,000 00
Cash in Banks and
-
impossibility of forecasting the demand for the Company's
product with absolute accuracy and the importance of having
a
158,919 01
Property
on
Real Estate and Properties acquired under
farming machinery, including repair
parts and supplies, are carried at the various branches.
installments
28,530,174 98
thousands of dealers and agencies throughout the world.
Ample stocks of
money
Sold
the
Company has
696,628 03
Notes Receivable due from Officers and Em¬
7 in Canada; 5 in South America and 4 in
Executive Office at Racine.
515,824 15
|
Interest, Taxes, Wages and Royalties Ac¬
crued
546,818 57
Provision
for
Income
Federal
>
and
Excess
Profits Taxes.—-----
700,000 00
-.y,
'
1,947,691188
*
RESERVES:
For
Contingencies
and
Future
Collection
Expenses
$3,300,000 00
For Industrial Accident Liability.
_
-
— -
-
100,000 00
-
3,400,000 00
SURPLUS
3.815,922 39
——
Francisco, California
Fargo, North Dakota
St.
Fergus Falls, Minnesota
Salt Lake
Louis, Missouri
$42,323,614 27
City, Utah
Glasgow, Montana
Sidney, Nebraska
Grand Forks, North Dakota
Sioux Falls, South Dakota
Great Bend, Kansas
Spencer, Iowa
Great Falls, Montana
Spokane, Washington
Harrisburg. Pennsylvania
Stuttgart, Arkansas
Indianapolis, Indiana
Syracuse, New York
Kansas City, Missouri
ACCOUNTANTS'
Chicago, March 12, 1921.
To the Directors of the J. I. Case
Machine
Watertown, South Dakota
•
Lexington, Kentucky
the
Wichita, Kansas
Lincoln, Nebraska
Williston, North Dakota
Company1
attached
selves that
Saskatoon. Saskatchewan
year
Edmonton, Alberta
Toronto, Ontario
shown
as
the
Bahia Blanca, Argentina
Rosario, Argentina
Buesnos Aires, Argentina
Montevideo, Uruguay
.
,
.
v
Paris, France
Rome, Italy
Note.—In addition to the above, to provide for possible future
owns a
Income
are
by
Inventories
or
market
the
Supplies and Finished Products on hand
certified by the responsible officials have
prices, whichever were the lower.
been
We verified
Balances by actual count or by certificates obtained
depositaries and verified the Notes Receivable
in inventory values
as
well
as
the exchange loss
on
on
hand by in¬
The shrink¬
Receivables and
manufacturing site of 192
operations of 1920, and
We Certify that, in our opinion, the Balance Sheet and relative Statement
develop¬
of Profits and Income have been properly drawn up and set forth the true
acres at
financial position of the Company at December 31, 1920, and the results of
Kaministiqua River, the site having 1,600 feet
of dockage with twenty feet depth of water.
and
Cash in foreign countries at the close of the year have been absorbed in
Bordeaux, France
the Company
Profits
adequate provision has been made out of the Earnings of the
Cash and Bank
from
EUROPE.
London, England
Fort William, Ontario, on the
of
spection and those out for collection by satisfactory evidence.
ages
ment in Canada,
Statement
for Accruing Renewals and Depreciation.
valued at cost
SOUTH AMERICA.
/
and
The Stocks of Raw Materials,
Winnipeg, Manitoba
Porto Alegre, Brazil.
Sheet
find that they are properly chargeable thereto, and we have satisfied our"
Regina, Saskatchewan
~
Balance
We have examined the Expenditures added to the Property Accounts and
Calgary, Alberta
>
Case Threshing
for the year ending December 31, 1920, and certify that
correctly prepared therefrom.
I
CANADA
Brandon, Manitoba
Threshing Machine Co., Racine, Wisconsin.
We have examined the books and accounts of the J. I.
Waterloo, Iowa
Lansing, Michigan
CERTIFICATE.
the operations for the year ending on that date.
(Signed)
TV.
PRICE,
WATERHOUSE
&
CO.
r
[Vol. 112.
CHRONICLE
THE
1306
•":
■
WESTERN ELECTRIC COMPANY
incorporated
REPORT
194356-.
year
busi¬
submitted a statement of the
Incorporated, for the
Electric Company,
1920.
1
The total sales of your
Company billed during
Bell
Other
Customers
merchandise not
the
them
to
their
as
of Western
and
purchasing agent and store¬
Electric manufacture which the
furnishes
$69,982,000 $113,517,000
65,740.000
92,59o,000
Companies there is in¬
Telephone
Bell
to
convenience
for
cluded
----
$i35.722,000 $206,112,000
smiles
Under
1920.
1919.
Telephone Cos.
To
To
1920 were
follows:
$206,112,000, which compares with 1919 as
Company procures for
These totals represent an increase
of 62% to the Bell Tele¬
The aggre¬
estimated at the be¬
and represents by far the largest volume
phone Companies and
41% to other customers.
gate is considerably greater than was
ginning of the year
several years have been as follows:
The sales for the past
$150,340,000
145,226,000
135,722,000
206.112.000
1 917
19181919
1920----
$77,533,000
66,409,000
63,852,000
106,987,000
—
down
provide as usual for de¬
and for
at the rate of $10.00 per
share.
for tlie year available for interest and
The net earnings
were
shown
as
in
appended hereto
the Comptroller's
statement
-$8,277,414
•».
_______
Out of which were paid:
$4,037,645
Interest -;
Dividend
on
Stock to date of Its
Preferred
6%
345,000
retirement
$10.00 per share dividends on Common
Balance carried to Common
The net earnings, as
the
on
average
900,000.
3,000,000 7,382,645
Stock.
$.894,769
Stock
stated above, $8,277,414, were
7.2%
investment for the year, which was $114,-
This compares with $5,652,089 net earnings
previous year or 6.9% on the average investment
of the
for tliat
of $81,400,000.
year
showed
an
year
1920
extraordinary demand for your Company's
prod¬
in
last
year's
extensions of the Hawthorne plant during
and a large part of the increased work
there during 1920 were in preparation for the
Our principal
in
process
demands for this type of equipment.
other
report,
the
ucts.
Even
under
ordinary conditions of production this
would
have
taxed
the
Company's facilities to the utmost.
But, in common with other manufacturers, your Company
developed in the past and are now
points.
Rotary system, similar to the
important fundamental features
and developed simultaneously with it, was first luanufactured by your Company's foreign associated companies and
is used in a number of European cities.
The demand for
this type continues and an important part of the manufac¬
turing facilities at Antwerp is devoted to its production.
The other type, sometimes called the Strowger, is manu¬
factured by the Automatic Electric Company at Chicago
and by several licensees of that Company in foreign coun¬
tries.
In order to supply the requirements of your Com¬
pany's customers a contract was made in 1919 providing
for the purchase of considerable quantities of Automatic
Electric Company apparatus for the Bell Companies.
Un¬
der the direction of our and the American Telephone & Tele¬
type in many of its
has been
existing
number of installations
graph Company engineers this type of equipment
improved and adapted for connection with the
plants of the Bell Companies
made during 1920.
and a
have been
Arrangements have also been
which your Company's foreign associates are en¬
abled to sell this type of apparatus in most foreign coun¬
made by
tries.
All
these
types of
themselves require
machine-switching, while complete in
special engineering work and
additional
staff has been and will for some
Company's engineering
years
continue to be employed in working out the circuits
arrangements for such inter-connection under
other
and
varying conditions that have to he met.
the
PROSPECT.
•
Spring, delaying essential materials so seriously
shut-down of the factory was only avoided several
A considerable pare of your
this time.
and elsewhere up to
severely handicapped by tlie breakdown of transporta¬
was
practical machine-switching equip¬
in op¬
of
types
have been
apparatus for inter-connection with the manual types of
switchboards generally used throughout the United States
PRODUCTION CONDITIONS IN 1920.
foreshadowed
As
machine-switching
ditions.
eration at certain
sudden
toward the end of
preciation of plant, for all taxes and fixed charges
the common stock
engineering is still to be done,
that this type of
say
equipment will rapidly come into use in the large cities and
may prove itself in for the smaller cities under some con¬
Two
although seriously depleted by the
year—reflected in the accounts by heavy writing
on
safe to
seems
Panel
of inventories—were sufficient to
dividends
its
One of these, the so-called
decrease in commodity prices
dividends
long time to come.
the major engineering and manufacturing problems
have been solved and although some points remain to be
a
All
ment
EARNINGS.
The earnings,
the
for
the past two years
Company.
of business ever reached by your
with the
Telegraph Company has been de¬
veloping a system of mechanical switching suitable for
the large and intricate telephone traffic requirements of
cities having or likely to have more than one central office.
This development work has finally resulted in what is
known from its form and appearance as the Panel MachineSwitching System.
Trial installations have been in suc¬
cessful operation for some time and a considerable number
of equipments for local traffic are now in process of in¬
stallation and will go into active service during 1921.
Or¬
ders have been received for a large number of equipments
on which tlie factory is actively engaged at present, and its
facilities for this line of work will probably be employed
American Telephone and
worked out and much detail
keeper.
and rapid
Company in co-operation
For several years your
;
Herein is respectfully
of Western
MACHINE-SWITCHING.
1921.
March 21,
'
To the Stockholder*:
ness
DECEMBER 31, 1920.
STOCKHOLDERS FOR THE YEAR ENDING
TO
tion in the
that
a
The
unfilled
orders
of your
Company
at' December 31.
aggregated $82,655,000 as compared with $47,442,000
the end of the year 1919, and $26,265,000 at the end of
times
1920.
an
at
by emergency measures. At the same time there was
unprecedented shortage of labor in and about Chicago.
Wage scales were again increased notwithstanding which the
'labor turnover" continued to be higher than in previous
Due to all these causes our total production during
years.
first half
the
of
the year
was
considerably below our ex¬
pectations and its cost was high as compared with normal
These conditions began to improve
cost.
somewhat by early
Summer, but it was not until Autumn, wrlien the great re¬
made head¬
in reducing its extraordinary volume of unfilled or¬
cession
way
in
buying
started
that
the
year
1918.
production difficulties and their unfavorable effect
output were
A careful
survey
in
carefully explained from time to time to
business
any
the country,
had reached the maximum and our service to customers had
an
of the prospects for 1921 indicates that
the
Company's
revival before the end of the year.
they were generally accepted as
temporarily unavoidable.
By the end of the year output
throughout
to
cancellations and
products will he in total
manufactures of others
will decrease from the 1920 volume unless there is a distinct
business
the
the 1921 billings
from
some
by your Company.
Company's customers and as it was common knowledge
that similar conditions obtained in practically all factories
your
To
been
about the same as in 1920. but in the
Our
very
There have
but the net reduction
is not large.
Of the total unfilled orders $32,797,000 was
for machine-switching
equipments,
$36,552,000 was for
other manufactures of your Company, and $13,306,000 was
for the manufactures of others which are bought and sold
Company
ders.
on
the
changes in orders since January 1st
greatly improved.
a
even
over
a
great
exceetjl the hillings of
previous thereto.
In order to make satisfactory
earnings it is clear that costs of manufacture and distribu¬
tion must be reduced, and steps in this direction have al¬
year
manufacturing
and efficient output of the articles needed and
nothing else is not an easy task nor one that can be sud¬
denly accomplished under any circumstances.
1920, but it is believed they will
ready been taken.
establishment
regime of effort to produce to capacity at any cost
change
of
On the whole
will probably fall back from the high mark
j
PLANT.
plant account of your Company at December
1920, being its face value or original cost -was
Against which the reserve for depreciation at that date was
The permanent
Leaving the net book value
of only
31
$37,838,313
24,021,005
$13,817,308
March 26
1921.]
THE
CHRONICLE
1307
'
"
'
'
•
«
•
.
.
'
'
'
.
•
This plant account
comprises the
1.
The Hawthorne Plant
1
'
on
the
'.
/
following properties:
comprising
ground
i
.
207
some
to
accident and death benefits.
During
Employees' Benefit Fund payments amounted to
$548,654 and were made to 6,191 beneficiaries
including pen¬
western
edge of Chicago with modern
fireproof factory and warehouse buildings,
having a net
floor space of
3,000,000 square feet, together with fix¬
tures, machinery, tools and patterns.
2. The
Engineering Laboratories at 463 West Street, New
York, a thirteen-story modern fireproof
building, hav¬
ing a net floor space of 411,000 square feet
the
sioners who at
the end of the year numbered
the expense of
these benefits
borne
are
and
by the
These matters
114.
All
of
administering the fund
Company.
mentioned because it is- felt that the
stockholders wish to be and should be informed
as to them.
The employees are naturaly familiar
with the Company's
policies affecting them and they judge whether such
together
with fixtures and
laboratory equipment.
Ground at Norfolk, Virginia
(some 56
3.
provide sickness,
1920
of
acres
are
policies
acres),
are satisfactory from their
point of view.
It is the duty of
the management to understand the
general viewpoint of the
with
waterfront, acquired and designed for future manufac¬
turing purposes.
shop
employees.
It is equally its duty to see that the
Company
gets value received for the wages paid to
employees.
If this
were not done the
Company could not sell its products nor
could it long continue in business.
purposes in those and some 43 other American
cities.
The additions to plant
During war-time and since, the Company has made re¬
peated increases in "standard rates" of
pay and in addition
4.
Real
estate
used
for
warehouses
at
Philadelphia,
Pittsburg}], Atlanta, Salt Lake City and
cisco, and fixtures for warehouse and
San
Fran¬
repair
during 1920 aggregated $7,294,207,
while the increase in reserve for
depreciation
on
plant
Hawthorne and
stated
as
by the
necessary
in
last year's
requirements
of
our
chine-switching equipment during the
Not all of these additions
during the
are
report
was
customers
next
the
of
"supple¬
wages."
Both the cost of living and the scale
of market wages have decreased
since the last semi-annual
revision of wages and the trend continues
downward.
In
view of this and after careful
consideration of the
at
ma¬
war
business
outlook the Board of Directors has
decided that at April 1st
the smaller "supplemental war
wages" should be discon¬
tinued and the larger should be
reduced.
Action to this
effect has been taken.
This will not affect the usual
semi¬
annual revision of wages and salaries
nor
the basis of
fixing piece-work rates.
years.
completed, but they will be
few months so that the entire
plant will
before the end of the year.
Certain projects for additional lines of
manufacture which
had been
favorably considered by your Directors have been
held in abeyance until
construction costs and financial con¬
ditions become more
next
be in active
temporary and emergency measure to meet
business and economic conditions,
changing
mental
made
for
several
it has paid, as a
was
$3,756,626. leaving a net increase in plant investment
$3,537,581.
Practically all of the additional plant was
use
-
Opportunity
has
been
given
all employees during the
to purchase on easy terms the
Company's 7%
Convertible Bonds.
The number of
employees who availed
satisfactory.
past
Although included under Sundry Investments in
the Bal¬
ance Sheet, mention should
here be made of the New York
year
themselves of this offer was
warehouse building
6,180, subscribing in June,
covering the block bounded by
Hudson,! 1920 for bonds
Houston, Clarkson and Greenwich Streets, now under
amounting to $1,916,200, payments beginning
con-1 in
struction and to be completed in
July, 1920, and in December, 1920, for bonds
May. This property is con¬
amounting
to $693,300, payments
trolled by your
beginning in January, 1921. The ac¬
Company through a separate corporation. I
It contains some
count Trustees, Employees' Bond
Purchase Plan, $1,066,751,
520,000 square feet of floor space and will
.
consolidate under
New
and
one
other
The
dise,
merchandise carried in
MERCHANDISE.
merchandise
raw
the
repair shop together with
facilities.
'
all
roof all
York and the local
on
hand
materials, work
;
December
garage
,
war.
,
31, 1920, including
in process and finished
'.FINANCE.
merchan¬
inventoried at the amount shown
was
on the Balance
This is 35% of the sales for 1920 as
com¬
inventory at December 31, 1919, equal to 33%
of the sales for 1919.
In any comparison of the
inventories at the end of the
two years it must be
remembered that the merchandise on
hand December 31,
1919, was as indicated in last year's re¬
port, well below normal because of the then
existing diffi¬
Sheet
shown in the Balance
Sheet, represents the balance owed by
employees on the bonds subscribed for in June and is be¬
ing reduced each month.
The plan follows that
by which
the employees purchased
Liberty Loan Bonds during the
$72,209,721.
pared with
an
At the close of 1920 the
Common
slump in commodity prices toward the end
1920 and
the
some
questions with respect to valuation of
inventories.
decreasing demand
unusual
par value.
Authorized
Issued 350,000 shares.
Book Value
Cumulative Preferred Stock, par value
chandise
mer¬
Our established conservative
practices of depreciating all
old stock and all overstocks
were followed in the
1920 in¬
ventory and in addition special depreciation
was made on
certain lines of merchandise to
meet the market situation
in those lines.
The effort has been to make
a careful and
conservative valuation,
having in mind the unsettled market
conditions and to accept all
inventory losses which seem
probable.
Our commitments for future
purchases had been
greatly
before the end of the
year, and a careful
study
indicated that no serious losses
would be made therein be¬
yond the provisions made out of 1920
earnings.
Our ex¬
perience since the end of the year bears this
out and, more¬
over, it is believed that our Reserve for
Contingencies is
far more than sufficient to
meet
reduced
any
ments
in
that
direction.
unforeseen develop¬
EMPLOYEES.
The total
number of
employees of your Company at De¬
31, 1920, was 39,650 as compared with
27,584 at De¬
cember 31, 1919.
This is the largest number ever
on
the
Company's rolls and probably represents the
cember
some time
high mark for
to come as the number is now
authorized $35,000,000.
Total
thorne.
In
the
year, to 28,706
located at Haw¬
earlier months the net increase
was
and in
small
and
other
ployees
one
industries
were
proved.
year.
reduced
As the conditions
changed
forces many new em¬
their
taken on, and the labor turnover
greatly im¬
It has alw ays been your
wTages consistent with
the
its
own
As the volume of
output and sales
notes.
maximum
high at
in
the
December these
end
of
It
market
and
pay the
highest
to
of the first large industrial establish¬
ments to pay pensions to its superannuated
employees, and
was one
the
year.
was
at
a
borrowings were necessarily
They have been decreased
somewhat since that date.
If the volume of sales decreases
expected during 1921, these borrowings will be reduced.
as
If the volume
should continue about
as in 1920, your Direc¬
opportunity consider perma¬
tors will at the first favorable
nent
financing.
The conditions for long-term
not
merely
unfavorable;
financing during 1920
they
almost
were
were
prohibitive.
While rates for short terms have continued
high during the
year and have considerably reduced the amount that
woifld
otherwise have been earned for your
Company's common
stock, it has seemed wise to bear this burden
temporarily
rather than to saddle the
company permanently with high
fixed charges.
The banks and the dealers in commercial
paper
have cheerfully taken your Company's notes at the
minimum
current
Following is
market
rates.
comparison of the net working capital at
the beginning and end of the
year:
Net
a
Dec. 31 1919.
—
Working Capital..
.
—
.
—
Dec. 31 1920.
$80,873,147 $120,765,361
29,737,480
58,395,850
-
—
-.-$51,135,667
—
$68,369,511
FOREIGN.
The export and
ducted
pany,
your
through
foreign business of
the
International
of
your
Company is
Western
Electric
con¬
Com¬
Incorporated, to which, upon its organization in
1918,
Company sold and conveyed all of its export and for¬
eign business and assets.
Company's aim to
provide the best
possible working conditions.
It provides facilities for
such
social and recreational activities as the
employees care to
organize.
$997949,453
As indicated
elsewhere, it is apparent that not all of
expansion is permanent. To meet the requirements for
temporary working capital! the Company has continued its
long-established practice of borrowing for short terms on
spite of increasing wages and other efforts to
gain
new employees the labor
turnover was very high.
It is to
be noted,
however, that of those who left 90% had been in
the service less than
27,000,000
—
this
Assets
were
_
sued.
Liabilities
25,040
Issued
The expansion of the
Company's business during 1920 was
considerably greater and more rapid than was
anticipated
at April 1st, when the 7%
convertible gold bonds were is¬
Current
whom
.-.$57,949,453
_
—
Current
of
500,000 shares.
...
at
December 31st,
as
per share.
500,000 shares.
Issued none
5% First Mortgage Bonds, maturing December 31 1922
15,000,000
Five Year 7% Convertible Gold Bonds
maturing April 1 1925,
but convertible, between
April 1 1922 and October 1 1924,
into
7% Cumulative Preferred Stock at par.
Amount
gradually decreas¬
The principal increase was of course in the
Manufac¬
turing Department which (including the Installation
forces)
went up from 18,138 at the
beginning of the
ing.
was
$100
Authorized
of
in certain lines presented
Stock—no
7%
culty in getting materials.
The sudden
Company's capitalization
follows:
the
having
International
a par
common
All
of
the
issued capital
Company—55,000 shares
stock
of preferred
value of $100 per share and 100,000 shares of
without par value—is owned
or
Company.
The International
Company and the
companies in which it
owns
controlled by your
numerous
interests, conduct
in
affiliated
nearly all
.
[VOL. 112.
CHEONICLE
THE
1308
WESTERN
generally similar to that of
States.
International Company and its principal
companies, excluding all inter-company
countries a business
Company In the United
foreign
your
of the
The sales
affiliated
in 1020 approximately $32,900,000, reckoning
into dollars at the current rates of exchange or ap¬
foreign
sales,
were
them
proximately $41,300,000, if reckoned at the
This latter figure compares
of exchange.
sales for 1919.
standard or par
with $32,500,000
fair profit
good profits
Considering
conditions prevailing generally
business as a whole has shown
for the year, this net result being made up of
in some countries and small losses in others.
The foreign
the
unfavorable business
numerous
paid on the common stock.
orders and inquiries reaching your
and Dividends
6% Preferred Stock to date of its retire¬
ment March 9 1920
_ —
_
_
On Common stock. $10.00 per share for the
On
ter of
year—
350,000 shares
outstanding last three quar¬
ters of year
p\>.
Com¬
,^
Dela., Western
ASSETS.
=
Real Estate
and Buildings—_
affilia¬
Total
Plant
Merchandise
this occasion to express to
its earnest appreciation of the loyal efforts
of the Company's employees during the past year and espe¬
-J,
—
Receivable
Bills
—
Trade Acceptances.______
Receivable—
Accounts
forces on whom many new and
of responsibility were necessarily placed.
The business transacted was unusually large in volume
and was conducted under extraordinary difficulties.
The
margin of profit which, under normal circumstances is mod¬
erate. was, in spite of the difficult circumstances of 1920,
maintained at about the average rate of recent years.
This
of the larger volume but a con¬
to the exceptional efforts and team¬
personnel.
On the decreasing volume of busi¬
siderable part is due
of the
trend downward,
effort must con¬
standards must be reached in economy
expected in 1921 and with the price
it is evident that the high standard of
ness
tinue and that new
of resources and
—
!
126,765,361
1,193,220
Plan.—1,066,751
Sundry Investments.—
.
2,703,265
International Western Electric Company, Inc
19,017,286
Grand Total.
$188,584,196
Assets
(Market Value)
Bond Purchase
. —
-
V.-';
Preferred Stock 7%
None Issued—
LIABILITIES.
500,000 Shares
Authorized.
-------- -500,000
Shares Authorized.
350.000 Shares Issued, No Par Value.-.--$57,949,453
First Mortgage Bonds, 5%, 1922. _ . — - - - - -- - - —. 15,000,000
Convertible Gold Bonds, 7%, 1925-------------- 27,000,000
Stock,
Common
Liabilities
Payable
Total Capital
General Bills
Payable Secured by Liberty Bonds.
Trade Acceptances Discounted-.---Bills
Payable
Accounts
—
Liabilities
Reserve for Depreciation on Plant—„
Reserve for Employees' Benefit Fund
Reserve for Cont ingencies
elimination of waste.
$41,550,000
1,200.000
———
1,082,384
14,563,466
Reserves.--—.—
— —
_$24,021,005
1,600,000
—_4,617,888
-———_
Total—.
Grand
—
- — - --.- —
—
R.
President.
JOAQUIN LIGHT & POWER
REPORT FOR THE
I
to
Power
reference
operation and business of the San Joaquin Light &
Corporation during the year 1920, and a comparison
with the same items
submit the following with
Inc. or Dec.* PerCt.
$1,048,212 61 30.01
.
Net earnings from oper¬
ation.-$2,239,922
interest
Bond
2,196,913 85
Railway
10 $1,096,049 25 $1,143,872
*31,352 19
$1,112,520 66
287,369 26
87,716 52
.—
..—$1,208,766 23
interest
$200,057 81
before charging
depreciation or $145,-
$745,784 59
28,148 28
$31,954 78
$980,915 62
Balance..
87,895 86
$920,812 56
60,103 06
Balance
$773,932 87
$206,982 75
1,390,900 19
485,362 28
905,537 91
47.06%
66.74%
Net profit
fund...
Ratio of operating expen¬
to gross
earnings. —
NOTES ON INCOME
Gross
over
Earnings
1919.
from
ACCOUNT.
operation
increased $1,048,212.61
reflected in the fol¬
The pr.ncipal changes are
lowing statements:
$31,625 72
9,862 73
7,835 60
$235,145 66
$49,324 05
increased
$17,204 93.
Water
earnings increased
EXPENSES.
the increase of $1,048,212.61 in
Operating Expenses decreased $95,930.24.
Gross
This
of the completion of the Bak¬
ersfield Steam Plant about July 15th, 1920, and of the
Kerckhoff Hydro-Electric Plant on August 15th, 1920.
Production expenses decreased $368,033.35, due to a very
large reduction in the amount of power purchased and to
the fact that, although after completion of the new unit in
July the Bakersfield Steam Plant was twice as big as it
was originally and although this plant ran practically to ca¬
pacity throughout the entire year, the cost of fuel for gener¬
ating stem wras reduced $47,917.84.
This is because the
plant burned natural gas throughout the year, whereas in
was
"
$833,680 45
287,953 67
Bond discount expense..
ses
earnings
$195,494 66
23,505 25
16,145 75
Notwithstanding
Earnings,
charged to
capital
000 sinking
——v
1919.
$227,120 38
33,367 98
23,981 35
$2,384 56.
55
163,245 90
131,893 71
.
$284,469 71
—
*95,930 24
$2,371,815 81 $1,259,295 15
1,057,633 91
770,264 65
debt.
151,132 32
63,415 80
Totals.
Less
$984,576 42
1920.
— _
;
OPERATING
ceived & other income.
$2,915,865 37
62
showed a satisfactory improvement.
A comparison in the three cities served with gas for these
years. 1919-1920, follows :
Inc. or Dec.*
Add Profits on Merchan¬
dise Sales, Interest Re¬
Interest on floating
——
Earnings also
Selma
2,100,983 61
—
Dec.*
$24,094 29
282,570 63
676,952 47
959 03
Inc.or
GAS EARNINGS.
Merced
and Casu¬
Total neb income
—
Bakersfield
erating Expenses .Taxes,
Reserve for Uncollecti¬
alties
li
58
09
59
1919.
$81,372
850,194
1,947.207
37,091
40
21
56
$3,900.441 79
Gas
Deduct Maintenance, Op-
ble Accounts
—
Railway
for the year 1919:
1920.
1919.
---$4,340,905 71 $3,292,693 10
earnings
Gross
Power.
$105,466
1.132,765
2,624,159
38,050
.
.
INCOME ACCOUNT.
:
E'ARNINGS.
1920.
Municipal light— —
Commercial light
Light & Power Corporation:
have the honor to
the
GREGORY, Comptroller.
H.
YEAR 1920.
LECTRIC
San Joaquin
30,238,893
-$188,584,196
CORPORATION
of the
the Stockholders
To
58,395,850
Total Current
Total
CHARLES G. DU BOIS,
$99,949,453
_— — . _
For the Directors,
SAN
$37,838,313
$72.209,721
7,825,257
848,378
1,869,307
44,012.698
—
of the supervisory
heavy burdens
—$17,174,836
20,663,477
—
—
Cash
Liberty Bonds
the stockholders
'
—
Equipment- —
Machinery and
Inc. of
DECEMBER 31 1920-
BALANCE SHEET,
Total Current
work
COMPANY
Subsidiaries, Western Electric Company,
Electric Company, Inc. of Calif.)
(Including the Owned
Trustees. Employees,
result is partially because
Comptroller.
Incorporated.
GENERAL.
cially
R. II. GREGORY,
WESTERN ELECTRIC
reputation and facilities is able to
compete successfully for these enlarging requirements and
it looks forward with confidence to the opportunities ahead
of it.1
'
:, J
'
:
of Directors takes
$894,769
—
,
,
7,382,645
3,000,000
-
Stock
Carried to Common
Balance
345,000
outstanding first quar¬
150,000 shares
year
its technical
The Board
4,037,645
Bond Discount-
Amortization of
199,581,343
8,277,414
1,748,175
—
Dividends:
demands
tions and
14,321,434
_—
—
Interest Paid &
in
opinion of the best qualified observers that these
are likely to expand greatly in the near future.
The International Company with its wide-spread
:
;
Available for Interest
show that the demands for telephone equipment
most foreign countries are now increasing rapidly in spite of
unfavorable business and financial conditions and it is the
pany
$183,511,734
Merchandise
Expenses
interest and dividends
from
dends have been
The
Cost of
from its opera¬
received from its
foreign affiliated companies have been more than sufficient
to meet its interest obligations and pay its regular divi¬
dends of 7% for the year on its preferred stock.
No divi¬
and
$206,111,686
v
1,747,077
—
$207,858,757
the
fairly satisfactory.
year's business must be considered as
The International Company's earnings
tions
Sales
ENDING DEC. 31 1920.
Other Income
all foreign countries
in nearly
throughout the year
a
Company, Inc. of Calif.)
TWELVE MONTHS
EARNINGS FOR
Inc. of
Western Electric Company,
(Including the Owned Subsidiaries,
(Dela., Western Electric
Taxes
■
ELECTRIC COMPANY
Incorporated.
made possible by reason
considerable amount of oil was used.
is now in
with respect to power production costs will be further appre¬
ciated when it is shown that total plant output for the year
1920 was 285.265,000 kw: hours as compared with 239,869,112
the
The
previous year a
satisfactory
condition wilich the Company
March 26
kw.
1921.]
hours for
1919,
THE
increase of 45,395.888 kw. hours in
an
plant output.
|
Total expenditures
CHRONICLE
of
1309
making the
Trust
Deed and issuing the bonds can be
Of this $7,000,000, $2,000,000 will be used
for the refunding of all
oustanding debentures and $5,000,000 for reimbursing the Treasury for
money already ex¬
pended and for the completion of the projects already under
way and outlined in this letter.
carried through.
for
maintenance
for
$218,454.52 contrasted with $179,120.40 in the
the
year
year
were
1919 from
which it will be apparent that the
property has been fully
maintained and kept in the best of physical condition.
All
of these factors are reflected in the decreased ratio
of
,
oper¬
ating expenses to gross earnings which, for the year 1919,
was 66.74% and for the
year 1920 has been decreased to
47.06%.
■
During the
BALANCE
ASSETS.
1920.
rates
gas
were
adjusted in
Selma
and
Merced to compensate for increased
operating costs and in
consequence both gross and net earnings on our gas opera¬
tions made a very
satisfactory showing.
Bakersfield and Kern Electric Railway Company showed
increase in net earnings for the period of $3,842.31.
increased during the year to compensate for
were
o ocd
Taxes show
$42,407.18, mainly
<
■
■
Material and supplies—„
—
Total current assets...—
Deferrod
charges,
•
or
Dec.*
>
400,862
561,350
1,261,894
1,475,827
•-
receivable
Accounts receivable
29
372,501 53
20
371,555 15
08
864,465 36
790,478 30
37
$3,699,933 94
28,360 76
189,795 05
397,428 72
685,349 07
$2,399,000 34 $1,300,933 60
unamort¬
ized
on
increase of
an
o *
Notes
increasing cost of living.
•
Inc.
„
-Cash
an
Wages
1919.
Rights, real estate, plants and
properties
$42,328,377 75 $35,070,947 03 $7,257,430 72
Treasury securities
179.188 60
146,772 77
32,415 83
Cunfnu t
1
4
—
year
SHEET.
discount and expense
stocks and bonds issued.
2,348,443 19
2,023,139 50
325,303 69
719,466 16
748,787 99
*29,321 83
Miscellaneous
on
and undistrib¬
uted disbursements.......
account
of the increased gross
earnings.
Total
assets-.......
.$49,275,409 64 $40,388,647 63 $8,886,762 01
DEVELOPMENT.
LIABILITIES.
The
Company is engaged in rebuilding its plant
on
the
Stock:
River, increasing the capacity from 3,750 kilowatts to
12,000. This will be a very cheap development as the tunnel
is already constructed and
only needs enlargement.
It is
expected that this
1st,
1921.
Company is engaged in the building of a
plant at Buttonwillow, about thirty-five (35) miles
steam
west of Bakersfield.
This plant will have a capacity of
18,000 horse-power for the initial installation and will be
operated wholly by natural gas, and will be in operation
May 1st, 1921.
Additions can be made to this plant from
time to time
as
gas
vorably situated for fuel.
tion
a
large development
very
Kings River, for which the
surveys have been made and applicaiton made to the Fed¬
on
eral Power Commission for the
necessary permits.
when
finished, the
power
will
cost,
only need to be trans¬
mitted thirty miles to
bring it to the centre of the distribu¬
tion system in the San
Joaquin Valley.
The management
feels that in the supply of natural
gas available and in the
cheapness and nearness of the hydro-electric power that
Company is more favorably situated than
company of which it has any knowledge.
your
.
any
other
During the
year the Company sold $1,535,000 of its First
Refunding Mortgage Bonds and $2,625,000 Convertible
and
8% Series "D" Bonds and 12,615 shares of Prior Preferred
Stock in order to pay for construction work in
progress dur¬
ing the year.
Of the bonds sold, the Company had not de¬
livered
$1,535,000
Preferred
•regularly.
were
All
and
RESERVE.
charges,
The policy
taxes
were
paid
and
sinking funds
of setting aside monthly
one-twelfth of the amount required to meet such
charges has
been continued.
,
V'-
*
The prospects
are
NEW
for
growth
of
the
Corporation
Management has thought it desirable to
provide a financial structure large enough to assure getting
the funds required for future
development, and to this end
special meetings of the stockholders of the Corporation were
called for February 24, 1921, at which
meetings the pro¬
posals of increasing the Corporation's total authorized stock
to a total of
$150,000,000. divided into $75,000,000 Prior Pre¬
Stock, $25,000,000 Six Per Cent Preferred Stock, and
$50,000,000 Common Stock
was
submitted to and approved
by the stockholders.
The
question
debt of the
of increasing the total authorized bonded
Corporation to $150,000,000, also was submitted
by the stockholders at said meeting.
The new mortgage will be known as the
Unifying and Re¬
funding Mortgage.
Under this Mortgage $7,000,000 bonds
have been sold with the permission of the Railroad Commis¬
sion of California and will be delivered as soon as details
Virginia-Carolina Chemical Co.—JSo Common Dividend.
on
March 24 decided to omit the
paid)May 1
quarterly dividend usually
on the Common stock.
Quarterly dividends of 1% each have
been paid from
Aug. 1918 to Feb. 1921, inclusive, and In Oct. 1918, 1919
and 1920 extra dividends of 2% each were
paid.
The directors have declared the
regular quarterly dividend of 2% on the
Pref. stock, payable April 15 to holders of record
April 2.—V. 112, p. 1032.
h
Welsbach
814,647 80
316,715 69
1,247.655 90
613,581 57
634,074 33
Total current liabilities..
$5,140,906 61
Reserves...
Co., Philadelphia.—Stricken from List.—
PfThe Phila. Stock Exchange on March 16 struck off the regular list
$108,100 30-Year S. F. Coll. Trust 5% bonds, due 1930, leaving bonds
listed at this date $1,667,300, and
making a total of $5,316,700 held in the
sinking fund as of March 12 1921.
For earnings for years 1917 to 1920
p. 1172.
see
434.547 49
$2,943,491
2,251,790
373,917
849,447
2.737.146 07
Capital surplus
Surplus close of year.;.
373,917 50
1,705,239 46
— .
Total surplus and reserves.
$4,816,303 03
68,342 55
1,178,282 37
67 $2,197,414 94
98
485,355 09
50
48
855,791 98
$3,475,155 96 $1,341,147 07
Total liabilities ...--...$49,275,409 64 $40,388,647 63
NOTES
ON
BALANCE
$8,886,762 01
SHEET.
Plant Additions:
Expenditures
These
for
betterments
plant
additions
classified
are
Rights and franchises
as
were
$7,257,430.72.
follows:
$3,814 88
1,594 41
1,346 11
>
Dams and reservoirs.....
.......
Flumes and ditches
Plants and lands.
....
,317,984 02
778,653 43
—;
Transmission and distributing system
Bakersfield & Kern Electric Railway.
Other real estate.
betterments
—
—
—
.....
....
Construction work in progress
(Expenditure account of authorized work not yet completed
and distributed to appropriate
accounts.)
*15,740 18
37,069 85
159,168 44
5,973,539 76
$7,257,430 72
The construction program which was completed last
year
has resulted in a considerable increase in both the current
asset and
current
liability items.
PROSPECTS
common
unable to serve the
ice.
Contracts
their
names
FOR
1921.
last]week's "Chronicle."—V, 112,
with all other electric utilities has been
large number of people who wanted
made with
were
many
serv¬
of these people and
placed upon
a priority list and connections are
rapidly being made with such customers in their order upon
this list.
This accumulation of business awaiting service
amounted,
at
January 1, 1921. to 37.000 horse-power of connected load.
business
gross
ness
in the
of
this business
the
will
add
Company with
a
materially to the
corresponding
in¬
net.
While the Company is adding this busi¬
there has been a considerable amount of excess power
crease
available,
part
a
California Edison
Company.
amount
of
of which has been
sold
It is expected that there will be
power
the
to
Southern
Coiqpany and the Pacific Gas & Electric
for
sale
to
a
considerable
these companies
throughout
the entire year of 1921.
The
completion of the various hydro-electric
and
steam
plants, finished in 1920. and to be finished in 1921,
places the company in a position to meet all demands, which
may be made upon it for power by the public in the territory
power
served.
The
to and approved
The directors
1,080:714 81
The addition of
such that your
ferred
payable
payable........
Pay rolls and other current
liabilities..
FINANCING.
continued
•
Accounts
Notes
Company in
Preferred Stock Dividends
interest
paid when due.
,
4,108,000 00
Due to the power shortage in the State, for two years this
Following our usual basis of charging off depreciation,
$356,547.55 was written off for that purpose during the year.
Prior
—
11,000.000 00
16,470,000 00
?
par value at December 31st.
SURPLUS AND
,
$6,500,000 00
502,890 04
2.258,997 18
1.131.363 49
Sundry
FINANCIAL.
-
-$1,240,200 00
$39,318,200 00 $33,970,000 00 $5,348,200 00
........
The ul¬
timate capacity of this development will be in excess
of
500.000 liorse-power, but the plan is to build this in units
as
the demand for power
develops.
The development will be
made under exceptionally favorable conditions as to
and
Totals
Bond interest and other ac¬
cruals.....
fields and is exceptionally fa¬
in contempla¬
Dec.*
or
/
11,000,000 00
20,578,000 00
Current Liabilities:
Plant is in the neighbor¬
The company has
Inc.
—
........
Common, Authorized $li,-
000,000, Issued......
Bonds......
the power conditions warrant, and as addi¬
tions to steam power are needed.
hood of the large natural
1919.
7% Cumu¬
lative, Authorized, $7,500,000, Issued
$1,240,200 00
Preferred 6% Cumulative.
Authorized
$6,500,000.
Issued
6,500,000 00
plant will be in operation about July
new
The
1920.
Prior Preferred
Kern
.
rainfall
on
the water shed
supplying the hydro-elec¬
tric properties of the
Company has been better in 1921 than
it
the prospect is for
was
in
1920,
and
water for 1921.
a
fair
amount
of
Respectfully submitted,
WM. G. KERCKHOFF, President.
,
Williams Tool
Corporation.—Earnings, &c.—
Net profits, subject to Federal taxes for the year ended Dec. 31
1920,
amounted to $90,481.
The balance sheet as of Dec. 31 1920 shows: Cash
and cash items, $18,381; accounts receivable, $73,506; Inventories,
$109,423;
investments, $74,960; notes payable, $20,000: accounts and taxes payable,
$29,834;
reserves
for depreciation,
$27,057; surplus. $31,481—V.
2146.
Wire
Wheel
lll,|p.
Corp. of America.—Earnings.—
Net sales for the year ended Dec. 31 1920 amounted to
$3,234,100,
against $2,885,474 for 1919.
Profits for 1920 before deductions for patents,
depreciation and dividends, but after Federal taxes, amounted to $485,825.
UnfiUed orders on books Dec. 31, it is stated, are in excess of
$2,400,000,
—V. 112, p. 271.
^
THE
1310
[VOL. 112.
CHRONICLE
CORPORATION
ELK HORN COAL
INCORPORATED
BALANCE SHEET AND
1920.
YEAR ENDING DECEMBER -31
INCOME ACCOUNT FOR
BALANCE SHEET DECEMBER 31st,
1920.
LIABILITIES.
ASSETS.
Real Estate and
Capital Liabilities—
Coal Lands_$16,854,573 24
Exhaustion
543,751 67
Less Reserve for
Plant and
Capital
,,
■
„,i
___$22,000,000 00
(authorized)
Ten-Year
Sinking
Convertible
6%
Notes
nriM
4.797,569 a i
37
jug
.zx.
conversion
for
Reserved
S16.310.S21 5"
S6,124,70ft 08
1,327,13ft 71
Equipment-Deprec'n,.
Less Reserve for
Common
Stock,
$21,108,390 94
Stock of Other Companies—
,
^
19,765.47 shares The Consolidation Coal Co.
7,87ft
shares Beaver Creek Consolidated Coal Co.
3,055.64 shares Kentucky River Coal Corp. Common
3,055.64 shares Kentucky River Coal Corp. Preferr'd
Assets in Hands of Trustees of Bond Sinking Funds—
(Exclusive of Bonds purchased and held by Trustees of
Sinking Funds, which are deducted from Bonded Debt
—Contra Side)
■
„
.
_
_
>3,645,964 12
Stock (
StockJ
___
10.000,000 00
6 600,000 00
6.435,000 00
—
417,000 00
Deferred Debit Items
Current Assets—
Cash
In Banks and on
,
27.587 02
118,290 60
Current Liabilities—
.
„
Hand..-.—
Deposited with Fiscal Agents Acct.
Bond Interest and Dividends Due
Accounts Receivable
—
$748,574 14
241,246
149,547
17,302
38,068
—
Coal on Hand
—
Unexpired Insurance Premiums
194 00
54,210 83
25,105 77
154,809 01
Interest
Sinking Fund
Accrued Taxes
18,271 50
Accrued
Merchandise Stock on Hand at Cost
Material and Supplies on Hand at Cost
Bond
Accrued
130,000 00
37,018 98
$275,686 96
Unpaid Vouchers and Pay-rolls
—
Dividend Checks Not Presented for Pay¬
ment
1
—
Accrued
1,368,325 80
Notes Receivable
Interest Receivable
$25,452,000 00
$2,481 25
25,105 i t
\
-----
——
Accrued
,
.
$12,000,000 00
_
Cash-
.
,
Gold
—
Capital Stock, Preferred (authorized) __—
Ten-Year Sinking Fund 6%
Convertible
Gold
Notes,
due December
1st 1925
(closed issue)
Mineral Fuel Company 30Year 5% Gold Bonds, due
May 1st 1943...
$475,000 00
Less
Bonds
in
hands
of
Trustee of Sinking Fund.
58,000 00
.
]
.
of
Fund
-
510,006 57
1,686,582 10
Profit and'Loss
91
96
00
70
—
2,748,355 99
$27,648,588 67
$27,648,588 67
INCOME.
Earnings from A11
Sources..
Operating Expenses, Taxes,
Depreciation
Depletion
.
.$5,374,049 56
.$3,234,262 55
242,740 79
81,259 37
3,558,262 71
-
Insurance and Royalties.
.
'
-
$1,815,786 85
Net
Interest
Net
from Operation..
Funded Debt
Earnings
on
2
$1,404,754 02
Surplus for the Year
Loss Account December 31st
Profit and
Less Dividends
i
•
Willys
$2,082,i7i 10
1920:
Preferred Capital Stock——-_
Account—December 31st 1920
Overland Co., Inc.,
below.—V. 112, p. 661, 571.
Suggested
Inc.—Consolidation of Two Willys
Be Advised.—
circulated that the banking interests associated with the
Willys-Overland Co. and the Willys Corp. were advising consolidation to
facilitate adjustment of the financial difficulties confronting these com¬
panies.
Under the present arrangement, both companies are separate
although the executive committees and the boards of directors are closely
Reports are being
allied.
pointed out that the chief problems facing the Willys-Overland Co.
were its bank loans, estimated at $20,000,000.
The reduced profits and
curtailed operations of the last six months have made this a difficult matter,
but it was said that the banks have granted extensions, and should they
It was
continue to do so the company, as a
result of the increase in
automobile
activity, might reduce its inventory and bring in cash to meet the payments.
Tho Willys Corp. it was said, had virtually no merchandise creditors,
but bank loans of $11,000,000.
Current assets were placed at about
$26,000,000.
This company is erecting a large plant in Elizabeth, N. J.,
which is about 90% completed, but additional funds are needed.
It was
said that contractors were inclined to press for payment.
Protective committees have been formed by the first and second preferred
stockholders of the Willys Corp., and these committees are endeavoring to
formulate a
plan, but progress was reported as slow.
with the proposed consolidation it was said that there were
details which might be difficult to overcome, buf if they could be
surmounted it was the opinion of bankers that the merger would solve the
In connection
numerous
problems of both concerns.
Wilson & Co.,
(N. Y. "Times" March 20).—V. 112, p.
941,
Inc.—Deposits Stock under Plan-'-Leases
Plant.—
Midland Packing Co.
The stock owned by the company
in stock yards properties proposed to be
disposed of in accordance with the plan
Dividends payable Q.-M.
of all divs.,
filed with and approved by the Dis¬
Is entitled to 8% cum.
accrued, due or payable, on
divs. after payment
the 6 and 7% Pref. stocks.
In
preferential payment
after payment of the outstanding 6 and 7% Pref. stocks and before any
distribution is made to the holders of the Common stock.
Callable at any
case
Willys Overland Co.,
Corporations Is Said to
395,589 00
686,582 10
—
——
•---——j.—. —
Corp.—Consolidation with Willys Overland
See Willys
677,417 os
I::::::::::::::::::::::::.:::.:.
1919.
Declared and Paid for the Year
Profit and Loss
411,032 83
-----
.
of liquidation or
time after Dec.
dissolution will be entitled to
1 1923 at 105.
Capitalization after this
Authorized.
Financing—
-.$2,400,000
6% Serial Gold Debentures, 1919-1929---.6% and 7% Preferred stocks
_
.
8% Preferred stock (this issue)
—;Common stock
Data from Letter of
2,000,000
2,000,000
2,000,000
Pres. H. E. Wurlitzer,
Outstand'g.
$2,160,000
1,895,700
2,000,000
1,536,200
Cincinnati, Feb. 28 1921.
Company.—Is the largest manufacturer and distributor of a complete
line of musical instruments in the United States.
Organized in 1856 at
Cincinnati. Incorp. in Ohio in 1890.
Also does a large mail-order business.
Purpose.•—Proceeds are intended for the purpose of retiring all present
bank loans and will provide approximately $1,500,000 additional cash to
be used for further development and extension.
Sales Years Ending April 30.
Year— 1920-21(9 Mos.)
1919-20.
1918-19.
1917-18.
1916-17.
Sales
$10,126,050 $11,888,161 $8,422,218 $7,036,347 $7,043,192
Net
Pref.
profits, applicable to interest
charges and divs. on the
stocks, after all deductions, including
have been as follows: (a) Average
outstanding
depreciation, Federal and
April
for 3 years ending April 30
$596,193; fiscal year ending April 30 1919, $697,736; fiscal year ending
30 1920, $1,278,932; est. earnings 9 mos. to Feb. 1 1921, $825,800.
—V.
112. p.
State taxes,
1919,
1172
,
753.
Yale & Towne Mfg. Co.—Capital Not Increased.—
Although the Connecticut Legislature has passed a bill permitting the
company to increase its capital stock from $10,000,000 to $25,000,000,
no
such increase has been made.
"Our application to the Legislature
does not necessarily carry with it an intimation that we propose to increase
our capital in the immediate future."—V. 112, p. 1038,1172.
in accordance with the Government decree,
deposited in the Munsey Trust Co., Washington, D. C., on March 21,
trict of Columbia Supreme Court
was
for immediate sale to
"fair and reasonable prices," under the plan, and
a list of sales made, including prices paid and the identity of the purchasers,
later will be submitted to the court for approval (see V. 112, p. 939).
The company, it is stated, will lease the Midland Packing Co., Sioux
City, Iowa, plant for five years at an annual rental of $150,000. with an
option to purchase after two years and within three years at about $2,500,000.
This arrangement, it is said, was agreed to by the Federal receivers
and the creditors of the Midland company.
Packers Announce Wage Agreement.—
"Current Events" this issue.—V. 112,
See under
Wolverine Copper Mining
1921—Feb.—1920.
302,664
236,489
—V. 112, p. 753 , 380.
p.
1172.
Co.—Production {Lbs.)—
Increase.1
1921—2 Mos.—1920.
66,1751629.296
517,541
Increase.
111,755
Worthington Pump & Mach'y Corp.—Listing—Report.
has authorized the listing of (a) $5,592,833
7% (cunO, par $100; (6) $10,321,671 ClassB Pref. stock,
6% (cum.), par $100; and (c) $12,692,149 Conuuon stock, par $100, on
official notice of issuance in exchange for v. t. c. therefor; with authority to
add $4,407,167 of Class A Pref. stock, $678,329 of Class B Pref. stock and
$2,307,851 of Common stock, on official notice of issuance and payment
therefor, making total authorized for the list $10,000,000 Class A Pref.,
$11,000,000 Class B Pref. stock and $15,000,000 Common stock, the total
The New York Stock Exchange
authorized amounts.
The annual report is
cited fully on a preceding page.
Guaranty Trust Co. of N. Y. has
stock.—V. 112, p. 1038.
been appointed transfer agent
of the company s
Wurlitzer Co., Cincinnati.—Pref. Stock
Offered.—Westheimer & Co., Cincinnati, are offering at 100
and div. $2,000,000 8% Cum. Pref. (a. & d.) stock, par$100.
(Rudolph)
announced on March 22 that G. deB.
Greene had been elected Vice-President and Director of the Company.
Mr. Greene was for ten years with the General Electric Company in the
Railway Department at Schenectady, and for the last 15 years was associat¬
ed with E. H. Rollins & Sons in Boston and New York, having been a
Director of that company since 1915.
Mr. Greene was also Chairman of
the Advisory Trades Committee in the Second, Third and Fourth Liberty
Loan campaigns, and Chairman of the New York Committee in the Fifth
—W. A.
Harriman & Co., Inc.
Liberty Loan
campaign.
distributed by The
Exchange Place, New York City.
of power developmentsjtiydroelectric developments, transmission systems, and other important engineer¬
ing projects in this and in foreign countries.
—The National Bank of Commerce In N. Y., has been appointed Regis¬
trar of the Capital stock of the Atlantic Petroleum Corp. of Tulsa, Okla*
The authorized capital of the corporation is 280,000 .shares with a par
—"Achievement" is the caption
J. G. White
It gives
Class A Pref. stock,
The
N O T I C E S
C U R R E N T
private purchasers.
The stock will be sold at
value of $25
—J.
of a folder being
Engineering Corporation, 43
information about and iUustrations
Allen
each.
Libby,
Jr., and J.
G. Stalb announce the formation of a
co-partnership and will conduct a general
name of Libby & Co. at 55 Broadway.
with the Sales
—The
brokerage business under the
formerly of Imbrie &: Co., has become
Organization of Kelley, Drayton & Company.
—Edwin I. Gardiner,
Equitable Trust Co. of N.
the stock of the
associated
Y., has beeo appointed Registrar for
Diamond Petroleum Corp
Mabch 26
1921.]
THE
CHRONICLE
homes.
!p(tje ©mmurrdal Jimes.
retail
1311
Also the
prices.
American population is entitled
Finally
lutely essential to
a
The International
COMMERCIAL EPITOME.
,
Business
in
prove
the
States
is
general has
increase
some
rule.
on
is
For
a
been quiet,
the
most
been for
the
most
United
in
very
Iron and steel have
going out of blast.
are
the
and
only
with prices tending upward.
part dull,
Many iron furnaces
in
best
at
directions it is distinctly dull.
many
increases
trade
part
moderate scale
very
the
Sales of struc¬
tural and automobile steel have increased of late, but most
steel products are neglected.
The output of both iron and
steel much exceeds the present demand.
the
on
other
hand, make
of print cloths at
Fall River
shoving.
cheerful also.
said
to
Sales
said to be the largest for
are
weeks past and New Bedford reports
many
are
The textile trades,
rather better
a
rather
are
5% to 20% affecting its 45,000 men and
including officials high and low.
Wages of em¬
ployees of the Brown Shoe Co. of Brookfield, Mass., are to
women,
although here and
But
reported.
more
be cut to the scale
paid in 1918.
Bradford, England, reports
for textile workers of 10%, a total of 40 to 42%
since the degrease in wages began some time
ago.
A strike
of 13,000 union painters and decorators of this
city who
walked out early last September ended March 21.
The dis¬
wage cut
a
was compromised.
The Merrimac Manufacturing Co.
Huntsville, Ala., has cut working time in its two big
mills 65%.
The Cowpen's Manufacturing Co., producers of
fine print cloths at Spartansburg, S.
O., has closed down
indefinitely because of poor trade.
Over 2,000 tailors in
pute
of
this
been
large
very
in
the
though made up for the most part of small lots.
has heartened the business in
raw
Cotton
at
Exchange prices have
cotton
times
al¬
aggregate,
But this
here, and at the
risen
sharply.
A
city went
strike March 22 in
on
minimum wage of
$40
in
of marine workers in the
wages
service
Eggs sold at
19%c.
This is
price
weather
Were
contributing
goodly proportions early in the week.
were
sugar
trade, which had fallen off noticeably, has revived to
with
extent
of
prospect
tariff
a
leather
small.
rather
are
The
recent
export business in leather with Russia
firmed.
much
at
The wool
of the
country has
abroad.
been somewhat
convening of Congress
more
And
retail
Both
Easter trade.
been
in
are
trade in
the
quiet and
less depressed
firmer, with indications that
s
on
after
Building trades
may
the
are
a
be said of the automo¬
buying supplies
clothing1 has been
a
little
freely.
more
active for the
more
Reports in regard to winter wheat crop have
main
favorable.
Unskilled railroad workers object to a reduction in their
although the cost of living is noticeably lower than
wages,
it
and the railroads suffer from dulness of trade which
was
this
The New
fee
railroads should be double and
the
on
cases
what is paid
what
reason?
it
wages
even
treble
in some
ordinary labor in other industries.
Such
last.
cannot
of unskilled labor
Bureau
The
For
of things
state
a
of
is plainly illogical;
Railway Economics in a
recent report said that the wages of skilled railway work¬
ers have increased since 1917 no less htan
180%, and those
of
-
unskilled
pointed out
most
labor
that
only 40%
March
much
as
wholesale
above
1, 1917, they
as
those
are
105%.
prices
of
of
Meanwhile
commodities
1914.
As
it
is
are
at
compared
with
15% lower.
Retail prices,
still 60% above those of seven
some
it is regrettable to
notice, are
years ago, although to be sure they are steadily declining.
In other words, labor's dollar
goes much further than it
did some years ago.
Labor can stand a reduction in wages,
sinc^ the dollar it is patent is only worth what it will buy.
Meanwhile the whole world needs
The lack of
duction.
the
times.
such
Present costs
it about at once.
a
return to normal pro¬
production
are
is the great evil of
altogether too high to bring
Prices of commodities
are
falling, but they
must fall still further, and labor must move down with them
before anything like a state of equilibrium can be reached.
Some commodities have fallen more than others; that dis¬
locates trade and the general economic system; declines in
prices should be fairly uniform, so that one class can easily
buy from another class. Trade, both foreign and domestic,
in the last resort partakes largely of the nature of barter.
It is
for
a case of labor for labor with, of
course, due allowances
varying conditions in the economic world.
Grain and
cotton farmers just now cannot buy as
times.
cline of prices, that is a
in
many
a
great de¬
relatively greater decline than that
Textile prices have also de¬
In the United States prices are roughly
43% under the peak
rapidly
in the
where in Europe.
land and France
country.
in normal
as
other commodities.
clined very sharply.
more
freely
Their buying capacity has suffered from
of Feb. 1, 1920.
Prices fell
for a time than any¬
it is pointed out prices in Eng¬
average
United
But
now
States
declining at a greater pace than in this
In England they are 38% under the high level
28^% below what they
were
then.
Meantime
a crying need in this country is a reduction of
not only on railroads, but also in the building trades.
cut in wages and prices for building materials is abso¬
wages,
A
lutely necessary to meet the existing requirements for
new
21st
the
receipts and favorable
the
Present
season.
prices
are
days.
says
vetoed
as
Exchange and the New York Cof¬
closed
were
to-day, Good Friday, and to¬
Exchange is closed to-day,
The New York Produce
btit will be open to-morrow. The Liverpool Cotton
will be closed to-day, to-inorrow and Easter
Exchange
Monday.
LARD
higher; prime Western $12 35; refined to the
Continent 14c.; South American 1434c.; Brazil in
kegs 1534c.
Futures declined in sympathy with lower prices for
hogs and
grain.
Besides there was a lack of buying power.
At times
it is true the tone has been firmer when
grain advanced.
But in the main the feeling has been
anything but aggressive¬
ly bullish.
Yet it is true that cold storage stocks of meat
and lard in the United States on March 1st,
according to the
Institute of American Meat Packers were about
135,000,000
pounds smaller than on the same day last year.
On Thurs¬
day prices declined and they end lower for the week. '
CLOSING
PRICES
OF
Sat.
cts-11.95
....12.27
LARD
FUTURES
Mon.
Tues,
Wed.
11.77
11.70
11.80
12.15
12.05
IN
12.05
CHICAGO.
Thurs.
11.60
11.95
Fri.
Holi-
day.
PORK
quiet and lower; mess 28@29c.; family $38 40;
short clear, $27@$29.
May closed at 20.40c., a decline for
the week of 75c.
Beef quiet; mess $16(§418; packet $19@
$21; family $25 @$28; extra India mess $40 @$42; No. 1
canned beef $3 15; No. 2, $8 25.
Cut meats steady; pickled
hams, 10 to 20 pounds, 20^@23^c.; pickled bellies, 10 to
12 pounds, 16@17c.
Butter, creamery extras, 4634@47Iic.
Cheese, flats, 18@29c.
Eggs, fresh gathered extras, 2834@
29c.
COFFEE on the spot firmer; No. 7 Rio,
6@634c.; No. 4
Santos, 834@9c.; fair to good Cucuta, 10J^@llc.
Futures
fluctuated but sluggishly in the fore part of the week,
though the tone was at times steadier.
In the main, how¬
ever,
there was a lack of snap.
The technical position
showed less strength after a rise of 1 cent from the low
prices of March 16.
A good many shorts had been driven
in.
Santos declined after some previous advance at both
Santos and
here.
Rio.
There
main such
It
said
to be selling
buying in Santos
early rise in that market, but in the
rumors
some
rumors
lutely flat.
Brazilian houses
were
coincident with
had but
were
of Government
a
momentary effect
or
fell abso¬
said, however, that the Sao Paulo Gov¬
ernment was buying March contracts with a
view, it is be¬
lieved, of lessening the possible pressure of the actual de¬
liveries
there.
was
Meanwhile
the
Brazilian
crop
movements
continue
large.
The stock at Santos is 2,926,000 against
3,369,000 bags a year ago.
At Rio t is 482,000 bags
against 417,000 at this time in 1920.
The total of Brazil
in sight for this country is 2,332,359
bags against 1,497,771
bags last year, or, in other words, rather eloquent figures,
considering the fact that trade is dull and the receipts per¬
sistently large.
Later strong Brazilian cables caused a rise
here with covering and new long buying.
Many consider
coffee an attractive investment.
On Thursday prices fell,
but they are higher than last Friday.
Spot (unofficial) cts
March._
are
of last April; in France,
of
York Cotton
Exchange
It
singular that
on
after the tariff.
DAILY
seems
Louis
week, and is the low¬
the Fordney Emergency Tar¬
by former President Wilson,
Congress as the first important leg¬
islation of the extra session to begin April 11.
An anti¬
dumping and valuation measure will follow immediately
May delivery
July delivery
certainly
St.
a
causes
pre-war
Washington dispatch
can
only be relieved by lower rates of freight.
Of course
this is impossible unless the costs of operation are reduced.
time
Bill, precisely
been
will be passed
same
for
morrow.
has
more or
April 11.
on
active and the
bile business.
con¬
coastwise
will be rushed through
an
Latterly, however, the tone in this
Emergency Tariff Bill
little
been
of
reports
have not been
trade of the world
time prices have
home and
the
some
Cuban and other
on
Lumber for the most part has been quiet, and sales
sugars.
of
the
A
iff
The
and
to the decline.
Eggs
New York City dropped to 23c.
wholesale, with the ar¬
rival of 40.817 cases here, which is an
unusually large
slightly higher than in
The sales of wheat to the British Commission
a
in
number
prise.
Sound
wholesale in
drop of 9V2c. in
since June 1916.
Heavy
a
Manchester, England, which
also of
effort to retain
March 1.
on
instant.
est
a
noteworthy factor, too, was the increase of cottdn goods at
came as more or less of a sur¬
an
week.
Towboat engineers number¬
ing 1.500 struck on the 24th instant because of a reduction
Here at New York the sales of print cloths
have
return of real prosperity in this country.
Harvester Co. announced wage reduc¬
tions ranging from
New York, Friday Night, March 25 1921.
there
to lower
sharp reduction in taxes is abso¬
a
(May
5.63@5.701 July
cts_5.88@5.89|Sept
cta.6.65@666
6.27@6.281 December
7.01 @7.03
SUGAR firmer at 6.27c. for Cuban and Porto Rican 96-
degrees test centrifugal.
Futures declined early in the week,
About 25,000 tons of old-crop offerings
were
recently sold by the Cuban Finance Committee of
Havana, later sales being 8,200 tons at 5o. cost and freight.
In the fore part of the week 2,500 tons of
new-crop sugar sold
at 534c. cost and freight.
Raw later on was in better de¬
with trade quiet.
ft
as there seemed, judging from Washington news, a
possibility that the tariff bill may become effective by May 1
next.
The bill includes a duty of 2c. per lb. for non-prefer¬
ential countries and 1.60c. per lb. for Cuban sugars.
The
largest part of the United States imports of sugar are from
Cuba, and this means an increased cost of raws to local re¬
finers, it is estimated, of 60c. per 100 lbs.
Should the bill
pass, it would result in the immediate advance in refined su¬
gar prices, it is calculated, of 60c. to 65c. per 100 lbs.
This
caused a sharp demand for refined sugar from all over the
country.
The Cuban Finance Committee on the 22d inst.
announced sales of 10,000 tons old-crop for United States
destinations at 5c. cost and freight early in the afternoon.
Also sales of 80,000 bags of Porto Rico at 6.27c. c. i. f.
Cu¬
ban receipts for the week were 157,174 tons, against 147,364
last week, 181,996 last year, and 179,594 two years ago;
exports, 91,169 tons, against 97,927 last week, 98,435 last
year, and 91,608 two years ago; stocks, 678,556 tons, against
612,551 last week, 545,560 last year and 672,656 two years
ago; centrals grinding, 191, against 189 last week, 189 last
year and 195 two years ago.
Exports include 55,381 tons
to United States Atlantic ports, 11,847 tons to New Orleans,
5,491 to Savannah, 14,450 to Europe, 1,000 to Galveston
and 3,000 to Australia,. Old-crop exports to Atlantic ports
were 2,025 tons; stock,
70,449 tons.
On Thursday prices
were
slightly higher on March and unchanged on May.
They are lower than a week ago.
Spot (unofficial)cts_6.27IMarcb
_cts_5.G6($5.08j July. --_cts_5.36@5.37
mand,
-
I May
5.20 @ 5.211 September,- _5.45@5
-47
im¬
the week.
There were more inquiries
for small quantities.
Linoleum interests are not buying very
much.
Paint and varnish trade are only purchasing to fill
immediate requirements.
March-April carloads quoted at
65©67c.; less than carloads 68©70c.; five bbls. or less 71©
73c.; tanks 63c.; May-August carloads 70c.; Calcutta oil 70c.;
linseed cake per ton 845; linseed meal per ton 846.
Cocoanut oil, Ceylon, bbls., 8c.; Cochin, bbls., 9%©10c.
Olive
81 50 @81 80.
Cod,
domestic 45©48a.,
Newfoundland
48@50c.
Soya bean, edible, bbls., 7 3^ ©8c. Cottonseed
oil sales to-day 6,300 bbls.
March closed at 6.25©6.60c.,
May at 6.50©6.58c., and July at 7©7.03c.
Southeast
immediate crude sales, 425 bbls.
Spot 6.25©6.50c.
Spir¬
its of turpentine 57 ©58c.
Common to good strained rosin
OILS.—Linseed, though generally quiet, showed some
provement later in
85 50.
PETROLEUM.—Some products are selling more freely;
are still dull and weak.
Fuel oil is quiet,
There is
others
foreign buying.
On the whole the market is more
irregular and unsettled.
Refined in bbls. 19.50©
20.50c., bulk 10.50©11.50o., cases 23.25©24.25c,
Gaso¬
line in better demand at unchanged prices; steel bbls. to
not much
less
or
26c.; motor gasoline, U. S. Navy specifications, 20c.;
naphtha, 63 to 66 degrees, 24.50c.; 66 to 68 degrees 25.50c.
Kerosene meets with a good demand at 16c. in tank wagons.
garages
$3 00
1 90
Pennsylvania
Corning
1 86
Cabell
and
1 65
above
Ragland
1 00
Wooster
_
Lima
Princeton
Illinois
2 80
2 48
&
Kansas
Okla¬
1 75
homa
$1 75
Strawn
Thrall
1 75
Healdton
1 00
Corsicana, light...
1 50
Corsicana, heavy.
Electra
Moran
1 75
Henrietta
1 75
Plymouth
deg.
32
Somerset,
$2 38
2 52
2 52
Indiana
1 75
Caddo, La., light- 2 00
Caddo, crude.__-_ I 25
De Soto
1 90
1 75
75
[Vol. 112.
CHRONICLE
THE
1312
—
RUBBER dull but steady.
About the only demand re¬
ported is from manufacturers of the general line of rubber
goods.
Tire makers are holding off, awaiting developments.
Smoked ribbed sheets were quoted at 1734c; first latex pale
crepe at 19Mc.; brown crepe, thin, clean,
15c.
Para in
small demand but steady at 18c. for upriver fine.
Central
dull at 12c. for Corinto.
asking as much as 12%c. for the more
Larger producers are playing a waiting
game, pending further developments.
They quote 12
for March ana 13c. for the later deliveries.
Later inquiries
were more active and the foreign demand showed some signs
of improvement.
Individual operators, it is reported, are
planning to keep the output down during the present de¬
pressed condition of the market and are cutting operating
expenses as much as possible.
The Butte Mining Co. voted
to suspend production, owing to the unsettled condition of
the market, but it is said the company will continue develop¬
ment work.
Tin firmer but quiet at 2934c. for spot.
Lon¬
don was also firmer.
Lead quiet but steady at 4©4.15c. for
spot New York.
Zinc dull at unchanged prices, i. e., 4.75©
4.80c. for spot St. Louis.
Some, however,
are
distant deliveries.
PIG IRON has remained dull and depressed.
only one furnace is operating and in Eastern Penn¬
sylvania, it is said, not more than three or four.
Virginia
is producing very little.
Birmingham complains of a very
small trade.
Out of 166 merchant furnaces in the United
States, only 27 are now in operation, including two in Ala¬
bama, one in Tennessee.
A number of furnaces in New
York, Pennsylvania and Ohio, it is said, wall stop very soon.
distinctly in buyers' favor.
The market is
STEEL in general is quiet and weak and the output greatly
True the consumption in a few cases
is slowly increasing.
Sales of steel for construction and the
automobile industry have increased somewhat.
Quite a
y
exceeds the demand.
number
have been received
orders
of
weakest features
are
-
WOOL has for the most part been dull and weak through¬
the world.
Stocks are big and consumption light.
But later in the week the
feeling in Boston became better
possibilities.
Quick action on the Emergency
Tariff Bill is expected.
Recent sales reported at Boston
include good combing 70s Australian at $1 06 ©81 07 clean
basis, staple vrool at 87c.©88c., clean basis, medium combing
wool at 25c. for fair bright combing quarter blood in the
grease and at about 45c. clean for three-eighths Montevideo
combing, and 35c. clean for 50s.
Scoured wools sold at
60©80c. for fair to choice fine wools, the letter price for
new
on
tariff
Noils
Australians and at 35c. to 45c. for medium scoureds.
fine
were
Bradford cabled on March 20
The signing of the trade agree¬
quoted at 45c.
that the market
was
dull.
ment with the Soviet Government of
no
effect.
Russia has
On March 21 advices from Melbourne
far had
so
reported
a
demand and withdrawals large.
Super grades were off
about 15%, good 20% and ordinary 25%, and even more.
Later it was stated that good styled merinos were off 10%
and similar crossbreds down 20 to 30% on some descriptions.
On the whole, the selection at Melbourne this -week was
rather poor.
At the sale at Timaru, New Zealand, on
March 22, 12,000 bales were catalogued and only 900 sold.
Compared with the prices realized at Dunedin a week ago,
fine greasy crossbred was 25% lower and other sorts 10 to
15% lower.
All the scoured wool offered was withdrawn.
The sale practically fell flat.
Advices to Boston on the 23d
poor
inst. state that at the close of the wool auctions in Melbourne
the selection
and that prices of
poor
was
some
descriptions
30%.
COTTON
on
Charters included phosphate from
South Atlantic port, to Hamburg $5
March; nitrate of soda from the west coast of South American to United
States Atlantic port $4; option United Kingdom or Continent 40s.; Scan¬
dinavia 45s. prompt; coal from Philadelphia to Manila about $8 prompt;
25,000 quarters grain from Antwerp to United Kingdom 6s. prompt; from
a Gulf port to United Kingdom 7s. March; 29,000 quarters to United King¬
dom 7s. March; coal from New York to Long Cove $2; from New York to
Wildcat $2 50; to Vinalhaven $2; molasses from Cuba to New Orleans in
13^c. per gallon, three trips, April; 33,000 quarters grain from St.
John, N, B., to United Kingdom 6s. prompt; heavy grain from San Lorenzo
to United Kingdom-Continent with Mediterranean options 37s. 6d. May ;
Friday Night, Mar. 25 1921.
CROP, as indicated by our
THE MOVEMENT OF THE
telegrams from the South to-night, is given below.
For the
ending this evening the total receipts have reached
72,898 bales, against 75,364 bales last week and 92,890
week
the previous week, making the total receipts since
Aug. 1 1920 4,715,477 bales, against 5.824,227 bales for the
same period of 1919-20, showing a decrease since Aug. 1 1920
of 1,108,750 bales.
bales
linseed from Rosario to United
Kingdom-Continent 36s. 3d. prompt; heavy
grain from Gulf to Greece 8s. per quarter, one discharging port, 8s. 6d.
two ports March; linseed from Rosario to United Kingdom-Continent 35s.
March 15; from Puget Sound to United Kingdom-Continent, $10 50 March.
TOBACCO has been dull here.
Some increase in the in¬
quiry is reported, but very little increase in actual business.
Buyers want only small lots to tide them over.
They seem
to believe that present prices cannot be sustained.
In Ken¬
tucky, however, prices, it is reported, have recently been
firm, especially for medium to good reds, although the offer¬
ings have been large at Covington.
Sales were at an aver¬
age of $14 78 per 100 lbs.; some at as high as 856, and poor
stuff down to $1.
Washington
tobacco acreage
North Carolina bankers at
March 23 recommended
of one-half.
on
COPPER quiet but steady.
12Mc.
for March-April
a
a
conference
reduction in
Smaller selling agents quote
and -1234©12He. for May-June.
Man.
Sat.
hulk
in
The
out
Grain
is the main item on both coasts.
Comment is
the report that the Shipping Board refused a few
weeks ago to accept wheat from Northwest Pacific ports to
the United Kingdom and Continent at $20, whereas it is
said that now it is permitting foreign tonnage to get business
on the basis of 89 50 after coming nearly
10,000 miles in
ballast to get the cargo.
in small lots.
wire products, sheets, bolts and nuts.
Plate, shapes and bars have bebn quoted at about 2 cents
Pittsburgh.
February sales of structural steel, it will be
recalled, were only 25,600 tons.
And it is gratifying to
notice that during the past week alone the total is some 17,000
tons.
Still, there is no spring demand and taken as a whole
steel is undoubtedly dull.
tonnage
made
Yet in the Buffalo
been reduced it exceeds the demand.
district
of crossbreds fell 20 to
OCEAN FREIGHTS have been dull and weak.
Furnaces
But though production has
steadily going out of blast.
are
Galveston
Texas City
Houston
9.722
■H —
-
-
3,265
3,393
_
—
-
—
—
tm-
—
—
-
1,461
1,798
*2,000
1,798
17,561
150
672
4",976
9.722
:
1,680
6,825
47
2
2,338
157
372
"637
1,234
30
""85
""48
"969
1,881
4,000
85
'
-
505
__
Brunswick
_
—
—
_
—
-
-
942
—
-
-
1.286
—
_
—
—
—
—
89
Charleston
289
428
Wilmington
350
320
585
51
182
393
Norfolk
643
288
1,307
576
795
391
N'port News, &c.
-
-
-
280
New York
Boston
-
—
—
-
-.
-
-
—
—
-
-
37
-
—
37
280
"224
60
284
'379
Baltimore
Philadelphia
Totals this week.
Total.
28,878
1,461
5,875
— — «»..»
—
—
Fri.
3,908
..
—
-
—
231
Mobile
Pensacola
Jacksonville
-
—
1,453
New Orleans
Savannah
-
7,433
;
.
Port Arthur, &c_
Thurs.
Wed.
Tves.
4,439
3,830
379
13,766
72,898
-—
17,023
10,107
12,427
11,249
8,326
♦Estimated.
shows the week's total receipts, the total
Aug. 1 1920 and stocks to-night, compared with the
The following
since
last year:
March 26
1921.]
THE
1920-21.
Receipts to
January 7.
This
Week.
Galveston
Texas City
.
Houston
Port Arthur, &c_
New Orleans-_
_
_
_
_
Gulfport
1919-20.
Since Aug
1 1920.
This
"672
Mobile.
3",929
Pensacola
"4" 533
KQ
Savannah
...
468,514
12,045
57,511
64,723
204,740
1,548
25,808
23,025
35,559
5,281
4,976
Brunswick
20,713
"969
Charleston
Wilmington
1,881
4,000
Norfolk...
37
N'port News, &c_
New York
280
Boston
Baltimore
284
379
Philadelphia
Totals
6.000
3,032
3,259
5,601
38
475
2,682
919
97
1920.
373,158
14", 059
22",065
"2,067
"6", 267
156,125
2,079
246,340
28,249
92,100
140,871
2,000
208,350
50,136
81,554
128~209
47,292
10,221
3,717
5,374
4,819
5,711
5,117
72,898 4,715,477 118,968 5,824.227 1,371,435 1,259,250
In order that comparison may be made with other years,
we give below the totals at
leading ports for six seasons:
j
Galveston
1920.
1921.
28,878
1919.
1,881
4,000
34,304
6,013
31,847
3,929
20,713
6,000
3,032
3,259
5,601
37
1918.
1917.
38
1916.
24,512
1,196
24,617
1,924
22,472
6,910
20,393
978
32,966
20,526
2,300
17,690
3,372
2,699
2,825
6,628
2,042
2,176
1,125
All others,___
943
4,232
""430
2,851
9,362
40,142
2,049
28,899
3,973
9,973
2,000
1,000
3,820
13,751
1,013
3,343
Total this wk_
72,898
118,968
87,657
76,820
83,041
109,963
.
TexasCity,&c.
12,981
17,561
New
Orleans,
Mobiie
672
Savannah....
4,976
Brunswick
"""969
Charleston
Wilmington
_
_
Norfolk
N'port N., &c.
22,795
505
2,500
2,556
1,275
7,534
176
1, 4,715.477 5,824,227 4,067,664 4,895,783 5.840,094 5,799,443
The exports for the week
ending this evening reach a total
77,834 bales, of which 7,589 were to Great Britain,
7,747 to Prance and 62,498 to other destinations. Exports
for the week and since Aug. 1 1920 are as follows:
of
Exported to—
Exports
from—
From Aug. 1 1920 to Mar. 25 1921.
Exported to—
Great
quent developments seem to make it clear that Russia had
not abandoned
was
Bolshevism, but it
entering
into
would
preclude
of
globe.
relations
Other.
39.771
Texas City.
45,555
609,543
258,064J
9,722
141,219
44,1111
1,750
5,784
_
Houston
Total.
9,722
Galveston.
8.98C
4,459|
1,750
Britain.
France.
San Antonio
131,130:
1,550
1,501
6,975
7,269
14,244
244,646
Mobile.....
17,443
4,819
"
2,800
Savannah
950
200
38,566
"600
813
"
11,724
6,536
4,950
66,301
17,925!
39,666
5,8311
2,89Sj
I,476|
Wilmington.
200
—.
New York..
213
Boston
8,208
lit!
3,136
Baltimore
349
..
414
Philadelphia
1,246
414
414
Los Angeles.
2,910
299,725
11,079
16,674
66,301
56,502
54,410
137,925
43,422
11,079
950
.
4,819
11C
118,378
BrunswickCharleston
419.737
61,518
6,750
20,717
Gulfport...
Jacksonville
30!
6,764
9,086
4,493
1,890
18,269
47,334
11,475!
San Fran...
47,334
Seattle...—^
3,511
"675
66.044
Portl'd, Ore.
"675
i
Total....
7,589
66,644
37,221
3,511
Tacoma....
Tot.
20,312
29,858
2,1.98
1,550
1,501
725,901
44,910
29,858
El Paso
Tot.
316,460
6,873
Pt. Nogalez.
Norfolk
Total.
976,520 1 .841,127
......
New Orleans
1,675
427,027 2,030,862 3,685,84.9
488,140|l,928,867 5,040,631
41.883!
569,269; 1.247,7073.368.5«8
85,9831.551.612
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.
the
In other words, judging by the treaties en¬
England and Russia, the peace declared with
the
Ukraine
and
and
Japan
seemed
Poland, and the intimations that Italy
might make trade agreements with Russia all
many of the cotton rade here to authorize the
to
belief that Russia
of
heart,
was
undergoing something like
or
factor in the cotton trade of the world.
a
A report
seeking the aid of the Menslievik, or the minority element in Russia, rather strength¬
ened this belief.
The Russian situation is believed to be on
that the Bolsheviki element
the whole
Ger¬
France.
4,157
6,550
Other
improving.
Late last week it is said that anywhere from
200,000 to 500,000 pieces of print cloths were sold here in small lots
at
somewhat firmer prices.
Raw silk has
been
distinctly
improved tone in Manchester, has
,
firmer.
All this, with
an
attention
and certainly lias not
been without
And it is also noted with interest that the Treas¬
its effect.
Department at Washington has recently shown a dis¬
reverse the policy of Secretary of the
Treasury
Houston and grant financial aid in the matter of
exports
ury
position to
of cotton to
Europe.
It recently financed shipments of cot¬
ConVt.
wise.
6,582
8,528
increase in the demand for spot cotton
spot markets at the South in
advanced.
that
the acreage
clared
Leaving
Total.
Stock.
Orleans.
Savannah
Charleston
7,324
3,839
241,386
372,098
155,625
245,840
12,136
91,500
127,409
52,755
5,924]
4,000
15,459|
....
27,987
34,376
500
_
500
i
500
500
U475;
.v..
1.923
_
Mobile
1,448
Norfolk
...J
"400
Other ports
Total
"300
3,000
New York *
1921
Total 1920..
15,555
86,215
Total
83,626
1919..
Estimated,
a
600
2,000
250
15,110!
3,2441
11,0001
for
100
.—
21,958
13,463
24,338 119,431!
600
800
5,000
5,600* 71,686 1,299,749
12,459i245,687 1,013,563
4,845 156.150 1,171,794
56,679s
China.
Speculation in cotton for future delivery was largely of
evening up character with a noticeable tendency towards
higher prices on the approach of the Easter holidays.
It
an
was
plain enough that the market
and
foreign account.
Liverpool
short both for home
was
on
the 22nd instant is sup¬
posed to have bought some 40,000 to 50,000 bales of May,
July and October here in liquidating straddles between the
two markets.
described
in
as
At the
better.
Manchester.
stated,
It
Apart from this there was trade buying in
Manchester
Liverpool.
the
covering there
news
lesia
as
that
in
on a
it
was
There was more in¬
Finally
speculators
On the 21st instant
in the vote in Upper Si¬
larger scale.
won
the population
with, i.e., Germany
that
the
the South.
or
preferred to cast
Poland—was considered
a
had
united
a
week
two.
or
Reports
are
decrease
may
persistent
It is
be greater in
some
even
in
a
de¬
parts of
a
re¬
number of firms there
the
include, it
is understood, some of the firms, which have
publishing full-page advertisements in many of the
leading newspapers of the South, urging farmers to hold
been
their cotton and reduce their acreage 50%.
On the 23rd in¬
stant prices suddenly turned upward about GO
points on a
big demand from Liverpool to liquidate straddles and ap¬
parently in part also to retire hedges.
Liverpool was no¬
ticeably higher that day and again reported a better de¬
mand
for
spot cotton.
English shorts
were
Manchester
buying
was
evidently uneasy.
there and
Moreover, Manches¬
active for yarns and stronger on cloths.
It
was also said that business was better in Fall River.
Spot
cotton advanced here that day 60 points and the. tone at the
was
more
South was firmer.
But the principal feature here was the
big buying for Liverpool.
Within a week it is said to have
bought some 200,000 bales of May, July and October, largely
May and July.
The rise on the 23rd inst. was assisted by
advance in
stocks.
Wall
Street
and
South
the
extent, but the cotton
was
the
are
skeptical
sold to
readily absorbed.
bility of
other
hand, many
sustained advance at this time..
a
quiet.
to
as
the
possi¬
After all, trade
The tendency towards
curtailment of output is declared to be very noticeable, not
only in New England, but at the South.
of
Latterly the sales
leading centres of the South have
Exports of raw cotton remain very small, de¬
spot cotton
fallen
off.
at
the
spite intimations that the War Finance Committee is ready
to assist in the exportation of cotton to leading nations of
Europe.
And the report that Upper Silesia may be divided
in accordance with ethnical
lines, whereby the coal region,
its chief asset, may go to Poland, has rather taken the
edge
off the news of the recent Silesian plebiscite in favor of
Germanjc
are
In
other
words,
carried out it will
if arrangements of
reduce
very
much
this
kind
the resources of
Germany and its ability to meet the requirements of the
Finally the ginning up to March 21 turns out to be
larger than expected, i.e. 13,197,775 bales against 11,325,502
Allies.
at the same time last season and
two
years
ago.
12,987,000,
bales.
so
ter of
conjecture.
Orleans
a
like period
estimate
was
that the ginning exceeded it by about 210,000
13,600,000 bales, possibly more.
New
11,906,480 for
The December Government
Some guess that the crop,
including linters, is around
Naturally it is a mere mat¬
The New York Cotton Exchange and the
Cotton
Exchange
are closed to-day and will
The Liverpool Exchange is
also closed to-day and will remain closed until next Tues¬
not reopen
day.
On
until next Monday.
Thursday
They show
Germany's resources, and it could therefore the
that it would
More¬
latterly
purchase of several hundred thousand
bales of the actual cotton to be carried until next Fall.
They
cotton
mean
have
It may be added that on the 22nd instant
came
points.
It is taken to
there.
cases
will be cut 25 to 33 1-3%.
from New Orleans that
port
add just
bullish factor.
much to
America,
there.
Liverpool.
Germany had
to which country
in its lot
so
bought
had withdrawn its offerings.
quiry for actual cotton
were
time the tone in Liverpool was
reflected more cheerful conditions
same
some
England has been buying there,- it is intimated,
quite steadily for
in most goods is in the main
Galveston
New
*
Germany. Prices at Alexandria,
Liverpool has reported
Egypt, have been rising sharply.
some
Coast¬
many.
at— Britain.
was
Apart from this New Bedford has reported a rather better
trade in fine goods and also in the business in
staple cottons.
On
Great
Mar. 25
change
a
at any rate something like a new orientation*
and that it is only a question of time when Russia will
again
an
On Shipboard, Not Cleared for—
which
tered into by
ter
77,834 1,227,030!
62,498.
Powers
the
possibility of ignoring the systems of
Government generally recognized by the civilized societies
37,221
1,675!
41,551185,024 2,623,624
7,747
'19-'20.!117,679 25,794
»18-'19.l 18,3651 25.735
less clear that it
no
outside
some
Other.
*
~2~,198
Port Arthur.
was
with
over,
Great
Britain. France.
same
the
ton to Czeeho-Slovakia and
Week ending Mar. 25 1921.
At the
England and Germany that
19th instant a New York newspaper
announced that Russia had abandoned Bolshevism.
It said
that Lenin had declared that it was madness to
suppose
that a world revolution could be
brought about now.
Subse¬
attracted
Since Aug.
On
both
discussion of the indemnity may very soon
a new
place.
become
Receipts at—
indemnity to the Allies.
an
announced in
was
likely
very
take
258,368
53,542
407,474
241,962
15,795
13,331
1,105,448
147,500
377,659
130,631
306,730
4,166
16,524
23,638
83,184
17,590
"
Jacksonville
1921.
269,373
6,048
IS 13
readily pay
time it
34,304 1,884,671
314,061
6,013
7,0247
23,246
31,847 1,047,844
71.345
more
Stock.
Since Aug
1 1919.
Week.
28,878 2,237,758
1,461
22,037
316,460
9,722
1,798
53,980
17,561 1,105,791
4,819
CHRONICLE
prices here declined
21
to
29
rise for the week of 121 to 132 points.
closed at 12.35c., an advance for the week
a
points*
Spot
of
90
[VOL. 112;
•
CHRONICLE
THE
1314
quotation for middling upland cotton in the
each day for the past week has been:
March 19 to March 25—
Sat.
Mon. Tues. Wed. Thurs. Fri.
Middling uplands.-..
11.55 11.65 11.95 12.65
12.35 HOL.
The official
New York market
movement—that is,
1, the shipments for
the same items for the
corresponding period of the previous year—is set out in
INTERIOR TOWNS the
AT THE
the receipts for the week since Aug.
the week and the stocks to-night, and
'/•
detail below:
QUOTATIONS FOR 32 Y^EARS.
The quotations for middling upland at New York on
Mar. 25 for each of the past 32 years have been as follows:
NEW YORK
..27.65
_.34.25
1913-c— ...12.60
10.60
1912
14.55
1911.
—15.15
1910
..19.30
..12.05
1909——
1908—
1921.
..12.35
1920-
42.00
—
8.05
.•.14.75
.10.15
8.88
8.12
9.88
6.31
6.06
...
1904-.
1903
1902
—
—
.9.70
.10.50
—
-
1896—
.
1895—
-
1894
.
—
1893
1892—
1891
—
.
Ala, Birm'g'm.a
Ship¬
Receipts.
Week.
Season.
134
25.
25,564
1,052
—
-13.50 1906
1914—.
—
10.90
—11.75
—
—.
—
1890—
9.00
.11.38
.
200
2,017
1,014
12/235
322
949
8,421
25
5,369
83
276
46.910
539
5,371
67,404
108-
30,880
132
31,665
17.879
715
Selma
140
37.421j
309
1,337
45,724.
161,464
91,447
1,470
3,647
10,416
121.475
122.476
Augusta
6.75
.
Montgomery.
Atlanta.....
—
1907
9.55
1915—.
3,171
Eufaula..
Ark.,
60
„
Helena
Little Rock.
FUTURES.—The highest, lowest
New York for the past
and closing prices at
week have been as follows:
Friday,
Thursd'y,
Mar. 24 Mar. 25
Wed'day
Saturday, Monday, Tuesday,
Mar. 23
Mar. 19. Mar. 21. Mar. 22.
3,560
Pine Bluff
|
Ga., Albany
Athena....
Week.
Range
—
Closing
April—
Range
—.
11.18-/23
11.18-.34 11.48- .63 11.68- .90 11.97-.23
11.79
11.32-.34 11.43
11.65- 66 11.93
...
12.23
Closing
...
11.58-/83
11.90- 08 12.25-.65 12.38- .83
12.04-, 05 12.63-.64 12.42-.43
12.18
12.18
.
12.02
11.90
Closing
---
12.16-.18 12.26-
-
Range
Closing
—
-
November
12.74
...
Range
Closing
...
January—
Range..—
Closing
...
13.01
~
—
13.11
—
13.27
—
13.45
13.71
—
13.85
—
71,166
1,961
128,946
909
46,734
752
49,785
600
1,500
25,300
144
22.911
12,239
107
13,259
574
774
3,618
65
129
104,655
34,280
17,891
27,810
354
406
9,553
7,514
12,415
32,833
640,105
11,511
13,234
700
9,000
36
—
3,151
2.207
75
3,776
17,57
11,280
2,086
14.00
200
60,589
2,215
108,537
983
2,176
10,384
48
40
Brenham.
—
12.90-cOO
Stock at Ghent..
1920.
100
10,400
"_50
16,879
1,361)
7,790
75
200
21,100
32",368
1,144
90,353
477
.
38,828
103,346
2,550
579,000
633,000
1,905,000
78,000
Egypt,Brazil,&c..afloat for Eur'e.
Stock in Alexandria, Egypt.
India.
Stock in U. 8. ports
Stock in U. S. interior towns
U. S. exports to-day
Stock in Bombay,
Last year's figures are
a
1919.
916
2,775
900^
69,000
235,000
1,205,000
496,676
62,000
139,000
983,000
1,371,435 1,279,250
1,666,593 1,214,228
7,077
48,117
24,253
2",500,
MARKET
633,000
82,000
488,000
227,416
184,000
7,000
94,000
109,000
110,000
1,000
25,000
4,000
394,000
879,000
153,000
523,000
496,676
303,000
284,000
48,000
30,000
347,000 *122,000
273,300
170,000
1,283,596
5,200
3,446,514
168,000
2,000
13,000
91,000
57,000
69,000
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
48,117
203,000
10,000
27,000
110,000
78,000
62,000
14,000
33,000
47,000
13,000
33,000
21,000
30,000
*18,000
30,000
88,000
405,000
928,000
330,000
*565,000
2,066,000 1,612,000 1,646,000
4,475,521 4,573,271 3,820,948
1,256,000
3,446,514
235,000
1,205,000
Total East India, &c
Total American
139,000
983,000
6,541,521 6,185,271
Total visible sup^
Middling uplands, Liverpool
8.05d.
28.38d.
Middling uplands, New York ....
12.35c.
41.50c.
Egypt, good sakel, Liverpool
19-OOd.
84.00d.
Peruvian, rough good, Liverpool.
14.00d.
49.00d.
Broach, fine, Liverpool
7.15d.
22.85d.
Tinnevelly, good, Liverpool
7.65d.
23.10d.
.
_
AND SALES AT NEW YORK.
glance how the market for spot
days.
show at
a
same
on
Spot
and futures closed
SALES.
Futures
Market
Market
Closed.
Quiet, 10 pts. adv..
Quiet, 10 pts. adv..
Tuesday
Quiet, 30 pts. adv..
Wednesday. Steady, 60 pts. adv.
Thursday
Quiet, 20 pts. dec__
Friday
HO LI
Saturday
Monday
__
,
15.78d.
Steady
Steady.
'
200
—
500
1.600
30.58d.
31.00d.
32.81d.
39.00d.
22.40d.
22.65d.
356,250 bales over 1920, an excess
1919 and a gain of 1,839,007 bales
of
1,074,573 bales
1918.
over
3,200
3,200
:
■
J
MOVEMENT
WEEK AND
FOR THE
statement showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports
up
The results for
Friday night.
in the last two years are as follows:
the week and since Aug. 1
1919-20
1920-21
March
Week.
21,622
4,760
1,041
1,743
1,429
18,476
Louis
&c_
Island.
Via Louisville
Via
Virginia points
Via other routes, &c-_
—
Total gross overland
Deduct
—
Since
Since
Aug. 1.
553,879
188,417
26,402
25—
Shipped—
Week.
all,511
2,148
375
5,198
5,267
11,368
47,518
93,811
261.827
Aug. 1
a638,180
345,360
16,813
90.466
149,639
344,514
36,667 1,584,972
.49,071 1,171,854
Shipments—
140,936
60,467
943
1,202
89,673
20,959
4,173
963
.10,357
224,157
4,244
196.739
.12,502
334,789
9,380
398,142
Leaving total net overland*______36,569
837,065
Overland to N. Y.f Boston. &c
Between interior towns
Inland, &c„ from South.
_
Total to be deducted
*
Including movement by rail to Canada,
a
26.887 1,186,830
Revised.
foregoing shows the week's net overland movement
bales, against 26,887 bales for tbe week last
year, and that for the season to date the aggregated net over¬
land exhibits a decrease from a year ago of 349,765 bales.
The
has been 36,569
1920
In Sight and
34.25c.
Continental imports for past week have been 106,000 bales,
f The above figures for 1921 show an increase over last week
10,052 bales, a gain of
500
1,600
DAY
—
21
-
26,887
5,824.227
837,065
1,957,000
71,000
2,385,000
7,509,542
806,652
216,855
*10,030
9,396.057
412,181
Aug. 1.
Receipts at ports to Mar. 25
72,898
Net overland to Mar. 25
36,569
South'n consumption to Mar. 25_a 48,000
4,715,477
157,467
.*30,546
—
Total marketed
—
during week
North, spina's'takings to
*
Decrease
available.
9,808,238
8,316,194
Mar. 25 47,043
during week,
a
1,186,830
206,825
126,921
Total in sight Mar. 25_
Since
Aug. 1.
Week.
118,968
Week.
Came into sight
1919 20
Since
Spinners'
Takings.
Interior stocks in excess.
of
900
200
900
„
Very steady.
Steady
Barely steady..
'
OVERLAND
24.32d.
28.25c.
15.60d
15.85d.
Total.
Conlr't.
Spot.
SINCE AUG. 1.—We give below a
5,466,948 4,702,514
Estimated.
over
interior stocks have de¬
each day during the
the following statement.
For the convenience of the reader we also add columns which
174,000
394,000
London stock
1,199
140,000
679,000
960,000
30,000
13,000
170,000
273,300
88,000
38,000
330,000
405,000
923,000 *565,000
1,327,944 1,551,718
1,521,143 1.283,596
561
5,200
4,475,521 4,573,271 3,820,948
Manchester stock
Continental stock
India afloat for Europe
18,600
539,000
561
7,077
East Indian, Brazil, &c.—
Liverpool stock
2,000
week at New York are indicated in
1,371,435 1,259,250 1,327,944 1,551,718
Total American
14,300
* Last year's figures are for Cin¬
Closed.
....1,666,593 1,214,228 1,521,143
to'day
1,100,
103.0116.019,239113.0411214228
136.3681666593
for Natchez, Miss.
Via Rock
port stocks
4,700
36,432 254,169
49,200
Via Mounds,
U. S. Interior stocks
175
The total sales of cotton on the spot
Via St.
....
6,400
19,851
last year.
Of the above,
American—
...bales.
1,906
150
1,200
40,545
2,242
2,650
during the week 30,546 bales and are to-night 452,365
bales more than at the same time last year. The receipts at
all towns have been 2,811 bales greater than the same week-
458,000
21,000
60,000
6,541,521 6,185,271 5,466,948 4,702,514
totals of American and other descriptions are as follows:
Continental stock
American afloat for Europe
1,010
1,195
creased
Total visible supply
Liverpool stock
Manchester stock..
15,023319,141
38,336 1,760,402
113,725
49,479347,996
1,793 14,207
,254,648
— -
Total European stocks
1,703,000
India cotton afloat for Europe
57,000
American cotton afioat for Europe
227,416
*
52,382
6,074
38,025
71,556
31,046
610
The above totals show that the
566,000
Total Continental Stocks
U. S. exports
973,429
1,436
1~006
22,850
"490
Total
U. S.
17^082
6,247
cinnati, Ohio.
13.45-.03
13.73
—
..
Stock at Genoa.........:
3,400
32,114
7,900
38,391
.
Dallas
Total, 41 towns 105,822 5.699,198
13.57
— -
Stock at Havre
Stock at Rotterdam
75
3,581
12.80-186
1,124,000 1,272,000
27,000
177,600
362,000
185,000
12,000
76,006
-■
102,000
195,000
46,000
30,000
Total Great Britain......
Stock at Hamburg.
24,787
37,089
126,193
15,104
4,394
San Antonio
471,000
14,000
81,000
2,000
95,000
Stock at Manchester
25
18,904 372,978
1,344
946
10,397
2~695
11,628
738,955
337
200
li~620
25.040
518
271
43,193
10,838
9,145
699
831
13.42
1,082,000
10,000
180,000
..bales. 1,027,000
Stock at London
104
5,034
17,700
1,383
Hugo
Houston
14.03
1921.
March 25—
Stock at Barcelona
500
122
17,495
SUPPLY OF COTTON
Stock at Bremen
7,157
25
Tex., Abilene..
/ 12c.
Liverpool
1,063
570,956
845
Raleigh
Okla., Altus
21,622
70,366
56.215
32
Clty_.|
Mo., St. Louis.j 22,203
13,440
14,988
29,895
17,139
3,645-
51
Yazoo
13.28-.37
to-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 onlyl.
1918.
Stock at
2/231
1,789
17,703
—
THE VISIBLE
376
f
—
13.51
113c.
16,850
Honey Grove
13.55-.95 13.65-.00
12.90-.93 13.07-.24 13.22-.38
13.91-.95 13.65
13.00 — 13.07 — 13.36 —
Range
14c.
107
88,360!
Clarksvllle
February—
Closing
2,870
104,812i
Fort Worth*.!
—
72
271
12.55-173
13.48-.85 13.57-.86
12.80-.92 13.01-.18 13.12-.29
12.92
11,385
47,273
8.560
298
Paris
12.88
1,045
3,498
DAY.
13.30-.73
12.55-.66 12.75-.92 12.83-.00 13.20-.60
12.99-.00 13.59-.60 13.30-.31
12.76
12.65
12.80
833
73,347
199,688
854
Tenn.,Mem phis
HOLI¬
13.15
—13.35
Range
Closing
51,181
Greenwood..
-
December—
33,531
161
543
Nashville.—
12.51
12.40
Closing
2,669
8,394
66,576
—
13.05
13.28-.37
Range
October—
3,572
135
61,658
13.04
13.27
12.68
12.45
12.35
16,938
75,430
Greenwood..
Oklahoma
13.04
Closing -September—
34,624
90
4,588! 31,684
11.317,120,504
4,900 10.027
33.749
100
S.C., Greenville
August—
V
Range
c
12.04-126
12.35-. 52 12.70-.10 12.83-.26
12.50-. 52 13.07-.08 12.84-.85
12.04-.21 12.23-
Range
227,795
476,108
894
81
Chic-kasha—.
July—
Cloning
—
12.60
12.83
12.24
3,578
8,598
3.779 147,714
9,658
141,439
163,
La., Shreveport
Miss., Columbus'
N.C.,Gr'nsboro
June—
Range
80,099,
336
2,665
37,021
25,877
644
Vlcksburg
11.58-.7S 11.81-.
li.72-.75 11.83-,
46,131
33,944
Meridian
12.02
11.65
11.56
11.46
77,395
6,477
3,330
177,319 j
Clarksdale-..
11.65-.40
12.40
....
Closing
May—
Range
3,535
12~,i00
6,890
41,972
31,700
"519
1,417
3,200 35,554
474
30,912
318
1,581
205
/
Macon.
Rome
March—
16.835
64.954
298,213
36,747
290i
Columbus
1,119
1,445
2,696
26.
5,585
226
4,120
161
17,696
March
Week.
Seas no.
Week.
Stocks
ments.
March
Week.
Ship¬
Receipts.
Stocks
ments.
Towns.
28 1920.
Movement to March
Movement to Mar. 25 1921.
7.31
7.81
6.38
7.56
8.94
1897-C.
1,307,189
49,675
These figures are consumption;
2,249,724
takings not
March 26
1921.]
THE
Movement into sight in previous
Week—
years:
29
1917—Mar.
30
Since Aug. 1—
200,603
187,631
164,965
28
1918-19—Mar.
Bales.
1917-18—Mar.
1916-17—Mar.
28.
29_„.
30—_.
....
.
—
each
Saturdays Monday.
Galveston
-J 11.25
Orleans.
11.00
10.50
11.25
10.50
-J—
Charleston
10.50
Philadelphia
Augusta
Memphis
_
12.50
HOLI¬
12.80
12.60
Houston
..
Rock__
Worth.
11.50
11.50
11.15
11.30
11.50
10.90
10.75
11.50
11.50
10.65
10.80
11.35
10.70
11.00
11.50
11.25
11.75
11.50
11.50
11.50
other
Waste
Yarn
10.60
11.10
19. Mar.
April
—
Tuesday,
21. Mar.
October
December
January
1 for the last two seasons, from all sources from
are
obtainable; also the takins, or amounts
out of sight, for the like period.
gone
23. Mar.
Steady
Steady
Other India
24. Mar.
25.
12.98
13.14
—
DAY.
Steady
Steady
Steady
Steady
Season.
4,956,257
_
supply
4,'792", 018
206", 825
8,316,194
1,656,000
188,000
460,000
271,000
140,000
64,000
68,000
611,000
shipm'ts to Mar. 24
9,808,238
2,072,000
332,000
730,000
168,000
121,000
24,000
3,000
3,000
6,811,390 15,847,451 6,568,735 17,902,256
Visible supply Mar. 25
*
HOLI¬
—
1919-20.
Week.
Season.
6,210,910
126",921
__
6,541,521
takings to Mar. 25_a
6,541,521 6,185,271
269,869
230,869
39,000
Of which American
Of which other
11.55 —
11.95-.97
12.35-.36
12.79-.80
j
6,521,469
Alexandria receipts to Mar. 23.
Other supply to Mar. 23
—
Quiet
Steady
1920-21.
Bombay receipts to Mar. 24
Total
11.03-.04 11.30
Steady
Steady
23,962,371
10,747,860
9,321,466
7,736,265
23,224,154
$16,750,317 $30,618,767 $196,785,968 $172,621,653
Deduct—
Friday,
Tone—
Spot
Options
value
Visible supply Mar. 18
Visible supply Aug. 1_;
American in sight to Mar. 25.
Wed'day, Thursd'y,
22. Mar.
11.80 —
11.28-.31 11.33-.34 11.58-.60 12.20-.23
11.64-.68 11.73-.74 11.96-.00 12.58-.60
12.16-.17 12.24-.25 12.48-.50 13.08-. 12
12.35 — 12.42 — 12.67 — 13.28 —12.51 — 12.59 — 12.83 — 13.43 —
May
July
___.value
24,952,454
13,689,992
5,507,037
11,651,224
25,667,503
WORLD'S SUPPLY AND TAKINGS OF
COTTON.—
following brief but comprehensive statement indicates
a glance the world's
supply of cotton for the week and
Total
Saturday, Monday,
10.96
value
....
4,094,828
1,648,818
1,351,332
1,819,845
4,074,069
Week,
MARKET.—The clos¬
ing quotations for leading contracts in the New Orleans cot¬
ton markets for the past week have been as follows:
March
value
Cotton Takings.
Week and Season.
NEW ORLEANS CONTRACT
Mar.
2,216,518
1,414,790
530,673
1,034,898
2,552,795
...value
cotton.....
which statistics
11775
11.50
10.45
—
_
All
....value
DAY.
11.63
11.50
..
Dallas
...value
goods
1919-20.
450,599,130
$97,629,537
since Aug.
12.00
11.90
10.70
—
Knit
1920-21.
1920-!
37,487,945 71,038,435 368.470,971
$9,000,643 $17,629,875 $115,287,758
Wearing apparel—
at
12.00
12.20
11.80
10.75
..
7 Months ending Jan. 31.
The
11.00
11.50
11.25
_J
yards
Total manufactures
11.00
11.75
12.00
11.25
—
1921.
on—
11.75
11.50
10.75
10.75
12.00
11.50
10.75
....
Baltimore
Little
11.75
11.50
11.00
10.50
—
Savannah
Piece goods
Piece goods—....
Tuesday.\ Wed'day. Thursd'y,| Friday.
11.25
—11.25
Mobile
Norfolk..
11.25
11.00
_.
Cotton Exported.
All other.
Closihg Quotations for Middling Cotton
Week ending
Fort
for
day of the week:
March 25.
New
principal cotton markets
Month ending Jan. 31.
of
i
8,675,566
9,855,386
10.781,374
....
QUOTATIONS FOE MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of
middling
cotton at Southern and other
1315
Manufactures
Bales.
1919—Mar.
1918—Mar.
CHRONICLE
9,305,930
6,825,930
2,480,000
6,185,271
383,464 11,716,985
244,464 8,423,985
139,000 3,293,000
Embraces receipts in Europe from
Brazil, Smyrna, West Indies, &c.
•
a This total embraces since
Aug. 1 the total estimated consumption by
Southern mills, 1,957,000 bales in 1920-21
and 2,385,000 bales in 1919-20—
takings not being available—and the aggregate amounts taken
by Northern
and foreign spinners,
7,348,930 bales in 1920-21 and 9,331,985 bales in
1919-20, of which 4,868,930 bales and
6,039,985 bales American.
b Estimated.
,
WEATHER REPORTS BY
TELEGRAPH.—Reports to
by telegraph from the South this evening denote that,
while rain has been quite general during the week, the
pre¬
cipitation has been light as a rule.
Mobile advises the
opinion still holds that acreage will be reduced 50%. Weather
us
jBOMBAY
India cotton at
the
season
1920-21.
0.47
0.02
2 days
0.22
1 day
0.20
1 day
0.01
2 days
1.15
1 day
0.72
dry
1 day
0.27
1 day
0.27
-1 day
0.10
Dallas
Palestitne
San
_.
Anonk)
Rainfall.
:
.
Del Rio
-
Galveston
New Orleans, La
Mobile, Ala__.
Savannah, Ga
Charlotte, N. C
Charlaston, S. C
Thermometer
in.
in.
in.
in.
in.
in.
in.
high
high
high
high
high
high
1 day
0.57
0.11
0.15
0.37
1 day
2 days
1 day
low 36
low 56
80
78
84
84
low
low
low
low
low
low
„
high 76
mean
mean
57
high 80
high 87
high 85
high 85
in.
in.
in.
in.
high 85
high 87
high 84
Bombay
73
mean
Aug. 1.
Week.
mean
69
48
mean
66
mean
65
rom—
For the Week.
Great
66
mean
Japandk
nent.
China.
Conti¬
Japan <t
1920-21..
nent.
China.
1,000
15,000
66,000
1919-20-.
4,000
13,000
61,000
28,000
mean
67
low 53
low 57
mean
69
1920-21..
mean
72
1S1P-20-.
L000
low 58
mean
71
1918-19..
mean
73
mean
69
mean
64
Above
Above
14.1
25.8
18.9
19.8
37.6
13.8
of gaugeAbove zero of gaugeAbove zero of gauge.
Shreveport
Vicksburg
of gauge.
zero of gauge.
CENSUS
zero
BUREAU'S
REPORT
82,000
78,000
28,000
50,000
5~O6O
e7666 12",000
26,000
169,000
79,000
155,000
267,000
1,000
1,000
7,000
14,000
33,000
19,000
129,000
5,000
3,000
13,000
35,000
1,000
5,050
5,000
15,000
18,000
66,000
67,000
29,000
82,000
31,000
90,000
83,000
32,000
483,000
497,000 1,011,000
349,000 1,231,000 1,663,000
35,000
1918-19-.
India
Other
Total
17,000
L
1920-21._
1919-20..
1,000
GINNED
ON
26.4
10.9
38.5
COTTON
of the two
GIN¬
March 20 the final report on cotton
linters) the present season as follows,
on
1920-21,
1919-20,
1918-19
EXPRESSED IN RUNNING
1920-21.
Alabama
Arkansas
California
-
Louisiana
Mississippi
Missouri
74,332
936,582
1,287,689
1,639,470
313,747
4,130,197
20,844
North Carolina
Oklahoma
South
Carolina
Tennessee
Texas
Alexandria,
301,408
2,960,335
23,076
1917-18.e
520,906
21,140
953,587
58,974
48,178
1,885,054
629,719
886,269
58,937
656,656
955,342
1,267,135
238,806
,12,673
4,935
6,228
.13,197,775
♦All other—
11,325.532
11,906,480
11,248,242
-
States
*
Includes Kentucky, Kansas and New Mexico.
WtIncluded In the 1920-21 production are 211,893
estimated
included
would
be
turned
out
after
the
March
bales,
canvass.
with
in
1919.
Ginneries
operated numbered
18,815 for 1919.
which
ginners
Round
18,426,
crop
in
1919-20.
1918-19.
week
Since Aug.
105,413
3,175,859
1
69,209
5,358,442
141,689
4.433,212
To
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
■
Week. Aug.
Liverpool
To Manchester, &c
To Continent & India
To America
Total exports
2", 149
2,549
1.
69,846
57,277
81,093
23,467
4,698 231,683
3,845
5,000
2,777
5,379
229,821
133,315
106,889
248,297
17,001 718,322
7,385
1,612
12,798
175,878
87,156
91,037
33,075
21,795 387.146
Note.—A cantar is 99 lbs.
This statement shows that
were
Egyptian bales weigh about 750 lbs.
the receipts for the week
ending March
105,413 cantars and the foreign shipments 4,698 bales.
2
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market
continues steady for both yarns and cloths.
The demand for
both home trade and foreign markets is
improving.
We give
prices for to-day below and leave those for previous weeks of
this and last year for comparison:
cable
bales
1921
1920.
8H lbs. Shirt¬
Cot'n
ings, Common
Mid.
to Finest.
32* Cop
Twist
compared
Upl's
32s
8X lbs. Shirt¬
ings, Common
Cop
Twist.
to Finest.
Cot 'n
Mid
.
XJpVs
■
^
total
1920-21.
This
are
pounds
The
Egypt,
,
Receipts (cantars)—
206,534 for 1920, compared with 114,305 for 1919.
AmericanEgyptian included was 91,965 bales, compared with 40,437 for 1919, and
Sea island 1,725 bales, compared with 5,064 for 1919.
The average gross weight of bales was 506.4 pounds, compared with
504.2
455,000
,
March 2.
/
3,041,726
20,155
5,658
Virginia
HUnited
59,082
897,733
354,000
years:
Exports (bales)—
789,265
54,215
957.118
71,479
34,951
2,117,860
582,698
1,193,122
59,797
919,338
585,149
1,581,726
317,962
2,610,337
25,235
17,317
1,678,758
303,035
950,907
62,667
857,253
1,002,178
1,462,277
1,446,577
388,625
previous
1917-18,
1918-19.
716,655
58,472
867,177
77,443
19,194
Florida.
Georgia
AND
BALES.
1919-20.
670,721
104,853
1,177,095
Arizona-
69,000'
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.—The following are the
receipts and shipments for
the week ending Mar. 2 and for the
corresponding week
34.9
ginning (excluding
counting round as half-bales:
COTTON
354,000
471,000
842,000
270,000 1,076,000 1,396,000
66,000
341,000
420,000
13,000
'
all--
1918-19..
NING.—The Division of Manufactures in the Census Bureau
completed and issue
Total.
Feet.
zero
Memphis
1.
Great
Britain.
Total.
Bombay—
low 65
low 50
low 43
low 49
Feet.
Nashville.
52,000 1,351,000
Since August
March 25 1921. March 26 1920.
Above
.
Aug. 1.
71
75
Conti¬
Britain.
48'
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Orleans
Week.
77,00C 1.736.00C
Exports
46
Since
Aug. 1.
61
60
The
New
1918-19.
Since
119,000 1,332,000
42
mean
in.
in.
in.
1.02 in.
Shreveport, La
Selma, Ala
Vicksburg. Miss
78
90
1919-20.
Since
Week.
3 days
__1 day
Brownsville-;
MOVEMENT.—The receipts of
Bombay for the week ending Mar. 3 and for
Aug. 1 for three years have been as follows:
Receipts at—
Rain.
Corpus Chrisfci
from
March 3.
has favored farm work.
Abilene, Texas
COTTON
equivalent
500-pound
.
bales
(linters
excluded)
is
13.365,754 bales, against 11,420,763 bales in 1919-20.
Jan.
28
d.
d.
8.
d.
s.
d.
d.
d.
d.
20 X
@
25^ 18 6
@20 0
9.04 58
@
19 H
@
25
18
0
@20 0
s.
d.
65
40
0
@
70
Feb.
4
8.
d.
d.
@43 0
28.31
@43 6
27.72
MANUFAC¬
40
6
U
19
@
24
17
6
@19 6
8.35 58H
8.11 59
@
71^ 41
6
18
@44 6
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for Ja^ ary and for the
18
@
22
17
0
@18 6
8.27 60
@
72
42
6
25
@46
0
16X
30.51
@
im
16
6
@18 0
6.76 61
@
73
42
6
@46 0
30.02
16 X
@
20M
16
0
@17 6
6.56 61
@
76^ 42 6
@46 0
29.15
@
17K 15 6
17H 15 6
@17 0
6.94 61
@
76H 42 6
@46 0
@17 0
28.65
7.31 70
@
87
42
6
@46 0
@
17H15 6
@17 0
28.80
8.05 60
@
78
42
6
@46 0
28.38
""DOMESTIC
seven
EXPORTS
months ended Jan.
31
OF
COTTON
1921
,
r
a,
for purposes of
comparison, like figures for the corresponding periods
previous year are also presented:
of
Mar.
4
11
15 H
18
14H
25
14 H
29.67
SHIPPING NEWS.—As shown on a
previous page, the
the past week have
in detail as made
mail and telegraphic returns, are as follows: Bales.
exports of cotton from the United States
reached 77.834 bales.
The shipments
from
up
213
Havre—Mar. 19—McKeesport, 213
NEW YORK—To
----
Hamburg—Mar. 19—Oregonian, 100
To
300
200
i
5,784
11.172
100—
100
—
2,100
Antwerp-—Mar. 17—Federal, 400—400
Ghent—Mar. 17—Federal, 825-------825
Trieste—Mar. 24—Georgia, 250
250
3,904
— — —
To Hamburg—Mar. 17—Glasgow Maru,
To Rotterdam—Mar. 22—Calno, 2,100
Calno,
To
To
To
-
„
19—Vancouver
18—Pequot, 8,147-__Mar.
23—Fert, 1,877
24—Georgia, 4,950--
To Genoa—Mar.
_ 13,674
—4,950
1,300-.-Mar. 22—
Chifuku Maru, 5,000
—6,300
TEXAS CITY—To Havre—Mar. 19—Quistconck, 1.750
1.750
Maru, 3,650-__Mar.
To Venice—Mar.
Maru,
21—Canada
Japan—Mar.
To
1,175
Mar. 22—Tatjana,
800
75
-
To
2,950
CHARLESTON—To Bremen—Mar. 19—Sacearappa, 950
NORFOLK—To Liverpool—Mar. 24—Graciana, 200
PHILADELPHIA—To London—Mar. 11—Castellano, 414
SEATTLE—To Japan—Mar. 17—Protesilaus, 3,511—:
PORTLAND—To Japan—Mar. 21—Seiyo Maru, 675
—
200
414
3,511
675
—-—
77,834
Total
Ger-
Great
Texas City
300
200
Total.
813
45,555
....
3,325 18,874
11,272
ico.
South. Japan.
North.
100
213
5,784
1,750
New York—_
Galveston
Mex¬
--Other Eur'pe-
many.
Britain. France.
the week,
for
The particulars of the foregoing shipments
arranged in our usual form, are as follows:
6,300
3,250
2,950
9,722
Houston
Orleans.
New
2,675
100
950
100-.---—----------------
23—Gonzaba,
To Mexico—Mar.
500
—
2,950— —
Japan—Mar. 22—City of Shanghai,
Genoa—Mar. 22—Nicolaos, 2,675—
To
-
800
169
6,975
100
950
Charleston
Norfolk
—
_
1,750
9,722
14,244
950
200
"200
414
414
Philadelphia
675
3,511
675
22,324 13,436
100 77,834
3,511
Seattle
Portland,
Ore-
4^425
7,747 22,213
7,589
Total
cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
COTTON FREIGHTS.—Current rates for
ard.
High
Stand-
.25c.
,50c.
Liverpool.--
Density.
.62c.
1.00c.
Stockholm.-
Manchester.
.25c.
,50c.
Trieste
Antwerp
.40c.
.40c.
Flume
.45c.
.25c.
.40c.
,50c.
.45c.
Lisbon
.30c.
Oporto
Barcelona..
---
Ghent
Havre
-----
Rotterdam
_
Genoa
Chrlstiania
.40c.
-.1.00c.
.75c.
,75c.
Japan
.75c.
.62c.
.
Stand*
ard.
.75c.
1.25c.
1.25c.
1.00c.
1.00C.
.80c.
1.25c.
1.25c.
High
Density.
Shanghai
—
75c.
.55c.
1.00c.
1.00c.
Stand
High
Density.
ard.
1.50c.
1.50c.
Vladivostok 1.00c.
1.25c.
Bombay
Gothenburg
.62c.
.75c,
Bremen
.40c.
.50c.
Hamburg.—
.40c.
,50c.
Piraeus
1.00c.
1.25c.
Salonica
1.00c.
1.25c,
have the fol¬
week's sales, stocks, &c., at that port:
LIVERPOOL.—By cable from Liverpool we
lowing statement of the
Mar. 4.
Sales, American
Actual export..
Forwarded
Total
American
26,000
116,000
12:15
Liverpool market for spots and futures
been as follows:
f
Market,
rt.M.
business
doing.
Quiet.
Quiet.
7.30
7.51
7.57
8.05
4,000
HOLIDAY
4,000
6,000
6,000
changed
2 @3 pts.
\
J
Firm,
to 14@19 pts. 31@41 pts.
4 pts. adv.
advance.
advance.
Quiet,
Quiet,2 pts.
Firm,
Steady,
12@19 pts.
dec.ine to
; advance.
[
i
HOLIDAY
Steady,
Steady, un¬
Quiet,
Futures.
opened
More
demand.
mm — — —
Friday.
Thursday.
Fair
\
Market
Wednesday.
Tuesday.
Monday.
Saturday.
Mld.Upl da
8al0i
Mar. 23.
14,000
19,000
9,000
12,000
6,000
6,000
15,000
29,000
1,020,000 1,027,000
633,000
635,000
27,000
34,000
13.000
29,000
119,000
110,000
49 000
52,000
Mar. 18.
the past week and the daily closing prices of
spot cotton have
Market,
61,000
—
The tone of the
K
632,000
21,000
15,000
121,000
58,000
51,000
imports
American.
Amount afloat
Of which American.
Of which
Spot.
28,000
1.018,000
33,000
1,027,000
645,000
Total
each day of
22,000
14,000
5,000
6,000
i——
stock--
P" Of which
Mar. 11.
26,000
22,000
Sales of the week
to
be
lack of confidence in
a
has been
certain amount of buying for
a
In
grades.
week
was
not
a
so
The rank and file of opera¬
prices can be sustained.
In the next place, the crop news is favorable.
The West,
too, feels more or less the pinch of monetary stringency.
It is more disposed to sell.
Besides, the foreign news has
not been altogether bullish from the standpoint of the wheat
trade.
Suppose Russia is opened up for the trade of West¬
ern Europe?
Russia in the past has been a large producer
of wheat.
And, after all, Great Britain has been the chief
buyer.
The Continent has not bought very heavily.
This
recalls the fact that economic conditions on the Continent
of Europe are anything but promising.
In other words,
the Continent is poor.
These things have naturally mili¬
tated against the market, and, despite the British buying
and the reports from Washington that the emergency tariff
bill will be introduced at the next session of Congress,
which begins on April 11 and promptly passed.
This is
the measure that was vetoed under the last Administration.
But it fell flat as a market factor.
So did a decrease in the
visible supply in the United States last week of 1,820,000
bushels, or nearly half a million bushels more than in the
same week last year.
The present visible supply is only
about half as large as it was a year ago, namely 24,579,000
bushels against 47,679,000 a year ago.
Yet selling for short
account has increased and elevator interests have sold on a
considerable scale.
When the export demand fell off all
there is
a
lack of speculation.
do not believe that present
tors
other demand died out.
cabled March 20: "Wheat exported during
Buenos Aires
to an additional export
between local exporters
for the Government to fix weekly minimum prices in Argen¬
tina.
The uncertainty regarding the levy of an additional
tax such as was suddenly imposed last year is said to have
been one of the causes for the recent weakness of the wheat
market here."
In western Central Europe the weather has
been favorable.
Spring wheat sowing is making good pro¬
gress and winter-wheat crops are described as satisfactory.
In Italy and Spain the outlook is favorable.
In North
Africa conditions are good, but rain is needed.
Millers in
the United Kingdom are willing buyers of wheat, but with
control uncertain, the tendency is towards caution.
Stocks
of wheat are not decreasing as rapidly as heretofore, and the
demand from the Continent appears to have slackened some¬
what.
Australia has reduced the rate on wheat export to
East Africa and certain islands in order to meet American
competition from 9s. to 7s. lid. per bushel.
On Thursday
prices advanced a trifle, but they are slightly lower for the
the present year will not be subjected
tax.
An agreement has been reached
week.
4 pts.
advance.
..
+
DAILY
PRICES
CLOSING
adv.
advance.
advance.
OF
Tuetf.
12^
to*
12 H
CLOSING
Thurs.
Wed.
PRICES
OF WHEAT
cts.152
142
Frl.
Indian
12X
4
p. m.p. m
p. m. p. m. p. m. p. m
Mar. 25.
d.
7.65
7.73
April..,
7.64
7.73
.1
7.76
7.85
7.79
7.88
May
-
June
12H
4
p. m.p. m
12?*
4
p. m.p. m
12^
4
d.
d
d.
d
d
d.
to the
7.71
7.92
8.04
8.40
8.19
7.86
7.74
7.93
8.04
8.40
8.2a
of
7.98
7.86
8.07
8.16
8.55
8.35
into
8.02
7.90
8.11
8.20
8.58
8.39,
7.86
7.89
8.00
8.16
8.03
8.26
8.34
8.70
8.49
HOLI¬
7.97
8.07
8.23
8.10
8.33
8.45
8.78
8.56
HOLI¬
DAY
8.03
8.14
8.30
8.16
8.40
8.47
8.82
8.60
DAY
July
August
September
October
8.07
8.17
8.34
8.20
8.43
8.50
8.85
8.62
November
8.10
8.20
8.37
8.23
8.46
8.53
8.88
8.65
December...
8.13
8.23
8.40
8.26
8.49
8.56
8.91
8.67
January
8.15
8.25
8.42
8.29
8.51
8.58
8.93
8.69
February
8.18
8.28
8.45
8.32
8.54
8.61
8.96
8.72
...
BREADSTUFFS
Fridap Night4
.
Flour
active.
at
one
In fact
time
on
week.
p.m.p.m.
vance
d.
d.
d.
d
March
4
March 25 1921.
early in the week was rather more
the 19th instant there was quite
a
good
NEW
YORK.
Fri.
May delivery...
Moa.
Tues.
Hoi.
Sat.
12
IN
Mon.
cts.Nom. Nom. Nom. Nom. Nom.
No. 2 red
Mar. 19
WHEAT
Thurs.
Sat.
March delivery
Sat.
foreign account of
word the showing of export business
bad.
But this week Europe has
bought on a very small scale.
It might be larger if the
buying power were in the hands of individuals instead of
European Governments.
The governments prefer to buy
wheat and build up the milling industry abroad.
Wheat declined despite liberal export sales early in the
week.
For instance, last Monday they amounted to nearly
3,500,000 bushels.
Nevertheless new low price records
were made on this movement.
Why?
In the first place,
DAILY
.
be aoribed the-
Export business last week
was on quite a liberal scale it is true, and stocks of the lower
grades have been it is said pretty well depleted, that is on the
spot and for nearby delivery.
First clears indeed have been
sold ahead fcy some mills for a month to come.
Also there
29@35 pts. 11 @19 pts.
below:
,
the stability of
It is to this belief that must
general indifference of buyers.
last
169
•.
To Piraeus—Mar. 19—Virginia Bridge, 75-.
To Salonica—Mar. 19—Virginia Bridge, 500---
seems
present prices.
800
19—Napierian, 800——
Hamburg—Mar. 19-7 Virginia, 169
Antwerp—Mar. 18—Indier, 800
To
purchase more or less
immediate wants but in the main
from time to time for thier
there
believed to be generally
Buyers have no choice but to
the better
To Manchester—Mar.
To
Buyers it was understood
Moreover stocks of flour here are
light.
6,175
—
—
although at low prices, both for
Canadian.
9,722
19—Minnewawa, 9,722—
ORLEANS—To Liverpool—Mar. 19—Napierian, 5.000—
HOUSTON—To Bremen—Mar.
NEW
American
increased their
purchases as a precautionary measure in view of the trans¬
portation situation, and the possibility of local trouble.
business done,
and
100
-
15—Esthonla, 300--------—---------—
To Piraeus—Mar. 23—Massilia, 200
GALVESTON—To Havre—Mar. 18—West Shore, 3,284---Mar.
19-—Quisfcconck, 2,500
To Bremen—Mar.
17—Glasgow Maru, 7,268—Mar. 22—
To Danzig—Mar.
,
[Vol.. 112.
CHRONICLE
THE
1316
Corn
Yet at
followed
one
time
Wed.
FUTURES IN CHICAGO.
Mon.
Tues.
Wed.
Thurs.
1513A 150% 153
141^ 142^ 141M 141^
152H
Fri.
Holi-
day.
wheat downward early in the
the 21st inst. there was an ad¬
on
both corn and oats, owing to damage done
big elevator explosion, due to the ignition
in Chicago in
stock by
grain dust.
a
But nothing seems to infuse lasting strength
corn.
Although the receipts are not
the market for
large, quite the contrary, they are large enough to supply the
current demand.
There is no evading that fact.
For the
cash demand is undoubtedly light.
Speculative demand is
also small.
Some think the price looks low, but they ask
)vhat of it, if wheat keeps on declining? Besides, the visible
Supply increased last week no less than 2,953,000 bushels,
following an increase the week before of 3,065,000 bushels,
or, in other words, an increase in a fortnight of 6,018,000
bushels.
That was assuredly no small item in a dull market,
especially as
brings the total supply up to 29,856,000 bush¬
els, against 5,3~
00 bushels a year ago.
The receipts at
primary points have much of the time been small.
This fact
March 26
1921.]
THE
CHRONICLE
joined with the large increase in the visible supply in spite
of it certainly suggests a sluggish consumption.
The Ex¬
changes are closed to-day.
On Thursday prices advanced
li to 34e., but are down about 3c. for the week.
DAILY
CLOSING
CORN
OF
PRICES
Sat.
No. 2 yellow
NEW york.
Wed.
Thurs.
Tues.
83%
84%
cts_
IN
Man.
82%
82
committing themselves for far distant deliveries.
In short,
nearly all the business passing represents quick replenish¬
ment of jobbing or retail stocks that have been
materially
reduced
delivery
68%
69%
68%
67jg4
67%
the
Tues.
Wed.
54
54
53%
DAILY CLOSING
54
53%
53%
53%
PRICES OF
OATS FUTURES
Mon.
Tues.
IN
Sat.
ders
May delivery..
July delivery
40%
42%
41
42%
cts.
40%
41%
big
bushels
relations
decidedly
un¬
cotton
centres
and
our
cotton
own
markets
DOMESTIC COTTON GOODS.—The feature of the week
the marked
sulting in
broadening of demand for
much
a
of about
vance
sales
larger
volume
half-cent.
a
of
At the outset
goods,
gray
business
and
some
fairly large
made to favored customers at the "inside"
were
and
7%c. for 68
price
to
buy
60s
Some of the larger users found it
outside market on a lower basis
72s.
x
in
the
than they could make in
sales
became
buyers
Fri.
generally,
steadily
Holiday.
their
own
active
an
resulting
advancing
; reported
;
known
prices.
in
mills.
further
developed
heavy
among
dealings
Some of the leading
the best business in two months.
6%c. for the 64
at
agencies
Fully half
a
basis of 634c.
a
60s and 7%c. to 734c. for the 68
x
x
When these large
demand
million pieces of print cloths were sold on
to
re¬
ad¬
an
quoted late last week—a basis of 6c. for 38%-inch 64
72s,
x
Some of the commission houses sold directly to printers on
large scale.
Inquiry from converters were also much
broader, especially for odd widths and narrow cloths. The
taken for export.
a
And as everybody convers¬
business knows the statistical position is
at least theoretically strong.
There was a further decrease
in the visible supply last week of 55,000 bushels.
In the
same week last year it is true the decrease was no less than
844,000 bushels.
But the point is that the total is now down
to 1,614,000 bushels against no less than 18,740,000 bushels
at this time last year.
And while the price of cash rye has
been at times very well maintained futures have suffered
from the depression in other grain.
On Thursday prices
advanced 3^ to Mc. but for the week they are 23djc. lower
on July and 2c. higher on May.
were
with
ant
Germany and political
strengthened appreciably.
was
On the 21st instant 100,000
little firmness.
no
in
out
More hopeful reports have been received from
British
have
Rye could not be expected to resist the downward trend
of other grain, but it is noticeable that cash rye has at
times shown
broken
satisfactory.
CHICAGO.
40
41%
40%
42%
have
between that country and the Allies are still
day.
Thurs.
to
The foreign situ¬
trade with
Holi-
Wed.
wage reductions.
of
by indications of a more sane po¬
regime in Russia and prospects of a resumption of
that country.
On the other hand, fresh disor¬
litical
Fri.
53%
do¬
In this country we have
tariff changes; the steadily
industrial centres because of
in
power
The
both
and lower wages; and the prospects
certain industries where labor is determined
in
possible
Thurs.
54
important
of Easter.
traceable to
ation has been improved
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
of
fight vigorously against
seeding, it has progressed rapidly, and the
acreage in the Southwest is being increased.
All this with
large stocks militate very plainly against a material or per¬
manent rise in prices at this time.
At any rate, this is a
very prevalent notion.
On Thursday prices were higher..
They are down for the week, however.
54
distribution, accelerated by
unemployment
been favorable for
Sat.
likelihood
strikes
But, on the other
hand, the cash demand has been small.
The weather has
cts.
active
future contracts is
decreasing buying
day.
been rather moderate than otherwise.
No. 1 white
No. 2 white
of
mestic and foreign uncertainties.
Oats, like other grain, took a downward turn, although
early in the week they had a momentary advance, owing
partly to the elevator explosion at the West.
But the de¬
pression in wheat soon offset everything else, especially as
the visible supply increased in this country last week 561,000
bushels, in contrast with a decrease in the same week last
year
of 476,000 bushels.
The total is now 34,907,000
bushels, against only 9,825,000 a year ago.
The receipts
at primary points at the West are described as only fair, and
hedge selling has not been on a large scale.
In fact it has
I
result
a
reluctance about
Hoi.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed.
Thurs.
Fri.
May delivery.
..cts. 66%
65%
65%
63%
64%
Holi-
July
as
generally fine weather and the approach
Fri.
82%
1317
the rye
early dealings also included fairly heavy quantities of 34
x
32
sheetings to the bag trade.
Old customers secured the
goods on a basis of 24c. per pound, but the general trade
paid more.
Later, business was done in light weight sheet¬
ings for the bag trade at 434c. for 6.15s.
On the other hand,
trade
in
heavy end sheetings was still unsatisfactory.
continued difficult
to
It
sell ducks, and special heavy fabrics
for manufacturing purposes remained slow.
At the outset
there was not much general demand for fine goods, but
later a better inquiry deleveloped for better qualities of
'
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May delivery
July delivery....
The
IN
113%
voiles, fine organdies and batistes for immediate shipments,
CHICAGO.
Tues.
Wed.
135
113%
cts.134
following
FUTURES
Mon.
136%
114%
136%
112%
Fri.
Thurs.
137%
113
supplies of which
Holiday.
?
ate
closing quotations:
are
No. 1 spring
Corn—
No. 2
No. 1 white
$1 75 nom.
No. 2
52
1 63%
73 @78
83 @89
FLOUR.
$8 15@
Spring patents..
Winter straights, soft
7 85 @
Hard winter straights
8 15@
Clear
6 00@
Rye flour
8 35 @
Corn goods, 100lbs.:
Yellow meal
1 90 @
18 50
8 25
00@
*
Corn flour
-
For
2
other
tables
8 50
7 00
8 75
2 00
usually given
Barley goods—Portage barley:
No:
1
__
.
_
_
-
_
Noe. 2,3 and 4 pearl
Nos. 2-0 and 3-0
Nos. 4-0 and 5-0
Oats goods—Carload
spot deli very
,
firmed
see
7 50
7 15@
WOOLEN
5 90
during the month of February and the eight months for the
past three years have been as follows:
1919-20.
8 Months.
1918-19.
8 Months.
February.
February.
for
GOODS.—The
activity
Flour.bbls.
1,023.666
4,932,122
1,254,081
10.411,964
87,605,400
12,003,421
5,991,688 120,618,089
2,189.007 12,529,645
'
Wheat*bu. 23,075 208 256,711,238
Corn. _bu. i 8,144,346 22,742,917
10,575,486 141,620,794
1,791,151
9,871,755
15,842.219177,001,491
Total bush
12,366,639151,492,549
16,818,049'190,519,084
31,219,554 279,454,155
Values.
Breadst'ffs
Provisions.
Cotton
...
Petrol.,&c.
Cot's'd oil.
Total
*
val.
$
$
63,916,506
36,330,387
44,332 540
46,378,885
4,276,772
$
!
975,830| 13,517.593
t
$
826,950,031 43,834,673 503,193,584
300,882,564 57,579,845 497,644,385
493,642,635 135,950,127964,632,300
407,476,9.56 34,181,620243,520,879
24,044,617
4,515,952j 21,331,750
$
be
of
73,652,274!553,806,843
'
1
.....
195,235,090^2052996803 270,062,223 2230322904 257.096.21H2018092456
business to
some
ready for delivery
suitings
offerings
Men's
Friday Night, March 25 1921.
are
and
many
the
buyers in attendance in virtually all departments
volume
of current
business
on
the whole
remains
While some lines are more or less neglected,
others have been extremely active.
It is worthy of note,
satisfactory.
so
were
not
of
Some light fall
extent.
suitings
bought for the spring trade.
serges
and
somewhat eager to secure spot
plentiful.
i
other
staple
worsted
FOREIGIsf
DRY
supplies and these
were
/
GOODS.—The
market
for
burlap has
remained extremely quiet, the
practically
majority of buyers shewing
interest either in spot goods or future ship¬
no
At the outset it was stated that some of the larger
ments.
seemed
low
disposed to operate in forward shipments at
levels
previously
quoted.
Business of this kind,
virtually impossible, as cables were from 10
to 25 points higher.
For March shipment light weights
were offered at 3.65c. and heavies at 4.20c.
April-June ship¬
ments
March.
was
quoted about
were
25 or 30 points premium
over
Light weights on the spot sagged off from 4c. to
3.90c., and heavies from 4.50c. to 4.40c.
Still later it was
asserted in some quarters that spot goods might be avail¬
able on the same basis as prompt shipments from Calcutta.
Conditions in
of moment.
the linen
of
orders
market have undergone no change
Among some sellers an increase in the number
volved and tliey were
of
were
considerable
however, that excepting when they are negotiating for wellare averse to
has continued
freely ordered as to lead to their with¬
known standard lines the
majority of buyers
wear
relatively quiet, although there
eleventh-hour buying.
Many
garment manufacturers who had held out for a long time
however,
feeling in practically all dry goods markets contin¬
ues optimistic as a whole, although there are enough con¬
flicting factors to cause a great deal of irregularity.
There
Owing to the
Dress goods were
signs
were
the
New York,
were
drawal.
Including flour reduced to bushels.
The
wor¬
experience with heavy cancellations they
speculative character.
a
users
THE DRY GOODS TRADE
and
good demand, although the withdrawal of various lines
now
56,027,486 577,850,285
95,379,092 629,182,572
25,513.0931236,476,138
6,624,266 20,776,618
woolens
extremely careful not to' accept orders that seemed to
are
Additional
18.468.711 209,857,400
in
the cautious attitude of many manufacturers.
checked
8 Months.
draperies,
both
Quantities.
Wheat.bu.
of
I
from
February.
con-
condition
branded muslins, pillow tubings, and many
still apparent, unbranded bleached cottons
late disagreeable
in
U. S.
buyers
and
soid-up
spring and fall has been well maintained.
fact, the volume of business was restricted somewhat by
In
EXPORTS OF BRE A.DSTUFFS, PROVISIONS, COT¬
TON AND PETROLEUM.—The exports of these articles
1920-21.
value"
the
cretonnes, etc.
;
Exports
was
"at
While
orders.
A steady business was done in low-end
cottons.
7 26
7 50
1249.
page
their
remained weak and it continued easy to secure many brown
$7 25
steds
her,
all
wide sheetings,
ginghams
2 05
.
as
This fiiling-in demand was especially marked
ginghams previously ordered
Barley—
Feeding.
Malting-
Rye—
buying
were
printed wash goods, ginghams, swisses, organdies and
napped cottons.
Leading sellers fixed the prices for fall
53%
No. 3 white
$0 82%
and retailers
for
54
_
No. 2 white
Nominal
yellow
Both jobbers
quirements.
Oats—
No. 2 red
in fairly good demand for immedi¬
they sold and showing little desire to anticipate future re¬
GRAIN.
Wheat—
delivery.
far from abundant.
were
Finished goods were
was
reported, but only small quantities
all for immediate delivery.
were
in¬
[VOL. 112.
CHRONICLE
THE
1318
Rico, apprqved March 2 1917, was passed by
J>iale imd City Lkpm'tweut
ITEMS.
NEWS
Idaho .—Formation of
I
New State Proposed.—A
proposition
looking to the formation of a new State which would comprise
ten counties of north Idaho, a part of western Montana
and eastern Washington, is being considered.
The new
State would be called Lincoln, and would have Spokane as its
capital. A dispatch from Spokane to the New York "Tri¬
bune" gives the following information concerning the pro¬
posed formation of the State:
Spokane, Wash., March 19.—Northern Idaho residents, fostering forma¬
tion of the new State of Lin win, which would comprise ten counties of
Idaho,
north
part of western Montana and eastern Washington, are
be used for propaganda purposes, it was said hereto-day
a
raise a fund to
to
by Herman Taylor, of Sand Point, Idaho.
The campaign will be started
within a few weeks and will be carried on for two years, he said.
The Idaho Legislature recently passed favorably on the scheme to form
the new State, of which Spokane would be the capital.
Northern and southern Idaho are separated by a high range of moun¬
tains, and this
if it is formed.
would be the southern boundary
,^V;>.V
of the State of Lincoln,
'
Kansas.'—Legislature Adjourns.—The 1921 session of
Legislature adjourned at 12:25 p. m. on Mar.
Important laws enacted are:
-
the
21.
limit of levy for cities of the first class having a pop¬
and a half mills for general revenue, two
three and a half for paying existing obligations,
one-half mill for judgments, one-half mill each for park and library funds,
and one-fourth mill for other incidentals.
S. B. 524—Authorizes an assessment of one-twentieth of 1 per cent of
the average bank deposits for a State bank guaranty fund, the total fund
not to exceed $1,000.000.
1
S. B. 146—Preventing cities of the second class from issuing bonds to
erect an incinerating plant.
It also limits the time on bonds for paving to
ten years at 6 per cent.
8. B. 69—Authorizing county commissioners to levy one-half mill to the
amount of $500,000 for the erection of hospitals.
H. B, 201—Authorizes rural high schools to Levy a tax as high as 12 mills
S. B. 231—Fixes the
ulation of less than 40,000 at two
improvement,
to
pay
H,
outstanding indebtedness.
694-—Authorizes Supreme Court to
B.
persons to compile,
need correcting will
brackets:
Sec. 3.
'■
That
no
export duties shall be
levied
or
collected on exports from
Porto Rico, but taxes and assessments on property, internal revenue, and
license fees, and royalties for franchises, privileges, and concessions may be
imposed for the purposes of the insular and municipal governments, re¬
as may be provided and defined by the Legislature of Porto Rico?
and, when necessary to anticipate taxes and revenues, bonds and other
obligations may be issued by Porto Rico or any municipal government
therein as may be provided by law, and to protect the public credit: Pro¬
vided, however, That no public indebtedness of Porto Rico or of any sub¬
division or municipality thereof shall be authorized or allowed in excess of
171 10 per centum of the aggregate tax valuation of its property, and all
bonds issued by the government of Porto Rico, or by its authority, shall
be exempt from taxation by the Government of the United States or by the
government of Porto Rico or of any political or municipal subdivision
thereof, or by any State, or by any county, municipality, or other municipal
subdivision of any State or Territory of the United States, or by the Dis¬
trict of Columbia.
In computing the indebtedness of the people of Porto
Rico, bonds issued by the people of Porto Rico secured by an equivalent
amount of bonds of municipal corporations or school boards of Porto Rico
spectively,
shall not be counted."
■,"'v;';
Approved, February 3 1921.
•
Kansas
mills for
the 66th Con¬
and approved Feb. 3 1921.
The amendment extends
the debt limit from seven per cent to ten per cent of the
aggregate tax valuation.
We print Section 3 below, show¬
ing the new matter in italics and the old to be omitted in
gress
appoint commission of three
of).—Legislature Adjourns.—The
seventeenth session of the Washington Legislature adjourned
sine die on Mar. 10.
Important among the measures passed
during the session and signed by Governor Louis F. Hart are:
Washington
House Bill
(State
287—Appropriation of $11,000,000 from the
pensation Fund for the purpose of making
Bonus Act.
S. B.
be used
S.
B.
Veterans' Com¬
payments under the Soldiers'
241—Appropriating $1,000,000 from the Public Highway Fund
revolving fund in connection with Federal aid projects.
83—Authorizing county commissioners to fix the percentage
to
as a
permanent highway fund to be retained by
of permanent highways, such amount not to
50%.
v..■■ .
of
the county for maintenance
be less than 5 nor more than
208—Authorizing quarantine to prevent Introduction and spread of
pests in agricultural and horticultural products.
312—Creating a contingent fund for guarantee of bank depositors
and fixing assessment of member banks under guaranty.
/
;
S. B. 139—Creating water distribution districts and providing for dis¬
S. B.
disease
or
S. B.
tribution
of water
for
irrigation.
revise and codify existing State statutes.
Laws which
be re-enacted by the 1923 Legislature and will be pub
lished the next summer.
counties, cities, townships,
H. B. 387—Permitting
of education
bonded
and ail other municipal
indebtedness.
Kentucky.—Loans by Counties to State for State Highway
Rejected.—A dispatch from the Louisville "Courier-Journal"
Frankfort Bureau dated Mar. 15 said:
No advancements in the form
BOND CALLS AND REDEMPTIONS.
school districts, boards
organizations to refund outstanding
,
of loans by counties for
construction of State
accepted, the State Highway Commission
decided to-day after conferring with Attorney-General Charles I. Dawson,
who explained to the Commissioners the opinion of the Court of Appeals
Boulder, Boulder County, Colo.—Bonds Called.—Storm
Sewer Improvement District No. 1, bonds Nos. 15 to 31,
both incl., have been called for payment Apr. 10, at which
time
interest ceases.
Denom. $500.
Mayme Graham,
Clerk.
highway system projects will be
in
the Hopkins County case.
In that the Court held that
.
such an advancement is a debt
meaning of the constitution, and the
annual income for the current year.
within the
department is limited to the
estimated
Hopkins County was offering to lend the department $150,000 of its
bond issue for construction of the Dixie Bee Line through the county.
The
Court said it could, as the State was not obligated at the time beyond Its
current road revenues.
(See "Chronicle" of Mar. 19, page 1182.)
Since there are enough counties ready to match dollar for dollar with
the State in Federal aid projects to keep the State road fund employed,
the Commission was of the opinion that the better policy is to decline all
lOC&l lOStHfl
i
1
whether counties may contribute their bond Issues to the
Federal aid projects will be decided shortly by Judge
Thomas, who has before him the suit of County Attorney Thompson of
Lawrence County to enjoin the Fiscal Court from thus contributing $150,000
toward the Mayo Trail.
Mr. Thompson and a delegation from Lawrence
and Johnson were before the Commission yesterday urging a change in the
route designated in Lawrence County, but the Commission deferred action
until after the suit is decided, as the route of the Mayo Trail would be a
moot question if the Court should say the money could not be used for it.
The Flat Fork route of the Midland Trail through Carter County was
adopted by the Commission.
Rivalry between advocates of that route and
the one along the Chesapeake & Ohio was thrashed out before the Commis¬
sion yesterday.
Engineers were of the opinion that the Flat Fork route
would save $100,000 in construction cost.
Owen and Henry counties will be allowed convict labor again this year to
complete projects under construction.
The question
State for use
on
Missouri.—Legislature Adjourns.—The fifty-first General
Assembly of Missouri, adjourned on March 19 after having
passed about 280 bills.
Included in this total is a bill
which proposes to submit to a popular vote a Constitutional
amendment for a $15,000,000 bond issue to provide a bonus
for Missourians who served in the war.
Jersey.—State Income Tax Proposed.—A resolution
passed by the General Assembly recreating the
special commission of 1919 to recommend income tax legis¬
lation for New Jersey to replace the present personal tax.
The resolution recommends that the bill to be prepared by
the Commission should provide for a State referendum to be
submitted to the voters at the 1922 election.
The Hudson
"Observer" on March 18 said:
New
has been
Assemblyman Rowland's concurrent resolution No. 7, recreating the
special commission of 1919 to recommend income tax legislation for New
Jersey to replace the prese-1 personal tax, has been passed by the Assembly
without opposition, following activities on the part of the Jersey City Cham¬
ber of Commerce in pushing the measure.
Frank Jess, Chairman of the
State Board of Taxation, Senator Clarence Case, Assemblyman Arthur
Pearson, George T. Smith of Jersey City and George L. Record of Jersey
City are the members of the old commission who are reappointed by the
resolution just passed.
Further action in the matter of an income tax for New Jersey is the
direct result of unceasing activity on the part of the Jersey City Chamber
taxation committee, of which Angus H. McDonald is Chairman.
The 1919
commission submitted a majority report to the 1920 Legislature recommend¬
ing that the personal property tax be eliminated in favor of an income tax,
also
on
Arlington Park Impt. Dist., bonds Nos. 129 to
East Side Impt. Dist. No. 6, bond No. 41.
North Side Impt. Dist. No. 18, bond No. 33.
North Side
.
Helena, Lewis and Clark County,
Special Sewer Impt. Dist. No. 4-C, warrant No. 495.
Special Street Impt. Dist. No. 78, warrant No. 657.
Special Street Impt. Dist. No. 80, warrant No. 887.
Special Street Impt. Dist. No. 102, warrant No. 1153.
Special Street Impt. Dist. No. 106, warrants Nos. 1093
Previously called warrants:
Special Street Impt. Dist. No.
BOND
pay-
Manager Willard G.
Stanton, President Hoos and Chairman McDonald,
of Assemblyman Pearson succeeded in getting the con¬
resolution introduced.
current
PUPorto Rico.—Debt Limit
Section 3 of the Act to
Extended.—An amendment to
provide
a
civil government *or Porto
112, warrants Nos. 1194
PROPOSALS
this week have been
as
AND
and 1094.
and 1195.
NEGOTIATIONS
follows:
DISTRICT (P. O. Ada) Pontotoc County, Okla.—
—The $75,000 5% 5 year serial school bldg.
bonds, which were purchased at par and interest by the
County Treasurer—V. 112, p. 1051—are in denom. of $1,000 and are
dated June 1 1920.
Int. J. & J.
ADA SCHOOL
DESCRIPTION OF BONDS
and equipment
(P. O. Decatur), Ind.—BOND OFFERING.—
issues of 4 H % road bonds will be received until
29 by Hugh D. Hite, County Treasurer:
$12,960 James Kenny, Jefferson Twp. bonds.
Denom, $648. Due $648
each six months from May 15 1922 to Nov. 15 1931, incl.
ADAMS
COUNTY
Bids for the following five
2 p. m. Mar.
$440.
17,600 Henry Kruckeberg, Union Twp. bonds.
Denom.
$880 each six months from May 15 1922 to Nov. 15 1931, incl.
21,400 Merryman, Blue Creek Twp. bonds.
Denom. $535. Due
each six months from May 15 1922 to Nov. 15 1931, incl.
Due
$1,070
9,600 Scherry-Arnold,
Kirkland Twp.
$480 each six months from May 15
bonds.
Denom.
$480. Due
incl.
$480. Due
incl.
1922 to Nov. 15 1931,
9,600 Floyd Stoneburner, Kirkland Twp. bonds.
Denom.
$480 each six months from May 15 1922 to Nov. 15 1931,
Date Mar. 15 1921.
Int. M. & N.
law it will not be a
with the assistance
Mont.—Bond Call.—
given to the holder or holders of the following enum¬
erated special improvement district warrants, that on April 1
1921, said warrants, with accrued interest, will be paid upon
presentation to Martin Doty, City Treasurer of the City of
Helena, Mont., and that interest on the same will cease and
terminate on the first day of April, A. D., 1921:
Notice is
operation of the New York
difficult matter to get the new legislation through the
next Legislature.
The resolution recommends that the bill to be prepared
by the commission should provide for a State referendum, to be submitted
to the voters at the 1922 election.
The Commissioners are to serve without
,
incl.
3, bond No. 17.
South Denver Surfacing Dist. No. 2, bond No. 32.
Surfacing Dist. No. 4. bond No. 39.
Alley Paving Dist. No. 21, bond No. 26.
Alley Paving Dist. No. 24, bond No. 29.
Alley Paving Dist. No. 46, bond No. 10.
Alley Paving Dist. No. 52, bonds Nos. 1 to 7, incl.
Alley Paving Dist. No. 53, bonds Nos. 1 to 9, incl.
Alley Paving Dist. No. 54, bonds No. 1 to 6, incl.
East Denver Paving Dist. No. 1, bond No. 17.
Fourteenth Avenue Paving Dist. No. 1, bond No. 13.
South Side Curbing Dist. No. 3, bond No. 128.
'..v.V'-..;",'-"
North Denver Storm Sewer Dist. No. 3, bond No. 15.
Washington Park Storm Sewer Dist., bonds Nos. 215 to 217 Incl.
Seventh Ave. Special Sanitary Dist., bond No. 21.
West & South Side Sanitary Sewer Dist., bonds Nos. 541 to 545, Incl.
Part A, Sub. Dist. No. 1, W. & S. Side San. Sewer Dist., bond No. 11.
Part A, Sub. Dist. No. 3, W. & 8. Side San. Sewer Dist., bond No. 84.
Part A, Sub. Dist. No. 6, W. & S. Side San. Sewer Dist., bond No. 19.
Part A. Sub. Dist. No. 14, W. & S. Side San. Sewer Dist., bond No. 49.
secured.
believed that in view of the successful
Impt. Dist. No. 23, bond No. 62.
North Denver Surfacing Dist. No.
to be
It is
131 incl.
South Denver Impt. Dist. No. 4, bond No. 138.
East Denver Park Dist., bonds Nos. 1776 to 1785,
applied on a sliding scale not to exceed 6% on incomes over $1,000 and
urged that a bill be drawn up and passed for such change, but no action
was
(City and County), Colo.—Bonds Called.—
McCarthy, City Treasurer, has called for payment
March 31 1921 the following special improvement bonds:
Denver
M. J.
|
ALACHUA COUNTY
SPECIAL!SCHOOL DISTRICT NO. 26 (P. O.
Gainesville), Fla,—rBOND SALE NEVER COMPLETED.-—The sale of
the $150,000 5% school bonds during 1919 to the U. S. Bank & Trust Co.,
of Jacksonville (V. 109, p. 1198), was never consummated.
O. Fort Wayne), Ind.—BONDS NOT SOLD.—
Townley Road Construction bonds offered on Mar. 12—
ALLEN COUNTY (P.
The $88,500 5%
V. 112, p.
957—were not sold,
there having been no
bidders for the issue.
March 26
1921.]
THE
CHRONICLE
ALPINE SCHOOL DISTRICT (P. O. American
Forks), Utah County
Utah.—BOND SALE.—Keeler Br is. & Co. of Deaver. are
offering to
investors, to yield 6%. $215,000 5% tax-free
school-building bonds.
Denom.
$1,000.
Date March 1 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the Hanover National Bank, N. Y.
Due yearly on March 1
as follows:
$14,000 1922 to 1931, incl.; $13,000 1932 to 1940 inci., and $8,000
1941.
These bonds are reported to be tax-free in Utah and
acceptable for
investment banks, trust funds and estates and
eligible as security for
U. S. Postal Savings Deposits.
Financial
Assessed valuation
1920
$18,222,300
35,000,000
,f
Total bonded debt„including this issue
Estimated population, 1921
Official school census
608,000
23,517
5,600
2
;
ARIZONA
(State of)i—DESCRIPTION OF BONDS— Further details
are at hand relative to the sale of the
$1,500,000 6H % tax-free coupon tax
anticipation bonds, awarded as stated in V. 112, p. 1184Denoms. $1,000,
$5,000
and
$10,000.
Date
March
15
1921.
Prin.
(M. ft S.) payable at the Guaranty Trust Co., N. Y.
Financial
Assessed valuation for taxation
*Total bonded debt._
and
semi-ann.
Due March 15 1922.
$884,443,183
,
sinking fund
I
Net debt
Population 1920
census,
int.
Statement.
__
Less
SPECIAL TAX SCHOOL DISTRICT, Dunlin County,
kt
£aro.—BOND SALE-:—The $50,000 6% school bonds offered on
March 7—V. 112, p. 957—have been
sold, it is stated, to J. M. Schreiber
Slayton & Co. of Toledo.
Date Feb. 1
1921Due yearly on Feb. 1 as follows:
$2,000, 1924, and $3,000, 1925
to 1940 inclusive.
•
of Raleigh for the account of W. L.
CAMP^C9^NTY (P* °* Pittsburg), Tex.—BONDS
~
869,972
452,000
417,972
CAROLINE
ASHLAND, Ashland County, Ohio.—BOND SALE.—The following
three
issues
of
6%
assessment
street-improvement
bonds,
which
were
offered
Sent.
1
1921 to March 1
1931. inclusive.
'
3,300 Alley No. 6 bonds. Denom. $150 and $450.
Denton), Md.—BOND OFFERING.—
County Commissioners, will receive bids
5% tax-free road bonds.
Denom. $1,000.
yearly on Oct. 1 from 1926 to 1935, inclus¬
amount of bonds bid for, required.
of
CASS
COUNTY
(P.
O.
Logansport),
Ind.—BOND
OFFERING.—
J. J. McCormick, County Treasurer, will receive bids until
10
for the following three issues of
5% road bonds:
a. m.
April 2
$10,300 A. M. Hicks et al Jefferson Twp. bonds.
Denom. $515.
Due
$515 each six months from May 15 1922 to Nov. 15 1931, inclusive.
35,900 C. A. Flory ec al Miami Twd. bonds.
Denoms. $500 and $295.
Due $1,795 each six months from
May 15 1922 to Nov. 15 1931.
inclusive.
unsuccessfully on March 12 (V. 112, p
1184), have been sold to
the Ashland Bank & Savings Co. of Ashland for $25,765,
equal to 100.644—
a
basis of about 5 85%:
$16,000 Clark Ave. bonds.
Denom. $800.
Due $800 each six months
from Sept. 1 1921 to March 1 1931, inclusive.
6,300 Heltman Ave. bonds.
Denom. $300.
Due each six months from
(P. O.
CASPER, Natrona County, Wyo.—BOND SALE.—The
following 6%
bonds, which were offered on March 21 (V. 112, p. 765), have been sold to
Bolger, Mosser ft Willaman and Elston ft Co.. both of
Chicago, and the
Provident Savings Bank & Trust Co. of Cincinnati,
jointly, at par:
$500,000 15-30-year (opt.) water bonds.
Denom. $1,000.
1
150,000 10-20-year
,opt.) sewerage bonds,
Denom. $1,000.
110,000 10-30-year
opt.) fire department bldg. bonds.
Denom. $500.25,000 10-30-year [opt.) cemetery bonds.
Denom. $500.
50,000 10-20-year [opt.) drainage bonds.
Denom. $500.
Date Feb. 1 1921.
333,273.
„
COUNTY
W. C. Todd, President of Board
until 1 p. m. April 5 for $50,000
Date April 1 1921.
Due $5,000
ive.
Certified check for 5% of
*
This issue not included in total debt as it is issued in
anticipation of
taxes already levied and in process of collection for its
payment.
Total bonded debt less than one-tenth of one per cent of the assessed
valuation.
REGISTERED.—
On March 16 $400,000 5H % serial and
$25,000 5% 10-40 year special road
were registered with the State
Comptroller.
bonds
Statement.
Estimated actual value
1319
12,000
Sant Browning et al Boone Twp. bonds.
Denom. $300.. Due
$600 each six months from May 15 1922 to Nov. 15 1931,
inclusive,
Date March 15 1921.
Int. M. & N.
CASS
COUNTY (P. O. Loyansport), Ind.—BOND OFFERING.—
County Treasurer, will receive bids until 10 a. m. Mar. 31
$35,800 5% Morphet-Thomas et al. Bethlehem Twp., road bonds.
Denom. $500 and $260.
Date Mar. 15 1921.
Int. M. ft N.
J. J. McCormick.
for
Due $450 Sept. 11921
and $150 each six months from March 11922 to March 1
1931, incl.
ATTLEBORO,
Bristol County,
Mass.—LOAN OFFERING.—Pro¬
posals will be received until 11 a. m. March 29 by the City Treasurer, it is
reported, for the purchase at discount of a temporary loan of $100,000,
dated March 30 and maturing Oct. 31 1921.
BALLINGER,
Runnels
County,
T ex.—BOND
ELECTION.—On
April 12 $10,000 water works Impt. and $65,000 municipal light and power
plant bonds are to be voted upon.
BANGOR, Penobscot County,
Me.—TEMPORARY LOAN.—The
Eastern Trust Co. of Bangor, bidding 5 81% discount, was awarded a
temporary loan of $200,000 on March 22.
The notes are payable Oct. 22
CEDAR ROCK
TOWNSHIP SCHOOL DISTRICT NO. 3, Franklin
County, No. Caro.—BOND OFFERING.—'Proposals will be received bv
Supt. of Schools (P. O. Louisburg), for $6,000 6% 20-year school
bonds, recently authorized by a vote of 65 to 0, until 12 m. April 7.
Due
E. L. Best,
1941.
CEREDO
SCHOOL
NOT SOLD.—No sale
school
bonds—V.
DISTRICT, Wayne County, W. Va.—BONDS
was
112,
p.
made
on
March 23 of the $128,000 6% 20-year
1185.
CHEYENNE, Laramie County, Wyo.—BONDS VOTED.—On March
the $500,000 6% 10-20 year (opt.) sanitary and storm sewer bonds
(V. 112, p. 674) carried.
15
1921.
CHOCTAW
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND SALE.
15 the $7,280 4A. C. Herring et al. Rockcreek
—On Mar.
Twp road
bonds offered on that date—V. 112, p. 1051—were awarded to the Farmers
Trust Co. of Columbus at par.
Date Mar. 15 1921.
Due $364 each six
months from May 15 1922 to Nov. 15 1931, incl.
The $10,440 George
bonds offered at the
BEDFORD
K.
same
Smith et al. Hawcreek ft Flatrock
time—V. 112, p. 1051—were not sold.
Twps.road
COUNTY
(P. O. Hugo), Okla.— BOND SALE.—The
of Oklahoma City, was awarded $315,000
5% 25-year serial
bridge bonds on Feb. 21.
Denoms. $600 and $1,000.
Date
April I 1920.
Int. A. ft O.
A like amount of bonds was reported as sold in V. 110,
p. 890.
Mann
road
Co.
and
CINCINNATI,
is
a
Hamilton County,
Ohio.—BIDS.—The following
complete list of bids submitted for the three issues of 5% % street impt.
bonds which
sold
were
on
SCHOOL
CITY (P. O. Bedford), Lawrence County,
OFFERING.—Proposals will be received until 10 a. m.
April 7 by the Board of Education (Bertha M. Horuff, Secretary) for $98,00
6% high school bldg. bonds.
Due serially for 9 years.
Ind.—BOND
BEVERLY, Essex County, Mass.—TEMPORARY LOAN.—R. L. Day
& Co. of Boston purchased a temporary loan of $200,000, issued in
anticipa¬
tion of revenue, maturing Nov. 3 1921, on a 5 89% discount basis, on
March 17.
BONNERS FERRY,
On
Boundary County, Ida.—BOND ELECTION —
April 6 $125,000 6% 10-20 year (opt.) municipal -impt. bonds will be
Mar. 14—V. 112, p. 1185:
$86,000.00 $88,000.00 $193,000.00
Name—
Provident
Issue.
Bank.
Cincinnati.
Wm. R.
....$88,253.20
Compton
86,141.90
86,576.20
86,241.00
Fifth-Third Bank, Cincinnati
Seasongood & Mayer
Stacy ft Braun
Eldredge ft Co.
Ames, Emerich ft Co
Remick, Hodges ft Co
submitted to the voters.
,
87,367.40
87,339.88
87,109.40
86,939.98
Hornblower & Weeks.
BOONE COUNTY (P. O. Lebanon), Ind.—BOND SALE.—On Mar. 22
C. C. Shipp & Co. of Indianapolis were awarded at par and int. the follow¬
Issue.
Issue.
$89,117.60
90,305.60 $198,056.60
88,145.20
193.318.45
88,589.60
194,293.10
88,247.00
193,541.00
89,399.20
196,068.70
89,371.04
196,006.94
89,117.60
195,451.10
88,961.84
195,109.49
90,083.84
197,570.24
-
R. M. Grant & Co
they
ing two issues of 4M % Sugar Creek Twp. road impt. bonds—Y. 112, p. 1184:
$63,000 W. C. Jaques et al. bonds.
Denom. $650 and $500.
Due $3,150
each six months from May 15 1921 to 1930 inclusive.
44,700 John W. Morrison et al. bonds.
Denom. $500 and $235.
Due
$2,235 each six months from May 15 1921 to 1930 inclusive.
Date Jan. 6 1920.
Interest M. ft N.
BOULDER,
Boulder
County,
& McGuire Construction Co. of Salt
Colo.—BOND SALE.—The Sprange
LakeCity, Utah, have purchased $250,Due on or before 17 years.
000 6% Paving District No. 12 bonds at par.
BRAINTREE,
Norfolk
County,
Mass.—TEMPORARY
LOAN.—
On Mar. 18 Arthur Perry & Co. of Boston, was awarded on a 6.03% discount
basis, a temporary loan of $100,000 maturing $25,000 on Oct. 24, 31 and
Nov. 7 and 14.
BRECKSVILLE TOWNSHIP (P. O. Breckvsille), Cuyahoga County.
Ohio.—BOND SALE.—On Mar. 15 the Brecksville Bank Co. purchased
at par and interest $13,949 25 6% coupon road bonds.
Denoms. $949 25.
$1,000 and $1,500
Int. semi-ann.
Due yearly on Oct. 1 as follows
$949.25, 1922; $1,000 1923; and $1,500. 1924 to 1931, incl.
BROCKTON, Plymouth County, Mass.—LOAN OFFERING.—The
City Treasurer will receive proposals for the purchase at discount of a tem¬
porary loan of $200,000, issued in anticipation of revenue, until 12 m.
March
29.
Dated
BROOKINGS
March
1921.
31
SCHOOL
Due Nov.
DISTRICT
(P. O.
29
1921.
Brookings), Brookings
County, So. Dak.—BOND OFFERING.—P. J. Eril, Clerk Board of Edu¬
cation, will receive sealed bids until April 1 for the $70,000 6M % high school
bldg. bonds—V. 112,
p.
488.
Date April 1 1921.
Due in 20 years; optional
after 10 years.
88,079.48
Bids submitted by Westheimer & Co. received no consideration because
were not made out on the prescribed blanks.
CLARKSVILLE,
Montgomery County, Tenn.—BOND
SALE.—
Recently $35,000 6% 20-year street equipment bonds were sold to the
First
National
Bank
of
Clarksville,
it
is stated.'
Denom.
$500.
Date
April 1 1921.
CLINTON,
Sampson County. No. Caro.—BOND OFFERING.—
Sealed proposals will be received until 12 m. March 28 for the $50,000
street,
water and sewer bonds at not exceeding
6% interest—V. 110, p. 2506—
by H. A. James, Town Clerk.
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int. (A. ft O.) payable in New York
gold at the office
of tbe .U. S. Mtgo. & Trust Co.
Due yearly on April 1 as follows: $2,000,
1922 to 1931, incl., and $3,000 1932 to 1941, incl.
All bids must be on blank formls, which will be furnished
by the above
Clerk, and must be accompanied by a cert, check drawn to the order of the
Treasurer of the Town of Clinton, or a sum of money, for or in the amount of
$1,000 to secure the Town against any loss resulting from the failure of the
bidder to comply with the terms of his bid.
The bonds are to be prepared
under the supervision of the United States Mortgage ft Trust Co., New
York, which will certify as to the genuineness of the signatures of the town
and the seal impressed thereon.
Legality will be approved by
B. Masslich, New York, and J. L. Morehead, Durham, whose
approving opinions will be furnished to the purchaser without charge.
Bonds will be delivered
|to the purchaser at the office of the United
States Mortgage & Trust Co., New York, on April 1 1921, or at the Bank
of Clinton, Clinton, and mast then be
paid for in New York funds.
No
bid of less than par and accrued interest will be considered.
officials
Chester
CLINTON COUNTY (P. O. Frankfort), Ind.—BOND OFFERING.—
J. Marcus Smith, County Treasurer, will receive bids until 10 a. m. April 8
for
$58,800 5%
Date Mar.
15
W. L. Fisher et al. brick road bonds.
Denom. $2,940.
Int. M. & N.
Due $2,940 each six months from
1921.
May 15 1922 to Nov. 15 1931, incl.
BROOKLINE, Norfolk County, Mass.—NOTE SALE.—On March 24
$200,000 revenue notes, dated March 24 and maturing Nov. 3 1921, were
awarded to the First National Corp. of Boston on a 5.79% discount basis.
BROWN
COUNTY
(P.
O.
Nashville),
Ind.—BOND
OFFERING.—
Thos. C. Ayers. County Treasurer, will receive bids until 1 p. m. April 4
for the following two issues of road bonds-
$9,460 4H%
Jas.
Sutton et
al.
Hamblen Twp.
bonds.
Denom. $473.
Due $473 each six months from May 15 1922 to Nov. 15 1931, incl.
14,000 5% W. T. Carmichaelet al. Van Buren Twp. bonds.
Denom. $700.
Due $700 each six months from May 15 1922 to Nov. 15 1931, incl.
Date May 15 1921.
Int. M. & N.
BROWN
COUNTS
(P.
O.
Green
Bay), Wise.—BOND SALE —
On March 17 the Second Ward Securities Co., Halsey, Stuart & Co.. Inc.,
Wm. R
Compton Co., and First Wisconsin Co., were awarded $700,000
5% tax free coupon road bonds at 93.82, a basis of about 5.86%.
Denom.
from 1922 to 1941, incl.
The purchasers are now offering these bonds to
investors, to yield from 6% to 5.40%, according to maturity.
Financial
Actual valuation, estimated
Assessed valuation 1920.
Total bonded debt,
Statement.
including this issue
Population 1920. 51.889.
$90,000,000
89,923,405
1,542,000
.
CALIFORNIA (State of)— BOND OFFERING.—Friend W. Richardson
State Treasurer, (P. O. Sacramento) will sell at public auction at 2 p. m.
April 14 all or any part of $3,000,000 5H% State Highway bonds.
Denom.
$1,000.
Date Jan. 3 1921.
Prin. and semi-ann. int. (J. ft J.) payable
in gold at the office of the State Treasurer or at the option of holder, at the
Fiscal Agency of the State of California in New York City, N. Y.
Due
yearly on July 3 as follows: $772,000 1926, $761,000 1927, $768,000 1928,
$364,000 1929 and $335,000 1930.
■
The Treasurer is required by the Constitution to reject any and all bids
for less than the par value of the bonds, plus the interest which has accrued
thereon, and he may at the time and place fixed by him herein for said sale
continue such sale as to the whole or any part of the bonds offered, to such
time and place as he may at the time of such continuance designate.
,
„
CLYDE,
Sandusky
County,
Ohio.—BOND SALE.—The Clyde
Savings Bank Co. has purchased at par the $5,000 6% refunding bonds
were offered unsuccessfully on March 4.—V.
112, p. 1051.
Date
Mar. 1 1921.
Due $1,000 yearly on Mar. 1 from 1926 to 1930, incl.
which
CLOVER SCHOOL DISTRICT NO. 37, York
County, So. Caro—
BOND OFFERING.—John R. Hart, District Attorney (P. O. York), will
receive bids until 12 m. April 15 for $40,000 20-year bonds at not exceeding
7% interest. Date April 11921. Interest annually April 1. Certified check for
$500 required.
Bidders will state preference as to place of payment and
denomination
of bonds.
CORNING, Steuben County, N. Y.—BOND SALE.—On March 22 the
following two issues of 5% coupon bonds, offered on that date (V. 112, p.
1185; were awarded to the Corning Trast Co. at 103.51 and interest—a
bftsis of &bout 4»75%*
$170,000 Pine Street Bridge bonds.
Denom. $500 and $1,000.
Due yearly
on March 1 as follows: $5,000, 1922; $2,500,1923 to 1940, inclusive;
$5,000, 1941 to 1956, inclusive, and $10,000, 1957 to 1960. incl.
30,000 sewer and water bonds.
Denom. $1,000.
Due $3,000 yearly on
March 1 from 1922 to 1931, inclu^ve.
The following is a complete list of the bids:
B. J. Van Ingen ft Co., N. Y.102.57
Corning Trust Co
103.51
Sherwood ft Merrifield,N.Y.*103.58
Remick, Hodges ft Co., N.Y. 102.283
H. L. Allen ft Co., N. Y
103.453 Estabrook ft Co., N. Y__...... 101.83
O'Brian, Potter ft Co., Buff_102.866 First Nat') Bank, Corning—100.00
Geo. B. Gibbons ft Co.,N.Y_102.69
♦
For
the
one
an
unknown reason,ithis
accepted,
was
bid, which is reported
as
being higher than
rejected.
COULEE CROCHE SCHOOL DISTRICT, St. Landry Parish, La
BOND OFFERING.—W. B. Prescott, Supt. (P. O. Opelousas), will receive
proposals until 10 a. m. April 4 for $40,000 5% bonds.
Denom. $500.
Date Feb. 1
1921.
office of the St.
Principal and annual interest fFeb. 1), payable at the
Landry Parish School Board.
Due yearly on Feb. 1 as
1932 to 1951, inclusive: and
follows: $500 1922 to 1931, inclusive; $1,000,
t1,500, 1952 to 1961, inclusive. Certified check for 1% of the amount
id, required.
CRAWFORD COUNTY (P. O. English), Ind.—BOND OFFERING.—
April 4 by J. B. Pierson, County Treasurer
EVANSTON, Uinta County, Wy o.—BOND SALE.—On March 15
Wheelwright Construction Co. of Ogden, Utah, was the successful
15-30 year (opt.) water bonds, dated Feb, 1
1921—V. 112, p. 675—at par and interest.
the
bidder for the $290,000 6%
Bids will be received until 2p.m.
for the following 5%
road bonds:
$12,426 George W.
Morris, Ohio Twp. bonds.
Due
Denom. $621.30.
rl.30Zimmerman, Patoka Twp. 15 1922 to Nov. 15 1931, incl.
P.
each six months from May bonds. Denom. $390. Due
$390 each six months from May 15 1922 to
$108,240 J.
CRAWFORD COUNTY (P. O. Flickinger),
Ohio.—BOND OFFERING
proposals until 12 m.
Flickinger, County Auditor, will receive
G.
payable at the County Treasurer's office.
Due $2,310 75 April 1 1922
and $5,000 each six months from Oct. 1 1922 to Oct. 1 1925 incl.
Cert,
check for $500 on a Crawford County bank, payable to the County Auditor,
required.
Purchaser to pay accrued interest.
CROOK COUNTY SCHOOL DISTRICT NO. 16 (P. O. Moorcroft),
Wyo.—BOND OFFERING.—On April 4 at 8 p. m. $10,000 6% school bonds
will be offered for sale.
Denom. $500.
Bids less than par will not be
considered.
Bert Waddell, Clerk.
CROSSVILLE, Cumberland County, Tenn.—BOND OFFERING.—
D. McClancey, City Recorder, will entertain proposals until 1 p. m.
April 15 for $20,000 6% bonds.
Int. semi-ann. payable at the First Na¬
tional Bank, Crossvilie.
Due in 20 years: optional after 10 years.
J.
CROWLEY COUNTY SCHOOL DISTRICT NO. 12 (P. O. Ordway)
Colo.—DESCRIPTION OF BONDS.—The $30,000 6% school bonds, which
mentioned in V. 112, p. 1186—are described as follows: Denoms.
were
$1,000 and $500.
Date April 15 1921.
Int. A.
Bros., N. Y.
Due April 15 1941. optional April
Financial
& O. payable at Kountze
15 1931.
Statement.
$5,000,000
value, estimated
valuation 1920
Total bonded debt, including this issue
Actual
Assessed
-
3,084,525
145,500
Population estimated, 2,500.
COUNTY
(P.
O.
Greenville), Ohio.—BOND SALE.—
Greenville National, the Second National, the Farmers National,
the Citizens State, and the Peoples Savings Banks, all of Greenville, were
the successful bidders at par and int. for the $440,000 6% coupon InterCounty Highway No. 208 impt. bonds offered on Mar. 16—V. 112, p. 1052.
1 1921.
Due $22,000 each six months from Mar. 1 1922 to
Date Mar.
incl.
DECATUR COUNTY (P. O. Greensburg), Ind.—BOND
OFFERING.
receive bids until 2 p. m. April 7
$7,280 4)4% C. Arthur Herring et al. Jackson Twp. road bonds.
De¬
nom. $364.
Date Mar. 15 1921.
Int. M. & N.
Due $364 each six months
from May 15 1922 to Nov. 15 1931. incl.
—Ozro J. Butler, County Treasurer, will
for
DELAWARE COUNTY (P. O. Muncie), Ind.—BOND OFFERING.—
Swain, County Treasurer, will receive proposals until 10 a. m.
April 2 for the following three issues of 4)4% road bonds:
$23,800 Emerson Billy et al. Harrison Twp. bonds.
Denom. $595. Due
$1,190 each six months from May 15 1921 to Nov. 15 1930, incl.
13,000 Geo. W. Wills et al Harrison Twp. bonds.
Denom. $325.
Due
$650 each six months from May 15 1921 to Nov. 15 1930, incl.
20,000 Win. L. Gilmore et al. Perry Twp. bonds.
Denom. $500.
Due
$1,000 each six months from May 15 1921 to Nov. 15 1930, incl.
Date Aug. 15 1920.
Int. M. & N.
Earle H.
COUNTY DRAINAGE DISTRICT NO. 2 (P. O. Deseret),
Utah.—BOND ELECTION.—On April 2 $170,000 canal and drainage
DELTA
are
to be voted upon.
DENVER
say
*
FLOYDADA INDEPENDENT
(City and County),
r
7% bonds:
$130,000 Garden Valley Drainage Ditch bonds.
Due yearly on Mav 1 as
follows: $16,000, 1923 to 1929, inclusive, and $18,000, 1930.
90,000 Mud Lake Drainage Ditch bonds.
Due yearly on May 1 as
follows: $10,000, 1923 to 1929, inclusive, and $13,000, 1930.
Denom. $500.
Date May 1 1921.
Principal and semi-annual interest
payable at the First National Bank, Chicago, or, at option of holder, at the
Bankers Trust Co., New York.
Certified check for $500 for each issue,
DOUGLAS COUNTY (P. O.
$200,909 5% road bonds,
The
not sold.
Superior), Wise.—BONDS NOT SOLD.—
offered on March 16—V. 112, p. 958—
■
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Duluth),
St. Louis County, Minn.—BOND OFFERING.—Charles A. Bronson,
Clerk Board of Education, will receive sealed proposals until 8 p. m. March
30 for $350,000 bonds at not exceeding 6% interest.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the
American Exchange National Bank, N. Y.
Due on April 1 as follows*
$100,000 1936, $125,000 1938 and $125,000 1940.
Cert, check for $2,000
payable to the Board of Education, required.
DULUTH
EASTLAND
TERED.—An
COUNTY
issue
of
(P.
O.
Eastland),
$1,000,000
Tex.—BONDS
5)4% serial special
registered with the State Comptroller on March 17.
road
REGIS¬
bonds was
_,EI>G3E3FIELD COUNTY (P. O. Edgefield), So. Caro.—BOND SALE.—
20-40-year (opt.) bonds offered on March 16—V. 112
958—have been awarded, it is reported, to J. H. Hilsman & Co. of
Atlanta
at 95-
ELK POINT, Union County, So. Dak.—BOND SALE.—On March 11
$20,000 6% light plant impt. bonds were sold at par and int. to Fairbanks
Morse & Co., of Chicago.
Denom. $1,000.
Date May 1 1921.
Int.'
M. & N.
Due May 1 1941, optional after five years.
ELM CITY, Wilson County, No. Caro .—BOND OFFERING.—Sealed
bids will be received until 2 p. m. March 30 by J. W. Winstead
Mayor
is stated, for $25,000
6% electric-light bonds.
Denom. $1,000.
Date
Principal and semi-annual interest (F. & A.) pavable at a
place to be designated by jfhe purchaser.
Due Feb. 1 1941.* Certified
check for 2% of the amount bid, payable to the town, required.
Legality
approved by Reed, Dougherty & Hoyt, of New York.
it
Feb.
1
OFFERING.
8 p. m.
FOREST CITY, Rutherford County, No. Car o.—BOND
C. Keeter, Town Clerk, will receive sealed proposals until
bonds.
Denom. $500.
$50,000 school bonds.
on
March 1
as
1921.
ELYRIA, Lorrain County, Ohio.—BOND OFFERING.—W. F Guthman, City Auditor will receive bids until 12 m. April 12 for the $150,000 6%
water works bonds
bids for which were rejected
on
Jan. 4—V. 112
o
1RO—
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O )
payable at the U. S. Mtge. & Trust Co. of New York.
Due $10,000 yearly
on April 1 from 1931 to 1945, incl.
Cert, check on a local or any national
bank for 2% of amount of bonds bid for, payable to the City Treasurer
required.
Bonds to be delivered and paid for at Elyria.
Purchaser to
pay accrued interest.
ERIE COUNTY (P. O. Sandusky), Ohio
BOND SALE.—On March
10 the $27,500 6% Inter-County Highway No. 288 bonds offered on that
date (V. 112. p. 958), were awarded at par and interest.
Date Dec. 1 1920
Due $5,000 Dec. 1 1922 and $2,500 yearly on Dec. 1 from 1923 to 1931, incl.
^
..
Date Mar. 1 1921.
follows: $1,000 1924
Due yearly
and 1925, $1,500 1926 to 1933
incl., and $2,500 1947 to 1950, incl.
100,000 impt. bonds.
Denom. $1,000.
Date Jan 1 1921. Due yearly
on Jan. 1 as follows: $2,000 1923 to 1927 incl., $3,000 1928 to 1932
incl., $4,000 1933 to 1942, incl., and $5,000 1943 to 1949, incl.
Prin. and semi-ann. int. payable at the National Bank of Commerce, N.Y.
Cert, check on an incorporated bank or trust company for 2% of the amount
of bonds bid for, required.
The successful bidder will be furnished with the
opinion of Storey, Thorndike, Palmer & Dodge of Boston and Charles N.
Malone and G. A. Tbomasson of Asheville that the bonds are valid ana
binding obligations of town of Forest City.
The to*wn will furnish free of
incl., $2,000 1934 to 1946,
cost the
bond forms.
FOUNTAIN COUNTY (P. O. Covington), Ind.—NO BIDS.—There
no bids submitted for the $28,480 5% Wm. E. Gary et al. Millcreek
were
Twp. road bonds offered on Mar. 9—V, 112. p. 765.,
FREEBORN
COUNTY SCHOOL DISTRICT NO.
140, Minn.—
SALE.—The $10,000 7% school bldg. bonds, offered on Aug. 28
last—V. Ill, p. 912—have been sold to the First National Bank of Albert
BOND
.y'AA"
FULTON COUNTY
(P. O. Rochester),
,'vv^
•
Ind.—BOND OFFERING.—
Mar. 30 by H. B. Kumler, County
Thorstenson road bonds.
Denom. $775.
Date April 1 1920.
Int. M. & N.
Due $775 each six months from May 15
1921 to Nov, 15 1930, incl.
NO BIDDERS.—There were no bidders for the $23,500 4lA% Thos. F.
Neff et al. road bonds offered on Mar. 14.—V. 112, p. 1052Bids will be received until 10 a.
Treasurer, for $15,500 5% Peter
m.
$11,200 5% William W. Smith et al Etna
road bonds, which was offered on Feb. 19, has been sold to the
Loan & Trust Co. of Columbia City.
Denom. $560.
Date
Feb. 15 1921.
Int. M. & N.
Due $560 each six months from May 15
1922 to Nov. 15 1931, inclusive.
BOND SALE.—An issue of
;
Twp
Farmers'
FULTON, Callaway County, Mo .—BOND ELECTION .—On April 5
decide whether they are in favor of issuing $75,000 5)4%
the voters will
5-20 year (opt.) bonds.
W. B. Pemberton is City Clerk.
County,
Cherokee
GAFFNEY,
March 22 J.
H.
Caro .—BOND SALE—On
awarded the $100,000
So.
Hilsman & Co., of Atlanta, were
street-improvement bonds (V. 112, p. 1186).
Due $10,000 yearly on April 1 from 1926 to 1935,
6%
Date April 1
inclusive.
1921.
COUNTY (P. O. Bozeman), Mont.—BOND OFFER¬
ING.—At 1 p. m. April 18 bids will be received for the purchase of $125,000
6% highway bonds.
Bids for less than par will not be considered. Cert,
check of $4,000 required.
J. H. Harris, County Clerk.
A like amount of bonds was reported as sold in V. 112, p. 488.
GALLATIN
GEDDES (P. O. Solvay),
Onondaga County, N. Y.—BOND SALE.—
The $35,000 6% water bonds offered on Mar. 22—V. 112, p. 1186—were
awarded to Redmond &Co. of New York at 102.81, a basis of about 5.66%.
Date Mar. 1
from 1925 to
1921.
Due $1,000 Mar. 1 1924,
1941, incl.
and $2,000 yearly on Mar. 1
GIBSON COUNTY (P. O. Princeton), Ind.—BOND OFFERING.—
Bids will be received until 10 a. m. Mar. 31 by Stanford Witherspoon,
for the following four issues of 5% road bonds:
$16,500 Charles Freeman et al. Wabash Twp. bonds.
Denom. 10
and 30 for $500.
Due two bonds each six months from
1922 to Nov. 15 1931, incl.
19,300 F. M. White et al. Patoka Twp. bonds.
and 30 for $500.
Due two bonds each six
1922 to Nov. 15 1931, incl.
35,000 C. S. Scull et al. Patoka Twp. bonds.
$2,000 on May 15 and $1,500 on Nov. 15
,
17,300 John Hollen et al. Wabash Twp.
30 for $500.
Due 2 bonds each
Nov. 15 1931, incl.
Date Mar. 15 1922.
Int. M. & N.
,
bonds.
for $150
May 15
,
Denoms. 10 for $430
months from May 15
_
^
Denoms. $500. Due
in the years 1922 to
Denoms. 10 for $200 and
1922 to
six months from May 15
.
£-:-:
GLOUCESTER,
Essex
County,
Mass.—TEMPORARY LOAN.—
A temporary loan of $150,000 dated Mar. 28 and maturing Feb. 1 1922
was awarded to
Estabrook & Co. of Boston on a 5.95% discount basis
March 23.
on
time the City Treasurer awarded $20,000
bonds to Grafton & Co. of Boston at 102.52,
Due $1,000 yearly on April 1
BOND SALE.—At the same
5%
a
1-20-vear serial water
Date April 1 1921.
1922 to 1941 inclusive.
basis of about 4,67%.
from
N. J .—BOND SALE.—
registered road bonds offered on March 17—V. 112, p.
the Woodbury Trust Co. at par.
Date Jan. 1 1921.
$5,000 Jan. 1 1923 and $15,000 yearly on Jan. 1 from 1924 to 1930 incl.
The $110,000 6%
958—Were awarded to
Due
Park), Cuyahoga County,
will be received until 8.30 p. m. Apr. 7
Township Trustees, for $3,000 6% coupon
Date April 1 1921.
Prin. and semi-anH.
int. (A. & O.) payable at the West Park Branch of the Cleveland Trust Co.
Due $1,000 on Oct. 1 in 1937, 1938 and 1939.
Cert, check on some bank
other than the one making the bid, for 10% of amount of bonds bid for,
payable to the Township Treasurer, required.
Purchaser to pay accrued
GOLDWOOD TOWNSHIP (P. O. West
Ohio.—BOND OFFERING.—Bids
by W. H. Thomson, Clerk of
road bonds.
Denom. $1,000.
interest.
GRAND
RAPIDS, Kent County, Mich.—BOND ELECTION.—An
April 4 to vote on propositions providing for the
$150,000 water-extension and $275,000 bridge bonds.
election has been called for
issuance of
The $100,000 6%
Floydada)
—On March 15 by 278 "for" to
GLOUCESTER COUNTY (P. O. Woodbury),
required.
p.
SCHOOL DISTRICT (P. O.
March 31 for the following 6%
DOUGLAS COUNTY (P. O. Armour/, So.
for the following
Denom. $1,260.
bonds carried.
Colo.—BOND ELECTION— Reports
Dak
BOND OFFFRING.
will receive sealed bids until 12 m. April 5
bonds.
1922 to Nov. 15 1931, incl.
—A.
that the proposition to issue $5,000,000 municipal bonds for the purpose
works system will be submitted to
were
m
Floyd County, Tex.—BONDS VOTED
of making improvements in the water
the voters at the May election.
—P. Eernesse, County Auditor,
Due $2,706 each
98 "against," $90,000 school
DARKE
bonds
Connersville & Columbia Twps. bonds.
six months from May 15 1922
al.
et
15 1941, incl.
25,200 Walter Cummins et al Posey Twp.
Due $1,260 each six mos. from May 15
Date Mar. 15 1921.
Int. M. & N.
COUNTY
The
Sept. 1 1931,
Conner
to Nov.
Lea.
(P. O. Dallas), Tex.—BOND OFFERING.—
Chas. E. Gross, County Auditor, will receive sealed proposals until 10 a. m.
March 31 for $225,000 5)4% 10-30 year (opt.) coupon hospital bonds.
Denom. $1,000.
Date Jan. 10 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the Chase National Bank, N. Y. or at the office of the State
Treasurer, at option of holder.
Cert, or cashier's check for $8,000 payable
to Arch C. Allen, County Judge, required.
Bends have been approved by
the State Attorney-General and the purchaser will be given the legal
opinion of Jno. C. Thomson of N. Y.
Official circular states that there
has been no litigation nor is there any threatened litigation whatever affect¬
ing, in any manner, this issue of bonds.
Total Bonded Debt (including this
issue) March 16 1921, $2,441,000.
Total amount of interest and sinking
fund $345,886.57.
Assessed valuation of real and personal property 1920
$177,230,220.
Real valuation of real and personal property 1920 (est.)
$700,000,000.
Total tax rate of County 1920—75 cents $100.00 valuation.
Population 1920 (Census), 210,551.
DALLAS
M.
Denom. $1,353.
Nov. 15 1931, incl.
T. McFarland et al, Potoka Twp. bonds.
Denom. $650.
Due $650 each six months from May 15 1922 to Nov. 15 1931, incl.
Date April 4 1921.
Int. M. & N.
March 31 for $37,310 75 6% coupon ditch bonds. ; Denoms. 1 for $310 75
and 74 for $500.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.)
Connersville), Ind.—BOAT) OFFERING.
Treasurer, until 2 p. m.
FAYETTE COUNTY (P. O.
—Bids will be received by James A. Coe, County
Mar. 30 for the following 5% road bonds:
.
13,000 B.
—A.
[Vol. 112.
CHRONICLE
THE
1320
GREENE
COUNTY
(P.
Ohio.—BOND OFFERING.—
$48,000 6% coupon bridge bonds wiil be
O. Xenia),
Proposals for the purchase of
by S. O. Hale, Clerk of Board of County
Commissioners.
Denom. $1,000.
Date April 20 1921.
Prin. and semiann. int. payable at the County Treasurers office.
Due $2,000 each six
months from Mar. 1 1922 to Sept. 1 1933, incl.
Cert, check for $1,500
received until 12 m. April 11
payable to the County Treasurer,
required.
Purchaser to pay accrued int.
GREENE COUNTY (P. O. Bloomfield), Ind.—BOND OFFERING.—
Herschel Corbin, County Auditor, will receive bids until Mar. 30 for
$13,700 Noah Stafford et al. Stafford Twp. and
Richland Twp. 4)4% road impt. bonds.
Date
$10,000 F. M. Gilpin et al.
May 15 1920 and Mar. 15
1921.
GREENFIELD SCHOOL TOWNSHIP
(P. O. Brighton), La Grange
County, Ind—BOND OFFERING.—Harvey C. Plank, Towrship Trustee,
will receive bids until 10 a. m. April 9 for $39,250 6% school bonds.
De¬
noms. 1 for $250, 20 for $1,000, 20 for $500 and 20 for $450Date April 9
1921.
Prin. and semi-ann. int. (J. & J.) payable at the National Bank of
La Grange.
Due $2,200 July 1 1922, and $1,950 each six months from
Jan. 1 1923 to July 1 1933, incl.
HAMLET,
Richmond County, No. Caro.—BOND OFFERING.—
relative to the offering on April 15 of the
$100,000 6% school bonds—V. 112, p. 393.
Sealed bids for these bonds
will be received until 8 p. m. on that day by E. H. Mahone, City Clerk
and Treasurer.
Denom. $1,000.
Date April 15 1921.
Int. semi-ann.
Additional information is at hand
(A. & O.) payable at a
delivered
place to be designated by the purchaser.
Cert,
payable to the town of Hamlet, required.
Bonds to be
within 30 days after date of sale.
Official circular states that
check for $1,000,
March 26
there has been
no
bonds.
1921.]
litigation whatever affecting in
.
and assessed
Total bonded
valuation I for
any manner this issue of
1920
-$4,114,070 19
228,000 00
debt, including this issue
gating debt
•
-
—
•
*
.
-
~
~
Debt for water
purpose
being unsatisfactory.
4,000
rate.
Industrial
Kenton road
(P. O. Findlay), Ohio
Commission
of
Ohio
has
— BOND
SALE.—The
purchased $114,500 Findlay-
impt. bonds.
HARRIMAN, Roane County, Tenn.—BOND OFFERING.—J. A.
Gilbreath, City Clerk, will receive sealed bids until 7 p. m. March 29 for
the following 6% bonds—Y.
112, p. 959:
$24,000 high-school bonds.
Due $2,000 yearly on March 1 from 1926
to
1937 inclusive.
76,000 funding bonds.
Due yearly on March 1 as follows: $15,000, 1926;
payable at the Union Trust Co. of Indianapolis.
Due $1,000 yearly on
Jan. 1 from 1923 to 1949. inclusive, and $1,500 Jan. 1 1950.
Certified
on some local responsible bank for 2
M % of amount of bonds bid for,
payable to Ralph A. Llmcke, City Treasurer, required.
Bonds to be
delivered and paid for at the City Treasurer's office on April 7, or such
other date as may be agreed upon.
check
IREDELL COUNTY (P.
$3,000, 1927 to 1946 incl., and $1,000, 1947.
_
Denom. $1,000.
Date March 1 1921.
Prin. and semi-ann. int. (M. & S.)
payable in gold in New York.
Bonds are registerable as to principal.
Certified check on a bank or trust company in Tennessee or a national bank
in any
place for 1 % of the amount of bonds bid for, payable to the City
Treasurer, required.
Approving legal opinion of Chester B. Masslich of
will be furnished without charge.
Delivery of bonds where bidder
elects, east of Mississippi River, on or about March 15 1921.
Bidders may
bid for either or both issues, but must separately state the bid for each
issue,
and may condition same
upon the award of the other issue to the same
N. Y.
bidder.
HATTIESBURG, Forrest County, Miss.—BOND SALE.—The $365,000 6% general impt. bonds offered on March 17—V. 112, p. 1052—have
& Co. of Cin¬
been sold, according to newspaper reports, to Weil, Roth
cinnati and Otto Marx & Co. of Birmingham!; jointly, at
par
and accrued
interest and to pay all expenses in connection with the issuance of the bonds.
The bonds are to be used for the following purposes:
A.
For
erecting
a
municipal building commonly called
a
city hall, in the
of $100,000.
sum
B.. For erecting and equipping a white municipal school building on Main
Street School ground in the sum of $169,000.
C.
For
erecting and equipping a colored municipal school-building in
Ward Four and buying additional grounds therefor, in the sum of $75,000.
D. For repairs and improvements of existing municipal school buildings,
in the
E.
O. Statesville), No. Caro— BOND OFFER¬
ING.—Sealed bids for the purchase of $300,000 6% read and bridge bonds
will be entertained by W.
sioners, until 12
H. Morrow, Clerk Board of County Commis¬
April 4.
m.
Date April 15
follows:
$5,000,
Cert, check for 2%,
1922
incl.,
1931
to
and
Prin. and semi-ann.
1921.
int. payable at the Hanover National Bank, N. Y.
as
Due yearly on April 15
$10,000,
1932
to
incl.
1956
payable to the County Treasurer, required.
ion of Storey, Thorndike, Palmer & Dodge of
The opin¬
Boston approving the legality
of the bonds will be furnished the successful bidder.
HARRISON COUNTY (P. O. Corydon), Ind.—BOND OFFERING —
County Treasurer, will receive bids until 1 p. m. Mar. 28 for
the following three issues of 5% road bonds:
$16,200 H. N. Fessel et al. Morgan Twp. bonds.
Denom. $540.
Due
$540 each six months from May 15 1922 to Nov. 15 1936, incl.
33,000 F. M. Brown et al. bonds.
Denom. $1,100.- Due $1,100 each
six months from May 15 1922 to Nov. 15 1936. incl.
14,700 Jesse O. Flock et al. Spencer Twp. bonds.
Denom. $490.
Due
$490 each six months from May 15 1922 to Nov. 15 1936, incl.
Date April 1 1921.
Int. M. & N.
Wm. Taylor,
sum
INDIANAPOLIS,
Marion
County,
Ind.—BOND
OFFERING.—
Robert H. Bryson, City Controller, will receive bids until 12 m.
April 7
for the $28,500 4H % coupon park bonds which were withdrawn when
previously offered on Feb. 28 (V. 112, p. 959).
Denom. 28 for $1,000 and
1 for $500.
Date April 7 1921.
Principal and semi-annual interest (J. & J.)
§7 cents
HANCOCK COUNTY
State
IBERIA PARISH ROAD DISTRICTS, La.—BIDS REJECTED.—
All bids received for the five issues of road
bonds, aggregating $295,000 on
March 15—V. 112, p. 959—were rejected, as
None
None
Population, 1920, 3,659; estimated
1321
HUTCHINSON SCHOOL DISTRICT NO. 1 (P. O. Hutchinson)
Reno
County. Kans.—BOND SALE.—Vernon H. Branch and the
Brown-Crummer Co., both of Wichita, have purchased $100,000
6% taxfree bonds.
Denom. $1,000.
Date March 15 1921.
Due March 15 1941.
25,000 00
^
Tax
CHRONICLE
Financial Statement.
_
True
THE
sum
of $6,000.
For the purchase of
of $15,000.
HAYWOOD
fire-department equipment and apparatus, in the
COUNTY
(P.
O. Waynesville), No. Caro.—BOND
April 9 G. N. Henson, Register of Deeds, will
receive proposals for $100,000 6% road and bridge bonds.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. payable at the Chase National
Bank, N. Y.
Due $5,000 yearly on Mar. 1 from 1931 to 1950, incl.
Cert,
check on an incorporated bank for $2,000 required.
The successful bidder
will be furnished with the opinion of Storey, Thorndike, Palmer & Dodge
of Boston and Chas. N. Malone and Garland A. Thomasson of Asheville,
that the bonds are valid and binding obligations of Haywood County
The county will furnish the bond forms free of cost.
OFFERING.—Unitl 12
m.
HEBER, Wasatch County, Utah.—BONDS VOTED.—On March 14,
by 123 "for" to 14 "against," $15,000 water-extension bonds were voted.
Financial Statement.
Assessed value of all taxable property for 1920
Bonded debt for all purposes (not
—.$44,954,457
including this issue)
Flpatihg indebtedness (to be paid off
537,000
the sale of the
out of
above bonds)
241,500
Population 1920 (Census)..
The
—
ments elsewhere in this
SCHOOL
DISTRICT
(P.
O.
Marysville),
Ohio.—BONDS VOTED.—It is reported that
$30,000 school bldg. bonds
JASPER
the advertise¬
among
Department.
TOWNSHIP
JACKSON
Union County,
37,956
...
official notice of this bond offering will be found
COUNTY
were
authorized by
a
March 11
on
vote of the electors.
O.
(P.
Rensselaer), Ind.—NO BIDS.—No bids
were received for the two issues of 5% road bonds, amounting to $39,200,
offered on Mar. 17—V, 112, p. 1053.
JEFFERSON
SCHOOL
TOWNSHIP
(P.
O.
Kempton), Tipton
County, Ind.—BOND SALE.—The State Bank of Kempton was awarded
offered on March 21
Date March 15 1921.
Due $2,000 March 15 1922 and $7,000 yearly on March 15 from 1923 to
the $100,000 6% high school bldg. and repair bonds
—V. 112, p. 1187.
The price was par and interest.
1936
inclusive.
JOHNSTOWN SCHOOL DISTRICT, Cambria County, Pa .—BOND
OFFERING.—Proposals for the purchase of an issue of $500,000 5% taxfree coupon (with privilege of registration) school impt. bonds, Series "A"
will be received until 8 p. m. April 11 by Charles H. Meyer, Secretary of
Board of School Directors at 601 Swank Bldg., Johnstown.
Denom. $1,-
Date April 1 1921.
000.
Prin. and semi-ann. int. (A. & O.) payable at
Treasurer's office.
Due $80,000 April 1 1926, and $20,000
April 1 from 1927 to 1947, incl.
Cert, check for $5,000 payable
to the "School District of the City of Johnstown" required.
A copy of the
opinion of Townsend, Elliott & Munson, of Philadelphia, that the bonds
are valid and binding obligations of the
district will be furnished to the
purchaser.
Purchaser to pay accrued interest.
the
District
yearly
on
Financial
Statement.
Assessed valuation of Johnstown, 1920—
Real valuation of Johnstown, 1920-
$63,683,200.00
73,200,000.00
1,263,000.00
Cash in sinking fund
*
209,122.22
Net debt of school district
1,053,877 .78
Population 1920 census
67,327
Estimated value of school property (grounds and buildings)2,833,100 00
General tax rate for school purposes
11 63 mills
Total bonded debt
HEMPSTEAD (Town) UNION FREE SCHOOL DISTRICT NO. 11
(P. O. Rockville Centre), Nassau County, N. Y.—BOND OFFERING.—
Gilbert Smith, Clerk of Board of Education, will receive bids until 8p.m.
coupon (with privilege of registration) school building
bonds, the interest rate to be specified by the bidder.
Denoms. 2 for $5,000
and 10 for $10,000.
Date July 1 1921.
Prin. and semi-ann. int. payable
April 5 for $110,000
at the Nassau County National Bank of Rockville Centre.
Due $10,000
yearly on July 1 from 1923 to 1933 incl.
Cert, check for 10% of amount
bid, payable to the Treasurer of the Board of Education, required.
Bonds to be delivered and paid for on July 1 at the Nassau County National
of
Bank
of Rockville Centre.
(P.
O.
Lynbrook),
•
COUNTY
JUNEAU
Nassau County,
N.
Y.—BOND OFFERING —The
Board of Education will receive bids until 8 p.m. April 5 for $250,000 school
bonds, to bear interest at a rate not to exceed 6%.
Denom. $1,000.
Date May 1 1921.
Principal and semi-annual interest payable at the
Lynbrook National Bank, in New York exchange.
Due $10,000 yearly on
Jan. 1 from 1923 to 1947, inclusive.
Certified check for 10% of amount of
bonds, required.
Purchaser to pay accrued interest.
O.
(P.
Mansion),
Wise .—BOND
SALE—An
issue $51,655.50 5% soldiers' bonus bonds was sold during Match 1920 to
the Second Ward Savings Bank of Milwaukee.
Denoms. $500 and $1,000.
Date March 1 1920.
Int. M. & S.
Due 1929.
Kalamazoo
KALAMAZOO,
HEMPSTEAD (TOWN) UNION FREE SCHOOL DISTRICT NO. 20
—
—
County,
Mich.—BOND
SALE.—The
Detroit Trust Co. recently purchased $173,000 6% tax-free paving and
bonds.
Denoms. $1,000 and $500.
Int. M. & S.
Due yearly on
March 15 as follows: $23,500, 1924, 1925 and 1926, and $20,500, 1927 to
sewer
1931,
inclusive.
.
,
Summit County, Ohio.—BOND OFFERING.—B. O.
Village Clerk, will receive proposals until 12 m. April 21 for the
following two issues of 6% sewer bonds:
$10,000 city's share sanitary sewer, bonds.
Due $1,000 yearly on Mar. 15
KENMORE,
Sours,
from 1931 to 1940. incl.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. O.
Rockville Centre), Nassau County, N. Y.—BOND SALE.—On March 24
Geo. B. Gibbons & Co. were awarded the following two issues of coupon
or
a
registered school bonds (V. 112, p. 1052) at their bid of 100.67 for 5^s,
basis of about 5.40%:
Denoms. $2,000, $5,000 and $10,000.
Due yearly on
1 as follows: $2,000, 1923; $5,000,
1924, 1925 and 1926;
$10,000, 1927 to 1933, inclusive, and $5,000, 1934.
15,000 bonds.
Denom. $5,000.
Due $5,000 Jan. 1 1934 and $10,000
$92,000 bonds.
Jan.
Jan.
1
1935-
16,000 special
Mar. 15
HENDRICKS COUNTY (P. O. Danville), Ind.—BOND OFFERING
—
Bids for $6,600 5% A. B. Mercer et al. Eel River Twp. road bonds will be
until 10 a. m. April 4 by Allen J. Wilson, County Treasurer.
Denom.
$330-
months from
Date Aug. 16 1920.
Int. M. & N.
Due $330 each six
May 15 1922 to Nov. 15 1931, incl.
Purchaser to pay accrued
interest.
HILLSBORO, Highland County, Ohio.—BOND OFFERING.—Bids
April 12 by B. E. Ervin, Village Clerk, for $2,500
6% water-works extension bonds.
Denom. $500.
Date March 1 1921.
Int. M. & S.
Due $500 each six months from March 1 1922 to March 1
will be received until 12 m.
1924 inclusive.
»#»***»*&
•
•*
HOBOKEN, Hudson County, N. J .—BOND SALE.—The city has sold
$368,000 6% coupon or registered temporary impt. bonds to B. J. Van
Ingen & Co. of New York, who are now offering them to investors at prices
to yield 5.75%.
Denom. $1,000.
Date Jan. 15 1921.
Int. J. & J.
Due
$48,000 Oct. 1 1925, $147,000 July 1 1926, $110,000 Jan. 15 1927 and
$63,000 April 1 1927.
HOLLO WAY,
County, Ohio.—BOND OFFERING.—Bids
will be received until 12 m. April 14 by E. N. Skaggs, Village Clerk, for
$2,200 6% street repair bonds.
Denom. $200.
Date March 1 1921.
Int.
annually on Sept. 1.
Due $200 yearly on Sept. 1 from 1922 to 1932 incl.
Cert, check for 10% of amount of bonds bid for, payable to the Village
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award.
Purchaser to pay accrued interest.
ft
' -f'A. ' • '
Belmont
HOMESTEAD, Dade County, Fla.—NO BIDS RECEIVED.—No bids
were submitted on March 21 for the $15,000 street impt. bonds—V. 112,
p. 766.
mdt&itfoim
•
HOMESTEAD
*,
SCHOOL
DISTRICT,
Allegheny County,
Pa.—
BOND ELECTION.—A proposition to increase the bonded debt of the dis¬
trict by $175,000 for school buildings will be submitted to a vote on April 14.
HOWARD
COUNTY
(P.
O.
Kokomo),
Ind.—BOND
OFFERING.—
Orville O. Butcher, County Auditor, will receive bids until 10 a. m. April 6
for $174,903.41
6% Fay Beal et al. Center Twp. drain bonds.
-
HOWELL COUNTY (P. O. West Plains), Mo.—BIDS WILL BE CON¬
SIDERED.—Ward Ellis, County Clerk, informs us that offers, at not less
than 95 flat, for the purchase of $400,000 5% road bonds will be entertained
by the County Court.
These bonds are the unsold
portion of the $500,000 5% road issue of
which $100,000 were already sola as stated in V. 109, p. 700.
t
t
,
'
Date Mar. 15 1921.
Int. semi-ann.
Cert, check for
5% of amount of bonds bid for, payable to the City Treasurer, required.
Bonds to be delivered and paid for within ten days from date of award.
Purchaser to pay accrued interest.
Dak.—BOND OFFERING.—Until
receive proposals for $30,000
Date March 1 1921.
Int.
semi-ann.
Due March 1 1941.
Cert, check for 5% required.
Legality
approved by Chapman, Cutler & Parker of Chicago.
KIMBALL,
Brule
County,
So.
8 p. m. April 11 C. H. Coxe, City Auditor, will
and
water-works
received
assessment storm water sewer bonds.
Due yearly on
as follows: $1,000 1922 to 1925, incl., and $2,000 1926 to
1931, incl.
Denom. $1,000.
$10,000
sewer
6%
bonds.
DISTRICT NO. 1 (P. O. Beth-
KIT CARSON COUNTY SCHOOL
une), Colo.—BOND ELECTION.—SALE.—Subject to being
voted May 2,
Benwell,
$25,000 6% 15-30-year school-bldg, bonds have been sold to
Phillips, Este & Co. of Denver.
Assessed valuation $754,000.
debt, this issue only.
Population (est.), 350.
*•••■
*
Bonded
.
DISTRICT
NO.*5,
Wash.—BOND SALE.—The State of Washington was awarded on Mar. 12
the $38,000 school bonds (V. 112, p. 959) at par for 5Hs.
A bid of $30,015
for 6s was also .received from Keeler Bros. & Co.
KITSAP
COUNTY
UNION
HIGH
SCHOOL
LAC
QUI PARLE COUNTY (P. O. Madison), Minn.—DESCRIPTION
5H% 6-20-year serial ditch bonds, awarded on
of Minneapolis, for $56,980, equal to
100.84 (V. 112, p. 1187), are in denoms. of 56 for $1,000 and 1 for $500,
OF BONDS.—The $56,500
Feb. 1 to the Minneapolis Trust Co.,
and
are
dated
Feb.
1
Int. F. & A.
1921.
LAKEWOOD, Cuyahoga County, Ohio.—BONDS SOLD IN PART.—
$88,000 6% city's portion street-improvement bonds offered on
March 21 (V. 112, p. 1053), were awarded to N. S. Hill & Co., of Cincinnati
for $89,562, equal to 101.775, a basis of about 5.82%.
Date Feb. 1 1921.
Due $4,000 yearly on Oct. 1 from 1925 to 1946, inclusive.
The following
The
were
the bids received:
Premium.
Name—
Premium.
Name—
N. S. Hill & Co.. Cincinnati,562 00 A. T. Bell & Co.. Toledo
$441 83
968 00 Taylor, Ewart & Co., Chic— 273 00
Ill 00
531 00 Prudden & Co., Toledo
There were no bids for the nine Issues of 6% assessment bonds, amounting
to $172,067 50, offered at the same time.
"
*
Field, Richards & Co., Cin_
Seasongood & Mayer, Cinc_
LAPORTE
Until 10
COUNTY
,
(P.
...
O. Laporte),
Ind,—BOND
OFFERING.—
April 5 bids will be received by John Line, County Treasurer,
5% J. F. Tilden et al Scipio Twp. road bonds.
Denom. $950.
15 1920.
Int. M. & N.
Due $2,850 each six months from
May 15 1922 to Nov. 15 1931, inclusive.
Certified check for 5% required.
a. m.
for $57,000
Date Nov.
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. O. Fort Col¬
lins), Colo.—BOND OFFERING.—Edward H. Hall, District Secretary,
proposals until 4 p. m. Mar. 28 for the purchase of schoolbuilding bonds amounting to $100,000, the Board of School Directors re¬
serving the right to increase such amount to $110,000 if, upon letting con¬
tracts, the additional $10,000 shall be added.
Date of bonds not yet de¬
termined.
Prin. and semi-ann. int. payable at the office of the County
will receive sealed
1322
Treasurer
THE
or at
Kountze Bros., N. Y.
Cert, check
years.
CHRONICLE
or
Due in 30 years, optional after 10
bank draft for SI ,000, payable to L. C. Moore, Dis¬
MARINETTE,
County.
Wise.—BOND
SALE.—Paine,
purchased $225,000 5% tax-free Junior
$1,000.
Due yearly on Feb. 1 as
follows: $10,000 1922 to 1924, incl., $15,000 1925 to 1928,
incl.; $25,000,
High School bonds of 1920.
will not be entertained, and freak or complicated
bids will not be considered.
Payment will be received in a lump sum for entire issue at time of delivery,
bonds may be delivered to purchaser in installments with accrued inter¬
est; but such installments must be timed to meet the necessities of the
Board's building operations.
Purchaser will be expected to prepare and
furnish blank bonds of suitable form and workmanship without charge to
or
$500.
Date
months from Mar.
able
the City
to
Mar.
1
road and
bridge bonds.
April 1 1928.
six
pay¬
p. 1053) were the successful bidders on Feb. 26 for the $100,000 6% school
building bonds at par.
MENDON,
Mercer
County,
Ohio.—BOND
OFFERING.—F.
G.
Fisher, Village Clerk, will receive bids until 12 m. Apr. 9 for $5,150 6% re¬
funding bonds.
Denom. 1 for $150, 10 for $500.
Date Mar. 1 1921.
Int. payable annually.
Due $150 Mar. 1 1923 and $500 yearly on Mar. 1
from 1924 to 1933 incl.
Cert, check for $200 required.
(P. O. Albany), Ore.—BOND SALE.—Reports^say
that J. M. Hawkins, of Albany, was the successful bidder on March 21 for
the following 5% bonds (V. 112, p. 1053) at par:
'
$50,000 bonds.
Due Oct. 1 1926.
|$25,000 bonds.
Due Oct. 1 1927.
COUNTY
Date Oct.
1
1919.
METHUEN, Essex County, Mass .—TEMPORARY LOAN.—A tempo¬
ROCK,
Ark.—WARRANT SALE.—The $325,000 funding
offered on Mar. 4 (V. 112, p. 582), have been sold to
& Co.
Date Mar. 25 1921.
Denom. 81,000.
Due
The purchaser is now offering them to investors to yield
rary loan of $200,000, dated Mar. 18 and maturing Dec. 1 1921, was awarded
to the Old Colony Trust Co. of Boston on a 6.30% discount basis on Mar. 18.
tax-free warrants,
P. W. Chapman
25 1922.
MILFORD,
New
Haven
County,
Conn .—BOND OFFERING.—
Sanford Hawkins, Town Treasurer, will receive bids until April 13 for
$83,000 5% coupon bonds.
Date May 1 1921,
Prin. and interest payable
at theMilford Trust Co. of Milford.
Due $13,000 May 1 1922 and $10,000
yearly on May 1 from 1923 to 1929, incl.
7% interest.
Financial
Statement.
Rea lvalue of taxable property (estimated)..
$90,000,000
45,143,305
1,193,759
Total debt less than 2%% of assessed
Assessed value 1919
Total indebtedness, including this
issue
Population, 1920 census, 65,030.
MINERAL WELLS, Palo Pinto County, Tex.—BONDS REGISTERED.
—The State Comptroller on March
works bonds,
valuation.
LOWELL, Middlesex County, Mass.—BOND OFFERING.—Fred IT.
Rourke, City Treasurer, will receive bids until 10 a. m. March 29 for the
following 5% coupon tax-free bonds:
$450,600 high-school bonds.
Due yearly on April 1 as follows: $23,000,
Thorndike. Palmer & Dodge, whose opinion will be furnished the purchaser.
All legal papers incident to these issues will be filed with said bank where
they may be inspected at any time.
Bonds will be delivered to the pur¬
chaser on or about April 1 at the First National Bank of Boston.
McDONALD; Trumbull County, Ohio—BOND OFFERING.—E W.
Jackson. Village Clerk, will receive proposals until 12 m. April 14 for $85,000
Denom. $1,000.
Date April 1 1921.
Interest
6 % fire department bonds.
semi-annual.
Due $4,000
yearly
commencing April 1 1922.
Certified
Simpson, Village Treasurer, required.
check for $500, payable to John C.
Purchaser to pay accrued interest.
McKEAN COUNTY (P. O. Smithport), Pa .—BOND OFFERING.—
Bids will be received until April 25 by R. Walker, Clerk of Board of
County
Commissioners# for $200,000 6% road bonds.
$50,000 on June 1 in 1926, 1931, 1936 and
required.
,
Date June 1
194t.
1921.
Due
Certified check for 5%
MADISON
COUNTY
(P.
O.
Huntsville),
Ala.—CERTIFICATE
OF IBRING.—C. H. Pulley, President of Board of
Revenue, offers for imme¬
diate sale, $65,000 8% certificates.
Due Jan. 15 1922.
MADRID, Perkins County, Neb.—BOND SALE.—Benwell, Phillips,
Este & Co. of Denver have purchased $8,600 6% water-works bonds.
Denoms. 17 for $.500 and 1 for $100.
Date June 1 1920.
Prin. and semiann. int. (J. & D.) payable at the office of the
County Treasurer.
Due
June 1 1940, optional June 1 1925.
■
Financial
Statement.
>
Valuation of taxable property as returned by the assessor for
1920__$351,025
Total bonded debt, including this issue (all for water and
light)
12,900
Population (Census 1920), 427.
(City of),
Philippine
MINOA, Onandaga County, N. Y.—BONDS VOTED.—A bond issue,
purchasing a town hall site, was voted by 34 to 26, at a
to raise $5,000 for
MI NOT, Ward County, No. Dak.—CORRECTION.—In an item which
appeared in V. 110, p. 96, we reported that Bolger, Mosser & Willaman of
Chicago had purchased during December 1919 $285,000 5% sewage disposal
bonds from this city, but we have since been informed by this firm that this
report was incorrect,
MITCHELL INDEPENDENT SCHOOL DISTRICT (P. O. Mitchell),
Davison County, So. Dak.—BOND OFFERING.—Additional information
at hand relative to the offering on March 31 of the $300,000 school
is
,
bonds, at not exceeding 6% interest (V. 112, p. 1188).
Sealed bids for these
bonds will be received until 8 p. m. on that day by A, B. McKeel. Clerk
Date May 1 1921.
Interest semi-annual.
Due in
Board of Education.
20 years,
Islands.—BOND
OFFERING.—Bids
p. 490.
Denoms. $1,000 and $5,000.
Date Dec. 1 1920.
Int. payable
quarterly on March 1, June 1, Sept. 1 and Dec. 1.
Prin. and int. payable
at the Treasury of the United States.
Due Dec. 1 1950, optional after
Dec. 1
1930.
A bank draft or cert, check for 2% of the amount of bonds
for, payable to the Chief, Bureau of Insular Affairs, required.
The
are issued under the
authority contained in Act of Congress approved
Aug. 29 1916, and an Act of the Philippine Legislature
approved Feb. 24
1920.
Bids must be enclosed in envelopes
plainly marked "Subscription
for City of Manila
5}4% bonds," and addressed to Frank Mclntyre, Major"Gen. U. S. Army, and "Chief, Bureau of Insular
Affairs, War Department,
Washington, D. C." The bid or bids giving the City of Manila the
highest
acceptable price in the sale of the entire offering will be
accepted, but no
bid of less than par and int. can be considered.
Unless otherwise stated
In the bid, each bid will be understood as
being for all or any part of the bonds
applied for.
If the bid makes no mention of accrued int. it will be under¬
bid
bonds
stood
that accrued int. is offered by the bidder in addition to
the price
named for the bonds.
The right is reserved by the Bureau of Insular
Affairs,
War Department, to reject
any or all bids.
Accepted subscriptions will be
April 14 1921 at a bank in New York City to be designated by
the Bureau of Insular Affairs, War
Department, and the bank so designated
will make delivery of the bonds, or, if
necessary, interim certificates ex¬
changeable for the definitive bonds as soon as they can be issued.
Bonded
debt, $4,000,000.
Assessed valuation, $99,367,193.
on
JLAV,DEN' Middlese* County, Mass.—BOND OFFERING.—It is un¬
officially reported that the City Treasurer will receive bids until 7:30 p. m.
March 29 for $139,000 5% and 5M
% bonds, maturing from 1920 to 195i.
MANNISTIQUE, Schoolcraft Ccunty, Mich.—BOND SALE.—Howe
Snow, Corngan & Bertles, of Detroit, have purchased an issue of
$97 000
6% tax-free water-works bonds, which they are now
offering to investors
at priees to yield from
5,40% to 5.60%.
Denom. $1,000.
Date April 1
|?21 ■
State
Principal and semi-annual interest (M. & S.) payable at the Peoples
Bank, of Detroit or through
Howe, Snow, Corrigan & Bertles
$5,000 yearly on Sept. 1 from 1932 to 1950,
inclusive, and $2,000
Sept. 1 1951.
Due
&r
_
Water debt
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND OFFERING
—F. A. Kilmer, Clerk Board of County Commissioners, will receive bid
until 12 m. Mar. 31 for $83,000 6% coupon Covington Pike impt. bonds.
Denom. $1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.)
Due $2,000 Mar. 1 1922 and
payable at the County Treasurer's office.
$9,000 yearly on Mar. 1 from 1923 to 1931, incl.
Cert, check for $1,000
payable to the County Treasurer, required. Purchaser to pay accrued int.
MT. AIRY, Carroll County, Md.—BOND OFFERING.—Proposals for
$20,000 5% wrater and street bonds will be received until April 1 by R. R.
Mayor.
Denom.
$500.
Due
$1,000 serially beginning
Jan,
sri
199
177 000
Vone
6,380.
par.
Denom. $1,000.
Date March 1
OOol93*7 t?U194yieaind°n MarCh 1 aS follows: $5>000 1935 and
1921.
Int.
1936' and $6,
COUNTY
SCHOOL
DISTRICT
NO.
41
Lavina), Mont.—BOND OFFERING —On April 1 $6,000 6%
(opt.) school bonds will be offered for sale.
Denom. $500.
(P. O.
5-20-year
NASHUA, Hillsborough County, N. H.—LOAN OFFERING.—It is
reported that the City Treasurer will receive bids until 10 a. m. March 30
for a temporary loan of $200,000, dated March 31 and maturing Dec. 8 1921.
NEOSHO SPECIAL ROAD DISTRICT
(P. O. Neosho), Newton
County, Mo.—BOND OFFERING.—Bids will be received until 9 a. m.
April 2 by L. E. Mitchell, Chairman, for $22,000 6% bonds.
Denoms.
$500 and $1,000.
Date June 1 1921.
Int. J. & D.
Due $2,000 yearly
beginning June 1 1923.
Financial
True value of real estate and
Assessed
valuation equalized
bonded
Total
Statement.
$3,522,870
personal property
1919
debt including present issue
*
---
—
Indebtedness existing in other forms
—;
1,874,290
36,000
None
NEW
Sealed
BERN, Craven County, No. Caro.—BOND OFFERING.—
proposals will be received until 8 p. m. March 28 by F. T. Patterson,
City Clerk, for 8150,000 school bonds.
The bonds are to be dated Jan. 1
1921 and to mature in annual installments or series, the first of which will be
payable not more than three years and the last within forty years
prescribed by section
Consolidated Statutes of North Carolina, with interest payable
semi-annually at 6% per annum.
Denomination is to he of such form and
principal and interest to be payable at such place as may be agreed upon by
and between the Board of Aldermen of said city and the
purchaser of said
bonds and as prescribed by law.
Bidders must deposit with D. M . Roberts,
Treasurer and Financial Officers of the city, before making their bids or
present with their bids, a certified check payable to the order of the city of
said financial officer upon an incorporated bank or trust company, or a sum
of money for an amount equal to 2% of the face amount of bonds bid for,
to secure the city against any loss resulting from the failure of the bidder
to comply with the terms of his bid.
made
after the date of the first issued bonds of such issue, as
2952
of
NEW
BRITAIN,
Hartford
County,
Conn .—NOTE OFFERING.—
L.
Sheldon, City Treasurer, will receive proposals until 12 m.
purchase at discount of $358,977 tax-free anticipation
payable $96,077 July 26 1921 and $262,900 Aug. 1 1921 in New York.
Mar. 29 for the
notes
NEW LONDON, Waupaca and Ouatgamie Counties, Wis.—BOND
March 22 the $150,000 general obligation bonds—V. 112,
SALE.—On
p.
St* Louis County, Mo.—BOND SALE.—On Feb.
16
sewer bonds were sold to the Kauffman-Smith-Emert
L°uls at
1923.
1
MUSSELSHELL
$m",666
Net debt
public
years.
MONROE COUNTY (P. O. Aberdeen), Miss.—NOTE OFFERING.—
Sealed bids will be received until April 4 by J. T. Morgan, Clerk Board of
County Supervisors, for $30,000 6% refunding notes, it is reported.
Curtiss
Financial Statement.
Assessed
Population,
optional after ten
MOCKSVILLE, Davie County, No. Caro.—BOND OFFERING —
Z.N. Anderson, Town Clerk, will receive proposals until 4 p. m. Mar. 29
for $55,000 6% gold coupon street, water and sewer bonds.
Denom.
$1,000.
Date Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable
at. the National Bank of Commerce, N. Y.
Due yearly on March 1 as
follows: $1,000, 1923 and $2,000 1924 to 1950 incl.
Cert, check or cash
on an incorporated bank or trust company for
2% of the amount of bonds
bid for payable to the town of Mocksviile, required.
Successful bidders
will be furnished with the opinion of Reed, Dougherty & Hoyt of N. Y.,
that the bonds are valid and binding obligations of the town of Mocksviile.
Purchaser to pay accrued interest.
Bonded debt (including this issue)
March
16 1921 $56,100 Floating debt (addl.) $3,500.
Sinking fund,
$700.
Assessed value 1920 $1,600,000.
Town tax rate (per $1,000) $680.
Molesworth,
will be received until 2 p. m. April 5 for the
$2,750,000 5tax-free regis¬
tered gold bonds, which were offered without success on
Jan. 25—V. 112
valuation, 1920
Total debt, including this issue
18 registered $200,000 6% serial water
recent election.
1922 to 1931, inclusive, and $22,000, 1932 to 1941, inclusive.
200,000 memorial auditorium bonds.
Due $10,000 yearly on April 1
from 1922 to 1941, inclusive.
60.00G bridge bonds.
Due $3,000 yearly on April 1 from 1922 to 1941,
inclusive.
20,000 school-house bonds.
Due $1,000 yearly on April 1 from 1922 to
1941, inclusive.
Denom. $1,000.
Date April 1 1921.
Principal and semi-annual interest
iA. & O.) payable at the First National Bank of Boston.
These bonds
are engraved under the supervision of and certified as to
genuineness by the
First National Bank of Boston; their legality will be approved by
Storey,
.
MELROSE, Middlesex County, Mass .—TEMPORARY LOAN.—On
Mar. 22 a temporary loan of $75,000, issued in anticipation of revenue,
maturing $25,000 Oct. 17 1921, and $50,000 Nov. 15 1921, was awarded to
Harris, Forbes & Co. of Boston on a 5.85% discount basis.
Ivanhoe), Minn,—-PURCHASER.—Stanley, Gates & Co. of St.
Paul (not the Capital Trust & Savings Bank of St. Paul, as stated in V. 112.
$rC.°«of
each
Stark
MASSILLON,
County,
Ohio.—BOND
SALE.—The
Ohio
Banking & Trust Co. of Massillon was awarded at par and interest the
$12,850 6% coupon fire-dept bonds offered on Mar. 17—V. 112, p. 1054.
Date Mar 1 1921.
Due $4,000 on April 1 and Oct. 1 in 1927, and $4,850
Due in 30
Interest semi-annual.
O.
$40,000 6%
Due $500
discount basis.
LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 65
payable
8.
Cert, check for $200,
On March 19, according to reports, the Rockland Trust Co., of Rockland,
a loan of $20,000, coming due Dec. 15 1921, to the town on a
5.90%
years.
MANILA
&
•,
for $300,000
Mar.
M,
made
LETCHER COUNTY (P. O. Whitesburg),
Ky^—BOND OFFERING.—
Sealed bids will be received until April 6 by Fess Whitaker, County Judge,
LITTLE
Int.
1921.
1 1922 to Sept. 1 1926 incl.
Treasurer, required.
MARSHFIELD, Plymouth County, Mass.—TEMPORARY LOAN.—
LEMMON, Perkins County, So. Dak.—BOND OFFERING.—R. M.
Watson, City Auditor, will receive proposals until April 4 for $32,000 6%
10-year sewer system completion bonds, authorized by a vote of 85 to 15
LINN
13,610
-15,000
MARION, Marion County, Ohio.—BOND OFFERING.—J. L. Landes,
City Auditor, will receive bids until 12 m. Apr. 18 for $5,000 6% park bonds.
Denom.
(P.
$14,500,000.00
11,538,700.00
419.200.00
Present official estimate..
LAUDERDALE COUNTY (P. O. Meridian),
Miss.—BOND SALE.—
According to reports Sidney Spitzer & Co, of Toledo, were recently awarded
$150,000 6% culvert and bridge bonds.
March 8.
—
(About 3K% assessed valuation)
Population 1920 census
interest of its obligations; neither has the
City of Fort Collins nor Larimer County.
Bonded debt (excluding this
issue), $118,000.
Sinking fund, $2,000.
Assessed value 1920. $14,062,690.
Actual value (est.), $20,000,000.
Population (est.), 12,000.
on
Denom.
1929 and 1930, $40,000 1931 and $45,000 1932.
Official circular states that this district has never defaulted
principal
,
Financial Statement.
Real valuation of property
i
Assessed value taxable property (1920)
Total bonded deot (this issue included)
or
in any payment of
Marinette
Webber & Co. of Milwaukee, have
trict Treasurer, required.
Bids are requested for a 6% bond, but bids will
be entertained for a lower rate of interest.
Bids for a fraction of the issue
the District.
[VOL. 112.
1188—were awarded to the Bank of New London of New London and
jointly at par.
the Second Ward Securities Co. of Milwaukee
NEWPORT,
Newport
County,
R.
I.—LOAN
OFFERING.—F.
N.
Fullerton, City Clerk, will receive bids until 5 p. m. March 31 for a tem¬
porary loan of $75,000 to
Date April 6 1921.
Due
be awarded on a discount basis.
Denom. $10,000.
Sept. 6 1921 at the First National Bank of Boston.
|
March 26
1921.]
THE
CHRONICLE
„NEW YORK CITY, N. Y.—LOANS OFFERED—Proposals will be
Philbin, Deputy Comptroller, Room 739,
Municipal Building, New York, until 12 m. March 30 for the
purchase on
interest basis of
$47,000,000 short-term securities, consisting of $5,000,0
000 revenue bills, dated
April 1, due May 26 1921; $10,000,000 revenue
bills, dated April 1, due June 3 1921;
$10,000,000 revenue bills, dated
April 1, due June 8 1921; $10,000,000 revenue bills, dated April 1, due June
ii
$7,000,000 revenue bills, dated April 4, due June 17 1921; and
$5,000,000 corporate stock notes, dated
April 5, due June 28 1921.
The
securities must be paid for before noon on their
respective dates, April 1, 4
and
received at the office of Arthur
J.
an
5.
NILES,
Trumbull.
County,
Ohio.—BOND
OFFERING.—Homer
Thomas, Clerk of City Council, will receive bids until 2
p. m. April 14
•7/
° i°Ti?g iyro issues of 6% Water Street sanitary sewer bonds:
$14,700 special assessment bonds.
Denoms. 1 for $200 and 1 for $500 and
14 for $1,000.
Due yearly on April 1 as foUows:
$500, 1923;
$2'000. 1924 to 1929. incl.; and $2,200, 1930.
30,300 city's share bonds.
Denom. $1,000 and $300.
Due $5,000 yearly
on April 1 from
1931 to 1935, inch, and $5,300 April 1 1936.
Date April 1 1921.
Int. semi-ann.
Cert, check for 2% of amount of
bonds bid for,
required.
Bonds to be delivered and paid for within ten
nn
Purchaser to pay accrued interest.
NORFOLK, Va.—BONDS
March
AUTHORIZED.—'The "Virginian Pilot"
8 had
of
the following to say regarding a
proposed new bond issue:
An ordinance
authorizing the issue of $1,500,000 in 6% 30-year bonds
for the construction of the new
city water-works system was adopted yes¬
terday afternoon by the City Council on recommendation of the
City Man¬
ager.
This ordinance will replace the ordinance of Nov.
16 1920 authorissue of $1,000,000 5% bonds, which was
repealed.
The new ordinance was
recommended because the City Manager found
It impossible to sell
any 5% bonds at par at this time.
The prospects are,
according to the City Manager, that it may be years before the bond mar¬
ket is in such condition as to
make it impossible to dispose of bonds at this
rate or interest.
On the other hand, it is stated,
6% bonds may be disposed
of at
102 or 101.
"In his letter to the Council on this
matter, the City manager emphasized
the necessity of
bringing the new water-works system to completion at the
fsirliest
possible date.
This can be done, the letter stated, only by financing
the project through the method
recommended.
It is expected that the
water-works system will be finished about the first of next
year."
NORTH COLLEGE HILL (P. O. Mt.
Healthy), Hamilton County,
Ohio.—BOND OFFERING.—Edward Jamison, Village
Clerk, will receive
bids until 12 m. April 13 for
$3,600 6% street impt. bonds.
Denom. 6
for $500 and 1 for $600.
1941.
Cert, check for
Date Mar. 1 1921.
Int. semi-ann.
Due Mar. 1
10% of amount of bonds bid for, payable
Village Treasurer, required.
to the
NORTH MANKATO SCHOOL
DISTRICT, Nicolett County, Minn.
—BOND SALE.—This district on Jan. 27 sold
$20,000 6% school bonds
to the Minneapolis Trust
Co., of Minneapolis, at par.
Denom. $1,000.
Date Feb.
1
1921.
NORWALK
Int.
F.
SCHOOL
& A.
Due Feb.
1
1931.
DISTRICT, Los Angeles
PERRY COUNTY (P. O.
Cannelton), Ind.—BOND OFFERING.—
T. A. Lasher,
County Auditor, will receive bids until 11 a. m. April 4 for
$60,020 5% J. E. Magan et al. Tobin Twp. road bonds.
Denom. $520and $500.
Date April 1 1921.
Int. M. & N.
Due $3,020 May 15 1922
and $3,000 each six months from Nov.
15 1922 to Nov. 15 1931, incl.
PIERCE
COUNTY
SCHOOL
DISTRICT
NO.
43,
Wash.—BOND
SALE.—The State of Washington was the successful bidder on Mar.
5 for
the $3,000 school bonds—V. 112,
p. 960—at par for 6s.
There were noother bidders.
PIERCE COUNTY SCHOOL DISTRICT NO. 68, Wash.—BOND
SALE.—The State of Washington bidding par for 6s was awarded the$8,000 school bonds on Mar. 5—V. 112, p. 960.
There were no other
bidders.
March 1 from
Calif.—
1922 to 1961 incl.
amount of bonds bid for
visors,
required.
Cert, or cashier's check for 3% of the
payable to the Chairman Board of County Super¬
Debt, none.
Assessed value 1920 $1,092,030.
Bonded
Population (est.) 1,300.
NORWOOD,
March
1921.
Norfolk County,
Mass .— TEMPORARY LOAN.—On
21, it is stated, a temporary loan of $120,000, maturing Nov. 15
awarded to F. S. Moseley & Co. on a
6.20% basis.
was
NOXUBEE
COUNTY
(P.
O.
Macon),
Miss.—BOND OFFERING.—
John A. Tyson, Clerk Board of
County Supervisors, will receive proposals
until 2 p. m.
April 5 for the following 6% Donds:
$90,000 Supervisors District No.
50,000
1
bonds.
Date Sept. 6
1920.
Supervisors District No.
4 bonds.
Date Oct. 4 1920.
Interest semi-annual.
Certified check for $500 for each
Ddnom. $500.
issue, required.
NUTBUSH
TOWNSHIP, Warren County, No. Caro.—BOND OF¬
C. Hunter, Chairman Board of
County Commissioners
Warrenton), will receive sealed bids until 12 m. April 20 for $25,000
40-year road bonds at not exceeding 6% int.
Int. semi-ann. Cert, check
for $500, payable to the above official,
required.
FERING.—C.
(P. O.
OAKLAND, Garrett County, Md.—BOND OFFERING—A. G. Ross,
Village Clerk, will receive bids until 8 p. m.
April 4 for $10,000 5% electric
Denom. $1,000.
Int. J. & J.
Due $1,000 yearly on July 1 from
1952 to 1961, inclusive.
Certified check for $200 required.
bonds.
OPELOUSAS SCHOOL DISTRICT NO. 1, St. Landry Pariah, La
BOND OFFERING.—W. B. Prescott,
Supt. (P. O. Opelousas), will receive
proposals for $150,000 5% school bonds until 10 a. m. April 4.
Denom,
$500.
Pate Jan. 1 1921.
Principal and annual interest (Jan. 1) payable
at the office of the St. Landry Parish School Board.
Due yearly on Jan. 1
as follows: $6,560,
1922: $7,000, 1923: $7,500, 1924; $8,000, 1927; $8,500,
1926: $9,000. 1927; $9,500. 1928: $10,000. 1929: $10,500. 1930:
$11,000.
1931: $11,500,
1932; $12,000, 1933; $12,500, 1934; $13,000, 1935, and
$13,500, 1936.
Certified check for 1% of the amount bid, required.
OREGON (State of).—BOND OFFERING.—Sealed bids will be received
a. m. April 9 by R. B.
Goodin, Secretary of the State Board of
Control (P. O. Salem), for $1,000,000 514% geld
highway bonds.
Denom,
$1,000.
Date April 1 1921.
Principal ana semi-annual interest payable
at the office of the State Treasurer or at the office of the fiscal
agent of the
until 11
State of Oregon in New York City.
Due April 1 1925.
Certified check for
5% of the amount of bid, payable to the State Board of Control, required.
The bonds will be furnished complete by the Board, and delivered at Salem
Portland, Ore.
The Board of Control will furnish certificate
Storey, Thorndike, Palmer & Dodge, of Boston, as to legality.
or
from
ORMSBY COUNTY (P. O. Carson City),
Nev.-^BOND OFFERING.—
E. S. Dougherty, Chariman Board of County
Commissioners, will receive
sealed proposals until 10 a. m. March 29 for $60,000
6% court-house and
county building completion bonds, it is stated.
Denom. $500.
Date
April 1 1921.
Principal and semi-annual interest (J. &
J.) payable at the
office of the County Treasurer.
Due 83,000 yearly on July 1 from 1924 to
1943, inclusive.
Certified check for 10% required.
OSAGE COUNTY (P. O.
Trust Co.,
Mississippi
St.
Linn), Mo.—BOND SALE.—The Mortgage
Valley Trust Co. and Smith, Moore & Co., all
of
Louis, have purchased $250,000 5% tax-free road bonds.
Denom.
$1,000.
Date Feb. 1 1920.
Int. semi-ann., payable at St. Louis.
Due
yearly on Feb. 1 as follows: $16,000 1925; $15,000 1926; $16,000 1927;
$15,000 1928; $16,000 1929; $15,000 1930; $16,000 1931; $15,000 1932;
$16,000 1933; $15,000 1934; $16,000 1935; $31,000 1936; $31,000 1938;
$17,000 1940.
Financial Statement.
Estimated actual value of taxable property
Assessed valuation of taxable property, 1919
Total bonded indebtedness, including this issue
Population,
1920 Census,
$15,000,000
7,798,525
500,000
13,585.
OZAUKEE
COUNTY
(P. O.
Port
Washington),
Wise.—BOND
OFFERING.—Sealed proposals wrill be received until 10 a. m. March 30
by John Bichier, County Clerk, for the purchase of the $216,000 5% road
bonds, offered unsuccessfully on Feb. 15—V. 112, p. 869.
Int semi-ann.
Due on April 1 as follows: $54,000 in each of the years 1922,
1926, 1930 and
1934.
Cert, check for $1,000, required.
The committee reserves the
right to reject any or all bids and if no satisfactory sealed bid is received,
the right to proceed therefater to sell said bonds at public auction
private sale.
reserves
at
PAGE
COUNTY
DRAINAGE
NOT SOLD.—No sale
bonds—V. 112,
PALESTINE,
p.
was
made
on
DISTRICT
NO.
16,
Iowa.—BONDS
6% drain¬
March 16 of the $135,099.91
960.
Anderson! County,
Tex.—BONDS
REGISTERED.—
This city registered $250,000 5J4 % 10-40 year street impt. bonds with the
State
Comptroller
on
Mar. 19.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 5, Waah.—
BOND OFFERING.—Sealed bids will be received until 9 a m. April 20 by
S. M. McGee, County Treasurer (P. O. Newport), for $2,000 5-10-vear
(opt.) school bonds at not exceeding 6% interest.
PITT COUNTY (P. O.
Greenville), No. Car o.—BOND OFFERING.—
W.
W. Dawson, Chairman Board of County Commissioners, will receive
sealed bids for the purchase of $500,000 road bonds until 2 p. m.
April 4.
Denom. $1,000.
Date April 1 1921,
Principal and semi-annual interest
(A. & O.) payable in New York in gold.
Due yearly on April 1 as follows:
$10,000, 1932 to 1935, inclusive; $15,000. 1936 to 1938, inclusive; $20,000.
1939 to 1942, inclusive; $25,000, 1943 to 1945, inclusive; $30,000, 1946 and
1947; $35,000, 1948 and 1949: $40,000, 1950 and 1951, and $5,000, 1952 to
1961, inclusive.
Certified check or cash for $10,000, required.
Bonds
lithographed and certified by U. S. Mtge. & Trust Co., New York.
Legal¬
ity approved by Chester B. Masslich, New York, and J. L. Morehead,
Durham.
Bids must be on blank forms to be furnished by the above trust
company or said official.
Delivery in New York on or about April 15 1921.
Bonded debt (excluding this issue), $825,000.
Assessed value, $61,667,690.
Population, 45,569.
PITTSBURG, Camp County, Tex.—BOND ELECTION.—On Apr. 15
$16,000 water-extension
and sewerage system
extension bonds
voted upon.
are
to be
*
POLK COUNTY
(P. O. Crookston), Minn.—BOND SALE.—The
$254,000 county-ditch bonds offered on Mar. 19 (V. 112, p. 960) have been
disposed of.
Date Apr, 1 1921.
PORTAGE VILLAGE SCHOOL DISTRICT (P. O. Portage), Wood
County,
Ohio.—BOND
OFFERING.—Proposals will be received until
6 p. m. Apr. 2 by Earl T. Fryman, Clerk of Board of Education, for $9,200
6% coupon refunding bonds.
Denoms. 1 for $200 and 18 for $500.
Date
Mar. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the District
Treasurer's office.
Due $200 Sept. 1 1923 and $500 each six months from
Mar. 1 1924 to Sept. 1 _1932, incl.
Cert, check for
bid for, payable to the District Treasurer, required.
and paid for within ten days from date of award,
2% of amount of bonds
Bonds to be delivered
Purchaser to pay ac-
crued interest.
PORTER COUNTY (P. O.
Valpariaso), Ind.—BOND OFFERING.—
a. m. April 2 by A. G. Graissle, County Treas.
following four issues of road bonds:
$140,000 5% Arthur Hanrahan bonds.
Denom 60 for $2,000 and 20 for
$1,000.
Due $7,000 each six months from May 15 1922 to
Nov. 15 1931, incl.
V
72,000 414% A. Hawkinson Portage Twp. bonds.
Denom. $3,600.
Due $3,600 each six months from May 15 1922 to Nov. 15 1931,
Bids will be received until 10
County,
BOND OFFERING.—Until 11 a. m. March 28
proposals will be received
for $40,000 5^% bonds by L. E.
Lampton, County Clerk, (P. O. Los
Angeles).
Denom. $500.
Date March 1 1921.
Prin. and semi-ann. int.
payable at the office of the County Treasurer.
Due $1,000 yearly on
age
April 20 1921.
Principal and semi-annual interest payable at the office of
the County Treasurer.
Due April 10 1931, optional April 20 1926.
onn
days from date of award.
or
1323
Denom. $500.
Date
for the
incl.
33,200 414% B. F. Williams et al. Washington & Morgan Twps. bonds.
Denoms. 20 for $1,000 and 20 for $660.
Due $1,660 each six
months from May 15 1922 to Nov. 15 1931, incl.
45,000 4H% B. F. Williams et al. Washington & Morgan Twps. bonds.
Denoms. 20 for $1,250 and 20 for $1,000.
Due $2,250 each
six months from May 15 1922 to Nov. 15 1931, incl.
«
Date Mar. 16 1921.
Int.M. &N.
PORTO RICO
(Government of).—BOND OFFERING.—Bids will be
received until 2 p. m. Mar. 31 by Frank Mclntyre, Major-General U. S.
Army and Chief of the Bureau of Insular Affairs, for $500,000 414%
tax-free gold "Workingmen's House Construction Bonds" of 1920.
The
bonds will be issued coupon form in denomination of $1,000.
These coupon
bonds will be exchangeable for registered bonds in denominations of $1,000
and $5,000, subject to such regulations as may hereafter be prescribed by
the Secretary of the Treasury of the United States.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Treasury of the United
States at Washington, D. C.
Due as follows: $250,000 Series "A" on Jan. 1
1941 and $250,000 Series "B" on Jan. 1 1942, redeemable on Jan. 1 1940 or
on any interest-paying date thereafter.
Should it be desired to redeem the
bonds on Jan. 1 1940 or subsequently thereto on any interest-payment
date, printed notice shall be published at least sixty days in advance and
once a week during said sixty days in one or more newspapers in the City of
New York and one or more newspapers in Porto Rico.
A bank draft or
certified check for 2% of the amount of bonds bid for, payable to the Chief
of the Bureau of Insular Affairs, in New York City funds, required.
Pur¬
chaser to pay accrued interest from Jan. 1 1921.
Bidders may restrict
their offers to bonds of particular series or to part of any series, but unless
so restricted, this Bureau reserves the
right to award on any bid any of the
bonds not awarded to other bidders.
The issuance of these bonds will be
effected in accordance with authority contained in Act of Congress approved
March 2 1917, and in Sections 32 and 38 of the Act of Congress approved
April 12 1900, entitled "An Act temporarily to provide revenues and a civil
government for Porto Rico and for other purposes," and in accordance with
the authority of the Legislature of Porto Rico as specifically granted in an
Act approved May 13 1920.
The legality of this issue has been passed
upon by the Attorney-General of the United States.
The official circular
says that the United States Treasury Department authorizes the statement
that, unless and until further notice to the contrary shall have been given,
bonds of the Government of Porto Rico are acceptable at par under the
regulations of the Treasury Department, as security for deposits of public
moneys.
The Postmaster-General authorizes the statement that they will
be accepted at par as security for deposits of postal savings funds.
The
bonds will be accepted at par by the Government of Porto Rico as security
for deposits of funds of that Government, or as security required by any of
the laws of Porto Rico to be deposited with the Treasurer of Porto Rico.
Bids must be inclosed in envelopes plainly marked "Subscription for
Four and One-Half Per Cent Porto Rican Gold Bonds," and addressed to
the "Chief, Bureau of Insular Affairs, .War Department, Washington,
D. C."
Accepted subscriptions will be payable on April 11 1921 at a bank
in New York City, to be deisgnated by the Bureau of Insular Affairs, and
the bank so designated will make delivery of the bonds or interim certifi¬
cates exchangeable for definitive bonds as soon as the bonds can be prepared.
Bonded debt (excluding this issue) Nov. 30 1920, $10,897,000.
Sink¬
ing fund, $1,527,661 02.
Assessed value 1919-1920, $263,857,029.
PULASKI COUNTY (P. O. Winamac), Ind.—BONDS NOT
SOLD.—
bond
The $16,000 5% Chas. Kain et al. Jefferson & White Post Twps. road
offered on Mar. 15.—V. 112, p. 1055.—were not sold.
RED LAKE COUNTY
(P. O. Red Lake Falls), Minn.—BOND SALE.
—On Feb. 3
an issue of $18,800
6% ditch bonds was sold for $18,868 40,
equal to 100 36, to the Minneapolis Trust Co., of Minneapolis.
Denom.
18 for $1,000 and 1 for $800.
Date Feb. 1 1921.
Int. F. & A.
Due
yearly from 1927 to 1941, inclusive.
RICHARDSON
Verdon),
COUNTY
Neb.—BOND
SCHOOL
DISTRICT
OFFERING.—Proposals
NO. 32
(P. O.
will be received until
6% school bonds.
Mar. 29 oy C. T. Wear, School Director, for $40,000
RICHMOND, Wayne County, Ind.—BOND OFFERING.—B.
Bescher, City Controller, will receive proposals until 2 p. m. April 1
the
A.
for
purchase of the following 6% coupon electric light and power plant
$58,000 bonds maturing $18,000 Nov. 1 1922, and $20,000 Nov. 1 1923 and
1924.
110,000 bonds, maturing yearly on Nov. 1 as follows: $27,000 1925, $35,000
1926 and 1927, and $13,000 1928.
These are part of a $257,000
block, scheduled to mature $27,000 in 1925, and $35,000 yearly
from 1926 to 1932, when $20,000 matures.
The remaining $147,000 will be sold at a later date.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable at any Richmond bank or trust company named by the purchaser.
Cert, check on responsible bank or trust
company, for 214% 1of amount of
bonds bid for, payable to the City Treasurer, required.
Delivery to be
made at the City Treasurer's office as soon as bonds can be printed.
Pur¬
chaser to pay accrued int.
1324:
THE
•
RIPLEY, Brown County, Ohio.—BOND OFFERING.—Proposals will
t>e received until 12
m. Apr. 14 by H. L. Montgomery, Village Clerk, for
$6,500 6% electrlc-llghfc-plant bonds.
Denom. $500. Date Apr. 14 1921.
Prin. and semi-ann. Int. payable at the Ripley National Bank of Ripley.
Due Apr. 14 1941; optional Apr. 1 1922.
Cert, check for 5% of amount
-of bonds bid for, payable to the Village Treasurer, required.
RIPLEY
COUNTY
(P. O. Versailles), Ind.—BOND OFFERING —
William B. Goyert, County Treasurer, will receive bids until 11 a. m.
April 4 for the following two issues of 4H% road bonds:
,
$22,000 3. Wesley McCune efc al. Washington Twp. bonds.
Denom. $275.
Due $1,100 each six months from May lo 1922 to Nov. Id 1931, incl.
29,400 Joeseph Blllman et al. Franklin Twp. bonds.
Denom. $145.
Due $1,470 each six months from May 151922 to Nov. 151931 .incl.
Date April 4 1921.
Int. M. & N.
ROCK
COUNTY
O. Janesville), Wise.—BOND OFFERdNO —
Clerk, will receive sealed proposals until 10 a. m.
p. m. on that date) for $200,000 5% highway bonds.
(P.
Howard Lee, County
Aim*. 4 (to be opened 2
Date June 1 1919-. Prin. and semi ann. int. (J. & D.)
payable at the office of the County Treasurer.
Due June 1 1926 and 1927.
check for $2,000 required.
The bonds are issued pursuant to the
provisions of Sections 1317 m 1 to 1317 m 15, inclusive, of the Wisconsin
statutes, and have been approved by the Wisconsin Highway Commission
and certified by the Attorney General of Wisconsin, for the purpose of
providing necessary funds for constructing the Federal Trunk line High¬
Denom. $500.
Cart,
ways.
ROCK
HILL,
York
County,
OFFERING.—
until
Caro.—BOND
So.
8. George Moore, City Clerk and Treasurer, will receive sealed bids
12 m. April 12 for all or any part of $100,000 6% street lmpt. bonds.
De¬
and semi-ann. int. (J. & J.)
Jan. 1 as follows: $6,000 1923 to
1932. incl.; $8,000 1933: $3,000 1934 to 1937, incl., and $4,000 1938 to
1942 incl.
Cert, check for 2% of the amount of bonds bid for, required.
Bonds will be prepared under the supervision of U. S. Mtge. & Trust Co.,
which will certify as to the genuineness of the signatures of the city official
and the seal impressed thereon.
The purchaser or purchasers will be fur¬
nom.
$1,000.
Date Jan.
payable in New York.
1
1921.
Prin.
Due yearly
Apr. 11 by W. K. Knight, County Judge, it is reported, few the
5H% road bonds:
$100,000 Road District No. 1 bonds.
50,000 Road District No. 2 bonds.
Denom. $500.
Int. semi-ann.
SANBORN COUNTY DRAINAGE DISTRICT NO. 36. So. Dale.—
BOND SALE.—The $45,000 drainage bonds offered on March 15—V. 112,
961—have been sold, it is reported, to Casady-Dufur Bond Co. of Des
Moines as 7s.
SAN FRANCISCO (City and County), Calif.—BOND OFFERING.—
Proposals will be received until 3 p.m. Apr.4 by J. S* Dunnigan, Clerk of the
Board of Supervisors for $2,366,000 4 XA% tax-free school bonds.
Denom.
$1,000.
Date Mar. 1 1918.
Int. M. & S.
Dne as follows: $47,000 1926,
$137,000 1927 to 1935, incl., $150,000 1936, $159,000 1937, $161,000 1938
and 1939, $155,000 1940, $162,000 1941 and $138,000 1942.
Cert, check
(or deposit) for 5% of the bid, payable to above Clerk, required, provided
that no deposit need exceed the sum of $10,000 and no deposit need be
given by the State of California.
Bidders may bid for the whole or any
part of the bonds here offered, and when a less amount than the whole
amount offered is bid on the bidder shall state the year or years of maturity
thereof.
Delivery of the bonds to the purchaser will be made within ten
days from the date of award or within such time thereafter as may be
agreed upon by the purchaser and Finance Committee of the Board of
Supervisors.
The approval of John C. Thomson, attorney, N. Y., as to
the legality of the above bonds is on file on the Clerk's office.
Said bonds
may be sold below the par or face value thereof, but such sale price shall not
be less than that which will net the purchaser 5K% per annum, according
to the standard table of bond values.
Accrued interest to date of delivery
to be paid by the purchaser.
Financial Statement.
Assessment Roll
for Fiscal Year Ending June 30 1921—
-1
operative) subject to local taxation:
--$298,208,815
Improvements
188,884,190
Personal property.
. „
98,012.569
A. Value of property (non
Real estate
.,
Total non-operative roll—
of property (operative) subject to local taxation
only, to pay principal and interest on bonds sold prior
to Nov. 8 1910:
Mtge. & Trust Co., N. Y. which certify as to the genuineness of the signa¬
tures of the City officials and the seal impressed on the bonds.
Purchaser
to pay accrued interest.
Financial Statement.
Assessed valuation of taxable property 1920
Estimated true value of taxable property
Gross bonded debt, including present issue
Bonds for self sustaining utilities, including above:
Water and electric light
—.$18,479,246
20,000,000
738,000
..
...
....
—
.
.....
Total value
Total
a
157,448,846
(operative) not subject to any local taxation:
75,018,088
n
value..
—
...
—$818,172,508
Total assessment roll__
Value of City property,
.
"
estimated
on
100,000,000
...—♦
'
Bond issue 1904 (various improvements)
Bond issue 1908 (various improvements)__—
Geary and Market St. Ry. bonds
Polytechnic High School bonds_
Exposition bonds
-—
City Hall bonds.
Hospital-Jail completion bonds.
i
Municipal Railway bonds
School bonds, 1918....
.---Bonded Debt
March 15 1921—
—-—
—
—
$1,960,600
13,090,000
1 <283,000
400,000
—
.
7<800,000
1.100,000
—
?<0Q0.000
1 <134,000
—
Gross debt (excluding water debt)
—--
-$33,367,600
Deductions
issue 1904_$637,600
60,000
Sinking Fund—Taxes have been levied and are in pro¬
Of the above bonds the city owns bonds of
School bonds, issue of 1918
cess
$191,000
225,000
$585,105,574
B. Value
C. Value of property
County, No. Caro.—BOND OFFER¬
ING.—Sealed bids will be received until 8 p. m. Mar. 31 by the Board of
Aldermen for the $160,000 6% coupon (with privilege of registration) gas
supply system bonds offered unsuccessfully on Dec. 16—V. Ill, p. 2545—
Denom. $1,000.
Date July 1 1920.
Prln. and semi-ann. int. payable at
the Hanover National Bank, N. Y., and int. on registered bonds will at the
request of registered holder, be paid in New York Exchange.
Due yearly
on July 1 as follows: $5,000,1921 to 1948, Incl.: and $10,000 1949 and 1950.
C6rt. check or cash on an incorporated bank or trust company for 2% of the
amount of bonds bid for. payable to the City Treasurer, required.
The
successful bidder will be furnished with the opinion of Reed, Dougherty ,&
Hoyt, of N. Y. that the bonds are valid obligations of the City of Rocky
Mount.
The bonds will be printed under the supervision or the U. S.
__
—
trust company or the above official.
Bonds will be delivered in any city
east of the Mississsippi River at bidder's choice on May 1 1921, or as soon
thereafter as the bonds can be prepared.
ROCKY MOUNT, Edgecombe
following
p.
on
nished without charge the approving opinion of Caldwell & Masslich of
N. Y.
All bids must be upon forms which will be furnished by the said
Gas
[VOL. 112.
CHRONICLE
of
collection
maturing
on or
sufficient
to
redeem
all
bonds
before July 1 1921, amounting to. 1,453,400
$416,000
Total deductions....
Net debt—
..
...
.........
Population U. S. Census of 1920—
Present population, estimated
ROME,
...
—
—$322,000
.—.12,742
13,500
Floyd County, Ga.—BIDS.—The following bids
•received on March 10 for the $100,000
awarded as stated in V. 112, p. 1189.
Trust Company of Georgia, Atlanta.
Hannahs, Ballin & Lee, N. Y
Robinson-Humphrey Co., Atlanta
J. H. Hilsman & Co., Atlanta
W. L. Slay ton & Co., Toledo.
5%
were also
public school impt. bonds,
89,189 00
88,067.50
87,820 00
83,000.00
......
.....
— —
....
ROSEBUD COUNTY SCHOOL DISTRICT NO. 31 (P. O. Sumatra),
Mont.—BOND OFFERING .—Geo. P. Bartlett, District Clerk, will receive
bids for the purchase of $15,000 6% 15-20 year (opt.) school bonds until
2 p. m. March 28.
Date April 1 1921.
Int. semi-ann. payable at a
New York bank.
Legality approved by Chapman. Cutler & Parker,
Chicago.
Bonded debt (including this issue), $36,000.
Assessed value,
$2,500,000.
Population (estimated), 1,000.
—$31,216,600
:
Total bonds sold
$16,893,000
Less bonds owned by City
$602,000
Sink, funds to pay bonds due July 1 '21.1,000,000
1,602,000
Net water debt......
$90,129 90
————
2,151,000
_
Net debt (exclusive of water debt)
Water Debt—
—...
$15,291,000
Percentages of Debt.
Percentage of net debt, excl. of water debt of assess, roll, paragraph A. .0534
Percentage of total net debt incl. of water debt to assess, roll, par. A.-.08
SAN LUIS OBISPO SCHOOL DISTRICT, San Luis Obispo County,
Calif.—BIDS.—Bids were also received from the following bankers on
Mar. 7 for $179,000 6% tax-free school bonds, awarded as reported in
V. 112, p. 1189.
Bank of Cambria, Cambria_$182,290 W. R. Staats Co., Los Ang..$180,677
Blyth, Witter & Co., San F. 181,596 Citizens Nai. Bank, Los. An 180,100
Jas. R. Martin, San Luis Ob.
179,865
181,310 R. H. Moulton & Co., S. F.
E. H. Rollins & Sons, S. F.. 181,125
There was also received the bid of the Commercial Bank of San Luis
~
ROUNDUP, Musselshell
County,
April 4 $35,000 funding bonds
RUTHERFORD
COUNTY
Mont.—BOND
ELECTION—On
to be voted upon.
are
(P.
O.
Rutherfordton),
No.
Caro.—
BOND SALE.—The Liberty Central Trust Co., of St. Louis, has purchased
$40,000
tax-free road and bridge bonds.
Denom. $1,000.
Date
March 1 1921.
Principal and semi-annual interest (M. & S.) payable at
the Hanover National Bank, New York. Due yearly on March 1 from 1925
to 1944,
6%
inclusive.
Financial Statement.
Assessed valuation, 1920--——;
Total bonded debt, including this issue
Total bonded debt, about 1H% of assessed valuation.
$3,400,000
533,000
___________
Population (1920 census), 31,426.
RUTHERFORDTON,
Rutherford
County,
No.
Car.—BOND
OF¬
FERING .-—Until 2 p. m. Apr. 9 J. F. Flack, Town Clerk and Treasurer, will
receive sealed proposals for $95,000 6% street-paving bonds of 1921.
De¬
nom.
$1,000.
Date Apr. 1 1921.
Int. semi-ann.
Due Apr. 1 1951.
Cert.-check for 2%, payable to the above official, required.
Purchasers
of the bonds shall furnish legal opinion and bond blanks.
„ST. BERNARD PARISH (P. O. St. Bernard),
ING.—Bids will be received until 12
tax-free road bonds.
Denom. $1,000.
La .—BOND OFFER¬
April 15 for $35,000 5% coupon
Date April 1 1921
Int. annually
<April 1) payable at the Whitney-Central National Bank, New Orleans.
Due yearly for 5 years.
m.
ST. JOSEPH COUNTY (P. O. South Bend), Ind.—BOND SALE.—
$88,000 J5% Liberty Twp. Pierce Free Gravel Road bonds offered
The
of Ft.
Wayne, at
par
p. 1055—were awarded to the Lincoln National Bank
and interest.
ST* LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 13
<P. O. Aurora), Minn.—BOND SALE.—On March 21 the $225,000 7%
coupon school-building bonds (V. 112, p. 961), were sold to the Wells-Dickey
Minneapolis ,for $227,000 (100.88) and interest,
basis of about
a
6-77%.
Date March 15 1921.
Due yearly on March 15
$35,000, 1923 to 1927, inclusive, and $25,000, 1928 and 1929.
Minnesota Loan & Tr. Co..$226,950(Minneapolis Trust Co
as
follows:
Other bids:
.$226,000
ST. MARTIN PARISH ROAD DISTRICT NO. 1 (P. O. St. Martins¬
ville)* La.—BONDS NOT SOLD.—No sale was made on March 14 of the
$300,000 road bonds—Y. 112, p. 1055.
They will be reoffered on April 22 1921.
ST. MARYS, Onion County,
Ohio.—BOND OFFERING.—Proposals
for the purchase of $19,880 6% special assessment
street-improvement bonds
will be received until 12 m. April 11 by C. W. Niles,
City Auditor. Denoms.
19 for $1,000 and 1 for $880..Date March 15 1921.
Principal and semi¬
annual interest (A. & O.), payable at the office of the
Sinking Fund Trustees.'
Due $1,000 each Six months from April 1 1922 to April 1
1931, inclusive,
and $880 Oct. 1 1931.
Certified check for 2% of amount of bonds bid
for,
payable to the City Treasurer, required.
SAMPSON COUNTY (P. O. Clinton), No. Caro.—BOND OFFJERINGr
POSTPONED.—'The offering of the $100,000 6% road bonds, which was to
have taken place on March 14 (V. 112, p. 1055), has been
postponed until
April 18.
.
#
SAN AUGUSTINE COUNTY ROAD DISTRICT (P.
tine),
Texas.—BOND OFFERING.—-Sealed bids will
O. San Augus¬
be
received
until
,
Obispo at par, accrued interest to delivery and a premium of
$179,000 of long term maturities from 1939 to 1946, incl.
$5,050 for
SCHENECTADY, Schenectady County, N. Y.—BOND OFFERING.
City Comptroller, will receive bids until 11 a. m. April 1
$1,140,000 coupon (with privilege of registration) school$bonds,4 to
bear interest at a rate not to exceed 6%.
Denom. $l,000J&Date|Mar.|l
1921.
Prin. and semi-ann. int. (M. & S.) payable at the ChaseSNational
Bark of New York.
Due $57,000 yearly on Mar. 1 from 1922 to 1941, incl.
Cert, check on a national bank or trust company for 2% of amount of
bonds bid for, payable to the City Treasurer, required.
Delivery to be
made at the Chase National Bank of N. Y., or at the City Treasurers
office at purchaser's option, on April 27 or such other date as may be mu¬
tually agreed upon.
Legality approved by Geo. S. Clay of N. Y.
Pur¬
chaser to pay accrued interest.
^ ft*"
i.
k M®
—Leon G. Dibble,
for
^
SENECA COUNTY (P. O. Waterloo), N. Y.—BOND SALE.—The
$17,815 5-14 year serial highway bonds offered on Mar. 21—V. 112, p. 1055
—were awarded to Geo. B. Gibbons & Co, of New York, at their bid of
101 and interest for 51^s. a basis of about 5.36% •
Date April 1 1921.
Due
$1,781-50 yearly on April 1 from 1926 to 1935, incl.
SIBLEY COUNTY (P. O. Gay lord),
Minn.—BOND SALE.—An issue
of $55,000 5% % 6-20-year serial ditch bonds was sold to the Minneapolis
Trust Co., of Minneapolis, on Feb. 4 for $55,310, equal to 100-56:
Denom.
$1,000.
Date Feb. 1 1921.
Int. F. & A.
»
*
SMITHFIELD, Isle of Wight County, Va.—BOND OFFERING.—
J. M. Chapman, Town Treasurer, will receive bids until 6 p. m. Apr. 1
(to be opened 8 p. m. on that date) for $50,000 5% 20-year bonds.
Denom.
$1,000.
Int. semi-ann.
Cert, check for 5% .payable to the above offi¬
cial, required.
SMITH SCHOOL TOWNSHIP (P. O. Churubusco),
Whitley Coun¬
ty, Ind.—BOND OFFERING.—Bids will be received until 130 p. m.
April 8 by A. A. Anderson. Township Trustee, for $35,000 6% cpupon
school bonds.
Denom. $500.
Date April 8 1921.
Prin. and semi-ann.
int. (J. & J.) payable at Churubusco.
Due $1,000 on each July 1 and
$1,500 on each Jan. 1 from July 1 1922 to Jan. 1 1936, incl.
Purchaser
to pay accrued interest.
SOUTH
N.
Middlesex County,
AMBOY,
J.—BOND SALE.—The
issue of $100,000 5% coupon (with privilege of registration) water bonds
offered on March 22 (V. 112, p. 1056), was awarded to the South Amboy
Trust Co., at par.
Date Aug. 1 1919.
Due $4,000 Aug. 1 1943 and
$6,000 yearly on Aug. 1 from 1944 to 1959,
SOUTH
BEND,
St.
Joseph
Inclusive.
|
n,, ,
County,Jlnd.—BOND^SALE.—Tto
$380,000 5M% bonds offered on Mar. 23 (V. 1124toJ119p)|wOTei awarded
to Field, Richards & Co. for $384,446 (101.17) andfjnt.,ra£basis*of about
5.38%.
Date Mar. 1 1921.
Due $190,000 on Mar. 1 in 1931 and 1941.
Other bidders were:
H or nb lower & Weeks.
Remick, Hodges & Co
....
$383,4961 Curtis & Sanger.
382,0781 *
a*
aft a*
...$381,634
SPARTANBURG COUNTY (P. O. Spartanburg), So. Caro.—BOND
OFFERING.—Jno. A. Law, Chairman of the County Highway Commission,
$330,000 5% highway bonds,
$1,000.
Date Apr. 1 1921.
Prin. and semi-ann. int. (J. & J.)
payable at the Hanover National Bank, N. Y.
Due yearly on'Apr. 1 as
will receive sealed bids until 12 m. Apr. 14 for
Denom.
March 26 1921.]
THE
CHRONICLE
follows:
$7,000 1922; $8,000 1923; $9,000 1924; $10,000 1925; $11,000 1926;
$12,000 1927; $13,000 1928; *14,000 1929; $15,000 1930; $16,000
1931;
f 17.000 1932; $18,000 1933; $19,000 1934; $20,000 1935; $21,000 1936;
$22 000 1937; $23,000 1938; $24,000 1939; $25,000
1940, and $26,000 1941.
Cert, check for
2%, payable to J. J. Vernon, County Supervisor, required.
The approving opinion of
Storey, Thorndike, Palmer & Dodge of Boston
to the
as
legality of the bonds will
SPRINGFIELD.
submitted for the five
*
County, Ohio.—NO BIDS.—No bids were
issues of 6% special assessment street impt. bonds,
amounting to $129,880, which
were
offered
on
Mar.
14.—V. 112, p. 1056.
SPRINGFIELD SCHOOL DISTRICT NO. 186 (P. O.
Springfield)
Sangamon County, 111.—BOND OFFERING.—Bids will be received until
10 a. m. April 11 by Eleanor Matheny, Secretary of Board of Education for
$300,000 5% school bldg. bonds.
Denom. $1,000.
Date May 1 1921.
Int. M. & N.
Due $15,000 yearly on May 1 from 1922 to 1941, incl.
Cert, check for $5,000, payable to Frank H. Lowe, Treasurer,
required.
Purchaser must print bonds on forms prescribed by the Board of Education.
SPRINGVILLE, Erie County, N. Y.—BONDS NOT SOLD RE-OFVFERED.—The $12,000 fire-dept. equipment bonds offered on Mar. 22 at
a rate not to exceed
6% (V. 112, p. 1056) were not sold.
Village Clerk
P. J. Cody is re-offering them on Mar. 28 on the same basis.
Date May 1
1921.
Due $1,000 yearly on Nov. 1 from 1922 to 1931 incl.
STARKE
STATONSBURG SCHOOL DISTRICT, Wilson County, No. Caro.—
BOND SALE.—On March 22 the Hanchett Bond Co., of Chicago,
awarded the $10,000 6% bonds (V. 112, p. 961) for $10,405 (104.05)
was
and
basis of about 5.64%. Date April 1 1919. Due April 1 1939.
Bids of par and accrued interest were also received from the
following;
Durfee, Niles & Co., W. L. Slay ton & Co. and Prudden & Co.
coupon
court-house bonds.
Denom. $1,000.
Date March 1 1921.
Principal and
semi-annual interest (M. & S.) payable at the First National Bank, Minneap¬
The purchasers
are now offering the bonds, which are reported to
security for postal savings deposits and a legal investment for
Minnesota savings banks and trustees, to investors as follows:
be
legal
as
Amount.
Maturities.
Yield.
Amount.
$30,000
March
1926
March
1934
5.60%
March
1927
5.75%
5.75%
$50,000
30,000
30,000
March
1928
5.75%
1935
1936
5.60%
March
40,000
March
1929
50,000
60,000
60,000
March
1930
March
1937
1938
5.50%
40,000
40,000
40,000
March
1931
1932
March
50,000
March
1939
1940
1941
5.50%
5.50%
5.50%
5.65%
70,000
5.65%
80,000
5.65%
90.000
5.60%
1933
90,000
5.60%
Financial Statement.
Is! arch
Actual valuation
1920
Assessed valuation
Total bonded debt
Maturities.
March
March
March
March
5.60%
5.50%
$106,892,483
-
1920
39,503,414
936,737
(including this issue)
Population (1920 Census), 55,741.
STEUBEN
Yield.
URICH SCHOOL DISTRICT (P. O. Urich),
Henry County, Mo.—
BOND SALE.—The Guaranty Trust Co. of Kansas
City was the successful
on March
15 for the $20,000 school bonds—V. 112, p. 1056—at
100.27 and interest.
Other bidders:
Wm. R. Compton Co., St. L.$19,700|Stern Bros. & Co. Kansas
Cy.$19,500
Commerce Tr. Co. Kansas Cy 18,600 iMcCluney & Co., St. Louis-- 19,000
Mercantile Tr. Co. Kans. Cy. 19,5031
A bid of $19,700 was also received from
road bonds.—V.
Nansemond
County, Va.—BOND OFFERING.—Sealed
April 20 by R. H. Brinkley, City Manager,
for $40,000 6% bonds, it is stated.
Denom. $500.
Date May 1
192L
Int. M. A N.
Due May 1 1926.
Int. M. & N., payable at the office of
the City Treasurer.
bids will be received until 6
p. m.
SUMTER COUNTY (P. O. Sumter), So. Caro.—BOND OFFERING.—
—Sealed bids will be received until 12 m. April 7 by B. M. Bultman, Secre¬
tary of the County Permanent Road Commission, for all or any part of
$1,000,000 5H% road and bridge bonds.
Denom. $1,000.
Date July 1
1920.
Principal and semi-annual interest (J. & J.) payable in New York.
Due $40,000 yearly on July 1 from 1926 to 1950, inclusive.
Certified check
for 2% required.
Bonds are registerable as to principal.
Certification of
signatures and seal bv U. S. Mtge. & Trust Co., N. Y.
Purchasers will bo
furnished approving legal opinion by Chester B. Masslich of N.Y. Bids are re¬
quired on blank forms furnished by the above official or said trust company.
$500,000 bonds will be delivered about ten days after sale, and the re¬
mainder thirty days after sale.
SYRACUSE, Onondaga County, N. Y.—NOTE SALE.—An issue of
$400,000 5%% tax-free notes has been sold to Kardos & Burkes of New
York.
Due Nov. 4 1921.
Denom. $5,000, $10,000 and $25,000.
Hannibal, Mo., firm.
112, p. 1056.
VIROQUA, Vernon County,
$40,000 6% water extension bonds
Wise.—BOND
SALE.—An
was sold l&st fall at par.
Due yearly from 1922 to 1929, incl.
Int. J. & D.
issue
of
Denom. $100.
WALWORTH COUNTY (P. O. Elkhorn), Wise.—BOND OFFERING.
—Proposals for the purchase of $143,000 5% highway bonds will be re¬
ceived by Grant Harrington, County Clerk, until 2 p. m. March 30, it is
stated.
Denom. $1,000.
Interest semi-annual.
Due yearly on April 1
as follows: $18,000, 1926, and $125,000, 1931.
Certified check for 5% of
the amount bid, payable to the county, required.
WASHINGTON COUNTY (P. O. Washington), Pa .—BOND OFFER¬
J. Underwood, County Controller, will receive proposals until
ING.—T.
a. m. April 30 for $500,000 5%
tax-free road impt. bonds.
Date
May 2 1921.
Due yeariy on Nov. 1 as follows: $20,000, 1926 to 1930,
inci; .610,000. 1931; *40,000, 1932; $20,000. 1933; $30,000, 1934; $50,000,
1935 to 1940, incl.
Cert, check for $10,000, required.
11.30
WASHINGTON TOWNSHIP (P. O. Broad Ripple), Marion County,
Ind.—BOND OFFERING.—Proposals will be received until 10 a. m.
April 18 by Charles P. Wright, Township Trustee, for $90,§00 6% schoolbuilding-erection bonds.
Denom. $500.
Date Feb. 28 1921.
Interest
semi-annual.
Due $6,000 yearly on Feb. 28 from 1922 to 1936, inclusive.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Portsmouth R. No. 1) Scioto County, Ohio.—BOND OFFERING.—
George A. Doll, Clerk and Treasurer of Board of Education, will receive
bids until 12 m. April 9 for $24,000 53^% coupon school site and bldg.
bonds.
Denom. $500.
Date April 2 1921.
Int. A. & O.
Due $500
April 2 and Oct. 2 1924; $500 on April 2 and $1,000 »n Oct. 2 in the years
1925 to 1929 incl.; $500 April 2 1930; $1,000 on April 2 and Oct. 2 in the
years 1931 to 1934, incl., $1,000 on April 2 in 1935 and 1936, and $1,500
on Oct. 2 in 1936; $1,000 on April 2 and Oct. 2, in 1937, and $500 on April 2
and $1,000 on Oct. 2 in 1938.
Cert, check on a solvit bank for $1,200,
payable to the Clerk and Treasurer, required.
Purchaser to pay accrued
interest.
WEATHERFORD, Parker County, Tex.—BONDS REGISTERED.—
A 6% serial sewer extension bond issue amounting to $25,990 was registered
with the«6tate Comptroller on Mar. 19.
WEBSTER GROVES SCHOOL DISTRICT (P. O. Webster Groves),
St. Louis County, Mo.— BOND SALE.—Francis, Bro. & Co., of St. Louis,
have
purchased $163,000 5H% coupon tax-free bonds.
Ddnom. $1,000.
Principal and semi-annual interest (M. & S.) payable
Date March 1 1921.
Mercantile Trust Co.,
the
at
SUFFOL.K,
a
VIGO COUNTY (P. O. Terre Haute), Ind,—NO BIDDERS.—There
were no bidders on Mar. 15—V.
112, p. 1056—for the $79,300 5% coupon
COUNTY
(P. O. Angola), Ind.—BOND OFFERING.—
Fred W. Sheldon, County Treasurer, will receive bids until 1p.m.
April 4
for the following two issues of 4H% road bonds:
$9,100 Geo. Griffith et al Fremont Twp. bonds.
Denom. $455.
Due
$455 each six months from May 15 1922 to Nov. 15 1931. inclusive.
29,000 Jacob Brown et al Pleasant Twp. bonds.
Denom. $725.
Due
$1,450 each six months from May 15 1922 to Nov.]15 1931, inclusive.
Date April 4 1921.
Int. M. & N.
142,770
;
acceptable"
bidder
a
STEARNS COUNTY (P. O. St. Cloud), Minn.—BOND SALE.—'The
Drake-Ballard Co.,
Minneapolis Trust Co., and Kalman-Matteson &
Wood, all of Minneapolis, have purchased $850,000 6% tax-free
olis.
J. H. Hilsman A Co
These bids were declined because they had "conditions not
to the County.
COUNTY
(P.
O.
Knox),
Ind .—BOND OFFERING.—
A. W. Carlson, County Treasurer, will receive bids until
April 5 for $7,988.20 6%
Tomokins Ditch bonds.
Denoms. $798.82.
Date Jan. 3
1921.
Int. J. & D.
Due $798.82 yearly on Dec. 1 from 1921 to 1930, incl.
interest,
COUNTY (P. O. Thomaston), Ga.—BIDS.—The following
bankers also submitted proposals on March 15 for the $150,000
6% road
bonds, awarded as reported in V. 112, p. 1190.
W. L. Slayton & Co._
*$150,000 Empire Trust Co
.$144,810
Spitzer, Rorick & Co
*146,525 Trust Company of Georgia. 143,268
be furnished.
Clark
1325
UPSON
1924 to
St.
Louis.
Due yearly on March
1 from
1941, inclusive.
Financial
Statement.
Actual value (estimated)
Assessed valuation 1919
Total bonded debt, including this issue
-----$18,500,000
9,286,384
-
—
459,000
Population, 13,000.
TOWNSHIP
WEBSTER
Green),
Wood
County,
SCHOOL
DISTRICT
Ohio.—BOND
election is to be held to vote on
a
(P. O.
Bowling
ELECTION.—On Mar. 29 an
bond issue of $40,009 for a centralized
school/
"
,
WESTBORO, Worcester County, Mass.—TEMPORARY LOAN.—It
s reported that the Peoples' Savings Bank, of Worcester, purchased a tem¬
porary loan of $40,000, maturing $20,000 on Nov. 15 and Dec. 15 1921.
The loan was negotiated on a 6% interest basis.
WESTERLY,
Washington County, R. I.—TEMPORARY LOAN.—
On Mar. 18 Kardos & Burke of New York,
were
awarded
a
temporary loan
of $30,000 on a 5.98% discount basis. 1 The notes are issued
are dated Mar. 20 1921, and mature Sept. 6 1921.
WEST
HOMESTEAD
SCHOOL
DISTRICT,
for
Allegheny
sewers,
County,
TEANECK TOWNSHIP SCHOOL DISTRICT (P. O. West Englewood), Bergen County, N. J.—BOND SALE.—The issue of 6% coupon
(with privilege of registration) school bonds offered on Mar. 22 (V. 112,
p. 1190) was awarded to Outwater & Wells of Jersey City at their bid of
$100,507 for $100,000 bonds, equal to 100.507, a basis of about 5 93%.
Date Mar. 1 1921.
Due $5,000 yearly on Mar. 1 from 1922 to 1941 incl.
The Palisades Trust & Guaranty Co. of Englewood and the New
Jersey
Fidelity & Plate Glass Insurance Co. of Newark offered premiums of $250
and $400, respectively,
WHITE RIVER SCHOOL TOWNSHIP (P. O. Winchester), Ran¬
dolph County, Ind.—BOND OFFERING —George W. Comer, Township
Trustee, will receive bids until 2 p. m. April 11 for $40,868 6% coupon
school-addition-erection bonds.
Denoms. $700, $800 and $868
Date
April 4 1921.
Prin. and semi-ann. int. (J. & J.) payable at the Peoples
TEMPE, Maricopa County, Ariz.—BOND ELECTION.—On April 12
$135,000 bonds to purchase local gas and electric-light plant, will be voted
each Jan. 1 and $1,400 on each July 1 from Jan. 1 1923 to Jan. 1 1936, incl
upon.
Cert, check for $1,000 payable to the Township Trustee, required.
TEXARKANA, Bowie County, Tex.—BOND OFFERING.—W. H.
James, City Secretary, will receive bids until 3p.m. March 28 for $300,000
coupon street-improvement bonds.
Denom. $1,000.
Date March 1
1921.
Principal and semi-annual interest (M. & S.) payable at the Con¬
tinental & Commercial National Bank, Chicago.
Due $20,000 yearly on
March 1 from 1927 to 1941, inclusive, optional after five
years.
Certified
check for $5,000, payable to the Mayor, required.
WHITMAN, Plymouth County, Mass.—LOAN OFFERING.—Accord¬
ing to reports, bids for a temporary Joan of $30,000, dated Mar. 28 and ma¬
turing Oct. 28 1921, will be received until 12 m. Mar. 28 by the Town
6%
THE
BROADWAY-MAIN
STREET
BRIDGE
DISTRICT, Pulaski
contemplates a total
George w. Donaghey,
Chairman, at Rooms 20-20 Moore & Turner Building, Little Rock, for al
County,
Ark.—BOND OFFERING.—This district
bond issue of $2,250,000 and bids will be received
by
a part of same, not less than $500,000, until
April 4.
Denom. $1,000.
Date April 1 1921.
Int. J. & J.
Due yearly on July 1 from 1922 to 1947
Cert, check for $10,000 payable to the district, required.
The
district will furnish the approving opinion of Rose,
or
incl.
Hemingway, Cantrell
& Loughborough and will also furnish the trustee named
by the buyer a
transcript of all proceedings relative to the said bond issue.
The district
will print the bonds at the expense of the district and
pay the trustee's
charge for certifying the bonds not to exceed one dollar per bond certified.
Bids will be received on 5H % and 6% bonds, convertible into bonds bearing
any other rate of interest, not exceeding 6% at the option of purchaser
within 5 days after date of sale?
The buyer is to pay the amount bid for
the bonds and accrued interest in St. Louis, Chicago or New York exchange;
bonds to be delivered on or about April 20, or as soon thereafter as
possible.
Purchaser may bid for bonds to be paid for cash on delivery, with or without
any conditions as to deposit of proceeds from sale of bonds, or purchaser
may bid on deferred payment plan; but where funds of the district are to
be deposited with purchaser, or where bonds are sold on deferred
payment
plan, purchaser must deposit security to the satisfaction of the district and
trustee.
All bids
must
state rate
of interest to
be allowed
for funds
on
deposit
or on deferred payments.
In case bonds are not sold for cash in
hand, purchaser is to pay to the district a fixed sum in cash on delivery
of bonds and the balance to be paid on monthly estimates of
engineers, or at
fixed
monthly amounts.
Columbus, Sta. E,
Ohio.—NO BIDS RECEIVED.—There
were no bids received for the $15,000
6% school-building bonds offered on
March 19 (V. 112, p. 1056).
5),
Franklin
Loan & Trust Co. of Winchester.
County,
UNION
CITY,
Randolph County, Ind.—BONDS NOT SOLD—
OFFERING CONTINUED.—For the second time the city was unsuccessful
in offering the $40,000 6% coupon school aid bonds on Mar. 14—V. 112,
p. 768.
No bids were received.
The offering will be continued from day
to dayjuntil sold.
Due $1,668 July 1 1922 and $1,500 on
Treasurer.
WILLOWS
SCHOOL
GRAMMAR
Calif.—BOND
SALE.—It is reported
DISTRICT,
Glenn County,
that $51,000 6% grammar school
bonds have been sold to E. H. Rollins & Sons of San Francisco.
WINNER, Tripp
County, So. Dak.—BOND OFFERING.—Reports
that the City Auditor will receive sealed bids for $30,000 6% water
April 11.
■
say
works bonds until
WOBURN,
Middlesex
County,
Mass .—TEMPORARY
WAN.—On
Mar. 21 the temporary loan of $100,000 issued in anticipation of revenue,
maturing Dec. 1 1921—V. 112, p. 1190—was awarded to R. L. Day & Co.
discount basis.
of Boston on a 5.94%
/
WOONSOCKET, Providence County, R. I.—TEMPORARY LOAN.—
Newspapers report that a temporary loan of $500,000 has been sold to
the
Industrial
Boston
on
a
Trust
Co.
of Providence
and
the First National Bank of
7M % discount basis.
YAKIMA,
Yakima
Wash.—BOND SALE NOT CONSUM¬
County,
MATED.—The sale of the $75,000 6% sewer bonds to Watkins & Co., of
New York
(V. 112,
p.
397), was not completed,
as
the city did not issue
the bonds.
COUNTY
BOND
(P.
O.
Yakima),
Wash.—PART
OF TOTAL
by the Lumbermens Trust Co.
$250,000 6% road bonds of Yakima County did not
meet with success when offered on Dec. 15 last, all bids being declined,
including the bid which we reported in V. Ill, p. 2547 as being the suc¬
YAKIMA
ISSUE SOLD.—We are informed
of Portland, that the
cessful
one on
that date.
'
.
They also inform us that since declining all the bids received for the
$250,000 bonds on Dec. 15, Yakima County has awarded about $40,000
of them to R. M. Hardy, contractor, at par in payment for warrants and
sold by him to the Union Trust
TRURO TOWNSHIP SCHOOL DISTRICT (P. O.
Route
ELECTION.—The School Directors have called a special
19 for the purpose of voting »n the question of issuing
$130,000 school bldg. bonds.
Pa.—BOND
election for April
Co. of Spokane at 97.
DISTRICT (P. O." Youngstown), Mahoning County, Ohio.—BOND OFFERING.—Bids will be received until
12 m. Apr. 4 by Mrs. R. S. Baker, President of Board of Education, for
$355,000 6% coupon school impt. bonds.
Denom. $1,000.
Date Apr. 1
1921.
Prin. and semi-ann. int. payable at the First National Bank o
Youngstown.
Due yearly on Sept. 1 as follows: $30,000 1922; $25,000
YOUNGSTOWN
1923;
SCHOOL
$20,000 1924 to 1929 incl.; and $30,000 1930 to 1935 incl.
Cert,
Bonds to be delivered and paid for at the Clerk's
10
Purchaser to pay accrued interest.
^
check for 5% required.
office on or about Apr
[VOL. 112.
CHRONICLE
THE
1326
of
SANDWICH, Ont .—DEBENTURE SALE.—Wood. Gundy & Co.,
CANADA,
and
Provinces
its
BORDEN, Sask.—DEBENTURE SALE.—It
$2,000 8% 10-year debentures to R.
has sold
an
is reported that the village
S. Smith, of Borden.
of).—.DEBENTURE SALE.—On
debentures, payable in Canada
(Province
COLUMBIA
BRITISH
Mar. 21
Municipalities.
issue of $2,000,000 6% 5-year
of 103.77,
investors In
and U. S., was awarded to the Dominion Securities Corp. at a bid
a basis of about 5.15%.
The debentures are to be offered to
United
the
States.
BURNABY,
C.—DEBENTURES NOT SOLD.—The $131,700 6%
1057), were not sold, because
B.
debentures offered on March 14 (V. 112, p.
received
offers
the
were
Sask .—DEBENTURES AUTHORIZED.—It is reported
that the local government board has granted the village authority to issue
$1,500 debentures.
MARQUIS,
SALE.—An issue of $8,698
having been recently sold to H.' J.
MARRIOTT R. M., Sask .—DEBENTURE
15-year debentures is reported as
Toronto.
Birkett & Co., of
•,
ot).—DEBENTURES OFFERED.—On
(with privilege of registration) power,
road and hospital debentures, to amount to either $1,000,000 or $1,500,000,
according to the bids received, will be sold.
Offers are to be received
until 12 m. on that date by G. H. Murray, Provincial Treasurer.
Date
April 1 1921.
Principal and semi-annual interest, payable in Halifax,
Montreal, Toronto, or New York, at holder's option.
Debentures will
mature in 5, 10, 15 or 20 years, as the successful bidder may designate.
Purchaser is to pay for debentures at the Provincial Treasurer's office
within five days from date of award, when interim certificates, to be ex¬
changed for the definite debentures, when the latter have been engraved,
SCOTIA
NOVA
March
30
(Province
issue of 6%
an
coupon
will be delivered to him.
PORT COLBORNE, Ont.—DEBENTURE SALE.—Newspapers
the sale of $19,500 6% 20-installment debentures to Harris, Forbes
at 96.279,
which is
on a
debentures, aggregating $19,900, sold from Feb. 27 to March 5: Barton,
$1,400 10 years, 8%, Crown Life Insurance, Toronto; Sandwell, $4,000
10 years 8%, Westlea, $4,200 10 years 8%, Waterman-Water bury. Regina:
Candiac, $5,000 10 years, 8%, Nay & James, Regina; Scotsguard, $2,800
10 years, 8%, Waterman-Waterbury, Regina; North Regina, $2,500 10
years, 8%, C. C. Cross & Co.
Regina.
"Post," is
report
& Co.
by the local government board during the
period: Clover Bar, 3,000; Pioneer, 7,000; Versailles, 5,941; Iris, 6,041;
Glen Ellen, 4,500; Wheat Centre, 2,000.
,
list of authorizations granted
a
same
,
SHELLMOUTH,
Man.—DEBENTURES
DEFEATED.—A by-law
$24,500 hospital debentures was defeated by the voters on Mar. 8.
to issue
'
1921 to Nov. 1 1950 incl.
TORONTO SEPARATE SCHOOL DISTRICT (P. O. Toronto), Ont.
—DEBENTURE SALE.—The $350,000 6% 20-year sinking fund debentures
offered on Mar. 23 (V. 112, p. 1191) were awarded to the National City Co.
of Toronto at 96.79 and interest, a basis of about 6.52%.
Due Mar. 1 1941.
Bidders were:
National
City
United Financial Corp
WEST
MONTREAL,
,__95.52
__95.86
_94.54
96.79 IDyment, Anderson & Co
95.411Dominion Securities Corp
96.17| Wood, Gundy & Co
Co
Aemilius Jarvis & Co
Que.—DEBENTURE
March
SALE.—On
21
Versailles, Vidricaire, Boulois, Ltd., of Montreal, were awarded at their
bid of 91.8625, the following six issues of 5H% debentures which were
offered on that date (V. 112, p. 1191):
$117,000 30-year underground electric street lighting system debentures.
14,000 10-year fire apparatus debentures.
.
85,000 20-year pavement and sidewalk debentures.
20,000 10-year new streets and public park debentures.
20.000 40-year sewer and water-system-extension debentures.
26,000 20-year greenhouse and town-hall debentures.
basis of about 6.47%.
LOANS
NEW
NEW LOANS
LOANS
Rivers),
THREE RIVERS SCHOOL COMMISSION (P. O. Three
_
Que.—DEBENTURE SALE.—On Mar. 21, according to reports, the Pro¬
Corp. was awarded at its bid of 97.77 an issue of $250,000
6% school bonds.
Denoms. $100 and $500.
Date May 1 1920.
Prin.
and semi-ann. int. (M. 8c N.) payable at the Hochelaga Bank in Three
Rivers, Montreal or Quebec.
Payable in annual installments from Nov.
vincial Securities
QUEBEC ROMAN CATHOLIC SCHOOL COMMISSION
(P. O.
Quebec), Que.—DEBENTURE SALE.—The block of $700,000 school
debentures offered on March 21 (V. 112, p. 1191), was awarded to the
United Financial Corp.
The offer submitted by the United Financial Corp
was 98.92 for 6% 10-year debentures, which is on a basis of about 6.15%.
NEW
The
SASKATCHEWAN
SCHOOL
DISTRICTS, Sask .—DEBENTURE
SALES.—The "Financial Post" of Toronto reports the following list of
DEBENTURES AUTHORIZED.—The following, reports the
block of $25,000 5^% 29provincial-guaranteed debentures, is reported as having been
sold to W. L. McKinnon & Co.
7%
stallments.
|
satisfactory.
not
GRAY, Man.-DEBENTURE SALE.—A
installment
recently awarded three blocks
maturing in 10, 15 and 25 in¬
municipality is paying 6.70% for its money.
Toronto, submitting a tender of 95.17, was
6% debentures, amounting to $228,333,
of
SALE
OF BONDS
$37,400
We
specialize in
TOWN OF SHELBY,
Philadelphia
City of
3s
Shelby, Toole County, Montana, to the amount of
Thirty-seven Thousand Four Hundred Dollars
($37,400.00), term twenty (20) years, rate six
4s
cent (6%), payable semi-annually on the first
day of January and the first day of July of each
year; redeemable after ten (10) years, will be sold
on
the 18TH
DAY OF APRIL, A. D. 1921,
per
4i/4s
4y23
5s
\
at the hour of
eight (8) o'clock P. M., at the office
Toole
of the Town Clerk of said Town of Shelby,
■
■
County, Montana, and dated January
first, 1921.
Certified check for $3,500.00 should accompany
bid.
Signed
E. WILLIAMS,
F.
Town
Biddle & Henry
BONDS
MUNICIPAL
Underwriting and distributing entire issues of
Street
South Fifth
104
Clerk.
City
County, School District and Road District
Dealers' inquiries and offerings
Bonds of Texas.
PHILADELPHIA
solicited.
Circulars
Private Wire to New York
Call Canal 8437
HAROLD G. WISE
HOUSTON
United States and
Canadian
principal and interest being payable at the Han¬
over National Bank, New York City, N. Y.
Bids must be accompanied by a certified check,
payable to the order of the Treasurer of Iredell
County, for two per cent of the face amount of
the bonds, to be forfeited by the successful bidder
in case he shall fail to comply with the terms of
his
The checks of all
bid.
ity of the
bonds, will be furnished the successful
COMPANY
TEXAS
the right to reject any
1915
Financial Statement.
Assessed value of all taxable property
for 1920
-$44,954,457
Bonded Indebtedness for all purposes
(not including this
Empire Tube & Steel Corp
Circular
on
York
537,000
issue)---—off
Floating Indebtedness (to be paid
out of the sale of these bonds)
241,500
37,956
Population 1920 Census
H. MORROW, Clerk,
W.
of Commissioners,
Iredell County, N.
Request
C.
Statesville, N. C., March 21st.
Jones &
PUBLIC UTILITIES in
and
all bids.
to the Board
Ground Floor Singer Building
It Liberty Street,
New
Telephone Cortlandt 3183
unsuccessful bidders
opinion of Messrs. Storey, Thorndyke,
Palmer & Dodge, of Boston, approving the legal¬
The Board reserves
Established
mDDELL
N. C.,
bidder.
Municipal Bonds.
^WHGOR0oAf
undersigned
Court House, in Statesville,
until noon, on MONDAY, the FOURTH
DAY OF APRIL, 1921, for the purchase of
$300,000 00 Road and Bridge Bonds by the
County of Iredell, N. C., to be dated April 15th,
1921, and to be payable $5,000 00 thereof on the
1st day of April in each of the years 1922 to 1931,
inclusive, and $10,000 00 thereof on the 15th
day ef April in each of the years 1932 to 1956,
inclusive, bearing interest at the rate of six (6%)
per cent per annum, payable semi-annually, both
at the Iredell County
The
&
25
Broad
growing communities
Thurmond
New
St.
Phone:
Broad
York, N. Y
Sugar Engineering Corp.
7412
operated and financed
THEIR
6% Road and Bridge Bonds
Sealed bids will be received by the
will be returned.
request.
on
CAROLINA
IREDELL COUNTY, NORTH
Waterworks betterment bonds of the Town of
3i/2s
•
BONDS
WATERWORKS
$300,000
MONTANA
WOOLWORTH
NEW YORK.
BLDG.,
SECURITIES
*
offered
to
investors
AMERICAN
MFG.
CO.
INVESTIGATIONS
APPRAISALS
MIDDLE WEST
UTILITIES CO.
Suite
72
No.
West Adams
Chicago,
REPORTS
CORDAGE
1500
DESIGN
St.
Illinois
New Jersey
MANILA, SISAL, JUTE
Noble and Wast Streets, Brooklyn,
N.Y.CIty
GEO.
Securities
72 Trinity
W. H.
OUTWATER & WELLS
II Exchange
Place
Goadby & Co.
Members New York Stock Exchange
Tel. 21 Montgomery
Jersey City, N. J.
B.
EDWARDS
INVESTMENTS
NO.
74
BROADWAY
NEW YORK
Place, NEW
YORK, N. Y.
FOR SALE—Timber, Coal, Iron,
other properties.
Confidential
Negotiations
Settlements and
United States
Ranch and
Investigations
Purchases of Property.
West Indies
Canada
March 26
1921.]
.THE
CHRONICLE
engineers
xxiir
Jftnanctal
A
CentfalUnionTrustGdmpany
STONE & WEBSTER
INCORPORATED
.
hydro-electric
transmission
ofNevYork
:
DESIGN steam power stations,
developments,
lines,
city
and
interurban railways, gas and
chemical
plants,
industrial
•
•
Authorized
to act as
Executor, Trustee,
plan
>lants, warehouses and build-
Administrator
logs.
posits, subject to check, and allows Interest
CONSTRUCT either from their
on
designs or from designs
of other engineers or architects.
own
MANAGE
public
utility
on
going
Acts
as
Transfer Agent,
under
Trustee
and
De¬
Mortgages.
Receives securities for safe-keeping and col¬
and
lection of income.
industrial companies.
REPORT
Daily Balances.
Registrar
Receives
Guardian.
or
concerns,
proposed extensions and
new
Capital,
Surplus and
Undivided Profits
over
$30,000,000
projects.
FINANCE industrial and public
* :
:
utility properties and conduct
investment
an
.
'
banking
business.
;
.
80
Fifth Ave.
Broadway, New York
at 60th
Madison Ave.
St.
at
42nd St.
NEW YORK BOSTON CHICAGO
COMMERCIAL LETTERS
ACCEPTANCES
Member Federal Reserve System
llllllllll
Slf
WILLIAM
T=± A
>
JLmmmrnJ*
O
A.
A
F JL JL.
JHT
JLn-np^
Complete Banking Service
RGANiZATION
In
We
Consulting
offer
foreign,
Engineers
Our
Pittsburgh
comprehensive banking service, both domestic and
to out-of-town banks, corporations, and individuals.
a
knowledge of business and industrial affairs in the Pittsburgh
makes this service especially valuable.
Your corres¬
District
Specializing in
pondence is invited.
Public Utilities
MELLON NATIONAL BANK
and
Industrial Appraisals
PITTSBURGH, PA.
Gas and Electric
Capital and Surplus
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Public Relations,
Valuation and Rates,
Design and Construction of
•
%t1,000,000.00
-
central station-and industrial
power
plants and
gas
plants.
WILLIAM A. BAEHR Organization
Peoples 6u Building
INCORPORATED
Chicago
INVESTMENT SECURITIES
Maintaining 93 Branch Offices in 79
Principal Cities of the United States
THE
EXECUTIVE OFFICES:
J. G. WHITE ENGINEERING
111 W. Monroe Street
CHICAGO
CORPORATION
Constructors
Engineers
Buildings—Industrial Units
Public
Utilities
La Salle
Reports—Valuations—Estimates
XCHANGE
U
PLACE,
NEW
i:
f
Chicago
n
i: c*j
YORK
$15,000,000
Capital amtjnrplos
H.|M. CHANCE
CO.
Mining Engineers end Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drssol
Bldg.
PHILADELPHIA
Pays Interest on Time
Deposits, Current andJReserve
Accounts.
change.
Deals in ForeignJEx-
Has*on>and at all times a variety of ex«
i
cellent securities.
Buys and sells
Government, Municipal and
Transacts a General Trust [Business,
Corporation Bonds.
Classified Department
INVESTMENT MEN
WANTED
BUSINESS OPPORTUNITIES.
POSITIONS WANTED
BOND
BOND
SALESMAN
Experienced
and
Remaining
partnership
successful
who
ners
by active investment banking
Philadelphia
Stock
changes. Only those of
Ex¬
have
proven
90 Pine
first-class
will
invest
cial
Chronicle,
connec¬
Only interested in form¬
ing connection with firm of established standing.
Box L-12, care of Financial Chronicle.
Address
have
to
90 Pine
Street, New York City.
-
.•
from
finances
GENTLEMAN,
York
and
Stock
formerly
member
Exchange,
of
thoroughly
the
New
versed
in
brokerage and banking busine&s and arbitrage,
with good foreign connections, is willing to
good standing; address
head
Legitimate, Box K-10, Finan¬
ability need apply.
Box M 10, Financial
tion with bond house.
$50,000 to $500,000 each; miist
Members of New York
understand
and
old
associated with him two part¬
Lehigh Valley district, wanted
house.
with
wishes
reputation
bond salesman acquainted in
of
partner
TRADER
experienced in unlisted securities, desires
establish
or
also
Chronicle, 90 Pine Street,
consider
office.
New York.
Box
foreign department.
a
managing
L-25,
Chronicle. 90 Pine Street.
Would
brokerage
uptown
Commercial
&
Financial
New York
City.
Sreet, N. Y.
STATISTICIAN, capable of answering Inquiries
all
on
8ECURITY
SALESMAN—New
ment House has
and
successful
care
of
salesman.
Financial
New York
opening tor
aa
York
an
experienced
Address
Chronicle,
Invest¬
Box
Pine
90
to
M6,
to get
a
for
BANKING
salesman
a
sell
to
HOUSE
security
a
tinctive in every respect.
successful
has
that
the
for
eral
Ad¬
a
toward
the
gentleman who will supply
Negotiations
purchase of
are
under
now
seat on
a
the
Investment,
commission
and
gen¬
trading
business.
Street, New York City.
Chronicle, 90 Pine Street, New York City.
of Financial
care
Financial
of
WANTED.
BUILDER requires
struction
has
MAN.— Large
an
opening for
tunity for
a
care of
that
man
Consolidated
customers'
a
controlling active accounts.
MS,
produce.
can
Long
on
assured.
man
Excellent oppor¬
of
financial assistance in
medium-priced dwellings in
Island.
Better
Address
Box
than
J-7,
usual
of
care
profits
Financial
Address
answering
to New
Investment
House,
having
a
members
private wire
York, wish to establish reciprocal rela¬
its
office
necessarily,
at
a
banking department
Jamaica;
resident of
preferably,
Queensboro;
willing to live in Jamaica;
a
of
to
banking
tions with New York Stock Exchange House.
required.
Addross Box K-8, care of Financial Chronicle,
90 Pine Street, New York City.
R.
P.
and
Apply
Woodin,
ability
by
but
not
must
be
thorough knowledge
letter
Manager,
usual
get
or
350
new
in
business
person
Fulton
to
to
and
foreign government
Box M-9,
of Financial
care
graphical
Illustra¬
tions, analyses and studies; commercial, finan¬
cial, engineering; university graduate; age 26.
M-12,
care
of Financial Chronicle, 90 Pino
New York
City.
STATISTICIAN, experienced in the analysis of
securities,
seeks
position.
KxeeBemt
refer¬
both
ences ,
to
as
character
and
nished from responsible people.
ent
employers.
Salary, $3,909.
ability, fur¬
Including pres¬
Address Bo*
Ml 6, care of Financial Chronicle, 99 Pine Street..
New York City.
St.,
HOUSE ENGAGEMENT sought by an-
engineer who is desirous of learning the bond
SEEK POSITIONS
business.
WANTED
Address Box M-l, care of Financial*
Chronicle, 90 Pine Street, New York City.
EXECUTIVE
possessing
un¬
ability for organizing and management,
desires
Address
as
Jamaica, N. Y.
STATISTICIANS
EXPERIENCED
advertisements
to
well
STATISTICIAN—Specialty
BOND
EXECUTIVES
as
WANTED
for its growing
manager
in
.
inquiries
analyzing railroad, public utility and Industrial?
stocks and bonds
Street
MEN
TITLE GUARANTEE & TRUST CO., needs a
MISCELLANEOUS WANTED
now
Street..
STATISTICIAN capable of preparing circulars,
Box
Financial Chronicle,90 Pine Street,
Exchange,
Pine
90
con¬
Chronicle, 90 Pine Street, New York City.
BANK
of Local
Chronicle,
City
New York City.
PHILADELPHIA
Good
Address Box MS.
Chronicle, 90 Phie Street, New York City.
CUSTOMERS' MEN
House
specific
drawing
position.
New York City.
bonds.
CUSTOMERS'
making
wishes
for making change.
reasons
care
securities,
matter,
Ex¬
a
dress L-2, care of Financial Chronicle, 90 Pine
Address Bex Kl-17
circular
up
of
individual companies and
on
way
Stock
The proposed house would do
change.
An experienced and
$200,000
Investment Business wish
an
In touch with
intending
men
like amount of money and his services In this
enterprise.
need
is dis¬
only would appeal to us.
man
personally contribute
establishment of
Street,
City.
INVESTMENT
classes
reports
GROUP of successful investment
make
a
new
business
connection.
STATISTICIAN, capable and willing to do little
unlisted trading in connection with his
work,
Address Box M 3, care of Financial Chronicle,
wanted.
90 Pine Street, New York City.
Chronicle, 90 Pine Street, New York City.
Address, Box M-2,
care
of
Financial
STATISTICIAN thoroughly familiar wttk gather¬
ing
and compiling data on railroad, public
utility and industrial securities desires position,
as
Assistant
house.
Statistician
Address
with
BoxM-11,
Investment
an
of Financial
care
Chronicle, 90 Pine St., New York Oity.
TRADER.—Capable bond trader,
of
trading
department
exchange house,
seeks
dress
care
Box
M-3,
UNLISTED
Financial
Ad¬
Chronicle,
TRADER,
five
years'
experience
trading in unlisted securities, capable, energetic,
READ THE CHRONICLE.
wishes
position.
Address
Financial Chronicle, 90
TIONAL
stock
connections.
new
of
in charge
now
prominent
90 Pine Street. New York City.
SUPERIOR MEN
WHEN YOU REQUIRE
of
A MAN
WITH EXCEP¬
QUALIFICATIONS—A
MAN
THAT
IS A LEADER IN HIS FIELD—INSERT AN AD
M-14,
care
of
WANTED
GENTLEMAN
capital
in
that
Box
will
return
investment
HERE.
Box
Pine Street, N. Y. City.
house.
additional
furnish
for
interest
in
working
established
with
Address
assurance
replies will be held in strict confidence.
H-6,
care
of Financial
Chronicle,*90
Pine
Street, New York City.
Rates
:
Positions
Equipment
initial, with
for
a
Wanted
Sale,
10
minimum
and
cents
Office
per
word,
and
Bank
figure
of
word, figure
$6.00.
or
WANTED
charge of $3.00; Investment
Men, Traders and Statisticians Wanted, etc., 15
per
BANK FIXTURES
or
initial,
with
a
minimum
cents
charge
Bank Fixtures Wanted
3ANKERS
within
a
miles of New York
radius
of
50
City who have
bank fixtures, desks and safes for
sale
send;
Hendrick,
Trust
/
description
in
care
Company,
of
to
G.
M.
Cranford
Cranford,
N. J,.
March 26
1921.]
THE
Cotton
XXV
®rttot Compante^
Onas. O.Gorn
^financial
Paul Schwarz
Frank A. Kimball
August Schterenberg
Corn, Schwarz & Co.
OF ILLINOIS
COMMISSION MERCHANTS
15
CHEOOTCLE
William Street
CHICAGO
Under
National, State and
Clearing House Supervision
New York
Accounts
of
and
banks
bankers received
'
MEMBERS OF
.
Correspondence invited
Now, York Cotton Exchange
New Orleans Cotrtaa Exchange
Efficiently
Now York Produce Exchange
New York Coffee Exchange
equipped
How
to
handle all business pertain¬
ing to banking, and offer
Peabody Service
Increases the Value of
a
Coal Property Investments
complete service to accounts
of banks, corporations, firms
and
Geo*
H*
(One of a Series)
individuals.
M Faddea & Bro.
—oAs Financier
GQTTON MEEOHA^TS
Capital & Surpkie $7,006,008
PHILADELPHIA
Deposits,
$60,000,000
NEW YORK
S3 Broad Street
Thirty-seven years* experience
enables us to pass sound judg¬
ment on your property*^ naerchant able possibilities — and
help to finance it when neces¬
sary. In the last ten years we
havesuccessfullymarketedover
thirty million dollars of coal
67 Wortfc Street
Dealers in American-, Egyptian and
"iUqmfcatton
Foreign Cottons
NOTICE
FOREIGN OOBBESPOimENTa.
Frederic "Smreagk A
N.
Co., Liverpool.
toot Import en Export.
McFwfaoa'a Olo
yj
et de Commission, Havre
Socle te
LIQUIDATION.
Cleveland,
Cleveland, in the State of Ohio, is
closing its affairs.
All noteholders and other
creditors of the Association are therefore hereby
at
notified to present their notes
Faehlri & Od.,
Baltia :
Reinhaet
Ceo.
OF
The National Commercial Bank of
located
securities.
and other claims
Service based
for payment.
T.
E.
H
can
Company,
The
35 Ccmertess
NEW
"""nagr
is
et
BOSTON,
COMMISSION MERCHANTS
AND
Cashier.
National
Colonial
Bank
BROKERS
Liquidation
Our
complete service in coal
includes
Financing, Operating and Selling—every phase the practical
development of ear long expe¬
property management
rience
Notice.
New York Steele Sxcsmks
New York Cotton Eacnauge
New York Coffee & Sugar E
Sugar Exchange
New York Prod**
ice Exchange
National
Bank,
located
the State of Maine. Is closing
affairs.
All note holders and other creditors
the association are therefore hereby notified
Chicago Board of Trade
Associate Members of
as owners
present the notes and other claims for payment.
GEO. B. BOYNTON, Cashier.
Dated, Jan. 15, 1921.
Liverpool Cotton Association
The
Macbias
Machias, in
CaUti
Hubbard Bros. & Co.
at
in
its
COAL
• tNUHOCH OOl-BUWl
COTTON MERCHANTS
Liberal
Advances
Made
09
SHCiAUSTS O'FU
ST ASK FOR
**
-
CHICAGO
IMPORTANT CODE CIRCULAR NO. 339 m
BENSINOER—PHONE—BOWL. GR. MSB
CHARTERED 1853
GWATHMEY & CO.
AVENUE,
■
Cotton
SO-24 EXCHANGE PLACE, NEW YORK
FIFTH
*
Ave.
Operating 36 bituminous mines in it fields with
annual capacity of 18,000,000 tons
.....
than &0% over p»«ln Enjllih cabling.
Consignments
475
332 So. Michigan
"BENTLEY COMPLETE PHRASE CODE"...
Mrtllng
.11 ov«r the world1
mow,
COMPANY
Founded 1883
C/&L6 COOES
,
J
PEABODY
Multigraph, ft V-
COFFEE EXCHANGE BUILDING
mm
important
Write for booklet
17 Whitehall Street
NEW YORK
,
and managers
virtually all
bituminous fields.
of
to
G.'e. BENSINGER CO.
HANOVER SQUARE
37 years?
Hartford,
of
All note holders and other
creditors of the association are therefore hereby
notified to present the notes and other claims for
payment.
JAMES N. H. CAMPBELL, Cashier.
Dated February 11. 1921.
closing its affairs.
Members of
on
successful Own
Experience
located at Hartford, in the State of Connecticut,
Hentz & Co.
Henry
SHANNON,
Dated March 1, 1921.
NEW
United States Trast Company of New York
YORK
45-47
jWALL STREET
MEMBERS
N*W YORK
W EXCHANGE
EXCHANGE- NI.W YORK
E EXCHANGE
NPW YORK
NYW YORK PRO;
UOE BXCnANOE
Nl ,W ORLEANS <
'IT CHANGE
ASSOCZAMEMBERS
LIVERPOOL COTTON ASSOCIATION
_
Capital,
Surplus and Undivided Profits,
$2,000,030.00
$14,717J M.SI
-
-
T
This
Company acts as Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives
deposits subject to check and allows interest
oh
dally balances.
It holds and manages
Stephen M. Weld & Co.
COTTON MERCHANTS
82-02 Beaver Street, New York City
PHILADELPHIA,
BOSTON.
FALL RIVER
securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under eorpoffate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds ana stocks.
EDWARD
WILLIAM
M.
KINGSLEY,
1st
W. SHELDON,
Vice-Pres.
President
WILLIAMSON PELL, Vice-President
WORCESTER, Secretary
EDWARDS. Asst. Secretary
ROBERT S. OSBORNE. Aast. Secretary
WILLIAM
C.
LEE,
THOMAS H. WILSON, Asst. Secretary
WILLIAM
UTfCA. N. Y..
VIpgNdE.
PRO
NEW BEDFORD,
G.
GREEN. Assistant Secretary
WILFRED
CHARLES
J.
A.
FREDERIC
Assistant Secretary
W.
ROBBERT.
Asst.
Secretary
ALTON S. KEELER. Asst. Secretary
TRUSTEES
ROBERT MOORE A CO.
44 Beaver Street, N. Y.
COTTON
MERCHANTS
JOHN
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
A.
STEWART,
Chairman
of
EDWARD W. SHELDON
OHAUNOEY KEEP
ARTHUR CURTISS JAMES
WILLIAM
M.
WILLIAM
Board
CORNELIUS N. BLISS. JR.
HENRY W. de FOREST
WILLIAM
WILLIAM
VINCENT
SLOANE
STEWART TOD
OGDEN
KINGSLEY
the
MILLS
Members New York Cotton Exchange
STEIN HAUSER & CO.
Successors to
WILLIAM RAY fc CO.
COTTON
L. F. DOMMERICH & CO.
BROKERS.
86 Cotton Exchange
New York
Orders for future delivery contracts executed on
the New York and Liverpool Cotton Exchanges.
Hopkins, Dwight & Co,
FINANCE ACCOUNTS OF MANUFACTURERS AND-
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
and
General
Offices,
254
Fourth
COTTON-SEED OIL
COMMISSION MERCHANTS
Room 50, Cation Exchange Building
NEW YORK
NEW YORK
Established Over 80 Years
Avenue
ASTOK
XXVI
the
chronicle
financial
[VOL. 112.
jFfnantlal
jfiitatuial
WE
MUNICIPAL
BONDS Central Bond &
Mortgage Co.
We know that offerings were
so attractive as to net
208 South
LaSalle
Street
never
yield
they
as
And
right
are
hare
we
now.
specialized
in
Municipal Bonds for more than
a
quarter of a century—"26
Years
Devoted
to
Making
Safety a Certainty."
Send
CHICAGO
Chicago Junction RR. Co. 1st 4s
Gen. Amer. Tank Car
Equip. 6s & 7»
Idaho Power Co. First 5s
Private Wires to the East and Southwest.
end
Charcoal Iron Co. of America 7e
Knickerbocker Ice Co. (Chicago) 1st 6»
Investment Bankers
Listed
SPECIALIZE IN
Brunswick-BaEke-Collender Co. 6s
Pressed Steel Car Co. Guar. Equip. 7s
Rainey-Wood Coke Co. 1st 6s & Eq. 7Ma
Utah Power & Light Co. First 6s
Unlisted Securities
AMES, EMERICH & GO.
for List
Ill
BROADWAY, NEW YORK
CHICAGO
Incorporated
DETROIT
CHICAGO
MUNICIPAL
BONDS
GERMAN
Investment Bankers
Bonds and Marks
Underwriters and Distributers of Investment
Securities
Our circular
Public Utility
and
Specializing
In
high
grade
issues of Municipal Bonds of
the
South
we
Invite
Mid-West,
inquiries
interested
Investors
curities
and
this
of
se¬
Bought
Sold
Quoted
W. MONROE ST., CHICAGO
111
INVESTMENT BANKERS
C. F. Childs &
Company
105 So. la Salle St.
character.
Mortgage Trust
COMT>ANY
BROADWAY
AT
MlssotjR'
PINE
Radon, French
CHICAGO
Government Bonds
CHICAGO
NEW YORK
108 Se. La Sails St.
&
Co.
180
Stevenson
&
INVESTMENT
SECURITIES
Broadway
Bros.
F. H. PRINCE & CO.
Perry, Inc.
BANKERS
Investment Securities
We purchase and underwrite entire Issues of
application.
Wollenberger & Co.
Specialists
ST. LOUIS
on
Industrial Issues
j
from
in
MILWAUKEE
Dodge & Ross
Bolger, Mosser & Willaman
105
So.
La
Salle
St.,
BOSTON, MASS.
CHICAGO
txmds and Btoeks of established corporations.
Telephone Randolph 5520.
We offer high-grade investment opportunities
to
the
securities
of
HIGH-GRADE
public
municipalities,
ctillttoe, end well established Industrial
cor¬
porationsCorrespondence
WEST
111
Invited
MONROE
INVESTMENTS
W. G. SOUDERS & CO.
INVESTMENT
SECURITIES
Members of New York 8c Boston Stock Exchange*
STREET
808 South
CHICAGO
La Salle Street,
CHICAGO
New York
CHRISTIAN & PARSONS CO.
Detroit
Milwaukee
Grand Rapids
Established
Commeraial
Collateral
'V'
Paper
208 & La Safle $L
A
:
Loans
Investment Securities
Chicago, 10.
EMERY, PECK & R0CKW00D
P. W. Chapman & Company
INVESTMENT
112 South La
Dominick & Domi
Members New York Stock Bxchi
SECURITIES
Salle St.,
118
CHICAGO
Broadway
NEW YORK
1870
INVESTMENT SECURITIES
115
Broadway
Wlggir/
NEW YORK
PWali
ClNCUSff^TT
INVESTMENT SECURITIES
Continental
Ac
Commercial
Bank
McCIellan & Campii3
108 So. La Salle St.
Building
CHICAGO
Railway Exchange Building
BUY AND SELL
ENGINEERING
&
MANAGEM1
MILWAUKEE
HIGH-GRADE
WE OFFER AT
MARKET
Amer.
Agric. Chem. Co. S. F. 7^8
Atlantic Refining Co. S. F.
Deere & Co. S. F. 7^8
DeLaval Separator Co. S. F. 8s
Pfieter & Vogel Leather Co. S. F. 7s
SIMON
SHORT TIME
RUTTER, LINDSAY & CO., Inc.
The
BORG & CO.,
Members of New
HIGH YIELD
CITY
York Stock Exchange
No. 46 Cedar Street
national
bank
RICHMOND, VA.
Capital and Surplus
-
Correspondence
Bond
A
$3,000,000.00
John M. Miller, Jr., President
W. M. Addison, Viee-President
Q*
R»
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland. Vice-President
Jas. M. Ball, Jr., Cashier
Secured
Direct
Obligation
HIGH-GRADE
INVESTMENT SECURITIES
Yield
8l/2%
Municipal Bonds
Circular G-2108
Railway & Light Company
e
July 1953
New Ytr k
•
Maturity—Dec., 1922
Invited
First Consolidated 5s, du
•
Notes
?*Are
Nashville
YORK
Rookery,
CHICAGO.
first
BROADWAY
141
NEW
BONDS
Exempt
from
Federal
Ineom*
Yielding from 5H%
ELSTON
and
COMPANY
Send for
to
Taxef
7%.
List
l
INVESTMENT
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange
AO
Broadway
New York
71 W. MONROE
Milwaukee
SECURITIES
ST., CHICAGO
Detroit
Minneapolis
THE HANCHETT BOND CO.
1 near pora ted
1818
39 South La Salle Street
CHICAGO
.
@FedFRASER