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fittantiodi
The ,
ijrtitude
Mlilt!
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, MARCH 27, 1920
VOL. 110.
he (Chronicle
Week et ding March 20.
PUBLISHED WEEKLY.
1920.
4310 00
6 00‘
For Six Months
13 60
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7 75
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NOTICE.-On account of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made
In Now York funds.
Subscription includes following SupplementsBANK AND QUOTATION (monthly) 1 RAILWAY AND INDUsTRIAL(semi-annually)
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RAILWAY EARNINOs(monthly)
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For One Year
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CHICAGO OFFIcr.-39 South La Salle Street,Telephone Majestic 7396.
LONDON OFFICE-Edwards c43 Smith,1 Drapers' Gardens, E. C.
WILLIAM II. DANA COMPANY, Publishers,
Front. Pine and Dopoyster Sto., New York.
kl00)11)01(81 every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addresses of both, Office of the Company.
(711E.4iuml 110 USE RETURNS.
The following table, made up by telegraph, &c., indicates that the IMO bank
clearings of, all the clearing houses of the United States for the week ending to-day
have been $8,918,665,475, against $9,667,928,616 last week and $0,197,810,612
the corresponding week las( year.
1920.
1919.
Per
Cent.
New York
Chicago
Philadelehiti
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
Newprleans
$4,134,652,260
458,900,663
375,990,630
298,768,460
213,812,491
145,176,743
132,433,280
151,997.485
*106,000,000
63,475,708
64,230,823
$2,327,132,791
411,699,701
329,055,320
236,624,701
151,584,676
117,402.804
90,315,530
110,620,686
68,014,740
53,236,675
47,317,462
+48.0
+11.4
+14.3
+26.3
+41.1
+23.6
+46.6
+37.4
+55.8
+19.q
+35.7
Eleven cities, 5(lays.
Other cities, 5(lays
$6,195,138,549
1,210,247,962
$4,443,005,086
667,467,927
+39.4
+81.3
Total all cities, 5 days
All cities, 1 day
$7,405,386,511
1,513,278,964
$5,110,473,013
1,087,337,599
+41.9
+39.0
Clearings-Rciurns by Telegraph.
Week ending March 27.
$8,918.665,475 $6,197,810,612 +43.9
Total all 'It les for week
*Partly estimated.
The full details for the week covered by the above will be given next Saturday.
We:cannot furnish them :0-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending March 20 show:
Week ending March 20.
Clearings
1020.
1919.
Inc. or
Dec.
1918.
1917.
$
S
%
$
$
5,293,360,881 4,325,403,377 +22.4 3,026,182,450 3,259,237,817
New York
546,275,015 452,568,996 +20.7 334,999,806 332,022,500
Philadelphia
80,404,843
81,806,183
+9.2
182,846,262 167,437,696
Pittsburgh
38,713,051
48,349,978
84,006,797 +10.5
02,006,098
Baltimore
10,110,831
19,603,471
49,799,124
21,323,523 +124.2
Buffalo
13,031,478
9,540,557
15,141,764 +24.7
18,873,183
Washington
4,277,744
5,028,442
-1.9
4,286,142
4,203,580
Albany
5,715,131
8,991,821 +53.4
13,794,406
6,041,819
Rochester
3,680,307
3,077,029
3,647,657 +28.4
4,683,844
Scranton
3,301,949
3,885,392
3,345,449 +41.1
4,719,262
Syracuse
2,468,362
2,212,607
2,860,000
2,200,000 +30.0
Reading
2,952,577
2,870,135
3,287,674 +24.7
4,008,030
Wilmington
2,265,236
1,902,533
2,359,393 +22.0
Wlikes-Barre___
2,879.122
4,013,425
3,614,087
4,082,563 +22.5
5,000,000
Wheeling
3,257,396
2,380,236
2,350,000 +10.6
2,600,000
Lancaster
2,014,504
2,439,565
2,566,036 +39.9
3,589,829
Trenton
1,004,882
1,189,536
1,209,017 +51.9
1,535,086
York
1,456,092
1,933,970
1,784,120 +23.5
2,200,000
Erie
834,300
818,000
757,100 +54.8
1,172,600
Binghamton
725,000
850,000
854,269
886,220 -3.6
Greensburg
1,174,450
1,304,274
1,571,29(1
1,239,000 +26.8
Chester
644,533
818,089
874,66)) -0.4
841,178
Altoona
408,206
434,723
391,396 +47.3
532,446
Montclair
Total Middle_ 6,
-241,197,405 5,110,200,403 +22.2 3,565,211,537 3,776,395,034
Tot. New Eng.
410,149,628
13,251,100
11,300,639
7,017,530
4,960,405
2,300,000
4,577,864
2,415,876
1,919,362
675,000
1,177,438
675,000
• 1(,t)
329,456,960
8,932,400
7,942,142
4,554,404
3,888,489
2,204,386
3,009,825
1,349,260
1,339,965
611,146
005,424
616,856
+24.5
+48.4
+17.1
+54.1
+27.6
+4.4
+47.7
+79.0
+43.3
+10.5
+30.0
+0.4
NO. 2857
Clearings at-
Terms of Subscription-Payable in Advance
Boston
Providence
Ilartford
New haven
Springfield
Portland
Worcester.
Fall River
New Bedford _ _
Holyoke
Lowell
Bangor
Electric Railway Sectiol,
State and City Sectiots
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
213,770,039
9,589,330
8,804,657
4,624,234
3,654,631
2,200,000
3,403,250
1,605,331
1,850,000
888,611
1,014,604
582,700
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Teledo
Peoria
Grand Rapids_ _
Dayton
Evansville
Springfield, IlL _ _
Fort Wayne
Lexington
Youngstown. _ _ _
Rockford
Bloomington _
Quincy
Akron
Canton
Decatur
Springfield, O.._
South I3end
Mansfield
Danville
Jacksonville, 111_ _
Lansing
Lima
Owensboro
Ann Arbor
Adrian
702,349,309
80,114,063
152,593,188
159,877,700
42,849,135
18,005,000
14,101,300
17,148,336
5,304,489
7,177,830
4,950,723
5,166,765
2,780,153
1,986,514
2,000,000
4,582,532
2,816,748
2,386,189
1,905,725
11,144,000
6,338,400
1,689,083
2,115,065
1,891,044
1,819,064
1,266,008
514,377
1,757,643
950,000
943,839
640,449
472,582
.1919.
Inc. or
Dec.
1918.
S
$
% I
517,098,111 +35.8' 538,935,271
58,515,221
68,878,690 +10.3
124,087,433 +23.0' 72,081,280
53,842,015
123,000,000 +30.01
29,572,593
33,405,570 +27.91
13,512,000
12,615,000 +42.7
9,295,700
12,470,800 +13.1
10,349,909
11,389,042 +50.6
6,034,202
5,020,534
+5.7
4,991,1:30
4,095,337 +52.9
3,807,847
3,224,310 +53.5
3,804,195
4,348,753 +18.8
2,300,000
2,151,039 +29.2
1,194,979
1,163,387 +70.7
1,591,532
1,500,000 +33.3
2,438,409
3,286,106 +39.4
2,095,049
1,084,804 +41.9
1,483,641
1,510,532 +58.0
1,511,458
1,526,057 +24.8
4,555,000
8,228,000 +35.4
3,000,000
4,071,639 +55.7
1,021,028
1,027,628 +64.4
1,296,585
1,205,642 +75.5
1,070,253
1,116,296 +09.4
1,148,288
1,108,448 +64.1
550,000
908,442 +39.4
557,703
462,094 +11.2
800,000
1,100,428 4-59.',
750,000
776,220 +22.4
927,253
1,182,384 -20.2
317,010
511,206 +25.2
117,112
136,087+247.4
I
1917.
451,725,f89
38,863,340
56,648,379
53,020,097
23,689,472
11,994,000
8,924,000
10,677,298
4,000,000
4,235,888
3,507,790
2,334,273
1,784,278
1,706,215
716,015
3,007,435
1,540,563
1,071,698
1,204,334
6,712,000
3,053,920
795,350
985,243
878,884
1,004,778
537,001
342,161
950,000
731,980
629,203
291,771
133,248
833,460,735
698,354,239
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City__ _
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
Yakima
Pasadena
Reno
Long Beach
Total Pacific...
176,164,286
82,932,000
60,150,913
44,528,036
18,184,253
15,340,860
7,817,583
11,195,721
5,439,757
2,895,360
5,779,100
5,001,029
1,771,142
2,053,505
2,605,038
894,332
3,245,563
445,999,078
92,956,937
146,093,900! +19.8
27,617,000
30,871,000 +124.9
33,705,900
45,745,420 +31.4
20,853,890
31,472,820 +41.5
11,419,112
12,050,000 +50.9
8,344,660
'3,654,420 +58.9
4,958,459
5,297,364 +47.6
5,555,814
8,038,972 +39.3
3,409,378
3,613,869 +50.5
2,007,901
2,071,366 +39.8
1,989,053
1,998,330 +189.2
2,069,966
2,847,876 +75.6
889,915
+6.8
1,658,543
719,614
1,057,476 +94.2
1,009,124
1,314,066 +98.2
484,682
523,933 +70.8
959,872
1,306,454,+148.5
312,515,815 +42.7 '219,011,283
85,974,297
31,837,000
21,237,378
14,649,313
11,501,914
6,042,392
4,012,800
4,753,539
2,331,863
2,107,511
1,591,575
1,499,862
650,000
601,371
1,521,550
501,948
721,426
191,383,745
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Cedar Rapids_ _ _
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen
Tot. 0th. West.
271,014,523
44,379,365
82,331,512
20,936,318
26,500,00
22,345,230
16,779.941
13,000,000
13,274,705
7,683,141
3,412,656
3,328,924
1,422,875
1,230,378
2,736,949
7,110,942
2,857,437
1,958,264
1,150,958
1,085,413
1,221,007
1,692,990
547.462,588
193,453,401
37.242,421
62,198,077
15,365,692
19,412,728
17,232,458
10,035,330,
10,079,278
10,473,444
5,1)16,155
3,106,270
2,375,454
896,914
803,381
2,399,749
5.082,240
1,583,304
1,954,544
705,062
603,613
1,240,235
1,238.263
402,594,213
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
754,231
736,427
2,016,836
4,771,974
2,706,117
1,687.586
1,136,759
699,243
987,237
1,091.016
420,645,624
117,135,300
24,899,725
29,720,389
13,971,108
15,492,567
14,586,713
7,475,310
5,258,360
4,906,407
3,437,727
2,714,225
2,521,870
710,643
506,026
1,526,783
4,165,353
2,340,148
1,518,504
531,1)41
467,221
873,847
607.654
255,367,721
Tot. Mid. West 1,259,637,259
955,282,6791 +31.9
+40.1
+19.2
+32.4
+36.3
+36.5
+29.7
+67.2
+29.0
+20.8
+53.2
+9.8
+40.1
+58.6
+54.3
+14.0
+39.9
+80.5
+0.2
+44.7
+79.9
-2.0
+36.7
+ 33.0
190,725,091) 167,872,398 +13.6 165,201,781 121,752,265
St. Louis
33,029,623
54,105,735
55.935,199 +19.9
67,075,122
New Orleans... _
18,279,287
24,277,505
18,448,261 -32.0
12,544,645
Louisville
10,980,061
14,800.000
15,7111,685 +78.7
28,062,974
Houston
4,715,831
5,000,000
5,773,299 +42.0
8,200,00)
Galveston.
42,043,889
22,605,183
55,373,335 +20.8
66,914,971
Richmond
15,055,568
11,835,391
13,723,566 +50.2
21,537,305
Fort Worth
13,490,836
9,601,223
10,969,164 +76.1
29,888,697
Memphis
22,315,129
47,219,725
54,575,521 +3:3.6
72,887,190
Atlanta
4,658,981
6,174,878
5,873,498 +02.3
11,295,102
Savannah
8,442,948
14,431,552
15,759,201 +60.9
25,363,209
Nashville
7,335,465
4,991,615
7,659,176 +32.4
10,138,326
Norfolk.
3,784,504
48,403,382
14,086,276 +51.3
21,308,929
Birmingham
3,983,017
1,988,361
3,589,651) +57.8
5,663,871
Augusta
4,568,313
4,098,361
9,425,887 +53.7
14,489,253
Jacksonville
+72.8
1,572,840
1,160,783
1,442,446
2,493,814
Mobile
2,605,243
2,517,385
2,272,140 +46.7
3,332,992
Knoxville
3,272,156
5,397,939
4,695,248 +200.8
14,121,335
Little Rock
3,473,301
4,409,646
6,081,098 +52.5
9,274,797
Chattanooga
2.475,422
3,010,000
3,332,729 +32.8
4,425,829
Charleston
6,723,179
9,250,829
9,716,648 +35.2
13,134,612
Oklahoma
1,161,888
2,300,000
1,800,000 +346.5
8,036,67'
Macon
5,200,000
5,000,000
12,613,728 -84.1
2.000,00(
.Austin
384,991
169,506
+18.6
317,730
376,722
Vicksburg.
508,652
513,071
552,738 +29.2
814,164
Jackson
7,731,006
6,705,918
8,706,782 +66.3
14,477,00(
Tulsa
1,524,134
2,686,534
2.724,079 +93.4
5,267,235
Muskogee.
11,329,087
13,500,000
27,388.883 +68.9
46,262,1)65
Dallas
2,341,924
1,600,030
2,832,981) +80.0
5,100.000
Shreveport,
Total Southern 715.212.394 545,245,405 +31.2 483,849,156 3311,999.793
9,667.928.616 7.690.734,7811 +25.7 5,832,058,437 5.504,579,931
Total all
Outside N. Y__ 4,374.567,735 3,305,331.404 +30.0 2,8(15,875.987 2,245.352,114
1224
THE CHRONICLE
i in this country,
[VOL. 110.
however, are proceeding on the theory
THE FINANCIAL SITUATION.
that Reserve note issues may be continued indefinitely
An all-pervading favorable influence this week has and yet control of the gold reserves be maintained.
been the rise in exchange rates on London. The The Federal Reserve Bank of New York only last
transformation that has occurred in the value of the week added over $7,000,000 to its Federal Reserve
pound sterling in the space of less than two months notes in circulation, which now stand at the record
will always stand as one of the marvels of the time. total of $837,726,920. And the other Reserve banks
On Feb. 4 demand bills on London got down to $3 18; have been pursuing a similar policy. We are referring
yesterday the quotation was $3 9532. Put in another to the matter simply because there is obvious danger
way, early in February the value of the pound sterling in the continuance of this policy. Whatever else
was heading for the $3 00 mark, now it is nearly back may be done in the way of restricting the use of the
to the $4 00 mark, the quotation when at par being credit facilities of the banks,a rigid limitation should
$4 86%. The advance the past week has been par- at once be put upon further issues of Reserve notes.
ticularly striking, the recovery since last Friday having
The gold yield from the mines of the Transvaal
been 123 cents per pound. What is especially noteworthy is that the recovery has immediately followed for February, 1920, as announced this week by cable,
the rejection of the Peace Treaty on Friday of last is simply in line with the results for monthly periods
week, showing that there has been absolutely no for a long time past in furnishing no tangible evidence
connection between the fluctuations in exchange rates of expansion in production. On the countrary, this
and the fate of the Treaty. Six months or more ago latest statement covers an output the smallest of
the President sought to have it appear that restoration any month since February, 1911, and a per diem yield
of normal conditions in our external trade and in the below that of any monthly period in nearly seven
foreign exchanges hinged altogether upon the ratifica- years, only excepting that of December, 1918, when
the influenza epidemic was a decidedly adverse factor.
tion of the Treaty.
As the previous drop in the sterling rate served to Advices from the Transvaal at the close of January
create a feeling of great depression, so now the re- were to the effect that there had been considerable
covery is exercising a highly exhilarating influence. accessions to the native labor force during the month
The stock market yesterday enjoyed a sharp rise, and this it was confidently expected would be rein face of high money rates,because of the recovery in flected in a better showing for February. But then
sterling. The recovery seems to mean that Great came a strike of the native laborers in a number of
Britain is rapidly regaining control of both the trade the mines which more than offset any benefit that
currents and the gold currents. Confidence in the could have resulted through the increase in number.
strength of her position is shown in the fact that gold Accordingly the actual yield of gold for February was
is again being allowed to go from London to the only 625,330 fine ounces, or a per diem average of
United States. Only small amounts have come as 21,563 fine ounces, this contrasting with 636,728
yet, but there are unconfirmed rumors that the de- fine ounces and a daily average of 22,740 fine ounces
crease of12,486,891 in the bullion holdings of the for the like period last year, 659,759 fine ounces
Bank of England
.
_the past week represents takings of and 23,653 fine ounces in 1918 and even better results
in 1917 and 1916. Furthermore, for the two months
gold that is intended for this country.
There is a lesson for us in the way Great Britain of the current calendar year the amount of gold
conducts her finai
111WiTh the signing of the secured from the Transvaal falls below the period in
armistice in November, 1918, she'immediately be- all years since 1914, and but little greater than at that
g
—
an pre—ipar
-adju—ts in—g—h—
er finances to a time. It reached 1,304,833 fine ounces against
peace basis. Indeed, long before the cessation of 1,312,787 fine ounces, 1,373,941 fine ounces and
hostilitiat is, in January, 1918—a Committee 1,503,955 fine ounces, respectively, one, two and
on Currency and Foreign Exchanges was appointed three years ago, and the high record for the period
.17-07cZider the various problems which
arisewin- of 1,541,061 fine ounces in 1916.
coniiectiOn-With-currency and the foreign exchanges
The cotton crop estimate of the Department of
during the period of) reconstruction and report upon
the steps required to bring about the restoration of Agriculture,issued in December last, is substantially
normal conditions in due course." This :committee confirmed by the final ginning report of the Census
made an interim report in August, 1918,
- and haere- Bureau of the Department of Commerce for 1919-20.
cently made its final report, which together with the The Department's estimate, made public Dec. 10
Mg-report we published in our issue of1March-f3 last, indicated that a decrease of 8.7% in the planted
1920, pages 1029 to 10357-the"ComMittee made a area had been followed by a practically identical drop
number of important recommendations, with only in the yield of lint, making the production the fifth
two of!which we are concerned at the moment, in a series of short crops, and approximately 5 million
y, that there should be an increase in the gold bales under the high record yield of 1914-15. Now
reserves and a limitation upon the Wan currency we have the Census Bureau statement (including a
notes, which latter are the outgrowth of the war and moderate amount estimated to be ginned after March
constitute a departure in English financiachliary.
1) and it comes within 300,000 bales of the earlier
The British Government has been carrying out both approximation. In neither case is the linters producthese recommendations. It has been steadily adding tion included, but assuming, on the basis of the reto its gold holdings_and-iTha
--,7che
cliedih7 iS'sue of new turns from the oil mills to the end of February, that
currency notes. Fro hefirst it hasbeen recognized an amount some 200,000 bales less than the total
by all British financiers that effective control of the returned last year will be obtained, we have an aggregold current would never be possible so long as new gate yield of about 12,000,000 running bales (round
issues were constantly being put out. Accordingly bales counted as half bales),an outturn close to850,000
the note-issuing process has not only been stopped, but bales below that of 1918-19, some 300,000 bales under
some reduction in the outstanding issues made.T,We 1917-18 and 4,738,211 bales less than in 1914-15.
r
MAR. 27 1920.]
THE CHRONICLE
1225
Specifically, the Bureau's report makes the yield the adequacy of supplies to cover consumption
of lint cotton 11,258,117 bales, which includes an during the remainder of the season, especially with
estimate of'174,629 bales to be ginned after March 1, the expected demand from Germany still an absent
and the total of linters we estimate at say 750,000 factor.
bales (522,675 bales were recovered to Feb. 29).
In connection with the foregoing we believe that
The Department's estimate was 11,030,000 bales of
500 lbs. gross each (excluding linters, of course), considerable interest ,attaches to a circular on the
but this latest report gives the average weight of "Cotton Manufacturing Situation in Germany"
bales marketed as 503.2 lbs. gross, making the issued by A. G. Hagedorn, member of the New York
census total of lint equivalent to 11,329,755 bales Cotton Exchange. Premising his remarks with the
of 500 lbs. each, or 299,755 bales in excess of the statement that his data have been received from
earlier issued approximation. As regards compari- reliable sources, Mr. Hagedorn draws attention to the
son of the ginning of 1919-20 with that of 1918-19 fact that through the operation of the treaty of Verwe note a general change in the situation. In Okla- sailles, Germany has lost the highly developed cotton
homa, for instance, and in Texas, in lesser degree, manufacturing industry of Alsace-Lorraine, or onerather important increases in yield are recorded, sixth of its capacity, but still ranks next to England
and,though Arkansas shows a decrease, in the south- and the United States. In other words, the estabwest as a whole there is a gain of close to 650,000 lishments still in German territory contain 9,332,518
bales, whereas a year earlier there was a contraction spindles and 240,745 looms. Prior to the war Gerof about 800,000 bales. In the Gulf section, on the many's consumption is stated to have been 1,887,870
other hand, a diminution in production of 600,000 bales annually, of which 80% was American cotton,
bales is to be noted, generally shared in, but most but since the lifting of the blockade and up to the
largely by Mississippi and Louisiana, this following beginning ot February, 1920,imports into the country
an augmentation of over 500,000 bales the previous via Bremen had reached only 196,700 bales against
year. In the Atlantic section, too, poorer results 1,450,000 bales for the like period in 1912-13. Conwere the rule and they account for a falling off of firming other reports, Mr. Hagedorn adds that the
some 650,000 bales in the aggregate, against an main difficulties German cotton manufacturing has
had to contend with have been scarcity of coal and
addition of 800,000 bales in 1918-19.
There has been for some time past a certain amount the financing of purchases of the raw material.
of discussion as to the adequacy of supplies ot cotton The importance of the accession of the 1,891,450
to meet consumptive requirements until new staple spindles and 45,258 looms of Alsace-Lorraine by
is available, but current statistics seem to offer little France is indicated by the fact that it increases the
if any reason for doubt on that score except in so far country's spindleage to 9,291,450 or but nominally
as it may apply to grade. It is true that mll opera- under that of Germany.
tions are more active than a year ago, but also the
Canadian foreign trade for February, 1920, due to
supply of cotton is larger. The Census Bureau
announced as of July 31 last stocks of cotton and a very appreciable increase in the value of the imlinters in consuming establishments and in public ports, was of considerably greater volume than ever
warehouses and compresses in the United States of before for the particular period covered. The ex4,005,682 bales, which combined with the 12,000,000 pansion in imports extended over almost all the varbales produced in 1919-20 gives a total supply of ious classes of commodities but was especially in
16,005,682 bales. This, however, does not include evidence in agricultural and animal products and in
the amount carried over at plantations, in private textiles. Exports, too, were in excess of a year ago
warehouses and cotton in transit at the close of the but only to a moderate extent, gains in the shipments
season, which the Bureau has estimated at 1,150,000 of foodstuffs and paper, &c., having been largely
bales, nor the amount in European ports and afloat offset by contraction in animal products and iron and
at that time-1,200,000 bales—or the stock in Japan, steel. Consequently, the balance of trade, although
&c. It seems safe,therefore,to assume that the sup- in favor of the country, was so in much lesser degree
ply of American cotton available to meet consumptive than in many months. Passing any further specific
requirements of the year was about 18M million comment, merchandise exports, ddmestic and foreign,
bales. Furthermore, stocks have increased largely covered a value of $90,655,190, a high record for the
since the opening of the season, the Census Bureau period, against $86,093,349 in 1919 and $89,764,908
making the total Feb. 29 at mills, public warehouses in 1918, and for the eleven months, April 1 1919 to
and compresses 6,029,856 bales, or 2,024,174 bales Feb. 29 1920, inclusive, reached $1,189,172,362,
larger than July 31, and comparing with 6,556,445 which compares with $1,161,927,809 a year earlier
bales a year ago. As to the current situation, we and the high record mark of $1,482,4Q0,816 in 1917note that of the 12,009,000 bales (including linters) 18. Imports for the month were $87,496,856, conreported ginned or to be ginned during the season trasting with $64,117,126, with the total for the
there remains to come forward some 2,400,000 bales period since April 1 1919, $922,018,804, against
(the 3,000,000 bales difference between the total $844,693,863. The favorable or export balance for
crop and the amount marketed to Feb. 29, less the the month this year is only $3,158,334, this comparing
increase in interior town stocks and those at Southern with $21,976,223 last year and $37,558,460 two years
consuming establishments since July 31) and the ago, while for the eleven months the net exports
stocks in European ports and afloat for Europe are the smallest since 1915-16, and stand at $266,Feb. 28-2,100,000 bales against 913,000 bales a 153,558 in 1919-20, against $317,233,946 in 1918-19,
year ago—are also to be taken into account. In and $607,194,667 in 1917-18.
all,these items and the 6,029,856 bales stock referred
Conditions the present week in Germany, in some
to above, total over 103/ million bales, and with
such an amount available to draw upon there would respects, were even more disturbed than they were
appear to be no strong reason for disquietude as to last week. The trouble, however, was of a different
1226
THE CHRONICLE
character and came from a different source. Last
week Berlin and other large centres were upset by
the revolutionary movement under Dr. Wolfgang
von Kapp and the order of the Ebert Government to
the workers generally to strike, with a view to defeating that Government. The revolution failed and
its leaders fled. The workers struck, but unfortunately did not return to work in a body when the
revolution ended, as they were directed to do by the
very Government officials who had ordered them to
go out. Therein lies the seat of this week's disturbances. No one better than the workers, grouped
under the names of Socialists of various kinds,
Spartacides, &c., knew their own strength. They
made a good display of their power, first, against
the revolutionists, and then against the Ebert
Government itself. According to Berlin advices
President Ebert and Gustav Noske had promised
the leaders of the various labor factions so much,that
when the Government returned to Berlin and tried
to restore order there, its leaders found themselves
very much at the mercy of the men upon whom they
had called for help during the crisis brought on by
the revolution. Tuesday morning, together with
the seemingly official announcement of the resignation of Gustav Noske as Minister of National Defense, came the definite statement that the so-called
Independents had demanded an out-and-out labor
Cabinet.
There were definite reports from Berlin and Stuttgart at the close of last week that Noske had resigned.
He appeared to be the storm centre in the Cabinet,
against whom the opposition outside aimed most of
its attacks. The principal charge was that essentially he was a relic of the Hohenzollern group, and
that as such he had dickered with the old militarist
element during the revolution. As a matter of
fact, before that movement started he had shown
himself as perhaps the strongest man in the Ebert
Government. On several critical occasions he had
put down disorder and restored normal conditions
in a way that revealed marked strength of character
and notable executive ability. It was made known
later that he did not resign when and as at first
reported. Saturday's dispatches contained an interview which Herr Noske gave in Stuttgart to a correspondent of the Paris "Matin." He made a clear and
strong statement of military, political and economic
conditions in his country, and showed how recent
developments there were not unnatural. A dispatch
from Stuttgart stated that "the Government is still
hoping there will be some way to prevent being forced
to accept the resignation of Gustav Noske as Minister
of National Defense." At that time the Government leaders did not think it would be wise to attempt
to convene the National Assembly in Berlin early
this week. The surrender of Essen to armed workmen "after violent fighting, in which it is estimated
that 300 persons were killed," was announced in a
cablegram.from Berlin a week ago to-day. Hundreds
were reported to be dead in Leipzig.
Considerable has been said all week in the cablegrams from Berlin to the effect that the Ebert
Government would bring to court, and to punishment if possible, the men regarded as the chief
instigators and leaders of the von Kapp revolt.
The Doctor himself, General von Luettwitz, General
Ludendorff, von Jagow and others-11 in all—
were on the list. The charge was to be high treason.
Later dispatches told of the actual arrest of von
[voL. no
Luettwitz and Admiral von Trotha, Chief of the
Admiralty. General Ludendorff was reported to
have disappeared.
A special correspondent of the New York "Tribune"
cabled last Saturday morning that Marshal Foch
and Premier Millerand had urged upon the Council
of Ambassadors "a more active attitude toward
events in Germany." French Government and
military leaders were reported as seeing "just as
grave a menace to the Versailles Treaty in the Communist Government in Germany as in a return to
power of the militarist crowd, and they see the same
reason for intervening in Germany as France had to,
advocate anti-Bolshevist intervention in Russia."
The correspondent further asserted that "if the.
German Government were seized by Communists,
France for the second time within a few years would
face great monetary loss through the same agency.
France's great hope for the future will be endangered
if a Communist Government should place Germany
in a position where the collection of the war indemnity would be impossible." In a Berlin cablegram Sunday morning the definite assertion wasmade that "the general strike has been ended." It.
was added that the terms of settlement would be
made public during the day, and President Ebert
issued a decree proclaiming "Berlin and the Province
of Brandenburg in an intensified state of siege.".
According to the terms of the decree,"the regular
troops and the Security Police are empowered to
search motor cars for arms." It was further stipulated that "if occupants of these cars are found
carrying arms without permits, they are to be shot
on the spot." Finally, "extraordinary courts martial are established, including drumhead courts.
martial." Uprisings in Bavaria, Wurtemburg and.
in many other sections were reported. The assertion
was made also that "the workers are seizing one
industrial town after another, and are setting up
their own Government, sometimes described as
Soviet in type." Later in the week—that is, on
Wednesday—the state of siege was lifted.
In Paris the question was said to have been raised
as to whether "the abortive coup d'e tat of the militarists and its attendant evil of recurrent Spartacism will have the effect of stimulating a movement
in Great Britain and America to modify the Treaty
of Versailles, particularly its economic clauses."
According to one correspondent in the French capital
"it is feared in political circles that powerful elements
in America and in Great Britain are about to use
what has just happened in Germany as another
argument for a quick revision of the treaty." The
idea prevailed that Great Britain and Italy were in
favor of supporting the Ebert Government, but that
France was not ready to do so, being still distrustful
of its complete sincerity, and fearful that such action
would be construed as making it the work of the Allies,
as if in agreement." A few clays later Andre Tardieu
gave an interview in which he also urged an immediate
meeting of the Allied leaders to decide upon energetic
steps to insure the enforcement of the Treaty of Versailles.
Even at the beginning of the week London was
beginning to count the cost to Germany, to Europe
generally and even to America and the rest of the
world, of the effects of the von Kapp revolut ion
against the Ebert Government. A correspondentin
the British capital of the "Sun and New York Herald" declared that "Germany now is receiving only
MAR. 27 1920.]
THE CHRONICLE
half the food normally required to keep the nation
alive. That is regarded here as the main underlying
factor of the revolution." He added that "a revolution would not bring more food or raw materials into
Germany." The correspondent was of the opinion
that the large international loan idea would prove
the most direct and effective way of giving Germany,
and France as well, the much needed assistance to
get going again industrially. He added that "up
to the present the general situation in Europe has
not altered as a result of the German upheaval,
save as it may be affected by the danger that Bolshevism might spread in Germany and from Germany to France." On the other hand, the correspondent declared that "on the ultimate outcome of
this German revolutionary movement depends tremendous issues, which are not confined to Germany,
but which affect the entire commerce and industry
of the world."
In another London cablegram to the same paper
at about the same time an international banker who
had just returned from an investigation of conditions
in Germany and France, was quoted as having expressed the opinion that Germany never will be
stabilized until a Government by the middle class is
set up—a monarchy leaning neither toward Bolshevism nor toward a military autocracy." The banker
was reported to have added that "regarding business
in Germany, everything is at a standstill. The
treaty terms have hung like a weight around the
neck of the Germun banker. He is not anxious to
promote industry, because he does not know what
good it will do to promote it."
Through a Berlin dispatch made public here
Monday morning it became known that "the Government of President Ebert is again in power in the
capital." Actually, it was stated that "President
Ebert and the members of his Ministry reached here
(Berlin) at 11 o'clock this (Sunday) morning from
Stuttgart, and soon after that the order for a state
of intensified siege was withdrawn." Even then
there were distinct indications of the coming demands
of the Independent Socialists and the workmen who
"are making heavy demands for concessions, which
they feel they are entitled to because of the commanding position some of the group hold in other
parts of Germany outside of Berlin." The opinion
appeared to exist there that although the resignation
of Gustav Noske had been demanded by the radicals,
probably "he will retain his position for a time, at
least in order to restore the confidence of the Berlin
people generally." There were rumors afloat, however, that Chancellor Bauer and Foreign Secretary
Mueller might go as well as Noske, and that a Labor
Chancellor might be appointed when the Ministry
was recast. The Cabinet met late the same day that
it returned to Berlin "to consider the situation
brought about by the Spartacan outbursts throughout Germany."
In cabling his paper Monday morning a special
correspondent in Berlin of the "Sun and New York
Herald" reported that "the Ebert Government
believes that in granting sweeping concessions to the
strike committee in the convention it signed yesterday, it did more than end the general strike that was
paralyzing Germany. It believes that finally the
foundation has been laid upon which Germany may
be reconstructed." Apparently, judging from subsequent developments, those who were credited with
having expressed this opinion did not realize how far
1227
those to whom they made the concessions would
soon go in their own demands. Three American
business men who arrived in Coblenz Sunday night
from Leipzig, were said to have estimated that 3,000
persons were killed in the fight in that city. The
Spartacans and Red army were said to have scored
still further victories in various important centres.
According to advices received in London Berlin
was menaced by the continued patrolling of the
Baltic troops, while the workmen held the suburbs.
In a dispatch from Berlin received here Monday
afternoon, conditions in Germany were reported as
getting worse rather than better. The Ministry of
Defense was reported to have asserted that this was
notably true in the Ruhr District, it being claimed
that several towns southeast of Muenster had been
taken by the Communists. It was also added that
"the movement was strong north and east." The
correspondent of the Associated Press who sent this
message even said that the Ministry of Defense
asserted that"you cannot paint the situation throughout Germany too black. The situation in Berlin
itself is bad."
Following numerous rumors the definite announcement was made in a Berlin cablegram received Tuesday morning that "Gustav Noske, Minister of National Defense,presented his resignation to President
Ebert to-day [Monday] and the President accepted
it." The correspondent added that other Cabinet
changes were "imminent." He also said that "it is
announced that the Independents to-day demanded
an out-and-out Labor Cabinet" and that "the Government is considering the demand." Paris reported
that the advices to the German Peace Delegation
say that "the situation in the Ruhr region, close to
the area occupied by the Allies, is most unfavorable."
A partially compensatory note was found in the statement that "the same advices report that Leipzig
is calm."
Although the general strike in. Germany had been
reported to have been ended, a Berlin correspondent
of the London "Times" said on Tuesday that "many
branches of industry are still affected by it." He
declared that "the strike leaders were endeavoring to
prevent a resumption of work, especially in the metal
industry and printing trades, and on the street cars
and underground railways." At that time the
opinion prevailed that "the National Assembly will
not be able to meet in Berlin before Wednesday at
the earliest." According to advices received in Paris
an estimated total of 8,000 persons had been killed
in Germany as a result of the von Kapp revolution.
Of this number it was stated that "850 were killed
in Berlin alone."
The advices from that centre each successive day
seemed to indicate progressive capitulation on the
part of the Ebert Government to the Independent
Socialists aad the workers. Wednesday morning a
cablegram from London stated that "the Bauer
Government has come to terms with the extremists at
the cost of sweeping concessions." This statement
came to the London "Times" from its Copenhagen
correspondent. It was added that "a purely Socialist Cabinet is to be formed which will try to reestablish order and hold general elections." Another important stipulation of the agreement was
that "the Reichswehr troops will be immediately
withdrawn and Berlin workingmen's guards formed."
According to an Associated Press dispatch direct
from Berlin "the strike committee has unanimously
1228
THE CHRONICLE
declared the strike ended," and it was added that
work would be resumed on Wednesday. President
Ebert had "decreed the abolition of drumhead courts
martial in Greater Berlin, expressing confidence that
order would not be further disturbed." In still
another dispatch it was claimed that "the Berlin
situation is tranquil, except for a few unimportant
collisions in the northeastern quarter." It was definitely stated that the National Assembly would meet
Thursday, and that "in preparation for this session
all the parties are holding continuous meetings."
Gustav Bauer was quoted in an interview with a
special correspondent of the "Sun and New York
Herald" as having said that the "demand of the Independent Socialists for a purely workers' Government
cannot be met." He was reported to have added
that "the Majority Socialists declared themselves
for this condition only if the bourgeois parties agree,
and this they can hardly do." He was quoted,
furthermore, as having declared that "there is no
smack of Bolshevism in these demands."
As the week drew toward a close the dispatches
from day to day told of continued labor disturbances
in many important industrial centres. For instance,
the local Executive Council in Essen announced that
"the entire industrial region hereabouts is in the
hands of the revolutionary workmen, and a Red
army of 50,000 men is victoriously advancing on
Wesel, where the last remnant of the regular troops
are concentrating." As somewhat of an offset,
Coblenz reported that "a heavy defeat has been
inflicted on the Communist forces, who lost more than
1,000 killed," according to the Reichswehr commander in that region. Evidently the people in
Duesseldorf and vicinity who were taking part in
the uprisings were sensitive about being called Communists. According to a dispatch from that centre
they insisted that the movement was not of that
nature, "as Soviets throughout Germany are considered impossible and dangerous." Wednesday
evening Paris heard a report from Biellefeld, Westphalia, that "a 48-hour truce between the West
German Communists in the Ruhr district and the
Government has been arranged." The dispatch
also stated that "the armistice was arranged at a
meeting between representatives of the Ebert Government and the Ruhr Communist Commission."
Thursday morning a special Paris correspondent of
the New York "Times" stated that the American
Embassy there had received a telephone message
from the American Charge in Berlin saying that the
situation in that centre was "serious." The Spartacides were reported to be holding one-half the city
and the Government the other half. The Charge
was said to have notified the Americans in the city
that "they must quit the capital as the United States
could give no guarantee for their lives and safety."
On the other hand, in a Washington dispatch Thursday afternoon the State Department was reported to
have received advices that not enough people had
left to fill one car of the special train "provided by
the State Department in co-operation with General
Allen and the German authorities." There were said
to be about 8,000 Americans in Germany, and it was
added in the advices that "they are showing hardly
a symptom to get out."
There were reports in an Associated Press dispatch
Thursday evening from Buderich, Rhenish-Prussia,
that "negotiations are in progress in Wesel for the
[VoL. 110.
settlement of a truce." While that afternoon Coblenz heard rumors that "Wesel had been captured by
the Red army," the German official advices were
said to show that the rumor was unfounded. The
Ruhr district was declared to be quiet and the announcement was made that "the Government troops
have retired to the northeast, back of the Lippe
River." It was added that they were being reinforced both as to men and supplies. A rumor was
received at The Hague that "the Berlin Government
has concluded a 24-hour armistice with the Red
army in the whole industrial district." A Paris
correspondent of the "Sun and New York Herald" in
a cablegram Thursday morning stated that "the
Allies will not oppose a so-called German Republican
army, recruited from the middle class in Germany,
quelling a Spartacist uprising in the Ruhr district,
preferring this to the alternative pressed by the
French of intervention by the Allied troops."
Reports were received from Berlin Thursday
afternoon that the German Cabinet had been recast,
but the list of names did not include many changes.
Gustav Noske, as Minister of National Defense, was
among the missing, and his place was said to have
been taken by Herr Gessler, Mayor of Nuremburg.
The other new members were Captain Fischer, Guno,
Minister of Finance, and also a director of the Hamburg-American Steamship Co.; Herr Boltz, Minister
of the Treasury and Herr Silberschmidt, Minister
of Reconstruction. He is the leader of the Builders
Trades Union. Gustav Bauer remains as Premier
and Dr. Henry Mueller as Minister of Foreign Affairs.
In a London cablegram Herren Guno, Bell and Boltz
were spoken of as Centrists. The other new members
were set down as Social Democrats. It was claimed
that the Independent Socialists are not represented
in the new Cabinet.
Last evening's advices from Berlin, Paris, The
Hague, London and Copenhagen indicated that the
new German Cabinet was only tentative and formed,
perhaps, with the idea of sounding sentiment and
not intended to be permanent. At any rate, it was
reported in one Berlin dispatch that the whole Cabinet had resigned, although it had come into being
only on Thursday. Most of the advices stated that
Dr. Herman Mueller, Foreign Minister, had been
asked to form a new Cabinet. Copenhagen heard
that the names of Dr. Schiffer, Vice-Premier, and
Herr Gessler, Minister of Defense, had been withdrawn, because of the opposition of the German
trades unions. The report was received in Copenhagen also that "the formation of a Cabinet and the
meeting of the National Assembly have been postponed."
According to a dispatch from Mayence Thursday
afternoon "representatives of the Government of
President Ebert and the West German insurgents
have reached a final agreement." It was said that
the terms provided that "the Government consents to
the formation of a workingmen's army charged with
maintaining order throughout the West German
industrial district." It was further stated that "all
participants in the recent coup d'etat in Berlin shall
be disarmed." The agreement contained various
other important provisions. The most disturbing
feature of the German situation as indicated in yesterday morning's European advices was the evident
determination of Leon Trotzky, the Russian Bol-
MAR. 27 1920.]
THE CHRONICLE
shevist Minister, to co-operate with certain political
elements in Germany with a view to the Bolshevists
getting a still stronger foothold in that country.
Trotzky was reported to have Berlin as his
goal.
Definite figures as to the amount of subscriptions
to the French Victory Loan have not come to hand.
The books were closed a week ago to-day. Naturally
there was considerable guessing as the time drew
near regarding the probable total. Attention was
drawn in a Paris dispatch to the fact that, "while the
canvass was in progress a strike of railroad workers,
miners and textile operators had been on and that the
last two were still unsettled." The opinion was expressed that the attractiveness of the terms—redemption at '150 francs for each 100-franc bond—must
have brought out a considerable part of the estimated 2,000,000,000 to 3,000,000,000 francs gold
and 1,000,000,000 francs silver, "in old stockings."
Subscriptions for a very substantial total were predicted.
Premier Lloyd George made a speech in the House
of Commons just at the close of last week which
apparently caused a large amount of adverse criticism
and only a moderate amount of commendation. He
"urged a coalition of the Conservatives and Liberals
to oppose Socialism." The "Times" and other
papers that attacked the Premier charged him with
"exaggeration," lack of "principle," "far-seeing
statesmanship" and "common candor." The newspapers on the other hand that supported his appeal
for a coalition declared that "he intended no attack
an British workers, but only on their leaders, who are
under the influence of extremists." James Sexton,
a Labor member of Parliament, was quoted as saying
"the Premier will frighten neither the country nor the
Labor party by such transparently opportunist
fears. Lloyd George, who is the whip of the Independent Liberals, has raised a smoke screen to cover
his designs."
1229
in comparison with £107,773,000 a week ago. Receipts, on the other hand, amounted to £124,602,000,
which compares with £107,893,000 in the week preceding. Of this total, revenues yielded £66,479,000,
against £57,145,000, savings certificates £1,000,000
against £1,200,000, and "other debt" £6,218,000
against nothing a week ago. From advances thesum of £18,000,000 was received against £5,000,000.
last week, while sundries brought in £25,000, against
£586,000 a week earlier. Treasury bills to the
amount of £32,880,000 were sold, as compared with
£43,437,000 last week. Repayments, however, were
in excess of this sum, so that the volume of Treasury
bills outstanding declined to £1,048,772,000. Last
week it stood at £1,059,228,000. No more Exchequer bonds were sold, but a total of £570,000
was repaid, as contrasted with £540,000 last week.
Temporary advances registered an increase to
£178,430,000, an addition of £9,500,000 for the week.
The total floating debt has been further contracted.
to £1,227,202,000. Exchequer balances now stand
at £3,709,000, in comparison with £3,719,000 the
previous week.
No change has been noted in official discount rates
at leading European centres from 5% in Paris, Berin Norway, 6%
lin, Vienna and Switzerland; 5
in London, Sweden, Copenhagen and Petrograd,
in Holland. In London the private bank
and 4
rate has been lowered to 5%@)5 11-16% for sixty
and ninety day bills, against 5%@5%% a week
ago. Money on call in London remains at 332%,
the same as last week. No reports have been received, as far as we have been able to ascertain,
of open market rates at other centres.
.The Bank of England for the first; time in a number
of weeks, reported a contraction in its gold stocks,
the amount being £2,486,891, while total reserve
declined £2,452,000 and the proportion of reserve to
liabilities was reduced to 21.80%, against 23.49%
last week and 19.70% a year ago. In yesterday's
London advices the opinion was expressed that this
In a speech on Wednesday at the National Liberal loss of gold reflected withdrawals for shipment to
Club in London, former Premier Asquith severely New York at an early date. Note circulation
attacked Lloyd George and his policies. He was fell off £35,000, and there was also a small contracquoted in a London cablegram as having asserted tion in loans (other securities), viz., £811,000.
that "I am glad we are approaching the close of a Public deposits expanded £1,344,000, although other
transient era of organized insincerity," adding that deposits registered a reduction of £1,274,000. Gov"the Free Liberals will not be harnessed to the Tory ernment securities were increased £3,335,000. Notchariot." He was said to have characterized the withstanding the Bank's loss in gold, holdings are
Irish bill as "a most fantastic and impracticable still exceptionally large, and the total held is reported
scheme, and the greatest travesty of self-govern- at £115,783,000. In the corresponding week of
ment ever offered a nation." The correspondent 1919 it was £84,252,450, and £60,611,279 the year
said that "the significance of Mr. Asquith's speech is before. Reserves stand at £33,096,000, which comthat it registers the formal split in the Liberal party pares with £29,053,285 last year and in 1918 £31,and begins a new chapter in British politics." The 244,184. Circulation is £101,136,000. Last year
London correspondent of the New York "Tribune" the total was £73,649,165 and £47,817,095 the year
said that "the speech made it clear to all that Mr. preceding. The total for loans is £91,142,000, as conAsquith intends to make a bold bid to regain his old trasted with £79,451,680 and £112,356,000 one and
post as leader of British Liberalism and to fight Lloyd two years ago, respectively. Currency notes outstanding amount to £298,222,000, comparing with
George all over the country."
£298,498,000 a week ago. The amount of gold seThe British Treasury statement for the week curing these notes totals £29,687,000, against £29,ending March 20 was without especial feature. Ex- 774,000 for the previous ;week. Clearings through
penditures and other payments were slightly in excess the London banks for the week were £781,324,000,
of revenues and ingoes. Expenses for the week as compared with £767,470,000 a week ago and
totaled £60,764,000, against £41,515,000 last week, £446,860,000 for the same week of last year. We
with the total outflow, including repayments of append a tabular statement of comparisons of the
Treasury bills, other debts, &c., was £124,612,000, different items of the Bank of England statement:
1230
THE CHRONICLE
BANK OF. ENGLAND'S COMPARATIVE STATEMENT.
1920.
1919.
1918.
1916.
1917.
March 24. March 26. March 27. March 28. March 29.
[VoL 110.
$564,000 to $11,021,000. There was a falling off in
aggregate reserve of $34,627,000, reducing that total
to
$544,446,000. In the case of surplus the loss was
Circulation
101,136,000 73,649,165 47.817,095 38,289.135 33,577,300
Public deposits
19,763,000 25,623,455 43,842,000 49,945,343 57,063,783 still more pronounced, there having been an increase
131,757,000 121,759.947 137,548,000 129,647,012 87,362,302
Other deposits
Governm t securities 45,394,000 56,992,644 55.951,000 24,003,237 32,838,646 in reserve required, so that the actual decline totaled
Other securities_ _ _ _ 91,142,000 79,451,680 112,356,000 139,610,254 88,350,161
$37,015,420, resulting in a deficit of $7,975,000
Reserve notes dr coin 33,096.000 29,053,285 31.244,184 34,169,994 41,534,064
Coin and bullion_ .. _115,783,000 84,252,450 60,611,279 54,009,039 56,661,364 The figures here given for surplus are on the basis
Proportion of reserve
of 13% legal reserves for member banks of the Federal
19.70%
to liabilities
21.80%
17.22%
19.02%
28.75%
Bank rate
6%
5%
5%
5% reserve system but
%
do not include cash in vault
amounting to $94,706,000 held by these banks last
The Bank of France in its weekly statement repOrts Saturday.
a further gain of 913,002 francs in its gold item this
The return of the Federal Reserve Bank of New
week. The Bank's gold holdings now aggregate York had some decidedly favorable
features. The
5,584,026,077 francs, comparing with 5,542,691,166 total of bills held under discount
was reduced from
francs last year and with 5,373,545,714 francs the $1,013,686,000 to $924,398,360, indicating
heavily
year previous; of these amounts 1,978,278,416 francs diminished borrowings by the member banks,
and in
were held abroad in 1920, 1,978,308,484 francs in turn the Reserve Bank was able to diminishits
own
1919 and 2,037,108,484 francs in 1918. During the borrowings from the other Reserve
banks from $84,week, silver gained 1,605,184 francs, bills discounted 550,000 to $19,795,000. On the other
hand, the gold
increased 107,222,712 francs, general deposits rose holdings were reduced from
$518,386,000 to $477,127,864,088 francs, and Treasury deposits were 378,916, though in the case of total
cash reserves the
augmented to the extent of 415,931,057 francs. reduction was only from $610,132,000
to $584,401,Advances, on the other hand, were reduced 13,934,- 539. Another unfavorable feature
was an increase
738 francs. Note circulation registered the large in the total of Federal Reserve notes in circulation
contraction of 591,043,670 francs. This reduction from $830,531,000 to $837,726,920.
in the amount of notes outstanding with the large
increase in Treasury deposits, doubtless is in some
Broadly speaking, the assertion may be safely
way connected with the payments now being made on made that there is no change in the
money position
the latest offering of French Government bonds. in this country as a
whole. Here in the financial
The total of notes now outstanding is 37,148,964,581 district there is a determined
disposition to speculate
francs, contrasting with 33,771,660,760 francs in in industrial stocks that are closely held,
and whose
1919 and with 25,179,327,655 francs the year before. market movements are directed by a few pool leaders.
On July 30 1914, just prior to the outbreak of war, Most of these stocks command a high price in the
the amount was only 6,683,184,785 francs. Com- market and consequently speculation in them inparisons of the various items in this week's return volves a correspondingly large amount of
money.
with the statement of last week and corresponding Just as soon as even a small amount of money becomes
dates in 1919 and 1918, are as follows:
available here, either from local institutions or those
BANK OF FRANCE'S COMPARATIVE STATEMENT.
out of town, there is a disposition to bid up these
Changes
Stailis as of
shares and to get people to engage in active speculafor TVeek.
Afar. 25 1920. Mar.27 1919. Mar.28 1918.
Frarcs.
Gold Holdings—
Francs.
Francs.
Francs.
tion in them. In this way, if in no other, the funds
Inc.
In France
913,002 3,605,747,661 3,564,382,681 3,336,437,229
Abroad
No change
1,978,278,416 1,978,308,484 2,037,108,484 that had been released are soon taken up and the
Total
Inc.
913,002 5,584,026,077 5,542,691,166 5,373,545,714 rates are advanced. There was no special flurry in
Silver
1,605,184
Inc.
250,126,509
313,011,921
255,424,711
call money here the early part of the week, but during
Bills discounted__ _Inc. 107,222.712 1,665,457,364 1,000,447,204 1,328,217,927
Advances
Dec. 13,934,738 1,583,806,023 1,228,259,983 1,115,731,380 the latter half high rates prevailed, until yesterday
Note circulation_ _Dec. 591,043.670 37,148,964,581 33,771,660,760 25,179,327,655
Treasury deposits _Inc. 415,931,057
521,132,252
46,857,538
47,275,404 afternoon when the quotation for call funds dropped
General deposits_ _Inc. 127,864.088 3,512,652,062 3,012,705,977 2,808,557,204
to 6%. It was assumed that by that time practically
all of the requirements for over the week end had
The returns of the New York Clearing House been met. Active as the stock market has been, •
members, issued on Saturday, made a somewhat and large as have been the offerings of new securities
poor showing and the surplus above legal require- this week, bankers say that the commercial demand
ments fell more than $37,000,000, leaving for the the country over is the principal factor in the money
second time this year a deficit. This, however, was market. They add that they are trying to restrict
not regarded as alarming, since it is simply a reflex this demand as much as possible, but that it is
of Government financing operations incidental to the extremely insistent. People have big plans for the
recent income tax payments, and will doubtless be future and want to do more business than ever.
quickly rectified. As against this, loans showed a At the prevailing high prices for everything, the
substantial reduction, namely, $39,265,000, while net carrying out of this ambition involves a big sum of
demand deposits increased $18,294,000 to
458,- money. Reports from the Central West state that
146,000, not including Government deposits of extravagance is being indulged in there on a large
$38,880,000, the latter being an increase for the week scale, as it has been in the East practically ever since
of $20,819,000. Net time deposits expanded $4,- the signing of the armistice. According to these
254,000 to $256,685,000. Other changes included a advices also there has not been much liquidation of
decline in cash in own vaults (members of the Federal speculatively held commodities. It can be only
Reserve Bank) of $2,829,000, to $94,706,000 (not reiterated from week to week that conditions like
counted as reserve), a contraction in the reserves of these do not make for a sound money market. In
member banks with the Federal Reserve Bank of spite of everything of an adverse character, the offer$33,854,000 to $520,495,000, and a loss in reserves ings of new issues in New York this week have been
in own vaults of State banks and trust companies of exceptionally large and are said to have been quickly
$209,000 to $12,930,000. Reserves in other deposi- and satisfactorily placed.
tories of State banks and trust companies fell off
mmi. 27 1920.]
THE CHRONICLE
1231:
strength developed. With the opening on Wednesday
London bankers once more came into the market
with liberal buying orders, which was a signal for
the resumption of local buying and prices recovered
with sensational rapidity. Trading, though not
gniformly active, was feverish and excited and
transactions at times reached substantial proportions.
Much of this was due to the action of speculative
operators who are said to have been persistently
putting out heavy short lines on all weak spots on
the theory that the technical position of the market
was less favorable and consequently the present
strength could not be maintained, hence sterling
must eventually seek still lower levels. But yester4 cents to
day there was a further advance of 83
a, the figure already noted.
3 953/
A notable feature of this week's exceptional
strength in sterling has been that it has been coupled
with sensational weakness in both French and
Italian currency, a somewhat unusual occurrence.
Many bankers interpret this as additional evidence
of the gratifying improvement in Britain's economic
and financial position. But while this is undoubtedly
true, the real explanation of the phenomenon will be
found, it is thought by some bankers, in the fact
that the Italian and French Governments are making
active preparations to pay off loans falling due in
London shortly, necessitating enormous sales of
francs and lire and the accumulation of sterling for
the purpose of meeting these loans, which, of course,
would explain the weakness in exchange on Paris
and Rome and the consequent strengthening of
sterling. This being the case, it would not be illogical to expect a recovery in Continental rates
another week. However, this is purely conjecture,
since the immediate future is still shrouded in uncertainty and violent fluctuations in either direction
are likely at any time.
Publication on Thursday of the regulations formu-Spot Delivery
lated by the Reserve Board for the guidance of corwithin
Thirty
Sixty
Ninety
30 Days. porations to be organized under the Edge Act,
Days.
Days.
Days.
6% bid
6 05% 6 05%
-63i06
Eligible bills of member banks
tangible
654 bid created a good impression, but was without
(45% 1334(4t5% 6)i(45%
Eligible bills of non-member banks
bid
7
7@6
7005
7 On%
Ineligible bills.
effect on actual market levels, most financial authorities seeming to believe that definite relief from this
There have been no changes the present week in source is unlikely for some time to come. Neverthe discount rates of the Federal Reserve banks. theless, it is regarded as an important step in the
The following is the schedule of prevailing rates right direction and came in for some discussion, as,
now in effect:
also did the action of the large copper companies
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT MARCH 26 1920.
who have been planning the extension of credits to
customers. As an offset to these favorable
foreign
AgriculturDiscounted bills maturing within 90
al and liveTrade
days (including member banks' 15- Bankers'
should be noted the rejection of the
developments,
paper
stock
Acceptances
Acceptances
by—
secured
day collateral notes)
discounted maturing maturing
Federal
Peace Treaty by the Senate and its return to President
within
9110 180
Otherwise for member
Liberty
Treasury
Reserve
days.
90 days.
banks.
secured,
Bank of— certificates bonds and
Wilson, the unsolved Adriatic question and the
and
of indebted- Victory
unsecured.
notes.
ness.
problem of Turkey, and last, but not least, the dis6
6
5
6
55i
5
Boston- - - - .
6
6
location of political affairs in Germany. Though the
5
5)4
6
5
New York—
6
6
5
6
5).
5
Philadelphia.
0
5
0
6
Ebert Government is once more apparentlyin control,
5
Cleveland_ _ _
5i
6
6
5
6
5
53
Richmond
6
6
5
6
latest dispatches indicate fresh outbursts of
5
the
54
Atlanta
6
6
AU
6
5%
5
Chicago
6
6
.5
6
53,5
5
and disorder in various parts of the country,
rioting
St. Louis—
6
5i
5
6
5Yi
Minneapolis
43
6
5
6
6
5%
5
opinion in some circles is that the presand
Kansas City
the
6
6
5
6
5j
5
Dallas
6
6
5
6
51.4
5
Rnn Prstnflown
ent crisis in Germany is likely to furnish a test
Note.—Rate on paper secured by War Finance Corporation bonds 1% higher than
as to whether Central Europe will be able to survive
the rate on commercial paper shown in column 3 of figures above.
the overwhelming onslaught of Bolshevism now
The sterling exchange market this week has shown rampant, and the feeling appears to be growing that
extraordinary strength, and demand bills yesterday no definite conclusions can be reached until complete
touched 3 953/ or 123 cents above last week's final order has been restored. Some talk is heard of
figure, and the highest quotation, not only since the additional foreign financing and bankers report that
extreme low of 3 18 in the first week of February,but negotiations are going on for a so-called emergency
since the early past of last December. The market loan of $25,000,000 to China, while it is understood
was weak on Saturday and in Monday's dealings that the terms of a $15,000,000 loan to Denmark
prices receded still further. On Tuesday decided may be announced shortly.
Dealing with specific rates for money, loans on
call this week covered a range of 6@14%, as against
6@9% last week. Monday the high was 9%, with
7% the low and ruling figure. On Tuesday call
rates did not get above 8%, but the low was still
7% and this was again the basis for renewals. Coincidental with the outburst of activity on the Stock
Exchange, rates stiffened appreciably on Wednesday
and there was an advance to 14%, though very little
business was transacted at this figure, and the low
and ruling quotation remained at 7%. Thursday's
range was 9@12% and 9% the renewal basis, while
on Friday 10% was the maximum,6% minimum and
9% had to be paid for renewals. The figures here
given are for both mixed collateral and all-industrials
loans alike. In time money the market continues
to mark time, with funds still extremely scarce
and business at times practically at a standstill. No
transactions of importance were recorded in any
maturity, and both lenders and borrowers appear to
be temporarily out of the market. Nominally,
the rate continues to be quoted at 8% for all periods
from sixty days to six months on regular mixed colfor all industrials.
lateral and 8
is still in moderate demand,
paper
Mercantile
chiefly from country banks, but trading in the aggregate was not large. A firm undertone was reported
with sixty and ninety days' endorsed bills receivable
and six months' choice names at 63/2@6%%, and
names not so well known at 6%@7%,all unchanged.
Banks' and bankers' acceptances have been maintained at previous levels. Brokers are reporting
a fair degree of activity with out of town institutions
the principal buyers. With the flurry in the call
loan market in the latter part of the week, however,
trading showed a material falling off, which of course
was not surprising. Demand loans on bankers'
acceptances remain at 5%. Quotations in detail
are as follows:
Delivery
1232
THE CHRONICLE
[VoL. 110.
- As regards quotations in more complete detail, pletely absorbed the floating supply of bills that the
sterling exchange on Saturday of last week was easier market has been practically bare of offerings ever
and demand bills declined to 3 783@3 803/2, cable since. It is further stated that in view of the untransfers to 3 79@3 813 and sixty days to 3 753@ settled conditions prevailing in Germany, banks
3 77M; trading was dull and offerings more abund- which have been financing export business to that
ant than for some time. On Monday the market country are now proceeding with extreme caution
exhibited marked weakness and there was a further in extending additional commitments in this direcrecession to 3 753@3 783 for demand, 3 76@3 79 tion, for the reason that should the banks of Gerfor cable transfers and 3 72%@3 75% for sixty days; many be seized by the Spartacides it is held to be not
lower quotations from London and selling both for inconceivable that Russia's experience will be duforeign and domestic account figured in the decline. plicated, and banking institutions here are showing
Amid considerable excitement sterling suddenly reluctance to make payment against balances in
turned strong on Tuesday and under active buying Germany at this time. It is stated that because of
prices were rushed up more than 3c. with demand at the delays in cable and mail communication, several
3 78@3 813/
2, cable transfers 3 78%@3 823 and banks will likely send representatives for the purpose
sixty days 3 753/@3 79. On Wednesday sterling of making first-hand investigation as to the real facts
quotations established a new high point on the cur- of the case.
rent movement and demand touched 3 833/2; the
A dispatch from Rome by way of London under
low was 3 783', while cable transfers ranged at 3 81% date of March 23 states that Premier Nitti has an@3 843, and sixty days 3 783/2@3 81; London nounced that the new foreign capital brought to
banks again came in the market as buyers and trad- Italy to enlarge production is to be exempt from
ing was active with speculative interests much in taxation. The Premier also indicates that duties on
evidence. Increased firmness characterized Thurs- imports of wheat will be cut, dockyards are to be
day's dealings and rates were avdanced sharply, transformed for the building of merchant ships and
to 3 84@3 87% for demand-93'c. above the low that the army is to be promptly demobilized. Talk
of the day preceding-3 84%@3 883/b for cable trans- has again been revived of a $25,000,000 loan to
fers and 3 813'@,3 85% for sixty days. On Friday Switzerland. Several months ago it was stated that
the market ruled strong and active and demand bills the Swiss authorities were negotiating with local
shot upward, reaching another new high of 3 89 bankers for the flotation of a bond issue in this market,
@3 953', cable transfers 3 899@3 963 and sixty but that owing to the condition of the investment
days 3 853'@3 923/
2. Closing quotations were 3 923/ market at that time, the negotiations fell through.
for sixty days, 3 953/i for demand and 3 963 Now that the bond market has improved, it is said
for cable transfers. Commercial sight bills finished the loan is again under active consideration.
at 3 953', sixty days at 3 90, ninety days at 3 87%,
The official London check rate in Paris closed at
documents for payment (sixty days) 3 893/ and 56.24, against 51.95 a week ago. In New York
seven-day grain bills 3 93. Cotton and grain for sight bills on the French centre finished at 14.22,
payment closed at 3 953. Gold to the amount of against 13.61; cable transfers at 14.20, against 13.59;
$1,250,000, previously engaged in London by Kuhn, commercial sight at 14.26, against 13.65, and comLoeb & Co., arrived in New York this week. Ru- mercial sixty days at 14.33, against 13.72 the previmors were in circulation late yesterday that a large ous week. Final figures on Belgian francs were
amount of gold was actually on its way to New York 13.72 for checks and 13.70 for cable transfers, as
from London, but no definite information is as yet compared with 13.10 and 13.08 a week ago. German
available. The outward movement included a con- reichsmarks closed at 1.35 for checks and 1.36 for
signment of $750,000 gold coin for Cuba, $300,000 cable remittances, in comparison with 1.31 and 1.32
for Ceylon and $20,000 for Mexico,in all $1,070,000. last week. Austrian kronen finished at 00.54 for
checks and 00.55 for cable transfers. Last week the
In Continental exchange attention for a while close was 00.48 and 00.49. Exchange on Czechocentred chiefly upon the violent fluctuations in francs slovakia closed at 1.39, against 1.45; on Bucharest at
and lire, which early in the week suffered spectacular 1.60, against 1.70; on Poland at 67, against 76, and
declines. Lire quotations were forced down on Tues- on Finland at 5.30, against 5.50 a week earlier. For
day to 20.62, a loss of 198 points for the week and 70 lire the close was 19.82 for bankers' sight bills and
points below the previous low record of 19.92 estab- 19.80 for cable transfers. This compares with 18.64
lished in the opening days of February last. Belgian and 18.62 last week. Greek exchange is a shade
francs broke at one time more than 60 points, touch- easier and closed at 8.76 for checks and 8.78 for cable
ing 14.22, with French francs 126 points down, to remittances without change.
14.87. In neither of the two latter cases, however
As to the neutral exchanges, rate variations were
were new low points recorded, and later on with the not especially important, and while movements pro
apparent completion of preparations for the meeting and con were in sympathy with sterling and the other
of loan maturities in London, recoveries took place Continental exchanges, fluctuations were confined
though the close was still appreciably below that of in most instances to a few points. Trading continues
the preceding week.
as dull as ever,so that quotations are largely nominal.
Curiously enough German exchange was to all Swiss francs moved irregularly but closed steady.
appearances unaffected by the ebb and flow of the Guilders were fairly well maintained, but Spanish
revolutionary tide in Germany,and mark quotations pesetas ruled weaker. Further recovery was noted
remained practically stable at last week's levels and in Scandinavian rates and Copenhagen, Stockholm
in fact at one time touched 1.40 for checks, against and Christiania remittances all finished at substantial
1.38, the high Point registered a couple of weeks ago net advances.
just before the uprising. Some of this gain was lost
Bankers' sight on Amsterdam closed at 37,
before the close. This is explained as being directly against 36%; cable transfers at 3714, against 36%;
due to the recent drastic liquidation which so com- commercial sight at 36 15-16, against 36 11-16, and
MAR. 27 1920.]
THE CHRONICLE
1233
commercial sixty days at 36 9-16, against 36% last obtain a two-thirds vote, the Senate divided 51 for
week. Swiss francs finished at 5.75 for bankers' ratification and 41 against it; only seven Democrats
sight bills and 5.73 for cable transfers, against 5.80 voting for the Treaty with the proposed reservations.
and 5.78 a week ago. Copenhagen checks closed at Last week the vote was 49 for and 35 against ratifi18.35 and cable transfers 18.50, against 17.95 and cation, but party affiliations were more widely
18.10. Checks on Sweden finished at 21.50 and broken up. Twenty-one Democrats voted for raticable transfers 21.60, against 21.00 and 21.15, while fication along with 28 Republicans, and the vote
checks on Norway closed at 18.75 and cable transfers against it was made up of 12 Republicans and 23
at 18.90, againts 17.90 and 18.10, the preceding Democrats. Thus, after allowing for Senators who
week. Closing quotations for Spaish pesetas were were "paired" and did not vote, the one essential
17.60 for checks and 17.70 for cable transfers, as fact was that 14 members of the Administration
contrasted with 17.75 and 17.85 on Friday of the party, who had opposed the reservation policy in
November, accepted it in March as the only conweek previous.
With regard to South American quotations, some- cession whereby the treaty commanded any chance
what easier conditions have prevailed and the check of approval. But, as was anticipated and as the
rate for Argentina declined to 43.18 and cable trans- result showed, even this considerable shifting of
fers to 43.135, against 43.625 and 43.75. For Brazil votes did not carry the resolution. The Treaty is
also there has been a recession and the close was again rejected.
This defeat of the Treaty for the second time had
26.75 for checks and 26.875 for cable remittances,
against 27.125 and 27.25 last week. Chilian ex- been so plainly foreshadowed by the course of the
change has not been changed from 233', though discussion and by the President's unyielding attitude,
Peru is a shade firmer at 4 80@4 85, against 4 75 that it caused no surprise whatever. The contro@4 80.
versy had in fact reached a stage in which debate
Kong,
Hong
Far Eastern rates are as follows:
was purely perfunctory; in which the minds of the
2, legislators seemed, so to speak, to have gone stale
99@993", against 9432@95; Shanghai, 142@1423/
against 139@1393/
2; Yokohama 47@48, against 47@ on the whole matter, and in which the main question
49IA@51; Singapore,
48; Manila, 49M@51, against'
had become so far obscured that petty Parliamentary
46@47, against 43%@44; Bombay, 47@48,
assumed the larger importance.
technicalities
against 45@47, and Calcutta, 47@48, against
were several obvious reasons. The
there
this
For
45@47.
Senate's mind did not appear to have been changed
The New York Clearing House banks, in their from what it was when ratification first met its foroperations with interior ban king institutions, have mal failure, three months ago. But, on the other
gained $7,612,000 net in cash as a result of the cur- hand, each of the various groups whose opinions
rency movements for the week ending Ma rch 26. were embodied in the vote had more of misgiving
Their receipts from the interior have aggregated
political sequel, and less of .enthusiasm as
$11,794,000, while the shipments have reached as to the
attitude, than it possessed on the earlier
own
its
to
$4,182,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which occasion. The Republicans who stood on reservatogether occasioned a loss of $110,181,000, the com- tions which insured a vote against the amended
bined result of the flow of money into and out of Treaty, disliked the prospect of the intrusion of the
the New York banks for the week appears to have question into the Presidential campaign. The "mild
been a loss of $102,569,000, as follows:
reservationists" felt as legislators usually do who are
Net Change in
Out of
Into
Week ending March 26.
by circumstances to place themselves for
compelled
Bank lloldings.
Banks.
Banks.
time in an equivocal position. The
second
the
$1,182,000 Gain $7,612,000
$11,794.000
Banks' interior movement
Bub-Treasury and Federal Reserve
irritated at the impossibility of
were
Democrats
30,787,000 140.968,000 Loss$110,181,000
operations and gold exports
with the President's policy of rejecting
$42.581,000 $145,150,000 L0s85102,669,000 reconciling
Total
the reservations, the wish of most of them to comThe following table indicates the amount of bullion
promise on the easiest terms procurable.
in the principal European banks:
That this clearly foreshadowed vote should have
March 27 1919.
March 25 1920.
taken in an atmosphere of dejection and irritabeen
Banks of—
Total.
Silver.
Gold.
Total.
Silver.
Gold.
tion was therefore entirely natural. The curious
was reflected, more
84,252,450 state of mind in the Senate
115,783,186 84,252,450
England _ 115,783,186
France a__ 144,229,906 9,880,000 154,109,906 142,575,308 12.500,000 155,075,338 perhaps than in any other way, by the adoption,
Germany _ 54,568,700 1,335,400 55,004,100 109,415,250 1,037.660 110,452,910
129,650,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000
Russia
the Treaty as a whole, of the
10,044,000 2,369,000 13,313,000 10,918,000 2,368,000 13,286,000 before the defeat of
Aus-lItin
Spain ____ 98,123,000 25,249,000 123,372,000 90,250,010 25,740,000 115,990,000
which coolly took for
amendment
32,194,000 3,004,000 35,198,000 33,710,000 3,086,000 36,796,000 utterly foolish
Italy
776,000 57,188,000
823,000 53,634,000 56,412,000
Netherrds. 52,811,000
an independent Irish
for
demand
15,980,000
600,000
the
that
15,380,000
11,727,000
granted
Nat.Rel. h 10,657,000 1,070,000
Switz'land. 21,148,000 3,432,000 24,580,000 16,383,000 2,590,000 18,973,000
16,004,000 republic was justified, that the British Government
14,717,000 16,004,000
Sweden_ 14,717,000
136,000 10,536,000
186,000 12,783,000 10,400,000
Denmark _ 12,597,000
6,708,000 was about to concede it, and that, therefore, in the
8,127,000 6,708,000
Norway — 8,127,000
783,266,668
Total week 705,540,702 59,723,400765,273,192722,058,008 61,208,660
words of the amendment, Ireland "should promptly
Prey. week 708,023,163 59,756,400767,779,563723,681,918 61,141,700 784,823,618
admitted as a member of the League of Nations."
Vranco this year are exclusive of £70,131,137 be
a Gold holdings of the Bank
held abroad.
Of this amendment as proposed, declaring that the
20 1917.
• No figures reported since Octo
1914.
6
A
t
United States "understands that Great Britain will
h Figures for 1918 are those of
forthwith recognize the existence and political indeone of the
THE SECOND REJECTION OF THE TREATY pendence of the Republic of Ireland,"
clearest-headed members of the Senate told his
WITH GERMANY.
resolution embodied a falsehood,
The rejection by the Senate, on Friday of last colleagues that the
understand any such thing," and
week, of the amended resolution to ratify the Treaty that "we do not
to the British nation for the
insult
of Peace with Germany, was so generally expected that "it is an
such reservation." None of
any
pass
that interest in the vote was mostly confined to its Senate to
could be denied. Nevertheassertions
political composition. Last November, when the thoselthree
and its passage added to
passed,
resolution
the
less,
Treaty was first turned down through its failure to
1234
THE CHRONICLE
[voL. no.
the difficulty of taking any part of the Senate's tions. Four distinct positions are taken in the
action seriously as an event in history.
matter, by people both in and out of Congress. The
The principal reason why it cannot be thus taken Treaty may be approved exactly as it was framed at
is that the Treaty still remains as something which Paris and as our European allies have approved it.
must be acted on. Refusal to accept it now,whether The Treaty may be rejected altogether and a new
in its original or in its amended form, is not a settle- treaty demanded. It may be adopted with the
ment of the question, but a mere postponement. Senate's recent reservations. It may be adopted
The position left by the two refusals to ratify is not with mere interpretative resolutions such as the
the position which was left by the Senate's refusal, "mild reservationists" advocate.
some years ago, to approve the general arbitration
But as to how it would be possible to incorporate
treaties. It is not even the position which failure in two national party platforms two declarations such
of a treaty regarding trade and commerce with a as should make the electoral result a plain decision
given nation would have occupied. In either of as between these four possible policies, no one
those cases, the proposal for a new international appears to guess. How, on the other hand, would it
status in certain particulars had fallen, but relations be possible to assume that the vote was cast on the
were as a consequence merely what they had been basis of the "peace plank," and not on the basis of
before and what, if necessary, they could remain such other vitally important programs of national
indefinitely. The existing status with regard to policy as are certain to be incorporated in the conGermany cannot, however, continue indefinitely.
vention resolutions? We are already hearing from
• Technically at war with Germany as we are to-day, Washington of uneasiness among thoughtful public
even a declaration that the state of war is terminated men, lest the injection of this issue should confuse
would not create a possible situation. We have to the voter and divert attention from decision on other
consider not only the questions of diplomatic repre- questions for which a national verdict is of supreme
sentation and of export and import trade, but the importance.
claims of the United States for damages arising from
These are matters upon which no decision has been
Germany's method of conducting the recent war. reached, or can easily be reached, at Washington.
In other words, a resolution of peace is utterly futile Desirable or undesirable, it may prove impossible to
—for actual hostilities have been already terminated keep the issue of the Treaty out of the campaign.
by the armistice—unless it is accompanied by stipu- In default of an earlier and mutual compromise, this
lated terms of peace. This explains the "peace would appear to be at least a strong possibility of the
resolutions"tentatively submitted in House and Sen- existing situation. As matters atand, the next
ate since the Treaty failed. The House proposal, move is obviously in the hands of President Wilson.
for instance, would repeal the war resolution of April
THE "PEACE-LEAGUE" IN POLITICS.
6 1917; but only on condition that the German
Government "acquiesces in, and confirms irrevocably
None of us who believe in government by consent
to the United States, all undertakings and covenants of the governed can consistently object to submitting
contained in the Treaty of Versailles," and that it the League of Nations question to the electorate for
assents to all the rights, privileges, indemnities and determination. But it should be done in the right
reparations "to which the United States would have way. Fortunately, an example of the right way
been entitled if it were a ratifying party to said has been with us for a long time. When a State
Treaty."
desires to procure a new constitution, a constitutional
But even supposing such a Congressional resolu- convention is called, and representatives of the
tion to be a feasible means of meeting the situation, people are elected thereto, charged with the duty of
and even supposing that there are no grave consitu- formulating a State constitution, to be submitted
tional objections to it (and the best Congressional for approval or rejection. A proper parallel to this
lawyers say there are such objections) the expedient would be a call for a world-convention to which all
is one from which legislators and political parties the States are invited to send representative deleshrink. It would incur the odium of a "separate gates to frame a covenant or constitution for a
peace," after a war in which we and our allies fought League of Nations, to be sent back to the various
for a common cause. It would put the United States States of the world for adoption or rejection. This
in the position of repudiating the Treaty drawn up at method has not been pursued, and the present proParis and of refusing to concur in the demands in posed submission of the grave act of entering the
behalf of our allies, while insisting that such terms League already formulated comes to the people of
as were imposed in our own particular case shall be the United States in a very complicated way.
carried out. It would also leave entirely unsettled
The creation of the League of Nations is embodied
our own Government's relation to its former allies. in a Treaty of Peace with Germany. In the Treaty
What, then, is to be the outcome? There are itself huge issues are at stake, comprising the erecapparently but three possibilities. Since the Treaty tion of wholly new States, the practical partitioning
itself must, sooner or later, be acted on in some of Europe on new lines, indemnities and restrictions
form, it is conceivable that the President will send it of national endeavor that affect, directly and inback again to the Senate and that it will then be directly, the economic life of peoples, and thus the
ratified; or that a kind of national referendum will future peace of the world. The League Covenant in
be held at the Presidential election, whereby our itself is a profession of sublimated ideal relations of
Government's policy will be determined; or that the States, charged with the purpose of insuring the free
whole matter will remain in abeyance until a new existence of democracies, on the principle of indenational administration is installed next March. pendence and self-determination, and thus the
Considered purely in the abstract, the idea of a vote perpetual peace of the world, and providing the
by the American people on the question next Novem- machinery therefor. At once it must be apparent
ber makes an appeal to many minds. But in regard by including the League in the Treaty opportunity
to this solution there are certain awkward considera- is offered to test or try the asseverations of the
MAII. 27 1920.]
THE CHRONICLE
1235
League by the actual conditions and exactions of the sition of entering "entangling alliances" and by the
Treaty. This gave rise to well-nigh interminable method of submission to a super-State, or by staying
debate in the ratifying body, the Senate, a debate out avoiding them and preserving the soveriegnty of
founded on "reservations," declared by one "faction" the United States and its traditional policy of "isolanecessary to safeguard the future of the United tion."
As is not seldom the case in our general elections
States, interpretative, explanatory, or restrictive,
believed
chief candidate may serve to embody more
faction
the
another
as the case may be, and by
the
the principle involved than the platforms
of
clearly
content
the
of
subversive
to be nullifying and
League Covenant—with the President as negotiator, themselves. This becomes more pronounced in the
at the last, standing fast for the substance of the present case by reason of the fact that President
League as originally expressed, and declaring the Wilson is the negotiator of the present Treaty and
reservations, as adopted theretofore and readopted Treaty-League. The President's words are very
in the recent contest, to be in fact nullification. apt. This election becomes a "solemn referendum."
And with this background (stated briefly) the There exists an unparalleled "momentous issue."
League now goes into the election of the present Whatever of weal or woe it imports to the world
at large, it means, shall we say, "everything" to the
year.
existent
factors
present and future of the United States. Inevitably
integral
important
two
are
There
at this time. The League thus created is now in other "issues" must come into view, purely domestic,
actual being. It has been joined (ratified) by the constituting influencing factors in the final deterleading Powers engaged in its formation, aug- mination. We have much crying to be done now
mented by adoption and entrance of certain other at home. It were better, far better, if "going in" or
States not so directly engaged, both among belliger- "staying out" could be submitted to the vote withents and neutrals. Second, submission now to the out other "issues," and without candidates.
electorate constitutes the submission of a treaty as
well as a League to the people, the two supposedly,
RELATION OF FINANCE TO COMMERCE.
and it is averred by some intentionally, inextricably THE
shall use the word commerce herein as broadly
We
interwoven. And this, unless, of course, Congress
of production, distribution and consumpinclusive
of
shall before the election declare formally a state
latter including use—not in the more rethe
tion,
may
peace to exist with Germany. But whatever
of exchange of goods. Commerce,
sense
stricted
considerenters
be done in this regard, the League
, the activity of mankind to
fundamentally
is,
then,
the
all
with
complicated
electorate
ation by the
It is dependent upon the
globe.
issues and acts of the Treaty, and it is inevitable sustain life on the
with the soil. As distribegins
and
that the course of debate shall in the future pursue laws of nature
and use follow
consumption
enlightened
and
much the same lines it has in the past. Thus an bution
These
"civilized."
becomes
man
increase,
and
issue, complicated in itself, is still more complicated
touch
each
passes,
time
as
(industries),
activities
distinct
by the position and arguments of four
t.
and
interdependen
interrelated
becomeother,
this
want
not
do
groups, the "irreconcilables" who
are
rules
evolved—we
certain
sake
convenience
For
for
the
who
,"
reservationists
"mild
the
League at all,
sake of harmony and ratification are willing to term them the laws of trade. To facilitate trade,
compromise between the remaining groups, one certain processes through experience are accepted—
demanding reservations that safeguard the future become part of the knowledge and customs of man.
of the United States and "Americanize" the cove- Need is the mother of invention and while yet barter
nant, and the other demanding that its original exists, money appears in its first use as a "medium
substance be not changed and declaring the reserva- of exchange." Follows, at a date very ancient and
tions proposed and adopted to amount to nullifica- indeterminate,the use of credit. A receipt for bricks,
tion. In addition to these elements, the President in cuniform characters on a piece of baked clay, is
and his followers in the Senate denominated "stand- transformed into an order. And proceeding in the
patters," are Democrats, while the "irreconcilables" same direction, on widening lines, money and credit
and "strong reservationists" are Republicans— become the means of commerce, the ministers of
exchange. Not only customs, but systems and
with a few exceptions to this alignment.
institutions appear—the science of commerce is
in
do
will
What the leading party conventions
At its apex stands the bank—in its highest
finance.
while
worth
not
is
it
issue,
the
the way of stating
and function a dealer in credits.
significance
a
be
will
there
both
In
time.
this
at
to conjecture
It is manifest all is evolution. Migrations sweep
fight over both substance and statement in the
committees on resolutions. There is little doubt, the earth and man makes fruitful (sustaining) new
however, that the true issue, as it is debated before continents. He goes down to the sea in ships and
the people, regardless of party declarations, will be unites the peoples of toil. He spreads his knowledge
muddled by the fact that League and Treaty are over the darkness of ignorance, and there is light,—
blended. For it is certain that the Treaty forstalls and leading, which is love.
Centuries pass, and out of civilization proceeds
much that properly would belong to the friendly
offices of the League; whether it is believed the culture. In and through the physical man expresses
Treaty conflicts with the principles of the League himself. And from the soul emanates the spiritual—
or not. And this, though the party conventions that immaterial environment in which man moves
state the issue in clear-cut terms or not, and even and has his highest being. And a prophet and
though actual peace with Germany be in the mean- teacher appears, not in any sense a trader, but a
time declared by Congress. If there is an alternative man of science, the science of the physical, profound
to this it lies in the possible working of the mind of without austerity and reverent without creed,
the individual voter, which, despairing of a full Agassiz, who declares that the end of civilization is
understanding of the matters involved and debated, to proceed "through nature up to Nature's God."
will reduce the whole equation to the simple propo- Thus, briefly we may uncover commerce and culture
1236
THE CHRONICLE
[voL. llo.
—the unfolding of the growth and progress of the have estimates;
second, offsets; third, amortization
fellowship, which is the brotherhood, of man. From by proper extension;
fourth, payment by "work,
birth to death in the midst of this physical-spiritual produce, save!"
environment man is accompanied by benign forces,
League or no League, democracy or empire, the
interrelated, interchangeable, and interdependent. study of mankind
is, now, imperatively finance
If this is a seeming denial of the influence of religious applied
to commerce. In this all statesmanship of
creeds, it still remains to estimate and define this worth is interwove
n, and to it the best that is in
influence—the natural evolution remains.
And government must become subservient. The skies
though there is racial and individual competition will no more
rain down manna than they will fall.
throughout the historic progress there is also growing Ideals will no more
feed the hungry and clothe the
understanding, increasing acceptance of custom as the naked than
they will disappear from the minds and
outcome of experience, and a universal drawing hopes of man.
There is a material, and there is a
together which is unity—the final centre of progress spiritual, environme
nt. These man cannot escape,
being peace. Commerce being fundamental and save by annihilatio
n complete. The normal is the
indispensable, finance becomes the science of com- natural—this
dual state in which we live. That the
mercial procedure, and therefore expresses the physical may
resume its benign bounty, man must
spiritual laws of fellowship—as to use a current reconstruct the
spiritual. He must reconstruct,
term "right human relations."
stabilize, energize and control, credit—which is the
How far all this is from those stinging acrid com- soul of finance,
which is the life of commerce.
ments on "the rich" and "the poor" and this interminable turmoil over labor and capital. And yet
we are not without a tremendous proof of the truth THE NEW RAILROAD LAW AND THE VALUof the synthesis. It is the war! All the laws of
ATION OF RAILROAD PROPERTY.
progress and peace set aside. The physical become
As the Interstate Commerce Commission takes up
an agency of destruction instead of construction. the specific problems passed to it by the railway law
Waste and woe and want springing out of the deso- its troubles are renewed. That body is required to
lation of turning nature's beneficence and man's fix rates which, in the two years now begun, will
dominion into an agency of death and decay. War— yield a specified rate and "from time to time" therethe greatest evil mankind knows, conjured out of after will yield a "fair" return, both this fair return
his own strength. And his means of life, his com- and the"aggregate property value" on which it is to
merce, his "world-trade," disordered and destroyed. be computed to be ascertained by the Commission.
And in his darkest hour of self-inflicted agony the One of the immovable difficulties of the whole subject
spiritual agency of his commerce, the science of the is that no human wisdom is equal to determining in
administration of his greatest financial creation— advance what rates will yield a specific return, even
international credit, people lending to people, his after that rate and the value on which it is to be comhighest and best instrument of alleviation dis- puted have been ascertained; but the first step is to
organized, disrupted. And so it continues on into find the "aggregate value," and this carries us back
to-day—in the darkened aftermath of the unparalleled to the original valuation undertaking, now seven
world-war.
years old.
We pause for a moment, for we purposely avoid
Hearings upon this "aggregate value" were held
ncluding government into this outline of human on Tuesday and Wednesday, and some of the State
advance and decay, to introduce an illustration o Railroad Commissioners, ostensibly representing the
the transcendence of this science of credits, this public but true to their old form of hostility to the
finance, over all peace and progress. While the roads, denounced the roads' property investment
debate over the League of Nations was in progress, accounts as worthless and unreliable. Mr. Benton
discussion inevitably centred at one point on the of Washington State and Mr. Thorne of Iowa took
"obligation" the United States might, or might not, the lead, bringing up anew the old flings at "Wall
be assuming, and divergence arose over what might Street" which ought to be put by and forgotten,
be considered moral, what "legal," and the future and insisting that the Commission work out its own
course of the United States in case of world-trouble estimates. It is encouraging to see, on the other
came under review and conjecture. To all of which hand, that representatives of the shippers' associaSenator Knox made the reply that seeking to relieve tions have progressed and not only seemed disposed
the United States of any future moral obligation by to accept the contentions of the roads in this matter
a League Covenant was like asking one who had but showed signs of a new spirit of appreciative
"sold all to give to the poor" to enter into a bond friendship.
not to do so again and which is the equivalent of
The "Chronicle" has repeatedly criticised the entire
showing how the science of commerce, which is "physical valuation" proceeding as virtually an imfinance, overlaps even the confines of a super-State possibility. Appraisals of real estate, both for tax
as well as national and continental boundaries.
and for loaning purposes, are admittedly guesses
What follows—for we proceed now quickly to the upon which no two experts are certain to quite agree;
purpose of this outline? It is as clear and simple, these guesses which are conventionally called by the
applied to this tangled skein of human affairs, the politer term of "estimate" or "values" are based
world over, as to the individual toiling in his self- upon actual figures in a market constantly open,
created industry—immediate relief from the pressure exactly as the prices of securities of all sorts are based
of an intolerable indebtedness. It is finance applied upon current market transactions, yet even then no
to commerce. It is the genius international banking informed person takes these current figures as really
applied to the systematization of the huge debts of permanent and inherent. These real estate figures
mankind, the use of wise credit to commerce, the are constantly shifting, a fact of which we have
relating of human helpfulness to the beneficences of abundant proofs before us to-day; but when railway
industry in a real world of work. First, then, we property is to be considered there are neither buyers
10•1•1•••
MAR. 27 1920.]
THE CHRONICLE
nor sellers, and hence no "market" exists as a standard. Mr.Samuel Untermyer, who will not be classed
among ultra-conservatives, preceived this, and he
pressed it, nearly 18 months ago, in an argument
before the Commission, in the course of which he
went so far as to move to quash the whole "valuation" proceeding, on the ground that the law itself
is unconstitutional.
Waiving that, however, a proceeding undertaken
to ascertain the value of an enormous mass of property did not begin by determining what is the "value"
to be ascertained. As Mr. Henry Floy pointed out,
in a monograph issued in 1912, the several States had
been using several different guess-work methods of
reaching some amount on which to levy local taxes.
The valuation act directed the unhappy Commission
to dig up so many matters of the distant past that a
full compliance would be about equivalent to writing
a complete detailed history of railway construction
through some 70 years. No such thing was attempted. Some progress was made; possibly half the work
may have been done (or halt done) and yet the thing
to be arrived at has never been defined and stands in
dispute to this day. What is this thing? Is it what
the properties have cost? Or what they might conceivably bring, if commissioners arrived from another planet for buying them? Is it "value in place"
or is it "value to replace"? It must be something,
but what?
Of course some sort of determination must now be
reached, under comm and of the new law and under
the duty of carrying that out. The figures of 1914
were valueless in 1916, and those of 1916 are obsolete
now; here we have been dabbling away at a mass of
figures which.will not stay put until the last of them
can be reached, and will require revision from time
to time, as all other prices or values do.
But there is "water!" Under the almost passionate call for transportation facilities from new
territory and waiting emigrants, many roads were
built as cheaply as possible; there may have been
some abuses and some watering, but all that has
been absorbed in betterments since, and the flimsy
roads of 1870 would not hold up the rolling stock of
to-day. A few weeks ago,the Association of Railway
Executives printed an advertisement about capitalization. A good concrete-and-asphalt highway costs
$36,000 a mile, exclusive of culverts and bridges;
our railroads have cost $80,900 a mile, including
everything from the great city terminals to the last
spike, but they "could not be duplicated to-day
for $150,000 a mile." As for the capitalizing, they
represent in that only $71,000 a mile, just what one
locomotive costs now. As for comparisons, English
roads are capitalized at $274,000; French at $155,000,
German at $112,000; even in Canada the figure is
$67,000, and for all foreign countries the average is
$100,000. According to this statement, the capitalization of our roads is thus less than one-half the
"cost to replace." As the conditions are, replacement is obviously a mere academic proposition; the
roads could not be replaced, but if they could, is
there anybody that can fix the cost of doing it,
though he may repeat the old flings? Mr. Plumb's
representative is surprised that the railway executives and the security owners wish to misconstrue
the law and says the employees are concerned only to
get operating revenues enough for their "reasonable
wage requirements;" but can Mr. Plumb tell us what
replacement of the roads would cost now?
1237
After the valuations law was a year old, Mr.Prouty
(then of the Commission) said that some might think
the yet undiscovered "value" should be "the money
invested," but he hinted that it might, some day,
"be deemed the cost of reproduction." He also said
of the proceeding that "its greatest value is political,"
being absolutely necessary because of "the state of the
public mind." Since then the public mind has had
much severe practical instruction, and it is impossible
to believe that the lessons have been wholly lost. Are
the roads to be nourished back to health and to become capable of continued growth, or is the old bleeding process to be continued? The employees are ready
for another billion on their wages, or as much as
they can get; but the encouraging factor is the evident change in "the state of the public mind." Men
may be willing to see, or even to share in, abuse of
the property of others; but no sane man is indifferent
when the property is his own. Here is the turning
point: heretofore the people have apparently thought
only of the service to be got and have taken no
thought about the property, but now they begin to
see that the property is theirs and they cannot get
the service from it unless they take care of it. Hence
the apparent willingness to accept the roads' book
values as a fair aggregate value; and it is really no
easy matter to get any other figures, except by a
random guesswork.
THE ANNUAL REPORT OF THE UNITED
STATES STEEL CORPORATION.
In contemplating the annual report of the United
States Steel Corporation for the calendar year 1919,
the circumstance of pre-eminent importance to be
borne in mind is that the twelve months' period
covered by the report constituted the year immediately following the close of the war. In the case
of this, the greatest steel producing concern in the
world, with operations on a gigantic scale even in
peace times and yet more so therefore in war times,
the change involved in the transition was necessarily
one of no small moment. War contracts became a
thing of the past and so did war profits. Not only
that, but instead of the mills and manufacturing
plants of the constituent companies being employed
in turning out war materials the energies of the concern had now to be engaged once more in the making
of the normal peace products. In respect to the
extent of the change involved in the passage from a
war basis to a peace basis, quite naturally the country's steel producers stand in a class all by themselves.
Inthe case;of the U. S. Steel Corporation the transition was effected with an ease and a facility that
wouldibe expected of a company which from its inception has been managed in accordance with the
soundest and broadest methods known to the modern
business world.
As a result of the changed situation, the 1919 business and production of the Steel Corporation necessarily records a considerable decrease from the results
of the previous calendar year. It is important to
note that quite.apart from the adjustment incident
to the change to a peace basis, the Corporation had
other unfavorable conditions to contend against.
There is allusion to this in the report itself in the remarks of the Chairman of the Board, Elbert H. Gary.
Judge Gary's remarks are otherwise quite colorless,
as would be expected in the circumstance, but he
does point out that conditions in the iron and steel
1238
THE CHRONICLE
industry during 1919, as reflected by the operation
of the subsidiary companies, were varying. During
the first five months of the year a comparatively
small amount of new business was offered, we are
told. This has reference to the period of dulness in
the iron and steel trades which ensued immediately
succeeding the signing of the armistice in November,
1918. Following the aforesaid period of dulness,
however, there came an increasing demand and a
broadening market for steel products during the
latter half of 1919. But unfortunately new and
unexpected difficulties now intervened.
In other words,during the second half of the year
full recovery was prevented by the fact that labor
was in short supply, and furthermore, it will be recalled, that the latter part of September a general
strike in the steel trade was ordered by the unions
affiliated with the American Federation of Labor.
The strike proved a failure in the end, but nevertheless had the effect, particularly during October, of
materially curtailing steel production for the time
being. Somewhat later there came the strike at the
bituminous mines throughout the country, cutting
off supplies of fuel for the different plants. Altogether in these various ways, mill operations were
seriously handicapped, the output during this period,
Judge Gary says, averaging only 67% of normal
capacity, while in the month of October it was still
lower. For the entire year 1919 the output of finished steel products for sale averaged, it is stated,
74.5% of capacity.
With the termination of hostilities and the return
to a peace basis prices of steel products of course
were brought down to a lower basis. Here the same
broad-gauge policy was pursued for which the company has always been distinguished. When on
March 21 1919 the Industrial Board of the Department of Commerce announced a new schedule of
prices involving a substantial reduction from those
which had previously been quoted by steel manufacturers the subsidiaries of the Steel Corporation
promptly accepted the new schedule. That, however, is not so remarkable as the further fact that
they have adhered to this schedule ever since, right
up to the present time, notwithstanding that operating and production costs have steadily increased and
that customers' demands for materials would permit
the charging of much higher prices. Judge Gary
says with reference to this that the decision of the
Corporation in this particular has been influenced
by the heretofore announced reasons which from time
to time in the past have decided the Corporation's
policy in respect of prices under conditions where the
necessities of consumers induce them to bid up the
market—which means that the policy has been not
to take advantage of customers' needs but to seek
to promote price stability by declining to participate
in undue advances in prices.
Owing to the coincident reduction in prices
and in output net earnings of the Corporation's
properties after deducting expenses and taxes
(but before charging interest on indebtedness) were
only $152,290,639 for the calendar year 1919 as
against $208,281,104 for the calendar year 1918, the
shrinkage thus being roughly $56,000,000. This,
however, affords no adequate notion of the real
extent of the contraction in the year's operations. If
we take as the basis of measurement the volume of
business done by the subsidiary companies we find
that their combined gross sales and earnings for 1919
[VoL. 110.
equaled only $1,448,557,835 as compared with
$1,744,312,163 in the preceding calendar year, the
falling off thus being roughly $296,000,000.
However; notwithstanding the smaller profits,the
Corporation was able to earn the full 7% dividends
on the preferred shares and the regular 5% on the
common shares and yet carry forward a credit balance to profit and loss on the operations of the twelve
months in amount of $26,159,780. The extra dividends of 9%paid the previous year of course had to
be omitted. The earnings amounted to $10.14 per
share against $19.69 in 1918. This is after the
usual extremely liberal allowances for maintenance
and for depletion and depreciation and sinking funds,
and also after setting aside no less than $52,000,000
as the estimated amount of Federal income and excess
profit taxes. The huge amounts contributed by this
great corporation in the shape of Federal income and
excess profit taxes will long stand as a record in corporation history. Large though the $52,000,000 set
aside out of the earnings of 1919 looks and is, (it
being in excess of the amount paid for dividends on
both common and preferred stock), it is small alongside the amounts paid out of the income of 1918 and
1917 when the company was turning out enormous
amounts of iron and steel for war purposes and was
making extra large profits out of the business—these
profits being on prices fixed by the Government itself.
In other words, out of the profits of 1918 no less than
$274,277,835 had been set aside for account of Federal income and war profits and excess profit taxes,
this following a similar appropriation of $233,465,435 out of the profits of 1917. For the three years
combined, therefore, the contribution of this single
corporation to the Federal Government for taxes has
been roughly $560,000,000. It is thus apparent
that the corporation has been performing an important public function in a fiscal sense as well as in the
services it rendered in producing,along with the other
steel manufacturing concerns,the things so indispensable for the conduct of the war.
As indicating the conservative methods of accounting pursued we note that in the statement of the book
valuation of the inventory of materials, supplies and
semi-finished and finished products, a reserve allowance has been set up for account of actual cost or
market value of stocks in excess of normal prices
therefor which reserve on December 31 1919 stood at
$90,000,000 (the reserve having been increased to that
figure from $51,289,603 at the end of 1918) cutting
the total value of the inventories down from $316,796,678 to $226,796,678. We also observe that
although the capital expenditures for the twelve
months aggregated $87,091,515, the net addition to
property investment account for the year for capital
expenditure has been only $48,793,661, $38,297,854
having been charged to income "for amortization of
the estimated extraordinary cost (resulting from war
requirements and conditions) of facilities and additions installed." The expenditures made for maintenance, renewals and for extraordinary replacements reached $114,706,221 for 1919 against $101,274,827 for 1918, being an increase of $13,431,394
notwithstanding the greatly diminished amount of
business done. The report likewise tells us that the
sum total of charges to and allowances from gross
receipts and income for the year 1919 to cover exhaustion of minerals and deterioration and obsolescence arising from wear and tear of improvements was
$155,094,034 in comparison with a total in the pre-
MAR. 27 1920.1
THE CHRONICLE
1239
ceding year of $140,671,215, the increase thus being contract has been impaired"jand.laTpublic:emergency
produced, and therefore actions for rent in case of
$14,422,819 or 1031%.
may be met by setting up "that!such rent
dwellings
throws
which
There is a statement in the report
unreasonable and that the agreement
and
is
unjust
prices
the
in
reduction
light on the part played by the
same is sought to be recovered is
the
which
under
in
year
the
during
made
products
of the company's
to
affecting the year's results. This statement says oppressive." It is not said that a mere allegation
increase
any
but
recovery;
that the prices received during 1919 averaged in this effect shall estop
respect of the total tonnage of rolled and other fin- above 25% on the last previous year is declared
of
ished products shipped $6.16 per ton less than in the presumptively unjust and excessive. Like most
of
1922.
November
to
run
is
to
bill
this
batch,
the
preceding year on domestic shipments and $12.41
less on export shipments. For domestic and export The others require landlords to prove a tenant
business combined the average prices realized were "objectionable"; extend notices to quit from 20 to
$7.15 less per ton than in 1918, the decline thus being 30 days; provide that tenants may remain to the
8.27%, which is smaller than might have been ex- following October if there is no agreement otherwise;
pected. This must be considered, however, in con- take off the existing double penalty on tenants who
off
nection with the coincident great increase in labor hold over without consent; make it a crime to cut
proof
stay
a
allow
service;
customary
other
or
gas
costs as set out below. It is worth noting that the
export business after having decreased in 1918 again ceedings up to nine months for a tenant who shows
terms in
increased in 1919, the export shipments for 1919 that he has tried to obtain like housing and
pass on
to
court
the
allow
and
d;
neighborhoo
the
tons
1,760,242
against
having been 2,067,006 tons
only
the
rent due and damages obtainable when
in 1918 and 2,194,585 tons in 1917.
subThe
eviction.
of
In the treatment of its employees the position of the issue relates to the question
decide
shall
courts
the
that
is
bills
Steel Corporation has always been unique. Because stance of all these
of this the action of the unions affiliated with the between landlord and tenant. All of them, with one
American Federation of Labor in ordering a strike exception, are aimed at the former, and seek to relieve
is
of the Corporation's employees, thereby seeking to the pressure by coercing owners. The exception
up
mortgages
tax
income
State
from
exempting
one
t,
managemen
disrupt the fine system of internal
As for
partakes of the character of an anachronism. Pro- to $40,000 in the hands of a single individual.
not
at
interest
duction having diminished, the average number of the Gibbs bill, proposing to legalize
would
that
of
effect
the
employees at work during 1919 was only 252,106 as over 9% on mortgage loans,
against 268,710 for 1918. But in face of this de- hardly be to relieve the situation.
Many owners are greedy and conscienceless, and
crease in the number of employees the amount of
of them openly admit it. Mr.Stewart Browne,
some
the payroll for 1919 was $479,548,040 as against
the United Real Estate Owners' Association,
of
head
$27,almost
$452,663,524 for 1918, an increase of
000,000. The average salary or wage per employee tells them that they are overreaching themselves.
if
per day was $6.17 for 1919 against $5.38 for 1918 He asked them, at the Sunday gathering, he says,
if
it
that
thinking
satisfy,
would
and $4.16 for 1917, being an increase in these two 20% net profit
years alone of almost 50%. During the period of the would the Legislature "might accept the principle
European war eight general increases in wage rates but reduce the rate." The landlord encounters high
were made and to this a ninth increase was added on prices too, yet for one whose property puts on him
Feb. 1 1920 when common labor rates were further no maintenance costs except some incidental repairs
raised 10%, the rates for other classes of employees and no service costs there is not much to be said
of the manufacturing and iron mining companies except the universal plea of the profiteer (the labor
profiteer not less than others) "but I can get it."
being advanced equitably.
has an excitant as well as a deterrent inPublicity
This last advance in wage rates it is estimated will
this long hysteria of advancing prices
and
fluence,
entail a new addition of $45,000,000 to the annual
less severe had it been possible to
been
have
might
of
a
comtime
payr ails based on employment for full
silent on the subject; rising prices
newspapers
all
keep
normal
at
operate
to
plement of employees necessary
advertised that everybody
constantly
so
been
have
establishin
results
advance
This
latest
capacity.
ing the wage rate for common labor, it is stated in the has tried to push up his a little, arguing that it is the
all
report, at 144% above the rate in effect in January custom and is expected. So the landlord, like
done
is
what
do
can
he
that
concludes
traders,
1915 "and a general average increase in the average retail
earnings per day per employee for all employees, everywhere else, and we go up and up, merrily when
including the administrative force, of 130% in com- we sell and grumbling when we buy.
We have seen emergency make drastic statutes,
parison with the earnings at the earlier date." For
have seen those either upheld judicially or
and
were
per
employee
earnings
annual
1919 the average
$1,902 as against only $905 in 1914. In other words, submitted to with only verbal protests. And now
the employees of the Steel Corporation are now only one measure has been proposed which offers any
receiving virtu Lily $1,000 more a year than they did promise whatever of an increased housing supply.
Rising prices and unsatisfied demand tend to increase
five years ago.
supply, unless continuance of short supply is doubted;
this is the old law, at the very beginning of the
THE HOUSING PROBLEM AND NEW
alphabet of economics. But new supply is conditionLEGISLATION.
A batch of a dozen bills for the relief of tenants ed on a reasonable prospect of profitable demand;
have been favorably reported from committee in and suppose the demand is apparently to be not
both branches of the Legislature and the expectation profitable? If States can halt prices in their rise it
is that they will be rushed for passage immediately. can turn them downward;if it did that, to the present
One, said to be unique and to be framed in the hope joy of tenants, what would happen to the impulse
of barring constitutional objection, declares the towards new construction? It must be said again
existence of a condition whereby "the freedom of that nobody lends on vacant land, unless as a specula-
1240
THE CHRONICLE
tion; the new funds promised by the heaviest lenders,
a few weeks ago, were promised on conditions and
must depend on rentals; yet, thus far, only one of
the conditions shows any sign of being met. The
advertised hearing at Albany, on Monday, brought
accusation and counter-accusation, with shouting
voices and shakingfists—naturalin the circumstances,
but not helpful, and it is noticeable that the institutions which must furnish the funds for new construction were not represented.
Another class was unhappily and as conspicuously
absent: the building trades. Organized labor rends
the air with cries about oppressive landlords and
is sure the law should put them down and hold them
down; but organized labor has not yet given a word
of tangible promise to lift a finger for alleviating the
pressure. Let there be more building, certainly, if
some Aladdin will rub his bank account and do the
work; but labor will not abate a jot or tittle of its
opportunity, turning public emergency to profit,
as always.
The landlord thinks it his turn now. If houses
were begging for tenants, and if new ones could be
bought nominally by putting up the merest trifle for
equity and letting the rest stand (a condition which
once existed) the tenant would take the full benefit
and would not find in his heart any sorrow for the
landlord. These force bills may go through. It
would be too much to say that the courts will halt
them, or that any serious attack will be made upon
them, or even that owners will not think it best to
yield to the storm and make concessions. Yet this
line of statutory interferences with freedom of contract is in a dangerous direction, and ought to be
discontinued rather than pressed anew. In the end,
it will be safer and better to rely on patience, the
spirit of co-operation, and the workings of natural
competition.
[VOL. 110.
where, with no domestic duties, they have no responsibilities and no cares. In the ,very weariness
of such a life they hail the opportunity to join some
"committee" and to find same show of work. All
this is incident to the modern conditions of our life.
We think little of it except far its welcome relief
and indulgent ease. We little realize what a departure this is from the spirit and habit of the past.
When it comes to the immigrant, we can see
what it means. We are now called to "Americanize"
him. The fact is that he is all too readily Americanized after the prevalent fashion. He also has
the idea of America as the land for getting all he
wants. He knows nothing of any obligation in
return. Here is the source of the obnoxious hyphen.
The home country has always made heavy demands upon him. In every way it tries to bind him
to them, even when he emigrates. Germany holds
him her active agent. Italy does not release him
from his citizenship even when he has become an
American. Witness the host—German,- Italian,
Greek, Pole—who rushed back home when the war
broke out. America had offered them everything.
Most of them had prospered abundantly; all knew
that their opportunity lay here; many left their
families to come; most of them had no other thought
than to return when the war was over. Yet the
call of "the old country" carried them away by the
thousand, and that so promptly and compellingly
that many must have been surprised at themselves;
and the Germans, and those who were of their kin,
whether they went or stayed here, could not understand why we were hostile to them. They cannot
understand it now,and think they are misunderstood.
We are not prepared to shut out all foreigners. It
is against our traditions, even if not against our
interests. We would therefore set ourselves to
Americanizing the immigrant by teaching him
English and by explaining to h:m American instituTHE MISSING KINGBOLT—INDIVIDUAL
tions, perhaps by facilitating and enforcing his
RESPONSIBILITY.
citizenship.
Many of our readers may not know what the kingAll this, useful as it may be, is purely external. It
bolt is. In the old-time wagon the kingbolt was does not reach the man himself or change his concepthe stout bolt that ran through the centre of the tions. Until that is done he remains essentially
front axle uniting to it the body of the wagon. It alien, however much he may prosper, or in doing so
joined the team to the load. With this broken or may contribute to our material prosperity. The
lost the wagon stuck. Doubling the team or lighten- breach is radical. It is involved, in our own coning the load counted for nothing. That bolt was ceptions and practices in losing sight of the convicthe indispensable part of the whole affair. Its name tion that held our fathers to their task and was the
marks its importance.
obligation which bound in an indissoluble union the
Daily life is for us all the wagon loaded with oppor- diverse elements which constituted the American
tunity and ideas; we are here as the team. What nation.
is the kingbolt that joins us to the task? Is it in
We call this the American, or more definitely the
place? Or is it possibly lost?
Puritan, spirit. It is both the individual and the
The two questions are easily answered. The king- corporate consciousness of a common obligation.
bolt is the sense of individual responsibility; and that We, one and all, owe not simply much, but everyeverywhere to-day is strangely missing. Who is thing, to others. We are the heirs of a great inheriasking as the supreme question in every relation, tance. We share a great tradition and have a great
"What do I owe," to the home, the community, the vocation. We are members of a national body that
State? The common question, in mind if not in is moving toward the attainment of an ideal which
word, is, "What can I get?" or, in common parlance, we are aiding to turn into reality. America began
"What is there in it for me?"
not in an intellectual conception, but in an emotional
This is by no means limited to business circles or uplift, a spiritual impulse, which became "a passion
to men. In the home few children now, except for things which enlighten and which bind men toamong the poor, have daily duties, and often the gether in unselfish companies."
custom is to pay them if they will accept certain
This all the world knows as the American spirit.
tasks. Many a mother of growing girls does all It caused and carried through the Revolutionary
the domestic work that her daughters may be exempt War. It inspired the embattled farmers as it had led
and go about well dressed as idlers. Many families the Pilgrim Fathers. It wrote the Constitution of
have given up housekeeping and are living in hotels, the United States as it did the Declaration of Inde-
MAR. 27 1920.]
THE CHRONICLE
1241
escape its enforced limitations, its inpendence. It made the abolition of slavery a neces- care cannot
shrinking. As the vision is restricted to
sity as it did the Civil War to establish the Union. evitable
at hand it loses its strength and range.
It was the spirit that swung us as a mighty host into what is near
The life absorbed in business
sinks.
n
the war which was to end wars and in some sure way Its horizo
re and ease end in emptipleasu
to
given
life
to make a League of Nations which should be the and the
something larger. Such
for
made
are
We
ness.
pledge of peace and the promoter of good will. It is
s on the one hand
unitie
opport
their
all
with
lives
the conviction planted deep in the heart and written
on the other for self-culture or social
,
in all the life of a great nation that no man lives to for wealth and
have not supplied the kingbolt, the effechimself, that life to be worthy must be lived under a prominence,
that joins one to the tasks that belong to
sense of obligation, and that citizenship involves for us tive bond
about us. We have not found a way to
a debt and a consequent duty. That this is the truth the world
part there, however well we have for the
generally forgotten is the testimony of Lord Bryce, do our
ted ourselves.
speaking from a wide outlook. He says: "Duty is the time conten
has opened many lines of thought, some
war
The
correlative of right. . . . In point of fact rights
old but overlooked; and it has laid
very
some
new,
rather than duties have been in the mind and on the
that in their increased importance
lips of the champions of popular government. The upon some duties
ally new. This of the kingbolt is one of
latter relation is the one which always tends to be are essenti
and the meaning of it is to be found in the
forgotten and to drop into the background. Every- these;
where there has been the same contrast between that application.
which the theory of democracy requires and that CANADIAN FINANCES FOR THE COMING
which the practice of democracy reveals."
FISCAL YEAR.
Here then is where our reconstructive work must
Ottawa, Canada, March 26 1920.
begin. We cannot assimilate and Americanize the
es of financial recuperation from
auguri
happy
Some
immigrant, we cannot guard our representatives and the alarming record of the past three years were
public men from losing in the frothy and dirty sea of made public this week when the Dominion Finance
party politics and personal interests all vision of Minister tabled the estimates for the 1920 fiscal year.
America's opportunities and her place in the parlia- Canada's expenditures in the twelve months ending
ment of the world, in a word we cannot hitch up the March 31st will total $900,852,000; in the coming
united force of the nation to the van which carries fiscal year the total set by the main estimates as
the tasks and the destiny which are ours and to a tabled in the House of Commons is $537,149,000, a
degree those of the world, unless we awaken and decrease of $363,702,000.
manage to keep alive in the minds and hearts of
Most of the heavy difference is accounted for by
the people the sense of abiding responsibility and the moderating of mobilization expenses which in
universal and inevitable obligation.
the 1919 year rose to $350,000,000. Demobilization
It must begin in the home in the intimate life of costs are given as $38,463,000 for the next twelve
the family, where the home must be the creation and months. If the interest and sinking fund payments
the care, and to that extent the possession of all who necessitated by the Victory Loan of last fall be decompose it. The mutuality of a common life with ducted, which is $35,433,000, the ordinary expenses
common tasks can alone create the common interest of carrying on the Government of the country have
which will sustain mutual affection and prepare not been cut down since last year by more than
and inspire in each the desire for the outside $2,264,000. Of uncontrollable expenditure and exservice which is the family's contribution to the com- penditures due to the war, the interest on the public
munity's well-being. The "beloved home" is the debt amounts to $140,000,000; pensions, $27,057,000;
building stone of the "beloved community," as the re-establishment of soldiers, $34,000,000; soldiers'
beloved community is the organic element in the land settlement, $50,000,000.
beloved country.
The total estimated revenue of Canada for the
But the acceptance of this principle in the family coming fiscal year is $360,000,000, $147,000,000 of
must not end there. Our young people need to be which is from customs and $38,000,000 from excise.
reminded of it when they are settling their social This must be placed against estimates for the coming
habits and choosing their career. Perhaps men in the year amounting to $440,000,000, chargeable against
learned professions are influenced to-day, more than revenue. Parliament now awaits a declaration from
their fathers were by the desire of making money. the Finance Minister as to how the $80,000,000
But their professions all have high ideals, and neither shortage is going to be raised.
they nor the community would admit that they are
not as large-minded and as truly servants of the CANADA DERIVES PROFIT FROM CONSTRUCpublic as their predecessors ever were. This can be
TION AND OPERATION OF SHIPS.
recognized as their "high calling," and to the extent
Ottawa, Canada, March 26 1920.
to which they and the community recognize this their
So seldom have government-owned services shown
influence in the State will need no external support.
in Canada's experience, that the announceAll will feel that neither wealth nor office will add to a profit,
of the Minister of Marine this week that the
it. Personal responsibility and professional honor ment
construction and operation of ships by the Dominion
and duty will be writ large for them in every comGovernment had made net earnings of $1,406,600 up
munity.
to Dec. 31 1919, came as a thorough surprise to most
This is not equally true either of business men or
ers. After providing for new organization
the idle rich. "Business is business" and "Shall I observ
had to be put in when the Government took
not do what I will with mine own ?" are too much the which
g
over and opened up new routes and after meetin
accepted maxims of these groups. Accepting either
an
Canadi
the
of
gs
earnin
gross
insurance charges, the
of these, it is all too easy to refuse responsibility
Government shipbuilding business to the end of last
life
A
.
e
service
outsid
and fend off all appeals for
were $3,448,036. The net earnings provide ingrowingly narrowed by self-centred thought and year
1242
1HE CHRONICLE
[VOL. no.
terest of 53/2% on the total Government invest- States. Subscriptions to the
loan were opened on Feb. 19.
ment.
The details of the offering were given in the item which
For 1920 fiscal year, $20,000,000 has been pro- appeared in our Feb. 21 issue.
vided in the estimates for shipbuilding, and this
amount, it is announced, will enable the Government MONTAGU COLLET NORMAN TO SUCCEED SIR
BRIEN COKAYNE AS GOVERNOR OF BANK OF
to complete its program. Beyond what is now
ENGLAND.
planned, the Government has given the country to
It was announced on March 21 that Sir Brien Cokayne
understand that Government competition in ship will retire at the end of the month as Governor of the Bank
construction will not be a factor in future. The of England and will be succeeded by the present Deputy
Governor, Montagu Collet Norman; Henry Alexander
total of Government contracts placed during the last Trotte
r will become Deputy Governor.
three years included 63 ships representing a total
tonnage of 380,435 tons and ranging from vessels of INCREASE IN PRICE OF CANADIAN VICTO
RY BONDS.
Canadian bond dealers and stock brokerage houses were
10,800 tons to 2,800 tons. The average cost of
building these ships works out at $191 02 per ton. authorized on March 20 to advance the prices of Canadian
Victory bonds of the various maturities, following a conferTwenty-four ships have been completed.
ence which Sir Henry Drayton, Minister of Finance,
hold
The Dominion Government entered the field of at Toronto on that day with the Victor
y Liberty Loan Special
shipbuilding because of the special exigencies of war Committee. According to the Montreal "Gazette"
of
time and because of the forced acquisition of a trans- March 22, this action is understood to have been due to the
fact
that
there
are
now more buyers than sellers of the
continental railway system, which in the Governsecurities in the market at present, and some of the issues
are
ment's view made it desirable for Canada to own very scarce.
A previous readjustment of the prices of
and operate her own merchant fleet. During the Victory bonds was announ
ced on Feb. 23, and was referre
war Canadian contracts had been let at $180 per ton to in these columns Feb. 28, page 812. The following showsd
the prices authorized on March 20 and those which had been
for the larger vessels, ranging down to $215 per
ton
for the lake size. Since the armistice has been signed made effective on Feb. 23:
,
Price Prev. Price.
however, the Government has been able to obtain
Authorized Announced
MaturityMar. 20. Feb. 23.
large vessels at $157 50 per ton and the lake size at 1922
99A
08-99
1923
$180.
99M,
98-99
1927
100
99-100
The Minister of Marine asserted in a speech in the 1933
100A
99-100
1937
House of Commons that steel ships built in
102
100-101
the 1924
983i 96A-97M
United States had in most cases gone over the $200 1934
97
96-97
mark, while the same class of ships had been turned PROPOSED BANK
IN ARGENTINA UNDER AUSPICES
out in British Columbia for the Canadian Government
OF U. S. AND ARGENTINA INTERESTS.
at $167 50. The forty-four steel ships built for
Announcement was made on Thursday of this week that
the
British Government in Canadian yards by the arrangements have been perfected for the establishment of
a bank in the Argentine Republic, under the joint auspice
Imperial Munitions Board cost $190 per ton.
The of prominent Argentine and American financial interests, tos
Canadian ships are now sailing with home cargoe foster reciprocal banking and
s
trade relations between the two
to Britain, South American, Cuban, Australian
and countries and to finance especially imports and exports.
New Zealand ports and additional routes will
The announcement, issued by the Mercantile Bank of the
be
added. A particularly effective service was recently Americas, says:
The Argentine group, through whcse initiative the America
n bankers
rendered to the Canadian people by having several were
interested, includes: Hon. Romulo S. Naon,
Ex-Ambassador to
the
home-built vessels placed at the Government's dispo- and United States, President of the Financial Corporation of Argentina
the United States; Julio Pena, President of the stock Exchang
e of
sition for the importation of sugar.
Buenos Aires; Miguel Padilla, President of the Central
Cordoba Railway
and of the Compania Azucarera
(fitment gitents and Ptscnssions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury
bills
was disposed of this week by J. P. Morgan & Co.
on a discount basis of 6%,the rate which has been in effect
for some
weeks. The bills in this week's offering are dated
March 22.
RATE ON FRENCH TREASURY BILLS RAISE
D TO
6M%.
The French Treasury bills disposed of the present
J. P. Morgan & Co. were put out at a higher rate, week by
the sale
having been effected on a discount basis of
63/2%,
pared with 6%, the rate which had prevailed for as comsome time
past. The bills in this week's offering are dated
March 26.
Padilla Hermance; V. Villamil, of the export
and import firm of Viliamii & Cia; J. M. do Acosta, of Acosta
& Co., President of the Now York Argentine Navigation Co.; Luis
Lamas, formerly
Vice-Chairman of the Banco do la Nacion;}foredo
Beccar Varela, President
of the Argentine Petroleum Co., of Comodoro Itivadav
ia, Director of the
Banco de Galicia; Pedro Bercetche, of the firm of
Salaborry & Borcetche,
merchant bankers; and Dr. Manuel do Yriondo.
It is understood that Dr. Yriondo, formerly Minister
of Finance of the
Argentine Republic and for many years President
orthe Banco de la Nacion,
an official institution and the largest bank in the country,
has agreed to
accept the presidency of the new bank.
The American group, which will be represented in
the bank through
stock-ownership by the Mercantile Bank of the Americas
, includes: Messrs.
Brown Bros. & Co.; J. & W. Seligman & Co.; Guarant
y Trust Co. of New
York; National Shawmut Bank of Boston; Anglo and
London-Paris National
Bank of San Francisco; Hibernia Bank and
Trust Co., New Orleans; Continental and Commercial National Bank of Chicago; Columbi
a Trust Co.,
Now York; Guardian Savings and Trust Co., Clevelan
d, Ohio,
The new bank will thus be affiliated with the Mercanti
le Bank of the
Americas and in Intimate touch with its chain of affiliate
d American banks
and branches already established in Latin America, Franco,
and Spain.
The organization of this new bank is a particularly interesti
ng and noteworthy event in that it is the first time that Important
Argentines and Americans have combined for the formation of a bank in the
Argentine Republic
and undoubtedly presages growlitg financial co-opera
tion between the two
countries.
CLOSING OF SUBSCRIPTIONS TO FREN
CH LOAN.
LOANS BY WAR FINANCE CORPORATION FOR FISubscriptions to the 5% French Victory Loan
were
NANCING SHIPMENTS ABROAD TOTAL $43,000,000.
on March 20, and in a copyright cablegram from closed
Praia,
March 21, the New York "Times" in announ
In reporting that loans by the War Finance Corporation
cing that it
for financing shipments abroad have reached $43,000,000,
would be four or five days before the results
would be dispatc
known, reported that it was semi-officially
hes from Washington March 25 said:
stated
War Finance Corporation has increased its volume
tween 12,000,000,000 and 15,000,000,000 francs that be- in The
of loans to assist
extending credits in foreign business to the
had been
total of $43,000,000. About
realized. The Minister of Finance, in stating
three
months
ago
this
line
of
credits
was initiated by a loan for the perforthat the
had been a complete success, was quoted as saying loan mance of a contract by the Baldwin Locomotive Works
in the construction
:
of 100 locomotives for Poland.
Despite unfavorable circumstances, the
railroad strike, the miners'
Since then there have been loans to finance
strike, the textile strike and events in Germany
contracts for electrical ma, and all that, the material chinery in various parts of Europe,
for agricultural machinery of all kinds for
and moral forces of France have marched forward
together. By Thursday use in England, Franco, Belgium,
Italy and Australia, and for a largo
or Friday we shall be able to announce the
complete result.
amount of heavy equipment for steel mills
in Belgium. There have also
As indicated in these columns Feb. 21 (page
been large advances to finance the purchase
and movements of foodstuffs
703), a por- to
various parts of Europe. Large contract
tion of the new French loan was offered in
the United tural machinery for use in Russia might s for locomotives and agriculhave boon similarly supported
• MAR. 27 1920.]
THE CHRONICLE
1243
but for the unsettled state of the Government's policy toward the present
Government of Russia.
The War Finance Corporation will continue its policy as to making such
loans, notwithstanding the entrance on the field of numerous Edge law
corporations that aro said to be preparing to engage in business in the near
future.
The War Finance Corporation will continue its policy as to making such
.law
loans notwithstanding the entrance in the field of numerous Edge
corporations
more than that. The amounts thus extended have been officially computed as follows:
$2,380,891,179 65
Direct advances
Funds made available to those Governments through the
purchase of their currencies to cover our expenditures
736,481,586 76
in Europe
Army and other Governmental supplies sold on credit
00
685,000,000
ly)
(approximate
100,000,000 00
Relief (approximately)
Unpaid accrued interest up to Jan. 1 1920 on Allied Gov324,211.922 00
ernment obligations
$4,226,584.688 41
Total
RUSSIAN SOVIET GOVERNMENT SEEKS LOCOMOTIVES IN U. S. PREPARED TO DEPOSIT GOLD.
The inspection of the Baldwin locomotive plants in Philadelphia and Eddystone on March 23 by Ludwig A. C. K.
Martens, representative in the United States of the Russian
Soviet Government is announced with the view to the placing of a large order for locomotives. The New York "Times"
of March 24 quotes Mr. Martens as saying:
Secretary Glass,in commenting upon the condition abroad in a statement
made public on Jan. 28 as a letter addressed to Homer L. Ferguson. President of the Chamber of Commerce of the United States,says with reference
to the policy of our own Government that:
it
"It cannot undertake to finance tho requirements of Europe because
The
can not shape the fiscal policies of the Governments of Europe.
Government of the United States can not tax the American people to meet
to
the deficiencies arising from the failure of the Governments of Europetax
balance their budgets, nor can the Government of the United States
the American people to subsidize the business of our exporters. It can not
upon
do so by direct measures of taxation nor can it look with composure
requirethe manufacture of bank credit to finance our exports when the
ments of Europe are for working capital rather than for bank credit."
The position of the Treasury Department under Secretary Houston, as
has already been made plain, is identical with that adopted by Mr. Glans.
It is further of much interest to note that following closely upon the latest
announcements of the attitude of the Government of the United States,
expressions have been made public by British authorities, both in the
United States and in London,to the effect that British Governmental policy
is opposed to obtaining further loans in the United States and is favorable
to the restoration of a normal balance of trade as rapidly as conditions
will allow.
Extension of Relief.
These views as to the further increase of Governmental international indebtedness for the future in no way alter the announced policy of the Government with respect to the two branches of credit extension to which
assent has already been given—the proposed arrangement for funding the
interest upon already existing debt and the extension of direct relief to the
peoples of Europe who are in a condition of want or destitution. With
reference to the first phase of the problem, testimony was furnished by
the
Assistant Secretary of the Treasury Davis on Friday, Feb. 13, before
Committee of the House of Representatives which has had under advisement a bill to provide for definitely funding the interest obligations of the
the
European countries. The plan before the Committee contemplates
issuance of further bonds to represent the recurring interest payments,
years,
throe
of
period
a
for
such bonds to be accepted in lieu of the interest
and further a release of the foreign countries from the interest upon the
bonds thus given in lieu of interest settlements for a period of years. This
Is in lino with the program developed by Secretary Glass in discussion with
the representatives of foreign nations during tho summer, and by him
session,
brought to the Committee of Congress at the opening of the present
as indicated in his annual report in which he said that:
Governments of
"The Treasury is considering with representatives of the
the United States
the Allies the funding of the demand obligations whichthe
funding during
sametime
the
holds into long-time obligations and at
years, of the
the reconstruction period or, say, for a period of two or threeby
the United
acquired
Governments
foreign
of
obligations
interest on the
States under the Liberty Loan Acts."
We hope to buy 2,000 locomotives within the next month or so. That
order will not be placed entirely with the Baldwin company perhaps, but
the Baldwin company expressed its willingness to fill our orders subject to
the approval of the State Department, and, of course, provided the Soviet
Government is able to pay the bills in gold.
The Soviet Government is prepared to deposit the gold in neutral banks
in Esthonia, or in Scandinavia, or elsewhere, and the money will be handed
to this country as the locomotives are delivered.
PROPOSAL TO REDUCE INTEREST ON LOANS TO
ALLIES—$4,000,000,000 LOANED TO
EUROPE IN PAST YEAR.
A plan to reduce from 5 to 4.75% the interest rate on the
loans of $9,500,000,000 made by the United States Government to the Allies, was submitted to the House Ways and
Means Committee by Secretary of the Treasury Houston on
March 19, according to the New York "Times" of March 20,
from which we take the following:
The plan provides for deferring the interest for three years, and covers
into the twelve-year bonds into which the notes at hand are to be refunded,
the deferred interest, compounded, at the rate of 4.75%.
After May 1923 the foreign Governments will resume the payments of
Interest on the principal and deferred interest, at the rate of 5% for a
period of twelve years. The actuaries have worked out a table which shows
that the payment of interest at 5% for a twelve-year period will actually
represent interest at 4.75 for the entire transaction, including the dofermi payments.
In his letter, not made public, Mr. IIouston contends that it is not desirable to forego interest on the deferred interest, and says that the foreign
Governments will be unable to pay any interest until May 1923, when they
are to resume payments on the principal and deferred interest at the rate of
says,
5%. If this Government adopts the plan outlined, Mr. Houston
Great Britain will follow the same plan in regard to loans to smaller Governments in Europe.
Secretary Houston said that the new plan gave the money to the foreign
Governments at actual cost to us. The actual cost of the money, exclusive of advertising and the necessary machinery for negotiating the
loans, is 4.26%, his letter says, but the entire cost is 4.75%.
Secretary Houston points out that the Act authorizing the war loans
gives the Treasury ample power to defer the payments and reduce the interfull
est rate. Ho says that the Treasury Department is prepared to assume
responsibility for the move,and requests tho Committee, if it is not opposed
Deto the plan, to inform the Treasury. The solicitors for the Treasury
partment, ho says, have come to this conclusion as to the law, and he
desires to go forward with the plan, in the hope that it will help to stabilize
foreign exchange and aid foreign Governments in their loan problems.
The Ways and Moans Committee, it was said to-night, was in full agreement with the plan. It will moot to-morrow,and probably notify Secretary
Houston to go ahead.
A majority of the members said that no enabling legislation was needed,
they are
and, now that interest is to be charged on the deferred interest,
than
willing that the plan should be carried out,so as to return 4.75% rather
5%, the rate which the notes at hand boar.
REPRESENTATIVE MC FADDEN'S BILL TO PROTECT
GOLD RESERVE FROM INDUSTRIAL DEPLETION.
A bill, proposing an excise tax of 50 cents a pennyweight
($10 an ounce) to be collected on the sale of all articles
containing gold or gold used for other than monetary purposes, thereby creating a fund from which the gold producer
is to receive $10 for every newly produced ounce, was introduced in the House of Representatives on March 22.
The bill is offered by Congressman McFadden to meet the
urgent request of the American Bankers Association that the
domestic production of new gold be maintained in sufficient
volume to satisfy all manufacturing requirements. The
American Bankers Association formulated this request in a
resolution adopted unanimously at the 45th annual convention held last October, since which time many proposals
In referring to the foreign credit situation, the Federal have been analysed to accomplish the result without disReserve Board, in its March "Bulletin," pointed out that turbing the monetary system. In an interview with Con"it is probably not generally realized that during the past gressman McFadden relative to his bill, the latter said:
year in various ways the Government of the United States
Since this transaction is confined to the production and sale of gold
only, and without reference to its monetary use, it cannot
has made available to European countries something like as a commodity
any way influence the monetary status of the metal. By this moans,
in
y
more
considerabl
armistice
the
since
$4,000,000,000, or
the jewelers and other consumers of gold will be able to obtain all of the
than that. The Board also refers in its "Bulletin" to the gold that they require at the usual monetary price of$20 67 an ounce. The
be collected only upon the manufactured article as sold and not
plans for the issuance of further bonds to represent recurring excise is tobullion,
which insures a free gold market in the United States.
the
upon
"Bullethe
from
herewith
quote
we
interest payments, and
Free Gold Market Maintained.
tin" what the Board has to say on these matters:
further
have
Foreign Credit Situation.
The public credit situation in foreign countries has not shown the same
improvement which has boon noted in the United States. While some
progress has been made in the direction of restoring budgetary quilibrium
in certain of tho belligerent countries, and while there has been a distinct
improvement in the production and exportation of staples, the gradual
withdrawal of the credit which has been extended by the United States in
an increasing
such large measure places Upon the European countries in
degree the responsibility for the readjustment of their own affairs. Euroemof
hostilities,
the
cessation
since
maintained,
pean Governments have
bargoes upon the export of gold. The rectification of the exchanges now
adverse to Europe lies primarily in the hands of European Governments.
The normal method of mooting an adverse international balance is to ship
gold. A refusal to ship gold prevents the rectification or stabilization of an
adverse exchange. The need of gold embargoes for these countries lies in
the expanded currency and credit structure of Europe. Relief would be
found in disarmament, resumption of industrial life and activity, tho imposition of adequate taxes, and the issue of adequate domestic loans. It is
probably not generally realized that during the past year in various ways
the Government of the United Sttes has made available to European
countries something like $4,000,000,000, or since the armistice considerably
prohibited
Other proposals were considered which would
sales of gold to manufacturers, but it is obvious that this would have
and holders
hoarders
the
that
and
metal
forth°
market
created a premium
of old gold would have profited by the premium,in which event the premium
paid upon old gold would not in any way have assisted in the production of
new gold. By the imposition of the excise upon the finished product, there
will be no incentive for the consumer of gold in manufactures and the arts
to hoard the metal in advance of the passage of the bill, because it will
make no difference whence the gold is obtained. To shut off sales of gold
to the trades would also encourage the excessive destruction of gold coin,
especially as there is no law in tne United States to prohibit same, and the
result of which practice would be injurious to our currency system.
Premium to Producer not a Subsidy.
The enactment of this law under present conditions, where the gold
consumed in the trades is in excess of that produced from the mines, will
not only be without cost to the Government, but will create a balance in
favor of it. The premium to be paid to the gold producer is not a subsidy.
because the Government has been and is now subsitizing the consumers
of gold in manufactures and the arts. The wholesale index price number
of all commodities in 1919 was 212, as compared to 100 In 1914, which shows
that had gold increased in price in conformance with all_lother commodities
1244
THE CHRONICLE
in the United States, the gold producer would have received for his
58.5
million dollar production in 1919 $65,500,000, or 112% more
than the
monetary price which he did receive. The excise to be imposed upon
manufacturers of gold merely lessens the amount of this subsidy.
The
$10 excise is equivalent to an increase of 50% in the price of the metal
contained in manufactured articles, while all commodity prices have
risen
112%; consequently, the excise offsets only 45% of the subsidy now
in
force and which, because of the fact that the Government sells gold
to the
trades at the original monetary price, must be and is being met
by the
producer. The bill merely creates the Governmental machinery by
which
the consumer of gold in the trades may pay more nearly the cost
of production for his raw material.
Protects Monetary Gold Reserve from Excessive Industrial Depletion.
The gold production of the United States declined from 100 million dollars
in 1915 to 58 million dollars in 1919, a loss of 42% in the last
4 years. It
is evident that no less than 42% of the capital invested in the gold-mining
industry has already been rendered unremunerative by the forced closing
down of properties. These properties suffer great deterioratio
n by the
forced closing down and, therefore, other losses are necessarily
sustained
and increased costs involved in reopening them. It is evident
that the
longer this condition is allowed to exist, the greater will be the reduction
In the gold output for this year, which means a heavier drain upon
the
monetary gold reserve, because manufacturers are consuming as much or
even more than they did last year. The longer this situation
is allowed
to continuo, the more difficult and expensive will it be to reclaim
gold
properties and regain the normal gold production of the United States.
In view of the need for protecting the monetary gold reserve from further
excessive depletion by consumption in manufactures and the arts, and
the
present emergency with which the gold-mining industry is confronted,
it
Is expected that the consideration of this bill will be expedited.
CONGRESSMAN McFADDEN'S BILL TO PROHIBIT
DESTRUCTION OF GOLD AND SILVER COINS.
In order to protect the subsidiary silver circulation of the
United States from the risk of further depletion by destruction for profit, as was experienced recently when the bullion
price of silver exceeded the equivalent coinage price, Congressman McFadden, Chairman of the sub-committee of
the Banking and Currency Committee of the House, introduced, on March 25, a bill to prohibit the destruction of
gold and silver coins in the United States. With regard to
this bill Representative McFadden says:
It is estimated that gold coin in the amount of from three and one-half
to ten million dollars is being destroyed in the United States annually for
other than monetary purposes. The smaller consumers of gold in the
manufactures and the arts, unable to purchase less than $5,000 in gold
bullion at one time from the Mint, find it more economical to destroy gold
coin and thereby also gain the copper content. This constitutes a depletion of the gold reserve by other than monetary uses and, therefore, should
be prohibited.
When the bullion price of silver is $1.37 per ounce, it becomes profitable to convert coin into bullion. Aside from the apparent need for maintaining our present coinage circulation, in order to conduct the large volume of domestic business, this destruction of gold and silver coin is a tremendous economic waste to the Government, as is evidenced by the following costs of mintage, which are reported by the United States Mint:
Average Cost of Manufacturing Gold Coins Per Thousand Dollars.
Double Eagles
$2.82 Half Eagles
$3.11
Eagles
1.951Quarter Eagles
4.29
Gold coins were manufactured in 1913 and 1915, but none has been
minted since. The cost of manufacturing gold coins now probably would
not be less than double the costs of 1915, as above.
Average Cost of Manufacturing Silver Coins Per Thousand Dollars.
Half Dollars
$13.971Quarter Dollars
$15.06
Dimes
17.981
We have by law made certain coins of foreign countries current in the
United States. Much of this coin is now in circulation. Inasmuch as
Great Britain, Canada and France have already adopted laws to prohibit
the destruction of their own coin, it is a matter of international financial
ethics for the United States to pass a law which would similarly protect
their coin from destruction in this country. In return, if such a law were
passed, It is probable that those countries would also pass
laws to protect
our coin in circulation abroad.
On account of the uncertainty of the silver market and the possibility
that the extreme demand for silver in the Orient, coupled with the present
decline In the world's output of silver, will again force the price above the
coinage equivalent, it is imperative that we should have a law to protect
our subsidiary silver circulation from destruction. To lower the content of
our subsidiary sliver coins by decoining and reminting, it is estimated
would take some two years, while this law will immediately become operative,
PROPOSED $50,000,000 FOR FINANCING OF COPPER
PURCHASES BY FRENCH INTERESTS.
The question of extending a $50,000,000 credit for the
financing of copper purchases in the American market by
French interests has developed anew, reports having this
week been current regarding the proposed formation of an
organization through which the credits would be supplied.
A year ago, with the return from abroad of the committee
representing the Copper Export Association, which investigated the statistical position and industrial conditions in
Great Britain, France, Italy and the Central Powers, as to
non-ferrous metals, particularly copper, a member of the
committee was then reported to have said that France had
been offered a $50,000,000 credit in this country by American
bankers, if she cared to purchase copper; the member of the
committee quoted, (as announced in our issue of April 5
1919, page 1348), added, however, that "the French prohibition against metal imports prevented acceptance of this
[VoL. 110.
offer." The only official utterances which have been available as to the pending plans have been embodied in an announcement made on March 25 by John D. Ryan, President
of the Copper Export Association in which he reviewed
the
consumption of copper during the past year. In this statement he placed the world's consumption for the year ending
March 31 1920 at 2,970,000,000 pounds, which he said "is
in excess of the production for any year in history, including
the war years." He added:
The fact that the consumption in one year has reduced
the stocks in
Europe to the absolute minimum with which those countries
can carry on
business, and has wiped out all the Government's surplus stock,
with only
nominal consumption in Germany, which has heretofore
been, outside of
the United States, the principal copper consuming nation of
the world,
leaves the metal situation such that the only stocks available
for new consumption are held by American producers, and the amount unsold
is not
more than sufficient to furnish a reasonable reserve, considering
the world's
needs.
As.to the formation of a new finance company to extend
credit to foreign buyers Mr. Ryan said that negotiations are
being conducted with French consumers, and that if present
plans go through it will mean that these interests will purchase all the way from two to three and one-half times the
amount of copper which they have been buying.
From the New York "Times" of the 23rd we take the
following dealing with the credit plans:
The credit, if it is established, will be in the nature of a revolving fund
providing for repayment here to the copper producers on the basis of
the
turnover of the manufactured goods in Europe. It is admitted that the
plan does not solve the exchange problem, but the French manufacture
rs do
not consider this an obstacle under the present circumstances. Business
there is said to be thriving with only an adequate supply of raw materials
assured to make for complete rehabilitation of certain of the industries.
It is believed that it will be impossible to catch up with the demand for
electrical and other manufacturers using large amounts of copper for a long
time to come.
It could not be learned yesterday what additional banking houses, other
than J.P. Morgan & Co.,had been approached with regard to the plan for a
revolving fund. It was stated at one bank, of the so-called "Morgan
group," however, that if J. P. Morgan & Co. were interested in the project
that they, too, probably would be included, although the officers of the
bank had no particular knowledge of the situation.
PROPOSAL TO AUTHORIZE WAR FINANCE CORPORATION TO ADVANCE $50,000,000 TO FRANCE
AND ITALY ACCOUNT TOBACCO PURCHASES.
A bill which would authorize total advances by the War
Finance Corporation up to $50,000,000 for the financing
of tobacco purchases in the United States by the Italian or
French Governments was introduced in the House of Representatives on March 20 by Representative Byrns of Tennessee. It was referred to the Committee on Ways and
Means. As introduced it reads as follows:
A BILL to amend the War Finance Corporation Act.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the War Finance Corporation
Act.
approved April 5 1918, is hereby amended by adding to title 1 thereof
new section, to read as follows:
"Sec. 22. That the Corporation shall be empowered and authorized to
pay to any person, firm, corporation, or association engaged in business
In the United States the contract price of supplies of tobacco hereafter
purchased, or agreed to be purchased, by the Italian or French Governments from any such person firm, corporation or association, and to accept
In full payment of the moneys so advanced the bonds, obligations, or other
evidence of indebtedness to be issued by either of said Governments for the
payment of the moneys so advanced, to bear interest at the rate of 6% per
annum from the date of such adxance: Provided, That the total advances
to be made by the Corporation sHall not exceed $50,000,000.
"There Is hereby appropriated, out of any money in the Treasury not
otherwise appropriated, the sum of $50,000,000, or 80 much thereof as
may be necessary, for the purpose of making payments by the said corporation as and when required under the provisions of this section."
The bill just introduced recalls reports which came from
Paris early last month regarding a proposal by American
tobacco growers to secure a tobacco monopoly in France.
A Havas cablegram from Paris on Feb. 10 reported "La
Liberte" as saying that at the Ministry of Finance it was
denied absolutely that any project was on foot to give Americans a monopoly of the manufacture and sale of tobacco in
France for 25 years in return for a sum approximating
60,000,000,000 francs. Officials of the State and Commerce
Departments at Washington on Feb. 10 were also announced as stating that there had been no proposal from the
American Government that it take over the tobacco monopoly
in France, nor was such a move under consideration.
SENATE PASSES BILL AUTHORIZING U. S. GRAIN
CORPORATION TO SELL FLOUR FOR RELIEF
IN EUROPE.
The bill permitting the U. S. Grain Corporation to sell
5,000,000 barrels of soft wheat flour for cash or on credit to
Austria, Poland and Armenia, was passed by the Senate on
March 22. There was no record vote on the bill, and it was
passed after very brief debate. The bill was passed by the
House on March 15, as announced in these columns last
week, page 1141, wherein its text was published.
MAR. 27 1920.]
THE CHRONICLE
1245
tions ... to help New Jersey conform with the daylight
STOCK EXCHANGE RESOLUTION BARRING MEMBERS saving law in effect in New York State." The Governor's
ON
THAN
FROM TRADING ELSEWHERE
appeal was as follows:
EXCHANGE.
The failure of the New Jersey Senate last night to pass the Eldridge
Governing
State-wide Daylight Saving bill opens the way for endless confusion that,
A resolution was adopted on March 24 by the
was hoped, might be avoided. It was with the hope that the Senate
Committee of the New York Stock Exchange respecting it
might see its way clear to ward off this confusion that I addressed a special
especially
securities,
listed
in
over-the-counter dealings
message to the Senate yesterday morning. I have,with thousands of people
Liberty bonds, in which it is held to be "detrimental to all over the State, the keen regret that will be felt because of the failure
the Senate to respond.
the interest and welfare of the Exchange" for any member ofAs
the only means left for warding off endless complications Sunday and
to enter into arrangements for trading in such securities thereafter, I ask the people of New Jersey to adopt voluntarily the daylight
put
elsewhere than on the Exchange, at the price made on the saving regulations beginning Sunday at 2 a, m., when the clock is to bewith
ahead one hour,such a course being likely to help New Jersey conform
Exchange. The following is the resolution as adopted:
the daylight saving law in effect in New York State.
Whereas, It has come to the attention of the Committee of Arrangements
Governor Edwards on March 24 had asked the State Senate
that members of the Exchange, or firms registered thereon, are parties
to an arrangement with other houses whereby listed securities, and especially to pass a daylight saving bill, the Assembly having already
between
Liberty bonds, in denominations of $500 and over, are traded in
adopted such a measure. The Governor sent the following
houses elsewhere than on the floor of the Exchange, at prices made on
message to the Senate explaining the reasons for his request:
the floor of the Exchange.
The extraordinary and unsupportable situation which will arise on SunResolved, That any arrangement between a member of the Exchange,
or
member
day night owing to the difference in time between New York and New Jersey
or firm registered thereon, and any other house, whether a
business
during
in
trade
be
will
demands that I call your attention to the situation and ask you for immedinon-member, whereby listed securities
hours elsewhere than on the floor of the Exchange, at the price made on ate action.
I am advised that the House of Assembly has already passed a bill which
the Exchange, may constitute an act detrimental to the interest and welfare
would cure the situation. Unless action is taken by you, persons living
of the Exchange.
New York and doing business in New Jersey, and persons living in New
Commenting on the above, the New York "Times" of in
Jersey and doing business in New York, will be subject to confusion and
yesterday (March 26) said:
pecuniary loss, transportation systems will be interfered with, and the conthe
Stock Exchange houses dealing in bonds and inactive stocks are some- dition of affairs on the whole will be of great inconvenience and loss to
over-the-counter
people of the State.
what at sea concerning the ruling by the Exchange that
May I not ask that you take some action upon Assembly Bill 21 so that
transactions cannot be carried on at prices made on the Stock Exchange.
The question is raised whether this merely prohibits making a price for the people of the State of New Jersey may know what is the legislative
bonds, for instance, by a sale of one or two bonds on the Exchange, and policy on the subject of daylight saving?
then completing a purchase of a big block of bonds at this price in over-theOn March 23 the lower House of the State Legislature of
counter trading or whether all over-the-counter trading is prohibited. A
passed a daylight saving
strict interpretation of the phrase "at prices made on the New York Stock Massachusetts by a vote of 181 to 38
Exchange," might bar all over-the-counter trading by Stock Exchange bill. On the same date the City Council of Philadelphia
members. It is contended, however, that if all of the outside trading was repealed a daylight saving ordinance which was declared to
put through the Exchange, that present facilities would be entirely inadequate to the volume. Also this fact has consideration that in dealing in be in conflict with a State law.
large blocks of bonds they can be purchased over the counter at a flat price
If the New York Legislature had repealed the State Dayof, say, 97, whereas if tho trading was put through tho Exchange the pur- light Saving Law it is unlikely that New York City would
Liberty
In
market.
chase is subject to the fluctuations of a changing
bonds, for instance, it has been possible for a Stock Exchange house to buy have been affected by such action, inasmuch as the Board of
a big block of the securities at a bank at a flat rate.
Aldermen last October had adopted a city ordinance for the
purpose of providing against a possible contingency of this
GEORGE V. McLAUGHLIN NAMED AS N. Y. STATE kind.
The decision of the New York Clearing House to conform
SUPERINTENDENT OF BANKS.
On March 25 Governor Smith, of New York, sent to the to the daylight saving plan was announced on March 23 as
Senate the name of George V. McLaughlin to be State Super- follows:
New York, March 23 1920.
intendent of Banks, to succeed George I. Skinner, whose
Dear Sir:—Inquiry having been made by many of our members as to
Mr.
year.
a
$10,000
is
respect to the inauguration
salary
with
The
action
House
12.
April
Clearing
expires
term
the necessity of any
of "Daylight Saving" on the last Sunday in March. the Clearing House
McLaughlin is at present Deputy Superintendent.
DAYLIGHT SAVING IN NEW YORK—STOCK
EXCHANGES IN SEVERAL CITIES FOLLOW
LEAD OF NEW YORK EXCHANGE.
To-morrow, March 28, at 2 a. m,clocks will be advanced
one hour in New York State in accordance with the State
Daylight Saving Law. Efforts have been made to have the
law repealed, but they were unsuccessful. On March 23
the State Assembly defeated the so-called Betts bill which
was designed to repeal the daylight measure. The vote was
70 Mr and 64 against, for passage; the bill required 76 votes
a majority of the entire Assembly.
The Democrats voted almost as a unit against the measure,
while Republicans from New York and several of the upState cities aligned with the opposition. Speaker Sweet
voted for the bill.
As announced below, the New York Clearing House and
the New York Stock Exchange have taken the necessary steps
to set their clocks ahead, and many of the largest banks and
department stores, as well as theatres and other places of
amusement, have done likewise.
The New York Federal Reserve Bank, the Post Office
and U.S. District Court will also adopt the plan.
In consequence of the decision of the New York Stock
exchange and the Clearing House the boards of governors
of several of the exchanges in other large cities will conform
their trading hours to the new time established here, notwithstanding that the old time schedule in these cities will
be kept in force generally. The Chicago, Boston, Philadelphia, Detroit, Pittsburgh and Cleveland Stock Exchanges
are among those that will advance their clocks an hour.
The principal railroads operating suburban trains into
New York will in many cases change their schedules to make
It possible for commuters to reach their place of business in
this city on time. The Lackawanna, Erie, Long Island,
Jersey Central and New York,New Haven & Hartford belong
In this class.
Although the State Legislature of New Jersey has failed to
heed Governor Edwards' request to enact a daylight saving
law, the Governor on March 25 called upon the people of
his State "to adopt voluntarily the daylight saving regula-
Committee referred the matter to counsel, and has received the following
opinion:
"The time for the opening and closing of banking business is a matter
entirely of individual volition, but, for reasons of convenience only, the
banks in given communities adopt a uniform course in this respect. If the
existing 'Daylight Saving Law,'so called, of the State of New York remains
in force, it should be observed by both national and State banks located
within the borders of the State. If the law should be repealed and the City
ordinance to the same effect should continue in operation, I see no reason
why the banks of the City of New York should not adapt their time to the
local time provided for in the ordinance. In fact, I should think that It
would be almost essential for them to do so in order to avoid confusion.
In either case, it seems to me it might be well to have public announcement
made in some way to the effect that banks of the City intend to adjust
their clocks accordingly."
In view of the above opinion, and regardless of any changes in the presen
State Law, operations at the Clearing House will be transacted according
to the standard city time, and it Is expected that all Clearing House institutions will conform to such standard.
Ordinance No. 51 provides as follows:
Be it Ordained by the Board of Aldermen of the City of New York. as Follows:
That the standard time throughout the City of New York is that of the
seventy fifth meridian of iongtitude west from Greenwich, except that a
two o'clock ante meridian of the last Sunday in March of each year such
standard time throughout the City of New York shall be advanced one
hour, and at two o'clock ante meridian of the last Sunday in October of
each year such standard time shall, by the retarding of one hour, be returned
to the mean astronomical time of the seventy fifth merialan of longitude
west from Greenwich, and all courts, public offices and legal and official
proceedings shall be regulated thereby.
By order,
JAMES A. STILLMAN,
Chairman, Clearing House Committee.
WILLIAM J. GILPIN,
Manager.
On March 24 at a special meeting of the Board of Governors of the New York Stock Exchange a resolution was adopted
reading as follows: "Resolved, That the opening and closing
of the Exchange shall conform to Standard New York City
Time."
The following statement was issued by the Lackawanna
Railroad on March 25:
New York City having adopted daylight saving time, which is one hour in
advance of Eastern Standard time (the present legal time for the State of
New Jersey), the Lackawanna Railroad will, effective 2 a. m., Sunday,
March 28 1920, advance the scheduled time of all suburban trains on the
Morris and Essex Division, including the Hampton, Phillipsburg, Chester.
Sussex and Passaic and Deleware branches, one hour to serve the convenience of the public who travel to and from New York City, as a temporary
expedient pending the issuance of new time tables.
For example, train No. 106, now scheduled to leave Montclair at 6 a. m.;
will leave at 5 a. m.; No.206, now leaving South Orange at 7:34 a, m., will
leave at 6:34 a. m.; No. 231, now leaving Hoboken at 5:15 p. m., will leave
at 4:15 p. m. Through passenger trains Nos. 1 to 43, inclusive, will continue to run on present schedule.
The following notice was sent on the same day by the
Central Railroad of New Jersey:
1246
THE CHRONICLE
To protect our commutation service as affected by the situation
brought
about through New York daylight saving:
L. The clocks and the watches of all employees of the Central Railroad Company of New Jersey in the States of New York and New Jersey
will at 2
o'clock a. m. Sunday, March 28 1920, be advanced one hour, viz.: set
forward to 3 o'clock a. m.
is suggested that the communities which have not already adopted the
daylight savings and any individuals whose affairs may be affected by
this
change should also advance their time-pieces by one hour.
Additional notice will be issued covering through trains to and from points
in the State of Pennsylvania.
W. G. BESLER.
President and General Manager.
It
[VOL. 110.
Dallas Bank. Mr. Talley continues as Deputy-Governor.
Mr. Lawder has been connected with the Federal Reserve
institution since it was established in Dallas in 1914, part of
the time as Assistant Cashier. In June 1918 he went to
El Paso to open the branch there and remained as its Manager
until August 1919, when he was made Manager of the newly
established Houston branch of the Federal Reserve Bank of
Dallas. Mr. Lawder continued to serve as Manager of the
Houston branch until his appointment as Cashier of the
Dallas Reserve Bank.
It was made known on March 25 by the U. S. Weather
Bureau that local daylight saving laws would not change in
any way the hours of distribution of the Government's STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
weather reports throughout the country. The bureau will
The Federal Reserve Board at Washington makes public
observe only the national standard of time in the daily
the following list of institutions which were admitted to the
posting of the weather forecasts.
The following is the official notice regarding the matter Federal Reserve system in the week of March 19 1920:
Total
issued by the Federal Reserve Bank:
District No. 4—
Capital. Surplus. Resources.
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 266—March 26 1920.
Daylight Saving.
To All Banks, Trust Companies, Savings Banks and Bankers in the Second
Federal Reserve District.
Dear Sirs:—Under the ordinance of the City of New York local time in
New York City will be advanced one hour at two o'clock on Sunday morning,
March 28 1920.
Beginning Monday, March 29,therefore, this bank will open and close for
business in accordance with such changed local time.
The action of this bank in conforming its opening and closing to the new
local time, is for the convenience of banking institutions and the
public
generally.
Beginning Monday, March 29, the clearings at the New York Clearing
House will take place at ten o'clock a. m., local time, which will be
the
equivalent of nine o'clock a. m. present time.
The revised hours of business will continue in effect until further notice.
Yours very truly,
J. H. CASE.
Acting Governor,
MONTREAL STOCK _BROKERS TO ADOPT DAYLIGHT
SAVING.
To avoid any confusion which might arise from the change
of trading hours on the New York Stock Exchange, it was
announced on March 26 that stock brokers of Montreal,
Canada will start business next week at nine instead of
ten o-elock. By order of the Administrative Commission of
Montreal daylight saving will go into effect officially on
May 2, it was said.
CHANGES IN STAFF OF FEDERAL RESERVE BANK
OF NEW YORK.
In a circular issued under date of March 24 the Federal
Reserve Board announced the following appointments:
Napoleon State Bank, Napoleon, Ohio
$50,000
District No. 5—
The Peoples Bank of Rural Retreat, Rural Retreat, Va
35,000
District No.?—
Huston Banking Co., Blandinsville, 111
60,000
Iowa State Bank, Osceola, Iowa
50,000
District No. 9—
Belgrade State Dank, Belgrade, Mont
50,000
The Banking Corp.of Montana,Helena,Mont_500,000
State Bank of PlentywOod,Plentywood, Mont- 25,000
District No. 12—
The Holtville Bank, Holtville, Calif
25,000
Bank of Lemoore, Lemoore, Calif
100,000
Orange County Trust Sc Savings Bank, Santa
Ana, Calif
300,000
Bank of Helix, Helix, Oregon
50,000
The First Bank of Pilot Rock,Pilot Rock, Ore_ 30,000
$25,000 $1,082,676
131,650
40,000
5,000
1.538,107
430,181
50,000
610,363
10,000 2,263,513
10,000
381,783
21,500
567.729
40,000 1,366,524
75,000 2.675,600
10,000
363,367
30,000
519,700
SECRETARY HOUSTON ON EXCHANGING TEMPORARY
LIBERTY BONDS FOR PERMANENT ISSUES.
In a statement regarding exchanging the temporary Liberty
bonds for permanent bonds, Secretary of the Treasury
Houston on March 23 announced that First Liberty Loan
Converted 4% bonds, Second Liberty Loan 4% bonds, First
Liberty Loan Converted 434%. bonds and Second Liberty
Loan Converted 434% bonds are expected to bo available
in permanent form within the next month or six weeks.
Exchanges of temporary Third Liberty Loan for permanent
bonds began on March 15. Exchanges of temporary 434%
Fourth Liberty Loan bonds will 'not begin until approximately Oct. 15. The following is Secretary Houston's
statement:
As already announced by the Treasury and the several Federal Reserve
banks,exchanges of the temporary 4 h % coupon bonds of the Third Liberty
Loan for permanent bonds with all subsequent coupons attached began
Adolph J. Line has been appointed Manager at Large of the bank and on Monday, March 15 1920, and are now being carried on, chiefly through
will sign in that capacity and not as Manager of the Government Deposit the several Federal Reserve banks,as fiscal agents of the United States, with
Department which has been converted into a division of the Certificates the co-operation of the banking institutions of the country. Detailed inforof Indebtedness Departmnt.
mation concerning the exchanges is given in Treasury Department Circular
Jay E. Crane has been appointed Assistant Secretary of the bank and No. 164, dated Dec. 15 1919. The temporary coupon bonds of tho Third
will sign in that capacity.
Liberty Loan had no interest coupons attached for interest accruing after
Edward H. Hart has been appointed general counsel.
March 15 1920, and therefore became exchangeable by their terms on and
Carl Snyder has been appointed Manager of the Statistics Department of after that date for new bonds with all subsequent coupons to
mattwitY•
the bank.
Full supplies of the permanent Third 4s are available, and it is hoped that
the exchanges will proceed as promptly as possible, in such a way as to meet
The circular also said:
the convenience of holders of temporary bonds and banking institutions as
The authority of Vincent A. Harvey to sign per procuration has been canwell as tho Treasury Department. The next interest payment on the Third
celed.
Liberty Loan does not occur, however, until Sept. 15 1920, and it is underThomas Bruder has been appointed a holder of procuration and will sign
stood that in the meantime, up to about Sept. 6 1920, the temporary Third
in that capacity.
H.0. Low, Jr., will sign correspondence for W. B. Matteson, Manager 430 will still be recognized as good deliveries in the market, so that there
of the Certificates of Indebtedness Department, and is no longer auth- is no necessity for any immediate rush by bondholders to exchange their
temporary bonds for permanent bonds.
orized to sign for Adolph J. Line.
The Treasury has made ample provision in connection with those exchanges of temporary for permanent bonds whereby recognized banking
CHANGES IN OFFICIAL STAFF OF HOUSTON BRANCH institutions in tho United States who make no charge for their services
may effect exchanges for themselves and their customers without expense
OF FEDERAL RESERVE BANK OF DALLAS.
or risk on account of the transportation of the temporary bonds surrendered
E. F. Gossett has been made Manager of the Houston or of the permanent bonds issued upon exchange. Adequate provision has
branch of the Federal Reserve Bank of Dallas, succeeding also been made whereby incorporated banks and trust companies may make
over-the-counter exchanges. Full information as to these arrangements
Sam R.Lawder,who has become Cashier of the Dallas Federa, is
available at the respective Federal Reserve Banks. In view of the
Reserve Bank. Mr.Gossett has been Cashier of the Houston llberal arrangements which have been made for effecting the exchanges,
and
in view of the fact that no charge for the exchange is imposed by the
branch, and he is replaced in that position by Paul S. Miller,
United States, the Treasury confidently appeals to tho banking institutions
who had been Assistant Federal Reserve Agent and Auditor of the country
to handle exchanges of temporary for permanent bonds withof the Houston branch since its establishment last August. out expense to the holders, and thus complete their patriotic service in
connection
with the war loans by carrying out this last, and mechanically
J. H. Niendorff has succeeded Mr. Miller as Assistant Fedthe largest, operation related to our war financing without imposing charges
eral Reserve Agent at Houston. R. M. Farrar, President for their services. Holders of temporary bonds will, it is hoped, consult
of the National Bank of Commerce of Houston, has been their own banks and avail themselves of their assistance in effecting the
named by the Federal Reserve Board as a director of the exchanges for permanent bonds.
permanent bonds in exchange for temporary bonds will be
Deliveries
Houston branch bank, succeeding J. C. Chidsey, who has made within of
the United States by the Federal Reserve banks and the Trearesigned to become State Commissioner of Insurance and sury Department at the risk and expense of the United States, whether
or not submitted through banking institutions, but the arrangements for
Banking on April 1.
the transportation of temporary bonds surrendered for exchange at the
expense and risk of the United States are available only when presented
S. R. LAWDER CASHIER OF FEDERAL RESERVE through recognized banking institutions to the Federal Reserve banks. In
other words, holders of temporazy bonds who surrender their bonds direct
BANK OF DALLAS.
to a Federal Reserve bank or the Treasury Department for exchange will
Sam R.Lawder has become Cashier of the Federal Reserve be obliged to make their own arrangements for tho transportation and inof the temporary bonds surrendered.
Bank of Dallas, Texas, succeeding in that post Lynn P. surance
First Liberty Loan Converted 4% bonds,Second Liberty Loan 4% bonds.
Talley, who served as Deputy-Governor and Cashier of the First Liberty Loan Converted 4).1% bonds, and Second Liberty Loan
MAR. 27 1020
Tim
CHRONICLE
Converted 4X% bonds are all expected to be available in permanent form
for delivery in exchange for temporary bonds within the next month or
six weeks, and exchanges of these bonds will be handled in substantially
the same manner as exchanges of the Third Liberty Loan bonds. Inasmuch
as the temporary First 4 Xs and Second 4 Xs have coupons attached covering
interest to Juno 15 and May 15 1920, respectively, they need not be exchanged for permanent bonds until those dates; in fact, before June 15 and
May 15 1920, respectively, the permanent First 4s and Second 43s are
required chiefly for delivery upon conversion and exchange of temporary
First 48 and Second 4s, which have no coupons attached for interest accruing
after Doc. 15 and Nov. 15 1919, respectively, but whose exchange has been
postponed awaiting the preparation of the permanent 4 Xs, in order that
both conversion and exchange might be effected simultaneously. As
repeatedly announced, the First 48 and Second 4s are still convertible into
434% bonds, pursuant to the terms of the extended conversion privilege,
and holders of temporary 4% bonds are therefore urged to submit their
bonds for both exchange and conversion. As already announced, in the
absence of written instructions to the contrary, temporary 4% bonds presented for exchange for permanent bonds will be deemed to be presented
also for conversion into 4 X% bonds.
The temporary 4 X% bonds of the Fourth Liberty Loan still have one
unmatured coupon attached, due Oct. 15 1920. Exchanges of temporary
y
Fourth Liberty Loan bonds will therefore not begin until approximatel
bonds
Oct. 15 1920, when it is expected that adequate stocks of permanent
will be available so as to permit exchanges to be carried on in substantially
the same manner as exchanges of Third Liberty Loan bonds. Temporary
The
First Second 4 Xs do not become exchangeable until Dec. 15 1920.
permaFirst 3)4s and both series of Victory notes were issued originally in
nent form.
form
All 4% and 434% registered Liberty bonds are already in permanent
4%
and need not be exchanged for other bonds. Holders of temporary
present
to
urged
strongly
and 4 X% coupon Liberty bonds are therefore
for coutheir temporary bonds for exchange for registered bonds instead of
receive
pon bonds in permanent form, and In that event will promptly
registered bonds upon exchange. The exchanges of temporary for registof
completion
the
ered bonds may be made at any time, and need not await
availthe permanent coupon bonds. Substantially the same facilities are
exchanges
able for exchanges of temporary bonds for registered bonds as for
bonds should
for permanent coupon bonds, and holders of the temporary
into
exchanges
have no difficulty in arranging with their own banks for
registered bonds without expense.
of said bonds issued during the fiscal year beginning June 30 1922, eight
thousand two hundred and thirty-three ten-thousandths of 1% of the
aggregate amount of such bonds issued during such fiscal year, and for
such of said bonds issued during the fiscal year beginning June 30 1923,
eight thousand five hundred and ninety-five ten-thousandths of 1% of
tho aggregate amount of such bonds issued during such fiscal year, and for
such of said bonds issued during the fiscal year beginning June 30 1924,
eight thousand nine hundred and seventy-five ten-thousandths of 1% of
the aggregate amount of such bonds issued during such fiscal year, and for
such of said bonds issued during the fiscal year beginning Juno 30 1925, nine
thousand three hundred and seventy-seven ton-thousandths of 1% of the'
aggregate amount of such bonds issued during the fiscal year.
Sec. 3. That this Act shall take effect immediately.
BILL PROPOSING ISSUANCE OF $30,000,000,000 BONDS
TO RETIRE LIBERTY LOAN ISSUES.
A bill calling for the issuance by the Government of 3M%
bonds to the amount of $30,000,000,000, to be exchanged
for bonds of the first, second, third and fourth Liberty loans
was introduced on March 22 by Senator Frelinghuysen of
Now Jersey. The proposed issue would be exempt from all
taxation, except estate and inheritance taxes, and would be
payable fifty years from the date of issue. In stating that the
bill, in the opinion of bankers interviewed on the subject,
has little possibility of becoming law. The "Wall Street
Journal" of March 23 said:
It Is generally held that the low interest rate would appeal only to the
that this
very wealthy class, by reason of the tax-exemption feature, and
issue.
class does not constitute a sufficiently large market to absorb the
a 3M%
by
The funds of the average small investor would not be attracted
yield
to
prices
at
selling
are
rate, when Liberty issues now outstanding
'over 5%.
stabilize
to
Is
bill
the
of
Willie it is believed that uhe primary purpose
Government bond prices; many feel that it would fail In accomplishing this
tax
object, which might be more readily brought about by removing the
provisions on some of the present issues.
the
of
sections
all
in
Dealers report more active buying in Liberty issues
country, and are of the opinion that prices are duo for a substantial rise
when the credit situation shows improvement.
The bill was referred to the Committee on Finance.
text is as follows:
Its
First,
A BILL to authorize an issue of bonds in exchange for bonds of the
Second, Third, and Fourth Liberty Loan issues.
States
United
the
of
s
Representative
Be it enacted by the Senate and House of
Treasury is
'of America in Congress assembled, That the Secretary of the
may be
hereby authorized and directed to issue from time to time, as
to
necessary to fulfil the purposes of this Act, bonds of the United States
the amount of $30,000,000,000.
date
The bonds herein authorized shall be payable fifty years from the
% per annum, payable
of issue and shall bear interest at the rate of
in
payable
be
shall
semi-annually. Tile principal and interest thereof
value and shall be
gold coin of the United States of the present standard of
by
exempt from all taxation, except estate or inheritance taxes, imposed
or local
authority of the United States or its possessions, or by any State
privilege:
circulation
taxing authority; but such bonds shall not bear the
be
Provided, That when (if over) the rate of taxation upon net incomes shall
and
reduced to the normal rate In force on the 1st day of January 1914, then
In that event and thereafter the income derived from bonds hereby authorized shall be subject to such normal rate of taxation.
The bonds herein authorized shall be issued solely for the purpose of
retiring such bonds of the First, Second, Third and Fourth Liberty Loans,
converted or unconverted, as shall be offered to the Secretary of the Treasury in exchange therefor, as hereinafter provided.
issue
The Secretary of the Treasury is hereby authorized and directed to
the bonds herein authorized in exchange for such bonds of the First, Second,
may be
Third and Fourth Liberty Loans, converted or unconverted, as
of this
offered to him in exchange, par for par, pursuant to the provisions
following
11920,
July
beginning
Act, at any time within the five fiscal years
the effective date of this Act.
Sec. 2. That there Is hereby created In the Treasury a cumulative sinking
Act
fund for the retirement at maturity of the bonds authorized by this
to be Issued. For the fiscal year beginning July 1 1920, and for each fiscal
year thereafter until the maturity of said bonds, there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, for
the purposes of such sinking fund, an amount equal to the sum of seven
thousand five hundred and sixty-four ten-thousands of 1% of the aggregate amount of such bonds, issued during such fiscal year, and for such of
said bonds issued during the fiscal year beginning June 30 1921, seven
thousand eight hundred and ninety ton-thousandths of 1% of the aggregate amount of such bonds issued during such fiscal year, and for such
1247
U. S. SENATE CONFIRMS NOMINATION OF BAINBRIDGE COLBY AS SECRETARY OF STATE.
The U. S. Senate on March 22 confirmed the nomination
of Bainbridge Colby as Secretary of State, succeeding Robert
Lansing, resigned. The nomination of Mr. Colby had been
sent to the Senate by President Wilson on Feb. 25, and Mr.
Colby was sworn into office on March 23. The Senate
Foreign Relations Committee, before deciding on March 19
to report favorably his nomination, held extended hearings
on the appointment, Mr. Colby on the 18th submitting a
long statement on the matter of the inquiry. No details of
the hearings have been made public, and on the 23d inst. it
was made known that Mr. Colby had suggested that Senator
Lodge, Chairman of the Senate Committee on Foreign
Relations, make public the evidence taken by the Committee.
Mr. Colby's letter follows:
Dear Senator Lodge: Will you permit me to express to you my appreciation
of the very courteous reception I had from you and the members of your
committee on the occasion of my recent appearance before the committee.
I am hopeful that a way may be found to lift the secrecy which surrounds
the evidence taken by the committee on the subject of my confirmation.
While reluctant to make a request that may in any degree conflict with the
usual practice of the committee or anticipate its action, it would be very
much appreciated by me if the whole record were given complete publicity.
Cordially yours,
BAINBRIDGE COLBY.
On the 23rd inst. also it was announced that the hundreds
of passports which had been accumulating pending the
installation of the new Secretary of State, would be issued
more quickly than had been hoped, as the result of prearrangements made by Charles B. Welsh of the Passport
Control Division. Mr. Welsh obtained Secretary Colby's
signature and had hundreds of passports prepared with the
facsimile signature ready to be issued the moment the new
Secretary took office.
U. S. WHEAT DIRECTOR REVOKES LICENSE.
Julius H. Barnes, United States Wheat Director, announced on March 24 that he had revoked until further
notice, effective at noon, March 22 1920, the license granted
to Seth Barrett of Frederick, Oklahoma, as warehouseman,
or elevator operator of wheat. Mr. Barnes says:
This license was revoked on account of the licensees violation of the conditions upon which his license was issued and held, particularly his failure
to appear when summond to a hearing before Mr. D. F. Plazzok, Second
Vice-President of the United States Grain Corporation and special agent
for the United States Wheat Director at Kansas City.
RECORD PRICE FOR FUR SEAL SKINS IN
GOVERNMENT SALE.
Secretary of Commerce Alexander announced on March
22 that 9,100 dressed, dyed, and machined fur seal skins
from the take of 1918 on the Pribilof Islands, Alaska, were
sold at the public auction held in the International Fur
Exchange, St. Louis, Missouri, on Feb. 2. These skins
commanded the highest prices ever paid, one lot bringing
$177 a piece. Numerous other lots sold for over $170 each,
the average being $140 97 each, an advance of $49 63, or
about 55%, over the previous sale held last September.
More than 600 buyers, representing 10 countries, attended
the recent sale, which netted the United States $1,096,833 23.
ANTI-TRUST SUITS TO BE PRESSED DESPITE U. S.
STEEL DECISION.
It was announced on March 11 that notwithstanding the
recent decision of the U. S. Supreme Court in the U. S. Steel
Corporation case the Department of Justice will proceed
against all corporations alleged to be trusts. The Supreme
Court decision in which the Government's contention that
the corporation was engaged in illegal restraint of trade and
the exercise of monopoly was overruled, was referred to at
length in these columns March 6, page 925. In indicating
the policy of the Department of Justice on March 11 Attorney-General Palmer said that "the steel case does not
indicate what the high court will do in other similar trials."
He added that the Department staff had given careful con-
1248
THE CHRONICLE
sideration to the steel decision and had found that there were
many differences from a legal standpoint in all other cases
now being prepared by the Government. "Mature study"
of the Steel Corporation decision, the Attorney-General said,
disclosed no weakness in the Sherman Act, under which the
suits were brought. Officials explained that the four-tothree decision on the vote in the steel trust case could not be
construed as meaning that that was the view of the high
court on the Sherman law. - The decision stated that the
corporation was not committing unlawful acts now, but
officials pointed out that the Department was left free to
Institute new proceedings if violations were discovered.
There are nine anti-trust suits before the Supreme Court—
the Southern Pacific-Central Pacific, the American Can
Company, the Quaker Oats Company, the Eastman Kodak
Company, the Associated Billposters, the Keystone Watch
Case Company and the Nash Bros., and the so-called coal
trust suit, involving the Reading Co. and the Lehigh Valley
Coal Co.
BILL CALLING FOR 10% TAX ON ADVERTISING
MATTER.
A bill was introduced on March 8 in the House of Representatives proposing a 10% tax on classified advertisements
in any book, magazine or newspaper having a circulation of
5,000 or more; the tax would not apply to advertisements of
articles "lost" or "found" or "help wanted," "positions
wanted," or auction sales of live stock and farming implements. On all other advertisements a tax of 15% would be
imposed. The bill was offered by Representative Thompson with a view to conserving the paper supply and raising
additional revenue for the Government. It was referred
to the Committee on Ways and Means. It reads as follows:
A BILL to increase the revenue of the Government of the United States
and to conserve the supply of print and other paper by imposing a
tax upon advertisers.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. That from and after the passage of this
Act there shall be levied, assessed, collected and paid by the advertiser
upon all advertisements in any book, magazine, or newspaper having a
circulation offive thousand or more, pamphlet or other publication entering
the United States malls a tax equivalent to 10% of the sum usually charged
by the publishers of such book, magazine, newspaper, pamphlet, or other
publication for such advertising matter: Provided. That such tax shall not
apply to nor be collected upon classified advertisements when the same is
a bona fide advertisement of articles "lost" or articles "found," of "help
wanted," of "positions wanted," nor to bona fide public sales at auction
of live stock and farming implements and utensils.
Sec. 2. That there shall be levied, assessed, collected, and paid by the
advertiser on all advertising matter other than that specified in section 1
hereof a tax equivalent to 15% of the sum usually charged for the production of such advertising matter.
Sec. 3. That each person, corporation, partnership, or association
receiving any payments referred to in this Act shall collect the amount of
the tax imposed herein from the person, corporation, partnership, or association liable therefor, and shall make monthly returns under oath, in
duplicate, and pay the taxes so collected to the collector of internal revenue
of the district in which the principal office or place of business is located
or obligation for the collection of the tax arose. Such returns shall contain
such information and be made in such manner as the Commissioner of
Internal Revenue, with the approval of the Secretary of the Treasury,
may by regulation prescribe.
[VOL 110.
settlement commission. The 27% increase in wages atlowed by the Commission, it is estimated, will add $200,000,000 per year to mining costs.
The Coal Commission's majority and minority reports
were enclosed in the President's letter to the operators and
miners, but the President assumed, he said, that both
groups, as previously agreed, would consider the majority
report binding. He enclosed the minority report, he said,
merely as information for their use in negotiating their
working agreement. John L. Lewis,President of the United
Mine Workers of America, declared on March 23 that he was
dissatisfied with the award in so far as it does not cover
reforms asked by the miners,but said that he would accept it.
Mr. Lewis said:
The affirmation of the majority report will be keenly disappointing to
the mine workers, ignoring as it does, many vital reforms for which they
ask consideration. Furthermore, the majority commissioners usurp the
authority now vested in them presuming to render decision upon questions
which were not raised by the operators prior to the formation of the commission and which of consequence were not included in the original matters
of difference between miners and operators.
Nevertheless, the miners are ready and willing to respond to the President's suggestion to participate in a joint conference in the hopo that a new
agreement can be concluded.
On March 24 Mr. Lewis sent to Thomas P. Brewster,
Chairman of the'Operators' Scale Committee, the following
telegram from Washington:
The President's letter of the 19th inst., addressed to the operators and
miners, made public yesterday, suggests the holding of an immediate Joint
scale conference to conclude the making of an agreement. In behalf of the
mine workers I express our willingness to comply with his suggestion. I
will be pleased to join with you in a call for the assembling of the joint scale
committee of the Central Competitive Field. Having in mind the con;
venience of all parties. I suggest that the meeting be held In New York on
next Monday. Mar. 29.
The President's letter to the miners and the operators
asking them to make a new wage .contraot was given out
simultaneously with the reports of the Coal Commission
and the text of the Executive order providing for withdrawal
of the Federal restrictions on prices and distribution. A legal
opinion had been rendered previously by former President
Taft to an operators' association holding that the fixing of
coal prices by the Government was illegal, being the exercise
of war powers which were no longer applicable. Suits had
also been instituted in the courts by the operators to test
the legality of the Government's price-fixing policy. The
text of President Wilson's Executive order issued on March 23
follows:
Pursuant to the authority vested in me by the Act of Congress of Aug. 10
1917, entitled 'An Act of Congress to provide further for the national
security and defense by encouraging the production, conserving the supply,
and controlling the distribution of food products and fuel,' and other
powers there unto me authorizing, I, Woodrow Wilson, President of the
United States of America, do hereby order and direct, that from and after
12:01 o'clock a. m. on the first day of April 1920, the order issued by me
on the 30th of October 1919. restoring certain rules, regulations, orders
and proclamations therein referred to, relative to the price of bituminous
coal and other matters and things therein described, shall be suspended
until further ordered, and that all other executive orders subsequent thereto
Issued by me, except the executive order of Feb. 25 1920, relative to the
Tidewater Coal Exchange, and all orders subsequent thereto issued by the
United States Fuel Administrator or any person acting pursuant to authority
conferred upon him either by me or the United States Fuel Administrator,
shall be suspended until otherwise ordered, on and after 12:01 o'clock a. m.
April 1 1920, it being the intent and purpose of this order to restore at
12:01 o'clock a. m. on April 1 1920 the rules and regulations of the United
States Fuel Administration to the status existing immediately prior to the
aforesaid executive order of Oct. 30 1910, but not in any wise to affect the
validity of any act or thing done under any of the said orders or regulations •
prior to 12:01 o'clock a. m. April 1 1920, or the executive order of Fob. 25
1920. relative to the Tidewater Coal Exchange,
PRESIDENT WILSON ORDERS REMOVAL OF RESTRICTIONS ON BITUMINOUS COAL INDUSTRY
AND ASKS MINERS AND OPERATORS
TO MAKE NEW CONTRACT.
In pursuance of an Executive order issued by President
The President's letter to the miners and operators on the
Wilson, Walker D. Hines, Director-General of Railroads, on
March 24 notified regional and district coal distribution com- subject of wages was as follows:
The White House, Washington. Marc's 19 1920.
mittees throughout the country that they would cease to
Gentlemen:—I am transmitting to you herewith a copy of the report and
function on April 1. This was the date set by the President award of the Bituminious
Coal Commission, appointed to adjust matters in
in his Executive order, issued the preceding day, providing controversy between the bituminous coal miners and operators of the
country.
for the removal of Federal control of bituminous coal prices
In accordance with instructions in my letter of appointment to the comand of other restrictions which were ordered put into effect mission and memorandum attached thereto, and the agreements
by mine
workers
and operators to abide by the report and award of the commission,
Federal
Government on the eve of the bituminous
by the
this report and the award is the basis upon which the wage schedule agreeminers' strike last November. The order of the President ments between the mine workers and operators
shall bo made.
was in line with the arguments made by the coal operators,
Operators and miners should, therefore, made arrangements for convening
joint
necessary
the
conferences
as
soon
as
possible
that Federal control of distribution and prices of coal should
to snake such changes in
the terms, provisions and conditions mining rates and wago schedules as
be lifted and that natural economic forces should be allowed are
set forth in this report and award.
to function.
It is essential to the public welfare that the agreements be concluded
Coincident with the issuance of the Executive order, Presi- at the earliest date practicable so that the uncertainty as to fuel supply
may be ended and that consumers may be able to make contracts for their
dent Wilson made public the majority and minority reports coal
supply and also that the recommendations contained in the report as
of his Bituminous Coal Investigating Commission, which had to the storage of coal by consumers may be of service this year.
inclose as information copy of minority report by one member of
also
I
tried but failed to reach a unanimous agreement on the questhe commission. This minority report concurs with the report of the comtion of wages and working conditions. These reports were mission as to the wage for
miners, though dissenting as to tho wage for day
referred to in a previous issue of our paper and are quoted workers, and In part concurs and in part dissents on other points. I regret
that
the
members
of
the
commission
were not unanimous on all points, as
further below in the present article.
I had expressed the hope
would be, but the report of the majority Is
The President on March 19 addressed a letter to the Execu- none the loss the report ofthey
the commission and binding as such.
I take It that neither party will raise any question, and I am sure no questive officials of the miners' and the operators' associations
asking them, with all possible speed, to negotiate a new tion can properly be raised as to the binding character of the award, notwithstanding the fact that it is not unanimous. On Dec. 10 1919, the
working agreement, based on the majority report of his miners, without qualification,
agreed to submit all questions to a decision
MAR. 27 1920]
THE CHRONICLE
ed by me, the report of such
of a commission of three persons to be appoint
wage agreement. This definite
commission to be made the basis of a new
limit the power which any
and unqualified acceptance did not in any way
the absence of agreement
such commission is always understood to have, in
majority vote. The acto the contrary, that it may reach a decision by
ied on this point. This
ceptance of the operators was equally unqualif
ent action on Dec. 19 in
condition was in no wise changed by my subsequ
importance of unanimous
expressing a belief as to the desirability and
action.
the power ot fix the
My appointment of the commission indicated that
commission except for its
the
upon
ed
conferr
be
not
would
coal
of
price
power to fix coal prices
unanimous action and therefore it is clear that such
should not be conferred on the commission.
whether the war power of the
I have carefully considered the question
me, despite the absence of
by
invoked
rily
tempora
be
should
Lover Act
to continue temporarily
any action of the commission so recommending
is not expedient for me to
the control of prices and have concluded that it
and after April 1 1920
exercise any such price-fixing control so that, on
d.
no Government maximum prices will be enforce
new coal prices for
fixing
There is, at present, no provision of law for
grave emergency shall arise,
peace-time purposes, and unless and until some
purposes of the Lever
which in my judgment has a relation to the emergency
with reference to future
prices
coal
fixing
in
d
justifie
fool
not
Act, I would
conditions of production.
shortage created by the
I am aware that at present, as a result of the
with transportation and as a
coal strike and of the consequent interference
Winter, the demand for coal
result, also, of the exceptionally unfavorable
the coal operators the extreme
continues active. I desire to impress upon
laws
to the fullest extent with the
importance not only of their complying
also
againat profiteering, but
against combinations in restraint of trade and
nunreaso
of
exacting
prevent
to
ively
affirmat
ves
themsel
g
exertin
of their
appreciates the desirability
able prices for coal. I am sure the public fully
tions untrammeled, but
where practicable, of leaving commercial transac
find ways to protect itself
at the same time I am satisfied the public will
unreasonably high prices.
if such liberal policy shall appear to result In
Sincerely yours,
WOODROW WILSON.
1249
production. When
to one season, there is a groat car shortage, which limits
are idle men,idle mines.
the market drops in the spring and summer, there
es,the indusand idle cars. From the standpoint of employers and employe
try has yielded a hazardous return.
production
s
of
evennes
"The solution of the problem is to bring about
ation of the railroads.
and distribution. This can be done by the co-oper
on the one side, and of
public utilities, and steel companies as consumers,
the banks and the
the operators, the Inter-State Commerce Commission,
Federal Reserve System, on the other side.
view favorably the eligi"We believe that the Federal Reserve banks will
ed and stored by the
bility of commercial paper based upon coal purchas
. Some of the leading railrailroads and public utilities in the dull seasons
ation. Others approached
roads have given assurances of their co-oper
have not.
, it will result In time in a
"If virtually complete co-operation is assured
ment, and even distribusubstantsally even production, cont'nuous employ
rs will then not have to
Von throughout the year. The small consume
and will not bt, at the mercy
compete with the large consumer 'n the winter
of pr'..)rity.
of the pract'ce of commandeer'ng on the ground
y be high, but when this is
"Until this Is done, wage costs must of necessit
employment more continuaccomplished prices should be more reasonable,
present inexcusable and exous, and the industry better stabilized. The
travagant waste would then be eliminated.
recognize that no other
"The mine workers themselves, we feel sure,
day would seriously
remedy will be adequate. A shortening of the working
y and mere a.se the
industr
toe
to
affect production, add additional workers
ion would,in turn,add
present unsettled condition. This decreased product
n in other industries
still further to the cost of living, hitting the workme
and continue the folly of such pyramiding."
the coal
• The view seemed to be entertained by some of
a new
ate
negoti
to
ible
imposs
be
operators that it would
nment
agreement by April 1, due to the fact that the Gover
violad
allege
for
ors
operat
and
miners
125
uting
was prosec
ed
tion of the Lever Food and Fuel Control Act. We referr
to this in our issue of March 13, page 1041.
ent's Coal
The majority and minority reports of the Presid
ngton PRESIDENT'S SECOND INDUSTRIAL CONFERENCE
Washi
in
length
some
Commission were referred to at
ding
Regar
SAYS EMPLOYER AND EMPLOYEES MUST
advices of March 23 to the New York "Times."
SOLVE INDUSTRIAL PROBLEMS TOGETHER.
a dvices said:
the salient features of the reports these
was
majority report, which
the
by
ended
recomm
27%
of
The Second National Industrial Conference which
The wage increase
increase allowed in the
the President calls the award, absorbs the 14% increase, it is said, of appointed by President Wilson last November to find a
annual
strike settlement and means a still further
made public
Oct. 1919. To have short- solution of the industrial problems of the nation
$96,000,000 and a total of $200,000,000 since
mending
the labor representarecom
ent,
by
Presid
ended
the
to
recomm
as
report
hour,
one
its
day
20
March
ened the working
$100,000,000, according on
of employer and worker "as
tive on the commission, would cost an additional
zation
organi
injoint
the
an
n
urged
therei
strike
the
to the majority report. Secretary Wilson before
ng
Administrator, an increase a means of preventing misunderstanding and of securi
crease of 31.6%, and Dr. Garfield, former.Fuel
"
rative effort.
of 14%
accept as a basis an co-ope
Both the majority award and the minority report
This conference, made up of prominent public men, was
a ton over the wages in
Increase in wages to tonnage workers of 24 cents
al
except
monthly men,
called by President Wilson after the failure of the, origin
effect on Oct. 31 1919. As to-day laborers and
at
advance in such wages
r
an
Octobe
s
for
last
met
provide
which
award
ence
the
'boys,
Confer
other
trappers and
al Industrial
than men's wages 53 Nation
g
of $1 per day, and trappers and boys receivin less
ies following the withdiffered from the award Washington and terminated its activit
cents per day. The minority report in this respect
other boys,
and
s
tion.
trapper
delega
labor
except
men,
the
of
and
drawal
and proposed that day laborers
g less than men s
bo advanced $1 35 per day, trappers and boys receivin wages for other
The Second Industrial Conference opened its sessions at
to
wages to be advanced 75 cents per day. In regard
are Washington Dec. 1. It issued on Dec. 28 a preliminary
reports
two
the
,
turning
room
clam* of labor, yardage, dead work and
report of its deliberations, embodying plans for the estabIn agreement, tho Increase being fixed at 20%.
agrees to
The award retains the eight-hour day and the minority report
In
nt of machinery to prevent and settle labor disputes.
on
lishme
reducti
a
ending
retain the present working day for one year, recomm
termination These plans were advanced for consideration, study and conthe
to
as
agree
reports
working time after that period. Both
Spring. Both reports structive criticism by interested individuals and organizaof the contract, the decision being in favor of the
ce between the
provide for tribunals for the settlement of points of differen
the country. The conferencq then rea commission to be tions throughout
operators and the miners, the majority report proposing
diffecertain
reassembling at Washington on Jan.
r
weeks,
conside
three
to
for
miners,
cessed
selected jointly by the operators and the
disputes between
future
of
ent
settlem
tions and criticisms which had been
ion
the
for
a
sugges
commiss
the
also
rentials and
12 to consider
the operators and the miners.
ening period, and to hear in person
interv
the
tively
during
"specula
it
to
sent
is
y
The award recognizes the fact that the coal industr
tive
competi
d the suggestions and criticisms.
under
offere
had
ry
who
necessa
those
be
will
of
some
over-developed," and the fact that it
down. The
close
to
on
operati
in
ence outlines and asks the
now
mines
the
of
confer
some
for
conditions
In its final report the
for the miners and
question of car pushing, camps and housing, power, coal
a complete system for the
up
set
to
ces
ss
differen
Congre
and
ent
the
Presid
and
blacksmithers are dealt with specifically in both reports
es on a local, regional
disput
rial
indust
all
of
settlement
In these matters aro not material.
ends the storage
In addition to the award, the majority report recomm coal for July 1 and national basis, through collective shop agreements, by
ous
n
of a minimum of throe months' Winter supply of bitumin utilities, railroads
decision of a regional conference board, or final determinatio
of each year by Federal Government departments, public
to
Commission
is
which
board,
ce
rial
Commer
al
indust
nation
te
a
or
the
Intersta
by an umpire
and other consumers; the study by
lower in the Spring
•
of the advisability of instituting freight rates on coal
.
e as far as possible sit in Washington
than in the Fall and Winter months, and steps to minimiz
of
labor relations and
phase
every
into
goes
report
The
car shortage in the transportation of coal.
this is
as
prices,
significant recomof
n
most
Its
.
questio
the
yment
on
emplo
The majority report does not touch
conditions of
on the assumpnot a matter within its jurisdiction. The minority report, rs were able to mendations were:
his statement that coal operato
tion that Dr. Garfield, in
was not absorbed.
absorb an increase of 14% and that 80% of that advance
now called for
stated that "it seems apparent that the additional 13%
should be taken care of by the operators."
said in part:
In submitting their report, Messrs. Robertson & Peale
in the cost of
"Every effort was made to ascertain the actual increase
s were presented.
living to the miners. Many different figures and opinion
evidence submitted
Our award, as the result of careful scrutiny of all the
the miners an
by the parties in interest and otherwise obtained, grants
the cost of living
advance in ways larger than the percentageof increase in
submitted by their representatives.
an average in"Tonnage workers will have received under this award
of whose previous
crease in wages since 1913 of 88%, and day men, part
ation rather than
advance was based on existing inequalities in compens advance of 111%.
on increased living costs, will have received an average
contention—a re"Tho other main point of the United Mine Workers'
and five days a
duction In the working hours from eight to six hours a day,
We are conweek—is not granted, for the reason we state in the report.
only against
vinced that a curtailment of productive energy would react not
the whole population but against the miners themselves.
is likewise
"It is essential that the miners shall have living wages. It
n in production.
essential In the public interest that there shall be no let-dow
e answer
"A wage settlement for the moment is not a correct or adequat
basis for years,
to the problem. The coal industry has been on an unsound
and car
es
shortag
car
g
because of its seasonal character and the resultin
coal comes
service intermittences. The heavy movement of bituminous
nt limited
in the fall and winter. Inevitably, with the buying and moveme
in shops or plants.
1. Establishment of employee representation
ve bargaining.
2. Acceptance of tbe principle of collecti
of industrial disputes.
3. Creation of machinery for settlement
ng and development of co-operative
4. For a now system of food marketi
speculation and profiteering.
stop
to
s
buying and selling of food product
ble living conditions and
5. Fixing of a minimum wage to give reasona
effects of lack of competence.
protect community and individual from the ill
investigate living costs.
6. Extension of Government machinery to
to profit sharing.
7. Establishment of "gain sharing" as opposed
e, and for converting Liberty Loan
8. Promotion of the insurance principl
savings into some form of annuities.
with preferably forty-eight
9. Fixing hours of labor on a weekly basis,
.
hours a week and a Saturday half holiday
on the basis of studies of fatigue
10. Final determination of hours of labor
one hand and studies of
and the effect of work in a particular calling on the
the other.
hours that will give maximum production on
d schooling and physical up11. 1,:rovention of child labor and enforce
building.
y as to hours and conditions
12. Special safeguards for women in industr
.
production.
of work, and equal pay for equal skill and
13. Better housing.
14. Prevention of labor turnover.
ons for Government workers and
15. Relief from present economic conditi
school teachers.
The report opposes:
ills.
1. Profit sharing as a panacea for labor
1250
THE CHRONICLE
2. Restriction of production by labor.
3. Strike by United States employees or public servants,
such as police
and firemen.
4. Against affiliation of policemen and firemen with organizatio
ns that
use the strike weapon.
5. Encouragement of overtime work.
[voL. no.
sentatives in the adjustment conference. Provision
is Made for prompt
report of its findings to the rate regulating
body.
The conference makes no recommendation
of a plan to cover steam railroads and other carriers, for which legislation
has recently been enacted by
Congress.
7. The plan provides machinery for prompt and
fair
and working conditions of Government employees. adjustment of wages
It is especially necessary for this class of employees, who should
not be permitted to strike
8. The plan involves no penalties other than those
imposed by public
opinion. It does not impose compulsory arbitration
. It does not deny
the right to strike. It does not submit to
arbitration the policy of the
"closed" or "open" shop.
The plan is national in scope and operation, yet
it is decentralized. It is
different from anything in operation elsewhere. It
is based upon American
experience and is designed to meet American conditions.
It employes no
legal authority except the right of inquiry. Its
basic idea is stimulation to
settlement of differences by the parties in conflict,
and the enlistment of
public opinion toward enforcing that method of settlement
.
The conference issued a warning to the nation against
building up the conditions of industrial labor at the expense
of the farms, saying that such a course would restrict food
production seriously and would inflate food prices. Deflation from present high prices, it declares, must come slowly
and can be accomplished only by greater production, economy and a gradual restriction of credits. In this it is in
agreement with the Federal Reserve Board.
The conference not only declares for collective bargaining
as a fundamental solution of present industrial problems, —A statement was issued by
Mr. Hoover on March 20 in
but for "labor's right to be represented by representatives of which he explained the work
of the Second Industrial Conits own choosing." It was on these two questions that the ference and the purposes of the
original industrial conference split and finally broke up. lated. Mr. Hoover's statemensettlement plan it had formut said:
It will be recalled that President Gompers, of the American
We kept away from principles which involve controvers
y. Men could
Federation of Labor, and other labor delegates left the con- argue a thousand years on the open or closed shop or collective bargaining
without convincing each other. So we decided to adopt
policy, not a
a
ference when it failed to approve recognition of these prin- principle.
ciples in the form desired by the Labor Group.
No conference can settle these questions of principle, and
in most cases
The conferees in their report state that they have modified it is a matter of argument between the groups whether or not they are
principles. So if objection is raised by either party they are not
allowed
the tentative plan of machinery to adjust disputes in general to come.up. Collective bargaining
was adopted by the conference as a
Industry by conference, conciliation, inquiry and arbitration, policy but not as a principle.
The background of the conference report is a policy of "got together"
announced by the conference on Dec. 28 1919 and that they
for
joint settlement with pressure to bring it about whore the parties were
have endeavored to develop methods of prevention rather unwilling. The ,conference
considered that modern industry, as conducted
than adjustment of labor difficulties. The modified plan, in large establishments, had caused a loss of personal contact between emdevised since the conference reconvened last Jan. 12, it is ployers and employees. It, of course, makes possible the greater production
that has made our high standard of living. Direct personal contact,
in
said, makes 'machinery available for "collective bargaining the old manner of
smaller units, with the sense of personal responsibility for
with only incidental and limited arbitration." The plan the interest of both sides, cannot be restored.
The conference, therefore, believes that the just, human relationships behas been extended to cover disputes affecting public utilities
tween the employer and the employee can only be promoted by deliberate
other than steam railroads and also to Government and other organization to bring them
together. It feels that a new American basis of
employees. In addition the report analyzes the develop- industrial relationships has been developing during the last two or three
years in the widespread and deliberate organization of these relations
bement of industrial relations, hours of labor, women in in- tween employers
and employees in many hundred establishments through
dustry, child labor, housing, wages, profit-sharing and gain- the country on a democratic basis.
The machinery as outlined in our report, offers a neutral ground upon
sharing, thrift agencies, inflation and high cost of living,
which employers who are bitterly antagonistic to the organized labor can
agriculture, unemployment and a public employment clear- still
be kept in contact with their men in case of disagreement, under the
ing house.
auspices of a government official who, ex-officio, represents the public.
The
conference considers that it is idle wholly to deny the existence of
The report is signed by Secretary of Labor Wirson, as
conflicting interests between employers and employees, but there are wide
Chairman; Herbert Hoover, as Vice-Chairman, and the areas
of activity in which their interests coincide.
public has a primary
following other members of the conference: Martin H. interest in the prevention of these conflicts causingThe
stoppage to production
and
service
and
the
creation
processes
of
leading
Glynn, Thomas W. Gregory, Richard Hooker, Stanley
to agreement as to wages
and conditions of labor without the stoppage of production is the greatest
Bing, Samuel W. McCall, Henry M. Robinson, Julius hope
of mitigating strikes and lockouts.
Rosenwald, George T. Slade, Oscar S. Straus, Henry C.
The conferences proposes a plan whereby, when parties approach too
Stuart, William 0. Thompson, Frank W. Taussig, Henry J. near conflict, their freely and properly chosen representatives can be brought
together in council under conditions that make for a collective agreement.
Waters, George W. Wickersham, and Owen D. Young, But the conference
also holds that such council must be entered into volunand Willard E. Hotchkiss and Henry R. Seager, Executive tarily on both sides.
The
plan
involves
but small government expenditure and but little extenSecretaries.
sion of permanent
officials. A board of nine members at WashingThe report was unanimous with two exceptions. Former ton, together with public
twelve regional chairmen, comprise all there is to this
Attorney-General Gregory and Mr. Stuart are said to have basic machinery.
It is interesting to note that so great an authority as Mackenzie King,
held to the,conviction that public service employees should former
Minister of Labor of Canada, who has been largely responsible for
be prohibited from striking and that there should be some the origin and administration of the Canadian
industrial procedures, considers the plan put forward by the conference as a constructive improvement
provision for enforcement of awards.
on all others hitherto proposed.
The settlement plan outlined and recommended by the 'The report probably will
not meet
the approval of the extremists
conference was largely the work of Herbert Hoover, it is on either side, but it has been approvedwith
in its broad linos by many hundreds
of
employers
and
many
prominent labor leaders who have been consulted
understood. It would apply impartially to union and noncommunicated with. The conference believes that it will appeal to
union labor. It would not prohibit strikes or lockouts, does or
those who believe in sane and sure steps to advance of human relations in
not provide for compulsory arbitration which organized industry.
It will be interesting if critics will road the entire document before they
labor opposes, or for enforcing collective bargaining or
forth criticisms. It would be even more interesting if political leadacceptance of arbitral awards by either party, and avoids launch
ers would state their agreement or disagreement with it.
legal compulsion in any form. The plan is outlined in the nii
—discussing the question of unrest the final reportvp'f the
report as follows:
Industrial Conference said:
1. The parties to the
dispute may voluntarily submit their differences for
The causes of industrial unrest arc many. Among others they include the
settlement to a board, known as a regional adjustment conference.
This rise in the cost of living, unrestrained speculation, spectacular instances of
board consists of four representatives selected by the parties and four
others excessive profits, excessive accumulation and misuse of wealth, inequality in
in their industry chosen by them and familiar with their problems.
The readjustments of wage schedules, release of ideas and emotions by the war,
board is presided over by a trained Government official, the regional
chair- social revolutionary theories imported from Europe, the belief that free
man, who acts as a conciliator. If unanimous agreement is reached,
it speech is restricted, the intermittency of employment, fear of unemployresults in a collective bargain, having the same effect as if
reached by a ment,excessive hours of work in certain industries,lack of adequate housing,
joint organization in the shops.
unnecessarily high infant mortality in industrial centres, loss of personal
2. If the regional conference fails to agree unanimously, the matter,
with contact in large industrial units and the culmination of a growing belief
certain restrictions, goes, under the agreement ofsubmission, to the National on the part of both employers and employees that readjustme
nt Is necessary
Industrial Board, unless the parties prefer the decision of an umpire
selected to a wholesome continuity of their united effort.
by them.
There is, however, a feature of the present industrial unrest which
3. The voluntary submission to a regional adjustment conference carries differentiates it from that commonly existing before the war. It cannot be
with it an agreement by both parties that there shall be no interferenc
denied that unrest to-day is characterized mere than ever before by purposes
e with
and desires which go beyond the mere demand for higher wages and shorter
production pending the processes of adjustment.
4. If the parties, or either of them,refuse voluntarily to submit the dispute hours. Aspirations inherent in this form of restlessness are to a greater
extent psychological and intangible. They arc not for that reason any leas
to the processes of the plan of adjustment, a regional board of inquiry
Is significant. They reveal a desire on
the part of workers to exert a larger
formed by the regional chairman, of two employers and two employees
from and more organic influence upon
the industry, and not parties to the dispute. This board has the
the processes of industrial life. The
right, impulse is not to be discouraged, but
made helpful and co-operative. With
under proper safeguards, to subpoena witnesses and records and the duty
to comprehending and sympathetic appreciatio
publish its findings as a guide to public opinion. Either of the parties
n, it can be converted into a
at force working for a bettor spirit and
understanding between capital and
conflict may join the board of inquiry on giving an undertaking that,
so far
as its side is concerned, it will agree to submit its contention to a regional labor, and for more effective co-operation.
adjustment conference, and if both join, a regional adjustment
The report dealt with the subject of wages in the following
conference
is autothatically created.
manner:
5. The National Industrial Board in Washington has general oversight of
Considered from the standpoint of public interest, it is fundamental that
the working of the plan.
he the basic wages of all employees should be adequate to maintain the em6. The plan Is applicable also to public utilities, but in such cases t e_ ployee and his family
in reasonable comfort, and with adequate opportunity
Government agency having power to regulate the service has two repr
for the.educationpf his children. When the wages of any group fall below
MAR. 27 1920.]
THE CHRONICLE
dangerous to the
this standard for any length of time the situation becomes
its citizens from
well being of the State. No country that seeks to protect
discontent
the unnecessary ravages of disease, degeneration and dangerous
forces result in the
can consistently let the unhampered play of opposing
point
that
Above
level.
suppression of wages below a decent subsistence
in determining the
there may be a fair field for the play of competition
special risk (where
compensation for special ability, for special strength or
becomes one of which
risk is avoidable), but below that point the matter
account.
take
must
n
the State for the sake of its own preservatio
only from the
The nation is interested in the welfare of its citizens not
production. If,
point of view of wages but from the not unrelated one of
and wages
hours
therefore, the conference recommends the establishment of
the employees
on a basis of justice to employees it must also recommend that
is safeguarded.
do their part in seeing that the productivity of the nation
limitation
The nation has a right to ask that employees impose no arbitrary
decreases the
of effort in the prosecution of their work. Such limitation
in a
result
to
bound
is
country's output, and if practiced at all generally
leaders of
decline of the standard of living. It is gratifying that many
limitation
organized labor are in agreement as to the unsoundness of such
of output, and are opposed to its practice.
level
living
a
below
If it is for the nation to insure that wages shall not sink
upon emand for employees not to restrict production, it is incumbent
their
ployers to see that special effort and special ability on the part of
output and
employees receive a simulating compensation. If increased
such
to
incentive
the
efficiency are met only by a reduction of piece prices
they
effort is taken away. Employees to do their best work must feel that the
bring
are getting a reasonable share of any increased return that they
ignore as
industry. Labor incentive is a factor that it is as shortsighted to
1251
out
economic readjustment. Many of the evils which we have pointed
steps are
were in existence between the war, and will remain in existence, if
adjustment
not taken to remedy them. The machinery of co-operation and
of
which we recommend we believe to have permanent value as an agency
in
mind that,
borne
be
should
it
industrial progress. At the same time
is still
to-day, when the sense of the magnitude and danger of social unrest
thought
acutely upon us, when we have not yet reverted to settled habits of
may
it
nt,
of
readjustme
and action, when our economic life is still in a state
of a
be possible to establish ideals and set up machinery which the inertia
hysterlater day may defeat. Not with any feeling of panic, not with any
ical haste but sanely and sensibly we urge that these reforms be put into
effect. And we do so with the belief that they will not only contribute
but that
largely toward the elimination of the causes of industrial strife
they will make for the introduction in American industry of these demoAmerican
cratic principles which constitute the most precious heritage of the
citizen.
The Second National Industrial Conference began its
meetings Dec. 1 and adjourned March 6, having held, it was
said eighty sessions. Its preliminary report, on which in
part its final report was based, appeared in full in the
"Chronicle" Jan. 3, pages 40, 41 and 42. The conference
was not divided into groups—capital, labor and the public—
as was the first Industrial Conference, nor did any particular
group have a spokesman at the conference.
SAMUEL GOMPERS SAYS INDUSTRIAL CONFERENCE
PLAN IS UNSATISFACTORY TO LABOR.
As was the case last December, when the Second Industrial
Conference issued its preliminary report, the first person to
make a criticism of the report of the conference was Samuel
Gompers, President of the American Federation of Labor.
When on March 20 the final report was made public, Mr.
Gompers issued a prepared statement, saying 'that the conference "even though prompted by the best of motives, had
neither the experience nor the understanding of the history,
the methods and purposes of the organized labor movement,
employof
hours
of
fixing
tho
it followed in the wake of others whose only purpose has
to
and
as
Recommendations
to get away from the trade union influence and conment were made in the report as follows:
been
should be
Hours of labor, wages and women and children in industry
work." The spokesman of organized labor said
structive
worker
approached from the aspect both of the health and welfare of the
a
over
y for adjusting disputes between employees and
machiner
power
the
and of the efficient use of the country's resources in man
in what
s, which has for years been in existence in practically
employer
prolonged pericd of time. The nation is not interested primarily
immediate
one or another body of its citizens may believe to be fOr their
in the United States, is superior
develop- every organized industry
personal advantage* it is interested fundamentally in the progressive
The to the machinery now suggested by the industrial conference,
citizens.
ment of the physical, mental and spiritual well being of its
complicated
in point of simplicity and in point of effectiveness.
question as to what constitutes this well being under the
offhand, both
conditions of modern industrial life cannot be easily determined
Gompers' statement follows:
Mr.
exof fact, accurately ascertained from
incentive to capital.
solution of
Profit sharing is regarded in some quarters as a complete
promise in
industrial problems. The conference believes that while it has
reaching effect.
some directions, it cannot by itself be considered to be of far
condicertain
under
Profit sharing in its simplest form has met with success
happy
tions—sometimes where an unusual personality has contributed to a
to
outcome—sometimes where the contribution of individual employees
It has
the profits of an enterprise can be measured with some accuracy.
executive
occupying
proved of beneficial effect when applied to employees
to all
and management positions and to sales organizations. Its extension
diffieuties. It
the employees of typical manufacturing plants meets with
are
plants
is not easy to determine what part of the profits or losses of such
to apporattributable to the efforts of the rank and file of the employees or
with the
tion among them shares of profits which shall be steadily in accord
spirit and the direct outcome of their individual efforts.
but must be based upon a body
perience.
industry, but
Studies should be made in each industry (preferably by the
problem of
in its default by the appropriate Government agency), of the
the basis of
industrial fatigue in relation to production, to determine on
health and
the
experience; first, what schedule of hours is consistent with
the above
well-being of the workers: and, second, the hour schedule within
industry.
limitations, which will afford the maximum productivity in the
by
primarily
It should be recognized by employees and employers, and
maximum
of
standard
the
the public, that hours schedules which are below
product, and
productivity must necessarily reduce the total industrial
Such reducconsequently reduce the standard of living or increase prices.
product of
tion in all industry Will necessarily reduce the total industrial
below
much
that
by
be
reduced
the nation, and the standard of living will
account in
the attainable maximum. This fact should be taken into
which
connection with the advantages in other directions to the worker
may accrue from such a shortening of hours.
that
Studies which have already been made in some industries indicate
conference
long hours do not in general result in maximum production. The
hours
on
believes that some industries are now operating, in part at least,
which
schedules which are above the standard of maximum productivity, and
recreaand
rest
for
y
opportunit
in any case do not allow employees proper
numtion. There are large basic industries which still employ substantial and
a week
bers of their men in exhausting work for eighty-four hours
to
contrary
are
longer. Such conditions are opposed to public interest,
for inevery instinct of human development, and are a pregnant cause
dustrial and political unrest.
various inIt is perhaps unnecessary to point out that the conditions of
unnecessary and
dustries make any universal standardization of hours
agricultural
unwise. For example, the seasonal and intermittent nature of
which
work and the fact that it is carried on under out-of-door conditions naturwould
are not essentially detrimental to the well being of the worker
is
work
the
which
in
ally exclude agriculture from the class of industries
confining and repetitive.
that in fixing
The conference believes that experience has demonstrated
with the
hours of labor in industrial establishments at a point consistent
recreation
and
rest
for
y
health of the employees and with proper opportunit
there should in all cases be provision for one day's rest in seven.
and
The conference believes that in most factories, mines and workshops,
a schedule
especially in repetitive work, the present trend of practice favors
week.
per
of hours of not more than forty-eight hours
substantially less
The conference does not think that a schedule of hours
this time desirthan the forty-eight hour standard now in operation is at
problem on the
able, except in industries where a scientific study of the
necessary for the
basis already outlined, indicates that such reduction is
is in the public
protection of the health and safety of the workers and
interest.
agreement of
mutual
The practice in some industries of arranging by
without reduction of
employer and employees for a Saturday half holiday,
of labor schedthe weekly schedule of hours, has groat advantages. Hours
should not be
ules should be arranged on a weekly basis, and overtime
permitted except in case of temporary emergency.
hours below
It should moreover be borne in mind that further reduction of
other inthe standard in any industry will throw an extra burden upon
s which
dustries, and may especially prejudice agricultural communitie
workers
away
drawing
already feel the growing competition of the cities in
from the farm.
by
The conference has devised a mass of machinery to be made effective
law, composed of a national industrial board and local and regional conferences or boards of inquiry. The whole situation in this respect may be
summed up as follows:
Tried and tested machinery for conciliation and arbitration between
employers and employees exists wherever employees are organized.
This machinery functions perfectly wherever employers forsake the spirit
of dominance and the attitude of autocracy.
Through the use of this machinery it has been found possible to maintain
industrial peace with no stoppage of work of any kind for periods ranging
from ten to forty years.
No machinery devised by the Government or its agencies or supervised
by the Government or any of its agencies could achieve results superior to
the results achieved by machinery which has long been in operation in our
industrial life.
In industries where the employers are not organized, no machinery of any
kind, whether supervised by governmental agencies or otherwise, can produce industrial justice. Organization of the workers is the fact upon which
of
must be predicated the existence of any machinery for the settlement
disputes or the extension of the principles of democracy in industry.
in
American
progress
Surely no intelligent agency can hope to achieve
workers
industry without organization of the workers. With organization of
Organino structure of machinery need be thrust upon It from the outside.
the
zation brings with it machinery which is both adequate and practical,
pure
theory.
result of experience and shorn of any of the fantasies of
serious
very
a
of
criticism
merits
conference
The report of the industrial
it terms
nature in connection with the emphasis which it places on what
dis"employee representation," under which generic term it groups those
councils,
shop
tinctly local shop organizations known as shop committees,
feared
be
to
is
It
in
t
industry.
g
governmen
works councils and representin
shop
that the commission views industry from the viewpoint of the single
and builds its machinery on the theory that disputes are to be settled shop
will
it
operation
by shop. If such a viewpoint is to be actually carried into
be most disastrous.
Unavoidably organization with independent shop units of the employees
from
is a menace to the workers for the reason that it organizes them away
each other and puts them in a position where shop may be played against
the
shop. Not only the welfare of the workers but the best economy for
nation demands that industry, in so far as possible, be viewed in a national
whole
light and that the workers be united into organizations covering
industries, as is now the case with the 120 national and international trade
unions.
There can be no objection to the closest relations of a co-operative nature
between employee and employer in the shop, but those relations must never
take on such a form as to separate the workers in that shop from the rest
of their follow worker sin the industry.
It seems to be the conviction of the commission that these so called shop
organizations are a kind of substitute for unions. That certainly is the idea
which prevails in the minds of a number of employers and it is the idea which
they would give much to see made operative in a wider field.
The report of the commission points out that a number of trade union
the
leaders regard shop representation as a subtle weapon directed against
union, but concludes that "occasional misuse of employee representation
are
and the consequent hesitancy of organized labor to indorse it officially
based on a misconception of the possible and desirable relations between
the union and the shop committee."
This is not the case. The trade union movement as a whole is opposed to
In conclusion the report said:
because
emphasize what are known as "shop committees" and "shop organizations,"
to
desires
conference
the
ations
recommend
these
In presenting
they in no sense
e period of they are fundamentally wrong in principle and because
that they are not merely designed to tide over a troublesom
1252
THE CHRONICLE
[VOL. 110.
serve the real interests of the workers, but readily lend themselves to the
ANTHRACITE MINERS WILL NOT ACCEPT 27%
designs of employers hostile to trade unionism and are, in fact, almost
without exception, creatures of employers.
WAGE INCREASE—WILL NOT STRIKE APRIL 1.
The Commission speaks as though employee representation were someThat the anthracite miners "will not consider any wage
thing apart from trade union organization and found no place in the labor
movement. The fact is that the trade unions afford to the workers the scale unless it gives us at least 18 7-10%
increase over the
only bona fide and effective system of representation- known in American
27% advance awarded the bituminous men" was the stateindustry. Through the trade union movement the employees get actual
representation, freed from any influence of any kind except the influence ment made on March 25 by Philip Murray, international
of their own judgment and needs. Furthermore, trade union organization vice-president of the United Mine Workers,
who is attendincludes organization within the shop and offers the fullest opportunity for
ing the wage conference of the miners and operators in New
co-operative relations between the workers in the shop and the employer.
The report of the conference says that "the nation has a right to ask that York. On March 24 the sub-committee of the confornece
employees impose no arbitrary limitation of effort in the prosecution of reached an agreement to the effect
that any wage advance
their work." Did the conference forget that production in American industry is greater per man and in the aggregate than production in any other that might be granted to the miners would be retroactive
country in the world? The trade union movement of America is perhaps to April 1 1920, the date on which the present contract exthe only great and powerful labor movement in the world which does not pires. This agreement is
considered as having made certain
sanction restriction of output by the workers. It realizes that restriction
is as injurious to the moral fibre of the individual workman as it is to the that there will be no strike in the anthracite fields in the
larger economy of industry.
event that a new contract is not made before that date.
American labor understands, perhaps more fully than American states- The agreement
on the subject of wage increases was embodied
men, the needs of the world in this hour and it is exerting every effort to
in the following resolution adopted by the sub-committee:
see that those needs are met with intelligence and with promptness.
Whereas, The negotiations now pending between the anthracite mine
Labor, if it be permitted, can, out of its intimate knowledge of industry,
supply much of the intelligence that will guide to a conduct of industry out workers and operators may require additional time to reach a mutually
of which will come that increased production which is so greatly to be desired, satisfactory conclusion; and
Whereas, It is to the public interest that the supply of coal be not diminbut which has thus far called forth so little real effort from the employers.
The fact of the whole matter is that the President's Commission, even ished; therefore
Be
it Resolved, That pending a conclusion of the negotiations there shall
though prompted by the best of motives,,had neither the experience nor
the understanding of the history, the methods and purposes of the organ- be no cessation of work and that by mutual consent the working conditions
ized labor movement and it followed in the wake of others whose only of the agreement of May 5 1916 and the war allowances supplemental therepurpose has been to get away from the trade union influence and con- to, be continued pending negotiations, and that whatever agreement is
finally reached shall be retroactive to April 11920.
structive work.
PRESIDENT WILSON ASKS FEDERAL DEPARTMENTS
TO FOLLOW RECOMMENDATIONS REGARDING
PURCHASE OF WINTER COAL.
President Wilson sent a letter on March 24, through his
Secretary, Mr. Tumulty, to all Cabinet officers and the
Chairman of the Shipping Board, asking that Government
agencies buy and store a three months' winter supply of
bituminous coal before July 1, or as soon afterward as possible. The President's recommendation was made in accordance with the suggestions contained in the majority
report of his Coal Commission which investigated the wage
demands of the bituminous miners. The early buying plan
is designed to stabilize the coal industry and to insure a
supply to Government consumers. Governors, County
Supervisors, Mayors and the steel corporations have been
asked to provide for their winter needs in summer and the
Federal Reserve Board has been asked to issue memoranda
to the various Federal Reserve banks requesting that they
look with favor upon paper for rediscount drawn against
coal in storage.
Mr. Tumulty also wrote to Chairman Clark of the InterState Commerce Commission calling attention to the recommendations that the Commission take car allocation and
control in hand so as to prevent preferential service.
The Commerce Commission was urged in the report of
the President's Coal Commission to give special attention
to seasonal rates on coal, the coal car supply and other
matters relating to the distribution of coal over which it has
control under the law.
Correspondence from D. M. Reynolds, assistant to Henry
M. Robinson, Chairman of the Coal Commission, was made
public March 25, indicating the views of the Coal Commission on the summer buying and storing plan. The
letter was written to Mr. Robinson and said:
The public utility corporations and a great many manufacturers have been
so dangerously near coal famine in the past, and want of cars next winter
may so seriously affect the ability of the carriers to handle coal, that it was
the Commission's belief that the purchase of coal during the summer months
could be made a permanent thing. In this regard the public utility corporations already have agreed to store more than 12,000,000 tons.
The Council of National Defense has assumed the duty of obtaining the
support of the general public in the stabilization of the coal industry through
the purchase, transportation and storage at the point of ultimate consumption of its winter supply of coal—this to be done during the spring and summer months. The matter will come before the Interdepartmental Board of
the council next Wednesday.
The Coal Commission on March 25 issued a warning to
bituminous coal users throughout the country that purchases should not be made in April, when prices are uncertain and likely to be high. Buying, it said, should be deferred until May and the two succeeding months—June and
July.
On the same day President Wilson announced in an executive order that the Coal Commission would go out of existence
when the new agreement had been signed by the miners and
operators, and that its files and papers would immediately
be turned over to the Council of National Defense, which
would hold them while the Council's disbursing officer wound
up the financial details of the Commission. The papers will
be handed to the Department of the Interior, where are now
placed the files of the Federal Fuel Administration.
The following day (i. e. March 25) a circular was drawn
up by the scale committee of the United Mine Workers in
this city notifying the local unions to continue work after
April 1. The circular said:
On March 18 the representatives of the anthracite operators submitted a
proposition to your scale committee which provided for a continuance of
work after April 1 pending negotiations, without any retroactive provision.
Your committee refused to entertain the operators' proposal, and on
March 23 a meeting of the full scale committee consisting of the three
district executive boards, throe mine workers from each district and the
international officers was held to discuss and outline a policy to govern after
April 1. After discussing the matter from every angle and the advice and
consent of our international officials the full scale committee authorized
the sub-committee to provide an arrangement for the continuance of work
after April 1 pending negotiations, with the understanding that whatever
agreement is finally reached it should be retroactive to April 1.
This action of the full scale committee has been agreed to by the operators as evidence by the adoption of the following resolution, which fully
protects your interest while at work pending settlement. [The resolution
referred to here is the one given above.]
The circular also said:
You are officially notified to observe, as in the past, April 1 as a holiday
by remaining away from work but after that day work is to be resumed.
pending negotiations, and in these negotiations it will be our aim to bring
the matter to a conclusion as soon as possible.
Union officials explained that April 1 has always been
observed as a holiday in commemoration of the anniversary
of the granting of the eight-hour day in the coal industry.
HEARINGS BEFORE INTER-STATE COMMERCE COMMISSION ON RATE ADJUSTMENTS.
Hearings were this week held before the Inter-State Commerce Commission, at the instance of the Commission itself, to determine the valuation of the roads as a basis for
applying the 5M-6% rate return fixed under the newly
enacted Cummins-Esch Railroad Law. Notice of the intended hearing had been issued by the Commission on
March 4; the notice recited the rate-making provisions of
the law and stated:
On March 22 1920, at 10:30 a. in., the Inter-State Commerce Commission will hear in its hearing room at Washington, D. C., those who desire
to be heard with respect to matters required to be done by the Commission
pursuant to the above statutory provisions, and who make seasonable application for time as provided belOw.
The subjects for discussion are:
1. Whether for the purpose of said Section 15 (a) the rate adjustment
shall be made for the carriers as a whole or by rate groups or territories to
be designated by the Commission, and if the latter, what rate groups or
territories should be so designated.
2. What methods should now be employed under Section 15 (a) for determining the aggregate value of the railway property of the carriers as a
whole, or of the carriers as a whole in each of such rate groups or territories.
All persons desiring to be heard should so notify tho Chief, Bureau of
Dockets, Inter-State Commerce Commission, Washington, D, C., preferably by telegram, stating the amount of time sought, and naming any carriers, shippers, organizations, State commissions, or other bodies on whose
behalf they may appear.
At the opening of the hearings on Monday last, the 22d
inst., Alfred P. Thom, General Counsel for the Association
of Railway Executives, declared property investment accounts and material and supply accounts to be the minimum
conservative figures now susceptible of use, and he contended that the incomplete data now being compiled by the
Commission under the Federal Valuation Act should not be
considered in the present problem. The New York "Corn.
mercial" quotes Mr. Thom as saying:
The problem before the Commission is to determine in a summary way
the aggregate value of all property held or used for the purposes of transportation in the several rate groups, the Transportation Act recognizing
that the correct amount of such aggregate value cannot now be determined.
MAR. 27 1920.]
THE CHRONICLE
problem, the property Investment
In considering and determining this
s in a given rate group are, in
accounts and material and supply account
e, and the carriers believe that these
our judgment, admIssable as evidenc
m conservative figures now
accounts for the several groups are the minimu
e being for the most - part
susceptible of use, all Other data and evidenc
and unfinished.
actually and in all cases legally incomplete
accounts should, under the
In our judgment, the property investment
and supplemented by any other
Jaw, be considered in connection with
e and reasonably adequate
available evidence or data sufficiently complet
now arrived at should not be
for the purpose. but the basis of the values
with the work of valuation
the incomplete data compiled in connection
on Act, as it is important that
now in process under the Federal Valuati
be anticipated or prejudiced
the final valuation under the Act should not
In this proceeding.
ual lines for the purpose of
The valuations to be placed on the individ
Act, should not be deterparagraph 6, section 422 of the Transportation
of aggregate values now to
mined or prejudiced by the summary finding
4 of said section.
be made for the purposes of paragraphs 3 and
propEstimating at $20,000,000,000 the total value of the
ateoverst
that
ed
declar
have
to
said
is
Thom
erties, Mr.
ssion
Commi
the
with
filed
ts
ments in the railroads' accoun
last
would be more than offset by the rise in values in the
accuswas
public
the
that
.
stated
r
furthe
two years. He
ments,
tomed to use these accounts in making their invest
ment
invest
the
upset
Would
them
in
ion
reduct
any
and
na
Natio
the
of
ent
Presid
ld,
Warfie
values. S. Davies
Forneyq
Association of Owners of Railroad Securities, and
heard by
Johnston, Counsel for the Association, were both
"Comthe
from
t
reprin
we
and
22d,
the Commission on the
mercial" their presentments:
s, that being one of the
As to grouping the roads for rate-making purpose
NVarfield urged that th•;
questions to be settled by the Commission, Mr.
stern or official classification
three established classification territories—Ea
favored by.the railway
Southern and Western—be used. This also was
stern lines and the Western
executives with the exception of the Southwe
cation territory, which
trunk linos, both of which are in Western classifi
e rate groups because of conbelieve that they should be placed in separat
ditions peculiar to the territory they serve.
fair value of railroad property
When it comes to the ascertainment of the
d, "this reaches the root
in the aggregate for rate-making," said Mr. Warffel
conclusions therewith. Your
of railroad credit, and we wish to present our
ed before the committees
attention may be called to the fact that we advocat
tely available for computing
of Congress the use of the only basis immedia
valuations, and that is the
the return from rates, until replaced by actual
te."
property accounts of the railroads in the aggrega
Congress that the CommisMr. Johnston said it was the clear intent of
and that both branches
account
sion should use the property investment
do no other than accept that
of Congress realized that the Commission could
He called Commissioner
account in fixing valuations for the present.
tee on Inter-State Commerce to
Clark's testimony before the House Commit
any better available standard
the effect that he would not be able to suggest
the law.
If such a plan of rate making were written into
n why Congress, If It had
Commissioner Eastman asked Mr. Johnsto
y investment accounts
propert
Intended that the Commission should take the
as the standard had not said no in so many words.
the conference committee
Mr. Johnston replied by saying that members of
had been a great deal
had not regarded such action as advisable, as there
the committee memof talk about property investment accounts. He said
standard the Commission could
bers said that obviously there was no other
r passage of the bill.
take, but that to write that in the law might endange that at one time the
Commissioner McChord interposed with the remark
Commission was to be incommittee had a different idea and that the
account at all. Mr. Johnston
structed not to take the property investment
s contemplated that
said it was "inconceivable" to him that Congres
on" as the basis for ratethe Commission should take a "depressed valuati
us. This statement
making, because if it did the result would be disastro
McChord as to what Mr.
was In reply to a question by Commissioner
figures in possession for
Johnston would do if examination of the valuation
$15,000.000.000, while
the Commission showed the roads to be worth only
,000,000, McChord's
the property investment account showed $18,000
n's view was that Conquestion being purely hypothetical. Mr. Johnsto
temporary valuation high
gress intended that the Commission place the
basis for the next two years.
enough to place the roads on a sound financial
1253
John E. Benton, representing the National Association
at
of State Railway and Utilities Commissioners, insisted,
of
the hearing on the 23rd inst. that the "book accounts"
the
of
values
the
to
index
an
as
ess
worthl
were
the railroads
day of
properties. Criticising the arguments the previous
sumMr. Thom and Mr. Johnston, his contentions as
in
uced
reprod
are
24th
the
of
l"
ercia
"Comm
marized in the
•
part as follows:
carriers'
ility of the
Mr. Benton declared that the nature and unreliab
on frequently by the
property investment account had been commented
of its decisions that the
commission which he quoted as having said in one
property investment accounts
criticism of protestants against the use of the
had demonstrated "the
was well founded. He declared the commission
accounts.
utter worthlessness" of the property investment
consider all elements of
Mr. Benton asserted that the commission must
the valuation section of
value and that it must utilize data gathered under
was not within the disthe act to regulate commerce. He declared that it
for the executives,
cretion of the commission, as argued by Alfred P. Thom,
on proceedings. He
to ignore the incomplete data gathered in the valuati
valuation work,
on
said Congress, knowing that $20,000,000 has been spent
of the information at
certainly intended that some use should be made
value of the Chicago
hand. He said if the commission had learned the true
consider the road's "water
& Alton, it could not disregard that figure and
soaked property investment account."
decisions with its face
"Since when has this commis.sion rendered its
after referring to a stateturned toward Wall Street?" Mr. Benson asked,
ion established a
mont made by Mr. Thom to the effect that if the commiss
would send an electrical
value less than the property investment account it
exposed many shockshock to the financial centres. "The commission has
and the financial
ing things," he continued, "but the country still lives
centres are intact."
Johnston, of counsel
Mr. 13enton attacked the statement made by Forney
to believe that Senator
for the security owners, declaring he was not ready
the public by passing a
Cummins and his associates were "flimflamming"
that the commission
bill providing one thing as to valuation, but meaning
as the basis of valuation.
should take the property investment account
g and administering
"God forbid that we ever come to the time of enactin
"That time has not
Jaws as suggested by Mr. Johnston." said Mr. Benton.
come and the law is not to be administered as he urges."
tion as to tho value
That the commiasion will consider dependable informa
and will not consider
of the carriers' property which it may have or may get
by Mr. Benton.
the "undependable accounts" of the carriers was asserted
have to take the
He said whore the commission could get no data it would
be checked.
property investment accounts, but that they could
the commission turn
"Nothing would shock the people more than to have
as a short cut the
its back on the valuation data it has gathered and adopt
property investment accounts," said Mr. Benton.
he said, and no one exThe task before the commission WAS stupendous,
were absolutely correct.
pected that body to arrive at valuations that
heard on
Representatives of the shippers, who were also proposals
the
in
,
stated
is
it
red,
March 23, generally concur
ered, but
of the carriers that the "book accounts" be consid
information
other
of
light
the
in
d
checke
be
they
that
advised
themselves as
available to the Commission. Expressing
transportation
more concerned with the development of
in the matter
than
y
countr
the
of
needs
the
meet
facilities to
tions mainly
menda
recom
their
ed
of rates, the shippers confin
-fixing purto the question of grouping of the roads for rate
the Nawith
ted
connec
ly
former
st,
Elmqui
E.
poses. C.
on the
s,
sioner
Commis
ay
tional Association of State Railw
various
23d appeared before the Commission, representing
a delay
Northwestern shippers' organizations, in support of
are
in action by the Commission before railroad rates
upon.
ined
determ
sation
compen
and
d,
revise
or
ed
chang
that an
According to the "Journal of Commerce" he stated
into effect
opportunity should be given the railroads to put
the carriers
various economical measures which might enable
rate of
the
for
basis
lower
a
offer
to reduce expenses and
d R. compensation.
Donal
by
inst.
22nd
the
on
d
ony
offere
testim
to
As
t to a
of the
The hearings before the Commission were brough
Richberg, representing Glenn E. Plumb, author
s,
carrier
the
of
"Com
ves
the
entati
from
repres
ing
close on March 24 with the
Plumb Railroad Plan, we take the follow
rs, it is said,
shippe
the
of
ty
majori
the
and
s
holder
ty
securi
mercial:"
rate making provisions of the
Ile (Mr. Richberg] said as he read the
ng the investment accounts of the roads as a "minimum
ation to all the elements favori
the State
now law the Commission had to give due consider
railroad basis" of value, against determined opposition by
the
of
behalf
in
that
and
land,
the
of
law
of value, according to the
Transportation Act Railroad Commissioners. The Associated Press accounts
the
see
to
desired
they
that
say
to
wished
employee he
railway executives or the security
enforced as it was written, and not as the
ts made said:
Bledsoe
should have been written. Ile said the argumen
made by S. T.
owners thought it
Final arguments of the three-day session were
security owners were that the
by the representatives of the carriers and the
the Association of Railway
provisions of the law and of Chicago and F. H. Wood of New York, for
ory
mandat
the
d
disregar
should
sion
Commissioners that the
Commis
he said, represented Executives. Denying the contention of the State
the
consider only the property investment accounts which,
e of value under the law, Mr. Bledsoe declared
evidenc
not
arc
s
account
assets.
evidence.
statements of liabilities rather than
to enforce a book accounts more nearly approximated the value than any other
sion
Commis
the
wanted
tly
apparen
s
Ho said the railroad
shippers told the Coms did not pass. He The carriers were gratified, Mr. Wood said, that the
law that they had desired passed but which Congres
promotion of service and exproperty investment accounts mission that they were more interested in the
declared that to fix the rate on the basis of the
he said, the railroads
rates,
rates would go up,
of transportation facilities than in exact
would simply build up another "vicious circle," and that the roads would tension
e service desired.
adequat
the
and
afford
up,
go
could
would
wages
up,
go
the cost of living would
of valuation and rato-fixing
Grouping of the railroads for the purpose
demand another increase in rates.
and shippers and shippers
Carriers
s.
hearing
the
in
part
minor
a
March 22, played
the convenience of the
- According to New York "Evening Post" of
y agreed that the matter was a question of
generall
on behalf Committee. ltepresentatives of the shippers of tho Southwest asked for a
B. F. Bush, of the Missouri Pacific Ry., speaking
stern
main- division of the Western freight classification group to form a Southwe
of the Southwestern Railway Executives Association,
section require rate adjustrn
group, on the ground that the needs of that
Weste
the
for
te
adequa
be
would
which
tained that rates
apart from the whole of the West.
of the ments
ivision, but representatives
Northwestern shippers also asked for a sub-d
district as a whole would fall below the requirements
the West favored
road
ts,
projec
Eastern and Southern groups and the body of
ation
the
reclam
from
where
est,
Southw
of
the
roads
hed classifications, for the present at least.
opment of oil and agricul- the retention of the establis
for the
construction and the rapid devel
The "Commercial" of the 25th inst. is authority
tural resources were creating a pressing demand for exten- following:
g organizations, said he
sions and betterments by the carriers. He favored the creaClifford Thorne of Chicago, representing shippin
e increases in rates but that his clients
tion of a now group of lines south of the Missouri and east was interested in preventing excessiv
that the property inopposing advances in rates. He asserted
value," does
of the Mississippi Rivers and extending westward to the were nott account
, which he said should be referted to as"book
vestmen
Rockies.
1254
THE CHRONICLE
not-constitute the proper value of the railroad's property
. He quoted from
decisions of the Commission in support of his contenti
on that the accounts
were unreliable, and urged that the Commission
in arriving at a determination of aggregate value take in consideration all elements
of value.
[VOL. no.
repeated; and I ask unanimous consent that the vote be reconside
red and
that another vote be taken without further debate upon
the ratification
of the Treaty.
Senator Brandegee, stating that "it seems to be necessary
to take several votes on this matter every time it comes up,"
added that he had no objection to taking the vote over again;
Senator Hitchcock thought there was nothing "to be gained
by voting again immediately on what we have just voted on,"
and said that it was his idea that "by having a motion to
reconsider pending we might have a day or two to cool off
in, and there might possibly be some adjustment." Senator
Norris suggested the absence of a quorum, but after a roll call
the President pro tem. reported that seventy-four Senators
had answered to their names, and that there was hence a
quorum present. This announcement was followed by a
motion by Senator Robinson that the President be requested
to return the Treaty to the Senate and that the Senate
reconsider the vote by which it refused to advise and consent
Among the questions discussed was that of making
an arrangement to its ratifica
whereby the financing of the purchase this year
tion. Senator Curtis made a point of order
of approximately 80,000
freight cars, 20,000 refrigerator cars, 2,000 each of locomoti
against Senator • Robinson's motion, whereupon the latter
ger coaches be made possible. It was urged that approximves and passenately one-third withdrew the motion to reconsider. A request
of the revolving fund be set aside for application
for unanimous
on the cost of this equip- consent
ment, the proposal being that that amount would enable
to take another vote on the ratification resolution
carriers to meet
25% of the total cost.
came from Senator Lodge, but Senator Knox interposed with
a motion that the Senate proceed to the consideration of
SENATE FAILS TO RATIFY PEACE TREATY.
Senate Joint Resolution 139, repealing the joint resolution
Once more the Peace Treaty with Germany has failed
of April 6 1917, declaring a state of war to exist between the
of
ratification in the Senate. The latest'defeat of the Treaty United States and Germany. Senator Letiroot while stating
in the Senate was registered on March 19, when by a
that the Senate "should proceed in the very near future" to
vote
49 for ratification to 35 against, it failed by seven votes
take
up the subject of the Knox resolution, added that he
to
corral the necessary two-thirds majority needed to effect
did not think that the Senate ought to vote upon it then,
its
adoption. It will be recalled that at the last session of
Con- and a motion to adjourn until Monday, the 22d, offered by
gress three attempts to ratify the Treaty before the adjourn Senator Lodge, was agreed to. It was reported on the 22nd
ment on Nov. 19 failed, the details of the proceedings at that that Republican leaders in Congress had decided that the
time having been given in our issue of Nov. 22, page
Knox resolution would have to be rewritten, and it was said
1941.
yesterday that as a result of conferences with the House
The Treaty was revived in the Senate on Feb. 9, when it
was
voted to recommit it to the Foreign Relations Commit
tee leaders, Senator Lodge had assented to plans which would
with instructions to report it back to the Senate immediately permit the peace resolution to originate in the House.
with the Lodge reservations proposed at the last session
, but Chairman Porter, of the Foreign Affairs Committee was
which, as indicated, failed at that time of ratification.
entrusted with the drafting of the resolution.
The
Senate's action of Feb. 9 had followed the failure on Jan.
The forty-nine Senators who, as indicated above, voted
30
of the bi-partisan conference of Senators to come
in
favor of the resolution of ratification on the 19th inst.,
to an
agreement, after two weeks' efforts, on the questions
were:
of
Republicans (28)—Ball,Calder, Capper, Colt, Curtis, Dillingh
reservations, the deliberations having been brought
am, Edge.
to an
Frelinghuyson, Hale, Jones (Washington), Kellogg,
Kenyon,
end with the refusal of Senator Lodge to accept a compro Elkins,
Keyes,
Lenroot, Lodge, McLean, McNary, Now, Page, Phipps,
Smoot.
mise on Article X and his rejection of a substitute
Spencer, Sterling, Sutherland, Wadsworth, Warren, Watson.
offered
Democrats (21)—Ashurst, Beckham, Chamberlain, Fletcher, Gore,
by the Democratic conferees and drafted by former Preside
Hennt derson, Kendrick, King, Myers, Nugent, Owen, Phelan, Pittman, PomoWilliam H. Taft. Reference to this appeared in
our issue rene, Ransdell, Smith (Georgia), Smith (Maryland), Trammell, Walsh
(Massachusetts), Walsh (Montana), Wolcott.
of Feb. 7, page 521. With the rejection of the
Treaty by the
The 35 votes in opposition to the resolution of ratification
Senate on the 19th inst., a resolution, proposed
by
Lodge, to return the Treaty to President Wilson Senator were cast by the following:
, officially
Republicans (12)—Borah, Brandegeo, Fernald, France, Gronna,
advising him of its non-ratification, was adopte
Johnd by a vote son (California), Knox, La Follette, McCormick, Moses,
Norris, Sherman.
of 47 to 37. Ths resolution read as follows:
Democrats (23)--Comer, Culberson, Dial, Gay, Glass, Harris,
Harrison.
CONFERENCE OF RAILROAD AND GOVERNMENT
HEADS ON FINANCING OF RAILWAY
EQUIPMENT.
A conference with reference to loans to be made to carriers
from the $300,000,000 revolving fund provided for in the
Transportation Act for the purpose of enabling the carriers
to finance the purchasing of necessary equipment and making
needed improvements, was held on March 25 between members of the Inter-State Commerce Commission and representatives of the railroad companies, the Federal Reserve
Board, the Treasury Department and the Railroad Administration, according to the New York "Commercial," which
says:
Resolved, That the Secretary of the Senate be instructe
d to return to the
President the Treaty of Peace with Germany, signed
at Versailles on the
28th .day of June 1919, and respectfully inform
tte President that the
Senate has failed to advise and consent to the
ratification of the Treaty,
being unable to obtain the Constitutional
majority therefor.
Hitchcock, Johnson (South Dakota), Kirby, McKellar
, Overman, Reed,
Robinson, Sheppard, Shields, Simmons, Smith (South
Carolina), Stanley,
Swanson, Thomas, Underwood, Williams.
The following is the resolution of ratification in the form
in which it was before the Senate on March 19 and rejected:
Of the vote whereby this resolution was agreed
Resolved (two-thirds of the Senators present concurring therein),
to six
That
Democrats voted with the Republicans for its
adoption, the Senate advise and consent to the ratification of the Treaty of Peace
with Germany concluded at Versailles on the 28th day of Juno 1919.subject
namely Senators Gore, Kirby, Reed, Shields
, Walsh of to the following reservations and understandings,
which are hereby
Massachusetts and Williams; all of the votes in
opposition a part and condition of this resolution of ratification, which ratificatmade
ion Is
were those of Democrats. Following the adoptio
not to take effect or bind the United States until the said reservations and
n of this understa
ndings adopted by the Senate have boon accepted as a part and
resolution Senator Robinson of Arkansas (Democrat)
moved a condition of this resolution of ratification by the Allied and Associat
to reconsider the vote by which the Senate refused
ed
to agree Powers, and a failure on the part of the Allied and Associated Powers to
to the resolution of ratification; Senator Watson
make objection to said reservations and understandings prior to the deposit
moved
to of ratification by the United
lay that motion on the table, but the Senate
States shall be taken as a full and final accep, by a vote of tance of such
reservations and understandings by said Powers.
34 yeas to 43 nays, refused to lay on the
1. The United States so understands and construes Article I that in ease
table Senator
Robinson's motion to reconsider. While his motion
of notice of withdrawal from the League of Nations, as provided
in said
for re- article,
the United States shall be the solo judge as to whether all Its interconsideration was still pending Senator Robins
on moved national obligations and all its obligations under
the said covenant have
that the Senate adjourn, but this was defeate
d by a vote of been fulfilled, and notice of withdrawal by the United States may be given
35 in favor to 42 against the proposal. Senator
by a concurron retsolution of the Congress of the United States,
2. The United States assumes no obligatio to preserve the
thereupon made a point of order on the motion Brandegee
territorial
of Senator integrity or political independence of any otherncountry
by the employment
Robinson that the Senate, having returned the
Treaty to the of its military or naval forces, its resources, or any form of economic disPresident, a motion to reconsider the action by which
criminat
or to interfere in any way in controversies between
nations,
it was includingion,
all controversies relating to territorial integrity or political
rejected was not in order under the precedents of
indo- the Senate. pendence, whether members of the League
or not, under the provisions
After more or less argument, Senator Cummins,
as Chair- of Article X,or to employ the military or naval forces of the United States,
man, expressed it as his belief that the motion
under any article of the treaty for any purpose, unless in
any particular
of Senator case the
Congress, which, under the Constitution, has the
Robinson was not in order, and hence sustained the
solo power to
point of declare war or authorize the employment of the
military or naval forces
order made by Senator Brandegee. This brough
of
States,
United
the
shall,
In
•
the
exercise
t from act
of full liberty of action, by
or joint resulution so provide.
Senator Lodge the following:
mandate
3. No
shall be accepted by the United States
I think all this controversy has arisen from
under Article 22,
the desire of some Senators Part I, or any other
provision of the Treaty of Peace with Germany
to have a second vote on the question of ratifying
, except
the
Treaty.
If this is by action of the Congress of the United
what is desired by any Senators here, I shall make
States.
no
4. The United States reserves to itself exclusive
to reconsider, if it can be understood that we may objection to a motion
ly
the right to decide
take the vote without what questions are within
debate. I should like, if possible, to finish this
its domestic jurisdiction and declares that all
business to-night. There domestic and
are many Senators to whom it is the utmost
political questions relating wholly or in part to its internal
inconvenience to remain here affairs,including
immigration,labor,coastwise traffic, the tariff, commerc
and who have remained at great personal inconven
e,
ience. There has been a the suppression
of traffic in women and children and in opium and other
decisive vote on the main question; but I am
perfectly willing to have it dangerous
drugs, and all other domestic questions, arc solely within
the
TIIE CHRONICLE
MAR. 27 1920.]
1255
Lodge reservation to
to be sub- previously, on March 15, adopted the
Jurisdiction of tho United States and are not under this treaty
of the Council this article, this reservation proposed in the Senate on March
mitted in any way either to arbitration or the consideration
thereof, or to
or of the Assembly of the League of Nations, or any agency
12 by Senator Lodge, having been drafted by Republican
the decision or recommendation of any other Power.
the
as a substitute for the Lodge reservation adopted
by
leaders
inquiry
to
or
5. The United States will not submit to arbitration
in
for
provided
Nations,
of
League
the
last November. As agreed to in Committee of the Whole
Assembly or by the Council of
of the United
ion had in reality been a compromise
said Treaty of Peace, any questions which in the judgment
commonly on March 15 the reservat
States depend upon or relate to its long-established policy,
tion of one considered at a
modifica
a
ted
the
by
d
represen
interprete
having
be
known as the Monroe Doctrine; said Doctrine is to
juristhe
Lodge, Elihu Root and
outside
wholly
be
Senator
to
of
9
conference on March
United States alone, and is hereby declared
provision
diction of said League of Nations and entirely unaffected by any
it is stated, had submitted it to Senwho,
Watson,
Senator
contained in the said Treaty of Peace with Germany.
and 158, ator Simmons with a view to ascertaining the Democratic
6. The United States withholds its assent to Articles 156, 157
which
and reserves full liberty of action with respect to any controversy
viewpoint. The vote whereby the Lodge substitute was
may arise under said articles.
by the Senate in Committee of the Whole on the
adopted
States,
7. No person is or shall be authorized to represent the United
any
of
member
15th inst. was 56 to 26; 14 Democrats voted with the Renor shall any citizen of the United States be eligible, as a
of Peace with
body or agency established or authorized by said Treaty
s in favor of its adoption, this despite the fact that
United States publican
Germany, except pursuant to an Act of the Congress of the
President Wilson had made known on more than one occaproviding for his appointment and defining his powers and duties.
on will sion during the past month that he would pocket the Treaty
8. The United States understands that the Reparation Commissi
Germany, or
regulate or interfere with exports from the United States to
d Lodge reservations to Article X were accepted
by Act if propose
from Germany to the United States, only when the United States,
The following was the vote registered on
Senate.
ce.
by the
or joint resolution of Congress, approves such regulation or interferen
expenses March 15 for the reservation:
9. The United States shall not be obligated to contribute to any
n, or
, Myers,
of the League of Nations, or of the secretariat, or of any commissio
Democrats (14)—Ashurst, Gerry, Gore, Henderson, Kendrick
the League of
Pittman, Pomerene, Read, Shields, Smith (Georgia).
Phelan,
committee, or conference, or other agency, organized under
Nugent,
the Treaty
setts).
Nations or under the Treaty or for the purpose of carrying out
for sumg Walsh (Massachu
Colt, Cummins,
provisions, unless and until an appropriation of funds available
Republicans (42)—Borah, Brandegee, Calder, Capper,
States:
United
the
of
m, Edge, Elkins, France, Frelinghuysen, Gronna, Hale,
expenses shall have been made by the Congress
Dillingha
Curtis,
United States
Jones(Washington). Kellogg, Kenyon, Keyes, Knox,La Follette,
Provided, That the foregoing limitation shall not apply to the
of the Harding,
New, Norris,
proportionate share of the expense of the office force and salary
Lenroot, Lodge, McCormick, McLean, McNary, Moses, Sutherland,
Secretary-General.
Page, Phipps, Poindexter, Sherman, Smoot, Spencer, Sterling,
of
Council
the
by
proposed
10. No plan for the limitation of armaments
Wadsworth,Warren,Watson.
shall be held Townsend,
the League of Nations under the provisions of Article VIII
by
The 26 votes against the reservation were those of Demoas binding the United States until the same shall have been accepted
armament
as follows:
Congress, and the United States reserves the right to increase its
threatened crats,
, Dial, Glass,
without the consent of the Council whenever the United States is
Beckham, Chamberlain, Comer (Alabama), Culberson
Dakota),Jones(New Mexico).
with invasion or engaged in war.
, the Harris, Harrison, Hitchcock,Johnson (South
discretion
its
in
permit,
to
right
the
, Sheppard,
reserves
Robinson
States
The
United
Ransdell,
11.
of the King, Kirby, McKellar, Overman, Owen,
nationals of a covenant-breaking State, as defined in Article XVI or in Simmons.
States
United
the
Covenant of the League of Nations, residing within
their comA last minute effort to secure a change in the Republican
countries other than such covenant-breaking State to continue
the United reservation to Article X was made by Senator Simmons
of
nationals
the
with
relations
personal
and
mercial, financial
te, providing that the United
States.
thereto or in on Mar. 18, but his substitu
12. Nothing in Articles 290, 297, or in any of the annexes
y offices" to help preserve
"friendl
its
Germany
use
with
Peace
would
of
States
Treaty
the
of
any other article, section or annex
any confirindependence was tabled
political
and
y
integrit
al
shall, as against citizens of the United States, bo taken to mean
territori
in contramation, ratification or approval of any Act otherwise illegal or
On the 18th a reservation (No. 15)
34.
to
45
of
vote
a
by
States.
vention of the rights of citizens of the United
(Articles 387 to expressing sympathy with the aspirations of the Irish people
13. The United States withholds its assent to Part XIII
shall hereafter
government (proposed by Senator Gerry, Democrat,
427, inclusive) unless Congress by Act or joint resolution
d by said for self
make provision for representation in the organization establishe will be of Rhode Island), was adopted in Committee of the whole by
States
United
the
of
ion
Part XIII, and in such event the participat
joint resolution. a vote of 38 to 36, the Senate later, the same day, confirming
governed and conditioned by the provisions of such Act or
Nations, shall be
by a vote of 45 to 38. During the debate Demo14. Until Part I, being the Covenant of the League of
cast a this action
so amended as to provide that the United States shall be entitled to
supported the reservation and the managers
leaders
selfits
cratic
and
League
the
of
number of votes equal to that which any member
shall be on the'Republican side opposed it because it included a genaggregate
the
in
empire,
of
parts
or
,
governing dominions colonies,
bound,
entitled to cast, the United States assumes no obligation to be
ion that this nation adhered to the principle of
by any eral declarat
except in cases where Congress has previously given its consent,
on of peoples. On the first roll call 21
erminati
which
self-det
in
the
Assembly
or
Council
election, decision, report, or finding of the
parts Democrats and 17 Republicans, voted for adoption, while
colonies,
,
dominions
ning
self-gover
its
and
of
the
League
any member
16 Democrats were recorded in the
of empire, in the aggregate have cast more than one vote.
decision, 20 Republicans and
The United States assumes no obligation to be bound by any
second vote on the Irish reservation
the
Before
dispute
.
any
of
negative
out
arising
report, or finding of the Council or Assembly
member, was adopted,two efforts were made to amend it without avail.
such
if
League
the
of
member
any
between the United States and
united
Republican, New York, to
or any self-governing dominion, colony, empire, or part of empire,
A motion by Senator Calder,
strike out the clause dealing with self-determination, was
,
tabled 51 to 30, and an amendment by Senator Sterling
Republican, North Dakota, to eliminate the phrase expres70
sing hope for consummation of Irish freedom was table
on
expressi
an
gave
ion
reservat
the
that
ng
to 11. Declari
Shields,
only "of empty sympathy" for Ireland, Senator
The resolution'of ratification which failed of adoption Democrat, Tennessee, moved to substitute "independence"
our issue of Nov. 22, page 1941. for "self-government." Mr. Shields withdrew his proposal,
—i7Nov. 19 WaS
o
bi- however, when Senator Gerry modified his reservation .by
The amended reservation preambl
. _ out
•.• in the
- e worked
part
the
on
"failure
that
provide
to
as
ce
so
eliminating the term "self-government" and making it
Eatisan conferen
.
to
n
objectio
make
to
"such" government as the Irish people should approve
of the Allied and Associated Powers
g a
said reservations and, understandings prior to the deposit Senator Wadsworth, Republican, New York, declarin
inof ratification by the United States shall be taken as a full general declaration for self determination might set an
printhe
andings
that
d
underst
propose
nt,
and
ions
precede
and final acceptance of such reservat
flexible and undesirable
by said Powers" had been adoptedlby the Senate on March ciple should be limited "as heretofore applied" by the United
19T without a roll call.;z It had ibeen offered by Senator States, but his proposal was defeated 42 to 36. The Senate
Lodge.
also rejected, 26 to 53, an amendment by Senator Lodge,
By a vote of 41 to 42 on the same day the Senate had re- stipulating that the United States adhered to the principle
fused to write into the preamble a provision that the ratifi- of self-determination "for the people of Ireland." With
cation should not be binding unless the President deposited this limitation upon the declaration, Senator Lodge said he
it within 90 days after the Senate acted. The amendment could support it, but irreconcilable Republicans helped the
dewas presented by Senator Brandegee, Republican, Con- Democrats vote down his motion. When the Senate
s
ion of
necticut, and was supported by 38 Republicans and Senator feated his motion to strike out the general declarat
he
of
the principle of self-determination, Senator Lodge said
Reed of Missouri, Shields of Tennessee, and Walsh
ion to
Massachusetts, Democrats, Senators Cummins of Iowa, could not vote for the reservations, even in applicat
.
Jones of Washington, and Townsend of Michigan, Repub- Ireland, and Senator Lenroot supported his position
the
on
n
adoptio
of
a
that
failed
which
ents
argued
ee
amendm
other
Brandeg
to
Senator
As
licans, voted against it.
"
said:
"Times
York
and
New
the
action,
18th
"time:limit" should be placed on the President's
had summarily rejected
The Irish question was revived after the Senate
Senator Hitchcock of Nebraska, Administration leader, sug- three reservations proposed by Senator Reed of Missouri. The first, which
the United States reserve to
gested that it was "improbable" that the treaty would get failed by a vote of 27 to 48, provided that
and nathe right to decide what questions affected its vital interest
to the President or that he would deposit it. The Lodge itself
questions from action by the League of
those
d
eliminate
and
honor,
tional
reservation to Article X (reservation designated No. 2 Nations.
assume no obligation
The second provided that the United States would
above) had been adopted by the Senate on March 18 by a
forces or economic discrimination for any purvote:of:54 to 26; in Committee:ofithe,Whole the Senate had to use its military or naval
with it politically has voted.
the
15. In consenting to the ratification of the Treaty with Germany
to the
United States adheres to the principle of self-determination and
governresolution of sympathy with the aspirations of the Irish people for adeclares
ment of their own choice adopted by the Senate June 0 1919, and
it is
tion
consumma
a
that when such government is attained by Ireland,
of the
hoped is at hand, it should promptly be admitted as a member
League of Nations.
.
•=1
1256
THE CHRONICLE
pose under any article of the Treaty. This MIS rejected,
17 to 52, and a
third, which refused any obligation to use. military
or naval forces was
lost by 15 to 57. '
Senator Gerry of Rhode Island then called up his reservati
on. Senator
Thomas moved to amend it so that it would include
an expression of sympathy for the nationalist aspirations of the Koreans.
Mr. Gerry moved
to table this amendment so that the Senate might vote
directly on the Irish
question. This motion was defeated by a tie vote,
34 to 34.
Senator Kellogg, who has fought the Irish reservati
on with the utmost
vigor, moved to take the whole question, but
was overwhelmingly beaten,
.28 to 51.
The Thomas amendment was then rejected, as Senators
wished to confine their vote to the Irish question uncomplicated
by references to other
subject peoples.
A further effort of Senator Kellogg to postpone the Irish
question was defeated on the 18th by a vote of 46 to 29.
The Irish issue was brought to the front on March 16 when
Senator Shields, Democrat, Tennessee, opened up the subject by moving to add a declaration that the United States
understands Great Britain will declare Ireland free. On
the 16th also Senator Lenroot offered a new reservation
agreed on by Republican Senators, intended as a general
declaration of American policy toward future European wars.
This reservation, which was voted down on the 17th inst.
by a vote of 25 to 39, read as follows:
It shall be the declared policy of this Government
that the freedom
and peace of Europe being again threatened by
any Power or combination
of Powers, the United States will regard such a situation
with grave concern and will consider what, if any, action it will take
in the premises.
[VoL 110.
the Adriatic question figured. In a brief statement on
Mar. 3rd. regarding his amendment to the Shantung reservation Senator Lodge, Republican leader, stated that the only
purpose of the proposed modification of the reservation was to
avoid naming the two countries, China and Japan, specific
ally, and to leave it simply "any controversy which may arise
under said articles." It did not, he said, change the purpose of the reservation at all. Senator Lenroot (Republican),
told the Senate the Democrats had indicated in the bi-partisan conference they would support the reservation with such
a change, and said the good faith of that promise would now
be put to a test. On Mar. 4th the amendment to Shantung
reservation, providing for the elimination of mention of
Japan and China was agreed to by a vote of 69 to 2, Senators
Reed and Sutherland voting against the proposal. A substitute for the reservation was proposed by Senator Hitchcock
to the effect that the United States "understands that the
German rights and interests . . . are to be returned by
Japan to China at the termination of the present war by the
adoption of this treaty," was defeated by a vote of 41 to 27,
and the Lodge reservation was amended was adopted by a
vote of 48 to 21. The Senate also adopted on Mar. 4th
Reservation No. 7, providing that American representatives
in the League of Nations be chosen by Congressional action.
The Associated Press dispatches, Mar. 4, said:
On the 17th two proposals intended to aid toward Irish
independence were laid aside by votes of more than 2 to 1,
The language finally substituted for the Republican draft
of the League
representation reservation was written by Senator Walsh,
discussion on each of them being ended summarily by
Democrat, Mona tana, and by him was laid before the bi-partis
an
conferenc
e.
motion to lay on the table, not debatable under Senate rules.
To-day It was offered in the Senate
the Republican leader, Senator
The first proposal, by Senator Shields, was offered as an Lodge of Massachusetts; was objected toby
by Senator IIitchcock of Nebraska.
amendment to a pending reservation on Egypt, which was the Administation leader; was withdrawn, reoffered by Senator Walsh,
accepted by the Senate over the Republican leader's
opposition, and then
tabled with all its proposed amendments on motion of finally
adopted with the Republicans voting solidly for it, and
with Senator
Senator Kellogg, Republican, Minnesota, by a vote of 54 Walsh and 13 other Democrats opposing it.
On adoption of Senator Walsh's change in the
to 21. The subject immediately was revived, however, in
League representation
reservation, eight Republicans voted with the Democrat
s in the affirmative
a reservation introduced by Senator Reed, Democrat, Mis- and the result
was a majority of 37 to 32. 'rho veto on final adoption of
souri, which was laid on the table 46 to 21 on a motion
the revised reservation was 55 to 14,all of the oppositio
n coming from Demoof crats, while 17 Democrat
s voted for adoption. As adopted, the Walsh
Senator Lenroot.
reservation roads:
To further review the action of the Senate since our item
"No person is or shall be authorized to represent
United States, nor
of k''eb. 28, page 824, it may be noted that the Senate on that shall any citizen of the United States be eligible as athe
member of any body
day (Feb. 28) accepted a unanimous consent agreement, or agency established or authorized by said Treaty of Peace with Germany,
except pursuant to an Act of the Congress of the United
States providing
proposed by Senator Lodge, providing that the Senate, not for his appointm
ent and defining his powers and duties."
In the original draft the language "Congress will provide by
later than 2 p. m. on Mar. 1 should "proceed to vote withlaw" had
been used, and it was the omission of this affirmative declarati
out further debate upon reported reservation No. 4, to the Senator
on on which
Hitchcock based his objection to the revision.
treaty of peace with Germany,any amendment that may:the
n
On March 5 the original Lodge reservation dealing with
be pending or that may be offered thereto." On Mar. 1 the
session was opened an hour earlier than usual, at 11 a. m.— the Reparations Commission's interference with American
but the treaty was before the Senate only a brief time, owing trade with Germany was adopted as follows by a vote of
to the death of Senator Bankhead, and the vote on reserva 21 to 22, six Democrats voting for its adoption:
tion No. 4, relating to the settlement of domestic.quest
The
States understands that the Reparations Commission
will
ions regulateUnited
or interfere with exports from the United States
under the League of Nations, went over until the next
to Germany, or
day. from Germany to the United States, only when
the United States by Act
On Mar. 2 the reservation asserting the full jurisdiction
of or joint resolution of Congress approves such regulation or interference.
the United States over purely domestic relations was adopted
A substitute proposed by Senator Hitchcock providing
by the Senate by a vote of 56 to 25; 14 Democrats
voted in
the affirmative. Another Republican reservation adopted that "the United States understands that the Reparations
Commission will, in its control over German economic. reon Mar. 2 was that concerning the Monroe Doctrine,
the
United States declining thereunder to submit anyZquestion sources, in no respect so exert its powers as to discriminate
against the commerce of the United States with Germany,"
pertaining to the Doctrine to arbitration or inquiry by
the was rejected by a vote of 37 to 23.
A reservation adopted
League, reserving the Doctrine as entirely within the
juris- on March 6 by a vote of 46 to 25 covered
diction of the United States; this reservation was
the payment of
adopted the United States share of the League'
s expenses, and is
by a vote of 58 to 22; the 58 votes came from 41 Republi
and 17 Democrats, while the votes in oppositionEwer cans numbered in list of reservations above as No. 9. Senator
e regis- Hitchcock and other Democrats, it
is stated, urged rejection
tered entirely by the Democratic faction. Before the
adoption of this reservation a substitute offered by Senator of the reservation, saying that Congress must appropriate
in any case before the American share could be paid. The
Hitchcock was rejected by a vote of 43 to 34. A substit
ute "Times" says:"Senator Lodge explained that the reserva
for the reservation on domestic questions had likewise
tion
been was intended to give notice that the United
States declined
offered by Senator Hitchcock, and was defeated by
a vote to assume a moral obligation to pay any sum
that might be
of 44 to 36. Still another substitute for this reserva
tion, assessed for any purpose. The reservation
was finally
proposed by Senator King, was rejected on Mar. 2,
without amended so that the United States assumes
a record vote and an amendment by Senator Fletche
no obligation to
r also pay any portion of the League expenses,
failed .of adoption by a vote of 44 to 34. Regardi
except the office
ng an expenses and salaries of the employe
es of the Secretary
amendment proposed on Mar.2 by Senator Smith of
Georgia, General." It was on March 8 that
President Wilson's
the New York "Times" said:
letter to Senator Hitchcock in which the former declared
Senator Hoke Smith of Georgia offered an amendme
nt to eliminate from
the reservation all reference to commerce, thus
deleting that from the list that the reservations which had come tinder his notice were
of domestic questions which the reservati specified
on
as being outside the "almost without exception not interpre
tations of the Arjurisdiction of the League of Nations. Senator
Hitchcock said that he ticles . . .
but in effect virtual nullifications of those
hoped the Smith amendment would prevail,
whereupon Senator Lenroot
of Wisconsin. Republican, said:
articles" was made public. Still later, on March 14, the
"This is part of a plan by the Senator from
Nebraska to beat all reser- President is said to have indicat
ed his opposition to the Lodge
vations. It is part of a plan, I charge, to amend
the reservations and then reservat
ion proposals. The President's letter of the 8th
kill them with the aid of the Republican irreconell
ables."
Mr. Lenroot's charge might have been true last
week, as this very plan was printed in our issue of March 13, page 1039. On
the
was under consideration then, but was abandone
d. The inaccuracy of his day of the receipt of the letter—
the 8th—four reservations
inforNation was shown when the irreconcilables
voted against the amend- were
adopted. Reservation No. 10, covering disarma
ment. It was offered first by Senator Smith
and then withdrawn as he
ment,
wished to reserve it for a vote later, but Senator Fletcher
insisted on having was the first of these to be adopted; as a substitute for the
it passed upon at once and offered it himself.
original Lodge reservation it was agreed to
by a vote of
While action on the Shantung reservation had been
ex- 49 to 26. Its adoption in amended form was
brought about
pected Mar. 3, the day was taken up with debate, in which
on motion of Senator New and McCormick.
MAR. 27 1920.]
THE CHRONICLE
By a voterof 44 to 28 reservation No. 11 giving the United
aking
States discretion to allow nationals of covenant-bre
whose
States residing in the United States and against
countries the economic boycott of Article XVI. had been
invoked, to continue their commercial, financial and personal
relations with nationals of the United States, was also agreed
to on the 8th. By a vote of 45 to 27 reservation No. 12 was
likewise agreed to on March 8. This reservation declares
that the Treaty shall not be construed as validating any
.
illegal acts in dealing with enemy property in this country
March
on
Senate
the
by
to
agreed
Reservation No. 13 was
the
8 by a vote of 44 to 27. It refuses the adherence of
clauses.
labor
the
Treaty,
the
of
XIII.
Part
to
United States
On March 9 reservation No. 14—the so-called Lenroot
reservation—designed to give the United States equality
of voting power in the League of Nations (changed in form
from the one agreed to last November) was adopted by a
vote of 57 to 20, with 17 Democrats voting for it. A substitute by Senator Hitchcock was voted down, 41 to 34.
A substitute by Senator McCormick, stipulating that unless the League covenant were amended within a year to
give the United States as many votes as any other nation the
United States would withdraw was also rejected, 19 to 57.
A motion by Senator Phelan to substitute the reservation
offered last November by Senator Johnson was similarly
voted down, 73 to 4.
REVIEW BY REPRESENTATIVE FESS OF PROCEEDINGS IN PEACE TREATY DEFEAT.
of the events leading up to the latest defeat of the
review
A
peace treaty in the Senate was presented by Representative
Fess during the debate in the House on the 20th inst. on the
Naval Appropriation Bill, and we reprint herewith the record
submitted by him as it appears in the "Congressional
Record":
review the events.
Now that the fight is ended in the Senate, it is proper to
to Europe. It was
In Dec. 1918, the President with his retinue went
This story has
well understood he would use his influence for a league.
often been told.
. Feb. 14
favorably
report
On Jan. 25 1919, the war council decided to
and America. When
the constitution of the league was published in Europe
President demanded its
the country declined to withhold debate, the
acceptance without change.
his work in a speech
he
reported
Upon his return from Europe in February
times when if
in Boston, in which he warned the country that these are the
the GovernGovernments do not do what is wanted the people will change
ments.
Senate and
the
of
e
Committe
On Fob. 26 he told the Foreign Affairs
House the league must be accepted as written.
than the neceslie was served with a notice signed by 39 Senators, 7 more
not and would
sary number to defeat it, that the league as written could
of
the Senate,
in
control
party
not be acepted. These 39 were from the
not of the party in
and did not include others not among the signers and
power who would also join the 39.
be modified
This was official notice to the President that the league must
down with
or else separated from the treaty, or else the treaty would go
second time for
the league. On the 4th of March, before he sailed the
Europe, he said in New York:
side of the
"The first thing that I am going to tell the people on the other
people is in favor
water is that an overwhelming majority of the American
He also declared his
of the League of Nations. I know that that Is true."
separate
determination to bring back the treaty so involved as to prevent
cost of the
consideration and thus compel the adoption of the league at the
treaty
the
"When
that,
country
loss of the treaty when he announced to the
only in it, but
comes back gentlemen on this side will find the covenant not
you can not dissect
so many threads of the treaty tied to the covenant that
vital structure."
the covenant from the treaty without destroying the whole
the league, which
s
to
separate
Europe even then displayed a willingnes
council. But
decision was acceded to by our American members of peace
The country is familiar
the President vetoed this action upon his landing.
lot his mind
to
with the Lansing tragedy, which began when he declined
the second item in this
run with that of his chief. Duilitt's testimony was
Some changes
historical drama. Col. House's isolation was another scene.
e with criticisms
were made in the constitution of tho league in accordanc
by Americans intent on better protection of the Nation.
treaty, on sale
Then began the struggle by the Senate to secure copy of
Senator Borah
In Europe; anti several copies having reached this country,
it into the
having secured a copy from a newspaper correspondent, read
and official
formal
"Record" June 10. July 10 th&President made his first
Pronunciamento in an address before Congress.
the following
'rho most significant utterance in this official decree was inwhatever
cost
words: "It (the League of Nations) must be accepted at
of the
demand
of independent action of the Government." This frank
the Nation.
surrender of our national independence, if necessary, aroused
the effort through
No one knew it bettor than the President. Then began
House from July
individual conferences with Senators called to the White
17 to Aug. 1.
Relations Committee
On Aug. 19 the conference with the Senate Foreign
been reached, the
was hold at the White House. No agreement having
circle" on Sept. 3.
President entered upon his famous "swing around the
frankly declared
On Sept. 6 he reached the climax in Kansas City where he
His exact
that the cause of the league was greater than the Government.
is
words were: "I have come out to fight for a cause. That cause greater
the
than the Senate; it is greater than the Government. It Is as great as
cause of mankind."
that
had
who
persisted
league
the
of
This quieted those among the friends
Independence and sovereignty of the Nation were not involved.
On Sept. 10 the Senate Foreign Relations Committee reported to the
chalSenate the treaty with reservations. This was the Senate's specific
lenge for Americanizing the treaty against the President's remarkable
nt
statement that the league was of more importance than the Governme
1257
te illness of
Itself. The appeal to the country was cut short by the unfortuna
Senate adopted the
the President which still distresses the country. The
ng all the
commandi
,
committee's reservations by very decisive majorities
s.
Republican votes in the Senate and from four to seven Democrat
Hitchcock.
The President on the 18th of Nov.. in a letter to Senator
on if the reservainstructed all friends of the treaty to vote against ratificati
the treaty
of
friends
true
all
tions were attached. His language was,"!trust
will refuse to support the Lodge resolution."
reservations, which was
Soon after the vote came on ratification with
4 Democrats for it, and
rejected 39 to 55. There were 35 Republicans and
reconsideration the
Upon
42 Democrats and 13 Republicans against it.
for it. Then the
vote stood 41 for it and 51 against it-7 Democrats voting
stood 38 for and 53
vote was on ratifying without reservations. The vote
46 Republicans and 7
against; 37 Democrats and 1 Republican for and
Democrats against.
over the league on Nov.
The treaty was rejected because of the dispute
the Senate by the President.
19,four months after it had been submitted to
the rules of the Senate
Three months later, Feb. 19 1920, by suspension of
the details of the
it was again taken up. The country is quite familiar with
the utterance of
struggle since that date. The most significant event was
in which he clearly
Ambassador Grey in his letter to the London "Times,"
here, which was not underset forth to the English public the real situation
the responsible ministry,
stood by a people whose government was that of
until reversed by their
where the government's act is that of the people
be repudiated and
vote. He also explained how the President could
as it does in England,
still retain his official position, which does not obtain
.
Grey also notified
he
represents
where his act is that of the country which
with the reservations.
Americans that England would accept the treaty
not accept the reserThis nullified the President's declaration that he could
vations because our associates would not accept them.
accept the treaty
would
Italy
It was also announced that France and
with reservations.
recovery of the President's
The country, greatly distressed over the sloW
Lansing at this critical
health, was shocked over the dismissal of Secretary
ces, which the Secretime, made more so because of the Mexican disturban
the other members of the
tary of State was handling in consultation with
Cabinet.
because of his
The President, resuming his leadership so long in abeyance
to compromise.
state of health,again informed the Senate he would not agree
no avail. The President
The efforts of the bipartisan committee were of
and he could see no
made it clear that all roservationists were nullifiers,
He had said to all
difference between a nullifier and a mild nullifier.
Now, his answer
here."
Republican and Democratic Senators, "Sign
the decisive and short
to his Democraticfriends who propose a compromise is
command, "Not acceptable."
ing American sovereignty
On March 18 the Lodge reservations safeguard
vote.
and independence were again adopted by a decisive
to be voted upon.
They were attached at once to the treaty which was
on. Democratic
Democratic organs urged their acceptance and ratificati
for it. On
statesmen joined in the plea. Democratic Senators pleaded
four months
and
up
taken
again
was
it
March 19, just one month after
again killed the treaty.
after it was first defeated, the President's influence
a time since Sept. 10.
The war is still on technically. There has not been
the war could not have
when the Senate first reported the resolutions, that
to
abide by a majority
willing
been
been ended in 48 hours had the President
of the Senate.
of Congress it is ended.
It still goes on, and will so continue until by act
in the next election.
The treaty seems dead. The league becomes an issue
our system President
No matter what is the result of the vote, under
is no constitutional
Wilson will be President until March 4 1921. There
people as there was not
power to compel him to submit to the verdict of the
Congress.
present
the
of
when he was rebuked in the last election
to the people.
Republicans will accept his challenge to carry the contest
a full realization that
He has made it an issue. We will meet it under
when it takes the
no political party has over won nor will it ever win a contest
will stand on the Ameriforeign side of an international Lssue. Republicans
under the leadership of
can side of this issue, and they will meet their foes
any internationalist.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No sales of bank or trust company stocks were made this
week at the Stock Exchange or at auction.
The Directors of the Bank of America and of the Franklin
Trust Co. have approved a plan for a merger of the two institutions and the stockholders have this week been advised of
the pending negotiations. Meetings of the stockholders will
be held in the near future to act on the proposal. It is
of
planned to bring about the consolidation under the name
•the Bank of America, with a capital and surplus of $5,500,000
each. William H. Perkins, President of the Bank of America, will be Chairman of the board of directors of the enlarged bank; Edward C. Delafield, President of the Franklin
Trust Co., will become President, and Walter M. Bennet,
Vice-President and Cashier of the Bank of America, will
become senior Vice-President. It is further announced that
the personnel of both institutions will be fully maintained.
The Bank of America was organized in 1812 and the Franklin
Trust Co. in 1888. The latter has several offices in Brooklyn and New York, its principal New York office being at
46 Vv all St., in the building in which the Bank of America
is located. After the merger the trust business of the
Franklin Trust Co. will not only be continued but greatly
enlarged. The Bank of America has a capital of $1,500,000
ed
and on Jan. 2 reported a surplus of $6,000,000 and undivid
capital
a
has
Co.
Trust
n
Frankli
The
profits of $1,181,342.
of $1,000,000 and surplus and profits of about $1,200,000.
The deposits of the Bank of America total $87,458,819,
while those of the Franklin Trust amount to $31,094,421.
The merger is expected to become effective about May 1.
The plans for the merger of the Bank of the Manhattan
Co. and the Merchants National Bank of this city, under the
1258
THE CHRONICLE
name of the former, were ratified at special meetin
gs of the
stockholders of the two institutions on March 24.
The
proposed consolidation was noted in these columns
Dec. 13.
At a meeting of the directors of the Bank of the
Manhattan
Co. on the 25th inst., R. E. Jones, President of
the Merchants National Bank, was elected first Vice-Pr
esident of
the Bank of the Manhattan Co. and H. T.
Hall, D. H.
Pierson and F. L. Hilton were appointed Vice-Pr
esidents.
Owen E. Paynter was appointed Cashier and I. S.
Gregory,
Assistant Cashier. The following were added to the
directorate of the Bank of the Manhattan Co.: J.E.
Aldred, R. E.
Jones, A. G. Meyer, C. E.Potts, C. F. Stuhahn
and George
Zabriskie, directors of the Merchants National Bank.
[VOL. 110.
States holding stock dividends to be non-taxable as income
,
the Commissioner of Internal Revenue has announced that
he will make refund for such taxes heretofore paid if claim
therefor is made on the regular form provided for that purpose. These claims, it is pointed out, must be accompanied
by certain data and the forms must be signed and sworn to.
The bank announces that it has a supply of the forms and
will be pleased to furnish them, and information about
filing them, to its customers and friends, on application to
the Tax and Statistical Division of our Trust Department.
Lazard Freres of New York announce the opening of a
branch
in Madrid, Spain, at Calle de Alcala, 60, on March 1.
•
A branch was also opened under the name of Lazard Brothers
Announcement is made of the appointment of Baxter
& Co. at Anvers on Jan. 19. The opening of an agency in
Jackson as an Assistant Cashier and special represe
ntative
Mayence, Germany, was announced in our issue of Sept. 13.
in the South of the Chemical National Bank
of this city.
Mr. Jackson has been Assistant Cashier of the
Cumberland
Henry C. Emery, formerly Assistant Manager of the
Valley National Bank of Nashville, Tenn.; he
will assume Foreign Department
of the Guaranty Trust Co. of New
his new duties about April 15.
York, left New York on March 23 for China, where he is to
become Manager of the Peking Branch of the Asia Banking
The directors of the Public National Bank of
this city Corporation. He is scheduled to sail
from Vancouver,B. C.,
yesterday declared a quarterly dividend of 4%,
payable to April 3 on the steamer Empress
of Russia for Shanghai.
stockholders on the 31st inst. This places the stock
on a Mr. Emery, who was Chairman of the
United States Tariff
dividend basis per annum of 16%,a quarterly increas
e of 1%. Board under President Taft, spent nearly
two years (19161918) in Russia studying commercial, industrial and financial
The board of directors of the American Discount
Co. has conditions in that country.
declared the regular quarterly dividend of 2% on
the preThe appointment of George Rowland Berkeley as Auditor
ferred stock as of April 1 1920.
of the London office of the Guaranty Trust and of Walter
F. Mulledy as Assistant Treasurer of its Paris office, was
Charged, it is stated, with violating the Massac
husetts announced on March 25.
law governing the advertising of mining stocks, Thoma
s W.
Lawson surrendered to the Court authorities on
March 25
At a meeting of the directors of the Commonwealth Trust
and was released under bail of $2,500 for hearing
on April 6. Co., of Boston, Mass., on March 17, it was voted to recomThe charge, the "Wall Street Journal" states,
alleges "that mend to the stockholders that the capital be increased from
he was an officer of the Manhattan Union Mining
Co. when $1,000,000 to $1,500,000 through the issuance of 5,000 addithat company on Feb. 25 last advertised its shares
and gave tional shares at $150 per share, thus increasing the surplus
notice of a prospective increase in their price,
without and undivided profits from $1,000,000 to $1,250,000, and
having filed sixty days prior thereto a statement of
the com- making a total capital, surplus and undivided profits of
pany's financial condition and other required
information." $2,750,000. This stock is to be disposed of to stockholders
The paper quoted also says:
of record on May 1 at the rate of one share of new stock for
The action against Lawson is in connecti
on with the arrest of four stock every two shares
now held. Stockholders have until May 15
brokers who are held for a hearing on the
charge of having violated the law
regarding the listing and advertising of
shares of stocks of mining cor- to make their payments. A special meeting of the stockporations. In a statement Lawson charges
holders will be held on April 7 to ratify the proposed increase.
that
the result of his entering the fight as a candidat the action against him is
e for delegate-at-large
Republican Presidential Convention.
to the
The stockholders of the Mechanics & Metals
National
Bank of New York, at the special meeting on
March 23,
authorized the issuance of $3,000,000 of new stock, raising
the capital from $6,000,000 to $9,000,000.
A further in'
-73-fdase of $1,000,000 in the capital of the bank,
making it
$10,000,000, is contemplated (perhaps in June), this,
as
stated in these columns Feb. 21, being a preliminary
step
in the plans looking to the merger of the Produce
Exchange
Bank of this city (capital $1,000,000) with the Mechan
ics
& Metals. Gates W. McGarragh, President of the
latter,
has also been President of the New York Produce
Exchange
Bank for the past five years. No official change
s in the
personnel of the two banks are contemplated. The
combined deposits of the two institutions are in excess
of
$300,000,000.
Walter E. Lovblad has been appointed an assistant cashier
of the National Bank of Commerce in New
York. it was
announced on March 22. Mr.Lovblad is a native
of Chicago. He has been with the bank since Feb. 1 1919,
prior
to which he was engaged in commercial banking in Chicag
o.
David V. Austin was appointed Assistant Cashier
of the
Industrial Bank of New York on March 17. Mr.
Austin
was for many years connected with the Credit Depart
ment
of the Chemical National Bank,and has acted as Manager of
the Credit Department of the Industiral Bank since its
inception the latter part of last year.
The New Netherland Bank, 41 West 34th St., this city,
has declared an extra dividend of 1% in addition to its semiannual dividend of 4% on its capital of $600,000, which was
recently increased from $300,000.
The American Exchange National Bank of this city, in a
notice issued on March 19, calls attention to the fact that as
a result of the decision of the Supreme Court of the United
At a meeting of the stockholders of the Real Estate Title
Insurance & Trust Co. of Philadelphia on March 18, a resolution offered by the directors, recommending that the
capital stock of the company be increased from $1,000,000
to $2,000,000, was ratified.
•
Captain George I. Boles and John R. Westwood, both
formerly associated with W. H. Newbold's Son & Co.,
have formed a co-partnership to transact a general investment business, with offices in the Land Title Building,
Philadelphia. Captain Boles is a brother of E. H. Boles,
Vice-President and General Counsel of the Lehigh Valley
Railroad. He has purchased a seat on the Philadelphia
Stock Exchange. Mr. Westwood was connected with the
Philadelphia National Bank for a number of years, and
Auditor of the Ninth National Bank of Philadelphia before
becoming associated with W. H. Newbold's Son & Co.
It was announced on Monday last that the Fidelity Trust
Company of Philadelphia had made an offer to purchase and
acquire all of the stock of the Logan Trust Company of
Philadelphia as a result of which the management of the
Logan Trust Company would be transferred to the Fidelity.
In accordance with the terms of the arrangement, Wm. P.
Gest, President of the Fidelity Trust Company, and J. C.
Neff, Vice-President of the Fidelity Trust Company, were
on the 22nd inst. elected President and Vice-President,
respectively, and members of the board of directors of the
Logan Trust Company of Philadelphia, thus turning over
to the Fidelity Trust Company at once, the management and
control of the Logan Trust Company. At meetings of the
directors of the latter, on March 22, nine new directors were
elected, all being either directors or officers of Fidelity Trust
Company; they will constitute a majority of the Logan's
board. They are Henry W. Biddle, Edward Walter, Clark
John S. Jenks, Jr., William G. Littleton, G. Colesberry
Purves, Daniel B. Wentz, T. Homer Atherton. Mr. Atherton was also elected a Vice-President of the Loagn Trust.
David MathersbnlAssistant Treasurer:of,the Fidelity Trust
MAR. 27 1920.1
THE CHRONICLE
Company, has been made Treasurer of the Logan Trust
Company. Under the terms of the offer the stockholders
of the Logan Trust Company will receive one share of Fidelity
Trust Company for every five shares of Logan Trust Company. The Fidelity Trust Company has a capital of $5,000,000 while the Logan Trust Company has a capital of $1,000,000. To provide for the purchase of the Logan Trust Company shares, the Fidelity Trust Company will increase its
capital. As President of the Logan Trust,Mr.Gest succeeds
Walter H. Lippincott, who recently replaced Howland
Comly in the Presidency, Mr. Comly having been made
Chairman of the board. At the time of Mr. Lippincott's
election, E. Clarence Miller became a Vice-President of
the Logan Trust.
•
The directors of the Citizens Bank of Philadelphia have
recommended the issuance of $500,000 of new stock, thus
increasing the capital from $200,000 to $700,000. The proposal is to be ratified by the stockholders on April 22. The
par value of the stock is $50, and it will be sold at $60, this
being the price at which the original $200,000 stock was
disposed of. Besides increasing the capital to $700,000, the
proposed new issue of stock will give the bank a surplus of
8140,000.
According to an announcement made on March 10 by
Julius L. Peysor, President of the Security Savings & Commercial Bank of Washington, I. C., Samuel R. Baulsir,
Assistant Cashier of the National Bank of Washington, has
been appointed Cashier of the Security Savings & Commercial Bank filling the vacancy caused by the resignation of
William R. Baum.
•
of Cleveland, Ohio, has inCo.,
Trust
Cleveland
The
creased its board of directors from thirty to thirty-eight
members, following the signing by Governor Cox of a bill
amending the law so as to remove the limitations on the
number of directors a bank may have. The new members
of the board of the Cleveland Trust Co. are Horace Andrews,
of the law firm of Hoyt, Dustin, Kelley, McKeehan &
Andrews; N. H. Boynton, General Manager of the Buckeye
Lamp division of the National Electric Lamp Co.; Salmon P.
Halle, President and Treasurer of the Halle Bros. Co.;
J. E. Morley, of Telles, Hogsett, Ginn & Morley, lawyers;
Franklin G. Smith, President and General Manager of the
Osborn Manufacturing Co.
J. D. Cox, Sr., A. R. Horr and Douglas Perkins, formerly
honorary directors, have been returned to the list of active
directors.
1259
•
thoroughfare. A large part of the building is now occupied
by the Federal Reserve Bank which plans to erect its own
building soon. As promptly as may be, after the Federal
Reserve Bank moves, the new owners plan extensive alterations in the building, including a new bank entrance and safe
deposit vaults. The Chicago Trust Co. plans to occupy as
much as may be needed of the lower floors and develop a
high-grade financial tenancy for the remainder of the building, which will be renamed Chicago Trust Company Building.
The Chicago Trust Co. was organized in 1902 with a capitalization of $250,000. It moved to its present quarters two
years later, where it occupies all available space, and is
forced to relocate again because of increase in business. Its
purchase does not contemplate any immediate change in
the bank's present location, or the future dsposition of its
present quarters. Lucius Teter is President of the bank,
and John W. O'Leary, Edward P. Bailey, John A. McCormick, W. T. Bacon and F. 0. Birney are Vice-Presidents.
•
On Feb. 26 David R. Forgan, President of the National
City Bank of Chicago, made public the appointment of
Clifford Arrick as Vice-President of the bank, effective
April 1. Mr. Arrick has been associated with the Bell
Telephone system for the past twelve years, but will hereafter devote his entire time to the bank's interests. Mr.
Arrick started his business career at the age of fifteen, as a
page in the United States Senate. Later he was associated
with the Topographic Corps of the United States Geographical Survey and left that organization to accept the
position of Private Secretary to W. H. H. Miller, AttorneyGeneral of the United States during the Harrison Administration. At the close of that Administration Mr. Arrick
went with Senator Stephen B. Elkins of West Virginia in a
confidental capacity. In these two positions he formed a
wide acquaintance among Washington newspaper correspondents. In 1893 Mr. Arrick organized the insurano
department of the Union Trust Co. of Indianapolis and was
Departmental Manager until the outbreak of the SpanishAmerican War. He entered the army as Major and Paymaster of Volunteers. At the close of the war he became
associated with the Marion Trust Co. of Indianapolis and
later entered the bond and brokerage business on his own
account. His activities brought him in contact with officials
of the Bell Telephone system and in 1912 he was asked to go
to Chicago as Publicity Manager of the Central Group of
Bell Telephone Companies. During the recent war Mr.
Arrick was active in connection with Red Cross, War Savings
• Stamp and Liberty Loan activities, and has always taken
an active interest in civic affairs.
To awaken interest in art and artists on the North West
The Western Bank & Trust Co., of Cincinnati, has insuccessively
creased its capital from $500,000 to $1,000,000 in accord- Side, the Noel State Bank of Chicago will exhibit
neighborhood.
the
in
residing
painters
of
14.
Jan.
canvases
on
rs
the
stockholde
the
of
ion
the
with
authorizat
ance
nted," a young
The stock was disposed of at $100 per share. The stock- Jacob Richard's realistic painting, "Disappoi
gathering in the
holders were permitted to purchase the stock at par at the girl in despair, out-of-doors, storm clouds
for a fortnight.
rate of one share of new stock for each share previously sky, will be exhibited in the Noel State Bank
at the
collection
recent
the
in
d
represente
was
1.
Richard
April
on
Mr.
held. The new capital will become effective
Art Institute and appeared there several years. Mr.
1920.
Richard is a graduate of the Art Institute and has taken two
Ohio,
prizes, the first being the Wm. 0. Goodman and the other
The Commercial Savings & Trust Co., of Akron,
Aid Society.
has increased its capital from $125,000 to $200,000, through the prize awarded by the Chicago Woman's
view each
to
bank
the
by
invited
are
interested
capital
new
those
The
All
60%.
of
the declaration of a stook dividend
exhibited.
is
it
as
became effective Jan. 7, the date when the additional stock artist's painting
was ratified by the stockholders. The stock is quoted on
The National City Bank of Ottawa, Ill., announces the
the market at $275 per share.
election, as President, of Charles P. Taylor, who for many
nt .
The City Trust & Savings Bank of Dayton,Ohio,has taken years had been intimately connected with its manageme
Schoch,
over the Farmers & Merchants Bank (with a capital stock of as Vice-President. Mr. Taylor succeeds Albert F.
bank of
$25,000) and will continue it as a branch. As a result the whose resignation closes a notable service with the
years
capital of the City Bank & Trust has become $125,000. A over forty years. The bank has a record of fifty-five
further increase to $200,000 is planned, the latter probably of successful service, with capital assets of nearly $400,000.
*—
becoming effective about May 1. Steps looking to this
Announcement of a profit-sharing plan was made on
change were ratified by the stockholders on Dec. V.
March 18 to the employees of the First Wisconsin National
by the officers. The plan which was formulated by
Bank
The Seventy-Nino West Monroe Street Building CorporaOliver C. Fuller, was approved by the directors
President
Chicago),
of
Co.
Trust
Chicago
by
held
is
tion (stook of which
on March 11. It is in line with the policy
meeting
their
at
southhas purchased from the Lehmann Estate the building
Fuller at the first "get-together"
east corner Monroe and Clark streets, known as the Rector expressed by President
six months ago, following the
about
of
employees
meeting
building,
The
.
tely
$1,000,000
Building, for approxima
National and the First NaWisconsin
the
of
ion
consolidat
on,
which is 14 stories high, of modern fireproof constructi
with the First Wisconsin Trust Co. and
occupies one of the best locations in the financial district. tional banks, which
Co. comprise the so-called First WisconAt least ten banks are located within one block. The action the First Wisconsin
. The bank has some 450 employees
Milwaukee
in
group,
sin
of the directors of the Chicago Trust Co. gives further proof
by the bank says:
issued
ent
announcem
An
financial
important
an
as
Street
in
Monroe
confidence
of the
1260
THE CHRONICLE
The net profits figuring in the distribution comprise that portion of the
bank's earnings after there have been deducted operating expenses and
appropriate sums for other necessary reserves. From this amount 8% of
the capital employed is set aside for the stockholders and also a certain
amount to be determined by the directors as the bank's annual contribution to the funds of the Progress Club, the employees' organization. The
amount then remaining will be divided between the employees and the
bank, 25% to be distributed under the new profit-sharing plan and 75%
to be retained by the bank.
Each employee will receive as his share the proportion of profits that his
or her salary during the period in question bears to the total salaries paid
during the same period. To participate, however, each employee must
have been in the employ of the bank for at least two consecutive months
preceding the date of distribution. The first distribution will be made
June 1 and twice a year after that.
By means of the profit-sharing plan the bank hopes to bring its employees
into closer relations with its business success and while it is already a large
institution it was pointed out that its success in the future depends largely
on the enthusiastic co-operation of all those associated in it and that in this
success bank and employees will share mutually under the new plan.
It is estimated that, if business conditions continue for the year as they
are now, the share of the profits which each employee will get will be in the
neighborhood of 20% of his or her salary, which is more than two months'
pay in addition to the regular salary. Distribution dates are June 1 and
Dec. 20, just before the vacation season and just before Christmas.
[VoL 110.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co.' of London, written under date of
Mar. 4 1920:
GOLD.
Again a handsome addition has been made to the Bank of England reserve
against its note issue, namely, of £3,196,730. The total now stands at
.C112,910,620. The amount of gold dealt with lately has not been large.
It was purchased on behalf of the Straits Settlements and South America.
It is reported from New York that $250,000 and $100,000 in gold have been
shipped to Cuba and Argentina, respectively. A sum of between $12,000.000 and $15,000,000 in gold is announced from the same quarter as engaged
for shipment to South America at the end of the week. Canada's gold
production during 1919 is estimated by the High Commissioner for
Canada to amount to 16.275,000 dollars. We append a comparative table
of the gold holding in State banks, &c., Just before the war and late in 1919,
1914.
1919.
British Empire
£97,894,456
£222,613,174
United States of America/Treasury
July
52,173,612 Nov. 29 475,250,000
(Federal Reserve Banks_ _ _
415,680,000
Austria-Hungary, State Bank May 30 52,326,000 Nov. 30 10,889,000
Belgium (incl. silver)" " May 28 13,306,000 Dec. 18 13,984,000
Denmark
May 30
4,258,000 Nov. 30 11,787,000
France
May 28 149,225,000 Dec. 18 223,117,000
Germany
May 30 65,662,000 Dec. 7 54,515,000
Ifolland
May 30 13.591,000 Dec. 13 53,110,000
Italy (incl. silver) "
May 31 48.875,000 Oct. 31 61,623,000
Japan (incl. silver) " " June 30 22,132,000 Nov. 1 81,648,000
Norway
" May 31
2.700,000 Dec. 15
8,143,000
Spain
May 30 20,871,000 Dec. 13 96,895,000
Sweden
May 30 ' 5,828,000 Doc. 13 15,647,000
Switzerland
May 31
6,847,000 Dec. 13 20.737,000
SILVER.
The market has presented a steady appearance during the week, China
having been a good buyer. The difference between cash and forward
delivery almost disappeared. The premium on cash yesterday was only
1-8d ., the narrowest since Sept. 26 1919. The following interesting statistics
are from the official review of the trade of India:
India's Balance of Trade.
1909-10
Arerage (11,000)to 1913-14.
1918-19.
Gross exports-private merchandise
149,411
169,242
Gross imports-private merchandLse
97,232
112,689
Net exports-private merchandise
52,179
56,553
Imports of Treasure & funds (private account)
52,464
15,651
Balance of trade in favor of India
40,902
Balance of trade against India
285
The new high record balance of trade in favor of India to the extent
of nearly E41,000,000 sterling Is worth noting. If, however, the average
rate of exchange of the year be taken, the favorable trade balance is .C45,000,000. It Is a, remarkable circumstance that the proportions of the
various descriptions of Indian imports was practically the same in 1918-19
as in the five-year average before the war, notwithstanding an increase of
16% in the sterling values. The percentages are given below:
1909-14.
1918-19.
Cotton manufactures
36%
36%
Sugar
9%
9%
Iron and steel
7%
7%
Silk
3%
3%
Machinery
4%
3%
Mineral oil
3%
3%
Hardware
2%
2%
Other articles
38%
36%
Indian Currency Returns.
In Lacs of RupeesFeb. 7.
Feb. 22.
Feb. 15.
Notes in circulation
18329
18399
18294
Silver coin and bullion in India
3947
3872
3888
Silver coin and bullion out of India
Gold coin and bullion in India
3534
4121
- --4033
---Cold coin and bullion out of India
1038
579
580
Securities (Indian Government)
1560
1560
1560
Securities (British Government)
8250
8250
8250
The coinage during the week ending 22d ult. amounted to 69 lacs of
rupees. The stock in Shanghai on the 14th ult, consisted of about 30,000,000 ounces in syceo. 11,000.000 dollars and 63 lacs of silver bars and
United States dollars. No fresh news has come to hand. The Shanghai
exchange IN quoted at 8s. 5d. the tael. StatistIca for the month of February
are appended:
highest price for cash
894d. I Highest price for 2 mos
87lid.
Lowest " " "
82d.
Lowest " " "
78%d.
Average " " "
85.005d. Average " " "
83.161d.
Quotations for bar silver:
Cash. 2 Mos.
Cash.
2 Mos.
F113..8
254d. 82d.
Mar. 4
84d.
8394d.
83%d. 82%d Average
83.54. 83.02d.
Mar. 1
8334d. Bank rate
• 84d
6%
83 WI. 83 d. Bar gold per ounce fine__119s. Od.
" 2
- 83)4d. 831'id.
" 3
The quotations to-day for cash and for forward delivery are mpectively
1 Yid. and 23d. above those fixed a week ago.
6.
.6
According to an announcement made by J. C. Cardwell,
President of the Citizens-Union Fourth Street Bank of
Louisville, Ky., on March 15, 'sham Bridges, manager of
the Louisville Clearing House Association for 25 years, has
been elected Vice-President of the bank. Prior to becoming
Manager of the Clearing House Association, Mr. Bridges
had been associated . with the Fidelity Trust Co. He will
assume his new post on April 1.
The recently organized Liberty State Bank of Dallas,
Texas, opened for business on March 1 with a capital or
$100,000 and surplus of $10,000. The stock, par $100,
was disposed of at $110 per share. The officers of the bank
are as follows: Hugh M. Hardie, President, and Raymond
Thomas, Vice-President and Cashier. The bank was organized on Feb. 17.
•
At a meeting of the directors of the American Exchange
National Bank of Dallas, Texas, on March 3, F. H. Blankenship,• previously Assistant Cashier, was elected Cashier.
Mr. G. H. Pittman, formerly Vice-President and Cashier,
resigned his position as Cashier, remaining an active VicePresident. Mr. Blankenship began his banking career 23
years ako when he entered the National Bank of Dallas,
which was consolidated with the American
Exchange
National in 1900.
•
W. 0. Connor, formerly associated with the firm of
Sanger Bros. has been chosen President of the Guaranty
Bank & Trust Co. of Dallas, succeeding T. M. Dees, who is
to become Chairman of the Board. Mr. Dees is resigning
as President because of his inability to give the office the
attention called for. It is planned to increase the capital
of the bank from $100,000 to $1,000,000, with $100,000
surplus. The Guaranty Bank & Trnst Co. began business
on Feb. 14, as announced in these columns Feb. 13. Action
on the question of increasing the capital will be taken by the
stockholders on March 29.
•
At a special meeting of the stockholders of the American
National Bank of Beaumont, Texas, the capital of the bank
was increased from $100,000 to $250,000, and at the same
time the surplus fund was increased from $200,000 to $350,000, which after book entries were made, left an undivided
profit account of approximately $100,000. A stock dividend of 100% was declared out of the surplus and the
additional $50,000 of the capital stock was sold at the price
of $300 a share. This increase became effective March 17.
‘.
3i
•
We have also received this week the circular written under
The State Banking Department of California recently (late of Mar. 11 1920:
GOLD.
announced that a consolidation had been arranged between
Again a•substantial addition has been made to the Bank of England reserve
the Lompoc Valley Bank, the Lompoc Valley Savings Bank, against its note issue-namely,
of £2,438,960. The total now stands at
the Commercial & Savings Bank of Carpinteria and the £115,349,580. During the week dealings In gold have been large, but at
owing
to
falling
the
rates
reduced
discount upon the currency pound.
Commercial Trust & Savings Bank of Santa Barbara. The The quotation to-day
is the lowest since Dec. 5th last. The supplies wero
resulting institution continues the name of the Commercial taken on account of South America,
the United States of America, the
Trust & Savings Bank of Santa Barbara and has a capital of Straits Settlements and the Trade. The feature of the week is the shipof gold to New York (the amount has not yet been published) and
ment
$757,500, surplus of $224,500 and undivided profits of the prospect of further
consignments to that quarter. It is reported from
$84,936. The merger became effective Feb. 16 1920. The New York that $20,000,001,in gold has been engaged
for shipment to South
America
and
that $3,000,t,JJ in gold has been received from Canada. The
officers are George S. Edwards, Chairman of the Board;
Mint at Vienna has fixed the prices of gold and silver as follows: Gold.
Alfred Edwards, President; Edward F. R. Vail, Vice-Presi- 120,00o paper kronen; silver, 5,5jJ, the
kilo fine. A silver krone Is valued
dent; John S. Edwards, Cashier; John P. Redington, George at 23, and a gold 2J-kronen piece at 720 paper kronen. 'rho Rhodesian
gold
output
for Jan. 192J amounted to £211,851, as compared with E158.E. Sawyers, Alfred N. Smith and Lillian C. Molin, Assistant
835 for Dec. 1919 and £211,917 for Jan. 1919. The following were the
Cashiers.
United Kingdom gold imports and exports during
Feb.1920:
1261
THE CHRONICLE
MAR. 27 1920.1
Exports.
INCREASES OF CAPITAL.
Amount of Cap'l when
Increase. Increased.
$50,000
$25,000
Pa
The First National Bank of Carmichaels,
125,000
75,000
Iowa
,
Waukon
of
Bank
l
Nationa
The Peoples
700,000
38,125
200,000
Texas
Falls,
The First National Bank of Wichitan City, Mo
200,000
2,068
100,000
The First National Bank of Jefferso
500,000
0
_200,00
Pa_
lphia,
Philade
in
ce
Commer
of
The National Bank
100,000
34,984
50,000
Bank of Vernon, Texas
1,00,186 The Waggoner National
100,000
50,000
y, Kan
The Citizens National Bank of Anthon
300,000
2,132,702
100,000
Calif
Visalia,
of
423,000 The li irst National Bank of Chase City, Va
100,000
50.000
894,722 The First National BankArdmore, Okla
200,000
,.A00.000
State National Bank of
500,000
314,000
300,000
Pa
,
Reading
4.780 The Reading National Bank,
3,647
_ _ _250,000 1,000,000
The Des Moines National Bank, Des Moines, Iowa_
42,890,528 £3,009,351
$1,500,000
SILVER.
APPLICATIONS FOR CHARTER.
Capital.
have been remarkable.
ion of State banks:
The movements of the price during the week
$50,000
one day- For convers
any
on
nt
moveme
l Bank, Manteca, Calif
record
a
Nationa
a
btedly
The Mantec
Calif.
a,
On the 5th inst. a fall-undou
Mantec
,
Joaquin
San
forward
South
of 53'd. in that for
Conversion of the Bank of
Joaquin, Manteca.
of 6%(1. took place in the cash quotation and
Correspondent: Bank of South San rt,
place of 534d. and 4%d.,
50,000
Kan.
delivery. To-day a further heavy fall took
Tne Citizens National Bank of Frankfo
improve
the
been
has
changes
great
Frankfort.
Conversion of Citizens Bank ofof
respectively. The chief reason for such
rt.
ng the
Frankfo
followi
Bank
America
of
Citizens
States
United
ondent:
the
Corresp
50,000
ment in the exchange with
, Oregon
of £100,000,000 due to that
The First National Bank of Staytonnts
Bank of Stayton.
announcement that the Anglo-French loan
Conversion of Farmers & Mercha
for which this country is
.
Stayton
Mayo,
W.
J.
ondent:
country is to be paid off. The £50,000,000 of our total indebtedness
Corresp
ion
For organization of national banks: taine, Onio
responsible represents but a small proport
100,000
y far more than the nomPeoples National Bank in Bellefon l Bank of Bellefontaine.
and its repayment naturally costs in our currenc
rewas
succeed The Peoples Nationa
To
U. S. dollar
the
on
m
premiu
g
lessenin
taine.
The
ed.
Bellefon
inal sum indicat
Correspondent: John E. West,
25,000
on account of China have
flected also in the Shanghai exchange, and buyers
The Paden National Bank, Paden, Okla
ng cheaper silver. The
To succeed the Peoples State Bank of Paden.
been disposed to hold off in the hope of obtaini fact that at the present
Okla.
to tne
Correspondent: T. W. Harmon, Paden,
25,000
result has so far justified this action owing
The First National Bank of Nyssa. Oregon
the market. The Indian Bazaars
Malheur County Bank of Nyssa.
time China is the predominant factor in
the
To
succeed
The
prices.
of
level
high
Oregon.
Correspondent: J. H. Wolf. Nyssa,
seem indisposed to import silver at the present
25,000
City, Colo
"Herald" by its Nanking
The First National Bank of Sugaran,
following communication to the Norn Caine
Sugar 0,ty, Colo.
W. A. Caufthi
continued silver
ondent:
and
Corresp
large
the
upon
light
25,000
rable
conside
Colo
correspondent throws
Wiley,
of
Bank
l
Nationa
has
First
The
money
discount on paper
Colo.
demand emanating from China: "The
Correspondent: R. E. Adams, Lamar,
the
25,000
made
Y
N.
and
nce
Stream,
confide
Valley Stream National Bank, ValleyValley Stream, N. Y.
risen to 18 or 19% and this has shaken public
which have large dealings
Correspondent: W. Ward Smith,la. Okla
25,000
business outlook uncertain. Certain concerns
Indiano
of
Bank
The First National
shops in various parts of the
la, Okla.
in paper have opened about half a dozen
Correspondent: F. E. Bynum, Indiano
25,000
will buy anything-oil,
They
ing.
Ore
purchas
Haines,
If
only
do
Bank
l
'shop.?
These
Nationa
town.
The First
Ore.
ship them to Hongkong.
Correspondent: W. A. Green, Haines,
hides,sugar, &c.; pay for them in local paper and
25,000
, Pa
But
Alburtis
bank.
Bank,
ng
l
Hongko
Nationa
a
s
in
Alburti
ed
The
deposit
, Pa.
There tho stuff is sold and the money
Correspondent: Henry U. Beers, Alburtis
withdrawn from
being
is
50,000
Silver
paper.
the
Pa
with
e,
left
are
the local people
The First National Bank of Shoemakersvill
pile, from the official
ersville, Pa.
Correspondent: II. A. Heckman, Shoemak
circulation and hoarded. Almost everyone has nis
25,000
of
is
wealth
Tex
e,
mineral
Quitaqu
of
This
The First National Bank
down to the coollo-waiting for the rainy day.
Correspondent: Amos Persons, Quitaque, Tex.
from circulation is another
$525.000
no use to anybody at present, and its withdrawal
Total
The White Miao in the
factor in making the price of that metal rise.
VOLUNTARY LIQUIDATIONS.
of Kueichow, who grow
mpton, Mass_ _ -$150,000
northwest of the Province and on the borders silver. But this slyer
in
The
Hampshire County National Bank of Northa
only
the opium and sell it, will take payment
Agent: John W. Mason.
ting
.
Liquida
nothing
buy
they
but
rich,
wax
Trust Co. of
They
County
Is of no use to them or anybody else.
Business taken over by Hampshire
the precious metal is buried
Northampton.
They still live as their forefathers did, and
100,000
Md
land,
Cumber
The Citizens National Bank of Holzshu.
and untouched."
Liquidating Agent: Charles G.
ek silver coins in Greece
land.
Cumber
of
Co.
Trust
It is reported that the circulation of non-Gre
Liberty
by
over
Assets taken
25,000
o, all coins under the value
has been forbidden as from Jan. 14. Hithert
The First National Bank of Burwell, Neb
Switzerland were legal tender
Liquidating Agent: Wm. I. Hoffman.
of Fr. 5 of the Latin Monetary Union and
conferbank.
a
that
State
"
a
states
Succeeded by
k Handelstidning
150,000
town, W. Va
(as well as Fr. 5 ploce.-.). "Svons
l Bank of Sweden, Norway and The Citizens National Bank of Morgan
Voorhis and E. D.
ence of representatives of the Nationa
Liquidating Agents: J. M. Wood, M. Van
agen to discuss the question of the rise
Denmark has been held in Copenh
for
ures
meat
Tumlin.
coinage. Legislative
Morgantown.
in the value of silver in relation to the
proposed in the three countries.
Absorbed by the Federal Savings & Trust Co.,
$425,000
debasing the silver coinage are shortly to be
Total
.
Returns
y
Indian Currenc
Feb. 29.
Feb. 22.
Feb.15.
In Lacs of Rupeesfor the week
18303
18294
18399
Canadian Bank Clearings.-The clearingsison
Notes in circulation
3899
3872
with the
3888
Canadian cities, in compar
Silver coin and bullion in India
at
18
Mar.
ending
India
of
out
Silver coin and bullion
4130 same week in 1919, show an increase in the aggregate of
;11
4121
Gold coin and bullion in India
464
579
580
Gold coin and bullion out of India
1560 40.4%.
1560
1560
Securities (Indian Government)
8250
8250
8250
Securities (British Government)
Week ending March 18.
of
lees
82
to
ed
amount
ult.
The coinage during the week ending 29th
Clearings at28th ult. consisted of about 31,Inc. or
rupees. The stock in Shanghai on the
and
bars
silver
of
lacs
80
and
dollars
1917.
000
1918.
Dec.
1919.
600,000 ounces in sycee, 12,000,
000
1920.
30,000,000 ounce in sycee, 11,000,The
U.S. dollar .a compared with about
ult.
14th
the
on
dollar
S.
U.
and
bar
$
silver
of
$
dollar and 63 lac
%
E
S
Canada-Quotation for bar silver
76,007,257
Shanghai exchange is quoted at 7s. 8d. the tael.
125,013,609 95,089,275 +31.5 74,385,579
l
Montrea
25
25
52,931,6
d:
53,963,6
standar
+51.1
ounce
07
per
99,769,545 66,039,7
2 Mos. Toronto
Cash.
95
2 Mos.
Cash.
40,632,613 29,109,051 +39.6 45,660,549 39,503,0
Winnipeg
703ci.
6934d.
0
7,046,05
1
11
Mar.
9,164,45
+47.0
7734d.
02
77d.
10,632,6
71
15,620,8
Mar. 5
5
76.333d. 76.458d. Vancouver
78d. Average
78 d.
6
8,423,769 6,106,126 +35.9 5,877,4605 4,937,93
6% Ottawa
3,835,033
3,564,41
+0.0
7834d. Bank rate
2
4,435,17
78 d.
7
4,435,17
"8
107s. 2d. Quebe.
4
9
77 d. Bar gold per oz. fine
774d.
4,322,455 3,589,461 +20.4 2,990,0143 2,427,17
Halifax
4,117,528
7,279,903 4,735,503 +33.7 4,605,00
Hamilton
3
1,774,05
6
2,157,39
+00.0
vely
5
respecti
2,216,34
are
1
delivery
forward
3,545,47
81. John
2,045,248 2,041,401
The quotation to-day for cash and
ago.
3,160,952 2,308,359 +36.9 6,523,60
London
4 5,389,065
144d. and 1334d. below those fixed a week
+61.9
2
5,009,58
1
8,111,88
Calgary_
0
2,711,026 1,840,602 +47.3 1,740,840 1,319,000
Victoria
5,477,035 3,197,996 +71.3 3,127,7386 2,597,55
Edmonton
.
CABLE
2,767,291
3,089,61
-PER
ETS
+27.2
3
MARK
2,994,80
L
7
NCIA
3,808,11
FINA
ISH
ENGL
Regina
507,636
619,946
456,794 +42.5
650,503
n, Brandon
672,923
730,510
573,043 +52.7
875,817
The daily closing quotations for securities, &c., at Londo
Lethbridge
0 1,776,324
1,535,66
+28.3
0
1,460,20
2
1,873,10
Saskatoon
s the past week:
809,676
852,285
824,311 +47.6
as reported by cable, have been as followMar.24.
1,216,798
d
949,591
Mar.25. Mar.28. BrantforJaw
1,432,242 1,258,474 +13.8 1,208,286
Mar.20. Mar.22. Mar.23.
London,
Moose
431,576
Fri.
Thurs.
542,194
Wed.
+33.3
550,275
Tues.
Mon.
733,788
Sal.
Fort William
Week ending Mar. 26.
272,700
71
342,995
7134
7134
432,531 +49.0
7534
646,302
77
d.
ter
8134
Westmins
New
oz
per
Silver,
533,979
105..86.
497,061
1075.3d.
+16.8
108..36.
.
345,353
.1088.5d
403,344
1086.11d
108s.46.
Hat
Medicine
Gold per tine ounce
512,079
667,133
454
+96.6
4534
4534
4634
577,171
846,981
Holiday 4734
Peterborough
Consols, 234 per cents
731,300
809,144
874
8734
+55.2
887,812
8734
8734
88
936,405
Holiday
ke
Sherbroo
British, 5 per cents
513,338
561,201
7934
7934
+65.2
7934
7934
674,509
8
1,114,48
Holiday 7934
Kitchener
British, 434 per cents
59
58.50
56.45
+1821
57.35
3,167,156 1,126,476
Windsor
French Itentes (in Paris), fr 57.20
88.25
88.25
250,606
+36.8
325,483
445,040
I'aris),fr
(In
Prince Albert
French WarLoan
Imports.
£365,000
Sweden
France
Switzerland
West Africa
United States of America
Argentina, Uruguay and Paraguay
Rhodesia
Cape Colony
Transvaal
British India
Scraits Settlements
New Zealand
Otner countries
£170,287
29,600
2,328
126,00J
358,448
has been:
The price of silver in New York on the same day
125
12434
Silver in N. Y., per es__ _08.133
12934
12954
qAA AKA 0,A OAA OW' Alfil
01A Ang 140
1AK
,_An A 04, WI,
•
,
,
12334
following,
Auction Sales.-Among other securities, the
recently sold
were
ge,
Exchan
Stock
the
at
in
dealt
y
usuall
not
:
granmerciali nnaMiscellanconsgem at
auction in New York, Boston and Philadelphia
York:
New
Sons,
&
Muller
H.
Adrian
.
Messrs
By
ing
Stocks.
National Banks.-The following information regard
319334 per share
of the Shares.
oller
Comptr
the
National Liberty Insur. of America, $50 each
of
5
office
the
from
is
banks
al
nation
Improvement
Hanover
350
1$16 lot
tes
:
certifica
trust
tment
l
Ky.
ry
Depar
Termina
Treasu
&
cy,
Viaduct
Curren
80 Kansas City
1 Third Oakland Syndicate, Inc
CHARTERS ISSUED.
Capital.
By Messrs. R. L. Day & Co., Boston:
trust companies:
$ per sh.
Conversion of State banks and
per sh. Shares. Stocks.
$25,000 Shares. Stocks.
Lake, Minn
18 Puget Sd. Trac., L. & P.. Pf-51-51%
The First National Bank of Forest
of Forest Lake, Minn.
3 rights 4th Atlantic Nat. Bank_ 24 500
32
common
Co.,
Sandy
Big
Conversion of The Peoples State Bank
256
34
Boston
er.
25 rights lat Nat. Bank,
rights Fitchb. G. & E. 10.
President, A. 0. Leuzinger; Cashier, J. F. Leuzing
9-1934 8775-100thsCotton
10 rights Commonwealth Trust..1
16534
Mills
Mass.
3
Original organizations:
_
uring__
_25034
Manufact
100,000
ts
Ark
14 Merchan
213
The First National Bank of Blytheville,
18034 10 Pepperell Manufacturing Per cent.
Mathis.
2 Lawrence Manufacturing
Bonds.
President, Clinton Fraser; Cashier, L. N.
50,000
n, So. Dak
1 Merrimack Mfg., common_ _ _ _123 $2,000 Northern Me. Seaport RR.
The National Bank of Commerce of Yankto
270
common
E. Sweetzer.
2 Nashua Mfg.,
President, Lars A. Bruce; Cashier, F.
12434 & Terminal 1st 5s, 1935 1925. 5634
25,000
Okla
9 Nashua & Lowell RR
The First National Bank of Davidson,II.
$5,000 Cent. Leather 1st 55,
10 rights Quincy Mkt.C.S.& W.,
Campbell.
President, J. A. Robey; Cashier, L.
4 $1,000Monon. Valley Trite. gen. $8,500
1334-133
$200,000
common
lot.
7s, 1923
130 International Traction, pref._7425c.
Imperial Russian Govt
REDUCTION OF CAPITAL.
50 Municipal Real Estate Trust._ flat $10,000
Reduction. Cap. aft. Reduc
1919
654s,
12934
15 Walter Baker Co
$125.000
$125,000
The MilfordiNational Bank,Milford. Mass
1262
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ Per sh. Shares. Stocks.
$ per sh.
100 Fidelity Storage & W.H
70
5 Darby Bank,$50 each
6631
120 Eastern Light & Fuel
El
10 Victory Insur.,$50 each_128 128
le 75 Real Est.Trust, Wash.,D.C-$6 lot 2 Insur. Co. of the State of Pa_ 100
50 Washington Va. fly., pref
5% 8 Phila. Bourse,corn.,$80 each
8
500 Washington Utilities
$60 lot 7 Amer. Soda Fountain
42
4 McCahan Sugar Refining
27 Standard Ice Mfg., pref
455
70
50 Keystone Watch Case
70
1 Library Co. of Phila
11
25 Girard National Bank
400
Bonds.
Per cent
12 Kensington National Dank.
150 $500 Mich. Nor. Pow. 1st 5s, 1941_ 77
(20 Commercial Trust
2973( $3,000 B.dr E.6s
53 Logan Trust
100-1003j $6,200 Dayton Spring. & Xenia So. 84
10 Belmont Trust,$50 each
503
Ry. 1st 5s, 1923
•
22
102 rights to subscribe to R.E.Title
$8,000 Wash. Arl. & F. C. fly. 1st
Ins.& Trust (4) $250
50-53
cons. 5s, 1958
41
[VOL. 110.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Banks (Concluded).
New York National Irving (guar.)
2
April 1 Holders of rec. Mar.26
Park, National(guar.)
6
April 1 Holders of rec. Mar. 220
Produce Exchange, New York (guar.)._
5
Apr. 1 Holders of rec. Mar.20
Public National (gear.)
4
Mar.31 Holders of rec. Mar.29a
Seaboard National (quar.)
3
April 1 Holders of rec. Mar. 240
Second National (guar.)
3
Apr. 1 Holders of rec. Mar. 31a
Extra
3
Apr. 1 Holders of rec. Mar. 31a
United States. Bank of the (guar.).
234 Apr. 1 Holders of rec. Mar. 27
Washington Heights, Bank of (guar.).
3
Apr. 1 Holders of rec. Mar. 31a
Yorkville (guar.)
5
Mar. 31 Holders of rec. Mar. 21
Trust Companies.
Bankers (guar.)
5
AprIl 1 Holders of rec. Mar. 20a
Brooklyn (guar.)
5
April 1 Holders of rec. Mar. 22
Central Union (guar.)
54 April 1 Holders of rec. Mar. 20a
DIVIDENDS.
Columbia (guar.)
4
Mar. 31 Holders of rec. Mar. 22a
(guar.)
3
The following shows all the dividends announced for the Empire
Mar. 30 Holders of rec. Mar. 20a
Equitable (guar.)
4
Mar. 31 Holders of rec. Mar. 26
future by large or important corporations:
Fidelity (guar.)
234 Mar. 31 Mar. 25 to Mar. 31
Franklin, Brooklyn (quar.)
Dividends announced this week are printed in italics.
3
Mar. 31 Holders of rec. Mar. 300
Guaranty (guar.)
5
Mar. 31 Holders of rec. Mar. 19
Hudson (guar.)
24 Mar. 31 Mar. 25 to Mar. 31
Per
When
Lawyers Title Insurance & Trust (guar.) 114 April 1 Mar.
Books Closed.
14 to April 1
Name of Company.
Manujaaurers, Brooklyn (guar.)
Cent. Payable.
Days Inclusive.
3
Apr. 1 Holders of rel. Mar. 200
Mercantile (guar.) (No. 1)
2
Apr. 1 Holders of rec. Mar. 15a
Railroads (Steam).
Metropolitan (guar.)
4
Mar. 31 Holders of reo. Mar. 20
Beech Creek (guar.)
500. April 1 Holders of rec. Mar. lea New York (guar.)
8
Mar. 31 Mar. 21 to Mar. 31
Buffalo dr Susquehanna, corn.(guar.)
1% Mar.31 Mar. 16 to Mar.31
Peoples (Brooklyn) (guar.)
4
Mar. 31 Holders of rec. Mar.30a
Canadian Pacific, common (guar.)
234 Apr. 1 Holders of rec. Mar. 1,, Title Guarantee & Trust (guar.)
5
Mar. 31 Holders of rec. Mar. 23
Clev. Cin. Chic. & St. Louis, pref. (qu.) 131 April 20 Holders of rec. Mar.30a U. 8. Mortgage & Trust
8
(gear.)
Apr. 1 Holders of rec. Mar.270
Great Northern (quar.)
1% May 1 Holders of rec. Apr. 3a
Miscellaneous
Joliet, & Chicago (guar.)
134 Apr. 5 Holders of rec. Mar. 25a Abitibi Power & Paper, cam
Apr. 15 Holders of rec. Apr. 3
Kanawha & Michigan (guar.)
131 Mar. 31 Holders of rec. Mar.240 Abitibi Power & Paper, pref. (guar.)- 754
134 April 1 Holders of rec. Mar. 20
tKansas City Southern. preferred (guar.) 1
April 15 Holders of rec. Mar.$31a Acadia Mills (guar.)
April 1 Holders of rec. Mar. 19.
$2
Lackawanna RR. of N. J.(guar.)
1
Special
April 1 Holders of rec. Mar. 8a
April 1 Holders of rec. Mar. 19
tLehlgh Valley, common (guar.)
8734c April 3 Holders of rec.Mar.213a Advance Candy Mfg. Corp.,pref.(quar.). 32
2
April
1 Holders of roc. Mar. 25
Preferred (guar.)
$1.25 April 3 Holders of ree.Mar.:13a Advanee-Rumely, pref. (guar.)
134 April 1 Mar. 16
to Apr. 12
Manhattan Railway (quar.).
1% April 1 Holders of rec. Mar. 22a Aeolian Company, preferred (quar.).. _
131 Mar. 31 Holders of rec Mar. 20
Minn.St.P.&8.8.Marie,corn.& pref
334 April 15 Holders of rec. Mar.22a Aeolian, Weber Plano & Pianola, pf.(qu.)
134 Mar. 31 Holders of roc Mar. 20
Leased lines
2
April 1 Holders of tea. Mar.20a Ahmeek Mining (guar.)
50e. Mar. 31 Hioders of rec Mar. 18
Newark SC Bloomfield
3
April 1 Holders of rec. Mar. 240 Air Reduction (guar.)
April 15 Holders of rec. Mar. 31
$1
New York Central RR.(guar.)
131 May 1 Holders of rec. April la Allis-Chalmers Mfg., pref. (guar.)
131 Apr. 15 Holders of rec. Mar. 31a
N. Y. Lackawanna & Western (guar.)._
131 April 1 Holders of rec. Mar. 13a Alvarado Mining & Milling
50c. Apr. 15 Holders of rec. Mar. 31
New York Ontario & Western
1
Apri, 12 Holders of rec. Mar.27a Amalgamated Leather Cos.,Inc.cm.(qu.) $1
April 1 Holders of rec. Mar. 20
Norfolk & Western, adj. pref.(guar J.
- •1
May 19 "Holders of rec. Apr. 30
Preferred (guar.)
134 April 1 Holders of rec. Mar. 20
Northern Pacific (guar.)
1% May 1 Mar. 20 to
Amalgamated Oil (guar.)
April 13
14 Apr. 15 Holders of rec. Mar. 26
Pittsburgh Bessemer & Lake Erie, corn_ _
l!i April 1 Holders of reo. Mar. 15
American Agee. Chem., corn. (quar.). _
Apr, 15 Holders of rec. Mar. 220
2
Pttsb. Ft. Wayne & Chic., corn. (guar.) 1% April 1 Holders of rec. Mar. 10a
Preferred (guar.)
14 1pr. 15 Holders of net. Mar.
Preferred (quar.)
1% April 6 Holders of rec. Mar. 10a Amer. Bank Note, corn. (attar.)
*me. May 15 *Holders of rec. May 220
Pittsburgh & West Virginia, pref.(gear.).'
1
154
Mar.
American Bank Note, pref. (guar.)_
134 %mil 1 Holders of rec. Mar. 150
Reading Company. common (quar.)---- $1
May 13 Holders of rec. April 200 American Beet Sugar, pref. (quar.)
154 Apr. 1 Holders of rec. Mar. 13a
St. Louis-San Francisco fly.
Amer. Bosch Magneto (quar.).
24 Apr. 1
K.C.Ft. S.dr Mem. pref. tr. Ufa.(qu.) 1
April 1 Mar. 26 to April 1
Amer. Brake Shoe & Fdy., corn. (guar.) ij Mar. 31 Holders of rec. Mar. 15a
Holders of rec. Mar. 19a
Southern Pacific Co. (guar.)
14 April 1 Holders of rec. Feb. 280
Preferred (guar.)
3
Mar,
Southern fly., M.&0.stock trust efts
2
April 1 Holders of rec. Mar. 15a American & British Mfg., pref.(guar.)-- *134 April 31 Holders of rec. Mar. 19a
1 "Holders of rec. Mar. 20
Union Pacific, common (guar.)
234 April 1 Mar. 14 to April 13
American Can, preferred (guar.)
I% Apr. 1 Holders of rec. Mar. 17a
Preferred
2
April 1 Mar. 14 to April 13
Amer. Car & Foundry, corn. (quar.)... 3
April 1 Holders of rec. Mar. 15a
United N. J. RR. dr Canal Cos.(guar.)_
234 April 10 Mar. 21 to Mar. 31
Preferred (guar.)
134 April 1 Holders of rec. Mar. I50
Warren RR
334 April 15 Holders of rec. April to
Amer. Chicle, cont. (guar.)
al
May 1 "Holders of rec. Apr. 20
West Jersey & Seashore
E1.25 Apr. 1 Holders of rec. Mar. 15a American Chicle, preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 20
Wisconsin Central, preferred
*2
April 1 *Holders of_rec. Mar.220 American Cigar, pref. (attar.)
13.4 April 1 Holders of rec. Mar. 15a
Street and Electric Railways.
American Cyanamid, preferred (guar.)_ _
14 April 1 Holders of rec. Mar .22
Asheville Power & Light, Pref. (11110.)- 131 April 1 Holders of rec. Mar. 18
Amer. Exchange Secur. Corporation_ _ _ _
2
Apr. 1 Holders of rec. Mar. 20
Bangor fly. & Electric, pref. (attar.)__ _ _
13( April 1 Holders of rec. Mar.20
American Express (guar.)
$1.50 AprIl 1 Holders of rec. Feb. 28
Boston Elevated fly., common (quar.)_ _
131 April 1 Holders of rec. Mar. 18
American Gas & Electric, corn.(guar.).24 Ayr. 1 Holders of rec. Mar. 18
Brazilian Trac., Lt. & Pow. pf. (qu.)._
154 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
154 May 1 Holders of rec. Apr. 17
Carolina Power & Light, pref.(auar.) AprIl 1 Holders of rec. Mar. 18
American Hide & Leather. pref.(quar.)
134 Apr. 1 Holders of reo. Mar. 18a
Chicago City fly. (guar.)
134 Mar.31 Mar. 26 to Mar.30
American Ice, common (guar.)
1
Apr. 24 Holders of rec. Apr. 9
eine. & Hamilton Trac, corn. (guar.).1
Preferred (guar.)
April 1 Mar. 21 to Mar. 31
14 Apr. 24 Holders
rec. Apr. 9
*Preferred (guar.)
131 AprIl 1 Mar. 21 to Mar.31
Amer. International Corp.com.&pf.(qu.) 14 Mar,31 Holders of
Cincinnati Street fly. (guar.)
135 April 1 Mar. 17 to Mar. 31
Amer. La France Fire Eng.,corn.(guar.) 234 MAY 15 Holders of rec. Mar. 16a
of rec. May 3a
Cleveland Railway (guar.)
134 April 1 Holders of rec. Mar. 13a
Preferred (guar.)
April
1
134
Holders of rec. Mar.
Conestoga Traction (guar.)
134 Mar.31 Holders of rec. Mar.20a American Locomotive, common (guar.)_
14 Mar. 31 Holders of rec. Mar. 22a
12a
Duluth-Superior Trac., pref. (quar.)_ _ _ _
1
April 1 Holders of rec. Mar. 15a
Preferred (guar.)
134 Mar. 31 Holders
Duquesne Light, preferred (guar.)
May 1 Holders of rec. April 1
Amer. Manufacturing, common (guar.). 14 Mar.31 Mar. of rec. Mar. 12a
16
to
Mar.
Eastern Texas Electric Co.. corn. (guar.) 2
30
April 1 Holders of rec. Mar. 17a
Common (extra)
5
Mar.31 Mar. 16 to Mar.30
Elmira Water, Light & RR., 1st p1.(guar.) 134 Mar.31 Holders of rec. Mar. 15a
Preferred (amar.)
134 Mar. 31 Mar. 16 to Mar.30
Second preferred (guar.)
14 Mar.31 Holders of rec. Mar.
American Mulagraph, pref. (guar.)
134 Apr. 1 Mar. 21 to Apr. 1
Frankford dr Southwark Pass. RY.(qu.) $4.50 Apr. 1 Holders of rec. Mar. 15a
la American Piano, common (guar.)
154 Apr. 1 Mar.25 to Apr. 1
Illinois Traction, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Common (payable in common stock).. _ 1'5
Apr, 1 Mar. 25 to Apr. 1
Iowa fly. de Light, preferred (guar.).- _
134 Mar. 31 Holders of rec. Mar. 20
freferred (guar.)
Apr. I Mar. 25 to Apr. 1
134
Lancaster Co. Ry. & Light, corn
2
Mar.31 Holders of rec. Mar.31a American Power & Light, preferred (guar.)
April
1 Holders of rec. Mar. 22
13.4
Preferred (guar.)
Mar. 31 Holders of rec. Mar.25a Amer. Public Service, pref. (quar.).... 134 April 1
Holders of ree. Mar. 15
Manila Elec. RR.& Ltg. Corp.(guar.)
14 April 1 Holders of rec. Mar.18a
American Radiator, common (guar.)._ _
3
Mar. 31 Mar. 22 to Mar.31
Monongahela Valley Trac., pref. (quar.) 374c April 7 Holders of rec. Mar.31a
Common (extra)
4
Mar.31 Mar. 22 to Mar. 31
Montreal Tramways (guar.)
24 Mar.30 Holders of rec. Mar. 22
Amer. Seeding Machine,common (guar.)_
131 April 15 Holders of rec. Mar.31
North. Ohio Trac. & Light, pref. (guar.) 14 April 1 Holders of rec. Mar. 10
Preferred (guar.)
14 April 15 Holders of rec. Mar. 31
Ottawa Traction (guar.)
1
American Shipbuilding, common (guar.)_
Apr. 1 Holders of ree. Mar. 15
134 May 1 Holders of rec. April 15a
Pacific Gas & Electric, common (guar.)_
Common (extra)
April 15 Holders of rec. Mar. 31a
234 May 1 Holders of rec. April 15a
Philadelphia Co., common (guar.)
75c. April 30 Holders of rec. April la Amer. Smelters Securities, pf.
14 April 1 Mar. 13
A (qu.)_
to Mar. 21
Slx per cent preferred
$1.50 May 1 Holders of rec. April la
Preferred 13(quar.)
131 April P Mar. 13
to Mar. 21
Philadelphia Traction
$2
Apr. 1 Holders of rec Mar. 10a American Snuff, corn. (guar.)
3
April 1 Holders of rec. Mar. 12a
Philadelphia & Western fly., pref.(quar.) 6234c April 15 Holders of rec. Mar. 31
Preferred (guar.)
134
April
I
Holders of rec. Mar. 12a
Porto Rico Railways, Ltd., pref. (guar.)._
Apr. 1 'Holders of ice. Mar. 15
Amer. Steel Foundries, corn. (guar.)._
75c Apr. 15 Holders of rec. Apr. la
Public Service Corp. of N.J.,common.. 1
Mar. 31 Holders of rec. Mar.26a
Preferred (guar.)
13.4 Mar. 31 Holders of roe. Mar. 15a
Preferred (guar.)
*2
Mar.31 'Holders of rec. Mar.22
American Stores, common(No. 1)
$1
April 1 Mar. 21 to April 1
Republic fly.& Light, preferred (guar.). 135 April 15 Holders of rec. Mar. 31
Amer. Stores, 1st & 2d pref. (quar.)
131 April I Mar. 21 to Apr. 1
Ridge Ave. Pass. fly., Phila. (guar.).
$3
April 1 Mar. 16 to April 1
American Sugar, common (guar.)
134 Apr. 2 Holders of rec. Mar. 10
Second & Third Sts. Pass., Phila.(quar.) $3 Apr. 1 Holders of rec. Mar. la
Common (extra)
yi Apr. 2 Holders of rec. Mar. la
Springfield fly, & Lt., pref. (quar.)
134 Apr. 1 Holders Or re3. Mar. 15a
Preferred (guar.)
134 Apr. 2 Holders of reo. Mar. In
Springfield & Xenia fly., pref. (quar.).. 131 Mar. 31 Holders of rec. Mar. in American Surety (guar.)
Mar. 31 Holders of rec. Mar. 20a
Tr -City fly. & Light, pref. (guar.)_ _ _
134 April 1 Holders of rec. Mar. 20a Amer. Telephone & Telegraph (quar,).. $1.25
2
April 15 Mar. 20 to Mar.30
Twin City Rap.Tr.. Minneap., pt.(qu.)
AprIl 1 Holders of rec. Mar. 15a American Thermos Bottle
15 Holders of rec. Apr. 5
Apr.
$(1
United Gas & Elec. Co., corn
54 Mar.31 Holders of rec. Mar.25
American Tobacco, preferred (guar.).
134 Apr. 1 Feb. 15 to Mar. 15
United Light & Railways, pref.(quar.)_ _
134 Apr. 1 Holders of rec. Mar. 15,, American Type Founders, corn. (quar.). 1
Apr. 15 Holders of rec. Apr. 101
Wash. Balt.& Annap.El. RR.,com.(qu)
50c. Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 10a
Preferred (guar.)
75c. Apr. 1 Holders of rec. Mar. 20a Amer. Wholesale Corp. pref. (guar.)._ *14
April 1 *Holders of rec. Mar. 15
West End Street fly., Boston, corn__
31.76 Apr. 1 Mar.23 to Apr. 1
American Window Glass Machine, corn. 3
Apr. 1 Holders of rec. Mar. 12
West India Elec. Co. (guar.)
Apr. 1 Mar. 24 to Apr. 1
Preferred (guar.)
Apr.
1 Holders of roe. Mar. 12
13.4
West Penn Power, preferred (guar.)
134 May 1 Holders of ree. Apr. 20
Amer. Woolen, corn. & pref. (quar.)
134 April 15 Mar. 19 to April 1
West Penn Tine. & Water Power, pref.(gts.) 134 May 15 Holders of rec. May 1
Amer.Zinc, Lead & Smelling, pf. (qu.)_ $1.50 May 1 *Holders
of rec. Apr. 15
Yadkin River Power, preferred (guar.).April 1 Holders of reo. Mar. 18
Ames.Ifolden, McCready, Ltd.,
134 Apr. 1 Holders of rec. Mar. 19
Youngstown & Ohio River, pref. (guar.) 131 Mar.31 Holders of rec. Mar. la Anaconda Copper Mining (guar.)pf.(qu.) $l
May 24 holders of rec. April 17
Banks.
Arizona •Silver Mines (monthly)
3c. April 15 Holders of rec. April 1
Atlantic National (quar.)
24 April I Holders of rec. Mar. 27a Arkansas Natural GasExtra
134 April 1 Holders of rec. Mar. 27a
Preferred (account accum. dividends)_ 37
Apr. 24 Apr. 16 to Apr. 20
Chase National (guar.)
4
April 1 Holders of rec. Mar.23a
Preferred (account accum. dividends). 37
May 25 May 16 to May 19
Chatham & Phenix National (quar.)___ _
4
Apr. 1 Mar. 21 to Mar. 31
Arlington Mills (guar.)
2
April 1 Holders of rec. Mar. 16
Citizens' National (guar.)
3
April 1 Holders of rec. Mar. 25a
Extra •
2
April '1 Holders of rec. Mar. 16
Coal & Iron National (guar.)
3
A pill 1 Holders of rec. Mar. 100 Armour & Co., preferred (quar.)
*151 April 1 "Holders of rec. Mar. 15
Colonial Bank (guar.)
3
Mar.31 Holders of rec. Mar.20a Armour Leather, preferred (No. 1)
Apr. 1 Mar. 16 to Mar. 31
Commerce, National Bank of (guar.)._
234 April 1 Holders of rec. Mar. 20a Asbestos Corp. of Can., Ltd., corn.(qu.) (u)
131 April 15 Holders of rec. April 1
Fifth Avenue (guar.)
6
April 1 Holders of rec. Mar. 31a
Preferred (guar.)
Fifth National (guar.)
231 Apr. 1 Holders of rec. Mar.31a Associated Dry Goods,common(No. 1). 14 April 15 Holders of rec. April 1
1
May 1 Holders of rec. Apr. Ra
First National (guar.)
5
Aptil 1 Holders of reo. Mar.31a
First preferred (guar.)
134 Juno 1 Holders of rec. May 3a
First Security Co.(quar.)
5
April 1 'Holders of ran Mar.31a
Second preferred (guar.)
la( Juno 1 Holders of rec. May 8a
Garfield National (guar.)
3
Mar.31 Mar. 26 to Mar.31
Associated Oil (guar.)
14 April 15 Holders of rec. Mar. 26a
Gotham National (guar.)
3
April 1 Holders of rec. Mar.31
Astoria Mahogany, Inc., pref. (guar.)._
2
April 1 Holders of rec. Mar. 20a
Greenwich (guar.)
4
April 1 Holders of rec. Mar. 200 Atlantic Coast Co. (guar.)
*24 Mar. 31 "Holders of rec. Mar. 20
Hanover National (guar.)
8
April 1 Mar. 21 to Mar.31
Atlan. Gulf & W. I. SS. Lines,pf. (qu.) 131 p April 1 Holders of
rec. Mar. 104
Irving National (quar.)
3
April 1 Holders of rec. Mar.26
Atlantic Sugar Refineries, (pref.fguar.)_
Apr. 1 Holders of rec. Mar. 10
Liberty National (guar.)
434 Apr. 1 Holders of rec. Mar. 26a
Preferred (account accum. dividends)_ 31134 Apr. 1
Holders
of
rec.
3.4
Mar. 19
Manhattan Co., Bank of (guar.)
$3
Apr. 1 Holders of rec. Mar. 27a Autoaales Corporation, prof. (guar.)
75e. Mar. 31 Holders of rec. Mar. 15a
Mechanics (Brooklyn)(gear.)
2
Apr. 1 Holders of rec. Mar. 20a Avery Company, preferred (quar.).
•141 Apr. 1 'Holders of rec. Mar. 22
Mechanics & Metals National (quar.)__ _ 5
April 1 Holders-of roe. Mar. 200 Baltimore Tube, preferred (guar.)
134 April 1 Holders of rec. Mar. 20
Metropolitan (guar.)
234 April 1 Holders of rec. Mar. 19a Barnhart Bros. & SpindlerMutual(guar.)
5
Apr. 1 Holders of rec. Mar. 25a
First anti second preferred (guar.)_ _ _
134 May 1 Holders of rec. Apr. 26a
Nassau National (oar.)
3
Holders
Apr. 1
of rec. Mar. 29a I3arnet Leather, preferred (guar.)
134 April 1 Holders of rec. Mar. 250
New Netherland Bank
4
April 1 Holders of reo. Mar. 24
Barnsdall Corporation (guar.)
624e April 15 Holders of rec. Mar. 31a
0•"Extra •
1
April) Holders of rec. Mar. 24
Barrett Company, common (guar.) _
2
Apr. 1 Holders of rec. Mar. 150
New York, Bank of. N.Ti. A.(altar.)5
AprIl 1 Holders of rec. Mar. 220
Preferred (guar.)
151 Apr. 15 Holders of rec. Mar. 224
4
134
134
134
134
'
134
134
134
134
Name of Company.
Name of Company.
1263
THE CHRONICLE
MAR. 27 1920.]
When
I er
Cost. Payable.
Books Closed.
Days Inclusire.
Name of Company.
When
Per
Cent. Payable.
Book Closed.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Continued)
10c. Apr. 1 Holders of rec. Mar. 15
Dominion 011 (monthly)
AprIl 1 *Holders of rec. Mar. 20
Beatrice Creamery, common (guar.).- -- *4
1% April 1 Holders of rec. Mar. 15
Steel Corp.(guar.)
Dominion
20
Mar.
rec.
of
*Holders
1
April
•
134
Preferred (quar.)
May 1 *Holders of reo. Apr. 15
a
(guar.)
'154
pref.
Corp.,
Steel
Dominion
Apr. 1 Holders of rec. Mar. 15
$1
Beaver Board Cos., coin. (quar.)
Apr. 1 Holders of reo. Mar. 15
2
Dominion Textile corn. (quar.).
1341 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
April 15 Holders of rec. Mar.31
134
(guar.)
Preferred
31
Mar.
reo.
of
15
Holders
Apr.
2
Bell Telephone of Canada (guar.)
Apr. 1 Holders of reo. Mar. 6
3
(guar.)
Corporation
Draper
$1.25 April 1 Holders of ree. Mar. 18
Billings & Spencer Co.(quar.)
1 Mar.22 to Apr. 1
Apr.
2
Driver-Harris Co., common (guar.).Bethlehem Steel, corn. A & B (quar.). IM Apr. 1 Holders of reo. Mar. 16a
Apr. 1 Mar.22 to Apr. 1
134
Preferred
(guar.)
Ma
me.
of
Mar.
Apr. 1 Holders
Eight per cent preferred (guar.).- 2
1 Holders of reo. Mar.20
April
134
(quar.).
pref.
Duluth Edison Electric,
Seven per cent preferred (quar.)... 134 Apr. 1 Holders of re0. Mar. 160 duPont(E.I.)de Nem.&Co., deb. (guar.)
13,4 Apr. 26 Holders of reo. Apr. 10
134 April 1 Holders of rec. Mar. 13a duPont (E.I.) de Nom.Pow.,com.(qu.) *1% May 1'
Booth Fisheries, pref. (quar.)
,Holders of rec. Apr. 20
1
134 April 1 Holders of rec. Mar.
Brandram-llenderson, Ltd., pref. (guar.).
'l% May 1 *Holders of rec. Apr. 20
Preferred (guar.)
April 1 Mar. 21 to Mar.31
23
Brier 11111 Sled, common (guar.)
April 1 Holders of reo. Mar.20a
(qu.)
B
&
A
134
corn
Mills,
Durham
Hosiery
31
Mar.
to
21
Mar.
1
April
134
Preferred (guar.)
% April 1 Holders of reo. Mar.20a
Common A & B (extra)
Mar.31 Holders of coup. No. 77,
British-American Tob., ord. (Interim)_ _ 6
Apr. I Holders of reo. Mar.27
1
East Coast Fisheries, common (guar.)Mar.20
Brunswick-Balke Collender, pref.(quar.) 4.134 Apr. 1 *Holders of rec. Ma:.
Apr. 1 Holders of rec. Mar.27
154
(quar.)
Preferred
20
Apr. 1 Holders of roc
Bucyrus Co., preferred (quar.)
(qu.)
pf.
134 Apr. 1 Holders of rec. Mar.27
East Coast Fisheries Products.
Apr. 1 Holders of rec. Mar.20
Preferred (extra account accum. diva.) hl
*50c. April 1 *Holders of rec. Mar.20
corn.
Eastern
Manufacturing,
(guar.).
20
Mar.
rec.
of
Holders
31
Mar.
2
t Buffalo General Electric (quar.)
Steamship, pref. (quar.)(No. 1) *18 Mar. 31 'Holders of reo. Mar. 19
134 Apr. 1 Holders of rec. Mar.15a Eastern
California Petroleum, preferred (quar.)_
Eastern Steel.,corn.(qu.)(in L.L.bonds) OH Apr. 15 Holders of roe. Apr. 1
April 1 Holders of rec. Mar. 15
al
Cambria Iron.
234 April 1 Holders of rec. Feb. 2Fa
Kodak,common (quar.)
Eastman
17
Mar.
rec.
of
.134 April 1 *Holders
Canada Bread, preferred (guar.)
73.4 April 1 Holders of rec. Feb. 280
Common (extra)
134 April 16 Holders of rec. Mar. 31
Canada Cement, common (quar.)
13-4 April 1 Holders of rec. Feb. 280
(quar.)
Preferred
31
Mar.
rec.
Holders
of
21
April
2
Canada Iron Foundries, Ltd.preferred _ _
Mar. 31 Mar. 21 to Mar.31
3
Edison Elec. Co., Lancaster (guar.)
April 1 *Holders of rec. Mar. 20
*2
Canada Salt, preferred (guar.)
April 1 *Holders of rec. Mar. 21
*50o.
Edmund & Jones Corp., corn. (quar.)_ _ _
Canada Steamship Lines, Ltd. pref.(O.) 134 April 1 Holders of rec. Mar. 15
April 1 *Holders of refs. Mar. 21
*134
(quar.)
Preferred
26
Mar.
rec.
of
Holders
April 1 Holders of reo. Mar. 20a
134
Canadian Car & Foundry, pref. (quar.). 134 April 10
(quar.)_
Elsenlohr
dr
pref.
(Otto) Bros.,
Apr. 1 Holders of reo. Mar.20
Canadian-Connec. Cot. Mills, prof. (qu.) 2
750. April 15 Holders of rec. April 5
Elder Corporation (guar.)
134 Mar. 31 Holders of rec. Mar. 24
Canadian Consol. Rubber, pref. (guar.)
Apr. 1 Holders of rec. Mar. 15
23-4
&
(qu.).
cm.
pf.
Elec.
Storage
Battery,
134 April 5 Holders of rec. Mar. 25
Canadian Cottons, common (quar.)_ _
April 1 Holders of rec. Mar. 30a
2
Electrical Securities, common (guar.)
1;4 April 5 Holders of rec. Mar.25
Preferred (quar.)
154 May 1 Holders of rec. April 23a
Preferred (guar.)
31
Mar.
to
21
31
Mar.
Mar.
1%
April 1 Holders of rec Mai. 22a
Can. Crdeker Wheeler Co., corn. (quar.
_
134
(guar.)___
crc
preferred
Iron
Steel,
Elyria
134 Mar. 31 Mar. 21 to Mar. 31
Preferred (guar.).
Endicott Johnson Corp., corn. (quar.)_ _ $1.25 Apr. 1 Holders of rec. Mar. 160
April 1 Holders of rec. Mar. 13
Canadian General Electric Corn.(quar.) 2
Apr. 1 Holders of reo. Mar. 16a
134
(guar.)
Preferred
13
Mar.
rec.
April 1 Holders of
2
Bonus
154 Apr. 1 Holders of rec. Mar. 15
Erie Lighting, preferred (guar.)
334 April 1 Holders of rec. Mar. 13
Preferred
50c. April 10 Holders of rec. Mar.31
Everett, Heaney & Co., Inc.(quar.)_ _ _
Apr. 1 Holders of rec. Mar. 20
2
Canadian Locomotive, common (quar.)
April 1 Holders of rec. Mar. 20a
2
(quar.)_..
preferred
Company,
Fairbanks
134 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
Mar.30 Holders of rec. Mar. 15
$1.25
new
cm.(No.1)
Fairbanks, Morse & Co.,
Canadian Woollens, preferred (guar.)_ _ *134 April 1 *Holders of rec. Mar. 29
Apr. 1 Holders of rec. Mar. 16a
$2
(qu.)
cm.
Corp.,
Famous
Players-Lasky
20
rec.
Mar.
of
31
Holders
Mar.
Carbo Hydrogen Co. of Amer., prof.(qu.) 83(o.
Apr. 1 Holders of reo. Mar.23
13-4
pref.
(guar.)
Inc.,
Son,
dr
Farrell
(Wm.)
Mar.80 Holders of reo. Mar.26a
ta
Carbon Steel, first preferred
*30c. April 1 *Holders of rec. Mar. 24
July 80 Holders of reo. July 260 Federal Motor Truck (monthly)
6
May 15 Holders of rec. April 15
Second pre:erred
Federal Oil, common (in common stock).- /3
134 April 1 Holders of rec. Mar. 15a Firestone Tire & Rubber 6% pref. (guar.). *134 April 15 *Holders of rec. April 1
Case (J. I.) Thrash. Mach., pf. (qu.).._
Mar. 16
rec.
of
*Holders
31
Mar.
'
lst.ii2dpf.(qu.)
134
Works,
Plow
I.)
1 Holders of rec. Mar. 15a
(J.
Apr.
75e.
Case
Fisk Rubber, common (guar.)
Apr. 1 Holders of rec. Mar. 15
134 June 16 Holders of reo. May 31
Cam & Daley Shoe, preferred (quar.)..
Second preferred (guar.)
Apr. 1 Holders of roe. Mar. 20
2
Castle Kid Co., Inc., preferred (quar.) _
Apr.
1 Holders of rec. Mar. 20
2
Fry Rubber, preferred (guar.)
Mar.31 Mar. 10 to Mar.30
2
Celluloid Company (quar.)
Mar.31 *Holders of rec. Feb. 28
*2
Galena-Signal, old and new (quar.)
Mar.31 Mar. 10 to Mar.30
2
Extra
*$1.50 April 1 *Holders of rec. Mar. 22
(quar.)
_
common
Tank
Car,
General
Amer.
April 1 Holders of rec. Mar. 25
*134 April • 1 *Holders of rec. Mar.22
Central Aguirre Sugar new stock (quar.) $2
First and second preferred (guar.)
134 Mar.31 Holders of rec. Mar. 15
Central Bond & Mortgage. Pref.(quar.)
134 Apr. 1 Holders of rec. Mar. 20
134 April 15 Holders of rec. Mar. 31a General Baking, preferred (quar.)
Central Coal & Coke,common (quar.)_
h% Apr. 1 Holders of rec. Mar. 20
Preferred (account accum. dividends)13-4 April 15 Holders of rec. Mar. 310 Gen.
Preferred (quar.)
May 1 Holders of rec. Mar.310
corn. stk.) /20
In
(pay.
corn.
Chemical,
9
April
rec.
of
Holders
1
May
134
Central Leather, common (guar.)
134 April 1 Holders of rec. Mar. 18a
General
pref.
Chemical,
(quar.)
134 Apr. 1 Holders of rec Mar. 10a General Cigar,
Apr.
1 Holders of reo. Mar. 24e
1)(
Central Leather, preferred (guar.)
debenture pref.(quar.).
23-4 Apr. 1 Holders of res. Mar. 10
Apr. 15 Holders of rec. Mar. 20a
2
Central Petroleum, preferred
General Electric (quar.)
234 May 1 Holders of rec. Anr. 5
Central States Elec. Corp., pref. (guar.) 1.34 April 1 Holders of rec. Mar. 10
General
Motors
cons
Corp.,
old
Apr. 1 Holders of rec. Mar. 15
of reo. Apr. 5
Central Teresa Sugar, Pref. (guar.)---- 2
ota common (payable in new corn. stk.) (m) May 1 Holders of
rec. Apr. 5
250. May I Holders
Certain-teed Products CorporationNew common
13-4 Apr. 1 Holders of rec. Mar. lea
rec. Apr. 5
of
May
First and second preferred (quar.)_
Holders
1
(m)
stk.)
New common (payable in new corn.
2% Apr. 1 Holders of rec. Mar. 19a
Chandler Motor Car (guar.)
134 May 1 Holders of rec. Ayr. 5
Preferred
(guar.)
10a
Mar.
rec.
of
31
Holders
Mar.
of rec. Apr. 5
Holders
Cheeebrough Mfg. Co., common (guar.) 3%
May
1
134
Six
(guar.)_
per
stock
cent
debenture
13.( Mar,31 Holders of rec. Mar. 10
134 May 1 Holders of reo. Apr. 5
Preferred (guar.) (No. 1)
Seven per cent debenture stock (quar.)-April 26 *Holders of rec. April 15
*2
Chicago Pneumatic Tool (guar.)
134 April 1 Holders of reo. Mar. 20
General Railway Signal, corn.& pf. (qu.)
Mar.31 *Holders of rec. Mar. 20
134 April 1 Holders of rec. Mar. 20
Chicago Railway Equipment (quar.)__ _ *2
(quar.)_..
pref.
&
General
Tire
Rubber.
Mar. 31 *Holders of rec. Mar.30
*2
April 1 Holders of rec. Mar. 22a
2
Chicago Telephone (guar.)
Geneva Cutlery, preferred (guar.)
3734e. Mar.31 Holders of rec. Mar. 12a Godchaux
April 1 *Holders of reo. Mar. 19
•134
Chino Copper Co. (guar.)
(guar.).
preferred
Cos.,
Sugar
21
Mar.
to
April 1 Mar. 15
134 April 1 Holders of rec. Mar.31
Cincinnati Gas ct Electric (guar.)
&
(guar.)
Gold
Stock
Tclegraph
30
Mar.
to
24
Mar.
1
April
2
_
(guar.)
Telep.
15 Holders of reo. May 5a
May
Bell
Suburban
131
CInc. &
Goodrich (B. F.) Co.,common (quar.)
154 April 1 Holders of reo. Mar.22a
Cities ServicePreferred (guar.)
•A April 1 *Holders of rec. Mar. 15
1 Holders of reo. June 21e
July
134
Common and preferred (monthly)_
Preferred (guar.)
1 *Holders of rec. Mar. 15
Common (payable in common stook)_ *.1134 April
Goodyear Tire & Rubber, 1st pref. (qu.) 154 April 1 Holders of rec. Mar. 15
April 1 *Holders of reo. Mar. 15
4.1,4 Apr.
Preferred 11 (monthly)
_(guar.).
pref.
Gorham
Manufacturing,
% May 1 'Holders of rec. April 15
Common and preferred (monthly)_. .
Goulds Manufacturing. eem• (guar.)--- 134 Apr. 1 Holders of rec. Mar. 20
Common (payable in common stock)._ 'fl J4 May I *Holders of rec. April 15
134 Apr. 1 Holders of rec. Mar.20
Preferred (guar.)
•1/2 May 1 *Holders of reo. April 15
Preferred B (monthly)
134 Mar.31 Holders of rec. Mar. 15
Grasselll Chemical, common (guar.).
of rec. Mar. 15
% Mar.31 Holders of rec. Mar. 15
Cities Service, Bankers' Shares (mthly.) 50.25e April 1 Holders
Common (extra)
29
to
Mar.
18
Mar.
29
Mar.
$1.25
Citizens Gas of Indianapolis
154 Mar.31 Holders of rec. Mar. 15
(guar.)
Preferred
3
Mar.29
134
Citizens Gas & Fuel (Terre Haute), corn._
Mar. 30 Mar. 16 to Mar. 31
Great Lakes Towing, common (guar.).134 Apr. 1 Mar.20 to Apr. 1
Preferred (guar.)
134 April 1 Mar. 16 to April 1
Preferred (guar.)
131 April 1 Holders of rec. Mar. 27
April 15 Holders of rec. Mar. 290
City Investing, preferred (quar.)
$2
Properties...
Ore
Great
Iron
Northern
13j Mar.31 Holders of rec. Max. 20
$1.25 Apr. 1 Holders of reo. Mar.17a
Cleveland-Akron Bag (guar.)
Guantanamo Sugar (guar.)
April 3
Cleveland-Akron Bag (payable in stock). _ 850
Apr. 1 Holders of rec. Mar.15a
154o
Gulf
first
States
Steel,
preferred
(quan)
29
Mar.
rec.
of
*Holders
1
April
Cleveland Atitomobllt, preferred (guar.)._ *2
134 Apr. 1 Holders of rec. Mar. 15a
Second preferred (guar.)
Cleveland Automatic Mach., pref. (qu.) 13-4 April 1 Holders of rec. Mar. 20a Harbison-Walker Refrac., pref. (guar.). 134 Apr. 20 Holders of reo. Apr. 10
15a
Mar.
rec.
of
Holders
30
Mar.
2
Cleveland Worsted Mills (guar.)
13,4 Mar.31 Holders of rec. Mar. 17
.)_
M Apr. 1 Holders of rec. Mar. 20a Harrisburg Light cft Power, pref. (guar
Cluett, Peabody & Co., Inc., pf. (qu.).
Hart, Schaffner & Marx, pref. (quar.). *ILU Mar. 31 *Holders of rec. Mar.20
April 2 Mar. 14 to Apr. 1
$1
April 1 Holders of rec. Mar. 221
Coca-Cola Co.(No. 1)
Hartford Automotive Parts Co., pref. (qu.) 2
28
Feb.
rec.
of
Holders
16
Mar.
Colorado Power, preferred (guar.)
50o. Mar. 31 Mar. 17 to Mar. 31
Hartford City Gas Light, em.& pf.(qu.)..
Apr. 1 Holders of reo. Mar.150
$1
Columbia Graphophone, corn. (guar.)._ 825c. April 1 Holders of rec. Mar. 15a Haskell & Barker Car (a uar.)
134 April 1 Holders of rec. Mar 15a Haverhill Gas Light (guar.)
Preferred (guar.)
$1.1212 Apr. 1 Holders of rec. Mar.260
dMar3I Mar. 21 to Mar.30
3
Columbia Sugar ((mar.)
134 April 1 Holders of rec. Mar. 25
heath (D. C.) & Co., pref. (guar.)
1 April 15 Holders of rec. Mar. 31
Commonwealth Finance Corp., common
214 Apr. 1 Holders of rec. Mar. 13a
Co., corn. (guar.).(Geo.
W.)
lIelme
31
Mar.
rec.
of
Holders
April
15
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 13a
134
(quar.)
Preferred
Apr. 10 Holders of rec. Mar. 25a
Computing-Tabulating-Recording (qu.). 1
134 April 1 Holders of rec. Mar.22
1% April 15 Holders of rec. April la Hendee Manufacturing, pref. (guar.)- 134 April 1 Mar.21 to Mar.81
Consolidated Ch.ar Co., corn.(No. 1)
common
(guar.).
Ilerring-Hall-Marvin,
15a
Mar.
rec.
of
April 1 Holders
April 1 Holders of rec. Mar. 25
Si
Consolidated E. L. & P., Bait. (guar.). 2
of roc Mar. 15a Iferschell-Spillman Motor, common (gu.)- 25c. April 1 Holders of rec. Mar. 25
Cons. Interstate Callahan Mining(quar.) 50e.1 Mar. 30 Holders of
Common (extra)
rec. Mar. 31
75c. April 15 Holders
Consolidated 7'exlile Corp. (guar.)
April 1 Holders of rec. Mar.25
$1
(guar.)
Preferred
134 Apr. 15 Holders of rec. Mar. 31a
Consumers El. L. & P.,New Orl.,cm.(eu.) 134 Mar. 27 Holders of rec. Mar.27
1111Icrest Collieries, corn. (guar.)
Consumers El. Lt. & P., N.O., pt. (qu.) 134 Mar. 31 Mar. 11 to Mar. 31
154 Apr. 15 Holders of rec. Mar.31a
Preferred
(guar.)
15a
Mar.
rec.
of
Holders
1
April
1%
_
(guar.).
Consumers Power (Mich.), pref.
154 Apr. 25 Apr. 16 to Apr. 24
& Coke, pref.(guar.)
134 Apr. 1 Holders of rec Mar. 19a Hillman Coal&
Continental Can,common (guar.)
134 Mar. 31 Holders of rec. Mar. 18a
Fuel, pref. (tsar.)
13-4 Apr. 1 Holders of rec. Mar. 19a Houston Gas
M Mar. 27 Holders of rec. Mar. 180
Preferred (quar.)
Ass'n(gu.)
Lt.
&
Water
Houston
Heights
29a
of
Mar.
reo.
Holders
April 1 Mar. 28 to April 7
1
Continental Candy Corporation (guar.)_ 25c. Apr. 20
common
(guar.)
Scale,
Howe
to April 15
April I Mar. 28 to April 7
Continental Motors Corp., pref. (guar.) 134 April 15 April d8
134
Preferred (guar.)
Apr. 20 *Holders of rec Apr. 5
*I
5c. April 15 Holders of reo. Mar.31
Corn Products Refg., corn. (guar.)
Howe
Sound
Co.
(quar.)
4.34 Apr. 20 *Holders of rec Apr. 5
Aprll 1 Holders of rec. Mar. 22
134
Common (eztra)
(quar.)
pref.
Gas,
&
Ilunlingdon Devel.
*134 Apr. 15 *Holders of rec. Apr. 5
Preferred (guar.)
250. May 1 Holders of reo. Apr. 15
623-40. May 1 Holders of rec. Mar.310 Hupp Motor Car Corp., tom. (guar.)._.Apr. 1 Holders of rec. Mar.20
Cosden & Co., cont. (no par val.
154
(quar.)
prof.
Motor
Car,
Hupp
123-4e. May 1 Holders of rec Mar. 31a
Corn.($10 par ralue)
75e. April' 1 Holders of rec. Mar.20
Ilydraulic Steel, new stock (quar.)
of rec. Mar. 154
Cramp(Wm.)& Sons S. & E. Bldg.(qu.) O1% Apr. 15 *Holders of rec. Apr. 1
Ide (Geo. P.) & Co., Inc., preferred...- (w) Apr. 1 Holders
134 April 10 *Holders of rec. April 1
.
Creamery Package Mfg., corn. (quar.)_ _ .
134 April 15 Holders of rec. April 3
(guar.)
Brick
Illinois
*134 April 10 *Ifolders of rec. April 1
of rec. April 3
11
Holders
April
*134
Preferred (quar.)
Extra
*2 Mar. 31 *Holders of rec. Mar. 20
Crowell & Thurlow Steamship ((ivar.).(Interim) *it% Mar.30 •
April 30 Holders of rec. April 15a Imperial Tobac. of Can., corn.
3
*
31
*3
Mar.
Crucible Steel, common (guar.)
Preferred
/50 April 30 Holders of rec. April lha
Common (payable in common stock)_
*5
Apr. 1 *Holders of reo. Mar.20
134 Mar. 31 Holders of rec. Mar. 164 Independent Pneumatic Tool (guar.).-- *5
Crucible Steel, preferred (quar.)
Apr. 1 *Holders of rec. Mar.20
Extra
I% Apr. 1 Holders of rec. Mar. 15a
Cuba Cane Sugar, preferred (quar.)
April I *Holders of reo. Mar. 21
*5c.
reo. Mar. 15a Indiahoma Refining (monthly)
Cuban-American Sugar,common (quar.) 23.4 April 1 Holders of
*100. April 1 *Holders of rec. Mar.21
Extra
15a
Mar.
rec.
of
Holders
1
April
13-4
Preferred (quar.)
April 14 Holders of rec. Mar.30
25c.
(quar.)
Packing
Indian
Apr. 15 Holders of rec. Mar.31
2
Cuban Canadian Sugar, pref. (guar.)
May 15 Holders of rec. Apr. 24
$2
Indiana Pipe Lino (guar.)
Apr. 4
to
134 Apr. 5 Mar. 27
Cudahy Packing,common (quar.)
334 April 1 Mar. 21 to Mar.31
pref.-&cur.,
Water-Works
!Minima.
10
rec.
Mar.
250. Mar. 30 Holders of
26 Holders of reo. Apr. 9
Apr.
Davis-Daly Copper Co
$1.50
Inspiration ('easel. Copper (guar.)
April 1 Holders of res. Mar. 20
1
April 1 Holders of rec. Mar. 20
Dayton Power & Light, pref. (quar.). _2
Inter-Coast Steamship (quar.)(No. 1)
13.4 April 10 Holdera of rec. Mar.20
Dearborn Truck, preferred (quar.)
April 1 Holders of rec. Mar.20
2
(Guar.)
Steamship
Interlake
April 1 Holders of rec. Mar. 20
2
April 1 Holders of reo. Mar.20
Dolton Tire & Rubber, pref. (quar.)__
2
Extra
Apr. 1 Holders of rec. Mar. 15a
Detroit & Cleveland Navigation (quar.)- $1
Apr. 1 Holders of rec. Mar. 20
2
April 15 Holders of reo. Mar. 81a Inter. Abrasive Corp., 1st & d pi.(qu.)
2
Detroit Edison (guar.)
Apr. 15 Holders of rec. Mar. 31a
(quar.).._
134
pref.
Corp.,
Agricultural
Int.
O2% April 15 *Holders of rec. April 5
Detroit Iron & Steel, coin. (quar.)
Apr. 1 *Holders of rec. Mar.20
*3
International Banking Corporation
'134 April 15 *Holders of rec. April 5
Preferred (quar.)
International Braid, preferred (guar.)__- 154 April I Holders of rec. Mar. 26
Juno 15 *Holders of rec. May 31
*2
Diamond Match (guar.)
1 Holders of reo. Mar. 15
Apr.
15o.
(guar.)
Mach.
Internat. Buttonhole Sew.
April 15 Holders of rec. Mar. 31
2
22
pictograph Products, preferred (quar.)_
Internat. Fur Exchange, pref. (guar.).. 4,154 April 1 Holders of rec. Mar.
1% Apr. 1 Holders of rec. Mar. 27
Dodge Mfg., corn. (quar.)
Apr. 15 Holders of rec. Mar.25a
134
(quar.)..
corn.
Harvester,
International
Apr. 1 holders of rec. Mar. 27
1
15a
Mar.
Common (extra)
reo.
of
Holders
1
Apr.
I%
International Salt (guar.)
13-4 Apr. 1 Mar. 21 to Mar. 31
1
Preferred (quar.)
International Silver, preferred (guar.)... 15‘ Apr. 1 Feb. 25 to Mar.
*25c. Apr1120 *Holders of rec. April 1
Mar. 29
rec.
of
Dome Mines (guar.)
Ilolders
I
April
$I
(guar.)
common
Coal,
Creek
Island
Dominion Canners, preferred (qmar.).- 154 April 1 Holders of rec. Mar. 20
$1.50 April 1 Holders of rec. Mar. 29
(guar.)
Preferred
12
of
Apr.
reo
*Holders
1
May
'134
Dominion Coal, pref. (guar.)
50e. April 15 Holders of rec. Mar. 310
Jones Bros. Tea,common (guar.)
Apr. 1 Holders of reo. Mar. 15
1
Dominion Glass, Ltd., common (guar.)
1 34 April 1 Holders of rec. Mar. 25a
Preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 15
Preferred (guar.)
13
Mar.
rec.
of
Holders
1
April
134
Dominion Trott & Steel. pref. foliar.).-
134
In
134
13-4
134
1264
THE CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
[Vol.. 110.
Per When.
Books Closed.
Name of Company.
Cent. Payable
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Continued).
Jordan Motor, corn. (guar.)
$2
Mar. 31 Holders of rec. Mar. 13
Pacific Tel. dr Tel., pref. (guar.)
134 Apr. IF Apr. 1 to Apr. 15
Preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 13
Packard Motor Car. common (guar.). _
*20c. Apr. 3l. *Holders of rec. Apr. 15
Kansas Gas & Electric, pref. (guar.) _ _ _
13j Apr. 1 Holders of rec. Mar.20
Panama Power dr Light, pref. (quar.). _ _
April 1 Holders of rec. Mar. 18
154
Kaufmann Dept. Stores, pref. (guar.) _ _
134 Jan, 2 Holders of rec. Dec. 20
Pan-Amer. Petrol. & Transp., cm. (qu.) $1.50 Apr. 10 Holders of rec.
Kayser (Julius) dr Co., corn. (guar.)_ _
Mar. 13a
2
April I Holders of rec. Mar. 20
Common, Class 13 (guar.)
$1.50
Apr.
10 Holders of rec. Mar. 13a
First and second preferred (guar.)_ _
134 May 1 Holders of rec. April 20a
Preferred (guar.)
134 Apr. I Holders of rec. Mar. 13a
Kelly-Springfield Tire, pref. (guar.)._
134 Apr. I Holders of rec. Mar. 15a Panhandle Produc. dr Ref., pref.
2
1pr. 1 Holders of rec. Mar. 20a
Kennecott Copper Corp.(guar.)
25c Mar.31 Holders of rec. Mar. la Parish & Bingham Corp. (guar.) (guar.)
*51
Apr. 20 *Holders of rec. Apr. 10
Capital distribution
25o. Mar. 31 Holders of lee. Mar. la Parke Davis & Co. (guar.)
April 1 Mar. 23 to
$1
Keystone Tire & Rubber, cont. (quar.)_ _
Mar. d30
3
Apr. 1 Holders of rec. Mar. 15a Peerless Truck & Motor
(guar.)
134 April 1 Holders of reo. Mar. ta
Kirshbaum (A. B.) & Co., pref. (guar .)_ _
134 Apr. 1 Holders of rec. Mar. 20a
Extra
% April 1 Holders of rec. Mar. la
Kolb Bakery, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 20
Penmans,
Ltd.,
common
(guar.)
2
May 18 Holders of roe. May 5
Kresge (S. S.) Co., preferred (quar.)_.._
1% Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
134 May 1 Holders of reo. Apr. 21
Kress (S. H.) & Co., corn. (quar.)........
1
May 1 Holders of rec. Apr. 20a Penney (J. C.) Co., preferred
134 Mar.31 Holders of rec. Mar. 20a
(quar.)-.- Preferred (guar.)
134 Apr. I Holders of rec. Mar. 20a Pennsylvania
Rubber,
corn. (quar.)_ _
La Belle Iron ltoiks, ccmmon (guar.).- -+134 Mar. 31 *Holders of rec. Mar. 15
134 Mar. 31 Holders of rec. Mar. 16a
Preferred (guar.)
•131 Mar.31 *Holders of reo. Mar. 15
Preferred (quar.)
2
Mar. 31 Holders of rec. Mar. 16a
Pennsylvania Salt Mfg. (guar.)
$1.25 Apr. 15 Ilolders of rec. Mar. 31a
Lackawanna Steel, common (quar.)__ -134 Mar.31 Holders of rec. Mar. 10a Pennsylvania Water & Power
134 Apr. 1 holders of rec. Mar. 19a
Lancaster Gas Light & Fuel
1
Mar. 31 Holders of rec. Mar. 20a Pettibone-Mulliken Co.. 1st (guar.)...
dr 2d pf.(ou)
Latirentide Co., new stock
131 Apr. 1 Holders of roe. Mar. 20a
134 Apr. 2 Holders of rec. Mar. 23
Phelps Dodge Corporation (guar.)
Lawyers Mortgege Co. (guar.)
23.4 Apr. 2 Holders of rec. Mar. 22a
234 April 1 Holders of rec. Mar. 24
Pick (Albert) & Co., preferred (guar.). _ *134 Apr. 1 'Holders of
Lehigh Valley Coal Sales (guar.)
rec. Mar. 25
$2
Apr. I Holders of rec. Mar. 18
Pierce-Arrow Motor Car, pref. (guar.)... 2
Liberty Motors, common
Apr. 1 Holders of roe. Mar. 15a
*234 Apr. 1 *Holders of rec. Mar. 20
Pierce 011 Corporation, pref. (quar.)_ -- 2
Apr. 1 Holders of roe. Mar. 20a
Preferred (guar.)
.2
Apr. 1 *Holders of rec. Mar.20
Pittsburgh Coal of Pa., corn. (quar.)__ _
Library Bureau, common (guar.)
134 Apr. 24 Holders of rec. Apr. Oa
1 A Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
134 Apr. 24 Holders of rec. Apr. 9a
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 20a Pittsburgh Plate Glass, corn. (guar.)
2
Apr. 1 Ilolders of rec. Mar. 15a
Liggett & Myers Tobacco, pref. (guar.)_
1% Apr. l Holders of reo. Mar. 15a Pittsburgh Rolls
Corp.. pref. (quar.)..
Lima Locomotire Works, pref. (quar.)_
154 April 1 Ilolders of rec. Mar. 260
134 May 1 Holders of rec. Apr. 15a Pittsburgh
corn. (guar.)
2
Apr. 1 Holders of rec. Mar. 260
Lindsay Light, preferred (guar.)
•1)4 Mar. 31 *Holders of rec. Feb. 28a Pond CreekSteel,
Coal (guar.)
260. Apr. 1 Holders of rec. Mar. 29
Lone Star Gas, new stock (No. 1)
*5 e. Mar. 31 *Holders of rec Mar. 18
Portage Rubber, pref. (guar.)
134 Apr. 1 Mar. 21 to Mar. 3t
Loose-Wiles Biscuit, first pref. (quar.). _
134 Apr. 1 Holders of rec. Mar. 18a Port Arthur Shipbuilding,
com. (quar.)..
2
Apr. 1 Mar. 16 to Mar. 31
Lorillard (P.) Co., corn. (quar.)
3
Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
134 Apr. 1 Mar. 16 to Mar. 31
Preferred (guar.)
134 Apr. I Holders of rec. Mar.15a Prairie Oil & Gas (guar.)
3
MacAndrews & Forbes, corn. (guar.)_ _ _
April 31 Holders of rec. Mar. 31a
234 Apr. If Holders of rec. Mar. 31a
Extra
Pr ferred (guar.)
5
April 31, Holders of rec. Mar. 31a
134 Apr. 11 Holders of rec. Mar. 31a Prairie Pipe Line (guar.)
3
Mackay Companies, corn. (guar.)
April 30 Holders of roe. Mar. 31a
134 April 1 Holders of reo. Mar. 6
Price
Bros.
(quar.)
2
April 1 Holders of rec. Mar. 24
Preferred (guar.)
1
April 1 Holders of rec. Mar. 6a Procter dr Gamble. 8%
preferred (guar.) 2
Madison Tire & Rubber, preferred (quar.) _
Apr, 15 Holders of rec. Mar. 25a
2
April 1 Holders of rec. Mar. 22a Providence Gils
(guar.)
50c. April 1 Holders of rec. Mar. 20a
Mager Car Corporation, corn. (guar.)_ _ 81
Mar. 31 Holders of rec. Mar. 25
Provincial
Paper Mills,Ltd.,com.(quar.) 134 April l Holders of rec. Mar. 15
Common (extra)
$2
Mar.31 Holders of rec. Mar. 25
Preferred (guar.)
Preferred (guar.)
134 April 1 Holders of reo. Mar. 15
1% Mar. 31 Holders of rec. Mar. 25
Public Utilities Corp., preferred (guar.)
Mallinson (H. R.) & Co., Inc., pf. (qu.) 134 Apr. 1 Holders
134 April 1 Holders of rec. Mar. 15a
of
rec.
Mar.
22
Punta
Alegre
Sugar (guar.)
$1.25 Apr. 15 Holders of rec. API% la
Manati Sugar, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 15a Quaker Oats,
common (guar.)
3
April 15 Holdere of rec. April la
Manhattan Electrical Supply, corn. (qu.) 1
Apr. 1 Mar. 16 to Mar.30
Preferred (quar.)
First and second preferred (guar.)._ _ _
13-4 May 21 Holderd of rec. May la
134 Apr. 1 Mar. 16 to Mar.30
Quincy Mining (guar.).
$1 . Mar.a Holders of rec. Mar. 6a
Manhattan Shirt, preferred (quar.)
134 Apr. 1 Holders of rec. Mar.22a Railway Steel-Spring,
common (quar.)_
2
Mar. 31 Holders of rec. Mar. 17a
Manning, Maxwell & Moore (guar.)._ _
134 Mar. 31 Holders of rec. Mar. 31
Ray Consolidated Copper Co. (guar.)._
250. Mar. 31 Holders of roe. Mar. 12a
Extra
1t
Mar. 31 Holders of rec. Mar. 31
Reece Button-Hole Machine (guar.) ___.
30c.
Manufacturers Light & Heat (quar.)
Apr.
1 Holders of rec. Mar. 15
$1
April It Holders of rec. Mar. 31a Reece Folding Machine
10c. Apr. 1 Holders of reo. Mar.15
Maple Leaf Milling, corn. (quar.)
(guar.)
3
Apr. 10 Holders of rec. Apr. 3
Regal Shoe, preferred (guar.)
Preferred (guar.)
April
13.4
1 Mar. 21 to Mar. 31
Apr.
19
134
Holders of rec. Apr. 3
Reis (Robert) & Co., preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 15
Marland Refining (guar.)
•1234 c April 15 *Holders of rec. Mar.31
Remington Typewriter, 1st pf. (guar.).
134 Apr. 1 Holders of roe. Mar. 10a
Mason Tire & Rubber, pref. (guar.).- -- 134
Mar.
11
to
Mar.
31
Second preferred (guar.)
2
Apr. 1 holders of roe. Mar. 10a
Massachusetts Gas Cos., cont. (quar.)-_- *134
May. 1 *Holders of rec. Apr. 15
Reo Motor Car (guar.)
25e. Apr. 1 Holders of roe. Mar. 15a
Massachusetts Lighting Cos., pref. (qu.) $1.50 Apr.
11 Holders of rec. Mar. 25
Republic Iron & Steel, common (guar.).
134 May 1 Holders of rec. April 24a
Mathieson Alkali Works, pref. (guar.)._
134 April 1 Holders of rec. Mar. 20a
Preferred (guar.)
134 Aprit I Holders of rec. Mar. 15a
May Department Stores, pref. (quar.).
134 Apr. 1 Holders of rec. Mar. 15a Republic Motor
134 Apr. 1 Holders of rec. Mar. 22
McCrory Stores, preferred (guar.)
_
134 April 1 Holders of rec. Mar. 20a Reynolds(R. Truck, pref. (guar.).
J.) Tobacco, corn. (quar.)_
3
Apr. 1 Holders of rec. Mar. 20
McSherry Manufacturing, pref. (guar.)_
2
April it Holders of rec. April 1
Common,Class B (guar.)
3
Apr. 1 Holders of roc. Mar.20
Merck & Co. ((Plan
2
April 1 Holders of rec. Mar. 17
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.20
Mergenthaler Linotype (quar.)
234 Mar.31 Holders of rec. Mar. 3a Riordon Pulp
& Paper, pref.(quar.)
Nlerrirriac Chemical ((plan)
131 Mar,31 Holders of reo. Mar.22
$1.25 Mar. 31 Holders of rec. Mar. 20
Root dr VanDervoort Corp.,Clams A(qu.) $1
April 1 Mar. 211 to
Metropol. 5c. to 50e. S ores,Inc.,pf.(qu.) 134 Apr.
Mar. 31
1 Holders of roe. Mar. 20
Royal Baking Powder, corn. (guar.)...- 2
Mexican Investment, pr fen td
Mar. 31 Holders of rec. Mar. 15
40c. April 1 Holders of rec. Mar. 25a
Preferred (guar.)
134
Mar.
Mexican Petroleum, corn. (guar.)
31 Holders of roe. Mar. 15
234 Apr. 10 Holders of rec. Mar. 13a St. Joseph Stock Yards (guar.)
2
Mar. 31 Mhr. 21 to Mar. 31
Preferred (quar.)2
Apr.
Holders of rec. Mar. 13a St. L. Rocky Mt. & Pac. Co., corn. (guar.)
1
Apr. 10 Holders of rec. Mar.:31a
Michigan Drop Forge, common (monthly) _ •25e. April 11 *Holders
of rec. Mar. 16
St. L. Rocky
& Pao. Co., pref. (q u.) 134 Mar.31 Holders of roe. Mar. 20a
Michigan Light, preferred (guar.)
134 April 1 Holders of rec. Mar. 160 Savage Arms Mt.
Corp.,
Apr,
common
5
(extra).
Michigan Stamping (monthly)
30 Holders of roe. Mar. la
134 April I Holders of rec. Mar. 16a Sayers & Scoville Co., corn. dc pref.
(guar.)
134 Apr. 1 holders of rec. Mar. 20a
Middle States 011 (monthly)
100. Apr. 1 Holders of reo. Mar.200 Scott & Williams, Inc., pref. (guar.)._
134 Apr. 1 Holders of rec. Mar. 20
_
Midland Securities (quar.)_
234 Mar.31 Holders of rec. Mar. 10a Seamans Oil (guar.)
5
Mar.81 Holders of rec. Mar. 15
Mill Factors Corp.. Class A (quar.)_ _ _ _
2
Apr. 1 Holders of rec. Mar. 20
Sears, Roebuck dr Co., pref. (quar.)__ _ _
134 Apr. 1 holders of roe. Mar. 15a
Monatiquot Rubber Works, Pref. (guar.)_
134 Apr. 1 Mar. 24 to Mar. 31
Shawinigan Water dr Power (guar.)
Monomac Spinning (guar.)_
134 Apr, 10 Holders of rec. Mar. 27a
52
Apr. 1 Holders of rec. Mar. 19a Sherwin-Williams Co.of Can..
pref.(qu.) 134 Mar. 31 Holders of reo. Mar. 15
Special
$2
Apr. 1 Holders of rec. Mar. 19a Sloss-Sheffield Steel & Iron. pref.
134 Apr. 1 Holders of rec. Mar.20a
Montana Power, common (guar.)
(quar.)
34 Apr. I Holders of rec. Mar. 13a Smith (Howard) Paper Mills,
com.(qu.). '134 Apr. 20 *Holders of rec. Apr. 10
Preferred (attar.)
Apr.
134
Holders
1
of
ree
Mar.
13a
Preferred (guar.)
*2
Apr. 20 *Holders of rec. Apr. 10
Montgomery, Ward & Co., pf. Class A +134 Apr. 1 *Holders
of rec. Mar. 20
South Penn Oil (quar.)
5
Montreal Telegraph (guar.)
Mar.3J Mar. 13 to
Mar.11.
2
Apr. 15 Holders of rec. Mar. 31
South Porto Rico Sugar,common (guar ) 5
April 1 Holders of reo. Mar. 10a
Mortgage-Bond Co. (guar.)
134 Mar. 31 Holders of rec. Mar.22
Preferred (guar.)
2
April
Narragansett Electric Lighting (guar.)... $1
1
Holders
of
Mar.
roe.
10a
April 1 Holders of rec. Mar. 13a South West Penn. Pipe Linea (guar.)
Nashua Manufacturing, pref. (guar.)_ _ _ _
- 2
Apr. 1 Holders of rec. Mar. 15
134 Apr. 1 Holders of rec. Mar. 23
Spring Valley Water (guar.)
ki Mar. 31 Mar. 16
Nassau Light & Power (guar.)
to Mar. 31
2
Mar. 31 Holders of rec. Mar. 260 Standard 011 (Kentucky) (guar.)
3
Apr. 1 Mar. 16 to Apr. 1
National Aniline & Chemical, pref. (qu.) 134 April 1
Standard 011 (Ohio) (quar.)
3
Apr. 1 Holders ot rec. Feb. 270
National Biscuit, common(quar.)--- 134 April 15 Holders of rec. Mar. 15
Holders of rec. Mar.310
Extra
1
National Breweries (Canada) (guar.)._ $I
Apr.
1 Holders of roe. Feb. 27a
Apr. 1 Holders of rec. Mar. 15
Standard Safe Deposit Co. (quar.)
234 Mar. 30 Holders of roe. Mar. 26a
National Casket (quar.)
•134 Mar.30 'Feb. 16 to Feb. 10
Standard Sanitary Mfg., corn. (in stock). f100
Apr. 10 Holders of rec. Mar. 29
Extra
*1
Mar.30 *Feb. 6 to Feb. 10
Standard Screw, common (guar.)_
*6
Apr. 1 *Holders of rec. Mar. 15a
Extra (Payable in stook)
'e5
mar.30 *Feb. 6 to Feb. 10
Standard Tank Car, preferred (guar.). _
2
April I Holders of rec. Mar. 15a
National Cloak dr Suit, common (guar.)_
i3( Apr.
Holders of reo. Apr. 8a Standard Textile Products, coin. (guar.)
2
Nat. Enameling & Stamping, pref. (qu. 1 xn mar.15
April 1 Holders of rec. Mar. 15
31 Holders of rec. Mar. lba
Preferred Classes A and B (quar.)_ - - 134 April I Holders of reo. Mar. 15
National Fuel Gas (guar.)
*234 April 15 *Holders of rec. Mar. 31
Stearns (F. B.) Co., corn. (guar.)
$1
Apr. 10 Holders of rec. Mar.:31a
National Grocer, corn. (guar.)
*2
Mar. 31 *Holders of reo Mar. 21
Preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. 27a
National Lead, common (guar.)
135 Mar.31 Holders of rec. Mar. 12a Steel Products,
common (guar.)
3
Apr. 20 Holders of rec. Apr. 50
National Licorice, preferred (quar.)_ _
134 Mar.31 Holders of rec. Mar.25
Steel
&
Tube Co. of America, pref. (qu.) 194 Apr. 1 Mar. 21 to Apr. 1
National 011, preferred (quar.)
Oc. April 16 Holders of reo. April la Stevens-Duryea, Inc.,
preferred (guar.).
134 Apr. 1 Holders of rec. Mar. 15
National Paper & Type,corn. & pref.(qu.)
2
Apr. 15 Holders of rec. Mar. 31a Stewart Mfg., corn. (guar.)
Apr. 15 Holders of rec. Mar. 31
National Refining, preferred (guar.)_ _ _ - 2
$1
April
I
Holders
of
rec.
Mar.
15a
Preferred (guar.)
2
May 1 Holders of rec. Apr. 15a
National Sugar (guar.)
134
April 2 Holders of rec. Mar. 8
Stover Mfg. & Engine Co., corn. (guar.) *1
National Tool, corn. (guar.)
Apr. 1 *Holders of rec. Mar. 15
$1.50 Apr. 1 Mar. 21 to Apr. 1
Common (extra)
Preferred (guar.)
*1
Apr. 1 'holders of roe. Mar. 15
134 Apr. 1 Mar. 21 to Apr. 1
Stromberg Carburetor (guar.)
Nevada Consolidated Copper Co.(guar.)
$1
Apr. 1 Holders of rec. Mar. 15a
25c Mar. 31 Holders of reo. Mar. 12a Stutz Motor Car (guar.)
14 Apr. 1 Holders of roe. Mar. 16a
New England Telep. & Teleg.(guar.)_
134 Mar. 31 Holders of rec. Mar. 17
Stock dividend
Apr. 15 Holders of roe. Apr. 5a
New River Co., preferred
(y)
hl
Mar.
Si
Holders
3C
of
rec Mar.20
Sullivan Machinery (guar.)
New York Title & Mortgage (guar.) _ _
•154 April 15 *Holders of rec. April 1
2
April 1 Holders of rec. Mar. 22
Extra
April If *Holders of reo. April 1
New York Transit (guar.)
*1
4
Apr. 15 Holders of reo Mar.22
Superior Steel, corn. (guar.)
134 May 1 Holders of rec. Apr. 15
Niagara Falls Powcr, preferred ((Plan)-13-( Apr. 15 Holders of rec. Mar. 31a
First and second pref. (guar.)
2
May
15 Holders of rec. May 1
Nipissing Mines Co.(guar.)
250. April 20 April 1 to April 18
Swift & Co. (guar.)
2
Apr. 1 Holders of rec. Mar. 10
Noble (Chas. F.) Oil & Gas, coin, (minty.) lc. Apr.
1 Mar. 16 to Mar. 31
Symington (T. H.) Co., corn. (guar.). _ _
211 Apr. 15 Holders of reo. Apr. 1
Preferred (monthly)
13ic. Apr. 1 Mar. 16 to Mar.31
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 15
Noiseless Typewriter (No. 2)
2
Apr. 1 Holders of rec. Mar. 26a Taylor-Wharton
Iron & Steel, corn.(quar,) 154 Mar. 31 Mar. 25 to Mar. 30
North American Co. (guar.)
134 Apr. I Holders of rec. Mar. 18
Temlor Corn & Fruit Prod. class A (qu.) $1
Apr. 5 Holders of rec. Mar. 20
Nova Scotia Steel & Coal, cam. (guar.) _ _
134 Apr. 15 Holders of rec. Mar. 31a Texas Company (guar.)
234 Mar. 31 Holders of rec. Mar. 16
Preferred (quar.)
2
Apr. 15 Holders of rec. Mar.31a Texas Pacific Coal & 011 (guar.)
134 Mar. 31 Holders of rec. Mar. 20
O'Bannon Corporation, preferred
334 Apr. 1 Holders of rec. Mar.25
Special
Mar. 31 Holders of reo. Mar.20
534
Ogilvie Flour Mills (guar.)
3
Apr. 1 Holders of rec. Mar. 22
Thompson (John R.) Co., corn. (guar.).
134 April 1 Holders of roe. Mar. 27a
Ohio Body dr Blower (No. 1)
•6234
r
Apr.
*Holders
10
of
rec.
Apr.
la
Preferred (guar.)
Ohio Brass, corn. (quar.)
13.4 April 1 Holders of rec. Mar. 27a
6% Apr. 15 Holders of rec. Mar. 31a Thompson-Starrett Co.. preferred
4
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 20
Apr.d15 Holders of rec. Mar. 31a Tide Water 011 (guar.)
2
Mar. 31 Holders of rec. Mar.20a
Ohio Cities Gas, pref. (guar.)
14 Apr. 1 Holders of rec. Mar. Li
Extra
2
Ohio Fuel Supply (guar.)
Mar.
31 Holders of reo. Mar. 20a
•6234c Apr. 15 *Holders of rec. Mar.31
Times Square Auto Supply, corn
50e. Apr. 20 Apr. 1 to Apr. 9
Ohio 011 (guar.)
El 25 Mar.31 Feb. 29 to Mar. 24
Preferred (guar.)
134 Apr. 20 Apr. 1 to Apr. 9
Extra
$2 75 Mar.31 Feb. 29 to Mar. 24a Tobacco Products Corp., pref. (guar.).
_
134 April 1 Holders of rec. Mar. 260
Ohio State Telephone. preferred (quar.)_
134 April 1 Holders of rec. Mar. 19
Tonopah Extension Mining (guar.)
5c. Apr. 1 Holders of rec. Mar. ha
Oklahoma Produce& Refining. cm.(qu.) 10e.
Apr. 1 Holders of reo. Mar. 15a Torrington Co., common (guar.)
Old Colony NVoolen Mills, corn. (guar.). 2
75e. Apr. 1 Holders of rev. Mar. 19a
Apr. 1 Holders of rec. Mar. 23a
Common (extra)
260. Apr. 1 Holders of reo. Mar. 19a'
Preferred (quar.)
13j Apr. 1 Holders of rec. Mar. 23a Towar Cotton Mills, Inc., preferred_ _ _
334 Apr. 1 Mar. 21 to Mar.31
Orpheum Circuit, Inc., common
50c. Apr. I Mar. 16 to Apr. 1
Transit(' dr Williams Steel Forg. (guar.). $1.25 Apr. 15 Holders of roe. Mar. 81a
Preferred (guar.)
2
Apr. 1 Mar. 16 to Apr. 1
Trumbull Steel, cam (guar.)
154 Apr. 1 Mar. 21 to Mar. 31
Osage 011 & Refining (guar.)
5
Apr. 15 Holders of rec. Apr. 1
Common
(extra)
tor. 1 Mar. 21 to Mar • 31
1
Osceola Consolidated Mining (guar.) _
50o. Mar. 31 Holders of rec. Mar. 18
Preferred (guar.)
Apr. 1 Mar. 21 to Mar. 31
134
Otis Elevator, common (guar.)
2
Apr. 15 Holders of roe. Mar.31a Tuckett Tobacco, coin (guar.)
Apr. 15 Holders of reo. Mar. 31a
1
Preferred (quar.)
134 Apr. 15 Holders of roe. Mar.31a
Preferred (guar.)
134 Apr. 15 Holders of reo. Mar. 31a
Otis Steel, preferred (guar.)
131 Apr. 1 Mar.21 to Apr. 1
Underwood Computing Mach., pf. (qu.)
134 April 1 Holders of reo. Mar. 20
Ottawa Car (guar.)
1
Apr. 1 Holders of roe. Mar. 15
Underwood Typewriter, common (guar.) 2
Apr. 1 IIolders of reo. Mar. 5a
Ottawa Light, Heat & Power (guar.).
April
134
Holders
1
of reo. Mar. 20
Preferred ((Plan)
134 Apr. 1 Holders of reo. Mar. 5a
Owens Bottle Co., common (guar.)
750 Apr. 1 Holders of reo. Mar.22a Union Carbide & Carbon (quar.)
$1.25 Apr. 1 Mar. 7 to Mar. 18
Preferred (guar.)
1%
Apr.
Holders
1
of
Mar.
rec.
22a
Union
Natural Gas Corp. (guar.)
Pacific-Burt Co., Ltd. (guar.)
234 Apr. 15 Holders of roe. Mar. 3I0
134 Apr. 1 Holders of rec. Mar. 15a Union Stock Yards of Omaha (guar.).-Pacific Development Corp. ((Mar.)
134 Apr. 1 Mar. 22 to Mar. 31
$1
May 15 Holders of rec. Apr. 15a United Cigar Stores of America, own-Apr. 1 Holders of reo. Mar. 150
/10
Nam 2f Company.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days InClusivi.
Miscellaneous (Concluded).
Ayr. 1 Holders of tee. Mar.20a
2
United Drug, common (guar.)
May 1 Holders of rec. April 15a
87
First preferred (guar.)
134 June 1 Holders of rec. May 15a
Second preferred (guar.)
Apr. 1 Holders of rec. Mar. 15a
United Dyewood. common (guar.)
Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
Apr, 15 Holders of reo. Mar.20.7
3
United Fruit (guar.)
Mar.31 Holders of rec. Mar. 31
20
United Gas & Elec. Engineering Corp
2
Apr. 15 Holders of rec. Mar.31
United Gas Improvement (guar.)
si
Apr1115 •Holdera of roc April 1
United Paperboard, pref. (guar.)
500. Apr. 5 Holders of rec. Mar. 16
United Shoe Machinery, corn. (quar.)_
37%c Apr. 5 Holders of rec. Mar. 16
Preferred (guar.)
1.4 Mar. 31 Holders of rec. Mar. 18
United Theatre Equip, pref. (guar.)._ _
13.1 Apr. 1 Holders of rec. Mar. 19a
United Utilities, pref. (guar.)
50c. May 1 Holders of rec. Apr. 54
United Verde Extension (guar.)
Mar. 31 Holders of rec. Mar. 10a
.U. S. Bobbin & Shuttle, corn. (guar.) _
Preferred (guar.)
13( Mar.31 Holders of rec. Mar. 10a
Apr. H Holders of re... Apr. 2a
U.S. Food Producta Corp., corn.(guar.) 1
Mar. 31 Mar. 16 to Mar.31
1
U. S. Gypsum, common (guar.)
Mar. 31 Mar. 16 to Mar.31
Preferred (guar.)
1M Apr. It Holders of rec. Mar. 31a
U. S. Industrial Alcohol, pref. (guar.) _
Apr. 1 Holders of rec. Mar. 20a
3
U. S. Playing Card (guar.)
U.S.PrInting & LIthog'g, let pref.(guar.) 134 April 1 Holders of rec. Mar. 20a
April 1 Holders of rec. Mar. 20a
First preferred (account accum Aim)
U. S. Smelt., Refg. db Min.,corn. (quar.)_ $1.50 Apr. 15 Holders of roe. Apr. 5
87Mo. Apr. 15 Holders of req. Apr. 5
Preferred (guar.)
, Mar.80 Feb. 28 to Mar. 1
‘
United States Steel Corp., corn. (quar.) 15
31.67 April 1 Holders of rec. Mar. 20
. S. Trucking Corp., preferred
13.1 April 15 April 8 to April 15
U.S. Worsted, 1st pref. (guar.)
April 1 Mar. 16 to Mar. 31
2
Universal Leaf Tobacco, pref. (guar.).
$1.50 Mar. 31 Holders of rec. Mar. 12a
Utah Copper Co. (guar.)
Mar. 31 Holders of rec. Mar. 18a
2
Utah-Idaho Sugar (guar.)
April 1 Holders of rec. Mar. 16
Utah Power & Light, prof. (quar.).........
114 Mar. 27 Holders of rec. Mar. 17
Utilities Securities Corp., pref. (quar.)_
Apr. 1 Mar. 18 to Mar.31
2
Valvoline 011, preferred (guar.)
Vanadium Corporation of America (gu-) $1 50 April It Holders of rec. April la
50e. May 1 Holders of rec. April 10
Ventura Consol. 011 Fields (guar.)
April 15 April 1 to April 5
Victor Talking Machine, corn. (quar.)_ _ 25
1M April 15 April 1 to April 5
Preferred (ouar.)
May 1 Holders of rec. Apr. 15a
Va.-Carolina Chem., corn. (guar.)
Apr. 15 Holders of rec. Apr. 5a
2
Preferred (guar.)
50c. Apr. 1 Holders of rec. Mar. 15
V. V ivadou, Inc.(guar.)
Holders of rec. Mar. 15
Aoril
2
Wabasso Cotton (guar.)
25c. April I Holders of rec. Mar. 21)
Waldorf System, common (guar.)
May 1 Holders of rec. April 20
Common (payable in common stock). fB
20c. April 1 Holders of rec. Mar. 20
Preferred (guar.)
Ui Mar.31 Holders of roe. Mar. 10
Walworth Manufacturing, pref. (guar.) _
Ui April 1 Holders of rec. Mar. 20a
tVarren Bros. Co., let pref. (guar.)._
13( April 1 Holders of rec. Mar. 20a
Second preferred (guar.)
50c. April 1 Holders of rec. Mar. 15
Weber & Hellbroner, common
June 1 Holders of rec. May 15
Preferred (num.)
Mar. 31 Holders of roe. Mar. 23
(guar.)
Weber Plano, preferred
$2.50 Mar. 31 Holders of rec. Mar.24a
Western Electric, common (guar.)_
1)4 Apr. 15 Holders of reo. Mar. 31
Western Power Corp., pref. (guar.)
1 h Apr. 15 Mar. 21 to Anr. 14
Western Union Telegraph (guar.)
of rec. Mar. 26
West Coast 011 (guar.)
Ui Apr. 15 Holders of
Mar. 26
1Vest Kootenay Power xi: Light Pl. (Q14.)Ui Apr. 1 Holders of rec.
rec. Apr. 2
Apr. 30 Holders
Westinghouse Elec. & Mfg., cons. (guar.)_ $I
Apr. 15 Holders of rec. Apr. 2
El
Preferred (guar.)
$1.75 Apr. 30 Holders of rec. Apr. 1
1Vestinghouse Air Brake (guar.)
$1 25 April 1 Mar. 17 to April 1
Westmoreland Coal (guar.)
2M Apr. 1 Holders of rec. Mar. 15a
Woyman-Bruton Co., corn. (guar .)...
1M Apr. 1 Holders of tee. Mar. 15a
Preferred (guar-)
%pill 2 Mar. 21 to April I
2
Wheeling Steel & Iron ((mar.)
*Mc. Apr. 10 *Holders of tee. Mar.31
1Vhite Eagle Oil ce Refg. (guar.)
Mar.81 Holders of tee. Mar. 17a
White Motor (quar.)
Apr. 1 Holders of rec. Mar. 16
1
1Vhilman (1William) Co., Inc., pf. (gu.)_
Will & 13aumer Candle, common (guar.) •82 tic Apr. 1 *Holders of rec. Mar. 15
Apr. 3 *Holders of rec. Mar. 15
*2
Preferred .(quar.)
Willys Corporation, 2d pref. (quar.).. U' Apr. 1 Holders of rec. Mar. 21
1 Holders of rec. MAT. 25a
Apr.
13(
WIllys-Overland Co., prof. (guar.)
May 1 Holders of rec. Apr. 21a
Wilson & Co., common (guar.)
Apr. 1 Holders of rec. Mar. 22a
Preferred (guar.)
:300 Apr. 15 Holders of rec. Mar. 25
Woodburn 011 Corporation
334 Apr. 15 Apr. 2 to Apr. 14
Winchester Co., lot preferred
Apr. 15 Apr. 2 to Apr. 14
3
Second preferred (No. 1)
Apr. 10 Holders of roe. Apr. 1
1
Wire Wheel Corp. of Amer., pref
Apr. 1 Holders of rec. Mar. 17
Woods Manufacturing, pref. (guar.)_
April I Holders of rec. Mar.10a
preferred
Woolworth (F. W.)Co.,
Apr. 1 Holders of rec. Mar.20a
Worthington Pump dr Mach., corn.(qu )
134 Apr. 15 Holders of rec. Apr. 5a
Preferred A
13( Apr. 1 Holders of rec. Mar.20a
Preferred B (guar.)
Apr. 1 Holders of rec. Mar. 17
5
Yale & Towne Manufacturing (guar.)__
234 Apr. 1 Mar. 20 to Mar. 24
Young (J. S.) Co., common (guar.)
U' Apr. 1 Mar. 20 to Mar. 25
Preferred (guar.)
Mar. 31 Holders of rec. Mar. 20a
Youngstown Sheet & Tube, corn.(guar.) 3
1M Mar. 31 Holders of rec. Mar. 20a
Preferred (guar.)
Mar. 31 Mar. 6 to Mar. 7
$1
Yukon-Alaska Trust (guar.)
•From unofficial sources. t Declared subject to the approval of Director-General
of Railroads. t The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further nottee. a Transfer books not
olosed for Lb!, dividend. b Less British Income tax. 0 Correction. e Payable In
stook. 1 Payable In common stook. g Payable in scrip. h On account of accumulated dividends. I Payable In Liberty Loan bonds.
k Payable to holders of record Jan. 31.
I Declared $2 payable in quarterly Installments on March 30, June 30,Sept. 30
and Dee. 30 to holders of record on March 15, June 15, Sept. 15 and Dec. 15,
respectively.
m One-fourth of a share of new no par value common stock on old common and
one-fortieth of a share on new common.
n Declared 7% payable in quarterly installments on March 31, June 30, Sept. 30
and Dec. 31 to holders of record on March 11, June 10, Sept. 10 and De.4 11.
o Declared 7% payable in quarterly Installments.
p Declared 5% payable in quarterly installments.
to
r Transfer received in order in London on or before March 10 will be in time
be passed for payment of dividend to transferee.
8 Also •declared one-twentieth of a share In common stock.
1,
8 Declared 7% payable In quarterly Installments of 13j% each on April 1, July
Oct. 1 1920 and Jan. 1 1921 to holders of record of March 15, June 15, Sept. 15 and
Dec. 15, respectively.
U At rate of 7% per annum for period from March 1 to April I.
25.
• Declared 8% Payable 4% as above and 4% Sept. 30 to holders of roe. Sept.
to At rate of 8% per annum for period beginning Feb. 10 and ending April I.
z Payable March 1 1920.
y One-fifth of a share.
s At rate of 8% per annum from date of Issue. Oct.6 1919.
1M
131
1M
134
Boston Clearing House Banks.-Wo give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
March 20
1920.
Changes from
previous week.
3,242,000 Inc.
Circulation
Loans, disc'ts & investments_ 584,654,000 Dee.
Individual deposits, incl. U.53 437,843,000 Inc.
119,645,000 Inc.
Due to banks
17,088,000 Dec
Time deposits
•
4,329,000 Inc.
depoalts
States
United
Exchanges for Clearing House 20,702,000 Inc.
52,735,000 Inc.
Due from other banks
Cash in bank & in F. It. Dank 76,160,000 Inc.
Reserve excess In bank and
27,242,000 Inc.
Federal Reserve flank.. _
Mar. 13
1920.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending March 20. The figuresfor 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
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers [,000) omitted.)
Reserve
Net
Loans,
CLEARING
Time
Net
with
Capital Profits. Discount, Cash
HOUSE
De
in
Legal Demand
Invest
MEMBERS
(,000 omitted.) Nat'l, Feb. 28 menu, Vault, Deposi Deposits. posits.
tortes.
cite.
Week ending State, Feb. 25
Mar. 20 1920. Tr.Cos.,Feb. 28
Members of
$
Fed. Res. Bank
Bk of NY, NBA 2,000
Manhattan Co_ 2,879
Merchants' Nat 3,000
Mech dr Metals_ 6,000
Bank of America 1,500
National City- 25.000
Chemical Nat__ 3,000
Atlantic Nat..._ 1,000
300
Nat Butch & Dr
Amer Exch Nat 5,000
NatBkof Comm 25,000
Pacific Bank... 1,000
Chath & Phenix 7,000
IIanover Nat __ 3,000
Citizens' Nat __ 3,000
Metropolitan _ 2,000
Corn Exchange_ 4,620
Imp & Trad Nat 1,500
National Park__ 5,000
East River Nat_ 1,000
Second National 1,000
First National__ 10,000
Irving Nat Bk_ 6,000
N Y CountyNst 1,000
Continental-__ 1,000
Chase Nat Bank 15,000
500
Fifth Avenue __
200
Commercial Ex_
400
Commonwealth.
1,000
Lincoln Nat _
Garfield Nat..._ 1,000
Fifth National. 1,000
Seaboard Nat.... 1,000
Liberty Nat.__ 5,000
Coal & Iron Nat 1,500
Union Exch___. 1,000
Brooklyn Trust. 1,500
Bankers Trust_ 20,000
U 8 Mtge & Tr_ 2,000
Guaranty Trust 25,000
Fidelity'Front_ 1,000
Columbia Trust 5,000
Peoples Trust__ 1,20(1
New York Trust 3,000
Franklin Trust_ 1,000
Lincoln Trust__ 1,000
Metropolitan Tr 2,000
Nassau N,Bklyn 1,000
Irving Trust Co. 3,000
Farm Loan & Tr 5,000
Columbia Bank k2,000
Average
Average. Average Average
$
$
$
$
737 5,810
6,86€ - 53,611
96,100 2,595 9,873
10,171
771 3,047
3,523 30,321
12,652 160,185 9,310 18,691
33,412 1,044 4,097
7,289
57,025 572,839 14,553 73,104
953 10,651
10,004 105,284
508 2,468
20,680
1,054
339
99
6,319
152
7,125 128,822 1,717 12,724
30,325 352,224 2,699 37,439
29,056 1,561 3,841
1,697
7,238 122,516 4,954 14,435
19,389 131,513 5,405 22,504
987 6,767
3,784 57,690
2,910 31,691 2,028 6,244
8,776 148,576 7,023 22,046
739 4,175
38,983
8,468
21,073 211,408 1,442 21,849
379 1,689
695
11,203
4,417
865 3,006
24,130
922 22,455
33,847 263,767
9,121 138,697 3,412 16,201
788 1,781
14,882
351
147 1,296
8,215
731
21,735 387.451 5,293 43,801
968 2,947
20,140
2,348
433 1,089
9,332
967
429 1,251
9,462
795
19,131 1,074 2,802
2,109
481 2,462
16,207
1,437
285 1,002
535
16,748
49,349 1,011 7,170
4,301
528 9,563
7,116 88,651
787 1,412
1,519 23,107
'575 2,597
17,678
1,464
822 4,489
42,913
2,504
960 32,236
18,547 293,364
688 7,414
4,803 62,875
31,757 538,256 2,807 56,190
352 1,487
12,480
1,367
7,453 85,230 1,119 10,194
992 3,447
1,60033,621
419 9,478
11,256 86,019
688 3,097
26,166
1,204
401 4,326
24,200
925
578 4,069
41,097
3,355
449 1,310
18,785
1,320
1,642 68,222 1,891 9,197
10,633 117,304 4,256 14,190
500 2,561
k1,560 23,051
5,271.000 21,971,000 21,405,000
Nat'
Bank
Circa
iation
Average. Average Avge.
$
$
$
794
35,785 5,056
76,021 8,730 -24,243 1,065 ....-138,774 3,762 1,000
28,73;
*623,072 42,567 1,428
436
78,855 1,604
542
142
17,977
___
289
3,951
93,493 6,275 4,741
286,680 8,050 - _ -31
25,322
101,528 12,278 4,484
100
- -_138,300
214 988
40,277
38,502
153,225 7,746 _ _ _ _
16
51
31,808
167,403 3,248 4,969
50
712
11,125
-- - 640
20,217
172,031 2,431 8,546
120,649 3,341 2,300
194
13,044 1,009
7,024
306,941 17,378 1,100
20,602
8,294
9,559
7 210
19,109
244
296
15,393
487 248
12,398
69
540
49,063
72,420 3,733 1,981
530 412
12,747
424 397
19,054
31,545 5,028 -- _
241,442 13,325 ___ _
52,029 7,967
*504,333 35,358 - _ _
361
11,334
79,709 6,543
32,443 2,029
67,067 2,285
22,709 1,691
998
25,857
28,476 1,172
50
12,650 1,028
994
65,470
*128,337 12,810
175
20,057
223,099412,071 4,921,966 04,574566,915 c4,069,464 221,810 30,015
94,706 520,495 c4,024,981 222,029 35,915
Totals, actual co ndition Mar.204,904,429 97,538
554,349 4,004,503218,12836,156
Totals, actual co nd Rion Mar.134,942,791 98
038521,236 3,947,039215 65235,284
Totals.actual co ndition Mar. 64,917,548
State Banks. Not MembersofFederal& serve Ba aft1,527
19,861
2,477
19,435
1,878
500
Bank
Greenwich
5,609
337
689
5,634
839
250
Bowery Bank__
141
29,152
1,757
N Y Prod Exch. 1,000 1,456 26,548 3,541 2,056
33,126 __ -30,766
4,264
05,039
1,508
2,000
state Bank__
85,388 33,267
3,750 5,683 116,656 10,979 5,677
Average
Totals, actual condition Mar.20 116,160 10,900
Totals,actual co nd Rion Mar.13 117,037 11,278
Totals,actual co ndition Mar. 6 116,599 11,040
5,693
5,966
5,473
84,595 33,396
86,700 33,041 _86,132 32,734 ----
Trust Compan les. Not Mem bersofFed eral Reserve Ba nk 31,596
Titie Guar & Tr. 5,000 12,906 45,55(1 1,007 3,756
17,360
892 1,699
26,424
Lawyers T & Ti' 4,000 5,994
931
332 - _ _-
9,000 18,001
71,080
1,839
5,455
48,958
1,263
Totals,actual co miltion Mar.20
Totals,actual co ndition Mar.13
Totals,actual co ndition Mar. 6
71,609
71,641
70,270
2,030
1,881
2,035
5,32?
5,619
5,068
48,670
48,649
47 097
1,260
1,262
1,172 --
Average
Gr'd aggr, avge235,849 437,5585.110,602 107,452578,047 d4,203,805 250,33036,015
+188+8.018+18822 +107,720 +5,520 +314
Comparison, prey. week
107,636531,516 e4,158,146 256,685 35,915
Mar.205,092,204
cond'n
act'l
Br's aggr,
-39,2815-3,038--34418 +18,294 +4,254 -241
Comparison, prey,week
(Ir's
Gr'd
lied
Gr'd
aggr. nen cond'n
aggr, act'l cond'n
aggr, act'l cond'n
aggr, act'l cond'n
Mar.135,131,469 110,674565,034
Mar. 60,104,417 111,113531,777
Feb. 285,103,823 110,738 562,950
Feb. 21 5,092,664 109,736534,933
4,139,852 252,431 36,156
4,080,268 249,558 35,284
4,066,635 247,39936,002
4,059,328 248,49036,992
•Includes deposits In foreign branches not included In total footings, as follows
National City Bank,$140,017,000, Guaranty Trust Co.,$82,031,000, Farmers' Loan
& Trust Co., $23,591,000. Balances carried in banks in foreign countries as reserve
or such deposits were: National City Bank, $39,665,000, Guaranty Trust Co.,
$14,618,000. Farmers' Loan & Trust Co.,$4,756,000. c Deposits in foreign branches
U. S. deposits deducted,
not included. d U. S. deposits deducted, $33,605,000.
$38,880,000. Bills payable, rediscounts, acceptances and other liabilities, $995,1920.
4
March
4643,000. k As of
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
March 8
1920.
$
14,000 3,228,000 3,223,000
3,960,000 588,614,000 584 019,000
1,707,000 436,136,000 432,031,000
7,960,000 111,685,000 114,909,000
638,000 17,726,000 17,117,000
2,690,000 1,639,000 1,655,000
2,024,000 18,678,000 20,976,000
2,084,000 50,6.51,000 52,130,000
5,808,000 70,352,000 69,302,000
•Formerly Included under the head of 'Individual Deposits:'
1265
THE CHRONICLE
MAR.27 1920.]
Averages,
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
Trust companies*
Total Mar. 20
Total Mar. 13.--Total Mar. 6.Total, Feb. 28....
$
10,979,000
1,899,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
$
$
$
$
566,015,000 566,915,000 535,684,320 31,230,680
5,677,000 16,650,000 15,369,840 1,288,160
10,600
5,455,000 7,354,000 7,343,400
12,878,000 578,047,000 590,925,000 58,397,560
12,905,000 559,225,000 572,130,000 544,262,780
12,894,000 551,062,000,563,956,000 543,773,530
12,774.000 551,973.0001584,747.000 539.174.710
32,527,440
27,887,220
20,128,470
25.572.290
1266
THE CHRONICLE
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY..
Actual Figures.
Cash
Reserve
Reserve '
in
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
12,930,000 531,516,000 544.446,000 552,421,000 07,975,000
13,139,000 565.934,000 579,073,000 550,032.580 29.040,420
13,075,000 531,777,000 544,852,000 542,152,940 2,699,060
12.677.000 562.960.000 575.627.000 540.434.340 35.102.660
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
Mar. 20. $6,654,000; Mar. 13, 56,498,630: Mar.6, 56,449,940; Feb. 28, 56,426,420.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the ease of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Mar. 20, 56,660,870; Mar. 13, 56,543,840; Mar.6, 56,469,560; Feb. 28, $6,414,390
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
State Banks.
Week Ended
March 20 1920.
Members Federal
$
$
$
a
5
Reserve banks_
520,495,000 520,495,000 529,908,400 09,413,400
State banks*
10,900,000 5.693,000 16,593,000 15,227,100 1,365,900
Trust companies*- 2,030,000 5,328,000 7,358,000 7,285,500
72,500
Total Mar. 20
Total Mar. 13
Total Mar. 6
Total Feb. 28_-
[VOL. 110.
March 20
1920.
Trust Companies.
Differences from
previous week.
March 20
1920.
Differences frets
previous week.
$
$
$
i
Capital as of Nov. 12
27,400,000
104,700,000
Surplus as of Nov. 12
60,520,000
179,330.000
Loans & investments_ 734,054,900 Dec. 1,679,200 1,999,013,400 Dec. 63,602,100
Specie
6,544,500 Inc.
17,700
11,012,100 Dec.
258,800
Currency & bk. notes
33,996,800 Dee. 1,193,700
19,027,000 Dec. 2,088,500
Deposits with the F.
R. Bank of N. Y....
72,859,800 Inc.
572,200 213,798,000 Dec. 7,651,200
Deposits
897,532,700 Inc. 41.136,100 2,072,800,300 Dec. 26,614,700
Reserve on deposits.._ 132,065,900 Inc.
300,7001 293,564,200 Dec. 4,751,800
P.C.reserve to dep
18.3%1Deo.
2.1%1
17.2% lino.
0.2%
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers l000 omitted.)
Net Loans,
CLEARING
Capital]Profits. DisReserve
Net
Net
Nat'l
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER NON-MEMBERS
counts Cash
with Demand, Time Bank
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Nat.bks.Feb. 28 Invest- In
Legal
DeDe- CircaWeek
ending
Statebks.Feb 28 ments, Vault. Deposi- posits. posits. latioa.
(Figures Furnished by State Banking Department.)
Differences from
Mar. 20 1920. Tr.cos.Feb. 28 ttc.
tories.
March 13.
previous week.
Loans and investments
781,161,200 Inc.
851,800
Members
of
Average Average Average Average Average Average
Specie
7,980,200 Dec.
259,700 Fed'I Res. Bank.
$
$
Currency and bank notes
18,446,000 Dec.
138,900
185 1,504 11,611
Deposits with Federal Reserve Bank of New York.... 74,237,100 Dec. 1,036,000 Battery Park Nat_ 1,500 1,554 17,290
88
197
Mutual Bank
200
691 12,680
247 1,786 12,56
Total deposits
315
843,320,100 Inc. 9.567,500 New Netherland...
600
876 11,751
256 1,310
8,859
Deposits, eliminating amounts due from reserve de162
W
R
Grace
&
Co's
500 1,017 4,744
22
771
3,750
898
positaries, and from other banks and trust com200
670 13,371
360 1,319
7,616 6,123
panies in N. Y. City, exchanges and U.S.deposits 786,672,100 Dec. 1,160,500 Yorkville Bank__ _
First Nat, Jer City
400 1,346 8,855
564
766
6,878
Reserve on deposits
394
144,163,600 Inc. 3,943,400
Percentage of reserve, 20.5%.
Total
3,400 5,957 68,691 1,634 7,456 51,270 7,586
591
RESERVE.
Stale Banks--- -Trust CompaniesState Banks
Cash in vaults
525,842,600 15.45%
874,820,700 13.96% Not Members of The
Deposits in banks and trust cos
10,411,500 6.22%
33,088,800 6.17% Fed'i Reserve Bank
Bank of Wash Ms.
100
444 3,288
414
203
3,309
Total
836,254,100 21.67% 5107,909,500 20.13% Colonial Bank__ _ _
600 1,332 14,448 1,962 1,242 16,180
International Bank
500
337 0,708
823
509
6,722
362
North Side, Bklyn
400
268 6,686
414
573
8,782
598
Banks and Trust Comrianies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedNov. 15
Nov. 22
Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Feb. 28
Mar. 6
Mar. 13_
Mar. 20
$
6,106,291,800
6.033,287,000
5,965.254,400
5,965,254,400
5,911,523,100
5,977,547,400
6,002,477,800
6,085,367,900
6,190,394,500
6,148,908,100
6,091,136,800
6.027,329,800
6,009,316,400
5,932.509,000
5,887,539,200
5,871,844,300
5,871,656,000
5,890,723.400
5.891.763.200
Demand
Deposits.
*Total Cash
in Vault.
$
$
5,032,629,900 141,456,700
4,998,912,400 139.286.400
4,957.903,600 139,471,300
4,957.903.600 142,616,300
4,893,718,700 146,126,200
4,977,633,400 '144,328,500
4,874,397.000 162,887.900
4,978,225,000 147,113,100
4,997,475,100 150,519,400
4,946,748,500 136,692.800
4,979,339,100 135,734.500
4,930,832,900 130,482,500
4,959.253.200 134,336,100
4,922,639,900 138.651,200
4,883,820,600 135,817,600
4.837,357,300 136,837,300
4,881,252,700 137,477,500
4,883,920,600 137,498,800
4,990.480.100 134.062.200
Reserve in
Depositaries.
S
708,102,100
696,738,000
698,932,400
698,288,400
673,870,700
700,844.200
658,641,800
729,999,100
664.736,800
703,777,800
671,113,200
675,721,600
682,179,300
667.361,800
642,654,000
673,921,100
647,225,308
679,329,400
649.253.400
•This Item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in the
computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Total
1,400
Trust Companies
Not Members of the
Feerl Reserve Bank
Hamilton Tr,BkIn.
Meoh Tr, Bayonne
Total
I
2,382 31,130
3,772
2.308
33,092
960
9,816
8,451
624
333
389
259
7,806
3.705
963
4,768
957
848
11,511
5,731
•
500
200
1,023
437
700
1,460 18,267
Grand aggregate__I 5,500
Comparison prey! us week
9.800 118,088
--341
6,363 10,472 a95.879 14,277
--67 -495 --1,787 d-230
Gr'd aggr. Mar. 13
Gr'd agar. Mar. 6
Gr'd agar, Feb. 28
Gr'd aggr, Feb. 21
9,633 118,429
9,633 120,322
9,633 120,711
9,836 120,35
6,430
6,017
6,012
6,086
10,967
10,492
11,293
11,116
97,66
95,904
96,996,1
14,047
16,669
16,060
16,917
591
4-14
577
590
588
575
• U. S. deposits deducted, $614,000.
Bills payable, rediscounts, acceptances and other liabilities. $10,507,000.
Excess reserve, $773,160 decrease.
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending .Mar.. 20 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending March 20 1920.
Two ciphers (00) omitted. Membersof
Trust
F.R.System Companies
March 13
1920.
March 6
1920.
Total.
Capital
532,975,0 34.000,0 $36.075,0 836,975.0 836,875,0
Surplus and profits
87,489,0 10,984,0 98.473,0 98,628,0 98.561,0
Loans. diseets & investm'ts 784,167,0 34,457,0 818,624.0 815,224,0 809.074,0
Exchanges for Clear. House 29,710,0
663,0 30,373,0 27,389,0 26,930,0
Due from banks
126,593,0
14,0 125,607,0 118,382,0 114.439,0
Bank deposits
141,446,0
255,0 141,701.0 138,141.0 138,628,0
Individual deposits
514,182,0 20.450,0 534,632,0 553,269,0 1323,723.0
Time deposits
7,618,0
7,413,0
6,605,0
1,013.0
7,569,0
Total deposits
662,233,0 21.718,0 673,951,0 698,823,0 669,020,0
U.S.deposits(not included)
1,646,0
999,0
847,0
Res've with Fed. Res.Bank 51,432,0
51,432,0 52,881,0 53,853,0
Res've with legal deposit's.
2,478,0
2,478,0
2,535,0
2,391,0
Cash in vault.
915,0 13,945,0 14,186,0 14,277.0
13,030,0
Total reserve and cash held 64,462,0
3,393,0 67,855,0 69,602,0 70,521,0
Reserve required
50,230,0
3,053,0 53,283,0 53,806,0 53.334,0
Excess res. A, cash in vault
14,232,0
340,0 14,672,0 15,706,0 17,187,0
•Cash in vault is not counted as reserve for Federal Reserve bank members.
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in the statement of Dee. 14, 1917, published in the "Chronicle" Dee. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE 01? BUSINESS MARCH 12 1920.
Moderate liquidation of United States war securities and war paper as loans secured by stocks and bonds went up 9.7 millions (10.3 millions in
against substantial increases in commercial loans and discounts is indicated
New York alone), and all other loans and investments show an increase of
in the Federal Reserve Board's weekly statement of condition on March 12 161.2 millions.
Rediscounted customers' paper held for reporting banks by Federal
of 808 member banks in leading cities. Holdings of Government securities
Reserve banks
by 34.3 millions of which only about 0 million
show a decrease of 16.2 millions for the week, distributed as follows: U. S. was secured by increased
U. S. war obligations, while the banks own bills payable
bonds, 4.6 millions: Victory notes, 1.4 millions, and Treasury certificates, with Federal Reserve banks decreased by 12.2 millions, all
of the decreases
10.2 millions.
being in war paper.
With the view of facilitating comparisons between total loans and investGovernment deposits, which were at a low ebb of 39.1 millions, show only
ments of reporting institutions and the amount of accommodation extended a nominal change for the week, while net demand deposits increased
by
to them by the F. R. banks, the report for the first time shows loans secured 161.1 millions in harmony with the increase in loans and investments.
by Government war opbligations, and "all other loans and investments" Time deposits went up 6.7 millions.
inclusive of amounts rediscounted with Federal Reserve banks, the previous
Reserve balances with Federal Reserve banks increased 32.5 millions of
practice having been to show these two items exclusive of such redisceunts. which 28.9 millions is shown for the New York City members,
while cash in
War paper on hand shows a decrease for the week of 22.9 millions, while vault declined 5.2 millions.
1267
THE CHRONICLE
MAR. 27 1920.]
1.
Three ciphers (000) omitted.
Data for all reporting hanks in each district. Three ciphers (000) omitted.
Boston. New York Philadel. Clete:and. Richrn'd. Atlanta. Chicago.
115
$47,248
238,834
81,602
251,681
Number of reporting banks
U. S. bonds to secure circulation_
Other U. S., incl. Liberty bonds
U. S. Victory notes
U. H. certificates of indebtedness
46
$13,061
14,327
7,609
27,833
Total U. S. securities
Loans and investments, exclusive of
bills rediscounted with F. R.
and other banks:
Loans sea. by U.S. war obligat'n_
Loans sec. by stocks and bonds_
All other loans and investments.
$62,730 $619,365
Minneap. Nan. City
St. Louis.
Total.
Dallas. San Fran.
808
$267,994
592,352
204,060
631,010
66
$34,605
61,824
13,304
35,176
92
$41,842
57,822
21,634
49,252
82
$26,501
34,541
8,908
20.996
47
814,015
29,129
6,735
21,866
107
820,927
63,991
38,619
116,771
35
$17,177
14.304
3,646
15,325
35
$7,170
10.732
1,880
11,319
83
$14,773
21,928
5,064
11,751
44
$19,573
17,974
4,167
23,145
$94,930 $170.550
$90,046
$71,745
240,308
$50,452
$31,101
$53,521
$64,859 $144,909 $1,695,416
$91,560
335,916
902,290
$41,449
108,505
379,299
$26,121 $114,034
62,204 482,061
402,941 1,680,639
$39.645
159,942
395,143
$20,472
29,808
299,060
$23,757
79,725
539,885
$0,803
34,878
247,376
620,259
39,301
17,972
371,053
99,826
637
563,021 2,417,042
34,008 205,919
65,528
13,446
299,715 1,524,188
140,632 603,204
5,140
871
645,182
47,266
9,981
378,376
119,587
911
380,441
27,030
8,372
259,604
63,457
152
696,888
50,932
13,862
479,384
94,995
808
353,916 1,224,594 17.006,797
80,341 1,436,486
20,117
368,711
28,284
11,161
260,506 816,952 11,711,792
44,243 476,175 2,503,893
39,175
3,179
1,210
56
$11,097
26,946
10,992
45,895
$75,867 $569,520 $154,073
193,732 1,348,158 203,751
760,866 3,885,358 500,788
Total loans & investments incl.
1,09:3,195 6,422,401 1,049,542 1,500,316
rediscounts with F. It. banks
97,486
69,642
79,183 679,261
Reserve balances with F. It. Bank.
31,173
17,244
24,360 125,328
Cash in vault
807,870 5,173,468 674,734 865,942
Net demand deposits
25,769 358,569
138,255 399.181
Time deposits
3,279
1.568
19,337
2,077
Government deposits
Bills payable with F. It. Bank:
79,011
78.568
32,412 397,895
See. by U. S. war obligations
All other
Bills rediscounted with F. R. Bank:
8,194
75,668
42,001 161,201
Soc. by U. S. war obligations
41,782
40,934
60,521 266.338
All other
40,680
41,527
141,226
32,229
423
12,354
22,075
2,331
22,798
37,767
174
044,551
2,928
8.691
20,971
3,906
30,742
13,461
174.223
9,827
49,228
4,166
27,540
4,095
49,636
139
10,497
2,006
52,918
333,445
825,330
Bank and Branch Cities and All Other Reporting Banks.
2. Data for Banks In Federal R
All F.R.Bank Cities. F. R. Branch Cities.
Chicago.
New York.
$30,527 $1,193,838
145,144 3,183,884
904,014 10,093,659
Ali Other
Reporting Banks.
Total.
Three ciphers (000) omitted.
'20 Mar.1419
Mar. 12. Mar. 5. Mar. 12. Mar. 5. Mar. 12. Mar. 5. Mar. 12. Mar, 5. Mar. 12. Mar. 5. Afar.12 20 Mar. 5
772
808
808
335
335
195
195
278
278
30
30
73
73
Number of reporting banks
$1,439 $99,831 $100,830 $70,804 $70,804 $97,359 $97,158 $267,994 $268,798 $265,735
$1,438
U. S. bonds to secure circulation_ $37,551 $38,505
676,095
596,059
592,352
28,748 326,119 320,863 144,594 146,548 121,639 122,648
27,718
Other U. H. bonds. Incl. Lib. bds. 205,444 203,923
205,543
204,000
44,053
44,191
54,193
33,702
14,535 106,167 107,297
14,386
70,150
70,727
U. S. Victory notes
641,210 2,241,182
631,010
75,209
73,177
45,409 406,396 413,179 151,437 152,822
46,998
U. B. certificates of indebtedness. 231,037 239,856
90,221 938,013 948,173 420,537 424,367 330,366 339,068 1,695,416 1,711,610 3,183,012
00,540
518,650 552,440
Total U. S. securities
IMI1119 and investments, excl. of
It.
F.
bills rediscounted with
banks:
77,389 934,017 956,022 143.830 143,456 115,991 117,223 1,193,838 1,218,701 n1.118,067
77,349
530,300 651,133
Loans see. by U. H. war oblig_
3,183,884 .3,174,210 a10200 362
Loans see. by stocks and bonds. 1,189./73 1.179,503 304,838 364,390 2,277,855 2.270.833 487,621 483,839 418,408 419,518 10,993,659 10,832,520 10,200,362
1.829,206 1,807,700
All other loans and inveNtments 1,424,096 3,362,628 1,017,519 1,019.434 7,000,255 d,888,799 2,138,198 2,136,027
17,006,797 16,035,047 14,791,528
Total loans & investments inel. 5,698,828 5,645,704 1,550,246 1,551,431 II 156640 11 C63829 :3,210,186 3,187,709 2,699,971 2,683,309
rediscounts with F. It. banks
174,642 1,436,486 1,404,038 1,298,290
176,115
208,552
213,900
1,020,844
1.046,471
149,005
139,671
605,834
634,601
It.
Ie.
bank
with
balances
Reserve
348,814
373,899
368.711
83,017
82,068
75.166
73,229
38,130 213,414 215,716
30.688
111,583 112,449
Cash in vault
4,670,048 4,605,984 1,023,898 1,036,310 8,111,899 8,011,996 1,818,630 1.772,714 1,781,273 1.765,953 11,711,792 11,550,663 10,311,435
Net demand deposits
1,668,533
2,557,180
2,563,893
557,377
559,223
812,109
1,157,604
845,201
1,159.469
269,516
269,882
293,951
295,056
Time deposits
670,239
39,078
39,175
3,461 . 3,437
5,948
5,849
29,673
29,865
2,548
18,894
2,548
18,894
Government deposits
Bills payable with F. It. Bank:
11,175,463
946,772
944,551
99,936
231.802
224,643
625,034
102,304
617,604
63,227
362,026
63,447
Secured by U. S. war obligat'ns 355,258
2,040 1
2,928
317
928
1,247
1,695
1,681
All other
Bills rediscounted with F. R. Ilk:
1 290,087
327,369
333,445
17,368
17,979
19,321
18,907
6,816
7,232
290.680
296,559
148,707
Secured by U. S. war oblIgat'mt 157,645
797,048 J
825,330
64,752
68,958
248,027 250,139 143,241 122,432 650,658 626,044 105,714 106,252
All other
and
securities
Ratio of U. S. war
war paper to total loans and
27.9
15.7
15.4
13.4
13.1
15.6
16.3
15.4
15.9
10.7
10.7
18.9
18.4
Investments, per cent
(a) Exclusive of rediscounts wit F. It. Banks.
.The Federal Reserve Banka.-Following is the weekly statement issued by the Federal Reserve Board on March 19:
Discounted paper held by the Boston, Cleveland, Atlanta, Chicago,
Substantial liquidation of war paper and other discounts as well as of
millions of
Minneapolis, Kansas City and Dallas banks is inclusive
acceptances, in connection with the redemption by the Treasury of certifi- paper discounted for the New York and Philadelphia banks, as against
cates due on March 15, and corresponding reduction in not deposits, are
millions the week before, while acceptance holdings of the Cleveland,
millions
indicated in the Federal Reserve Board's weekly bank statement Issued as Atlanta, Kansas City and San Francisco banks comprise about
compared with
at close of business on March 19 1920. Cash reserves show a gain for the of bills purchased from the New York and Boston banks,
and the Boston
by
last-named
the
before
four
week
the
in
millions
held
millions
gold.
1.8
of
decline
a
notwithstanding
millions,
week of
millions. banks.
Federal Reserve note circulation shows a further expan.sion of
millions,
Government deposits show an increase for the week
to
a result, the banks' reserve ratio shows a rise from
millions, while all other (19ositl,
-by members' reserve deposits fell off
paper
reductions:
war
considerable
show
on
hand
bills
of
All classes
'float'
The
millions.
credits,
increased
foreign
including
Government
millions, and acceptances-by
millions; other discounts-by
carried by the Reserve banks (treated as a deduction from gross deposits),
millions. On the other hand, Treasury certificate holdings went
payments
tax
representing
and
to
largo
drafts
of
the
checks
owing
volume
certificates
of
bulk
the
temporary
representing
millions, this increase
Reserve banks pending collection of funds from depositary in- received on Government account, shows an increase for the week of
taken by
The result of these changes is seen in a reduction of net deposits
stitutions and their concentration ot leading financial centres. Total millions.
millions.
by
millions, a reduction for the week of about
earning assets are
As against increases in Federal Reserve notes circulation reported by the
millions
millions of war paper held,
millions. Of the total of
millions, or 20.0%, by Boston. Now York and Chicago banks, Philadelphia. Cleveland and Atwere secured by Liberty bonds;
or
by Treasury certificates, as lanta show some reductions under this head. The banks' aggregate liabilimillions, or
Victory notes, and
millions of war paper ties on Federal Reserve bank notes in circulation show a further decline of
total of about
and
against
9.6 millions.
reported the week before.
COMBINED RESOURCES AND LIABILITIES Or THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 19 1920.
of 56.4
115.8
3.6
As
162.5
40.9
139.7
42.5
7.4
43.5%.
53.3
8
12.6
36.8
up
of 2.7
2.7
81.1
7
3,104.9
1,353.5
53.0%,
366
34.4% of a
48.2, 17.4
270.8
27.0%,
1,516
716.7
117
112.5
•-
Mar. 19 '20. Mar. 12 1920. Afch. 5 1920. Feb. 27 1920. Feb. 20 1920. Feb 13 1920 Feb. 0 1920. Jan. 30 1920. Mar. 21 '19.
RESOURCES.
Oold ooln and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
$
159,663,000
388,271030
112,781,000
$
169,978,000
391,049,000
112,781,000
$
180,162,000
389,332,000
112,822,000
$
$
206,877,000 $200,973,000
385,594,000 396,138,000
112,822,000 112,822,000
$
202,425,000
424,832,000
112,822,000
$
205,393,000
434,100,000
114,321,000
$
225,156,000
439,524,000
114,321,000
$
329,741,000
566.864,000
5,829,000
Total gold held by banks
(1010 with Federal Reserve agents
Gold redemption fund
660,712,000 674,408,000 682,316,000 705,293,000 709,933.000 740.079,000 753,8746000 779.001,000 902.434,000
1,161,695,003 1,142 570 000 1,138,690,000 1,145.479.000 1.150.798,0(10 1,121,757,000 1,116,427,000 1,119,420,000 1,112,938,000
112,174,030 119 380,000 116,071.000 116.064.000 109,083,000 126,544,000 121,259,000 114,229,000 125,470,000
Total gold reserves
Luis, tender notes, silver, Ac
1,934,581,900 1,936,364,030 1,937,077,000 1,966,836,004)1,969,814,000 1,988,380,000 1,991,560,000 2,012,656,000 2,140,842,000
67,736,000
64,133,000
63,006,000
81,277,000
65,626,000
125,743,000 120,366,000 117,553.000 116.379,000
Total reserves
Dills discounted:
Secured by Govt. war obligations
All other
Bills bought in open market
Total bills on hand
G. S. Government bonds
U. S. Victory Notes
U. R. certificates of indebtedness
All other earning assets
Total earning assets
flank premises
Uncolleeted items and other deductions
from gross deposit
III% redemp. fund Agin. F. R. bank notes
All other resources
Total resources
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deferred avanabliity items
Other deposits, Incl. for. Govt. credits
2,060,326,000 2,156,731,000 2 054,630 000 2.08:1,213,000 2,035,440.000 2,052,513,000 2,054,656,000 2.073,933,000 2,203,578,000
1,353,509,000 1,515,959,000 1 520,494,000 1.572,080,000 1,525,203,000 1,469,502,000 1,451,557,000 1,457,892,000 1,691,678,000
854,172,000 007,487.00 888 191 000 880.531,000 833,321,000 823,873.000 751,982,000 716,465,000 189,861,000
403,232,000 504,172,000 513,851,000 531,367.000 532,703,000 542,600,000 554,750,000 501,313,000 261,924,000
2,670,913,000 2,927,618,000 2.922,542,000 2,984,878,000 2,890,227,000 2,836,035,000 2,758,289,000 2,735,670.000 2,143,463,000
27,222,000
27,030,000
26.776,000
26,775.000
20,775,000
26,775,000
26,775.000
26,775,000
26,797,000
63,000
63,000
64,000
63,000
68,000
68,000
68,000
68,000
4)7,119,000 267,461,000 2613,567,000 267,511,000 268,610,000 290,317,000 276,064,000 276,421,000 172,471,000
4,000
,
2.343,160,000
3,039,191,000
3,001,192,000
3.153,190,000
3,185,075,004)
3.279,232,000
3.215
952,000
3,104,897,001) 3,221,922,000
9,711,000
10,559,000
11,103,000
10,580,000
11,144.000
11,793,00(1
11.771 000
11.226.000
11,791,000
943,295,004)
14,387,000
5,645,000
817,926,000
I3,851,( 00
5,485,000
859.701.000 1.026.726.000 1,029.653,000 1,052.333,000
12,114,000
12,724,000
12,276,000
16.226,000
4,122,000
3,851,000
3,681.000
4,174.000
896,971.000
12,232,000
5,018,000
933,128,000
12,2430,000
5,341,000
797,303,000
6,901,000
7,772,000
6,137,343,000 6,127,735,000 6,162,457,000 6,416,356.000 6,278.487,000 6.285,375,000 6,040,685,000 6,074.412,000 3,373,425,000
81,612,000
87,892.000
89,119,000
89,874,000
90,531,000
90,058,000
90,966,000
90,702.000
90,871,000
49,466,000
120,120,000 12(1,123,000 120,120,000 120,120.000 120,120,000 120,120,000 120,120,000 120,120,000
285,785,000
72.974,000
42.448.000
24,218,000
75,587,0(10
000
133,913,000
83 870
55,324,000
58,027,000
1,850,106,0(11) 1,886,929,000 1 858,184,000 1,871.061,000 1,828,891,000 1,837.865,000 1.869,438,000 1,850,712,000 1,604,719,000
616,749,009 575,497,000 618,509,000 810,402,000 815,600,000 880,451,000 654,735,000 720,520,000 555,383,000
95,870,000
95.418,000 120,062,000
97,044,000
00
,
95,366.
100,960,000
95.026,000
91,525,000
98,286,000
2,625,851,000 2,616,036,000 2,652,097.000 2.911.302,000 2.815.450,000 2,839,578,000 2,682,495,000 2,730,624,000 2,565,949,000
Total gross deposits
3,047,133,000 3,039,750,000 3 030 010.000 3,019,984,000 2,977.124,000 2,059,087,000 2.891,775,000 2.850,944,000 2,510,687,000
F. It. notes in actual circulation
211,132,000 220,738,001. 2211,107,000 237.131.000 240,858,000 245,810,000 248,780,000 250,530,000 142,442,000
Ilab.
circulation-net
in
notes
bank
V. R.
25,302,000
28,396,0(10
23,269,000
31,106,000
34,404,000
42,149,000
40 097 000
37.117.000
40,100.000
All other liabilities
5.373.425.000
6.074.412.000
6.040.880.000
6.285.375.000
487
ono
6.278
ow
6.416
358
6.162,457.000
0.127.705.000
6.137.343.000
liabilities
Total
1268
THE CHRONICLE
[VOL. 110.
Mar. 19 1920. Mar. 12 1920. March 6 1920 Feb. 27 1920. Feb. 20 1920. Feb 13 1920 Feb. 6 1920. Jan. 30 1919. Mar. 21 '19.
Ratio of gold reserves to net deposit and
F. It. note liabilities combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to F. It. notes it
circulation after setting aside 35%
against net deposit liabilities
40.9%
40.0%
40.2%
40.1%
41.3%
41.9%
42.8%
43.2%
50.0%
43.5%
42.3%
42.6%
42.5%
42.7%
43.2%
44.1%
44.5%
51.6%
48.3%
47.0%
47.1%
47.1%
47.4%
48.2%
49.7%
50.5%
63.3%
Distribution by Matur88es1-15 days bills bought in open market... 137,609,03
87,157,000
133,499,000 126.422,000 135,779,000 139,153,000 137,611,000 123,716,000 115,267,000
1,273,870,001. 1,499,923,000 1,523,738 000 1,570,405,000 1,511,016,000 1,457,971,000 1,432,954,000 1,385,117,000 1,529,079,000
1-15 days bills discounted
1-13 days U.S.certif. of indebtedness_ 149,461,001.
13,143.000
5,772,000
24,242,000
8,881,000
10,131,000
24,053,000
14,472,000
13,061,000
1-15 days municipal warrants
1,000
80,871,00i 102,348,300 121 985,000 113,915,000 117,033,000 127,339,000 136,158,000 127,660,000
16-30 days bills bought in open market._
72,289,000
16-80 days bills discounted
237,731,31C 207,339,000 194,746,000 205,442,000 219,421,000 223,711,000 172,123,000 206,267,000
58,574,000
16-30 days U.S.certif. of indebtedness_
2,600.000
3,530,001.
7,568,000
11,570,000
6,000,000
4,600,000
2,000,000
4,586,000
16-30 days municipal warrants
3,000
I 78,535,60( 180,533,001. 170,589,000 197,400;000 197,367,000 207,592,000 222,786,000 249,208,000
31-60 days bills bought in open market..
81,343,000
171,517,93( 453,624,000 433,193,000 433,705,000 425,383,000 357,350,000 320,861,000 309,576,000 221,949,000
81-60 days bills discounted
3,500,001
81-80 days U.S.certif. of indebtedness...
6,500
221,000
10,853.000
7,000,000
6,500,000
19,337,000
11,179,000
28,524,000
81-60 days municipal warrants
66,226,90(
61-90 days bills bought in open market_.
21,135,000
94.858,000
70,058,000
84,273,000
78,150,000
72,090,000
87.792,00(
09,169,000
207,765,001 246,527,000 241,654,000 228,496,000 188,067,000 239,269,000 261,107,000 265,093,000
61-90 days bills discounted
50,922,000
4,743,001.
61-90 days U.S.certif. of indebtedness_
4,040
6,466,000
5,500,000
6.000,000
4,000,000
3,540,000
4,000,000
46,152,000
61-90 days municipal warrants
Over 90 days bills bought in open market
.16,798,00(
Over 90 days bills discounted
15,357,000
15,463,000
16.074,000
16,404,000
21,015,000
14,637,000
16,333,000
18,304,000
Over 90 days certif. of Indebtedness—. 245,915,001 244,793,000 240,284 000 240,562,000 227,931,000 243,911,000 239,913,000 184,098,000 141,542,000
Over 90 days municipal warrants
Federal Reserve Notes—
3.292,819,00( 3,281,343,000 3 270 721,000 3,254,806,000 3,221,789,000 3,187,974,000 3,139,652,000 3,130,783,000 2,696,544,000
Outstanding
Held by banks
245,686,000 241,593,000 240,711,000 234,822,000 244,665,000 228,887,000 247,877,000 279,839,000 185,857,000
In actual circulation
Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller
Returned to the Comptroller
3,047,133,00( 3,039,750,000 3,030,010,000 3,019,984,000 2,977,124,000 2,959,087,000 2,891,775,000 2,850,944,000 2,510,687,000
6,557,760,001, 6,535,360,000 6,484,940,000 6,399,320,000 6,372,900,000 6,300,000,000 6,222,280,000 6,187,120,000 4,141,060,000
2,891,492,001. 2,868,248,000 2,841 910 000 2,814,520,000 2,791,937,000 2,766,147,000 2,732,255.000 2,689,869,000 1,044,331,000
Amount chargeable to Fed. Res. agent 3,666,268,301. 3,667,112,000 3,643,030,000 3,684,800,000 3,580,963,000 3,533,853,000 3,490,025,000 3397,251,000 3,096,729,000
In bands of Federal Reserve Agent
373,449,091 385,769,000 372,309,000 329,994,000 359,174,000 345,879,000 350,373,000 366,468.000 400,185,000
-Issued to Federal Reserve banks
3,292,819,003 3,281,343,000 3,270,721,000 3,254,806,000 3,221,789,000 3,187,974,000 3,139,652,000 3,130,783,000 2,696,544:000
How Secured—
==
By gold coin and certificates
251,05100,0 250,151,001. 255,151,000 246,148,000 241,148,000 244,148,000 240,148,000 240,148.000 243,006,000
By lawful money
By eligible paper
2,131,124,000 2,138,767,000 2,132,031,000 2,109,327,000 2.070,991,000 2,066,217,000 2,023,225,000 2,011,357,000 1,583,606,000
97,579,000 102,742,000
Gold redemption fund
97,804,000 102,890,000
78,005,000
98,662,00(
97 78S 000
93,167,000
99,672,90'
With Federal Reserve Board
811,982,301. 792,753,000 785 751,090 801,527,000 806,760,000 780,030,000 737,537,000 786,111,000 791,927,000
•
Total.
3,292,819,00( 3,281,343,000 3,270,721,000 3,254,806,000 3,221,789,000 3,187,974,000 3,139,652,000 3,130,783,000 2,696,544,000
Eligible paper delivered to FR.Agent_ 2,611.443.00, 2.873 394.000 2.860.454.000 2.930,572.000 2.834.158.000 2,761,176,000 2,690,261,000 2,647,047,000 2,084,708,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 19 192I•
Two ciphers (00) emitted.
Boston. New York.
RESOURCES.
$
-Jold coin and certificates
10,904,0
3old Settlement Fund, F. R. B'd 65,303,0
3old with Foreign Agencies
8,233,0
Cleveland. Richmond Atlanta. Chicago. St. Louis Stinnes,. Kan.CtIr. Dallas. San Fran.
Phila.
$
$
3
$
$
$
S
$
$
500,0
72,586,0
970,0 10,226,0 2,370,0 8,816,0 24,358,0 3,119,0 7,203,0
28,457,0 31,836,0 39,917,0 28,137,0 17.036,0 60,942,0 10,395,0 23,943,0 31,779,0
41,390,0 9,023,0 9,248,0 5,526,0 4,060,0 13,421,0 5,301,0 3,045,0 5,413,0
S
it
7,458,0 11,141,0
7,980,0 22,546,0
2,933,0 5,188,0
Tema.
—
S
159,660,0
388,271,0
112,781,0
Total gold held by banks
84,440,0
3old with Federal Reserve agents 92,259,0
3old redemption fund
15,675,0
142,433,0 41,829,0 79,391,0 36,033,0 29,912,0 98,721,0 ,18,815,0 34,191,0 37,701,0 18,371,0 38,875,0 660,712,0
307,936,0 86,619,0 132,969,0 30,318,0 56,770,0 201,066,0 48,786,0 33,290,0 38,364,0 31,533,0 101,785,0 1,131,695,0
335,0 3,921,0 2,719,0 8,916,0 112,174,0
27,000,0 12,265,0 1,307,0 8,297,0 5,750,0 18,819,0 7,171,0
Total gold reserves
192,374,0
Legal tender notes. silver. dro......_ 5,864,0
477,369,0 140,713,0 213,667,0 74,648,0 92,432,0 318,606,0 74,772,0 67,816,0 (9,986,0 52,623,0 149,575,0 1,934,581,0
868,0
69,0
652,0
450,0 125,745,0
107,023,0
288,0 1,839,0 2,219,0 4,925,0
421,0 1,127,0
Total reserves
198,238,0
311Is discounted: Secured by Government war obligations (a). 103,334,0
All other
69,908,0
1Mils bought in open market (b). 15,928,0
584,392,0 141,134,0 214,794,0 74,936,0 94,271,0 320.825,0 79,697,0 67,885,0 80,854,0 53,275,0 150,025,0 2,060,326,0
Total bills on hand __.___
189,170,0
D. S. Government bonds
561,0
C.3. Government Victory bonds
5,0
7. S. certificates of indebtedness 21,575,0
529,631,0 158,657,0 84,942,0 76,535,0 55,371,0 150,274,0 66.368,0 26,527,0 36,747,0 34,544,0 40,5e9,0 1,353,500,0
194,546,0 48,627,0 50,672,0 30,162,0 43,275,0 191,423,0 53,755,0 28,407,0 65,852,0 19,433,0 58,022,0 854,172,0
200,221,0 5,491,0 64,248,0 10,095,0 9,942,0 64,013,0 9,988,0 5,884,0 3;317,0 1,086,0 73,020,0 463,232,0
—
924,398,0 212,775,0 199,862,0 116,792,0 108,588,0 405,710,0 120,111,0 60,908,0 105,910,0 55,062,0 171,621,0 2,070,913,0
116,0 8,868,0 3,966,0 2,632,0
26,797,0
114,0 4,477,0 1,153,0
833,0 1,235,0
1,457,0 1.385,0
3,0
68,0
10,0
50,0
123.137,0 30,603,0 40,392,0 12,280,0 15,663,0 59,635,0 17,200,0 17.480,0 14,991,0 21,300,0 32,881,0 407,119,0
Total earning assets
211,311,0 1,049,042,0 244,763,0 241,097,0 130,287,0 124,370,0 469,822,0 138,464,0 78,504,0 129,775,0 80,328,0 207,134,0 3,104,897,0
516,0
866,0
462,0
532,0 2,116,0
231,0
11,793,0
580,0
600,0
1,141,0
3,094,0
500,0 1,156,0
lank premises
3noollected items and other deductions from gross deposits
44,041,0 194,235,0 68,957,0 83,545,0 65,254,0 41,707,0 148,618,0 56,597,0 28,030,0 83,520,0 63,961,0 60,921,0 940,295,0
1% redemption fund against
972,0
534,0 , 996,0
662,0 1,465,0
14,387,0
617,0 1,924,0
487,0
897,0
1,072,0
3,561,0 1,300,0
Federal Reserve bank notes
239,0
142,0
113,0
293,0
996,0
316,0
232,0 *1,053,0
5,645,0
311,0
828,0
795,0
111 other resources
327,0
-Total resources
456,130,0 1,835,119,0 457,482,0 541,800,0 271,837,0 261,639,0 944,301,0 270,912,0 176,481,0 295,855,0 198,958,0 420,829,0 6,137,343,0
LIABILITIES.
90,958,0
23,880,0 8,198,0 9,946,0 4,345,0 3.636,0 12,684,0 4.130,0 3,170,0 4,162,0 3,485,0 6,017,0
7,205,0
7spits' paid in
8,359,0
45,082,0 8.805,0 9,089,0 5,820,0 4,695,0 14,2c2,0 3,724,0 3,569,0 6,116,0 3,030,0 7,530,0 120,120,0
lurplus
769,0 4,138,0 1,160.0
58,027,0
875,0 5,257,0 2,138,01,830,0 4,857,0
'19,295,0
846,0 16,872,0
)overnment deposits
3ue to members, reserve amount 114,259,0 698,626,0 93,117,0 141.375,0 60,452,0 57,687,0 277,560,0 72,491,0 58,102,0 91,840,0 67,289,0 117,308,0 1,850,106,0
18,794,0 123,070,0 56,320,0 69,960,0 52,991,0 29,423,0 71,148,0 37,194,0 18.179,0 63,535,0 33,400,0 42,735,0 616,749,0
)eferred availability items
41,876,0 6,897,0 6,572,0 3,782,0 2,851,0 10,559,0 3,894,0 2,884,0 4,044,0 2,611,0 9,194,0 100,969,0
5,805,0
111 other deposits
Total gross deposits
158,153,0
F. R. notes in actual circulation.. 265,045,0
P. R. bank notes In circulation
14,502.0
—net liability
2,866,0
111 other liabilities
864,418,0 173,206,0 218,782,0 122,482,0 92,099,0 361,097,0 118,426,0 79,934,0 163,357,0 104,460,0 169,237,0 2,625,851,0
837,727,0 242,648,0 283,217,0 12i,136,0 147,772,0 517,777,0 137,695,0 82,161,0 102,731,0 78.641,0 224,583,0 3,047,133,0
48,759,0 21,535,0 17,687,0 10,359,0 12,040,0 32,007,0 11,259,0
15,253,0 3,090,0 3,079,0 1,495,0 1,497,0 6,444,0 1,678,0
6,542,0 17,541,0
1,105,0 1,748,0
8,373,0 10,528,0
069,0 2,925,0
211,132,0
42,149,0
Total liaollities
456,130,0 1,835,116,0 457.482,0 541,800,0 271,837,0 261,639,0 944,301,0 276,912,0 176,481,0 295,855,0 198,958,0 420,829,0 0,137,343,0
demoranda—Contingent liability as enders er on:
Discounted paper rediscounted
50,360,0
19,795,0 36,565.0
with otner F. R. banks
Bankers' acceptances sold to
4,542,0
4,542,0
other F. R. banks
a) Includes bills discounted for
0,000,0 3,685,0 10,300,0
66,360,0
5,625,0 7,605,0
9,250,0
14,995,0
other F. R. banks, viz
0) Includes bankers' acceptances bought fr om other F . R.bank s:
2,617,0
4,542,0
1,382,0
643,0
With their endorsement
3,408,0
3,408.0
Without their endorsement_ _ _
* Includes Government overdraft of $524,000.
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS MAR.19 1920.
Two ciphers (00) omitted.
1
is Minneap.1Kati.City• Dallas. 1San Fran]
Boston. New York. Phila. i Clevelandlltichmond Atlanta. 1 Chicago. 1St. Lou.
Total.
$
$
$
$
$
Federal Reserve notes:
427,300,0 6,557,760,0
Received from Comptroller-- 534,800,0 2,098,000,0 551,760,0 541,560,0 313,120,0 721,440,0 932,840,0 312,160,0 156,080,0 216,920,0 151,780,0
220,054,0 1,035,630,0 274,373,0 208,864,01152,448,0 114,711,0 360,159,0 140,220,0 66,284,0 102,460,0 67,778,01158,511,0 2,891,492,0
Returned to Comptroller
Chargeable to F. R. Agent.._
In hands ef F. R. Agent
314,746,0 1,062,370,0 277,387,0 332,696,0160,672,0 206,729,0 572,681,0 171,940,0 89,796,0 114,460,0 94,002,01 265,789,0 3,666,268,0
40,600,01 124,400,0 21,360,01 29,500,0 28,944,0 63,695,0 27,400,0 15,990,0 6,350,01 5,610,0 11,790,0 7,810,01 373,449,0
Issued to F. R. bank, less amt.
returned to F. It. Agent for
274,146,0
redemption:
Collat'l security for outst'g notes:
900,0
Gold coin and etfs. on hand__ _
16,359,0
Gold redemption fund
Gold Set'm't Fund, F. R. B'd_ 75,000,0
Eligible paper, min'm required 181,887,0
I
• I
937,970,0 256,027,0 303,196,0 131,728,0 153,034,0 545,281,0 155,950,0 83,446,0 108,850,0 82,212,0 260,979,013,292,819,0
4,000,0 13,052,0
8,831,0
__ .. 251,051,0
2,500,0
32,025,0
189,743,0
98,662,0
13,193,0 11,730,0 15,944,0 3,318,0 4,270,0 8,921,0 1,855,0 1,438,0 2,504,0 4,218,0 14,912,0
105,000,0 74,889,0 85,000,0 27,000,0 50,000,0 192,145,0 42,931,0 18,800,0 35,860,0 18,484,0 80,873,0 811,982,0
2,131,124,0
107,164,0
159,194,0
50,156,0
70,486,0
50,679,0
344,215,0
96,264,0
101,410,0
630,034,0 169,408,0 170,227,0
274,146,0
Total
Amount of eligible paper deliv189,170,0
ered to F. R. Agent
274,146,0
F. R. notes outstanding
9,101,0
F. R. notes held by bank
937,970,0 256,027,0 303,196,0 131,7.48,0 153,034,01545,281,0 155,950,0 83,446,0 108,850,0 84,412,0 260,979,0 3,292,819,0
P. R. notes in actual circulation.. 265,045,0
837,727,0 242,648,0'283,217,0 127,136,0 141,772,0'517,777,0 137,695,0 82,161,0 102,731,0 78,641,0 224,583,0'3,047,133,0
922,292,0 185,630,0 198,534,0 110,292,0 108,588,0,405,381,0 120,111,0 48,631,0 105,907,0 55.062,0 161,845,0 2,611,443,0
931,070,0 256,021,0 303,196,0 131,728,0 163,034,0'545,281,0 155,950,0 83,446,0 108,860,0 82,212,0 260,979,0 3,292,819,0
100,243,0 13,379,01 19,979,0 4,592,0 5,262,01 27,504,0 18,255,0 1,285,0 6,119,0 3,671,0 36,306,01 245,686,0
THE CHRONICLE
MAR. 27 1920.]
=kers' Gazeitt.
Wall Street, Friday Night, March 26 1920.
Railroad and Miscellaneous Stocks.-Under the indeclined
fluence of a decidedly firm money market stocksloan
rates
precipitately during the middle of the week. Call
At the
ran up to 8% on Tuesday and 14% on Wednesday.Monday,
same time, after dropping several points to 3.74 on
on
sterling exchange moved up day by day, reaching 3.81%and
Tuesday, 3.833 on Wednesday, 3.843's on Thursday
have affected
.3.953' to-day. Among other events which
sentiment more or less within the week have been aasharp
shipdrop in French and Italian exchange, the receipt of other
ment of gold from London and a report to-day that
shipments will soon follow.
The stock market reacted sharply from the low quotationsg
of Thursday, when railway shares showed a drop averagin
from 3 to 5 points and a long list of the miscellaneous group
had declined from 10 to 50 points. The latter record was
made by General Motors.
During the week all active railway shares have covered a
range of from 2 to 5 points; industrials 6 to 15 points.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending March 26.
Highest.
Lowest.
State and Railroad Bonds.-Sales of State bonds at
the Board include $5,000 N. Y. Canal 432s at 99, $7,000
N. Y. Canal 4s 1960 at 9532, and $46,000 Virginian 6s deferred trust receipts at 55 to 603/2.
The market for railway and industrial bonds has been
somewhat more active than usual, and prices have generally
y active
drifted to a lower level. Of a list of 23 relativelof
which
bonds, only 3 show a net gain during the week, all
inare of the local traction group. Other active features,
cluding Atchison, Balt. & Ohio, Central Pacific, Burlington,
St.
St. Paul, Rock Island, Denver & R. G., Consol. Gas,
Louis & S. F., So. Pam., So. Ry., U. S. Rubber and Steel,
are, as noted above, all lower than last week.
United States Bonds.-Sales of Government bonds at
the Board are limited to the various Liberty Loan issues.
To-day's prices are given below.
Range since Jan.!.
Range ,or Week.
Sales
for
Week.
Lowest.
1269
Highest.
.25 Mar.26
Daily Record of Liberty Loan Prices. Mar.20 Afar.22 Mar.23 Mar.24IMar
97.80
97.60
97.701
97.44
97.00
97.20
f High
First Liberty Loan
97.361 97.40 97.52
348. 15-30 year, 1932-47 Low. 96.70 96.80 96.42 97.50
97.70
97.5
(Close 97.00 96.96 97.44
535
354
3581
521
310
520
Total sales in 11,000 units
High 89.30 89.20 89.30 89.68 89.44 89.42
Second Liberty Loan
89.20
89.30
89.20
89.02
88.90
89.10
Low_
1942
48, 10-25 year cony,
89.10 89.10 89.20 89.48 89.32 89.42
(Cl'
148
218
432
189
159
116
Total sales in $1,000 units
90.54
High
90.46 90.60 90.80 90.66 90.6
I
Second Liberty Loan
90.40 90.30 90.40 90.40 90.30 90.40
4s, convertible, 1932-47 (Low
(Close 90.40 90.56 90.42 90.60 90.40 90.54
34
92
60
51
76
45
Total sales In $1,000 units
92.84
(High 92.56 92.58 92.80 92.96 92.8
Third Liberty Loan
92.70
92.56
92.72
92.50
92.32
Low_
92.30
410 of 1928
(Close 92.48 92.58 92.76 02.76 92.68 92.84
12.20 16.89 20.98 19.63 15.80 1/.52
Total sales in $1,000 units-.
High 90.78 90.90 90.90 90.90 90.80 90.76
(
Third Liberty Loan
90.52
&us of 1st L L eonv.'32:47(Low- 90.60 90.60 90.60 00.70 90.50
(Close 90.78 90.90 90.66 90.90 90.70 90.58
125
93
57
104
162
77
Total sales in 51,000 units
(High 89.06 89.60 89.90, 89.96 89.80 89.88
Third Liberty Loan
89.66
89.6
89.80
89.52'
89.40
Low_
89.36
conv,'27-'42
L
4348 of 2d L
89.86
89.40 89.60 89.781 89.90 89.7
(Clo
978 1.105
698 1,587 1,444, 1,690
Total sales In 11,000 units
89.90
89.88
90.50,
89.80,
89.70
89.70
High
Fourth Liberty Loan
Low. 89.60 89.52 89.581 89.80 89.64 89.64
4jsof 1933-38
(Cl'.' 89.68 89.66 89.80 89.92 89.70 89.88
1,446 3,001 4,0851 2,977 3,144 2,853
Total sales In $1,000 units
97.00
97.40
High
Fourth Liberty Loan
97.00
97.40
Low_
oonv,'32-47(
4348.1at LL 2d
97.00
97.10
ICI
2
41
Total sales In 111,000 units
97.60
97.60
97.70
97.52
High
97.56
(
97.56
Victory Liberty Loan
97.48 97.34 97.381 97.48 97.50 97.42
434s cony gold notes:22-23( Low
(Close 97.50 97.42 97.50 97.62 97.54 97.56
1,333
72
819 2,246 1,233 1,148
Total sales In $1,000 units
Hig
97.52 97.50 97.46 97.60 97.56 07.54
Victory Liberty Loan
97.46
97.48
97.40
97.38
97.40
(Low.
97.50
'22-23
notes,
334smonv gold
97.50
(Close 97.52 97.44 97.46 97.60 97.5
633
86
730
809
249
672
Total sales In 81,000 units
I per share.
Par. Share: $ per share. 5 per share. S per share.
Mar
200218 Mar 24 222 Mar 22 17034 Jan 227
Am Brake SAW pref.100
Mar
Feb 128
American Express. _ -100 4,0 III Mar 22 128 Mar 23 95
Jan
Feb
Am La France F E-10 2,70 1234 Mar 20 1334 Mar 22 129-4 Jan 1434
Feb
17
7
24
Mar
14
25
Mar
100 300 12
Ann Arbor
Feb 2734 Feb
20 25 Mar 25 25 Mar 25 23
111
Preferred
11530 Mar 26 1530 Mar 26 1350 M. 1570 Mar
Atlantic Refining_ -100
Feb
20 113 Mar 26 11334 Mar 24 11254 Feb 114
Atlantic Refg pref. 100
9934 Mar 23 10054 Mar 21 9834 Feb 1023.4 Jan
Baldwin Locom pref. 101 1,9
Jan
93
Mar
62
21
Mar
26
7054
Mar
7054
100
Barnet Leather.. _no par
Mar 5034 Mar
Barnsdall Corp class A__ 1,10 4954 Mar 25 5034 Mar 25 4951
Feb 83-4 Mar
551
26
Mar
21
834
Mar
754
2,10
101
Terminal.
Brunswick
Feb 114 Mar
600 103-4 Mar 26 1154 Mar 22 4
Chic & E III tr recta__
Mar
434 Jan 11
934 Mar 24 1054 Mar 21
80
Preferred tr recta •
Jan
56
Feb
44
22
Mar
54
25
Mar
r5054
600
101
Computing-Tab-Rec
Mar
6234
Feb
55
25
Mar
100 00 Mar 25 60
10
Crex Carpet
Feb
Feb 101
100 • 200 9951 Mar 22 9934 Mar.22 99
Deere dc Co prec
Jan
Jan 101
20 100 Mar 22 100 Mar 20 100
111
Detroit United
Feb 8354 . Jan
100 7234 Mar 24 7254 Mar 24 72
Fairbanks Co (The)...2/
Mar
Feb
1089-4
26
Mar
973-4
100
26
Mar
106
100
_100
_
_
prof_
Fisher Body
Mar
M: 192
2011110 Mar 25 19154 Mar 20 175
General ChemIcal_10
Jan
450 9534 Mar 2 i 9551 Mar 2:, 9.531 Mar 100
101
Preferred.
Jan
100
Mar
08
26
Mar
100
26
Mar
200100
100'
Gen Cigar prof
Mar
Mar
334
2i
Mar
234
11,525 234 Mar 25 334
Gen Electric rights
Jan
War 71
20 56 Mar 23 56 Mar 22 51
Homeatake Mining. 100
Mar
Mar 128
Int Motor Truck, no par 1,440 12051 Mar 20 128 Mar 23 10234
Jan
Mar 84
Foreign Exchange.-The market for sterling exchange
72
801 77 Mar 21 7834 Mar 22
101
1st preferred
Feb 6954 Jan
800 65 Mar 24 67 Mar 22 60
101
after early weakness turned strong and sharp advances were
2(1 preferred
Jan
118
M
105
25
Mar
105
25
Mar
100 105
were irKayser (Julius) Ar Co 101
Feb 9854 Jan recorded. In Continental exchange movements
100 97 Mar 22 97 Mar 22 96
100
Kelsey Wheel pref
Jan regular with lire and francs conspicuously weak. Neutral
450 1634 Mar 23 1634 Mar 2( 1414 Jan 18
Liggett & Myers rights__
Mar
9
Mar
834
24
Mar
9
2,575 851 Mar 25
Lorillard (P) rights
Mar exchange was dull and featureless.
Mar 45
500 43 Mar 25 45 Mar 26 43
Manumit(H 11)..No par
Feb 13631 Jan
To day's (Friday's) actual rates for sterling exchange were 3 85340
201 115 Mar 25 11.534 Mar 2 108
100
ManatI Sugar
Mar 3 9234 for sixty days, a 8903 9534 for cheques and .3 899403 9694 for
3754
Feb
1854
26
100 10,900 3154 Mar 20 3754 Mar
90.
Maxwell Motor
Feb 3534 Jan moles. Commercial on banks sight 3 883403 9534,sixty days 3 830S
1,800 30 Mar 22 3154 Mar 26 18
Certfa of deposit
(sixty days)
ninety days 3 81%003 87%, and documents for payment
100 1,300 57 Mar 26 603-4 Mar 22 4754 Feb 6354 Jan
1st preferred
payment
for
grain
and
3
Jan
9534
88%03
for
payment
6254
Feb
3 S3®3893.. Cotton
90i 53 Mar 22 5554 Mar 22 473-4
Certfs of deposit- _
Feb 3034 Jan 3 88%03 95%.
100 29 Mar 23 29 Mar 23 20
10
20 preferred
14.280
Feb 3054 Jan
To day's (Friday's) actual rates for Paris bankers' francs were
300 26 Mar 22 27 Mar 2? 20
Cents of deposit_ _ _
marks are
Feb
14.51 for long and 14.21014.44 for short. Germany bankers'
201 9054 Mar 25al Mar 22 8934 Feb 94
NI St P & S S NI pref_100
and short bills.
long
Mar
for
40
Ma
quoted
yet
25
3854
Mar
not
40
25
Mar
pa:
15,50
3834
Momtg Ward...No
francs
Mar
Feb 29
Exchange at Paris on London, 56.24 francs; week's range, 54.05
50 22 Mar 24 23. Mar 26 10
Norfolk Southern. i0
Mar high and 56.24 francs low.
Feb 16
100 12 Mar 26 12 Mar 26 11
Peoria it, Eastern__100
follows:
week
for
toe
Mar
exchange
foreign
for
44
range
Feb
The
23
35
Mar
44
24
Mar
201 4034
Pettibone, M & Co 100
Cables.
Mar
Mar 66
Sixty Days. Cheques.
Sterling, Actual700 63 Mar 25 66 Mar 2 63
Phillips Jones_.No pa
3 9694
Mar High for the week
3 953-4
Mar 91
3 9234
Mar 25 91
Mar 25 91
100 91
Preferred
Jan
3 76
9451
3
Ma
7594
87
2.
3
Mar
7234
25
8834
Low for the week
200 8851 Mar
100
Pitts Steel prof
Jan
Fe. 247
Paris Bankers' Francs.
200 224 Mar 22 225 Mar 2. 200
So Porto Rico Sugar. 100
13.70
Mar
13.72
850
Ma
815
2,
13.83
Mar
week
26850
the
for
Mar
High
315
50'
Standard Oil of N J 14.85
14.87
Ma 11334 Mar
14.98
Preferred non-voting.. 1,201 1123.4 Mar 25 11334 Mar 25 11234 Feb 5154 Mar Low for the week
39
Germany Bankers' MarksStewart-Warn Sp_No par 27,400 4234 Mar 23 5154 Mar 26 43
1.41
1.40
Ma 4534 Mar High for the week
TemtorC&F pf cIANo pat 2,100 43 Nita' 25 4554 Mar 28 38
1.24
1.23
Mar Low for the week
Mar 38
100 38 Mar 26 38 Mar 26
Class II
Mar
214
Feb
15654
22
Mar
Guilders
Bankers'
214
2.
Mar
Amsterdam
801
109
paid
Texas Co recta 30%
3794
37
Mar
Feb208
16
9
36
158
24
Mar
High for the week
80020394 Mar 25 208
Receipts full paid
3634
3634
36 1 16
Low for the week
E
Domestic Exchange.-Chicago, par. St. Louis, 15(4)25c. per $1,000
TRANSACTIONS AT THE NEW YORK STOCK EXCHANG
discount. Boston, par. San Francisco, par. Montreal, $80 Per $1.000
DAILY, WEEKLY AND YEARLY
premium. Cincinnati, par.
Untied
Railroad, State. Men
Blocks.
States
Foreign
Outside Market.-Business on the "curb" this week was
&
&c.,
Week ending
Bonds.
Bonds.
Bonds.
Par Valve.
Shares.
(lull and irregular. Strength marked the dealings in the
March 26 1920.
the week, but a selling movement started on
699,990 $62,416,000 $1,3081,00 $1,049,003 55,052,4 00 beginning of
Saturday
740,000 10,050,000 Wednesday in sympathy with the reaction on the Stock
2,384.000
1,576,850 145,181,000
Monday..
10,636,000
2,543,000 1,210,500
1,107,810 107,433,000
under the severe
TuesdaY
788,500 9.467,000 Exchange and stocks for a time weakened
2.101,000
1,724,550 158,844,500
Wednesday
2,135.000 1,122,500 8,041,000 pressure. Oils again received the most attention. White
1,232,900 109,177,500
Thursday
2,265,000 1,030,500 8,264,000
to 33, then
1,413,452 123,876,700
up from
Friday
Total
&Octal
New York Stock
Exchange.
7,845,462 $706,928,700 $12,781,000 35.941,900 $51,510,000
Week ending March 26.
1920.
1919.
Jan. 110 March 20.
1919.
1920.
40,451,217
67,710,561
3,518,240
7,845,462
Stocks-No. shares
$706,928,700 $322,032,000 $6,027,671,125 34,172,972,305
Par value
$28,700
Dank shares, par
Bonds.
0
$528,958,00
0
3721,426,90
$47,206,000
$51,510,000
_
Government bonds.
119,544,000
128,140,000
6,723,000
5,1)41,000
State, mun., d/c.,bonds
104,617,500
151,097,000
8,217,500
12,781,000
RR.and misc. bonds__
Total bonds
$70,232,000 $02,236,500 $1,603,663,900
$753,119,500
PHIA AND
DAILY TRANSACTIONS AT THE BOSTON, PHILADEL
BALTIMORE EXCHANGES.
Baliinsere
Boston
Philadelphia
Week ending
Bond Saks
Mares
Bales
Bond
Shares
Saks
Bond
Shares
1920.
241
March
_
539,300
5,742
524.400
4,440
$85,125
15,914
Saturday
31,000
6.729
104,800
6,805
43,500
29,147
Monday
28,900
3,394
85,400
6,679
55,100
29,518
Tuesday
33,400
6,256
125,100
4,932
31,750
38,710
Wednesday
DAY
HOLI
93,100
4,421
34,800
25,582
Thursday
26,000
4,601
9,900
5,989
14,000
39,623
Friday
Total
178,494
$204,275
33,266
3442.700
26.7321 $155,600
283/2
Oil was an active feature, selling
5 . Texas Co.,
down to 29%, with a final recovery to 32%
after a gain of three points to 563.1, broke to 51% and closed
4. Internat. Pet. advanced from 41 to 4332,
to-day at 533
3
Merritt Oil gained
reacted to 40 and ends the week at 43%.
% and finished to-day at
about a point to 21%, sank to 193
20. Mexican Pantie° Oil was conspicuous for strength,
moving up from 11 to 16, the close to-day being at 153/2.
Midwest Refining, after early improvement from 172 to 176,
receded to 166 and rested finally at 167. Phillips Petroleum
corn. lost three points to 37. Tropical Oil was off from 21 32
to 20, the final figure to-day being 203/2. Industrials were
not so active. Cleveland Automobile was heavily traded
in, and after an early advance from 80 to 91 ran down to 72,
but sold back to 80. General Asphalt corn. improved about
four points to 1073/2, then dropped to 913/s, with a final
recovery to 101%. Case Plow Works com. has had an active
period, advancing from 20 to 22, then sinking to 19. Libby,
McNeill & Libby, after loss of 1% points to 26,sold up to 30.
Submarine Boat fell from 163/2 to 15, closing to-day at 15 8.
Swift Internat. lost three points to 43. In bonds initial
trading started to-day in Anglo-Amer. Oil 732s up from 100
to 1003/i down to 993/i and back to 100 finally.
1270
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually Inactive, see preceding page.
DM AND WW SALE MOBS-PRE SHARE, NOT PER CENT.
Saturday
Mar. 20
Monday
Mar. 22
Tuesday
Mar. 23
Wednesday
Mar. 24
Thursday
Mar. 25
Friday
Mar. 26
Sales
for
the
STOOKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On baste of 100-share lots
PER SHARE
lance for Previous
Year 1919
wea
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share SharRailroads
esPar $ per share
share
Per
$ per share
8312 84% 82
8314 82% 8312 6,700 Ateh Topeka & Santa Fe_100 76 Feb 11 86% Mar10 $814'
share0
104 May
13Dee
7812 79
783s 791.8 7813 7E02 1,300 Do prof
100 78 Feb 18 82 Jan 3
76% Dec 89 Jan
*8
812
7
7
*7
8
300 Atlanta Birm & Atlantic...100
614 Feb 4
8% Fob 24
Mar 1518 July
89
89% 8878 88% *88
90
1,700 Atlantic Coast Line RR 100 84 Feb 11 93 Jan 7
8
6 Dec 107 May
8713
3512 37% 3518 3534 3514 3578 8,400 Baltimore & Ohio
100 2758 Feb 13 38% Feb 24
2834 Dec 5514 May
47
47% 4614 4614 4612 4612 1,400 Do prof
100 42 Feb 13 49% Feb 24
5913 May
1412 14% 15% 16% 6,300 Brooklyn Rapid Transit_100
14,
8 15
1058 Feb 10 17 Mar15
3
18018 De8
ec 33% July
*11% 1212 *11% 11% 12-14 1234 1,500 Certificates of deposit
7 Jan 3 1314 Mar15
5
Dec
2814
July
12318 12378 12112 123
122 125
5,300 Canadian Pacific
100 .11514 Feb 11 134 Jan 3 126% Dec 17078 July
56,
8 58
*5618 5712 5714 5714 1,500 Chesapeake & Ohio
100 47 Feb 13 5912 Mar10
6813
51%
May
Dec
8
,
8 8
,
8
834 8%
858 834 3,100 Chicago Great Weetern
7 Feb 13 1078 Fob 20
100
12 July
2478 2478 24% 25
*2414 25
1,400 Do pref
100 21 Feb 13 2718 Feb 28
2114 D
jaee
n 80% May
37
40
3614 38
3614 38
17,100 Chicago Milw & St Paul_100 3014 Fob 6 42% Marl1
3418
52%
Dec
July
53% 5712 53% 55% 5318 5512 19,100 Do pref
100 4514 Feb 13 6112 Marl1
Dec 76 July
*88
90
87
8712 *87
89
1,300 Chicago & Northwestern_100 75 Feb 13 9118 Mar10
8
45 Nov87
105 May
117 117 *117 120 *116 120
700 Do pref
100 113 Feb 13 120 Jan 6
133 Jan
3612 3814 35% 36% 3638 37)4 28,400 Chic Rook Isl dc Pao
100 2312 Feb 13 41 Mar 8 12
12
618 D
Jaw
n 11214 July
7513 7514 7513 7512 7518 7534 2,000 7% preferred
100 6418 Feb 13 78 Feb 21
88
Dec
84 June
6534 66
6514 6512 6512 6512 1,700 6% preferred
100 54 Feb 11 6812 Mar 1
5514 Aug 78 July
Chia St P Minn & Omaha_ _100 5812Jan 2 66 Mar10
57 Dee 82 Jan
;86- 54
-41314 1615313 ;15- 13- ;KC 5318
5212 *49
4 '49
800 Cloy Cin Chic & St Louls_100 42 Feb 6 55 Mar15
32 Feb 54% June
*65% 68
*64
68
6412 6412 *65
6712 *65
63 '65
6734
100 Do pref
100 63 Feb 11 68 Feb 24
63 Sept 74 July
2514 2514 24% 2413
600 Colorado & Southern
100 20 Feb 11 27 Feb 19
19 Deo 3134 May
---_
511
5112
100 Do 1st pref
100 4714 Feb 10 5112 Mar25
48 Dec 5818 July
---Do 2d prat
100 42 Mar 8 43 Jan 16
45
9112
b 5112 May
091 ;55" 1-66- *95 fi31-2 -56" -06- *00
x98
98
1,200 Delaware & Hudson
100 8938 Feb 13 9934 Mar13
Dec 116 May
'180 192 *180 193
190 190 *180 190'
180 190 *170 190
100 Delaware Lack & Western_50 105 Feb 10 195 Mar10 1721
31 Mar 217 May
*713 812 *71, 814
713 713
712 713 *714 8
7
,
8
712
Denver
700
&
Rio Grande_
6 Feb 13
100
1512 July
9 Jan 3
1414 1412 1418 1412 14
1414 13% 1412 1312 13% 1312 1378 8,200 Do pref
9 Feb 11 16% Feb 24
100
6% Feb 24 July
1412 147s 1414 1434 14
1412 14
1414 13% 14
14
1433 5,900 Erie
100
912 Feb 13 15% Feb 24
1238 Dec 2014 May
2334 2334 23% 2312 23
2318 22
23
2312 23
22% 2,900 Do 1st pref
22
100 17% Feb 13 25 Feb 24
1818 Dec 33 July
1612 1612 *16
*16
17
17
1614 1614 *15
1612 *15
1612
200 Do 2d pref
100 1218Feb 9 1718 Feb 24
2314 July
8212 83
8212 83
8112 82
8114 8214 8012 81
8012 8114 6,150 Great Northern pref
88% Feb 11 8434 Mar18
Janwec 100% May
7
3
15
3
13
%
54 DD
41
41
40
,
8 4114 4034 41
4018 40% 39% 4014 4012 4114 11,800 Iron Ore properties_ _No 100
13
Feb
par
33
41%
Mar19
5214
July
*8
10
*818 10
*8
10 • *8
*814 10
10
200 Gulf Mob & Nor tr 0118_100
7 Jan 24
9 Marl
7 Sept 12% July
*2
*8
784 3
13 *28
30
29
*28
29
33
30
30
31
3112
300 Preferred
100 28 Jan 24 33 Feb 24
30 Doe 4012 July
*91
93
9138 9112 90% 91
9012 91
9014 91
911,
91
1,900 Illinois Central
100 8078 Feb 13 9334 Mario
85% Dec 104 May
418 418
418 418
4% 414
4
4
4
418
418 412 5,900 lnterboro Cons Corp.-No Par
338 Feb 18
918 JUDO
3% Mar
434 Mar13
14
15
1412 1458 *14
14
15
14
14
14
15
1614 5,200 Do Prof
912Feb 13 1613 Mar15
100
10 Dec
c 3114 Juba
1714 1712 18
*17
18
18
18
*17
18 •17
*17
1712
137
800
Kansas
8
Southern100
City
Feb
13
1913
Feb
May
13
24
Nov
2514
*46
49
*46
48
*4612 48% *46
*46
48
48
*46
48
Do
pre(
100 4318Jan 9 4812 Mar 1
40 Dec 57 May
*1078 1212 *912 12
*912 12
*978 12
*11
12
*1018 12
Lake Erie & Western
100
818 Feb 13 1214 Marl1
Feb 14 Jab,
*1612 2212 *1613 22112 *15
2212 *1612 2212 *1512 2212 *1613 2212
Preferred
100 16 Feb 11 22% Mar16
13
7 De 25 May
4512 46
4512 4512 4514 4534 45
4512 44% 4514 45% 45% 2,800 Lehigh Valley
eo 4012 Feb 13 4714 Mar10 4013 Dec 603s June
*106 108
105 105 *105 108 *105 108
105 105
105 105
400 Louisville & Nashville___100 98 Feb 11 11213 Jan 5 104% Aug 12284 MS,
52
5218 *45
52
*45
52 .41
55 •45
55 .40
49
500 Manhattan Ry guar
100 3984 Feb 6 5218 Mar20
3758 Dec 88 Jan
1612 1612 1612 1738
15112 1614 1514 15% 1614 1614 1,700 Minneap & St L (neto)
9 Feb 13 1818 Mar 9
100
9% Jan 2412 July
*78
82
*75
80
Oa- 75
-- 76
*74
78
76
155
Minn
St
PeeSSM
63 Feb 13 80 Mar15
100
70 Dec 98% May
934 934
914 934
9% 912
938 912
9
912
884
914
4,200
Missouri
Kansas
13
Feb
&
45
Texas-100
6
11 Fob 21
*1412 17
185s July
*1412 17
1512 1512 1534 1534 15
15
141: 1412
400 Do pref
100
834 Feb 11 18 Feb 19
vn 2518 July
29
2934 29
2973 2834 2934 2818 2934 2734 28% 2812 29
13,625
Missouri
Pacific)
trust
11
Feb
21
etfs-100
3118
2
8
Feb
21i N
28
FJ.oaeb gni July
*46
47
4618 47
4434 45% 4414 45
4534 46
45
43
3,000
Do
pre)
trust
etfs
100 36 Feb 11 4934 Feb 24
412 412 *412 512 *5
3713 Dee 5834 June
5
5
6
*5
6
300 Nat Rya of Mex 2d pref.._ _100
414 Feb 13
678 Jan 8
46
14 Mar
46
*46
47
40
43% 45 *43
40
46
1,100 New Orl Tex it Max v to...100 3918 Feb 11 4718 Feb 20
23
13
144 D
Arr 50 Sept
7534 7534 7514 7612 7434 7514 74
7314 74
76
-Tara
75
16,900
New
York
Central
100 0414 Feb 13 7718 Mar10
June
663
*3112 35
83%
4
Dec
*3113 3412 *3112 3412 *3134 333, 3113 32
*31
34
200 N Y Chicago & St Louls....100 2334 Feb 13 3612 Marll
2334 Sept 5314 July
*60
65
*58
62
*58
62
*58
62
*58
62
*58
61
First preferred
100 55 Feb 9 02 Maril
6012 Dec 70 Apr
*47
50
*47
50
*47
*47
50
50
*47
50
*47
50
Second preferred
100 43 Feb 16 50
40 Nov 5312 July
3514 35% 35
3512 3414 3514 33% 35% 33% 34
33% 3514 25,000 NYNH& Hartford____100 2312 Feb 11 3634 Mari2
2518 Dec 40% July
Mar10
*21
2112 *2018 2112 21
2012 21
21
*20
21
400 N Y Ontario 4.Western__100 16 Feb 6 2178 Mar10
1612 Nov 2414 July
96 1612 95
95
97
95
*90
98
*94
97
96
9618
1,400 Norfolk dc Western
Fob 13 10018 Mar10
100
88
95
Dec 11213 May
8112 83
8214 83
79%
8114 82
8218
803
4 79% 81
8034
7,900 Northern Pacific
100 6814 Feb 11 8458 Mar18
77 Dec 997 May
43
4318 4278 4314 4278 43
4234 43
42% 43
423
4
427
8
8,444
Pennsylvania
11
50 40 Feb
43% Mari°
2918 29,
4818 May
8 29
29% 2834 2914 2834 2034 2812 28% 281g .2914 11,400 Pere Marquette
v 1o
100 2318 Feb 13 32 Feb 19
3
197
21: D
Jaon
e 8312 Doe
66
66
6618 6618 66
66
400 Do prior pref v t e--__100 62 Feb 10 68 Feb 27
56 Mar 70 Dec
Do
pre(vto
100 4612 Mar 8 51 Jan 5
39 Apr 83le Dee
'75
747 *72
76
w71 76
71
75
75
75
75
600 Pitts an Chic & St
50 Feb 11 8014 Marl1
44 Apr 72 Sept
2814 2814 2912 2912
30
,
8 29% 3178 2934 3012 3114 3234 21,800 Pittsburgh & West Louts...100
Va
100 21'2 Feb 11 3234 Mar26
24 Dec 4434 June
*73
79
*73
70
*76
79
*76
79
*76
79
80
80
100
Do
100 70 Feb 11 80 Mar26
8612 87
75 Dec 8413 June
8612 8838 8512 8714 84% 87% 8312 85% 84% 8934 105,600 Readingpref
50 6434 Feb 11 8812 Mar13
33
73% Dec 93% June
33
3538 3512 34% 3134 *34% 36
*3413 36
*3412
36
500
Do
1st
pref
9
Mar
32%
50
36 Jan 13
*3534 37
33 Dec 88% Feb
*3434 37 13434 3434 *3412 36
*3413 37
*3412 36
100 Do 2d prof
5 3314 Mar 9 36 Mar19
2318 2312 23% 2312 23
3334 Dec 3912 May
2312 22,
8 2334 2238 2258 23
2318 10,000 St Louis-San Fran tr etts_100 1514 Feb 13 2538 Feb
*32
24
1034 Jan 2784 July
34
32
*32
34
33
33
3212 3312 32
3112 3112
800
Preferred
A
trust
etts_100
2312Jan
14
34 Feb 20
•16
17
20 Dec 37 May
16
16
*15
17
*15
17
16
16
1634 1634
300 St Louis Southwestern.
100 11 Feb 11
18 Feb 24
*28
29
Dec 23% June
10%
*26% 28
2612 2612 2618 2712 *2613 28
26% 2613
400 Do pref
100 21 Feb 11 30 Feb 21
812 9
812 812
23 Dec 3778 June
8% 858
812 812
812 813 1,300 Seaboard Air Line
612 Feb 11
100
9% Feb 19
*17
12 July
-it-38.4 17
*17
18
18
*17
18
*17
18
300 Do pref
100 1234 Feb 13 1812 Mar 1
102 10278 10134 102% 101 10238 9912 10212 9873 10018 -9913 101
12
658 D
De
ec
e 23% July
104,000 Southern Pacific Co
100 '8818 Feb 13 10538Jan 3
2418 2412 2414 2478 2414 2458 2312 2434 2338 2334
91% Nov 115 JUDI)
24
20,200 Southern Railway
100 18 Feb 13 2638 Mar 1
2014 Dec 33 May
5712 57
5712 5734 5712 5838 57% 58% 57
5714 2,500 Do pref
100 50 Feb 13 5834 Mar18
- 4514 47
52% Doe 721k May
448 15.78
44% 4334 45,
4414 46% 4234 46% 42
8 68,000 Texas & Pacific
100 25 Feb 13 47 Mar22
2712 Jan 7013 July
. ---1412 15
15
1112
1,900 Third Avenue
100 12 Feb 9 1712 Mar26
;ii" -11- ---11 Dee 255s July
*11 "ff" *11
15
•11
15
Tol St L & W trust receipts__
1078 Feb 19 1534 Feb 28
'18
22
5 May 1313 July
*18
23
*18
23
*18
23
Preferred certificates dep- 21 Feb 20 24 Jan 3
*30
10
35
Mar 2512 July
ig- *31
35
*30
35 ;51 35
35
Twin City Rapid Transit_100 2814 Feb 11 35 Jan 26 12
12134 12212 12073 12212 12038 12134 120 12138 11108 11978 *30
1
,
9
3
142 D
Aiem
o eo June
119 121
16,800 Union Pacific
100 110 Feb 13 12512 Mar10'
13812 May
*66
67
67
*36
67
66% 67
6614 6614 *66
*66
67
700
pref
Do
100 65 Feb 16 6014 Jan 3
*1212 13
63 Deo 7434 Mar
1212 1134 1213 2,400 United
1212 1213 1212 1234 12
1212 12
Railways Invest
834 Feb 5 1338 Mar18
100
*2612 2712 26% 2612 2534 2614 2512 26
2514 2512 2434 25
714 Jan 15% JulY
1,800 Do pref
Feb
203
4
13
100
2934 Jan 27
15 Jan 3434 July
9
834 9
9
918
914
9
914
9
9
918
9
100
7% Feb 11 1018 Feb 24
2712 27,
13% July
8 2738 2734 2714 2712 2634 2712 2613 2634 2634 2778 4,950 Wabash
7,000 Do pref A
100 2012 Feb 11 31 Feb 24
18
88 May
18
20
7114
4 D
pec
o
18
18
700
pref
Do
B
100 1414 Feb 11 2012 Feb 19
10
,
8 10% 1038 1914 1012 -115;1 1012 i01
14 Deo 2512 July
l0's 1013 1012 10% 3,100 Western
Maryland (new)_100
838 Feb 13 1278 Feb 24
1634 1634 1634 1634 1634 1634 163, 1678
9% Apr mg July
17
19
2,100 Do 2d prof
100 1434 Feb 13 2018 Feb 19
27
16 Dec 80% J1117
2738 2713 2314 28
-2
.5 If- 3014 31% 28,300
3112 2934 32
Western Pacific
100 20%Feb 13 32 Mar24
.
62
6412 64
Feb 26 July
17
64
6412 64% 65
6312 6312 *63
64
64
500 Do pref
100 541 Feb 5 65 Mar18
6113Jan
1214 1212
Ire
57
2$
18
4 MarFeb
1112 12
12
1214
1134 12
11
12
5,100 Wheeling & Lake Erie Ry-100
914 Feb 13 14% Feb 20
-2154 1612 20
1814 Sept
20
1912 1012
400
pref
Do
100 16 Feb 11 2212 Fob 20
2834 Sept
'27
Jan
17
31
-5i
31
31
31
*27
32
'30
32
200 Wisconsin Central
100 26 Feb 6 33 Feb 24
25 Deo 41% May
Industrial
&
Miscellaneous
*33
34
34
36
3512 3512 33
3412 33% 34
3434 3812 4,500 Adams
100 25 Feb 11 3812 Mar26
29% Apr 64 May
42
4212 4212 4334 4212 4412 4213 43
42
4234 4258 4518 8,000 AdvanceExpress
Rumely
100 3414 Feb 6 4512 Jan 5
21
Jan 54 July
*67
70
70
70
6812 62 *6812 70
*6734 6912 69% 70
1,200 Do pref
100 65 Feb 13 72 Jan 12
5612 Jan 76 Juno
78
7912 79
75
75
80
751, 76
75
76
75
76
2,200 Ajax Rubber Ine
50 6514 Feb 13 8834 Jan 5
2
113 July
2
2
218 *2
171 218
214 233
2
214
214 13,800 Alaska Gold Mines
10
112 Feb 11
238 Mar24
214 238
88
1% D
414 Jan
jaen
e
238 238
214 212
233 238
214 214
238 212
158Feb 4
a% July
212 Mar 8
134 Jan
43
4334 4334 4478 4378 4418 4158 43% 41% 4212 4213 4338 6,400 Alaska Juneau Gold Min'g_10
10,400 Allis-Chalmers Mfg
3914 Feb 26 5378 Jan 3
100
83,5
8 Oct
30
*8312' 8412 8412 85
Jan
*83
85%
*84
8534 *8313 8534
*81
8534
300 Do pref
100 8012 Mar 1 92 Jan 3
*9314 9312 z91
8172 Jan 97 Sept
90
92
9012 91
8713 8712 90
*8712 92
1,000 Amer Agricultural Chem._ 100 82 Feb 11 95 Jan 28
*93
May
87
94
Sept
11324
*9112 9212 *9014 93
- 96
96 *
*9012 9212
Do pref
100 89 Feb 11 9613 Jan 16 13
93
2 Dec
jan 103 Mar
43
44
4312
*42
44
*42% 44
200 American Bank Note
50 39 Feb 13 4614 Jan 5
65 July
*44
46
.44
47
*44
46
Preferred
50 45 Jan 7 4513 Jan 28
Oct
16- -87F2 86,-8 -17342 Jan 49
71-2 8814 8614 8958 8614 8712 87
87
5,100 American Beet Sugar
100 7434 Feb 13 9613 Jan 8
'
82
91
62 Jan 10134 Oct
91
*82
*82
91
*82
91
*82
91
*82
91
Do pref
100 90 Jan 20 03 Jan 5
11634 120
8434 Jan 90 May.
11834 12134 118 11912 112 11934 11234 119
118 12112 16,300 Amer Bosch Magneto-No par 105 Feb 13 12834 Jan
2
5014 5078 4934 5114 4934 5012 47
8418 May 143% Nov
5014 46% 4718 4734 50
30,100 American Can
100 3834 Feb 25 6134Jan 3
*96
4272 Feb me Bops
9734
---- -- *97
97
,
4 9734 98
98
99
200 Do prof
100 95 Feb 5 101 Jan 3 x98 Dec 1075s
14112 143
14014 143
139 14012 13734 14112 13634 13912 140 141% 16,300 American Car & Foundry-100
'UM
1241 Feb 25 146 Mar18
84% Feb 148% Nov
115 115
100 Do pref
100 11218 Feb 26 11612 Feb 4 113 Jan 119 July
4784 49
46
-483
; 47
4714 48
46
47
1,900 American Cotton 011
100 39% Mar 1 5438 Jan 3
3958 Jan 6712 July
86
86
100 Do pref
100 85 Mar17 86 Mar26
-11 13
88 Jan 93 Apr
1234 1318 1238 -11" -H.
1;;"
7,700 Amer Druggists SYnOlnatc-10 1134Jan 9 1518 Jan 14
271g 2734 2778 28% 2712 2918 26% -11.- 2673 2634 1234 13
1414 Mar
1014 Nov
2834
26%
2714
11,000 American Hide & Leather.100 1812 Mar 1 303s Jan 3
11634 118
13% Jan 4318 417
116% 11712 1151, 118
111 11812 111 114
11234 11738 14,700 Do prof
100 9012 Mar 2 122 Jan 3
51% 5214 5114 5214 5112 5112 48
7114 Jan 142% Oct
49
5112 48
4838 4812 3,500 American Ice
100 38 Feb 0 5312 Mar19
*64
37% Aug 7612June
63
6612 *63
63
6612 *62
6612 64
64
* 4 6518
300 Do pref
100 53 Feb 13
10234 10378 10214 10412 10134 10334 9758 10334 9534 99% 623
5434 Jan 7614June
9814 101% 64,500 Amer International Corp.-100 87 Feb 13 68 Jan 2
8512 8612 8514 87
1201a Jan 3
5238 Feb 13214 005
85
8512 83
8134 8212 8314 8314 84
9,000
American
Linseed
100 74 Feb 13 8734 Mar19
*95
97
44%
Mar 89 Nov
*93
96
*93
96
*94
96
Do prof
100 9212 Feb 25 99% Jan 27
10312 105% 105 f6i185 Mar 98% AV
2 10478 10612 10034 10612 9912 103
102 10412 90,300 American Locomotive
100 82 Feb 13 10814 Mar18
*105 106
58
Jan 1174 Oet
10512 10512 *105 107 *105 108 •105 107
100 Do pref
100 104 Feb 13 107 Mar 9 100 Jan 10934 July
16" .32
*33
50
45
*35
50
*35
40
*35
40
Amer Malt
2412 25
2414 2514 24
3934 Dec 63 Aug
2334 2234 2334 14,200 Am Ship & Grain__ No par 3034 Feb 13 44 Jan 2
2414 23
2414 23
&
Comm Corp_no par 1634 Feb 13 301 Jan 5
*81
28 Dec 4712 Ost
82
82
*80
*81
82
*81
82
*7912 83
200 Am Smelt &cur prof ser A_100 80 Feb 14 82 3
-68E8 /6114
4 6834 6914 6713 6812 65
7112
9%Dee 5412June
6
68
6778 68
6818 70
21,600 Amer Smelting & Refining-100 5634 Feb 13 72 Jan
Jan 3
9578 95% 96% 96% 0613 96% 95% 95% *9514 96
Dec 89% July
500 Do prof
100 29334 Fob 13 10014 Jan 13
94 Dec 109% July
• Bld and asked prices: no sales on this day. 1 Ex-rights.
5 Lew than 100 shares. a Ex-div, and rights. s Ex-dividend. •Full paid.
$ per share $ per share
85
8458 8434 84
*78
79
7834 78%
*8
• 812 *8
812
8934 90
8913 90
3612 36% 3684 3714
4714 4714 4714 4714
14% 1538 1434 1512
1184 1134 1114 1112
12478 12538 124 12512
5712 58
9
9
888 9
*25
26
2518 2518
39
39% 3912 40
58
58
5738 58%
8834 8834 8938 8934
117 117
117 118
3738 3778 3718 38%
7634 77
76% 7712
6512 6512 6512 6512
$ per share
84
8412
7834 79
*8
812
8918 89%
3618 3734
4714 4714
1478 1518
*11% 1212
124 12412
57% 5714
812 834
2412 2514
39
39%
57
5818
89
8912
117 117
3718 38
7513 7512
*6513 6612
w, -fe-
1271
New York Stock Record-Continued-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE NOT PER CENT.
Saturday
Mar. 20
Monday
Mar. 22
Tuesday
Mar. 23
Wednesday
Mar. 24
Thursday
Mar. 25
Friday
Mar. 26
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1919
Lowest
Highest
$ per share $ per share
$ per share
Miscall.(Co.) Par $ per share
i per Share $ per shard $ per share $ per share 8 per share 3 per share Shares Indus. & Snuff
100 86 Feb 13 11514 Jan 5 10112 Dec 140 Sept
American
/
4'105 112
*110 112 *110 115 *110 115 *105 11178'8105 1111
47 July
Mar22
33/
1
4 Ma
50
Feb
25
39
tern
othi-3314
Found
Steel
19800
Am
481
471
4'14
3
1
481
491
48
'3 5
487
48
91 D
98/
1
4 Aug
No par 90 Mar 4 9312 Jan 19
_
___
-- --------200 Fret temp otis
91 - ---- ---- ----92 - ----- ----91
92
1
4 Oct
12944 12934 130 130 - 3,700 American Sugar Refininy....100 12312Feb 13 14112Jan 7 11114 J • 148/
130 13214 13114 13i 130 13034 12712 131
Jan
20
11312
J
•
119
1183
100
11412
Mar
8
May
pref
4
Do
200
116 116 *114 116 *114 11814
118 118 *114 116
•114 116
73 Au 12012 June
62,200 Amer Sumatra Tobacco---100 77 Feb 13 10834 Mar22
10214 105
981
/
4 103
104 10634 10212 10512 99 104
10114 103
9212 Jan 3
8
Dec
100
May
901
100
84
Feb
18
preferred
Do
100
-___-_
*89
91
*89
91
91
88
88
*88
91
*8812
95 De 108/
1
4 Mar
8,100 Amer Telephone & Teleg-100 961s Jan 13 10034 Mar18
1
4 97
98/
1
4 9714 96/
98
98/
1
4 9734 97/
1
4 9734 9714 977
1
4 97/
100 2225 Feb 13 283 Jan 5 19178 Fe 31412 Oct
1,300 American Tobacco
265 265 *255 285
282 271
265 267
282 262
*260 268
9734
106
Jan
Dec
Mar
93
/
1
4
9212
3
Jan
7
100
(new)
prof
Do
4.9512 9578 9534 9534 9578 95/
400
4
9913
*9512
99
/
1
4
97
97
1
4 *953
4514 Jan 16912 Dee
100 11212 Mar 3 16512Jan 2
92,500 Amer Woolen of Mass
1
4 137
133 13518 133/
133 13634 13034 13834 12714 13214 131 135
94/
1
4 Feb 11034 June
100 10112Feb 13 10512Jan 29
700 Do pref
102 102
10218 10238 102 102 *10114 10214
•103 104
Oct
27138 Jan 89
1,900 Amer Writing Paper pref 100 3814 Feb 26 6134Jan 3
52
49
50
50
5134 ---lirs 1913 49
50
5134 5134 *47
Ja
11
29 July
19
2012 7,500 Amer Zinc Lead & Smelt-25 1518 Feb 13 2112 Jan 9
18/
1
4 19
20
1912 1912 19
19
1978 1978 19
J
40
85
25
50
Feb
13
5912
Jan
9
July
prof
Do
700
55
55
5512
533
4
55
55
5514
*54
533
4
*5314
57
*55
777s July
54/
1
4 No
1
4 8518 87,700 Anaconda Copper Mining-50 54 Feb 18 6514 Jan 5
6214 63/
1
4 6118 6338 6114 6334 63/
64
63
6134 64
614 Jan 3
Ja •
933 Nov
1
10
3/
1
4 Feb 10
Assets Realization
1714
Jan
3
65
/
1
4 Dec
43
Mar17
6714
Jan
Goods___-100
Dry
Associated
--555
"ii"
"4
6'3;
ig"
;ii"
- "ia"
"ia- -4-6-- -i(
-11-2 161-2 -ia- :iii"
61 Mar 82 Aug
100 6434 Mar 5 741
/
4 Jan 17
200 Do let preferred
*e,5 70
6614 6712 *6612 67
70
•65
58/
1
4 Feb 8034 May
100 7013 Feb 10 7534 Jan 7
100 Do 2d preferred
*65
70
_.. .....
70
70
*60
*73
*83
70
100 107 Feb 11 125 Jan 8
68 Ja 142 NOV
400 Associated 011
_
117" ffi 11712 11712 11712 11712 •115 117 *110 120
1
4 Oct
92 Feb 192/
100 137 Feb 26 17613 Jan 5
& W 15$ LIne
iiira 11631; 163 165 163 164 15512 16218 15513 157 157 181 8,200 Atl Gulfprof
84
101) 83 Feb 26 75 Jan 7
Jaw 7812May
*55
87
300 Do
66
66
*6614 88
*66
68
67 67
66 66
7538 Dec
6512 Dee
/
4 Jan 3
88,100 A T Securities Corp.......no par 5438Feb 26 741
1
4 6514 67
1
4 66
6713 671
/
4 6834 6518 8838 6312 88/
8514 66/
1412 Noy 2034 Dee
50 1212 Mar25 1914 Jan 8
700 Autosales Corporation
14
1334 1334 1213 121
/
4 •12
14
14
13/
1
4 14
14
14
29
Oc
35/
1
4 Dec
50 25 Feb 14 30/
1
4Jan 15
6% prof temp certifs
29
32
*25
32 o
*22
*25
29
•25
30
*25
28
15814 Oct
64/
1
4 Ja
/
4 132 13834 629,300 Baldwin Locomotive Wks-100 10312 Feb 13 14212 Mar22
13134 13538 13312 14212 13612 1401 13014 14334 12834 1341
Jan 145 July
100 114 Mar 3 134/
1
4Jan 3 103
12118 125/
123 12412 2,400 Barrett Co (The)
12112 125
1
4 121 121
12578 126
12414 125
100 105 Feb 18 11112Jan 6 110 Fe 119 May
Do preferred
*100 106
---- ---- *100 108
2/
1
4 May
11
/
4 Ja •
20
1 Feb 9
138 Jan 5
114 *1. 114 -;i- -If; ---ioo Batopilas Mining
114 -;ii8 -.1-14- *1
--i" "I" *1
45 Oct
26 Sep
/
4 Jan 2
2838 3018 2634 2938 28
2938 31
2918 40,000 Bethlehem Motors____No par 1712 Feb 11 311
2814 30
2738 27
July
/
1
4
J
10734
9514
55
30
100
27
Jan
7712
Feb
Corp
Steel
Bethlehem
2800
8938 89/
1
4 90
931
5538 Jan 112 Oct
8112Feb 26 10212Jan 3
95
9934 -58; Wit; -oars iiii" 'Ws lifr "iii, 9814 178,500 Do Class B common-100
9618 96
90 Dee 108 July
100 97 San 14 10214 Feb 24
Do preferred
116 Sept
1
4 Ja
400 Do cum cony 8% pref100 108 Feb 13 114 . Jan 5 101/
112 112
11213 11212 112- 11213 --11 Dec 25 July
No par 10 Feb 13 15 Jan 9
1214 1134 12
-11 12-18
1178 13
"ii" 12-4 12
-11/
1
4 Till 4,400 Booth Fisheries
Feb
8512
De
102 Aug
27
91
Jan
100
13
Inc
Edison,
Brooklyn
96's
*9518 07
-- ---97
*95
41 Dec 92 May
100 491
:Feb 5 62 Mar20
60 ;
62 ---ial) Brooklyn Union Gas
5713 62
*53 62
iii- -bi- ;FT- -81-- egg
63
11212 July
Fe
2
71
Jan
Feb
27
10538
100
93
Shoe,
Inc
Brown
101
*95
.....- - _ - _ --- _- - *95 101
101
*95
97 Au 101 May
100 96 Feb 18 100 Jan 12
Do preferred
98
*97
98
93 *97
07
'
100 93 Feb 4 12413 Mar23 115 De 166 Apr
17,400 Burns Bros
119 12412 118 12013 119 122
iiii- iiii. la" 1183-2 iii" fiS
Oct
17
518 Fe
7'z Feb 5 1112 Jan 9
/
4 7,300 Butte Copper & Zino y t 48_5
934 101
Os 978
1
4
918 10
9/
1
4 1018
938 9/
978 10
Jan 3934 July
16
100 15 Feb 11 26 Jan 6
900 Butterick
1913 2014 1912 1012 1812 19
1834 1834 18
20
1818 *18
3713 July
16731 Fe
/
4 2914 16,500 Butte de Superior Mining-10 22 Feb 5 2914 Jan 12
1
4 281
2714 2614 2834 2512 26/
2734 27
2734 27
27
1914 Dee 5414 May
2312 2314 2412 22
2334 2378 23
6,200 Caddo Central 011 33 Ref 100 17 Feb 6 2814 Jan 6
/
4 23
2313 22
211
22
8713 Dec
4814 Ja
7912 3,000 California Packing____No par 274 Feb 27 8512 Jan 28
79
1181
82
8134 8214 8112 8214 80
81
781
/
4 80
5678 Oct
2038 Jas
100 273 Feb 13 46 Jan 3
4078 38
4014 87
4034 4118 4034 4112 40
3812 3814 40
5,900 California Petroleum
Jan
8638 Sept
8418
100
65
7613
Feb
10
Jan
6
610 Do pref
6934 70
70
70
*69
*70
72
7014 70
70
*69
70
5634 Mar 8884 July
600 Calumet & Arizona Mining_10 59'2 Feb 13 89 Mar28
*6212 65
83
69
6413 64/
1
4 *64
70
63
67
4430
70
9112 Jan 101 Aug
(J I) Thresh M pf etf_100 98 Feb 25 101 Jan 24
iii
6612 Feb 11812 July
100 72 Feb 13 10434 Jan 5
29,800 Central Leather
-613; III; -56i2 -9
.
1.7-43 -1-3i-ir4 -il-1-4 -al I65-2 1:64 -81"
100 10212 Mar22 10812 Jan 5 10412 Jan 114 July
600 Do pref
103 103
10212 103
10312 10312 *103 104 •10218 105 *10218 105
31
Jan 6712 July
/
4 Feb 26 813 Jan 3
55
52/
1
4 5414 5434 5612 42,800 Cerro de Pasco Cop.-N0 par 451
5514 5334 5414 52
5218 5434 54
3014 Apr 8512 Nov
.
38;:iao Certain-Teed Produota_No par 47 Feb 6 62 Jan 7
. 1_6.6.c2 iii iii..
iii. iiii4 mii,
ii fen ..
1
90 Nov 14114 Nov
Chandler Motor Car-No par 11712 Feb 26 164 Mar15
88 Ap 11313 Nov
23,100 Chicago Pneumatic Tool 100 78 Feb 26 110 Mar23
103 105
103.2 109
106 110
10834 1087 100 10312 101 106
1614 Dec 2914 July
25 1518 Feb 11 21i Jan 3
1838 1938 1834 1913 1818 18/
1
4 18
1838 1778 18/
1
4 1834 1913 19,900 Chile Copper
5078 July
3218 Fe
/
4 Jan 3
5 3178 Feb 26 411
3414 3612 36
3834 3412 35/
1
4 3412 3518 3414 361
/
4 3814 3718 14,600 Chino Copper
603
43 Feb 108 Dec
Feb
11
3
87
106
Jan
*93
9712 .193
300 Cluett, Peabody 33 Co.-100
96
94
*33
94
95
9134 93 .188
95
4318 Nov
3712 No
No par 333/Jan 19 4034Jan 2
39
37
33
36/
1
4 4714 *37
8,400 Coca Cola
35
35
35/
1
4 36
3014 39
56 July
3434 Fe
/
4 Feb 11 4414 Jan 3
3912 40
38/
1
4 39/
38/
1
4 3914 6,200 Colorado Fuel & Iron___100 381
1
4 37
3958 37/
1
4 38
69 Oct
1
4 Fe
39/
100 53 Feb 13 87 Jan 9
60346135 60/
1
4 61
*60
61
1
4 5913 5913 3,300 Columbia Gas & Mee
59
6038 5812 58/
5034 Oc
7514 Oct
4413 45
4412 4714 45
46/
1
4 4312 4518 4213 44
431
/
4 47/
1
4 30.300 Columbia Graphophone No par 3612 Feb 5 651z Jan 5
9112 Dec 9512 Oct
100 8734 Marll 9234 Jan 14
92
600 Do pref
92
92
92
02
92
*92
9234 9212 9213
54 Aug 75 June.
6812 6812 *67
-a; 154 68
*8714 6812 1,700 Consolidated Cigar___-No par 551k Feb 10 7013 Mar22
7012 *69
70
88
8838 July
100 27614 Feb 13 8212 Jan 30 z78 Au
83
83
880
8238 *8134 8212 411
800 Do preferred
83
82
83
*82
082
7834 Dec 10833 July
1
4 Mar22
89
8914 9238 24,000 Consolidated Gas (N Y)...100 75 Feb 11 93/
87/
1
4 9212 01
93/
1
4 8934 9112 8612 9014 87
5/
1
4 AP
23 Oct
1912 1834 1918 1838 18/
19
1
4 1818 18/
4,600 Cons Inter-State Call Mg_10 1634 Feb 10 203s Jan 5
19
18
1
4 1734 18
1
4 Nov
30.2 Dec 37/
/
4 3412 3313 341, 3118 33/
35/
1
4 23,000 Consolidated Textile-No par 25 Feb 27 3513 Nlar26
3018 3113 321
1
4 31/
1
4 311
/
4 34
65/
1
4 Feb 10334 June
100 78 Feb 13 9338 Jan 3
1
4 9012 10,300 Continental Can, Inc
88
89
8913 9112 9112 93/
9034 90/
1
4 901
/
4 93
90
100 10034Jan 13 10234Jan 22 10012 Oct 110 June
*101 108 *101 108 *101 108Do preferred
1518 Oct
1034 Sep
5,500 ContinentalCandy CorpNo par 1012 Mar 3 1312Jan 3
-ii- -121; 'H.
' Iiii -ii- 1238 12 12 10/
1
4 1118 1114 12
Oct
46
Jan 99
/
4 Feb 13 9512 Mar18
9212 9238 9518 90,700 Corn Products Refining_100 761
9512 9313 9434 9112 9438 90
93
9214 93
100 101 Jan 28 107 Jan 9 102 Jan 10978 July
105 105
500 Do preferred
106 106 *105 10614 me 106 *10512 10612
Feb
261
Oct
5218
Feb
25
25612
Manz
189
America_100
Steel
of
235
-24513
252
Crucible
iii"
234
240
95,700
22734
245
23412 255
23412 24212
Jan 105 July
91
100 9614 Mar 5 100 Jan 7
98
98
9812 9813 98
9813 9712 9712 97
9612 9612 1,000 Do (Referred
97
2038 Jan 55 Dec
No par 392 Feb 26 5412 Jan 7
48
49
48/
1
4 4913 4738 49
18,300 Cuba Cane Sugar
4834 49
461
/
4 4812 4312 49
87/
1
4 Dee
6912
Ma
7912
21
Feb
18
Jan
100
8573
82,___,_
Do
preferred
82
821
/
4 8112
700
82
82
82
82
82
82
__
Jan 410 Oct
100 Cuban-American Sugar, 100 400 Jan 9 450 Jan 26 150
*425 445
435 435 0425 450 *425 450 0425 450 *425 450
1038 Jan 1614 May
10 1012 Feb 13 13 Jan 3
12
1214 .12
1214
/
4 1134 2,700 Dome Mines, Ltd
12
1218 1114 117
1112 1134 111
43 July
50 20/
1
4 Feb 28 28 Jan 2
2338 D
2412 5,590 Elk Horn Coal Corp
2312 2338 2278 2311 2312 24/
1
4 237s 26
24
2512 23
50 33 Feb 17 45 Mar25
39 Dec 49 July
400 Do preferred
44
*37
43
43
43
45
*37
43
*3934 43
45 •42
24/
1
4 Dec 43 June
300 Emerson-Brantingham--100 20 Feb 6 29 Jan 2
24
23
23
*22
24
*21
24
24
2334 2334 *21
24
88 Dec 101 June
100 8212Jan 21 91 Jan 3
100 Do preferred
83
*82
86
*8212 86
84
84
*8212 88
*82
*82
86
80 June 150 Dee
50 99 Mar 3 147 Jan 6
10,300 Endicott-Johnson
11812 11012 11712 12134 1201
11512 12312 115 117
117/
1
4 118
/
4 123
1017a
Feb
27
3
Aug 1071a Dec
1001
/
4
104
Jan
100
10114
preferred
400
Do
4101
10134 1013
__ 10034 10034
_
88 Dee 123 July
/
4 Feb 11 95 Jan 5
29,300 Famous Players Lasky No par 651
-811 ii- 'Hi' If- 7712 81
7812 80
7712 83
7712 78
1
4 Feb 2
100 85 Feb 11 90/
88
8812 8934 8934 90
88
00
8914 41,400 Do preferred (8%)
*88
87
87
87
9 Dec -231; Kai
100 Federal Mining & Smelting 100 10 Jan 6 1512 Marti
*13
15
*13
15
*13
15
*1312 15 •13
16
15
15
25 Dee 4814 July
3512 36
100 2614 Jan 2 3612 Mar26
36
3638 *3512 3612 34
34
38/
1
4 3612 1,200 Do preferred
•34
31
Oct
Jan 173
3814
Feb
18
Mar20
par
No
1341
/
4
12514
128
8125
130
Corp
10013
130
1,100
Fisher
Body
130
134 13.17s 13212 134
13014
13014
39/
1
4 Nov 55' Oct
25 33 Feb 6 48 Jan 3
3788 3612 3734 3514 361s 35.4 36$4 10,600 Fisk Rubber
3818 37
30% 3712 37
311
/
4 Dec 6438 July
261
/
4 24/
No par 2018 Feb 10 3612Jan 5
1
4 26
1
4 2612 2412 2618 2518 2612 4,800 Freeport Texas Co
1
4 26/
2618 25/
26
15 Dec 3834 July
1913 Jan 5
1513 1512 1534 16
1512 16
15/
1
4 1512 1514 1514 1514 1514 1.800 Gaston W & W,Inc -No par 12 Feb 11
Jan 9578 July
47
100 5818 Feb 27 7538Jan 3
1,400 General Cigar, Inc
70
6034 71
6814 7034 6813 8812 *88
70
69/
1
4 6934 70
Oct
/
4 Feb 11 172 Jan 2 14412 Feb 176
100 1521
16013 16134 15912 160
158 15912 157/
1611
/
4 162
157/
1
4 15778 3,100 General Electric
1
4 159
Jan
406/
1
4 Nov
Fob
11812
17
Mar24
100
410
371
401
409
366
22513
303
410
377 400 258,700 General Motors Corp
345 389
380 385
3718 4014 3878 4118 35/
3414 3734 3638 40
1
4 42 558,200 Do temporary otts_no par 2413 Mar 5 42 Mar28 ---- ---- -- ---1
4 3812 37/
82 Jan 95 June
100 7313 Feb 13 8934 Jan 3
87
89
84
87
*85 92800 Do preferred
84
85
1
4 Apr
8212 Feb 94/
/
4 Feb 13 8514Jan 6
-iiTs iti- 76 7713 75 . 76 7518 76 7818 7618 -ii- -7- -4 11,800 Do Deb stock (6%)-100 691
---- - -00 ' 0090 90
90
90
3,000 Do deben stook (7%)-_100 84 Feb 13 90 Feb 7
90
8912 90
90
1
4 Feb 25 85/
1
4 Jan 5 -$81;-Jan -93-38 -Oct
100 64/
71
if- 6712 6914 6884 6952 11,600 Goodrich Co (B F)
711
/
4 68 ;
7214 7214 7112 7212 71
/
4 Jan 3 102 Aug 10912 Apr
100 92 Mar 3 1021
95
95
900 Do preferred
95
9113 95
9412 9112 294
4712 Dee 80 Jan
46
4514 4778 -a- -4-(C- -ii- Ili 2,200 Granby Cons MS & P.-100 36 Feb 25 5512 Jan 3
46
*42
50
41
42
53/
1
4Nov
4638 Dec
Mar
5
49
/
1
4
Jan 5
3114
25
3512
3618
3913
36
3512
3512
35
/
1
4
3,000
Davis,
Inc
36
Gray
&
31
34
3438 36
3212 Dec 4712 Jai,
1
4 Feb 13 33's Jan 3
500 Greene Cananea Conner-100 29/
38
38
3378 34
*33
37---- ---49/
1
4 Feb 8918 Oct
1
4 Feb 25 84/
1
4 Jan 8
4,300 Gulf States Steel tr ctfs_100 57/
69
On 71 12 "ail 19;" -iiTs 1914 6612 6712 67
5414 Jan 10013 Dec
100 86 Feb 18 108 Jan 19
100 Hartman Corporation
1
4
1
4 *8812 90/
;iiii2 .iiii- 8913 8912 *8812 9012 .
8813 9012 *8812 90/
40 Feb 7138 July
1
4 6,200 flaskel & Barker Car_ No par 50 Feb 13 6812 Mar19
63/
1
4 63/
6338 6513 6214 65
63
6312 6118 6312 8012 63
-----__ -47
500 Hendee Manufacturing _ _100 30 Mar 2 4334 marig
*42
44
40
43
43
4312 4312 •40
39
391
/
4 40
..-10 13 Feb 13 18/
1
4 Mar18 ------ __
17
1714 12,800 Hupp Motor Car Corp
1714 1634 17
1712 18
1712 18
1738 1734 17
37,800 Inspiration Cons Copper___20 5018 Feb 13 6134 Jan 3 -421; -Feb 687i Jul;
58/
1
4 5878 illills 60
5018 58
/
4 5818 5712 58
5613 5838 571
/
1
4
Jan
3734 July
Feb
13
Mar18
10
1312
Corp___100
2634
2334 2334 2218 23/
25
1
4 21
Agrloul
2514 *23
*23
Internet
217a 22
1.800
22
/
4 July
48 Jan 911
100 89 Feb 11 8312 Mar18
78
80
77
300 Do preferred
*81
82
7812 7812 77
*77
82
*77
82
:
1 ;2978 130
1,800 Inter Harvester (nete)--100 11218 Feb 17 135 Jan 5 11018 Jan 14938 July
12778 1277
13112 13112 13018 13212 13.214 13214 12718 130
June
24
111
Dee
120
Jan
100
110
Mar22
115
Preferred,
nete
500
Do
11014 11014
110 11112
___
_
21/
1
4 Jan 8734 July
100 2713 Feb 11 517s Jan 3
.- 28,700 Int Mercantile Marine
1
4 18-1; -a/ 17
3714 -34/
3958 -3712 -gl; 34
-fili.
3 -391; 38
92/
1
4 Feb 12812 May
100 7812 Feb 13 11178 Jan 5
9734 9112 93/
1
4 9412 9812 37,600 Do preferred
9812 9912 9838 10014 08 10013 92
1
4 June
2018 Dec 33/
211
/
4 2134 21
23/
1
4 26,800 International Nickel (The)25 1934 Feb 13 2634Jan 7
2214 2134 2218 2118 22
211
/
4 2214 22
30/
1
4 Jan 82 Nov
100 7034 Feb 26 91 Marie
86
8938 8314 8814 82
83,850 International Paper
89/
1
4 86
8434 84
8714 8818 87
82 Jan 80 July
1
4 Jan 3
100 70 Feb 16 79/
500 Do stamped prof
76/
1
4 7612 76
78/
1
4
77
77
7678 7678
34 Dec 65 Nov
-4
.8
74 -5134 11,300 Iron Products Corp.--No par 3618 Mar 1 5112 Jan 27
1
4 -4i1-8 -413; 4414 46
4413 47
4513 4614 4614 46/
15 Dec 48 Mat.
100 14 Fob 11 2114 Jan 9
_
18
1,500 Jewel Tea, Inc
1513 1714
16
1515 1512
17
--- -. 17
451
10
38/
1
4 Dec 91 Mar
Jan
38
Mar23
100
383812
__-40
387
8
39
39
800
Do
preferred
38
3813
--_. -- --2434 Doe 44 July
24
100 2312 Feb 11 30 Jan 5
24
24
2414 24
*21
25
1,100 Jones Bros Tea, Inc
*24- I71-2 24
68 Jan 184 Nov
13313 13513 127 13713 127 13012 132 137
25 106 Feb 25 15212 Jan 5
13,510 Kelly-Springfield Tire
iaF 1-323; 132 133
Temporary 8% preferred 100 96 Feb 13 105 Jan 21 10112 Dec 11014 Oot
*100 105 *101 105 *101 105 *101 105 *101 105 *101 103
Jan 11434 Oct
34
82
100 86 Mar 4 90 Jan 5
82
82
*72
83 *70
*71
80
82
80
500 Kelsey Wheel, Inc
*71
79
2738 Nov 43 July
3278
1
4 Feb 13 3338Jan 5
/
1
4
28,100
Kennecott
Copper __No par 27/
31
/
4
311
/
4 32
3112 32
3038
3111
31
3158 3012 31/
1
4
38/
1
4 Dec 12812 July
1
4 Feb 13 4813 Jan 5
21,900 Keystone T1re & Rubber___10 24/
38
3538 40
36/
1
4 3912 3672 3814 3512 8852 37
3534 36
1
4 Nov
6212 Jan 107/
100 63 Feb 28 0114 Jan 5
7813 8112 7878 8013 7612 80/
1
4 75
Ws We 7934 22,800 Lackawanna Steel
78/
1
4 79
33 Dec 83 Jan
100 Laclede Gas (St Louls)
100 38 Jan 8 43 Mar16
43
43
21
Jan 40 Oct
-5-ii8 -3i38 34113 38
-5-4T2 -i.l.1-2 -31 -311-2 -ii- -3-4.- -Hi: iii- 2,400 Lee Rubber & Tire.._ __No par 28 Feb 11 387* Jan 6
200 Liggett & Myers Tobacco_100 1641
/
4 Mar10 207 Jan 10 195 Dec 25014 Aug
*170 175
135 170 *105 175 *165 175 *160 175 *180 175
100 106 Feb 21 10978Jan 31 107 Jan 115 July
106/
1
4 104312
100 Do preferred
*103 110 *103 110 *103 109 *100 106 •100 108
1
4 2918 30/
1
4 8,200 Loew's Ineorporated_no par 2512 Feb 11 32 Jan 15
2912 29/
30
3012 3012 3011
/
4 3114 2913 3014 29
- Dec "iiii 1572;
/
4 10,400 Loft Incorporated
no par 17 Feb 6 28 Jan 3 -25l8
*1914 101
/
4 19
19/
1
4 2114 1912 1934 1912 191
2012 2038 21
timid and asked prices. no sales on Ms day. i Lose than 100 shares. :Ex-rights. et Ex-div and rights. 580% paid •Full paid. a Old ,took. a Ex-dividend.
"iai4
iiir, ii.63_ iii4
i7,4
1272
New York Stock Record-Concluded-Page 3
For record of sales during the week of stocks usually inactive, see third page
preceding.
HIGH AND LOW SALE PRICES-PBX SHARE. NOT PER CENT.
Saturday
Mar. 20
Monday
Mar. 22
Tuesday
Mar. 23
Wedaesday I Thursday
Mar. 24
Mar. 25
MIS
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-shari lots
PER SHARE
Rano for Previous
Year 1919
Friday
Mar. 26.
Lototst
Highest
Lowest
Higbee.
3 per share $ per share $ per share $ per share $ Per share $ -oer share Shares Ind u trialacHlac
a
.(Con.)
Par
share
$
per :hare
PM
$
$ per share $ per *here
•56
60
*55
CO
55
5612 •55
57
•53
5612
300
Loose-Wiles
*32
Biscuit
3
6
'2
tr
°Us-100
45
Feb
11
70
Jan
3
40% Feb 81 July
*111 127 *111 127 *111 127 *111 127 *111 127 *111 127
Do 2d preferred
100 112 Febil 11512Jan 19
94 Feb 120 June
16378 16118 164 16412 16378 16378 160 16212 159 159
16018 16018 1,700 Lodllitrd (P)
100 145 Feb 5 18334 Jan 2 147% A pi 245 July
*104 107 *104 , 107
105 105 *104 110 *10412 109 *105 109
100
Do
preferred
100
105
Niar23 11012Jan 8 107
*66
Jan 115 July
70
*67
70 .67
70
66
66
*64
67
*64
70
200 Mackay Companies
100 64 Feb16 69% Jan 7
63 Dec 79/
64
1
4 May
64
6414 6114 64
61
*34
35
*64
65
*64
65
500
Do pref
100 61 Febll 6414 Mar22 s2
69
3 JA
uu
30
nge 66 July
30
3014 3014 *3018 31
__
_- *29
3112 ___. ___
300
Manhattan
Shirt
25 28 Febll 33% Jan 5
38
*26
/
1
4
July
29
*25
29
26 -2-6
*25
29
*25 -27
100 Martin Parry Corp..._no par 23 Feb25 30% Jan 8
23 Dec 311
129 fio
/
4 Nov
132 134
130 131
130 13334 12934 131
131 132
3,600 May Department Stores-100 11712 Feb25 134 Mar22
*10112 110 *10112 111 *10112 110 *10112 110 *10114
60 Jan 13144 Oot
110 *10114 110
Do
preferred
100 10314 Niar16 107 JanI2 104
191 19412 19514 20334 19612 20112 19214 206
Jan 110 May
189 197
196 20034 156,300 Mexican Petroleum
100 161 Febll 222 Jan 3 16234 Jan 264
Oct
*88 100
Do pref
100 95 Feb10 105
Jan 6
- 2
.34 -2334 23
99 Dec 118% Sept
2312 2318 2312 23
2314 23
2314 2333 2378 3,600 Miami Copper
5 2114 Feb 6 26 Jan 6
21 Nov 32% July
3018 3134 3012 3212 298 3214 3118 3234 3012 3258 2978 32 104,300
Middle States 011 Corp
10 2234 Feb 6 71% Jan 6
32
Oct 71% Nov
4712 4734 4712 4878 4712 4778 4612 43
4578 468 4812 4778 16,300 Midvale Steel & Ordnance_50 42% Feb26
5234 Jan 6
4014 Feb 6214 July
6612 6714 66
0712 6614 6614 67
67
*65
67
68
68
1,600 Montana Power
6158 Feb16 69% Jan 7
100
4412 45
54 Nov 83 July
44
4413 *43
45
*4312 45
*4012 44
44
900
453
8
Mullins
Body
Feb13
3618
par
no
51
Jan 5
4
28012 Nov 53
3812 3812 38
Oct
38
3818 3818 *38
39
38
38
384 *37
900 National Acme
Feb13 40 Marl!)
50
43% July
66
66
6612 6712 67
138
6512 67
6213 6412 6338 65
6,000 Nat Aniline & Chem vtc.no par a514
44 Feb13 7278 Jan 3
*86
8
45
7 S
Neopvt 75 Nov
88
* 1
1 *51 871
861 861
8614 8614 *88
200
87
Do
preferred
v t0
100 83 Feb13 8978 Jan 6
014 Oct
11312 11312 -------_ ---__ ---- ----- ---_ 116 116
100 National Blsoult
100 110 Mar 3 125 Jan 3 107 Aug 139
Oct
113
500
Do preferred
100 11114 Mar 6 116 Jan 9 112 Dee s121 Mar
'64
-.---ii -arz ----6912 in ----fe
i6 -76 T
,
1.2 To
g
500
National
Cloak & Suit..._100 (13 Feb26 80 Jan 3
*97 100
Jan
98
70
92
98
*98 100
July
*35 100
*97 100
*95 101
100
Do preferred
/
4 Feb19 10212 Jan13 103 Dec 108% May
100 911
1112 1112 1112 1112 11
1112 11
1112 1012 1058 11
11
1,800 Nat Conduit & Cable_No par
8 Feb 6 12
7812 7914 7834 7914 78
812 Dec 2434 July
78
75
7534 78
75
7618 2,800 Nat Enam'g & Stamp'g.-100 6812 Feb25 8912 Mar13
76
Jan 2
*99 101
*99 101
4512 Feb 88% June
*99 101
*.39 101
*98 101
*98 101
Do pref
1
4 Fehll 10214 Jan 7
100 99/
84
93 Jan 104 May
8534 8458 8514 *82
85
.80
8478 8018 81
8034 8318 6,700 National Lead
100 7234 Feb20 86% Jan27
*105 108 *107 103
64
Jan 9412 Oct
108 103 *107 109
109 109 *107 110
300
Do pref
100 105 Mar 4 110 Jan 8 102 Sept 112 July
1514 1512 1518 1558 1414 1412 1412 1458 1478 1478 15
1553 2.800 Nevada Congo! Copper
• 5 14 Feb28 1712 Jan 5
11214 11214 112 113 *109 113
1314 Nov 21/
1
4 July
103 110
10512 108
107 107
2,000
New
York
Air Brake____100 92 Feb13 11714 Jan 5
*33
1
4 Oct
38
*34
9114 Feb 145/
38
35
36
3678 42
37
3858 40
44
4,650 New York Dock
100 30 Feb10 48% Jan 8
.48
52
*48
52
19% Feb 7014 July
*43
52
50 • 52
48
51
50
50
1,200
Do
preferred
45
Febl
61
1
100
Jan 3
*51
4414 Mar 75 July
54
*51
54
53 , 53
*52
54
*52
51
*52
54
100
North American Co
100 50 Feb 4 58 Jan28
6458 6458 64
47
6712 6518 6518 6218 6678 59
Jan 67 July
6,300
6218 8233 83
4458 4518 4478 45
46
4412 45
Jan 97 June
4334 4434 4212 4318 4418 4412 12,400 Nova Scotia Steel & Coal 100 50% Febl1 77% Jan 5
Ohio Cities Gas (The)
25 X335± Feb13 50% Jan 3 a35$4 Feb 61/
*51
53
1
4 July
52
52
*52
53
*52
53
*51
55
*5214
55
100
Ohio Fuel
5'2 518
25 44 Feb13 52 Mar13
43 .Ja
512 558
..1
.
.
1 55 July
538 558
53s 512
536 512
514 512 19,400 OklahomaSupply
Prod & Ref of Am 5
434 Feb19
554 Mar 8
2,400 Ontario Silver Mining__ _100
5 Feb19
912 Jan26
iiiS- 111-- 131'2 14r4 §1317
512 Mar 113 Nov
338 13/7388 141 1384 *136 14038 13112 1381,
810 Otis Elevator
no par 120 Feb13 145 Mar19 128 Nov 149 Nov
3114 3112 3112 3312 3214 3278 3018 3212 30
3034 31
331g 18,600 Otis Steel
no par 28 Feb26 41% Jan 6
63
6434 36414 6414 *60
4
38
412 tt(
Dag
ee 3914 Nov
65
*58
61
60
60
800 Owens Bottle
61
61
51 Feb13 65 Jan
Oct
74
_
70
70
*68
72
*68
71
100 Pacific Development........ 68 Mar 1 78 Jan 2
iii- -6.312 -'5- -ii- i55r2 /43-4 51
2
Oct
7034 Dec 80
54
50
5134 5038 51
3,200
Pacific
Gas
&
Electric
44
M.o. 1 6114 Jan 5
34
100
34 .31
*331: 34
5812 Dec 7514 Jig]
34
3312 3312 *31
,
3312 *3114 35
200 Pacific Mail SS
31 Feb26 38% Jan 9
5
2912
42Ss
July
Feb
400 Paelfle Teleph
L'elea...._100 37 Jan13 43 M tr18
101's 1/314 jai- 161722 Jan 41 Dec
8 13:1 13112 31 1(113
-9/T2 -9-9-34 419 AL 196,900 Pan-Am Pet &&
Trans
60 71% Feb13 10814 Jan 2
95% 96
9514 9734 9512 9734 90
67
492234 Ja 140% Oet
9834 8912 93
9212 95
11,600
Do Class B
50 6734 Feb13 103% Jan 3
4112 4178 4114 4112 40
10478 Dec
4034 40
40% *40
41
41
43
2,400 Parish & Bingham
no par 37 Feb18
Jan 6
28
2812 28
Dec 4734 Nov
31
30
33
31
33
3378 31
33
35
25,100 Penn-Seaboard St', v t o No par 19% Feb25 47%
35% Jan 6
39
40
39
2712
4012 3834 3324 38
58 July
Apr
33
38
38
39
4,000 People's G L & C (Chlo)...100 33 Feb 6 42
40
39
Feb 9
32 Dec 57 May
3958 3834 3958 3812 3878 3758 39
3738 3734 3754 3934 10,600 Philadelphi
a Co (Pittsb)._50 3458 Feb13 4213 Jan10
6714 6938 6912 '41
30
Jan 43 Apr
713 743
66
74
6314 6 3
291,600
97
71
Pierce-Arrow M Car...No par 4834 Feb13 8278 Jan 3
Oat
----- ----- ----_ ----------------Jan 99
_ 101 102
200
Do pref.
1834 1834 ..1%53
100 93 Mar 1 10812 Jan 8 10
Oct
2 slilt2 )
38
1.11178
1 1 Jan 111
4 n1
,
8
2 *.a38
1.
g .18
5,600 Pierce 011 Corporation
1818 1734 1814
.25 1574 Feb13 2314 Jan 8
16
Jan 2858May
300
Do
pref
Febil
89
98
;174 19.
Jan
100
7
10512
58
93
Dec
Oct
5334 5912 62
59,
8 6111 8
. 51-8 -6-6- -6153.4 -6-3-5; 9,700 Pittsburgh
Coal of Pa
100 5114 Feb13 6378 Jan 3
8918 90 .88
45 Feb 74% July
92
90
90
*88
9212 0014 9014 90
90
700
Do pref
.18
100 89 Feb25 9114 Jan24
21
*18
8512 Mar 98 May
20
2034 2034 20
2133 2018 2014 20
2,500 Pond Creek Coal
2111
10 16 Febll 2758 Jan 5
10212 10378 10212 10434 10218 1034 9934 10312 9812 100
1238 Feb 31% Oct
10012 10231 11,700 Pressed Steel Car
84
Feb13
10434 Mar19 259
100
102 102
Oct
Feb 100
100
Do pref
100% Jan 7 104% Feb 2 100 Mar 106 July
100
1-3(3 /6
,_
_ :,,,
_
*65 Ifi '86 Ws 'Le 770
100 Publics Serv Corp of N J__100 65 Mar 3 68 Jan28
12112 12112 izi 1-217
91% Jan
110s11
--P..78 119 11912 118 118 *11714 122
1,100 Pullman Company
100
Feb13 124 Mar19 16°
100
84
10 N
8418 8412 86
D(e
)e
v 132% July
8312 8478 8014 8438 8018 8138 83
7,600 Punta Alegre Sugar
83
•100 102
50 74 Feb25 96 Jan 7
51
10034 10134 9812 9978 9712 100
Apr 98% Doe
9811
98
98
98
3,000 Railway Steel Spring
100 8914 Febil 103 Marl8
.105 108 .105 108 .105 103 *105 108
68% Feb 107% Nov
105 105 *10212 108
150
Do pref
10334 Feb 5 10614 Feb20 10488
1834 1914 19
112 June
1938 19141 1938 19
19
1834 19
4,600 Ray Consolidated Copper..100
1918 1911
_10 16 Mari5 22% Jan 6
85
8512 8412 8152 8113 84
19 Mar 2712 July
79
83
78% 81
82
3,700 Remington Typewriter v t o 100
82
6212 Feb13 94
45
49
Jan 3
1
4 Oct
4534 4834 42
Aug 105/
4514 4212 4512 43
46t2 10,100 Replogle Steel
44
45
no par 3412 Feb26 49% Mar19
10234 10434 1045s 11034 10538 10878 10312 11158 10112 10614 10518 110 361,800
46 Dec 53/
1
4 Dee
Republic Iron & Steel
100 8418 Feb27 1244 Jan 3
*9812 9934 ..,;.. ..„._
71% Jan 145 Nov
9812 99 .98
99% 9818 9812
800
Do pref.
z9712 Mar15 10634 Jan13 100 Jan 106/
100
1
4 July
2,800
Motor Truck_No par 37 Mar 4 5534 Jan 2
10413 1-1.6
- 5-8 iiii- 16E3-4 1C111714
44% Sept 7412 Nov
3 107
1
16E18 133 11258 137
2 at 55,700 Republic
Royal Dutch Co(N Y shares). 93/
1
4 Febl 1 11058 Jan27
161s 1612 1614 1612 1614 1638 lin);
84 Aug 121 July
1638 1638 1614 1613 163a 1611
3,700 St Joseph
14%
Jan
Lead
2 1634 Jan10
10
76
80
12% Dec 17 July
7812 8012 74
7512 7378 74
73
7334 76
5,200 Savage Arms Corp
80
100 6412 Mar 5 8012 i111r22
1713 18
1
4 Oct
53% Jan 94/
1758 1812 18
1834 17
1838 1014 1712 1714 184 32,600 Saxon
Motor Car Corp No par 13% Feb13 21% Jan13
*233 235
23412 23412 1'225 235 *225 235
614 Mar 29 Aug
230 230
230 230
300 Sears, Roebuck & Co-_-100
214
Feb13 240 Jan 5 16812 Feb 230/
*12
1212 1212 1212 *12
1
4 Dec
1212 1158 12
1114 1112 12
1,200 Shattuck Arts Copper
12
10 10% Feb13 12% Jan 5
19/
1
4 July
8014 8138 80
10 Feb
8112 7858'7958 77
78t2 23,000 Shell Transp & TradIng
7934 7514 7714 77
7334 Mar 2 9014 Jan28
74 Dee 8144 Dee
435± 4414 4358 4412 425± 44
415± 44
4118 4214 4134 4312 101,600 Sinclair Cons 011 Corp No E2 34%
Feb 6 4834 Jan 5
par
74
7478 7414 7678 74
4118 Deo 6414 Nov
7512 74
76
73
7312 7412 77
7,500 Slois-Sheffleld Steel & Iron 100
64 Feb13 8214 Jan26
4612 Feb 89 Nov
Do preferred
89
Jan23
=164- iii85 Mar 97% July
100 So Porto Rico Sugar pref. 100 110 Feb28 94 Mart8
116
NO
Jan 5 107 Jan 117 Sept
*135 145
__ ___.. ______ *130 145
Standard Milling .
100 120 Febll 148 Jan 7 124
Oct
Jan 160
*80
90
___ ____ ____ ____ *80
90
Do preferred
100
/
4 June
7912 85
8512 Jan 941
85
8958 8318 85l
76
6
8518
2
no
2 103,300 Stromberg50 Feb13 9912 Mar26
Carburet
.No
.
Oct
109
/
1
4
Far
36%
10634 10912 10858 11012 10678 109 1 10112 10914 9918 104
Jan
10234 108 332,500 Studebaker Corp (The) _100 8018 Feb26 115% Jan 5 45/
Oct
1
4 Jan 151
100
101 101
Do pref
100 99 Feb25 101% Jan31
264
92 Jan 10412 Nov
.- 226- iii- iii - iao- Zig - 23712 250
27,900 StutsMotor
ilL- 282 295 325
Car of Am_No par 10034 Feb1.3 335 Mar2n
4214 Feb 1447; Oct
521 53
5318 5812 57
5878, 5412 5818 54
5514 5512 5738 34,200
Feb13 5378 Mar23
100 41
32 Jab 8474 June
1034, 1078 1078 1118 10
,
8 10141 1038 1034 1018 1012 1034 1034 3,800 Superior Steel Corp'n
Tenn
914 Feb13 1214 Jan 4
& 0 tr etfs-No Par
1714 May
210 21212 21234 222
9% Dec
213 220
20434 220
202 20912 206 213 121,000 TexasComa
Company (The)
100 16614 Febil 231
Oct
Jan 2 184
72
Jan 345
73
72
753* 7414 76
68
7538 6814 7112 70513 7358 25,400 Tobacco
Products Corp. 100 61 Feb13 9511 Jan 3
96
72% Jan 115 June
96
9612 97
*94
98
*96 100
*95
98
*96 100
400
Do prof
9058 Feb25 106
100
June
120
Jan
2558 26
7
251z 261
2538 26
2434 26
2378 2514 2433 2514 26,200 Transcontinental
011- No par 20 Feb 6 3834 Jan 5
9
3731
4 19ee
---- __- 63
ec 62% Nov
63 - --------82 62
200 Transue & Williams
St_No par 34,4 Feb13 6612 Jan 3
37% Jan 74% Oct
_ *167 180
Underwood Typewriter_ __100 168 Feb14 190
197% Dee
-iii- -16- -56- 'VS- -iii- 16
Jan
115
2
Jan
100 106
100 io-S" 10412 16E- - 7,200 Union Bag & Paper Corp.ion 87 Mar
10 100 Mar24
Jan 100 July
3414 3533 34% 35% 3334 3514 3212 34
75
28,700 Union 011_
3134 3312 3234 33
no par '2778 Febll 38 Jan 6
45% Oct
4712 4912 50
134%
Dec
5114 50% 5134 49
50
4,800
49
4934
50
50
United Alloy Steel
No par 4012 Febll 53 Jan 5
*134 137 .134 137 *135 137 *135 136
37/
1
4 Jan 58% July
.100 United Drug
136 136 *134 137
100 12512 Feb13 148
Jan14
9012 Jab 17512 July
.
5012 5112 *5012 5112 *5012 51
*5012 51
100
5078 5078
*5012 51
Do let preferred
50 4838 Feb13 53 Jan13
200 20112 200 200
50 Jul# 58% May
19812 19812 193 19312 195 195 •195 200
1,900 United Fruit
100 176 Febll 20678 Mar16 157 Feb 215
Oct
7658 7712 7734 82
8012 8218 7658 8138 75% 7812 7734 8014 85,400 United
Retail Stores ..No par 64 Feb13 96% Jan 3
8018 Aug 11914 Oct
1914 1912 20
2078 201 1 2134 20
2131 20
*1912 22
6,300 ET Cast I Pips
20
Fdy____100 1534 Feb13 25% Jan 3
&
383
Aug
4
50
14
50
Jai
50
50
54
54
54
54
54
900
54
54
54
Do pref
100 43 Feb 3 55 Jaa 5
*30
4212 Ja
7434 July
32
3118 3118 *30
311 1 3034 31
*30
3134 3134 3234 2,100 U S Express
100 28 Feb 6 3214 Mar26
32% May
6714 6814 6634 6778 6512 6678 64% 6512 63% 6414
16% Fe
6434 6512 13,400 U S Food Products Corp-100
5338
Feb13
01%
Oct
7838
Apr
Jan
9918 10114 1C10 10134 99 10012 93 10014 9112 94
5
66
93
9734 126,700 U S Industrial Alcohol .._100 77% Feb13 1163
8 Jan 8 z9712 Dec 167 May
*9712 100
- -_
98% 98% *98 100
*96 100
100
Do pref
100 97 Mar 6 10334 Jan 6
111. May
Ja
9614
*52
54
5212 5412 5112 5278 50
8,400
5158
5478
5138
BRealty & Improvement 100 40 Feb13 5634 Janill
11214 114 - 11214 1141s 11138 11334 10712 11334 106 109
1714 Ja
50% June
10818 112 125,300 United States Rubber -100
91% Feb13 14334 Jan 5
.111 112
Jan 13914 Nov
112 112
11214 11214 11178 11212 *11112 113
11214 11212 1,000
Do let pref
110 Feb19 11612 Jan13 10
100
11912
7
9
3
July
6978 71
6912 7014 69
6944 68
6958 6612 6758 69
7034 5,900 U S Smelting Ref & M
50 6112 Feb13 76
Jan 3
4314 Ja
7814 Nov
*47
4734 *47
4734 *47
4734 *47
4734 *47
4733
4758 *47
Do pref
50 4134 Feb13 4712 Jan 6
Jai
45
50 Mar
10214 10312 10258 1045± 10214 10338 10038 10014 10018 102
10114 10538 576,100 United States Steel Corp_100
39214 Feb27 109 Jan 5
8614 Fe 11512 July
•11212 114
11258 113
113 11338 113 113'2 11238 113
113 11312 5,100
Do pref
100 10978 Feb13 11534 Jan28 16
Dee
Fec
ee 117% July
44 D
185
13
11
7614 7814 7714 79
7558 7712 7458 77
38,100 Utah Copper
7412 7734 78
80
10 6858 Feb13 80% Jan 3
97% July
65
's
*10
1058 10
10
10
10
10
10
'
10
600
10
*934 10
Securities
Utah
9
•
0
I
Mar
1271
100
1
Jan
2
211
/
4 June
66
6834 6734 70
65% 6838 63
6314 6212 6718 6512 68 186,700 Vanadium Corp
42 Feb13
no pa
5412 De, 62 Deo
767s 77
7518 7673 75% 76
7112 7518 72
7314 7412 6,000 Virginia-Carolina Chem. .100 59% Feb13 70 Mar22
7212
51 Pet
7873 Marl8
92/
1
4 July
*112 ____ *11012 112 *11012 112 *11013 11112 *11012 11112 *11012 11112
Do pref
100 10615 Mar 4 11212 Jan 7 110 Jan 11572 Oct
89
89
89
89
400 Virginia Iron C & C
89
8918 8918
89
100 76
Jan30
Feb13 91
54 Mar x88 Dec
*54 1851- -51 - 5834 5834 57
5812 5712 57% 58
6212 1,900 Wells, Fargo Express
100 48% Feb14 6212 Mar20
Nov 79 May
8638 8612
8612 8712
700 Western Union Telegraph_100 82 Feb13
8Sept
8914 Mar18
62
92% May
1'4
iii- 1-11- 11412 114'± '110 1-1-E- 'Ito 115 •
300 Westinghouse Mr Brake_ ___50 106 Feb13
fiS" 11474 11414
9412 Jan 126 July
5312 5378 53
5418 53
5312 5178 538 5134 5278 5214 53
8,400 Westinghouse Elsa & Mfg_50 48 Feb13 119 Jan 8
/
4
551
Jan
3
4012
59
Jan
/
1
4 June
6052 6212 62
6334 6112 6212 63 637s 5912 62
62% 68 93,600 White Motor
50 49 Feb13 63 Mar25
88
Oot
25
2512 25
2558 2478 2538 2138 2538 2373 2458 24
24% 61,100 Willie-Overland (The)
.
2278 Feb25 32 Jan 8
25
June
4014
*85
89
*8514 881t *85
8812 *86
*86
200
x88% 89
89
8834
Do pref (new)
_100 86
Feb26 93 Jan 5
98/
1
4 May
75
7512 7458 7514 73
7412 72
7214 7114 72
2,400 Wilson&CoJno. v t e__No pa
7114 72
64 Feb 4 82% Jan 5
104/
1
4 July
____
*93
99
Do preferred
100 9812 Jan13 9812 Jan13
/
4 June
1041
12378 fiii8 iii- fii- iii- fii- •
800 Woolworth (F W)
1E- 12112 122
100 120 Feb 1 1 130 Jan 5 192
1
4 May
1414: Novni
u)
en 136/
682410
6
2
3573a4
u
F
jjjj aaa b
.. *102 110 *110 115 4.110 115 *111 114
Do
pref
1171
/
4 July
100 ill Marla 11614 Jan 6
-821z -11E4 -1-35- ii
8152 83
77
8234 7512 7912 7812 82 21,600 Worthington P1 Id•t e_100
67 Feb13 9514 Jan27
Oct
50 Feb 117
*90
92
9012 9013
100
Do pret A
100 88 Feb25 93% Jan13
Jan 9811 Oct
88
*72
7312 ____ ____
7214 7211 *72
75
100
Do prefB
100 8914 Feb25 76
Jan 6
86
Jan 81 011 t
• Bid and asked Woes; no sales on this day I Lees than 100 shares
S Ex-rights. a Ex-dly. and rights. • El-dIv.
.1t2 1n 482 in 4.7.2 in 171 in 431 112
New York Stock Excliange-Bond Record, Friday, Weekly anti Yearly
1273
Jan. 19911 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N. Y. STOCK E2CCI1ANOE
Week ending March 26
Price
Padas
M arch 211
1Feek's
Range or
Last Sale
13
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week ending March 26
t
Price
Friday
March 26
Week's
Range or
Last Sala
Range
Since
fool.
Bid
Ask Low
No Low High
99
2 ' 9838 10012
Cent of N J gon gold &a__ _1987 3 I 953a Sale 9838
081
__
'29
Feb
9812 9915
9334
9714
3
Q
41987
Registered
.... 97 Mar'209813 9834
1 9798
Am Dock A Imp gu 59. __1921 3 .
Leh & fled Rio gen gu 59.1920 3 3 ........ 100 Apr '18 ---..! - - - 10012 Jan '18
N Y hz Long Br gen g 4s_1941 M 5 77
70
70 Jan '20 ___ , 1 50
2
73
8
2
67
Oato. Vermont lit go g 4e....(1920 (3 F 8
83 Mar'20 ____ 8214 8534
(Mesa & 0 fund A !rapt bs_1929 3 3
95
I 89
91
93
91
91
1939 61 N
1s1 consol gold be
10413 Jan '17 _----------Registered
41
75
rl
2a
IN(:)
General gold 44s
8634 Mar
72
6'
7•1
72'2 77
Registered
77
7412 46 /0
0 al 8 -iir2 -:11:1; 7212
92
03
19
20-year convertible 449_1
7912 57 7534 811,
30-year cony secured 59_1946 A 0 7812 Sale 7812
65114 __ __ 75 Oct '19 --- - - - - - -Big Sandy 1st 49
-1 D
7012
8234 May'10 ----------4.
945
Coal River Ely 1st fin 4e_1319
75 _ _ _ _ 7318 Dec '19
1940 3 J
Craig Valley let g 5e
1 6118 -- _ (19 June'19
1946 J
Potts Creek Br lot 4a
1989 1 J
i 7113 Feb '20 --__ 70 /3
69
R A A Div le,con g 4s
05 Jan '20 ____ 64% 65
1989 3 J
26 cense! gold 4s.
8812 Sept'16--.
Greenbrier Ely let go it 4s 1940 m N
113 Feb '15
_ -_ Warm 8pringa V Let g 5s 1941 IN 8
1949 A 0 :
7:6
4
:1 2:
5:
1 4414 49
6:8
4
47.,
8-12 4714
Chic A Alton Rit ref it 3s
3512 34 2934 31132
3)74
Railway let lien 3149
37
.111v
ton & Quincy- j 3 30
gs
In4
g022131
lcean,
ChD
98
98 Feb '20 ____ 96
98
1922 F A
Denver
.1
Sale 7078
71
21 7012 76
7118
1
2
1949 .
Illinois Div 314e
1 79% 8018 79,
22 7878 84
81
8
Illinois 141v 43
Foreign Government.
9
9758 1334 9312 9•1:14
Joint bonds. See Great North.
O 97% Sale 97
•nglo-Freaeb 6-yr be Exter loan_
91% 9112 Mar'20 --- 8834 92
23 70
Registered.89
Nebraska
7212 73-8 72%
71
75
Exteasion 49._1927 61 N
Argentine Internal be of 1909_
_ _ _ _ 9078 Oct '19
Sale 89
N 89
92%
89's 75 89
Bordeaux (City of) 15-yr de-1934
37
-14 7518 -g 114
7712 ._,Sale
General
7512
19
432
42
4312
45
D
50
Chinese (11,11tueng RV' Soot 1911
11(9)527' J
Ni" 9
J *8
NU
23
2813 Mar'20 ---- 2034 2412
28
C
hic & E III ref & imp 43 g -1965
79% 54 7878 8014
7934 Sale 7914
J
coponogen 25-yr s f 549_1914
29
71
2
514 2
6:
77
8 90
71 29 Mar'20 ___ 21
913, 9012
US Mtg A Tr Co ctfs of deo__
9034
S 91
9258
(juba-Exteroal debt be of 1904
_ 931. 9012 Feb '201.--- 9012 004
1934 A- -15 _
tst oonsol gold (is_
11312 9212 86 Feb '20
86
86
A
Exter It be of 1014 ser A..1149
: 70
id
731,
70
14 70
3 72
70
7314
General cousol 1s1 5s__ _._1937 m N
73.4 75
A
78
External loan 43.4i...1949
60
- - 6-12
_ -__ _ i (19 Dec '19
--dep.
of
ette
Sale
Co
Tr
it
A
Mtg
9514
8
U
97%
93%
9718
987
s
O
51.1921
of
Dominion
Caoada g
71) Mar'20 ..-- 64
7
-70
Guar Tr Co oils of dee
9218 29 91; 96
do
_..1926 A O 91% Sale 91;
do
9734 Feb '13,
-9138 42 9012 9212
Porch money 1st coal 53_ _1942 F A
.__1931 A O 9 )78 Sale 9,112
de
io
32 Mar 171._
-----------_
C hie & Ind C Ry lot be__ .1936 3 3
9814 Sale 97%
98;2 35 93% 9312
2-yz 548 gold notes Aug 1921
9318 Sale 9378
Sale 55
561. 21 5234 577s
Chicago Groat West let 49_1959 M 5 55
9518 11(1 93's 9712
1021)
10-year 51ss
7912 713 69
9138 97 Jan '20...,j 97 97
7
.1_2 :
J iia
Sale 7613
Chic Ind A Louise-Ref 66_1947 J
-A 2 79
82
zap:mese 9ovt--4 loan 11148_1923
g-612 _,_ _ 8012 Mar'201 11 8013 804
791. Sale 7513
7912 739 6713 82
J
194/ J
Refunding gold 6/1
1925
Second retitle 414e
68
75
68
68 1....... 68
J
68
Refund1ng 4s Seriefs C____1947 J
77
76
---- 76 Jan '20
do do "German stamp"_
J
03 May'19 --- .- -_ - - -955 3514 71
Ind A Loulov let go 46_1958 J
8
65
J 23-3412 891e 60,
1931
Sterling loan 4176% DecDee '1911956 3 J
01310 Ind A flou 50-yr 4s
Sale 89
89
9012 80 89
92;
Lyone (City of) 15-yr 63.__ _1934 NI N
80
1969 1 D __ 83
1 -ici - -ii 80
Chic LB & East lit 4 lis
Sale 89
SO
N
89:4 81 89
931z
Marseilles (City of) 15 yr 6e1934
92 2034 11
(Jolt 67 ) 35 62 72
J
33
.1 232934 Sale 2914
Oh M &'RP gen g 49 eer A _ el989 J
Mexico-Ester loan 5e of 1890
9234 Feb '141_ _ _
23
37
32
2812 35 Jan •20
Registered
Gold debt 4e of 11)04 _ _1954
58
5618 .Mar'20 _- - -, -554
s
- -8157Gen'l gold 334e Ser B.- e1989 J
J
Hale 8934
9018 173 89% 93
C 90
Parts ,Clty of) s-year Os_ _ ._1921
78
75
11, 74
6705,2
7512
J
97 j
9:9
General 4143 Series0_ _ee19
53 Sale 5714
61
NI
5818 68 54
Tokyo City 59 loan of t912.
Sale 69%
6112 50 56
81 12
02013 A 0
Gen & ref Ser A 4 )411
K of (it Brit & Ireland70
71
59: 6518 7212
7711, 8ale
.1 il 77:2
4:
12
78
Gen ref cony tier 13 5s_a203
h
96% 18.1i 9233 9714
9512 Sale 95%
6-year S)4% notes .......1921
Sale 71
7238 42 6634 73
19
Sale 8753
88
11858 176 8512 20%
Convertible 41411
20-year gold bond 814e-1937 F
771
78
31 70
79%
1925 J D
Sale 8914
Permanent 48
9012 174 8914 9514
1929 J 0 ft()
10-year cony 54e
6078
1934 3 3 60% Sale 6078
25-year debenture l's
651s
5 55
FA
92% 9212 92
9278 193 9014 94
1-year cony 1114e
97;
96
Chic & L Silo 141v g 59-_1921 J
3 9412 95'8 9313 Feb '20
sreeso are prizes so(Is basis of 45fol
i._ 8
.
J -4
91e 9314 Feb '20 -_. 9314 9314
Ohio & Me Ely 1.11v be_ _1921 3
98114
9512
13 ii.i
9878
Chick P W let g bs__ .- _1021 3 3
,
slate end City Securities.
9212 6
67
3
9134 71 90
97s Oa
7,4 0234
99
63
Sale 9013
C M & Puget Sd let ea 48_1949 1 J
9514
N Y U ty -418s Corp stook_1960 MB 91
151 90's 9514
9913 Dec '19 -----------. Dube/pie DIv let s f 63_ MO J
i
92
90%
9013
414e Corporate stock __1964 MS 91
33 89% 93
91
3 9878 1004 102 tiopt'19 _Fargo & tiou mourn g 64_1921 J
Sale 901,2
41-1e Corporate stock ._ 1966 AO 91
_ 78 Jan '29 _--- -il - .ii9012
Milx A Nor lit ext 44a-1934 i D 74
9034 100
9712 17. 9534 100%
4138 Corporate stook July 1947
121
8113 7734 Jan '20 _-- 7734 7734
---- __1,
J
9812
1934
ge
4
0614
extended
90
Cons
9714
913
10012
4
3
1905
stook
Corporate
4411
10
1921 J
Wis & Minn I)Iv g 5s
9034
J. -,- 9814 91% Feb '29 __- 9438 9634
9614 971 9614
44w Corporate etook__ _1943 M
2 8
_
_a_l_e 991, Oct '19 --__
/..4 _s
130
o 8
1920 J
96
87
Wis Valley Div let 6e
5'2 19
8614 8734 87
01'
003
8
4% Corporate atook _____1959 MN
3 - 7- -92 8778
S678
80 4 91
86
Chic A N'west Ex 4s _ __ l886-'26 F A
86; 87; 8/
87
90
19514 NI N
6% Corporate stook
92 Oct •19 -----------81.4
7r A
86
92
Registered
.1886-119
8(11. 18'
1957• N
86'4 8712 8614
4% Corporate Mock
M 14 64
63
f031s
62
66 Mar'20 ..
8534 89
87.4 8534 Mar'21
General gold 314e
8()
A%CorporaLe stook reg-1956 MN
_ 95% 10012
9634 97
96 Olar•20
y1987 (3 F 62 ____ 7)'2 Apr '19 -Ftegistered
1057 NI N
New 414e.
.. _7
/3
.
80'
.. 7512 Mar'20 -- , 75 -i6
5
.
41 95; 100%
9634 Sale 9)334
1947 m N .
General 4e
97
44% Corporate stook_1957 MN
7734 Deo '19 ---1987 M N
-1
_ 7912 Jas '20
tit/towel 49..
8
78,
34% Corporate stook-1954 MN
79,2 81
1111
9412 91
91
21
95%
9812 Aug '19
1987 M N
_
General as stamped
95
1961 NI
N Y Sta1e-49.
Sale 103
1870-1920 A 0 103
11 99 103
103
Sinking fund Se
95 ___ 100 Nov•19
.2anal Improvement 40_19.11 • J
10J12 Apr '16- 1
J
9313 Aug '19
ItegIstere(1
1879-1929 A 0
95
96
)ana! Improvement 4e_ _1982 J
9512 97
-;; -6/3- 97 Mar'20
Slaking fund 53____ _1879-1029 A 0 -.:
J
9,12 97
9112
9512
Canal Improvement 48.. 1960 J
1879-1929 A 0 *./41s 97
914 Feb '20 ----1 9412 9412
Registered
Canal improvement 4146_1964 • J 101 105 10712 Jan 20
5' 99
99
1921 A 0
41 9814 9714
9678
J
99
,
Debenture 53
99
9631
Canal Itnrovement 44e-1965
___ 98 Marl°
RegIstered
1921 A 0 ---- -----10
1(14 10514 1U7'2 Jan '20
7:
07
1 11'1
7
4
Highway Improv't 448_1963 M
0%
1033M N
8718 90'2 9034 Feb '20
SInkhog fund deb 53
10018 Jutoe18
'99
-901; -997-g
Highway Improv t 4148_1965 M
N
J
M
_
97 Nov'18
1933
90
Registered
J
'18
Dec
8
787
Virginia funded debt 2-39_1991
---- -- 0-,-, ____ 1011s 0..,4 '16
Dee Plaines Vol let go 414e '47 M. 8 */4
5012 6014 55
58Si deferred Brown Bros °tie_ _
6112 is 50
0513 Noo•19
- 10
Fretn Elk & Mo V let 01.._1933 A 0
Man 0 B & N W lst 346.1941 3 3 ---- --- -88 Jan '17 ---1
Railroad.
7 49% 58
1941 1 3 63 _--- ---- ...... ....._ -___ _ ._
Milw A S L let go 314s
53
5112
a1995 0 3 ___ 53
Ann 411391' let If 48
9934
Mil LB A West let it (Is _ _1921'M B 9934 10014 9914
2 9934 9934
Atchison Topeka A Banta Fe95t2 963e Feb '20 ----I 9534 963s
95
Ext A Imp s f gold 54)._1920 F A
0in it 44
1995 • 0 7614 Sale 7614
77; 203 7418 82;
Ashland Div let g .19._1925 61 El 99,2 1014 100 RAnt•19
7514 79
7514 Mar'20
1905 A 0 7538 76
Reglotered
6738
7112
66
Mich Div lit gold 68_1924' 3 9914 105
991s Mar•20-- , 89.18 10014
131995 Nov
6734 Sale 6734
A Ilustment gold Is
70% Feb '20hill Spar & N W 1st gu 49_1947 111 El 7018 80
-I 701* 701*
-67 ..--1 7312 June'18
*1995 Nov
Registered
87
58 -871St L Pee & N W let go 5a 1943 3 3 8734 89
87 Jan '20 -_I 87
69
8 -7178
691s 7014 69
*1995 MN
Stamped
5 6414 694
_ 6414
Mileage Rook [el A Pao65
1955
Lonv gold 1.3
2 8314 8914
7013 741t
3.
72; 7218
87
73
84
84
1960 3D 80
lloilwlY general gold 4c...1988 J 3 72
Lonv 4s Issue of 1910
2 8.518 8778
8538
85%
-__
1988 3 3 - - 7078 7638 May'19 ----1 _
Registered
8534 87
Inset Okla Div lit g 4.1
1928 M
1934 A 0 6613
69
(1.5
6712 276 6016514 69
4 -873-4
69 Mar'20
IttfundIng gold 48
jii.12 Bale
liooky Mtn Div let 49 .1016 • J
J
It (Ark A Louts let 44e-1934 111 8 6214 Bale 603
6213 139 6818 64
72 ___ 72% Feb '20 ---- 721g 761i
Prone Con Short L list 48_1958 I
851 Feb '20 --; 8514 905s
__
76
Si
Burl 0 R A N let g 511934 A 0 818
n41 Aria tot A ref 414e 'A"1962 MS 74 ____ 76 Mar'20
- 9714 Feb '19 ____I
C R I F A N W 1st go 58_1921 A 0 9313 -9812
95 June'19
1942 MI 80
95
8 Fe Pres A Ph hit g 53
89 Oct '19 -I -- - - - - -89
16 74
80
Ch Okla &0 cons g 59_1952 al N
73'3
7518 Stile 7513
80
All Coast L let gold Is ---11953 Ni E3
1
713,
171-.1;
-,1
15 72% 74
Kook & Dee Moines let 5e 1923 A 0 6518 7134 7134
75
_ 75
1904 3D 7434
(ben unIfied 4)48._
8,Paul & tc 0
sh L let 4)4e'41 .
F ...
A ____ 63
03314 Mar'20 ____1 Cl
92's 92%
98
6
9234 Mar'20,
Ala Mid let go gold 5(1_19'28 M P4 93
J
4 10218 104
Chic St P NI A 0 cons Ile___1930 -.1 1-3 10318 Sale 10218
103'8
7814 80
73 Jan '20 -... 78
78
Bruns & W let Ito gold 46_1938 J
v:1116
;;y
N;
512 NN
3
918
:
9 _8
4_1 18
:
8.
:
.
129% Aug 'lb - Cone Se reduced to 3148_1930 3 D 1.-clhariee & Say let gold 76_103t1 1 J 107 __
-21 -87 -j212
85 Mar'20
1930 MI 8 8114 84
7_1-2
63
.
8 -1i
.
1.
.
-8_3
6738
018
Debenture 15,1
A N ooll gold 4e ........01952 M N 67
105 Aug '19
_
1934 A 0
North Wlsoonsin let 6e_ ...1930 3 3
- Say F & W let told he
-_
.(3(Fro _
Superior Short I. let fie g_e1930 M 13 2
let gold be
....._1934 A 0 92; ____ 105 July'15 !
Chi., T II A So Fast let 56_1940 J 0
8212 gale 8213
Salt & Ohio prior 3145.- -1925
83's59 78s 847*
.1
2 10
2441
3 11)1 103 78
:- 8
73
Chic A West Ind gin g tie -41932 Q M 10
(
112 jun10:737
47
87 Feb •19 -- 11926 Q J
Reglatered
- 70
48 a()
65
44 54% ts1
Sa....3 59
.
4.
.
Consol 50-year 4s -. _ _1952 J 3 _5_9_1
let 50-year gold 41
41914 4 0 6111 Sale 61
60
Oln H A 14 26 gold 4;ie....1937 3 J
90 May'17 -_ 1 -- - - - - - 60 Feb '20
- 60
41944 0 .1
Registered
(3178 103 51)14 Mils
C Find A Ft W let gu 4s g 1923 M N _--- -__ 88 Marl I ---- -.- - - - - .1933 .-- 64
Sale 61
10-pr cony 414s
Si
81 Jan "20 ____ 81
85
59 130
Day A Mich lot COM 4)48 1931 3 3 _
13'3
Refund & gen Se Merles A-1995 J D
6112 Sale 64
65
/13 Sale 671s
J.
70
67; 11 63
Cleo Gin Ch A St L gen 4s 1993 J D
86) 132 8112 92
1029 J
sa
Sale 852
Temporary 10-yr the
J
7634 Feb '20
40 year deb 44e...... _1931 3 3 7412 78
9818 ____ 112 Jan '12
Pitts June let gold tie-1922 J
77
81
84
84 Feb '20 --84
199.1 .1 D 80
General 5,1 Series B
73
6658 Jan '20 -- 00
P Juno & M DPI 1st g 3tis 1905 NI N
741 82
1939 3 3 67)4 77; 75 Mar'20 ---- 7114 75
OtIro Div let gold 4$
5478 Sale 5411
61
5758 21 53
PLE&W Va Sys ref 43. _1941 NI N
6:1•8 7718
62
Cin IV & Ni Div let g 41_1991 J 3 61
6112 Mar'20 ___ 60
Sale 73
Southw Div let gold 345.1925 J
73
62
6(3 Mar'20
35
MI
6114 6612
r'
St L 1)1v let con tr g 4s_ _ .1940 M N 65
3
'
- 85
-5
4 - -4
20
Cent Oblo II let Cg 4 I4s__193,u NI S 85 _ _ _ 85 M 7
72
Rm. et Cot I)Iv let g 4e._ ._1940 M 5 70
741e Jan '19.9111 91
Mar20 -- 91
01 Lor A IV eon let g he -1933 A 0 90
9018 90e
194(1 3 J ____ 168
84 Nov'If) --- - - - - - - - 9018 Mar'20
92
W IV Val DIv let g 49
Ohlo River RR let g be-19311 3 D 90
1937 A 0
_
101 Oct '19
88 Aug '19
1920 61 N
88
91
0 151 LA C oonsol 6e
General gold Se
_
4,00
.t.
991s Mar'18
IstRgeogltd
-Pitts Clew &'TM let g 6e._1022 A 0
.
14 F3eT tIrt:2
7'
72
8
31 17i -53
-74
49
:! ..7_7_14
Ertl 2 : -7
9 :7.: _7
1°
4813 4831 4812
7
.
rot ‘t ()Intik, ist /of 4,1 A.1959 J
(11n el A Cl eons let it 51_1928;
1937 NI S 90
92
90 Mar'20
- 8918 9234
Buffalo It & P geo g bs
i
3%1 0
92
2 811. 83t8
COCA I gen cons g es 1934
4719
8112
1'4
-1957 M N _
8113 8112
9
8:--:_ 10
Oomi.)1448
J i.O.f7j
__ __ 7634 Nose19
7314 Jan '20
74
Ind B .4 Yr let pref 4s____1940 A 0 7018 ____
68
73-4 7314
All & West let g 4e go._ ..1998 4.
103,8 Feb
0 Ind A W let pref Is. _ _4193S Q 3 76
Clear & hiab let go g 58_1913 J
991
5113 56
13611 106- 0934 Feb '20
56 Meet° _._
Peoria & East let cone 49_1940 A 0 5412 56
Rosh & Plue lot gold Os....1921 r
1001;
27
99,,100
23
b 18
Income 4n -----------11190 Apr
Cotokil let g fie__ ___I922 J
22
9912 100
991 4 Mar'23
214 23
83
5. 8018 87
82 Mar'20 ____1 82
8278
83
Olive Short L 1st gu 4 tie _1961 A 0 82
anada Soo 00ne gu A 541„.1032 A 0 82-34 83
8812
83
851:
3 81
Colorado A Sou 1st g 4e--1929 F A
8278 83
83
70
75 Nov 19
7.5
Car Clinch A Ohlo let 30.yr 50'38 1 D
- - .
Sato 72
Refund A Ext 4 48
93
1935 61 N
91
73
entre! of (la lit gold fle___1/1945 F A
91 Mar'20
28 69 , 75
91
7318
95%
95 Fob '20
83
1945 44 Ir
15 8114 88
Ft W & Den C let g 68_1921 3 0 ---.. 97
Consol gold 5e.
8112 8313 82
95
98
90
1943 A 0
__
33. 88
Conn A Pae Rive let g 4s
9') 91
10-yr temp Recur Se June 19211
SO
94
- - - -- 73
73
Out,. Mt let 50-year 5e g
(Matt Div par money g 49 1951 3 D 66
1052 3 3 70
7418 MA7'19
76
73
1 73
75
J 8913 9212 90 May'18
Del 1.3xit A WesternMae A Nor Div 15t g 511_1946 .1
-- 69
49
691t
40 69
10473 J 81 -___ 9758 June'17
Morel, A Ewe let gu 145_2000 .1 0 68
Mid Oa & Atl Div Si
707s
Mobile Div let g be
1921 1 J 100 10012 9978 Mar'20 __ 9978 1001e
1946 I .1
8111 1
N Y Lack .4 W let Si
9134 Jan '19
1923 F A
94 __- - 9734 Feb '20 ___ 9734 9734
8112
80
tint & 13 of(la coil g 5a_19371M N
8018 ____ 80 Mar 20 _.
Construction be
3•Arn, a (-nrror .•
.._ 1023 NI NT
901e 9212 9212 Mar'20 _-- 9214 4
lisle week
a Due Jan. 4 D.41 Apils. • Due May,• Due June. 1 Due July. 1 Duo Aug. g Due Oct. V DUO Nov.•DUO Dec. s Option dale
• Nu )51 L. 4. 1141,4y .
Ask Lose
High No. Low High
Bid
U. S. Government.
, First Liberty Loan
97.70 Sale 96.70 97.80 2593 9100 10040
314s let 15-30 year_1932-'47
(
Second Llbeity Loan
90.54 Sale 9031) 90.80 358 90.00 93.48
let L L cony_ __1932-47
Is
89.42 Sale 88 90 89.68 1262 38.90 92.90
1927-'42
2nd L L
411
Third Liberty Loan
9).58 Sale 90..50 90.90 618 90.50 91.00
44e let L L cony...1932-'47
89.84 Sale 89.36 '89.96 7502 89.35 92.86
414e 2nd L L conv_1927-'42
92.84 Bale 92.30 92.96 10302 92.10 95.00
1928 NI
448 3rd L L
Fourth Liberty Loan
e 96.50 101.10
97.00 Sale 07.09 97.40
41413 let L L 2nd cony 1932-'47
A 0 89.88 Sale 89 52 90.00 17503 3052 93.00
449 4th I.L._
Vlotory Liberty Loan
07.56 Sale 97.31 07.60 7499 97 16 99.40
614ti cony g notes-..1922-'23
97.50 Sale 97.33 97.56 3962 97.10 99.10
3448 cony g note ......1022-'23
101 Feb '20
101 101
41930
lie cowed regietered.
Mar'20
101 101
_ 101
101
41930
28 consol coupon.
_ 10558 10534
10578 106 10534 Feb '20
1925
Is registered
10534 10614
105% 10634 10614 Mar'2.)
1925
48 coupon
---- 9814 Mar'19
-k1930
Pan ...•anal 10-30-yr 23
99 July'18
----Pan canal 10-30-yr 28 reg_1938
90 Dec '19
_ 89
1961
Panama Canal as g8814 Oct '19
•---- )9)
neelstered1961
103 Feb '15
Philippine Wand .....1914-31
rs4 V-, )it9le
---
22._ ..6_7...
1274
BONDS
N. Y.STOCK EXCHANGE
Week ending March 26
New York Bond Record-Continued-Page 2
Price
Friday
March 26
'sees
Range or
Lass Sale
Range
Since
Jan. 1.
High No. Low High
Ask Lose
Bid
Delaware Lack & West-Concl.
10218 Feb '08 --- - - -Warren 1st ref gu g 3348.. 2000 F A ----Delaware & Hudson9612 9712 9658 Mar'20
1922 J J
9612 9678
let lien equip g 4148
7618 81
7814 Mar'20
1943 M N -- 79
lst & ref 48
1935 A 0 gi12 85
7918
7918 8518
7918
30-year cony 5e
7212
1948 A 0 6878 7012 68 Mar'20 ---- 88
Alb & Susq cony 334s
____
N 100 104 10234 Apr '19 ---Renee & Saratoga 1st 78_1921
Denver & Rio Grande677
6412 40 60
let cons g 48
1936 J J 13414 Sale 64
6278 727
6512 6812 6734 Mar'20
1936 J
Consol gold 43e
zu 83 7012
A 69 Sale 66
J D
69
96
26
8F
Improvement gold 5e-18
254 38
44
46
Sale 42
44
let & refunding 58
_ 39 Feb '20 ---- 39
4312
Trust Co certfs of deposit_ _ _
7018
-----__
75
75
75
Jan
'20
Rio Gr Juno let gu g 58.---1939 •- -e•
8114 Apr '11
184
940 3 J
-- - - - - Rio Or Sou let gold 4s
34 July'17 ---- -- Guaranteed
4 68 67
.
3
-1:; 6312 6214
6312
Rio Or West let gold 4s...1939 J J -6
5 48
52
4934
Mtge & coil trust 48 A.-1949 A 0 4934 Sale 4934
82 Deo '16 ---• Del & Mack-let lien g 48_1995 J D ---- 78
7512 July'16 ---Gold 48
1995 J D
Det Riv Tun Ter Tun 4;48_ -1961 M N "f81-2 77
7
74 --8(1 77 Mar'20
9634 June'18
___
Dul Mlesabe ec Nor gen 58_1941 J J 95 Dul & Iron Range let be
O-11937 A 0 90
4 8934 Mar'20 ---- 8918 9018
10512 Mar'08
1937 A 0
--- - -- - Registered
80
83 June'19
- -- - - - - J 70
DuIZSou Shore & Atl g 58
1937
85% Mar'20 ---- 8538 8538
Elgin Joliet & East let g 5s 1941 M N 8718 95
98
98
Erie let consol gold 78
99
9714 Mar'20 ---- 95
1920 M
- 82
80 Jan '20 ---- 80 80
N Y & Erie 1st ext g 48...._1947 M N
92
3rd eat gold 44e
1923 M S -_ 89 92 Jan '20 ---- 92
4th ext gold be
9712 Deo '19 ---1920 A 0 5E%
9434 Nov'15
5th ext gold 4s
1928 J D *9513
---- -9812 Aug'19 NYLE&Wlstgld70.--1920 M S --_100
1-2 66
5512 04 -,16
Erie let cons g 4e prior-1906 J J 543; Sale 5,138
84 Deo •16 -Registered
1996 J J
4612 68 39 47
let consol gen Hen g 40_1996 3 3 45l Sale 45
73 June'16
Registered
1996 J
7714 7918 Mar'20
- 7934
-isi
Penn coil trust gold 4s 1951 F A __
38 39
39
3912 16 335 413
50-year cony 4e See A-1953 A 0 3g8 30
3911
41
do Series B
1953 A 0 39 Sale 39
4312 41 36
44
Gen cony 48 Series D__ _1953 A 0 4112 Sale 4112
1 78
83
78
Ohio & Erie let gold 5s
8012 78
1082 M N 78
-------10678 Jan '17
Clev & Mahon Vail g 5e-1938 J J 83 _
Erie & Jersey let s f 88_1955 J J - _ _ 8.65; 8834
89,2 15 8i34 -66.Genesee River let of 68.-1957 J .1
- 9434 95 Dee '19 -Long Dock consol g 6e_.....1935 A 0 100 loo 10812 Sept'19
____
Coal & RR let cur gu 88..1922 FyI N ____ 100 103 Jan '18 ---91 Feb '20 ---- 91
91
91
Dock & Impt let ext So.....1943 J J 85
81
NY&GreenLgug5e1946M N 74
85 Jan '18 ---- - - - - - - 65 Nov'19
-_ _ _
N Y Susq & W le tref be 1937 J J
-------2d gold 4;48
1937 F A -2.5- -69 - 10014 Dee '08
60 June'18-60
General gold be
1940 P A
97 Deo '18 ---- -------Terminal let gold Se...1943111 N
Mid of N J let ext 58
_ _-_
1940 A 0 72 _ _ 72 Nov'19
53 Feb '20 ---- 53 55
Wilk & East let gu g 58..1942 J D
2312 Jan '17
Ev & Ind let cons gu g 6e-1928 J J
---- - - - 9514 Aug'19
Evenev & T H let cone 88_1921 J J "ii 95
let general gold 5e
68 Deo '19 ---- - - - - - - - 1942 A 0 61
108 Nov'll
Mt Vernon let gold (Ss
1923 A 0
Hull Co Drench let g 513_1930 A 0
95 June'12
775
Florida E Coast let 434.-1959 J D "HI; 7:72 777k
5 76.
Fort St U D Co let r -,18_1941 J J
---- 92 Aug '10 ---Ft Worth & Rio Or let g 48_1928 J J 6818 ---- 56 Feb '20 ----i618
76 Dec '19
()sly Hotta & Hen let U.._ A933 A 0 ___.
9534 WO
Great Nor C B & Q coil 4s 1921 J J 9434 Sale 9434
-66 Registered_
M921 Q .1
9434 Jan '20 ---- 9434 9514
let & ref 4}48Series A
1961 J J 8012 8278 837 Mar'20 ---- 8178 8512
96 June'18 -Registered
1961 J J
St Paul M & Man 45
1933 J J 8378 ____ 8318 Feb '20 ---- 83% 8812
10312 10538
let cowed g 68
1933 J J 104
10418 Mar'20
Registered
118 Apr '17
1933 J J
1 88
8913
Reduced to gold 4548_1933 J J 8913 92
92
8913
Registered
10212 May'16--1033 5 J
2 79i 8314
8112
8112
Mont ext let gold 48„..1937 J D 8134 _
Registered
1937 3 D 7918 _ _ 80 Sept'19 - - -83
Pacific eat guar 483-_1940 J J 73
7 -8.3
Ej 83
.E Minn Nor Div let g 411_1948 A 0 78 ___ _ 78 Mar'20 ---- 78
78
Mimi Union let g es
97 Feb '20 --- 97
1922 J J 98% 99
10378 108 10312 Mar'20
Mont 1st gu g 89
19375
10118 10612
Registered,.
1937 J J
13614 May'06
___
let guar gold be
1937 J J -9234 96
94 Jan '20 ---- 94
94
Will & 8 F let gold 58 1938 J D 9134 9834 98 Dec '19 ---Green Bay & W deb otfe "A"......_ Feb
5512 Feb '20 ---- 5512 5512
55 __
Debenture ctfe "B"
978
-- 10 Mar'20 --9
734 1012
Feb
Gulf & S I let ref & t g Le__/1952 J J 63 68 65
65
3 5812 65
Hocking Val let cone g 4Sis 1999 5 3 6812 7112 6918
8 8814 73
6918
Registered
1999 .1 J
7313 June'18
-7312 Oct '18 ---- - Col & H V let ext g 48
1948 A 0 6718
Col & Tol let est 48
1955 F A
814
- 7614 Ayr '19 -- Houston Belt & Term let 58_1937 J J -78
78 Mar'20 -- 78
78
Illinois Central let gold 48_1951 J J
ig
83 Mar'20 ---- 8212 83
Registered
1951 J J
92 Sept'17 ---- - _ -lot gold 33,4e
1951 J J 68 ____ 72 Mar'20 ---- 72
72
Registered.
1951 J J 6518
•
84 Nov'lb _
Extended let gold 3348_1951 A 0 68
72
7314 Nov'19
__Registered
1951 A 0
___.
let gold 38 sterling
1951 M
"Er Jura;
____
Registered
1951 fa 8
Collateral trust gold 48-1952 A 0 6912 72
7412
70
6 68
6912
Registered
1952 A 0
_
__
9558 Sept'12
let refunding 48
1955 M N 72 Sale 7112
7212
0 5712 7612
- 8
Purchased lines 3348
1952 J J 64
641
338
4 831
6334 Mar'20 __2_2
7258
4
L N 0& Texas gold 4e1953 M N 6712 Sale 6712
68%
Registered
1953 M N *6678
.
66 Aug '19 ---- - --- 9312
15-year secured 5128
9112 -Sale el
1934 J
923, 29 90
Cairo Bridge gold 45
1950 J
73
7212
7212
1 7014 80
Litchfield Div let gold 311_1951 J .1
55
_ 80 Deo
--Loulev Div & Term g 3;4e 1963 J .1 6212 64
69 Jan '20 ---- -69 - -66.Middle Div reg be
1921 F A 9818 ....- 102 June'16 -Omaha Div let gold 3e
1951 F A 52 _ _ 5814 Serit'18
7St Louts Div & Term a 38_1951 J J
63 Jan '20 ---- 53
53
Gold 334e
_1951 J .11 62 67 6112 Feb '20 6112 6112
Reghitered
1951 J J
80 June'16
._
_
8Dringf Div let g 33481951 J
___- 74
805e Nov'18
__
Western Lines let g 4s._ 1951 F A 7118 75
7912 Mey'19
--- - - Registered
1951 F A
92 Nov'10
--Bellev & Car let Gs__ _1923 J D 9712 100 11712 May'l()
____
Carb & Shaw let gold 4e1932 M
73 Mar'19
- _ -_
Chia St L & N 0 gold 53_1951 J D
9118 93 Jan '20 93
Registered
1951 J D 861,
9518 Feb '19
_
93_
Gold 3;4e
1951 .1 D 63
8812 8512 July'18 -Registered
1951 J D
8312
Joint lit ref 58 Series A..1963 J 0 8012 8218 808
33 79
81
Memph Div let g 48_1951 .1 D 8112 88
6912 Feb '20-. 6912 6912
Registered
1951 J 0
85 Nov'17
St Louie Sou let gu g 4e 1931 M S 82 --- 7712 Aug'19_ _ _
Ind Ill & Iowa let g 48
1950 J J 73 _
7514 Dec '19---_ _
lit & Great Nor Iota 88..
1919 M N 91
lig
93 Nov'19
James Frank & Clear let 48_1959 J D 72
80
78 Jan '20 ---- 78
78
Kansas City Sou let gold 38_1950 A J 55 Sale 55
55% 14 3412 59
Registered
1950 A 0
78 Oct '09
Ref & Impt 5s
Apr 1950 J J 6958 Sale 695
10 6734 7514
70
Kagsaa City Term let 48_1980 J J
71
15 68
7012 7114 7012
7858
Lak.ErIe&WeetletgS&_l937J 3 78
8118 7914 Mar'20
'75
81%
3d gold 58
1941 .1 J 52 88
8058 Feb '17 ---- ___
North Ohio let guar a 5e-1945 A 0 52 90 65 Aug'19 _-__
Leh Val N Y let gu 44s..1940 J J 88
8813
2 82
87 86
8714
Registered
1940 J
88
.78 Sept'19
t
,
t3h
BONDS
N. Y. STOCK EXCHANGE
Week ending March 26
I
.0..
Price
Friday
March 26
[VoL. 110.
Week's
Range or
Lail Sale
Range
Since
Jan. 1,
Bid
Ask Low
High
Low
7834 H
8i3Ok
Lehigh Val (Pa) cons a 49_2003 11 N
72
77
7038 Mar'20 --- 7012 71
General cone 4e.
2003 al N 7918 8234 7914
7914
Leh V Term Ry let gu g 58_1941 A 0 9112 9512 9418 Mar'20
9418 9418 S
1941 A 0 92 --__ 113 Mar'17
Registered
Leh Val RR 10-yr coil fie_n1928 _ _ 10012 Sale 100
8103
10058 33 -665Leh Val Coal Co let gu g 58_1933 J J 96 --__ 9818 Jan '20
9813 9813
Registered
1933. J ---- --- 105 Oct '13
let int reduced to 4e
1033 J J ---- ---- -___
____
Leh & N Y let guar g 4e
1945 M S ---- 8714 73 Jan '20
Registered
Long leld let cone gold 58_11931 Q J 8712 9312 9112 Mar'20
-E6 - 93
let consol gold 4s
/1931 Q J 8212 -- 86 Aug'19
75
72 Jan '20
General gold 48
1938 J D 69
Ferry gold 4;48
1922 NI 8 8614 9512 92 Oct '19
9914 Oct '06
Gold 4s
1932 J D _--- 85
Unified gold 4e
1949 Ill El 6314 73
6512 Mar'20
Debenture gold be
1934 J D 60 6778 67 Jan '20
20-year p m deb be
6512 63 Mar'20 ---- 03 68
1937 111 N 60
6472 ---64%
Guar refunding gold 4e_1949 PA S 64
2 -!
6
66- :
.712
-2 -6
877
12;
Registered
_
Jan '11
1949 M S ---- ---95N Y 11 & M B let con 058.1935 A 0 --------- 92 Aug'19 _
NY&RB let gold fie___ _1927 M S 80 -.-- 86 Dee '19
Nor Sh B let con g gu 5e-01932 Q J ---- 92
90% June'19
Louisiana & Ark let g 58___ _1927 M 5 73
79
7212
7212 75
7212
8
9112 19
00
112
Louisville & Nashv gen 68_1930 J D --------9112 Feb '20
7
Gold 55
1937 M N 01 ---- 97 Mar'20
Unified gold 4s
1940 J J 81l& Sal 8114
8112 33 7812 8413
Registered
1940 J J ---- ---- 8112 Sept'19
Collateral trust gold 5e
1931 M N 8978 ____ 9018 Mar'20
L Chi & Lex gold 43,8_1931 M N 88
91
90 Jan '20
NO & M 1st gold 68
10
80
99:
4
8 10
1930 J J 10118 102 10118
9
99
3
1
10118
2d gold Cle
_1930 J 1 941 100 00 Feb '20 -- 100 100
Paducah & Mom Div 48_1946 F A ---- ---- - 792
1 Jan '19
9914
St Louts Div let gold 05_1921 111 S 9914 0912 001 1
756617
;
-4
1
:1118
-38 100
5012
25 gold 3e
1980 111 S 5012 Sale 5012
s
6 4
Atl Knox & CM Div 4s
1955 MI N 6912 7612 71
71
Atl Knox & Nor let g 5e_1948 J 0 --__ 100
9512 Nov'19
Render Bdge lets f g 68_1931 M 5 103 ____ 10118 Mar'20
8 l01I
Kentucky Central gold 40_1987 J 1 7218 Sale 721g
1 7218 75
7218
Lox & East let 50-yr be go 1965 A 0 84
00
8112 Mar'20 -_---- 8
8 8
L&N&M&M letg 4%81945 M S 75 ____ 8212 Jan '20 --- 8212 8212
6418
L & N-South M Joint 48_1952 J J 631 641 6312
4 63 85
Registered
_ 95 Feb '05
11952 Q J ---- ---N Fla & 13 let gu R 5s-__1937 V A ---- 91
9412 Seale •
- -- _ N & C Bdge gen gu g 4%8_1945 J .1 80 -___ 978 May'18 •
9814 Dec '19 •
Penes.° & Atl let gu g 68_1921 F A 9818 104
S & N Ala cone gu g be-1938 F A 9014 9814 9312 Jan '20 •
84
Gen cons go 50 year 58_1963 A 0 82
8114 Feb '20 •
-8
1
1 11-2
4 -81
:
12
:. & Jeff Bdge Co gu g 48_1945 111 13 65
67 5518 Mar'20 • --- 63
6518
+Amine RR-Sou lines 4e___1936 MI N ----,
des Internet let cons g 48_1977 M S -------- -77 Mar'10 •
Stamped guaranteed
1977 M 5 ---- ---- 75 Nov'10 •
didland Term-let s f g 5e.1925 J 0 8718 ---- 85 Jan '20 •
dinn St Louie let 7s
1927 J D -------95
95
Pacific Ext let gold 6e.. 921 A 0 95
9718 9514 Feb '20 •
-9
91:14 - -95
5i14
let consol gold be
1934 M N ---- 7258 7335 Mar'20 •
1949 pg 8 43 Salo 43
let & refunding gold 4e
74
33
78 4
4311 76 8
73
534
10
5212
Ref & ext 50-yr 5e Her A 1962 C) F 517 Sale 5178
4278 55
Dee M & Ft D let gu 48..1935 J J 42 Salo 42
42
3 42
42
7012 Jan '20 •
Iowa Central let gold 58-1938 J D 7018 75
3
1951 NI 13 4214 43
4312
44
Refunding gold 49
27
6- 3
7858 6
77
9718 8
dStP&SSMcong4sintgu_1938 3 J 7778 7812 7812
472
4114
1938 -.. ---- 91
let cone 59
9314 Dee '10 •
1941 M N ....- --__ 88 Nov'19 • -let Chic Term 4 f 48
-E34
MSSM&A iota 48 Int gu_'26 J J 9018 9112 903
9234 12
Meets/11pp! Central let 5e
1949 3 J 75 ____ 95 Dec '16 •
do Kan & Tex-let gold 48 19905 D 5734 Salo 57
3 -6675734 40 "E51a
2911 33
29
IIII gold es
32
e1990 F A
2818 32
2914 3214 32
Trust Co certfe of deposit_ _ _ __
3214 31 29 33
1944 M N --_- 30
let ext gold be
22% Deo '19 •
let & refunding 40
39 36 Mar'20 •
2004 M 5 38
Trust Co corn;of dep ______ _ .... 35
40
37
1 25
3512
3513
J 2418 26
(len sinking fund 43.4e__ 1
25
25
28
5 24
2418 2738 2434 Mar'20 •
Trust Co eertfs of deposit----_ __
23
8
2
23
4
St Louts Div let ref g 48_2001 A 0 ---- 23
' ___
27 30 ----------5% secured notes "ext" '16 --_
Dell & Waco let gu g 58_1940 M N ---- 0912 0912 Apr '17 •
-Kan City & Pao let g 46_1990 lb' A 48 ____ 6213 Dec '19 235 38
Mo K & E let gu g 50.-1942 A 0 37
38
3/
37
M K & Okla let guar 58_1942 MI N 50 _ _ '.._ 69 Oot '19 M K & T of T lst gu g 58 1942 M S --- 57
5518 Aug'19 Sher Sh & So let gu g 56_1942 J D ---- 74
51 Dec '18 Texas & Okla let go g 58_1943 M II ---- 347 3834 Dec '19 •
1diesouri Pacific (reorg Co)let & refunding fle Set' A 1965 F A 8018 8214 80
82
8312
7 80
91
let & refunding be See Ba 1923 F A 87
8612 Mar'20 -- 85
911s
let & refunding 58 Ser C 1926 F A 8312 87
84 Mar'20 •
9
86434 8
99
738
38
5512
8
5612
Sale
5513
el
General 4e
1975
79 52
59
dissouri Pao let cone g 0_1920 M N 9 3
738 91334
903,
40-year gold loan 49
- ----68
- _
1945 M 8 ---Oct '18 1938 M N 64
lid 78 extended at 4%
6712 6734 Mar'20 Cent Br V P let g 4e .._ _1948 J D 58 _ - -_ 08 June'19 7818 7934 7934 Mar'20 Pao R of Mo lot ext g 48_1938 F A
-i63;
2 8512 87
89 87
1988 J J 85
2d extended gold be_
87
4 8514 94%
88
89
St L Ir M &8 gen eon if 15e 1931 A 0
A
0
--------102
56_1931
con
Gen
stamp gu g
July'14 Unified & ref gold 40
1929 J J 7414 Sale 74
78
743
71
Registered
1929.7 J ---. -___ 807s Oat '17 RP/ &0 Div Iota 4e_....1933 MI N 6'738 Salo 6738
2
(18
! 83
8 8
76
Verdi V I & W let g 50......1926 WI 8 ---86 Jan '20 dob & Ohio new gold 88.... 1927 J D 10012
8
100 Mar'20 99
658 10
82
67
5s8
5
let ext gold 68
11927 Q J 917 9178 95 Jan '20 .
General gold 48
59 Mar'20 - --- 58
59
1938 M S 56
59
Montgomery Div let g 56_1947 F A ____ 77
7712 Mar'20 St Louie Div tai
19273 0 - - - - 7554 75%
751,
St L & Cairo guar g 48.......1931 J J 6914 7412 091., Feb '20 9634 97
9
97
filehv Chatt & St L let 5/1_1928 A 0 96
6776
9
4
14
'12 9
77740
71
22
Jasper Branch let g 6s_1923 J J __-- 10414 11014 Mar'17 Oat Rys of Mee pr lien 4;46_1957 J .1 ____ 2738 1714 Feb '20.
Guaranteed general 4s
1977 A 0---- 2978 23% Jan '20 -2
if1-4
0 -23C
e
Cat of Mee prior lien 4%8_1928 J J ---- ---- 96% Feb '13 .--let consol 4e
1951 A 0 ---- 20
lb Jan '20 .--a 15
15
J
6158 63
Cow Orleans Term let 48_1953 J
62
6134
9458 9412 Mar'20 4 0 Tex & Mexico let 88-1925 J D 93
1935 A 0 6312 Sale 5312
Non-cum Income 15e A
-- 4
960
9
41044 5
969
6512
5412 -84
Caw York Central RR83 8918 9314
1935 RI N 92 Sale 0158
Cony deb 6e
92
1998 I' A (1978 7078 6978
Consol 48 Series A
7078 40 6612 72
2013 A 0 7534 7034 7614
79
Ref & imp 448"A"
764 53 75
7Cow York Cent & Hod lily1997 .1 J 66
Salo 6578
Mortgage 3340
6658 35 8412 70
1997 J J 1)3414 --- 64 Mar'20 --- 03 64
Registered
1934 al N 74
8213
Debenture gold 48
77
63 73
76
76
5 7014 7614
Registered
1934 111 N *__-- 7014 71314
7014
12 68
Lake Shore coll g 3;48
1998 F A 5838 Sale 5814
82
59
Registered
1998 F A 5612 ---- 58 Mar'20 .
547$ 80
Mich Cent coil gold 33.46..1998 F A
7 61 Mar'20 .
57 0178
Registered
___ 75 Mar'17.
A ---- ---1998
--Battle Cr & Stur let gu 38_1989 J 0 4418 __ 49 Feb '20 . --- 49
49
Beech Creek let gu g 40_1938 3 J 8158 ---- 8212 Jan '20 .
82% 821s
Registered
1938 3 J __-- --_- 9534 Nov'16 .
--guar
3d
1936 J J 80
gold be
104 Mar16 .•Registered
1938 J J ---- _-__-_- Beech Cr Ext let g 3%s_b1951 A 0 63
Cart & Ad let gu g 4s
1981 J D 73 '7534 49 Nov'18 .
Gouv & Oswe let gu a 5s 1942 J D ____ ____
- _
Mob & Mal let gu g 4s
1991 M 5
751; Jan '20
7512
NJ June R guar let 48_1988 F A 61 __ 8912 Feb '18 ,
N Y & Harlem g 3t4e__ _2000 RI N 06 ____ en Mair'17 ,
_
• No price Friday; latest bld and asked this week. a Due Jan. 3 Due Feb. g ,
r ne June. I Due July, n Duo Sept. 0 Due Oot. a Option sale.
--------
F
MAR.27 1920.1
BONDS
N. Y. STOCK EXCHANGE
Week ending March 26
"
New York Bond Record-Continued-Page 3
Week's
231 Range
BONDS
Pries
.
?
.
Since
Range or
N. Y. STOCK EXCHANGE
Friday
Marsh 26
Last Sale
Jan. 1.
re
4'
:
1
Frtni
Pf4cale
March 26
Week's
Range or
Last Sale
;1
4
co
Range
Since
Jan. 1.
Bo
Ask Low
High ..N
....0... Low High
P.O. C.& St. L (Con.)1957
3 J D ____ 8418 91 Sept'18 ---- -___ _ __ _
Series F guar 4s gold__195
M N ---- ---- 9058 Aug '19 ---Series
413 guar
-8
.858
8858 Jan '20
Series I cons gu 4 As
1963 F A ____ 88
99
C St LA P lot cons g 5s 1932 A 0 99 10034 99 Feb '20 ---- 99
_ _ _ __
Peoria & Pekin Un let es g 1921 (3 F 99 ____ 100 June'17 - --_____
_ __ _ _
75
82
87 Mar'16 ---- ..
2d gold 434e
51921 M N
15 8214 8712
8658
Sale 85
Pero Marquette let Ser A 58_1
195
,
6 __ --85
7112
1 66
6978
0978
6
978 70
let Series II 48
40 Feb '2() -- 40
40
4018 43
Philippine fly let 30-yr e 145 1937 i- -i
Pitts SitA L E lit g Is
1040 A 0 9318 ____ 99 Jan '18 --- -___ - --_
90
8 -87,
-;1 9714
78 Dec '17 --__
let conedl gold be
1943 J 3 7
7812 81 -771-2 -81-38
Reading Co gen gold 4s
1997
J
77 ____ 7854 Jan '20 ---- 7834 7854
Registered
1007 J
Jersey Central coil g 4o
1051 A 0 7912 8018 82 Mar'20 ---- 7934 82
J
---Atlantic City guar 45 g
1951 J
J :::: -aiFeb '20
St Jos & Grand Isl let g 4e 1947 .•
St Louis & San Fran (reorg Cl
o)2.
5
J
5812 Sale 5318
6
5
,
8%2 20
53
1 5
55
312
3 5
79
0.1
12
Prior lien Ser A 45
1950 J
6914 69
J
J 69
Prior lien Set B 5e
8738 41 8212 8712
-_
8618 8612 8612
Prior lien Son C Os
Sale 64
A0 65
66
131 5634 66
Corn adjust Sec A 6s
61955 -4914 228 8978 5012
4813 Sale 4758
Income Series A 1313
61900 Oct
6 10012 102
10012
St Louis & San Fran gen 69_1931 3 J 10058 10114 10012
9113
1)112
6 91
92
,
4
General gold Si
1931 3 3 9158 93
3 64 ____ 78 May'16 ---lltL&SFRhiconsg4s_1996 J
90 May'17 ---- -- - - - - - Southw Div let g 5s
1917 A 0
-- 99
.- -Sale
K C Ft S & M cons g 6s.1928 111 N -5?)
4 -6
6
1 17
130
15 6
95
91' 15
K C Ft S & M fly ref g 48_1936 A 0 6412 Sale (3412
86 Jan '20 ---- 86
8778
84
KCAMR&Bletgu 58_1929 A 0 82
11 60
6412
64
63
Sale 63
St L S W let g 4s bond etfe_1989 M N
38
5178 63 Sept'19 ---• g 4s income bond etfe_v1.989 J J
5614 16 -i
Sale 56
5,1-4
53
5115.0
2 -i
1932 J D 56
Consol gold 4s
3
58
let terminal A unifying 54_1952 J J 5753 Sale 56
97
812 Jan '14..-.......
.
i.- - zi.
.j..e. 5
Gray's Pt Ter let gu g 5E1_1947 J 13 -ii
58
li, -5
.41; -6
-0-34
El A& A Pass let gu g 4s
194
50
33 J
6034 6053
Ws
Seaboard Air Line g 4s
1950 A 0 59
59
173
54
554 6
A 0 56
5878 59 Mar'20 ---- 5
Gold 4s stamped
4113
3812 74 30
3812 Sale 3714
Adjustment 58
01949 J A
11 38
49
4531
Refunding 4s
1959 A 0 4534 Sale 4478
6413
I 6178 6412
Atl Birm 30-yr let g 4e_e1933 M S --__ 6412 6412
Caro Cent let con g 4e_ _1949 J J -__- 7212 7(1 Apr '19 --- __ __ __-9973 Nov'19 ---Fla Cent & Pen 1st ext 68_1923 J 3 ____ 101
-- - - - - - let land grant ext g 5s 1930 3 J ---- 104 101 Dec '15 ----------3
3
80
8078
1 808114
82
807
3
Conedl gold be
1943
8013 85
93 July'19 ---J
Ga & Ala fly let con 58_1;1945 J
8714 8812 8653 Mar'20 --__ -g658
Ga Car AC No let go g 58_1929 3 J
Seaboard A Roan let 58_1926 3 1 81 ____ 9514 May'19 ---Southern Pacific Co70
17
73
Gold 48 (Cent Pee coll)__Pc1949 .1 D 683 Sale 6818
_ _
k1949 J D---- ----90 Feb '14 .___
Registered
79
89 -66127634 8158
31929 M 13 781, Sale 7814
20-year cony 4s
106
221
97
10133
Sale
s102
102
3
D
1934
20-year cony 58
72/8 (17 6912 '78
7218 '7253 7214
Cent Pao 1st ref gu g 48-1949 II' A
_
1940 F A - 15.- _gal; 8712 Sept'18 ---Registered
8018
8018
1 -79-38 -8218
Mort guar gold 3Hs_ _11929 J 0
70
6712
2 66
Through St L let gu 45_1954 A 0 6712 Sale 6718
OH&SAMAPlet 591031 MI N 87 10)) 100 Oct '18 -----------7
87 Mar'20 ____ 887
26 eaten 5s guar
1931 3 J __-- 99
9214 95
95 Nov '18 ---Gila VG& N let go g 58 1924 PAN
- ---8514
fict2
MI
N
8433
8112
Mar'20.-..
--__
Hot's EA WT let g 5s_ 1933
8438 ____ 190 Oot '10 ____
1933 M N
let guar Si red
92 Feb '20 -- _ _ -_--,
9014 93
913.03
- .14
J
HATO 1st g be int gu__ A937 J
93 Jan '20 ---- 93
93
07
(Ion gold 4s lot guar___ _1921 A 0 93
Waco & N W MY let g (38'30 PA N 90 ____ 94 Mar'19 ---- -------.- _ __ _ _ _ _ _
__
8514 88
8754 Dec '19 -_
1941 3 J
A & N W let gu g be
1921 3 J -__- __ 10014 Oct '17
Louisiana Weet 1st 13s
4
99
9834 9912 99
Morgan's La A T let 6s 1920 3 J
924 Feb '20 ---- -9
6§3
;
18
- -9
62
9-4
1038 A 0 9318 95
No of Cal gear g Is
3
1
4
N
J
9
5
2
,8
_Sale
9114
9218
28
9114 937s
1927
Ore & Cal lot guar R 5e
__
9758 July,19 ---Bo Pee of Cal-Ou g 5s_ 1937
1 8014 8978 924 June'19 -___ - -_-_- -:::
Ho Pee Coast 1st go 4s g_1937 J
San Fran 'Fermi let 48_1950 A 0 7018 Sale
J
83
_
8
75
9l8 July
7
'
119 29 -79'8- -73%
105
945
3J
Tex & N 0 con gold 50_1
1 J
75
521 74
49-14
7412 -S;1e 7412
So Pao RR lot ref 4s
J
1
5 Sl 85
35 8114 8712
86
Southern-1st cons g
J ---- ----- 854_
Sept'19
19114 J
Registered
-4
-2 -ii - -01-li
59 -1
Develop A gen 4s Ser A
199
56
4 A 0 5812 Sale 58
5612 14 56
5812
Mob A Ohio coil tr g 4s .A938 M S 5612 Sale 56
90
90
85
82
780
Men) Div let g 41-4s-5s.,,.1998 J J 84
J
J
65
6612
6418
6118
I
6418
675
s
1951
:It Louis div let g 4s
87
9278 July'19
.........
Ala (It Sou lot eons A 55_1943 J • D 80
3
Feb
'20
SO
8
7812
7614
ifi
1,
-805
J
84
1944
Atl A Chart A List A 434e
J
8518 97
8818
8838
4 85
8833
1944 J
let 30-year 5s Son B
6734 70 Oct '19
1948 3 J 66
ral & Deny lot g 4e
J ---- ---- 8112 Mar'16 --- - - - - -194
48 J
26 4s
-Oct '19 _-__ - A 0
3
- - -- -• & Yad let g guar 44_1949 3
Dee '19
T Va & Ga DIY g 5e1930
M
PA
--2
8712
8712
89
8712
1956
Cone 1st gold fis
94
92 July'19 ---E Tenn reorg lien g Si,_ _1938 M13 86
1940 A 0 4418 ____ 52 Jan '19 ---- -- - - - - -OR Midland 1st 38
98
Jan '20 --__ 061; 1001922 3 .1
Ga Pee ley let g 68
9653 ____ 96 Feb '20 -- 96
90
Knave A Ohio lat g Off_ _1925 3 J
J
J
80
____
9112
Oct '18 ---- - _ _ _ _ __ _
Mob & Bin prior lien g 58194
945
5
J
J
65 Aug '19 ---- __ _ _ _ _ __
55
62
Mortgage gold 45
925s Nov'19 ---filch A Dan deb be stmpfl_1927 A 0 9234 102
60 Feb
1948 M N
Rich & Meek 1st g 5s
13 97 ____ 10212 June'll ---- ____ - - - Virginia Mid Ber D 4-5s 1921
M 13 9378 100
95 Jan '20 ---- 95
95
Series E Se.
Pfe S 9112 ____ 10112 Dec '16 --Series FM
1 -g614
- -0090
90
93
1
199226
39 6 NI N 90
General 58
8112 82
8158 Sept'18 ---- _ _ _ - _ _
Va & So'w'n let go be_2003 3 J
70
70 Mar'20 ---- 60
70
let cons 50-year 58_1058 A 0 64
9318 Mar'17 ---95
1024 F A 80
W 0 & W let cy gu 4s
__ - - - - -75
7512 Apr '19
J _
Spokane Internet 1st g 58_1955 J
A O
A 1
8,1; _8514 8212
8212
1 -8
.
/3.6
4 - -8
g5
i1i
Term Aeon of St L let g 4%6.1939 F
-85
85
1st eons gold 5e_1804-1944
8 6838 7358
701,
8 693a
1953 .1 J 6834 697Gen refund s f g 4s
85 Mar'20
85
85
(It L M Bridge Ter gu g 58_1930 A 0 824 87
84
8373
837s
2000 J D 82
TeX/VI (t Pao lot gold 5s
8512
5212 Feb '20 --- 5
212
8 82
79
/2000 Mar ____ 54
2nd gold income 51
J 6014 '7912 86 May'18 --- _ __- _-1931 J
La Div B L let g ref
W Min W & N W let gu 5e1930 F A --_- ---- 10612 Nor(14
2 331, 844
831,
Tel & Ohio Cent let gu Is. _1935 3 1 8314 9434 831,
804 Feb '20 ____ 8013 8012
1935 A 0 7778 90
Western Div 1st g 5s
J
D
7978
82
Feb
'20
--_70
82
1935
General gold 5e_
6434 6978 73 Oct '19
1990 A 0 ___Kan & M let go g 4e
J
87
8712 Dee '19 ::::-- - - -89
1917
1927 J
2d 20-year 5e
2 -4
-27
-8 -4.-714
3 J
26 ____ 36 Feb '19
To! P & W 1st gold 45
74
74
3 'ii- -ii Tel St LA W pr lien g 3%8_1925 3 3 7018 75
A 0 45
46
46
46
50-year gold 48
___
1858 Merle ____ __
Coll trust 45 g See A....---1
:919
957 F A ____ 35
19
18 Aug '18 ---- __ _ _
_
_
Trust co ctfs of deposit
Feb
'20
68
_--66
713
4
68
45._11946
Tor Ham A Buff let g
8513 8518 Feb '2() ..-- 8518 854
Ulster & Del let cone g 5s 1028 J D 82
58 Sept'17 ---1052 A. 0 ____ 65
let refunding g 4s
J
8112 82
82
1047 J
Union Pacific let g 48
_1 -.i.614- -ggi.
8 -5
3 _8
'
21%
85
41s Oct8
-i- .
1947 3 1
Registered
Salo
20-year cony 48_
8
75
278 4
79 -7
g2
i1-2 -ii
8i
17;
7214 Sale 7213
22
100
928
7 M El
let A refunding 4s
10112 26 100 103
J 10078 Sale 100/s
10-year perm secured 66_1028 J
7553
8 75
81
7512 Sale 7512
Ore RR & Nay con g 0_1916 3 El
991, 9912 9913
9918
1 99 101
Ore Short Line let g Os__ 1922 F A
9012
J 3 0012 Sole 9012
4 9012 93
let comei g be.
85
8078 30 80
192
946
9 J D 8034 Sale 8014
Guar refund 4s
51
9112 9112
9119
901a 9258
J 91
Utah A Nor gold 5s_1926 J
J 81
86
89 Feb '18 ____
1933 J
let extended 48
80)4 Dee '19 ____ - - - - -7112 _
-- Vandalla eons tt 4s Ser A_._1955 F A
30
54 Jmuan;189 ---- ---- ---7112 8154 8
1957 Pk N
Consols 4e Series 13
.-. ---- ---Vera Onus A P let gu 41,48_1934 J 3 ---- ---g Duo Deo. s Onion Hale
v Due Nov
g Due June, 3 Duo July. k Due Aug. a Due Oct
High NO, Low High
Bid
Ask Low
X Y Cent & H R RR (Coa)Y & Northern let g 58_1923 A 0 9313 _-_- 9258Jan '20 -- -- 9253 9258
N Y & Po let cone gu g 48-1993 A 0 7018 ____ 7814 Apr '19 ---- __ __
____
Pine Creek rag guar Os.. ___1932 J 13 98 ____ 113 May'15 ---9918 July'19 ---- - - - - __ _ _
It W &0con let ext 5s__61022 A 0 971 99
J ---- ----77 Oct '19
Rutland let con g 4348___1941 J
60 Aug '19 ---02& LCharu lot flu 480_1948 J J.__ 78
60
60 Feb '20 -- - 53
60
53
Rut-Canada let gu g 4E1_1949 J J
Noy'16 ---- .. _ _ _ __ _ _
101
82
3
J
7614
be___1996
St Lawr & Adir let g
19911 A 0.... 8212 103 Noy'16 ---2d gold (35
9318 Jan '20 ---- 9318 9318
Utica OC Bik Riv gu g 411_1022 J 1 927
70
1 67
67
GI
677 67
1997 .1 D
Lake Shore gold 334s
69
_ 69 Jan '20 ---- 69
1097 J 1) -------Registered
73
7 8112 8712
1928 M S 8512 8658 85
Debenture gold 45
79
8412
827 831 8278
211;
1931 M N
25-year gold 48
1931 M N ---- ---- 841 2_ Nov'19 ---Registered
-----J
.1
1938
Ka A & R let go 58
o-ii ---- - - - - - - - 1934 j j ____ 93l I071; DeMahon 01 RR let 58
_ 103 May'17 --- - - - - - - - Pitts & L Erie 2d g 5e___a1928 A 0 -------.8
.8
9918
____
'09 -- - - - - - - - 1304
Jan
Pitts Molt & Y let go Os 1932
951, ____ 12314 Mar'12 ---- ___ _ _ __ _
1934 J J
2d guaranteed Os
8938 ____ 9912 Aug '17 --- ___ _ _ _ _ _
19:31 IVI H
Michigan Central 58
87 -___ 9812 Nov'IS --- ____ _ ___
1931 (1 Pel
Registered
_
1940 1 j 7458 ____ 82 Noy'19 __- ____ _ _ _
49
J
7478 ____ 87 Feb '14 -- -. _ ._ _ _ _ _ _
J
1940
Regiatered
ive
s
0318
____
6618
Mar'20
6)318
---13618
J L & S let gold 330-1951
6712 7334 7012 Mar'20 ---- 6518 7013
1952 M N
let gold 334s
81
20-year debenture 48_1929 A 0 7714 8078 8018 Mar'20 ---- 77
3 '73
8134
7812
St I. let g 48 -1937 A 0 '7712 7812 78,8
N Y Chi
85 Nov'17 ---- _ _ _
1037 A 0
Registered
68 Mar'20 ---- 60
75
1931 M N -iiciDebenture 49
7011
15 7012 7413
7012 Salo 7012
2361 J .1
Weet Shore let 48 guar
68
7178
Sale 68
1 68
68
2361 J J
Reglstered _
97 ____ 9912 Feb '19 --- ____ _ _ _ N Y 0 Lines eq tr 5s__1920-22 !,,j N
9412 9412
Equip trust 4 Hs__1920-1925 .1 3 9:314 9914 9412 Jan '20
I 7412 79
7412 --I
7412 Sale 7412
X Y Connect let au 434e A-1953 F A
N YNH A Hartford51
1947 51 B 50 __ _ _ 51 Mar'20 ---- 51
Non-cony dolma 43
Non-cony deben 334e-1947 NI 8 4712 ____ 4518 Feb '20 ---- 4518 4518
48 Mar'20 ---- 4412 48
1054 A 0 4712 50
Non-cony deben 33.e
5112 ---- 63 Mar'20 -- 4413 55
J
1956 J
Non-cony deben 4s
53 Mar'20 -- -- 46
56
55
50
1956 Pk N
Non-cony deben 43
1056 J 3 4712 4812 49 Mar'20 ______-_ 4412 50
Cony debenture 330
7514 How 7518
7612 29 6612 7612
1948 J J
Cony debenture Os
Cons lty non-cony 49._1930 F A ____ ____ 50 Oct '17 __ -- _ _ _ _
1954 J J _ _ __ ____ 9112 Jan '12
Non-cony deben 4s
60 July'18 -_:.:
Non-cony deben 4s_....1955 1 3 ____ 63
__ __ _ _
1955 AO
Non-cony &ben 4s
----....__ 70- OciliTI ---Non-cony &bon 48_1950 1 J 0114 ____ 68 Nov'19 ---Flariom R-Pt Chef, let 45_1951 NI N
7912 Dee '17 ---BAN Y Air Line let 4s 1955 F A
57 _..
.
4 85
58
Sale 55
Cent New Eng let gu 46_1961 3 J 55
-- ---1030 MS
Hartford St Ry let 4s
- M;y'
132
--- -- - _
N --------1061
Housatonic 11 cons g 5e-1937
Naugatuck RR let 48...._1954 lee N 6114 ____ 87 July'14 -- ____ _ _ _ _
' ---- - - - - - - - 1942 A 0 ____ ____ 83 Aug13
N Y Prov A Boston 4s
24 3112 44
42
NYW'ches&I3 let see I 430'46 j .8 4112 Hate 4112
---- ---- 2.-- ---1939 A 0 -------- ---Boston Terminal let 4s
7112 _ .. _ _
Now England cons 58._ 1015 3 1
1945) j 57 ____ -fr
Consul 4e.
40 Mar'20-43
38
Providence Scour deb 48_1957 M N
Prov & Springfield let 5s1922 .8 j 75 ____ 997s Deo '13 ---- - - - - - - - _
1956 M 13 6758 --_- 8838 Feb '14 _--Providence Term let 4e
-....
'19
Dec
7412
11243 J 3 ____ 74
W & Con East let 4348
6118
Y OA W ref let it 48---01992 rse H ____ 5978 60 Mar'20 ---- 59
9212 June'12 _--- - - - - - - - Registered 25.000 only. g1992 M S
1
6014 Nov'19 ---616
1956 J D -JO-- (
General 4e
564
5434
10 -49 - -56-1-1,
56
64
Norfolk Sou let & ref A 58_1961 F A
777 _-__ 81 Nov'19 ---1941 rk N
Norf & Bou let gol6 5e
Nonf dc West eon gold Os.. _193i fYi A 10412 10938 104 Mar'20 -___ 104 - 104
122 Nov'16 --Improvement A ext g (38_1934 F A
103 Feb '20
1932 A 0
New River let gold 6s
7512 -27 7318 80
7512 75
X & W fly let cons g 49.._1996 A 0 75
1996 A 0 ---- ---- 79 Oct '19 --- ---- ---Registered
7612
7 754 7812
7558 ---- 7512
Div'l let lien & gong 4s-1944 3 J
1932 J I) 73 ____ 7712 Jan '20 ---- 7712 7712
10-25-year cony 4s
_ 76 Mar'20 ---- '76
'7(3
1932 M S 741 _
10-20-year cony 45
5 Dec '19 -1938 M 5 ---- ----964
10-25-year cony .3
10212 17 -6610114 Sale 101
1929
10-year cony Os
80
Is 77
7778 7778
1941
7778
I 77
Pocatt 0& 0 joint 4s
_ 932 Jan '20 --- 9812 9813
00 & T let guar gold 50_1022 j j 9714
7318 Mar'20 ---- 7318 77
7412 75
Selo V & N E let gu g 48_1989 M fl
Northern Pacific' prior lien rail7412 Salo 74
7512 10(3 '7212 8018
1997 Q J
way & land grant g 4e
1997 Q J '7014 7478 7653 Nov'19 --._
Registered
5312 Sale 53
5313 '72 504 5614
a2047 Q F
General lien gold 38
0047 ca F ____ 5318 65 Nov'19 -- - - - - - - - Registered.
7518
4 '
8112
J
7518 Sale 75
"047 J
Ref & Imp 4341 ear A
713 May'19
.....
St Paul-Duluth Div g 4e1991 J 13 7012 80
10213 ....10012
1
1021;
St PANP gen gold 08_1923 F A 10212 Sale 10212
9918 -__ 10018 Jan '20 ---- 10018 10018
Registered certifloatee__1923 Q A
St Paul A Duluth let 5(1_1931 fe F 93 ____ 97 Feb '19
75
764 Oct '19 ---. - _ _ -_
1968 J D 68
let consul gold 48
3712 Dec '16 ____
68
1948 Q 111 (30
Wash Cent let gold 4s
3 1011-2
108
Sale 103
J 108
Nor Pao Term Co let g 68_1933
12 65
7212
69
J
6858
6834 70
Oregon-Wash let A ref 40.._1001 J
Pacific Coast Co let g 5e-19413 3 D --_- 7378 8412 Bept'19 -_- ____ ___ _
Paducah & Ills lets f 434e 1955 3 3 7758 0213 10018 Feb '17 --Pennsylvania RR let g 45_1923 PI N ---- 0412 0538 Apr '19 .--- -- - - -833s Jan '20 --_- -8.3li -113Is
1943 M N
8138 83
Oanffol gold 4e.
8134 82
82 Mar'20 ---- 81
8612
1948 MI N
(lonsol gold de.
9012 26 89$8 9212
Sale 8978
90
19130 F A
Canso! 4s.
7012 Sale 7912
8034 195 79
847s
1965 3 D
General 434e.
9312
8912 110 88
Sale 89
1968 J D 89
General Si
1 82
8:112 82
82
82
1942 al 14 82
Alleg Val gen guar g 41e
1)R RR &!Vim let gu 4e g 1036 Ir A 8112 ____ 83 Feb '20 ---- 83 .83
i
8218 Jan '20 --- 8218 8218
Z•hila Bait A W let g 4e _ _1043 M N
Jan '93 ---- - - - - - - - J ........102
BMus Bay & Hon let g 68_1924 J
J
Slunbttry A i.tovis let g 46_1936 J
- - - -.- - --'i7 :::: -.- - - - - ::
:
:-61- Deo
U N J Itit & Can gen 4.8.__1944 el
Pennsylvania Co9651
5 9634 9734
1 9634 97
0854
1921 J
Guar let gold 1.340
____
1921 3 j 96(8 ____ 9558 Oct '19 __.- _
Regleteren
Guar 3%a cod tenst!eg A.1937 M S 6918__ _ _ 6918 Mar'20 _--_ 6918 6918
0918 7112 6914 Feb '20 --- 6914 71 12
Uttar 334s colt trust ear 11.1941 F A
Guar 334e trust (Ate 0_1942 .1 D 6914__ _ _ 7358 Jan '20 ...„ 735 735
1944 J D (1918 72
77 Nov'19 -----------Guar 3Hs trust otfs D
quer 13-25-year gold 48_1031 A 0 ____ 8312 80 Feb '20 --- 80
8314
804 Jan '2)) _-__ 8018 81
7718 81
SO-year guar 48 etfe Ser E_1952 al N
80
75--_- 80 Feb '20 __-- SO
Oin Lab & Nor go 4e g_1942 Ni N
1035 hi N
77
87
85 Doe '19 ---- -- - - - - - CI & Mar 1st ell g 434e
el & P wan gu 4345 ear A_1942 3 3 8558 ____ 964 May'18 ---- - - - - - - - 1942 A 0 8558 ____ 104 Dec '15 ..--- - - - - - - - Series II
Int reduced to 334e..1912 A 0 ____ ____ 0614 Feb '12
--- - -- - 1948 M N ____ ____ 9018 Oct '12 :: - - - - - - - Merles03 3de
8814 Feb '17
1950 F A
Series D 3348
3 68
J 68
Sale 68
68
63
Erse & Pitts gu g 3548 B1940 J
05
7914 May'19
1040 J
J
Series 0
J 7818 ____ 8078 Mar'20 ____ 8078 8078
Or B & lax let go g 4346_1911 J
___ _ __ ._ _
1943 Pk 5 8558 ____ 85s, Nov'19 .......
Ohio Connect let gu 45
9738 ____ 93 May'10
Pitts Y & Ash let cons 58_1927 3.4 N
931, Apr '17 _--- _ _ _ _ _ _ _
Tol W V & 0 gu 4 lits A 1931 3 1 8312 92
8718 Nov'19 _-__ _ ___ _ _ _ _
Series 11 43,4s
1933 .1
J 8312 92
1942 Pk IS
8818 Sept'17
Series0es
85 Mar'20 ____ 85
90
88
P (.1 & St L gu 434e A 1940 A 0 85
1942 A 0 8118 9138 90 Feb '20 -__ 90
Series B guar
90
1042 M. N
Series
guar
8418 99 June'17
Perim I) se suer
0012 Oct '19 __-____ _._ - _ _ _ _
1945 M N
Series E 312.3 guar gob!_1949 F A
81 Feb '20
84
84
-fir2
Week ending March 26
1275
-ti78-
-66-
__ -65- -Jo.
-ii3;
- ---
M
so5ii-,4 -_-_-__- .i---- -----io.
1E6'(-2:7_
iOi - ifii
ioi3-4
i-
ovi; _9_1_38 908218
-g.i- ,,- -663;
loo 9912
nii -
.1
s -iii.3-8
-ii- 8311
• No price Friday:latest bid and asked. a Due Jan, 5 Due Feb
ni
---- ----
3- -6 -631;
.20 _.-- -66- -66-
_
1276
1
Price
Friday
March 26
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Act Low
Low
High
Virginian let 55 series A____1962
N4o)
2 81
81
82
N 80% 81
Wabash let gold ba
1939
8812 17 87
N 87% 8772 88
2d gold 544
Bide 80
1939 ✓ A 80
80
80
Debenture series B
1939 J J
90 Aug'18
let lien equIps Id g 5s..„ 1921 MS 9518 - -- 9712 July'19
_
let lien 60-yr g term 443_1954 J J --- 6812 7034 Nov'19
Det & Ch Ext let g 6e____1941 J J 8834 ..-- 88%
8878
-8134
Des Moines Div let g 4e 1939 .1 3 --- 7518 80 Aug'12
Om Div let g 334e
5878 5512
2 55'2
1941 AO
5512
Tol dr Ch Div g 4s
7442 Oct'19
1941 ▪ S
Wash Terml let gu 354e
70 Jan '20
74
1945 ✓ A 69
70
let 40-yr guar 48
1946 ✓ A 751s -- 82 Aug'18
West Maryland let g 4s
22 49
1952
0 82:4 Sale 5234
53
West N Y & Pa let g 5e
5 89
1937 J J 89% 91
91
89
Gen gold 4s
1943 AO 62:2 65 63 Jan '20
63
Income 544
Oct'17
91943 Nov 25
36
Western Pao let oer A 5s _1948 ▪ S 82 Sale 8112
10 80%
82
Wheeling & L E let g be____1928 * 0 9018 92
_ 9112
9112 Jan '20
Wheel Div let gold 15e---1928 .1 .1 92 95 100 Feb'17
-Eaten dc Impt gold 55.___1930 P A
90N2 Mar'17
Refunding 44.1e series A...1966 MS -Lira -54.3-4 53 Mar'20
50
RR let consol 48
1949 MS 5334 5412 5414 Mar'20- 53
Winston-Salem S B let 40_1960 J J 6614 7014 67% Nov'19
Wig Cent 50-yr let gen 4e....1949 J J 67 68
6 67
68
68%
Sup & Duldlv &term let 48'36 MN 0034 70
70 Mar'20
6318
Street Railway
Brooklyn Rapid Tran g 55 1945 A 0
let refund cony gold 4s___2002 J J
8-yr 7% secured notes_ .111921 3 1
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st eons be__1918-1941
Bk Q Co & con gu g 544_1941 M N
Bklyn Q Co & 1st be__1941 J J
Bklyn Un El let g 4-59_1950 F A
Stamped guar 4-6e
1068 F A
Kings County E let g 48_1949 F A
Stamped guar 4.
1949 F A
Naasau Else guar gold 48.1951 J J
Chicago Rye let 15e
1927 F A
00nn fly & L let & ref g 434e 1951 .1 J
Stamped guar 4e
1951 J
Det United let cons g 44e 1932 J J
Pt Smith Lt & Tr 1st g be......1936 111 S
Mud & Manhat fie ser A....1957 F A
Adjust Income be
1957
N Y & Jersey lst 544
1932 1 -A
Interboro-Metrop coil 4481956 A 0
Certificates of Deposit
Interboro Rap Tran let 53_1966 2 -i
Idallbat RY(N Y cone g 48_199f/ A 0
Stamped tax-exempt
1990 A 0
Manila Mee Ry & Lt f 50_1953 M 8
Metropolitan Street RYBway & 7th Av let c R 50_1943 J D
Col & 9th Av lot gu g 5s._1993 M S
Lex Ay dcP F letgu g 58_1993 hi S
Met W S El(Chic lot g 4s 1938 F A
kiLlw Elec Ry & Lt cons be 1928 F A
Refunding & eaten 430 1931 J J
Montreal Tram let & ref 544_1941 3 3
New Orl Ry & Lt gen 430_1935 J J
X Y Municlp Ry lets fSsA..1966 J J
N Y Rye let R E & ref 4s
1942 J J
Certificates of deposit
30-year ad)Int be...._a1942 A 0
Certificates of deposit
X Y State Rye let COOS 4 WL1962 M N
Portland fly let & ref 5a___1930 M N
Portld fly Lt & P let ref 5e_1942 F A
Portland Gen Eleo let 544_1935 ,1 J
St Joe fly L H & P let g 58..1937 M N
St Paul City Cab cons g 5s__1937 J J
Third Ave let ref 48
1960
J
Ad)income be
al960 A 0
Third Ave Ry let g (is
19373
Tr -City Ry & Lt lets f 50_1923 A 0
Undergr of London 43444____1933 J J
Income 68
1948
United Rye Inv Ss Pitts 1ss 1926
United Rye St L 1st g 4s_
1934 J J
St Louis Transit gu 5s
1924 A 0
United RRe San Fr s 4s
1927 A 0
Union Tr(N Y ars dep......
&Nit Ti(N Y inter ctfe
V* Ry & Pow 1st & ref Ss__ _1934 J J
31
-_-4914
46
3.)
_-..
---
3134
22
Sa.e
Sale
43
7u
70
-ST
64
60
53
23
60
6212
64%
Sale
60
6
28
974
66,4
---- 65
6612 Sale
. 68
63 Sale
19 Sale
70 90
19 Sale
19 Sale
56 Sale
68
5612
66 Sale
...- -40
25
25
43
36
347s
.93 94
70% 8118
73
75
-- 68
50
2534 30
2512 28
618 812
6
714
50 551.3
- 7213
66
...- 94
78
__. 82
4734 Sale
29% Sale
87
-90 93
90
51
5112 .6814 70
__ 63%
65
2512 33%
20
2934
2914
25
___ 67
31
31
28 Jan '20
45
4914
45
46
4112
4212
70
001'19
813 May'18
4012 Dec '19
62
61%
62 Mar'20
60
53
64 Feb '20
25 Mar'20
0534
67
60 Feb '20
77 July'19
66
8714
68 Jan '2J
59
53
19
18
90 May'19
19'2
17
19
18
5413
5612
56
56'4
56%
56
76
Oet'19
4412
4412
40 Adlaellu
40 Mar 20
54 Dec.19
9412 Feb 20
77 Jan '2,4
7112
7112
61 July'19
57 July'19
26% Mar'20
25-8 Mar'23
614
614
Wig hlar'20
52
55
8478 Jan '20
55 Dec '19
9012 Feb'17
95 July'17
80 Jan '20
46
4734
2912
3013
84 1113 '20
89 Feb '20
73 May'19
60 Dec '19
68
6813
51% Nov'19
50 June'17
30
30
29
2934
2912
29
65
65
BONDS
N T STOCK EXCHANGE
Week ending March 26
High
8514
91
83
4t
4°.
Prtes
Friday
March 26
Bid
Gas & Electric Lt-(Conel.)
Utah Power & Lt let 56_1944 F
Utica Eleo LA P let g 5e__1960 J
Utica Gas & Elea ref 6a
1957 J
Westchester Ltd gold 5...,,, 1960 J
[VoL. 110.
Week's
Range or
Last Sale
Ask Low
8078 Salo
- -8814
--- 90
13
"
Range
Since
Jan. 1.
High No, Low High
80%
81%
95 Mar'20
87 Nov'19
Oot'19
88
12 797
95
-
Miscellaneous
Adams Ex coll tr g 4s
66
5712 55%
1948
4 5578 5812
56
1612 Sale 15
5512 Alaska Gold M deb 88 A_-_1925 hi
14 13
20
20
Cony deb 65 series B
8 1512 1612 13
1926
3) 13
16
16
Am SS of W Va lot bs
72
98 102
1920
Armour & Co let real est 434e '39
81% 82
531 8178 8418
81%
83
Booth Fisheries deb e 1 6s___1926 A
- 9012 90 Bels'18
- -Braden Cop M cull tr s f 64_1931
92
91
A 89
7 89
03
89
911s
Bush Terminal let 444
74
03
.1
1952 A
7613 74 Mar'20 Como'be
731 t 774s 78 Mar'20
1955
Buildings Sc guar tax ox..1980 A
7512 Sale 7512
88
3
7633
Chic C dc Conn Rye a f be_ -1927 A
40 -- 58 Mar'18
921
Chic Un Stat'n let gu 4 lie A 1903
78
80
7 7718 83
7814
80Is
Chile Cooper 10-yr cony 78_1923
103 Sale 10112
10312 162, -9
777-9
51-3
1 :
10
-887-2293:-4
Coll tr & cony Sc ger A_1932 A 0 7972 Sale 7814
53
206' 7042 86
80
Computing-Tab-Re f 6a 1941
8234 8434 84
50
84
11 81% 88
Granby Cons MS&P con Sc A '28
92
95
1 90
92
92
93
Stamped
96
92
71
1928 hi
98 Dec '19
Great Falls Pow let et 5s......1940
8912 94
70
65189
80
i
86
9811 -0
ii -13
Int Mercan Marines 1 60_1941
0 9012 dale 89
58
4
0.412 286
Montana Power let be A...1943
82
86
13
38
8412
86
Morris & Co let s f 4 34e
-82
1939
81 Mar'20
80% 8318
2 30
3312 Mtge Bonds(N Y 4eser 2._1966 A 0
83 Apel4
-- 10-20-year 5sferies 3
25
28
1932
94 June'16
3) 39
N Y Doe- 50-yr let g 4s
WI; 61 12
A
6' 6112 Gilt
50
62
1961
13 3912 47
Niagara Falls Power 1st Se. 1932
90% 9112 9112
93
9112
hi 01
12 3113 45
Ref & gen 6e
____ 9812 10112 043V19
a1932 A
---. -.Niag Loc. &0 Pow let 5s__1954
743
88
8a
85
85 Mar'20
811., Sale 8114
_ Nor States Power 26-yr 55 A 1941 A
793, 85
81 14
Ontario Power N F let 5e...1943
A
83
8212 Feb '20
82% 85
7 613s 64
6812 76
Ontario Transmission So__ _ _1945
75
72 Jan '29
72
Paa-AmPet&Trist cony 6s'19-'27
61
63
15512 May'19
Pub fiery Corp N J gen 5s__1959 A 0 _6
6:1104 62
9
....)
2
,1.; 8
50 60
(1211
-tii
Tennessee Cop 1st cony 6a..1925
94
Sale 91
8 94
bl
51
9412
96
Wash Water Power let 541_1939
91% 90% July'19
25
28
-211 65% 70
Wilson & Co let 26-yr a f 644_1911 A 0
9512
9638 22 9514 981,
9112 Sale 9112
10-yr cony e f 8e
60 60
106 90
1928
02
9614
30 "
Manufacturing & Industrial
(44 69
Am Agrie Chem let 44 ba
9334 9t
68 68
1928 A
93 54 60
95
9412 9578 9
3
11
Cony deben 5e
71 93
1924
9934
343 13
8618 88
1931
20% Am Cot 011 debenture be
112 Ma8
8
98
r2
'2,2
0
Am Sm & R let 30-yr be ser A '47 A
8158 Sale
54
1 8
8984
118 18
1
8:
1
3011 -al; -6
119
Am
12014 119 Feb '20
Tobacco 40-year g 644_1944 A
'
3-4
119 119
24 lb
_ _ 78
Gold 4s
19%
1951
-, _ „
8/ Sept'19
394 48
Am
8134
78
Writ
Paper
s
I
7-6s
58
1939
79 Mar'20 ----' -79 - -837s
21i bb
Baldw Loco Wor.s lot 58..1940 hi
11
9613 - 60
8 56 6012 Cent Foundry let e f 6e
73 80 8
1931
an
7
90
e0
3
8:82 Jp
9.
82;0
8
2
96
Sale
Cent
Leather
20-year g 544_1925
iii3 9
894
71714
05
99%
g
-9
887
95 ....
_
Congo! Tobacco g 48
7534
1951
1. 4412 5714 Corn Prod
98 101 loo14 Jan '20
Refg a f g be
1931 hi
idii, iiiir4
100
let
98
23-year e f 5e
49
40
1934
99
9912 77 99 10011
Distill See Con cony let g 58_1927
_78% 79I2 Mar'20
40
42
7912 83
iris 99
9334 Sept'19 --.- - - E I du Pont Powder 444u_1930
92 - - 01 Feb '20--.- j
a
9113 902 General Baking lot 25-yr 644_1930
i - -9
i7
iGen Electric deb g 3344,____1942
fir 6812 Mar'20 _
177
5.
1 :7
77
8
9
70
812
8734 8852 8
Debenture 5.
70
812
9
8812
1952
%
98
.._ 981s
20-year deb. 133Feb.
1040
Ingersoll-Rand let 5e
1935
96 Nov'18 .-=
-170. Sale 80
Int Agrio Corp let 20-yr 58_1932
2612 32
8112 *921 -ili - .8.i14
jut Paper cony e f g be
10018
26,
8 31
Jan '20 --- 9912 991s
1935
99z
5 542 734
86 ..tdale 85
let & ref e f cony ear A__1947
86
10712
10332 108
6
712 Liggett & Myers Tobao 744_1944
109
106 111
5 50
53
A 8514 dale 8478
55
1951
8612 56
5 84
88911s
178 8
2
6178 64% Lorillard Co (P 7s
1044 A 0 108 109 109
712
10
10918 2tri, 19
734 19
00
be
A
84
8434 85
_.
1951
88
85
86
9634 98
-_ Nat Enam & Stampg let be.1929
I
Nat Starch 20-year deb 58_1930
9315
91 -Kale
National Tube let be
-2-9- ,
80
80
1942
12
9i
93
1 - -9
-ii6
8 45
___ 95% 91
5134 N Y Air Brae let cony 64_1938
91
118 27
9112 91% Feb '20 ---- 91% 9312
Standard Milling let 5e
31
1930
i5134 Sale
341 1241 96 1054
The Texan Co cony deb 8s_1931
84
83
4
Union Bag & Paper let Se..1930
8014 90
89 02
90
90 Feb '20 ---.! 1)0
Stamped
1930
8712 Dee'18 ----I --- -Union Oil Co of Cal let 544..1931
3 68
4 Se
7514 US Realty & I cony deb g Sc 1924
gal: 7834
1ii
3:
00
ov -fii- -0
95
10134 Sale
°
".
1 1139
U 8 Rubber 5-year oleo 74_1922
4 -1
-0 100 2 1 4
!
10
0999
A11:009011611:8:
Sale
let & ref ifs series A
164 81.7s 90
1947
US
A
Smelt
10
83
96
2
:
8
13
a
it
e
Ref
05
&
- -id M cony 644_1926
9058
10•
83
10
82
2's
4%
4
Va-Caro Chem let 15-yr 544_1923
9412 95
2312 30
.
9412 6
5
5314
941
5
1°
97
9
94
3
03i ,
2
14
35, 19
10 24
3.)
Cony deb Sc
81924 A 0 9812 99 09 Mar'20 ---- 99 01
West
Electric let 58 Dec....1922
es 65
Ei
rd
A
711 2
.....
...-
....
glas and Electric Light
Atlanta 0 L Co let g be--__1947 J D 9313 - - 103 SeDt'15 -Bklyn Edison Inc gen 5s A.1919) J
8212 Feb '20 ---- 81
821,
- 78
Bklyn Un Gas let cons g 58_1945 M N 7312 7912 74
75
2 70
77
Mein Gas& Elea let&ref fis 1056 A
8618 83 Mar 20
83 83
Columbia0& E let 544
ale 86
85
5 81
86
I 86 8
86
Columbus Gas let gold 544 193
87 June'19 -7L1
922
.
160-3; 9111e 10014
Consol Gag 5-yr cony 75_1925 Q
10134 555 -ifs; 1013-4
Cone Gas EL&P of Bait 5-yr 5,3'2 I M
9814 Sept'19 -p
j
95l
Detroit City Gas gold 5e. _ _1923 J
96
714 9614 Dee '19
Detroit Edison let coil tr 66_1933 J
93-2
93's
2 93 05
2 86% 90
let & ref Se ser A
88
31940 M O 8734 8772 8734
Igg OLNY let cons 56_1932 M
94
94 Feb'18 ----1
_
.
Gas & Elea Berg Co g 5,4_ _1949 J D --- 100
Feb'13
Havana Elea conaol g 5s._1962
A 84% 88% 84 Mar'20
-)34
8312
Hudson Co Gas let g 5s...1049 IN N
-- 91 fiept'19
- - - - -Van City(Mo Gaa let g 58 1922 A O - - 91
921s Dee '19
--- - Kings Co El L de P g 5s
8412 Dec '19 ---3 801 89's
Purchase money 644
131177
0 - (I
8918
-14 -9-rs 89%
8
9712 98
Convertible deb Sc
Apr'19
Ed El Ill Bkn let con g 4e_ 1931 .1
7534 77 77 Feb '20
1" j -I
.:- 80
Lao Gas L of St L Ref & eat be'34 A O 7
80 80
80
80 82%
_ 8742 8712 Mar'20
Milwaukee Gas L lot 4s
1027 al N
8712 8712
Newark Con Gas g bs_
_ 87 10412 Apr '17 ... •
1948 J
Sale 81
NYGELII&Pgbe
8112 13 78
1948 J is 81
8512
Purchase money g 4o. _ _1949 F )
114 Sale 64
69
A 8
65
1.) 61
6534
Ed Bloc Ill let cons g 5s_ _1995 J
9212 Nov'19
NY&Q El LAP ln con g 56_1930 F A ____ 89 81 Mar'20 - 80
81
Pacif1c 0 & E'Jo-Cal0 & E25 83 9014
Corp uniting & ref be...1937 M N 8534 Sale R534
87
Ty% Sale 7.0s
3.)
Pacific G & E gen & ref 58_1942 J
80
78
83
Pao Pow & Lt let & ref 20-Yr
6s International Series.._1930 F A ---- 8834 82
Apr'19
Pat & Paasalo G & El 5s
105 JulY*17
1949 M
Poop Gas 3c C let cons g 6e_1943 A o -8813 881s Mar'20
W-s 881s
a 63 67
Refunding gold Se
1047 M S 63 Sale 63
611.
,
Ch
7118 Mar'20
its Coke let gu g be 1937 J I Ws 85
711s 80
Con0Coot Ch 1st gu g 55 19363 J- 79% 100
Apr'17
Ind Nat Gas& Oil 30-yr 581036 M N
89 Mar'17
Mu Fuel Gail let gu g 5s-1947 M N
75 May'19
Philadelphia Co cony g be 1922 M N 87
Sale 87
87% 13 87 89
Stand Gas & El cony s f 86..1928 J El 86
90 86 Mar'20
91
88
Syracuse Lighting let R 5s-1951 J D
- 9712 Mar17
Syracuse Light & Power be.._1954 J
73 Dec '19
- -Trenton G & El let g
0838 Oot'17
_ _1949 74
-Union Elm Lt & P 1st g 58..1932 M
90 8412 Mar'20
84
8412 8412
Refunding & extension 54_1933 IX N
977s 82 July'19
- - --United Fuel Gas late f 66_1936 J .1 -- 93% 9472 Mar'20
9474 9474
...-
....
-53
Coal. Iron & Steel
Beth Steel 1st ext. s 1 Se.,.._i926
let & ref 5s guar A
1942 M
20-yr p m & imp
58_1936
Buff & Sus() Iron e f 6e
1932 2
Debenture be
a1926 M
Cahaba C M Co let gu 8e_1922 3
Colo F & I Co gen s 514_1943 F A
Col Indus let & coil 58 gu..1934
A
Cons Coal of Md let&ref 50_1950 J
Elk Horn Coal cony lis
1925
Illinois Steel deb 4 He
1940 A
Indiana Steel let be
1962
Jeff & Clear CA 12t1 5s...._1928
Lackawanna Steel let g 544_1923 A
1st cone be series A
1950 N
Midvale Steel &0cony e 15s1936
Pleasant Val Coal 1st s f 544_1928
Pocah Con Collier Isle l58.1957
Repub I & 8 10-30-yr 58.1.1940 A
St L Roc. Mt & PS.stmpd.1956
Tenn Coal I & RR gen 544_1951
.1
U S Steel Corp-(coup_ _d1963
5110-430-year del reg
_41963
Utah Fuel let e f 5e
1931
Victor Fuel let s f he
1953
Vs Iron Coal & Coe let g 58 1949
Telegraph & Telephone
Am Telep & Tel soli tr 44_1929
Convertible te
1936
20-yr convertible 434e
1933
30-yr temp coil tr be
1946
7-year convertible 66
1925
Cent Diet Tel 1st 30-yr be...1043
Commercial Cable let g 4E4_2397
Regtetered
2397
Cumb T & T let & gen be
1937
Keystone Telephone let 644_1936
Mich State Telepb 1st 5e....1924
N Y & NJ Telephone be 9..1920
N Y Telep let & gen f 430_1939
30-yr deben s I 65...Jab 1049
Pacific Tel & Tel let Si
1037
South Bell Tel & T lets f 56_1941
West Union coll tr cur 544_1938
Fund & real est g 430_1950
1941
Mut Un Tel go int 5a
Northwest Tel gu 4345 g...1934
9212 93 I 9212
8412 85
8412
84 Sale 8378
1
8 92
97/
1
4
36 821s 89
23 8234 We
-
9
93
171 j
NUolY
y:19
9
74
73
75% 78
2 Deo'14
10811
Feb '20
73
74
7518 Mar'20
8
98
0
1:1 Feb '19
86
93 Sale 93
88
8913 88
8112 82% 8112
93
9)
827
83
15 72
76
.
16 80
12 06
lai1;
74
7514
-84
9312
10 -941-2 -1414
311 80
9913
31 8012 8512
30 82
8212
...
2 87
8014
8912
90
67 Mar'20
67
72
88
93
88
88
9934
9534
0612 276 95
96
1)6 Feb '20
9914
8
6
,
6 8
_ 76054 m
Noavr:18
_
80% 85% 8138 Feb '20 ----' -1;15-8 -nil;
8014 013
887
88
87
73
88 89
96
Sale
78
62
82
81%
A 96%
___
2 60
A
9272
86
84%
_
8514
9812
7834
95%
84%
8112
804,
7734
76
7734
78
6
68
6812
8
8114
82
8112
824 52
80
06%
981‘
96 Feb '20
73 Nov'17
6814 Jan'18
83 83
83
16
98
88
Apr*16
Hale 851i
8511
6
--- 9918 Jan '20
Sale 783.1
7914 47
9512 9514
9534 35,
84% 8412
85
38
Sale 81
8112 15
8212 8012
8912
a
753s Mar-20
78
99 10112 Sept'17
- 94 Nov'16 ---1
I
.1
Sale
78
Sale
Sale
Sale
90
7718
68
8012
80
8813
96
8018
69
85
8334
9972
96
83
86
8
-847991s
78
92
8412
mit
7012
7412
'No price Friday;latest bid and asked a Due Jan. Is Due April. e DUe May. g Duo June, A Due July. 3 Due Aug. o Due Oct. I/ Due Nov. Due Deo. s Option We
8814
95 ,
887
a3PetTOZZ3.0t.Zaa•OOZD.0
BONDS
N T STOCK EXCHANGE
Week ending March 26
New York Bond Record-Concluded-Page 4
991a
8112
9634
8814
851s
8812
8112
MAR. 27 1920.1
Saturday
Mar. 20
SHARE PRICES-NOT PER CENTUM PRICES.
Wed tesday
Thursday
.3Ionday 1 Tuesday
Mar. 25
Mar. 24
Afar. 23
Mar. 22
-- -
Friday
Mar. 23
Sedeefor
the
leek.
Shares.
129 129
12612 12612 *12612 129
131
130 130 1*____ 130
64
64
65
*64
65
64
6414 6512 6512 0512
84
*82
84
.. *82
*84
85
85
84
3312 34
33
33
__
35
33 -3 - 6536
35
Last Sale 45 Mar'20
45 ;33-45 ____
45 •
4d55" ____ +135 ____ +135 ___ *135Last Sale 143 Mar'20
Last Sale 100. Dec'19
;IT
--- .6
6
.5
6 1 *5
*5
6
54 - -51-2
Last Sale 10 Mar'20
11
*9 -11 11
*9
Last Sale 130 Feb'20
130
130 *_- 130
iio 81 1•__ 82
81
82
82 •_ -- 82
82
Last Sale 10334 Oet'19
- -- - - - -- - - - - -- - - - - - - -- -- -- -- _ -Last Sale 68 Jan'20
70
70 I *68
"io" "'hi" ;134- illi" iii- vci- "iii" "iii" *08
3334 35
3312 34
31
*35% 3512 3514 3512 3412 351
Jan'20
85
Last
Sale
-----__
84
84
*83
*83
--- - -Last Sale 95 Dec'19
85
36 I 35
-ii,i- -iii- -gb- -i4;- -ia- iw - *85
;85Sale 23 Mar'20
Last
24
+21
24
24
+22
.
-*22
*22 - -24
Last Sa e 85 Ma:'20
_
. 4185 ____ *85
.85
4214
4284 4284' 42
- 2 *42% -43
- - 4212 4234 +4211 -421;
+854312 441
.
54
*52
54
*52
51
54
54
54
*53- _ _ _ *53 -- __
*129
6312
84
*35
45
178
0
140
14
5
16
805
35
300
26
STOCKS
BOSTON STOOK
EXCHANGE
Range Since Jan. 1.
Highest.
Lowell.
Railroads
100 119 Feb 17 1:32 Mar 16
Boston & Albany
100 6112 Feb 13 07% Jan 2
Boston Elevated
Do pre
100 80 Feb 18 8712 Jan 2
100 30 Feb 11 3712 Jan 2
Boston & Maine
100 39 Jan 6 45 Feb27
Do prof
Bowan & Providence
100 134 Jan 28 143 Mar 15
Boston Suburban Elea ..no par
514 Jan 2
7 Mar. 8
no par
Do Drat
8 Jan 28 11 Mar 5
Boat & Wore Elea pre no Par
Ohio Juno R & 11 S Y_.....100 130 Jan 30 132 Jan 8
100 80 Mar 5 86 Jan 2
Do prof
Georgia Ry & Elea stampd 100
100 68 Jan 12 68 Jan 12
Do prof
100 60 Jan 3 70 Mar 5
Maine Central
N Y N H & Hartford__ _100 2312 Feb 1 1 36% Mar 10
Northern New Hampshire_100 84 Jan 29 88 Jan 6
Norwich & Worcester pref_100
100 76 Jan 9 85 Mar 9
Old Colony
100 15 Jan 20 2512 Mar 1 1
Rutland prof
Vermont & Massachusetts 100 85 Jan 24 87 Jan 31
ao 41% Feb 4 4534 Jan 3
West End Street
50 50% Jan 23 5512 Jan 6
Do pre!
Miscellaneous
614 5,880 Am 011 Engineering
10
6
614
0
658 678
014 678
634 7
4
71
7
50 Amer Pneumatic Servioe_ 25
134
112 *114
112 *114 134 *114
112
*114
114 *114
114
Mar'20
6
Sale
543
Last
prof
*6
6%
612
,
Do
*6
612 *6
*6
612
9734 97
100
0712 1,353 Amer Telco & Teleg
9712 9778 97
98
0812 9734 9812 9712 98
455 Amoskeag Manufaoturing___
161 16312
160 160
160 161
+162 16212 161 16212 160 162
87
Do Prof
*8112 83
8112 8112 8112 8112 8112 8112 *814 ---- *8112 ---600 Anglo-Am Comm!Corp_ no pa/
10
10
11
10
10
*10
10
10
1012 10
50 Art Metal Construe Inc.... 14
_-_- *31
*3112 _ _ _ _ *3112 _ _ _ *31
3112 31% *31
__
1112 37,773 Bigheart Prod & Refg-- 16
11
1134 103* 1118 1034 113s x11
1078 1114
1034 11
2
2
1,645 Boston Max Pet Trustees-214
2
214
212
211
214 214 *218
214 212
1,737 Century Steel of Amer Inc_ 10
312 5
*234
3
2
234 3
*234 384 *234 334
6
2,400 East Boston Land
6
6
10
6
612
6
512 0
5% 5%
650 Eastern Manufacturing
30
-2534 301;
5
3012 30
30
*31
3134 32
3034 31
32
420 Eastern SS Lines Ino
24
24
28
25
231k 2412
25
24
*23
25
25
2512 *24
105
80
80
817
*75
100
82
82
*80
82
82
82
Do prof
82
81
148 Edison Electric Ilium
100
153 153 *155
---155 157
155 155
157 157
314 31% 3338 11,713 Elder Corporation ...._ _no par
297g 30
314 307 3158 31
30 -311i 31
7112 7112 2,517 Fairbanks Company
717 72
25
73
72
68
6934 .72
08
69
69
2534 26
325 Gorton-Pew Fisheries
60
26
26
26
2512 2512 253* 26
*20
26
27
36
36
3812 8,080 Gray & Davis Tao
25
3434 3534 35
3334 34
3414 3834 35% 36
74 International Cement Corp-.
1712 1712
*1712 18
*1712 18
+1712 18
18
18
705 Internal Products
no par
29
2712 27l2 *2612 29
2912 3012 +2812 30
30
Last Sale 73 Mar'20
75
100
Do prof
75 •_- 78 41- - - 78
51/i
4% 473
722 Island Oil & Trans Corp__ 10
5
55
5
514
5
5
5
5
29
2912 3014 1,830 Libby, McNeill & Libby-10
2814 28
2612 2714 27
2712 28
2078 267g .
*1014 11
3 Loew's Theatres
*1014 11
10
*1014 11
1034 1034 *1014 11
*1012, 11
375 McElwain (W II) let pref.100
9734
9714 9734 97
98
98
98
98
9714 9734 98
98
212 Massaohusetts Gas Cos-100
7114 7114 7112 72
7112 7112 7112 71% 7114 7112 7112 72
143
60 61 I 60 61
61
100
*60
60
60
61
0014 604 60
Do prof
5 Mergenthaler Linotype_ -100
133 133 +13312 140 *133 140 *13312 140 *13312 140
*133
485 Mexican Investment Inc_ 10
41
4112
43
43
42
43
44
-44 44- 43
-45
25 Mullins Body Corp___no par
45
45
*44
46
*44
4512 45
45
+44
45% +43
201 New England Telephone _100
8578 86
8612 8012
86
8514 8614 86
87
8812 8812 86
31
3134 1,950 Ohio Body & Blower
*2084 31
3212 3114 32
32
32% 32
3214 32
303 3012 304 3034 2,117 Orpheum Circuit Inc
1
30
29% 30
3012 31
30% 3058 31
22 Pacific: Mille
168 168
167 167
168 168
41
10 Parish & Bingham Corp_no par
*39- -44 •39
41
+39
41
41
;45i3 42
"ii
41
Last Sale 95 Feb'20
100
*45
Plant (Thos GI Prof
4512
__
240 Reece Button-Hole
10
16 I
16- 16
;1514
15
1612
16
15
5,760 Root & Van Dervoort Class A
4933
z49
5112 5014 51
49
4912 4912 514 51
120 Shawmut SS
26
20
25
25
25
*2412 25
*2412 25
+243* 25
1878 -201-4 2,800 Simms Magneto
6
1814 1814 1812 1834 1814 19
1834 1912 1834 19
374 Stewart Mfg Corporation__ __
4634 474 4684 4634 4634 4634
47
47
*46
45% 454 '46
380 Swift & Co
120 12114 121 122
100
121 123
12312 12312 12212 12312 12212 123
135 Torrington
73
*7112 73 I 72
25
71
74
71
74
*72
+71
71
71
4612 4014 4012 1,064 United Shoe Mach Corp__ 25
46
465
46
4512 46
4814 4534 4614 40
181
25
Do prof
+2512 26
2512 2584 2512 2512 2512 2534 25% 2512' 2514 2514
1712 1734 1734 1734 1712 1734 1712 1834 1712 18 I 1712 184 7,672 Ventura Consul Oil Fields_ 5
2014 1,645 Waldorf System Inc
20181 20
10
2014 2037 2014 2088 2018 2014 2014 2018 20
353
38
•
38
3712 3712
104
38
Waltham Watch
3812 3712 3812 *37
3812 3912 38
22% 2212 2134 2214 2112 204 2,530 Walworth Manufacturing_ 20
2212 23
2212 2234 23
21
10 Warren Bros
100
_ _ 60
60
*56
*55 _ _
_
Last Sale 6512 Mar'20
100
*0212 6512 *6212 6512
Do 19t prof
if-3212 -66
*824 66
Mar'20
70
Sale
100
Last
____
pref
*0812
24
*6814
____
Do
*6814 _.__ *684
412 Feb13
1 Feb 24
5 Feb 10
9412 Jan 2
13912 Mar 2
7934 Jan 3
9 Mar 16
2613 Jan 7
0 Feb 11
2 Feb13
2 Mar 20
314 Feb14
2734 Feb 13
19 Feb 11
63 Feb 11
149 Feb14
28 Feb13
67 Feb 28
2512 Mar 24
30% Feb 13
1612 Feb16
2312 Feb25
73 Mar 5
434Mar 4
2214 Feb27
10 Feb 2
967s Mar 11
6834 Feb 6
60 Feb 9
125 Mar 6
35% Feb13
38 Feb13
85 Feb 8
2712 Feb 13
2934 Mar 17
165 Mar 5
38 Feb13
94 Feb13
15 Feb 4
44 Feb 17
23% Feb25
13 Feb13
40 Feb14
11514 Feb26
65 Feb 26
4314 Feb13
25 Jan 31
1214 Feb 11
17 Feb16
3312 Jan 2
21 Mar 20
51 Mar 2
60 Feb 7
60 Feb 0
714 Mar 15
112 Jan 27
734 Jan 5
10034 Mar 18
16312 Mar 26
83 Jan 13
19 Jan 5
32 Mar 19
1178 Mar 24
338 Jan 3
7 Jan 5
612 Mar 23
3612 Jan 3
2512 Mar 18
8512 Mar 18
167 Feb20
3612 Jan 2
8412 Jan 2
2912 Jan 6
50 Jan 5:
2512 Jan 6
44 Jan 2
8012 Feb 7
614 Jan 5
3058 Jan 0
11 Jan 6
10112 Jan 10
76 Jan 5
63 Jan 20
13812 Jan 21
53 Jan 26
4972 Jan 6
8912 Jan 3
36% Jan 3
3212Mar 9
17618 Jan 19
4758 Jan 6
99 Jan 12
16 Jan 2
55 Jan 3
3112 Jan 7
2014 Alar 25
48 Jan 2
133 Jan 2
75 Mar 10
49 Jan 2
28 Feb 11
19 Mar 19
21% Jan 2
4412 Jan 26
26 Feb 3
.73 Jan 12
66 Jan 21
70 Jan 9
Mining
25 Adventure Consolidated__ 25
75o Mar 22
41.75 1
10.75 I
765
25 85 Mar 20
6738 87
66
8812
A hmeek
25 30e Mar 11
Last Sale .30 Mar'20
168 Algomah Mining
25 31 Feb 11
*34
35
3412 3534
805 Alloues
a 11 Feb 11
1212 1212 13
12
Arizona Commercial
51 Mar 18
10
Last Sale 6% Mar'20
_ Bingham Mines
14 Feb 4
10
•.25 .30
.30 .30
20U Butte-Balaklava Copper
25 334 Mar
355 355
350 358
110 Calumet & Heels
2912 11.115
1712 Feb 13
1
25
2714 27
..., Carson Hill Gold
25 13 Feb 11
14
_ 14
14
1111 Centennial
26 414 Mar 10
43
43
43% 45
-Weleltange Co
pyper
Del
Oo
3 Jan 3
20
020301
+414 412
414 414
934 Feb13
10
2,775 Davis-Daly Copper
10% 10% 1034 11
16
1514 15
15
25 EastButte Cooper Min.- 10 1134 Feb 11
108
4,5
378
•
3
Feb1/
28
4
31
334
Franklin
.512 6
4% Feb 13
6
k Consolidated-- 25
He
Hainvexa
2% Feb14
10
3230
25
31s 384
*314 34
26 00e Mar 26
.70 .75
.60 .60
_ 85 Indiana Mining
4
39 Feb13
1
46
46
100 Island Creek Coal
1 78 Mar 2
.6
Last Sale 79---M14152
Royperleef copper
eo
zelD
26 3014 Feb20
3318 33
3412 1,015
33
5
312 Mar 9
434 1,645 Kerr Lake
458 458
4
21
1 *X. Jan 19
100 Keweenaw Copper
*118 1% *118 17s
25
313 Feb 10
4%
438
4
4
350 Lake Copper Co
25
258 Mar 10
3
3
10) La Salle Copper
*234 3
5
2 Mar 22
llely Mine
212
aso
oo
212 *2
cV
esn
eso
fft
Ni
*2
) i‘
5
57,
21
4 Feb 18
512 512
484 5
7 Jan 21
25
814
812 934 1,802 Mayflower-Old Colony
8
612 Feb 13
25
4,612 712
714
71
(
25 80 Feb 11
76
8 M
07
75
hlgwan
711s
68
Mohawk
07
l%ak
25
3 Feb13
Copper
Feb'20
Aradlan
Last Sale 3
New
5 19 Feb26
214 1,200 New Cornelia Copper
2012 2012 21
2112 "ii" "if" -; 1- 21
"ii" "if" "ii
.534 7
514 Feb13
Last Sale 814 Mar'20
001 New Idria Quicksilver__ 5
*558 612 *578 614
71
•13
100 21 Mar 12
28
2512 27
25
*22
*22
25
25
25
477 New River Company
2478 2478 *22
100 79 Feb 16
86
86
85
86
84% 85
86
Do prat
87
84
8412 8412 84
9% Feb13
5
1034 1118 1012 10%
1074 10% 1078 11
1034 1034 1078 11
18 15 Feb13
400
85 NNolPrisathiBnguttinee
1618 1714 16% 16% 10% 1684 1614 1612 1658 1712 4,0
1012 17
12 Feb 2
25
50 North Lake
.50 .50 *.25 .75 •.25 .75
+.50 .75 +.50 .75 4%50 .75
25 1 %. Jan 2
*154
co
Feb'20
Last Sale 2
ibway Mining
Osceola01d
300 0
*134 _
134
.
*134
25 30 Feb 11
3312 35
21-2 *3212 33'2 3214 33
Dominion
3212 133
33
33 -3-325 4412 Feb 13
287
50
4914 +48
50
48
49
*47
49
49
49
48
47
25 56 Feb 11
60
57
335 Quincy
57
57
57
57
58
*67
58
+57
5812 58
52
50
50
49
1,065 St Mary's Mineral Land- 26 45 Feb13
49
*47
50
4934 49% *49
49
*47
14 Feb 11
per
16
Oorp....no
1512
17
8868
15
Copper
n
*14%
4
143
1512
16
14%
16
4
+1514 1534 153
rri,
134
112Mar 4
10
158 1%
Shannon
134 134
Vs *1.34 17s .
1% 134 *114
be Mar 10
25
100 South Lake
_
.40 .40
Feb 13
140
S
Sate
Feb'20
Last
.14
-4715
":28
-"125
";."1"5
*.15 .25 *.15 .25
412 Feb 11
25
*514 512
514 5%
50 S
itu
ibigt ah M & 8
per
*512 5% *514 512 *54 512 *514 512
414 Feb20
418 458
4% 518 2,24 T
rriy & Boston Copper 10
Ionor
Ehr
458 458 *412 478 *412 454
45s 458
25
134 Feb 11
5
120
*112 2
178 178
184 134
17s 2
*134 2
a 80e Feb13
Xt .85 3,250 Tuolumne Copper
.80 .80 4..80 .90
.85 .85 +.80 .90 *.80 .95
Mar 21
2%
Mining
238
212
212
8
23
1,320
212
Utah-Apex
212
212
4
23
+212 258
212 212
8 Mar 17
812 81, *814 8%
838 858
572 Utah Consolidated
812 812
858
8
85s 858
1% Feb14
590 Utah Metal & Tunnel
214
21s 214
21s 218 *2
2% 21s
218 21s
214
•2
25
212Mar 22
250 Victoria
314 *3
*3
34
314 *3
3
3
212 3
*234 278
112 Feb10
25
Last Sale 112 Mar'20
Winona
134 *112 114
*114 134 *114 184 *114
25 17 Feb17
184
120
184
Wolverine
18
1812
*17
19
19
*18
20
*19
20
20
25
112Mar22
112
4
*3
Wyandotte
112
*34
112
117
*34
5
114
112
*34
112
*34
Ex-rights, a ft-dividend
•Bid and asked !Aloes. 3 Ex-stook dividend. a Ex-dividend and rights. s Assessment paid.
.75 .75
67
"ii" -6612 67
...50 .50 •.40 .50
351s
34
35
35
1212 1212
13
13
*614 612 *614 012
10.25 .35 41.25 .35
350 350
355 355
2212 2312
24
23
14 *___ 14
4212 4312 4312 4312
*334 412 .414 412
1012 1012 1012 10%
1434 1538
1414 1434
312 312
312
*3
558
0
+5
6
318 37,
.
312 312
.70 .70
+.70 1
*4334 44
*42
45
_
+79
+79
- - 3212 33
3212 -3278
438 438 •438 412
118 *Ds 17s
1%
412
412 *4
*4
234 3
.
*234 3
2
2
212
+2
*434 5
*412 5
814 812
812
EN
71
*7
74 74
6812
671s 68
07
1277
BOSTON STOCK EXCHANGE-Stock Record s..TTP.a.
..75 1
'11.75 1
6738
66
*66 • 07
.1.40 .60 '
.40 .50
*34
35
35
*34
1212
1212 1212 +12
012
612 *6
*6
*.25 .30 *.25 .30
350 360
355 355
2284 25
2434 27
14 •_- - - 14
4312 43
43
4314
*414 412 *414 412
1012 10% 1054 1078
15%
15% 1512 15
312 354
3'2 3,2
578 6
578 578
312
312 312 +3
.60 .70
.70 .70
4412 45
44
4612
*79
*79
- 3212 32%
3278
412 5
412 412
*158 118
-*I%
412 +4
*4
412
254 2% *258 3
212
212 +2
*2
5
5
434 478
814 814
814 812
*678 712 *612 712
07
67
08
08
Satyr for Prolcs4
Icor 1919,
Lowest
116 Dec
62 Dec
85 Dec
28 Jan
Oct
40
130 Sept
10e Dec
312 Nov
218 Nov
132 Oct
84 Feb
9918 Mar
70 Mar
59% Dec
2514 Dec
86 Dec
94 Oct
271 Dec
15 Dec
82 Oct
3812 Sept
47 Sept
Highest.
145 Apr
8014 Apr
97 Jan
3812 July
50 Jan
168 Jan
700 Nov
Jan
11
30 Feb
135 Jail
90 June
110 June
784 July
83 Jan
4084 July
9912 Aug
115 Oct
105 Jan
23 May
100 Jan
60 Apr
58 June
5 Dec
714 Nov
2 Aug
550 Jan
9% Aug
212 Apr
95 Dec 1081s May
79 Feb 152 Nov
7812 Jan 84% Dec
16 Dec 2112 Nov
1712 Jan 2612 Dec
7 Dec 1312 May
212 Dec
4% Nov
6 Dec 1512 Mar
412 Jan
6% June
3118 Dec 84 Nov
6 Jan 24 Dec
39 Apr 79 Dec
Oct 172 Jan
138
9312 Oot 38% Nov
5212 Jan 93% Nov
28 Apr 38 May
1:37 Sept 5412 Nov
19 Ifai -5813-Oct
75 July 90 Sept
9% Feb
514 Dec
28% Nov 35 Oct
8% Feb 11 Jan
90 Jan 99 Mar
6714 Nov 88 Jan
Jan
00 Dec 71
130 Feb 149 June
47% Nov 72 July
3218 Sept 54 Oct
83 Sept 96 Mat
- - 145 Feb iii- Nov
34 Aug 5514 Oct
93 Jan 99% Deo
16 may
Jan
14
35 July 59% Oct
30 Dec 3514 Dec
1512 Dec 2714 Nov
3218 Jan 5914 Oct
115 Jan 150 May
5212 Jan 7412 Nov
41 Jan 55 May
Jan
2518 Oct 31
744 Jan 20% Nov
16 May 21% July
Oct
28 Aug 43
17 Mar 25 July
15 Feb 83 July
37 Jan 7212 may
38 Jan 80 July
212 July
134 Feb27 .50 Apr
6212 Mar 91 July
77 Jan 3
114 July
100 Apr
12 Jan 6
3212 Dec 82 July
42 Jan 7
1034 Feb 18 July
1514 Jan 5
8 Nov 1012 may
7% Jan 5
20e Jan 900 May
400 Jan 2
409 Jan 3 350 Mar 480 July
1214 May 3658 Dec
4018 Jan 10
12 Mar 20 July
1612 Jan 5
39 Mar 62 July
48% Jan 5
3% May
2 Mar
4% Mar 3
451 Feb 1412 Oct
1414 Jan 5
8 Feb 21 Aug
16 Jan 3
138 May
4 Jan 2
654 July
4 May
9_12 July
6 Mar 22
20e Feb
"4 May
4 Jan 5
2 July
50o Mar
14 Jan 14
42 Apr 5534 July
4612 Mar 24
8012 Feb 10
78 Apr 8812 July
24 Jan 41 July
38 Jan 3
6%May
312 Oct
5 Mar 24
2% July
9ge Mar
214 Jan 5
7% July
3 Jan
4% Jan 5
512 July
2 Apr
312 Jan 3
418 Oct
218 Apr
3 Jan 21
4 Feb 10 July
5% Jan 3
2 Jan 13% June
1114 Jan 2
212 Feb 10 July
712 Jan 2
4912 Feb 83 July
7114 Jan 6
612 July
1 Mar
5 Jan 2
14% Mar 2914 July
24 Jan 5
6% May 1212 July
712 Jan 8
878 Feb 28 Oct
27 Afar 26
57% Mar 87 Nov
87 Mar 24
814 Jan 13% May
1212 Jan 3
9 Feb 20% July
1812 Jan 2
250 Apr
134 July
800 Jan 27
414 July
75e Mar
2% Jan 28
30% Mar 52% July
3712 Jan 5
45 Mar 73 July
58 Jan 3
52 Mar 83 July
65 Jan 3
40 Mar 75 July
58 Jan 5
13 Jan 2612 July
19 Jan 6
414 July
112 Mar
2 Jan 7
3% June
400 Jan
2 Jan 12
80 Jan 500 Aug
250 Jan 10
4 Mar 1114 June
6 Jan 7
1 Mar 5,4 Nov
61s Jan 29
514 June
114 Dec
2% Jan 19
71c Dec 2% Sept
1% Jan 10
184 May
318 June
3 Jan 23
712 Jan 1234 July
984 Feb20
5 July
114 Jan
3% Jan 5
114 Mar
434 July
3% Jan 8
8 July
500 Jan
2 Jan 7
15 Mar 31 July
23 Jan 10
400 Mar 1%May
1% Afar 22
w Half-Paid
1278
THE CHRONICLE
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Mar. 20 to Mar. 26, both inclusive.
Outside Stock Exchanges
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh March 20 to March 26, both inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Sale.
Week.
ofPrices.
Par. I rice. Low. High. Shares.
Am Vitrified Prod, com.50
Amer Rolling Mill, com _25 54
Amer Wind Glass Mach 100
Arkansas Nat Gas, new..10 3045
Barnsdall Corporation _25
Carbo-Hydrogen Co,com.5
2
Preferred
5
Carnegie Lead & Zinc_ _5
Consolidated Ice, corn.. 50
Guffey-Gilles 011 (no par)
Barb-Walk Refrac,com.100
Indep Brewing, com_ _ _ _50
434
Preferred
50 14
Kay County Gas
1
La Belle Iron Wks,com.100
Lone Star Gas, new
25 35
Mfrs Light dr Heat
50 69
Mariand Petroleum
5
53-4
Nat Fireproofing, com_50
Preferred
50
Ohio Fuel Oil
1 32
Ohio Fuel Supply
25 5241
Oklahoma Natural Gas_ _25 40
Pittsb Brewing, cum_ _50
Preferred
50
Pittsburgh Coal, corn_ _100
Pittsb Jerome Copper_ _ _ _1
10c
Pittsb & Mt Shasta Cop_:1
Pittsburgh 011& Gas
100
Pittsburgh Plate Glass 100
Riverside East 011, com _5
Ross Mining & Milling_ _ _1
San Toy Mining
1
Union Natural Gas........100
Western Insurance
50
Western Say & Dep
50 101
West'house Air Brake_50 114
West•se El & Mfg,corn _50
Preferred
50
W Penn Trac & Wat P_100
Preferred
100
134
15
15
630
63
55
570
120 120
85
30
24,520
33
125
4931 50
2
2
50
341 331
125
731 9
600
431 431
50
945
3031 3331
118 118
20
435 434
450
1,035
1331 1434
I%
1,625
134
112 112
10
3446 3541
410
583-4 5941
350
634 545 27,276
385
734 841
15
425
1531
31
951
3231
5241 5346 3,490
40
4141
860
7
7
25
18
35
1831
100
6131 6131
Sc 12c 101,300
52c 53c
4,500
15
260
15
165 166
145
274 231
50
Sc
Sc
600
Sc
6c
1,200
124 125
155
52
15
5331
95 101
45
113 11446
255
5241 54
122
65
65
50
9
1546
900
70
7546
150
Range since Jan. 1.
Low.
14
50
115
18
45
Feb
Feb
Feb
Feb
Jan
Feb
331 Mar
Mar
7
446 Mar
2641 Feb
118
Jan
23-4 Jan
8
Jan
141 Jan
10244 Feb
2931 Feb
54
Feb
531 Jan
7
Mar
1374 Feb
23
Feb
44
Feb
3746 Feb
441 Jan
1531 Jan
5135 Mar
8c Mar
40c ' Jan
13
Jan
159
Mar
145 Feb
4c
Jan
Sc Mar
1203-4 Feb
52
Mar
95
Mar
107
Feb
4831 Feb
Mar
65
735 Jan
60
Feb
131
[VOL. 110.
High.
1546 Jan
55
Mar
135
Jan
45
Jan
5531 Jan
331 Jan
5
Jan
1141 Jan
445 Mar
39
Jan
119
Feb
5
Mar
1445 Mar
234 Jan
115
Mar
4531 Jan
6141 Jan
646 Jan
9
Jan
1531 Jan
34
Jan
5354 Mar
5231 Mar
8
Mar
Mar
63
Jan
25c
Jan
53c
Jan
1644 Mar
171
Jan
4
Jan
Sc
Jan
7c
Jan
130
Jan
5345 Mar
101
Mar
11844 Jan
55
Jan
65
Mar
1535 Mar
753.6 Mar
Bonds-
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
TVeek.
Price. Low. High.
US Lib Loan 3315_1932-47
96.64 97.24
1st Lib Loan 46_1932-47
90.14 90.34
25 Lib Loan 4s....1927-42
88.74 89.24
1st Lib L'n 4346_1932-47
90.44 90.98
2d Lib L'n 4;66.. _1927-42
89.04 89.86
3d Lib Loan 431s...,.1928
92.14 93.02
4th Lib L'n 4346_1933-38
89.34 90.00
Victory
_1922-23
97.14 97.60
Am Tel & Tel
4446_coil46_1929
7741 7731
AtiG&WISSL 56_1959
77
78
Carson Hill Gold 76_1923 125
110 125
Chic Juno &II S Y 56_1940 8434 8334 8434
4s
1940
67
67
Elder Steel SS 1st 76...1922
9951 9931
1st 713
1921
9931 9931
Gt Nor-C B & Q 4s_ 1921 9474 9431 0431
Miss River Power 5s_ _1951 75
75
78
Swift & Co 1st 5s
1944 8931 8934 90
United Fruit 4456
100 100
1925
Western Tel& Tel 5s_ _ 1932
81
81
Range since Jan. 1.
Low.
High.
$9,575 94.14 Mar 100.00 Jan
1,800 89.84 Mar 93.04 Jan
4,050 88.74 Mar 92.34 Jan
10,800 90.44 Mar 93.80 Jan
13,000 89.04 Mar 02.98 Jan
26,900 92.04 Mar 94.96 Jan
67,400 89.34 Mar 92.98 Jan
62,650 97.00 Feb 99.30 Jan
Jan
4,000 77
Jan 81
7,000 75
Jan
Feb 81
22,300 100
Jan
Feb 150
3,000 8344 Feb 843.4 Jan
Jan
Mar 71
2,000 67
5,000 9941 Mar 9931 Mar
5,000 9931 Mar 9945 Mar
1,000 9345 Jan 9531 Jan
Jan
8,000 6931 Mar 76
3,000 89
Feb 9331 Jan
Feb
3,000 100
Fob 100
Jan
1,000 79
Feb 84
Chicago Stock Exchange.-Record of transactions at
Chicago March 20 to March 26, both inclusive, compiled
from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
1831
Albert Pick & Co
1
40
41
Feb 50% Jan
295 40
American Radiator pref 100
116 116
Jan
Mar 120
20 94
New
83%
8231 82
Mar
527 7845 Mar 84
Rights
1;5 2
2
7,332
1% Mar
2
Mar
American Shipbuilding..100
111 111
20 100
Jan
Feb 120
Preferred
75
100 75
77
Feb 80% Jan
60 75
Armour & Co prof
100 9944 99 100% 4,800 0645 Feb 11051 Jan
Beaver Board
55
55;5
Mar
Jan 58
265 51
Armour Leather
1651 17% 8,065 15% Feb
15 1746
1745 Mar
Preferred
9445 95
100 95
Feb
Mar 95
505 94
Booth Fisheries, new..
12
1345
Feb 1341 Jan
460 10
Preferred
100
65
65
Jan
• 10 65
Mar 74
Briscoe common
64% 68
66
Jan
Feb 75
885 62
Bucyrus Co pref
100 96
96
98
30 93% Feb 100
Mar
I3unte Bros
17
10
170 1446 Feb 17% Mar
1736
Case (J I)
1841 22
1944
Mar
8,850 15
Feb 22
1st Preferred
100
90% 91
40 90
Mar 97% Jan
al preferred
75% 7946
100
1,265 73
Feb 98% Feb
Bond.Chicago City
100
50
50
Mar
13 50
Mar 50
Indep Brewing 6s
1925
54
54
$1,600 50
Feb 55
Jan Chic C&C RyRY
pt sh com(*)
141
141
Jan
25
Plinth Brewing 6s_ _ _ _1949 75
144 Mar
1,000 75
75
75
Jan 7544 Jan
Preferred
9
10
Jan
550
(9
10% Feb
Chicago Pneum Tool...100
102 109
Mar
1,270 80
Feb 109
Philadelphia Stock Exchange.-Record of transactions Chic Rya Part ctf
series 3....
1% 1%
1%
600
141 Mar
3.4 Mar
Part ctf series 4
Mar
34
Mar
3.4
at Philadelphia March 20 to March 26, both inclusive,com- Commonwealt
75
h Edison..100 107
1083,6 107
340 10641 Feb 108
Jan
piled from official sales lists:
Continental Motors.....10 11%
1154 11% 3,920 11% Mar 13% Feb
Cudahy Pack Co corn...100 98% 081-6 100
525 9645 Mar 101
Feb
Friday
Sales
Decker (Alf) & Cohn Inc(*)
35
35
42 35
Jan
Feb 41
Last Week's Range for
Range since Jan. 1.
Preferred
9344 94%
100 04
240 9345 Mar 90
Jan
Sale.
TVeek.
of Prices.
Deere & Co pref
100 101
100 101
Feb
100 97% Feb 102
StocksPar. Price. Low. High. Shares.
Low.
High.
Diamond Match
11951 144
100 120
Mar 12531 Mar
280 116
Edmunds Jones
3134 314,6
Feb 31% Mar
50 30
Alliance Insurance
10 21% 21% 21%
15 20% Feb 23
Jan Elder
3346 32% 3341
550 2844 Feb 33% Jan
American Gas
100 51
50
104 47
51
Jan 56% Feb Great Lakes D& D _ _100
80
89
02
Feb
110
Jan
8445
American Milling
10
854
831 8%
85
8% Mar
8% Mar Hartman Corporation.. 100
8946 91
Feb 105
240 87
Jan
American Railways prof 100
56
128 50
58
Jan 64% Jan Ilart,Schaff&Marx,com 100 90
90
90
Feb 96
10 85
Jan
American Stores._ _ __no par 42
41% 4441
1,081 37% Feb 46% Mar Hupp Motor
1641 1841 5,390 13
10 17%
Feb 18% Jan
1st preferred
92
92
92
20 92
Jan 93
Feb
Preferred
10145 10145
10
40 101% Mar 104
Jan
Cambria Iron
40
50 40
40
14 39% Jan 40
Feb Illinois Brick
86
100 88
89
Feb 89
355 78
Mar
Elec Storage Battery.... _100 114
113% 11731
813 99
Feb 141
Jan Kan City I.& P 2d pf ctf(*)
79
79
20 79
Mar 79
Mar
General Asphalt
100 98% 97% 101%
100 77
Feb 130
Jan Libby, McNeill & Libby-10 3046 26% 31
Mar
24,300 22% Fob 31
Insurance Co of N A_ _ _ _10 29% 2751 2931
528 27% Mar 37)4 Jan Lindsay Light
641 641
10
300
Jan
6% Feb
Warrants
3,563
635 Mar 11
631 8
Feb Mid West Mil pref_-_100
3846 40
Feb 4541 Jan
180 36
J 0 13rill Co
100 44
44
46
40 42
Mar 51
Jan Mitchell Motor Co
3846 4344
(*)
820 30
Mar 43% Mar
Keystone Telephone.._ _ _50 10%
1046 10%
200 10
Feb
13
Jan Nat Carbon, prof (new)100
115 116
Jan
Mar 118
50 115
Lake Superior Corp_ _ .. _100 1944 18% 20% 8,030 15% Jan 22
Mar National Leather
13% 14
15% Jan
10 14
4,550 13
Feb
Lanston Monotype_ _100
81% 8146
230 8155 Mar 85
Jan Orpheum Circuit, Inc_ _ _1 30% 30
30%
Jan
1,850 2844 Feb 34
Lehigh Navigation
50 64% 64
289 61
65
Feb 65
Mar Pub Serv of N Ill prat_ _100
90
90
Mar
27 88
Jan 90
Lehigh Valley
50 4545 45
46%
319 40% Feb 47% Mar Quaker Oats Co
270 310
100
Mar
Feb 310
67 249
Minehill & S H
48
50
48
139 48
Mar 50
Jan
Preferred
04% 95%
100
366 94
Mar 0811 Jan
Pennsyl Salt Mfg
75
50 75
75%
88 75
Jan 76
Jan Reo Motor
2641 26% 2751
1,320 2245 Feb 2845 Mar
Pennsylvania
50 4341 42% 43% 2,686 4041 Feb 43% Mar Root & Van Deryoort__ 10 49%
4954 49%
Jan
Feb 62
100 46
Phila Co (Pitts)
3751 37%
50
10 3541 Feb 42% Jan Sears, Reebeck corn......100 229
228% 235
Feb 236
040 213
Mar
Preferred (5%)
28
50 28
28
20 25
Jan 31
Jan Shaw (W W)common__(*) 87
75
89
61
13,700
Feb
89
Mar
Fret (cumulative 6%)_50 3444 34% 35
641 31% Feb 3646 Jan Standard Gas & Electric_50
1946
20
810 1751 Feb 2645 Jan
Phila Electric of Pa
24% 25
25 25
1,225 24% Feb 2555 Jan
Preferred
41
41
50
Feb 4234 Feb
25 38
Phila Rapid
_ _50 24% 24
1,455 21% Feb
24%
28
Jan Stewart Mfg Co
(*) 4834 46
50
Jan 50
620 40
Mar
Philadelphia Traction...._50 60
60
60
15 z59
Mar 63
Jan Stewart-Warner Sp com100 47
4246 49
Feb 49
Feb
42,500 37
Reading
86% 86%
50
100 65
Feb 8841 Mar Swift & Co
120 123% 2,060 116
100
122%
128
Jan
Feb
Tono-Belmont Bevel_ __1
244
2% 241
2
1,525
Mar 3 1-16 Jan Swift International
15 4445 4144 4551 5,530 37% Fob 65
Jan
Tonopah Mining
1 2 3-16 2 1-16 2 3-16
915
1% Mar
241 Feb Temtor Prod C&F "A"-(*) 45
41
43
Feb 47
475 41
Jan
Union Traction
34
50 34
361 33% Feb
35
37
Jan Thompson (J 11) com _ _ _ 25 48% 48% 5045
335 4334 Feb 5244 Mar
United Cos of NJ
172% 177
100
18 172% Mar 185
Jan Union Carbide & Carbon 10 73
70% 74
5,800 61% Feb 74% Jan
United Gas Impt
50 5045 4944 51
8,583 46% Mar 57
Jan Union Iron Works
7055
6546
100
7031
9,800
5035 Feb 7044 Mar
U S Steel Corporation...100 105
100% 105
1,880 9241 Feb 108% Jan United Paper Bd corn._100
25
Feb 26% Mar
000 20
26%
Preferred
113 113
100
50 113
Mar 114
Feb
Preferred
Mar 70
70
100
70
94 70
Mar
Warwick Iron & Steel_ AO
851 851
50
Feb
8
851 Jan Wahl Co
4034
45
4045
Mar
43
1,735
Jan
3655
Weisbach Co
50
100
28 50
50
Mar 50
Mar Ward, Montg,& Co pf.100
106 106%
Feb 116
Jan
55 103
West Jersey & Sea Shore.50
40
110 35
40
Jan
40
Feb
When issued
20 3941 36
Mar
25.900 3234 Feb 40
40
Westmoreland Coal
75
50
75
72
96
Feb
75
Jan Western Knitting Mills.(')
Feb 23% Jan
20% 213,1
1,620 18
Western Stone
1244 Jan
4
Jan
100
4% 435
100
BonthWrigley Jr, common........25 80
Feb 81
Mar
7934 81
395 75
U S Lib Loan 3316_1932-47
96.80 97.48 $14,200 05.40 Feb 100.00 Jan
1st Lib Loan 4s_1932-47
90.10 90.20
200 90.10 Mar
90.20 Mar
Bond.
2d Lib Loan 46....1927-42
88.60 89.14 1,300 88.60 Mar
00.10 Feb Chicago City Ry 5s___1927 70
1,000 70
Feb 7244 Feb
70
70
2d Lib Loan 43481927-42
89.10 89.82 16,200 89.10 Mar
91.90 Jan Chicago Railways :Ss _1027
10,000 6644. Mar 70
70
70
Mar
3d Lib Loan 4416„ _1928
92.10 92.80 75,950 92.00 Mar
94.60 Jan
48, Series 13"
3,000 34
1927
35
35
Feb 35
Mar
4th Lib Loan 4346.'33-38
89.30 89.98 95,710 89.30 Mar 92.88 Jan Commonw Edison
8641 86% 3,000 86% Feb 87
56.._1943
86%
Feb
Victory 4418_ _ _ _1922-23
97.20 97.58 84,250 97.00 Mar 99.34 Jan Pee 0,L&C ref g 56 _1927
65
2,000 63
63
Mar
Mar 65
Amer Gas & Elea 56_2007
79
79
1,000 78
Mar 82% Jan Solth Side Elev 4446_1924
6641 6641 8,000 6641 Mar 66% Mar
do
small
79
79
2007
Mar 82
500 79
Jan Swift & Co 1st s f g 55_1944
8946 90
1,000 89% Feb 92% Jan
Baldwin Locom 1st 58_1940
9644 96;5 6,000 95% Mar 99% Jan
No par value.
Eleo&Peotrctfs4s....1945 62;4 62% 63
7,000 61
Feb 65
Jan
do
small
1945
63
63
1,000 63
Jan 66
Feb
Baltimore Stock Exchange.-Record of transactions at
Lake Superior Corp 58 1924
60
60
1,000 55
Mar 63
Jan
do
small
1924
58
58
500 58
Mar 59
Mar Baltimore March 20 to March 26, both inclusive, compiled
Lehigh C&N cons 4%51954
86
88
1,000 86
Mar 9041 Jan
official sales lists:
Lehigh Valley coil 6s__1928
10034 100% 2,000 9945 Feb 10251 Jan from
Cense' 66
100 100% 2,000 100
1923
Mar 100% Mar
Friday
Sales
Gen consol 4s
72
72% 7,000 6941 Jan 7245 Mar
2003
Last Week's Range for
Range emit Jan. 1.
Gen consol
_ _2003
79
79% 6,000 78% Mar 82% Jan
Sale.
of Prices.
TVeek.
Lehigh Val Coal 1st 58 1933
97
97
4,000 97
Mar 99
Jan
StocksPar. Price. Low. High. Shares.
High.
Low.
Natl Properties 4-66.._1946
25
25
Mar 30
1,000 25
Jan
Penna RR gen 4Hs......1965 80
80
80% 7,000 80
Feb 83
Jan Alabama Co
Jan
Feb 90
100
65 80
8251 8241
General 56
1968 89
89
89
4,000 8844 Mar 9244 Jan
25 preferred
100
Jan
Feb 76
72
5 70
72
Consol 4456
1960
9034 9046 2,000 90
Feb 92
Jan Balt Electric pref
Jan
Mar 40
24 36
3734 3734
Phila Co cons & coil tr 56'51
77% 7735 2,000 77% Mar 77% Mar Baltimore Tube
100 50
Jan
50
Mar 61
50
60 50
Phila Electric let 58_1968
90% 92
58,000 90
Jan 93
Jan Celestine Oily t
2
2.25 7,025
2.10
3.40 Jan
1.95 Mat
doz... small
1966
92
92
500 9044 Jan 93% Feb Cent Teresa Sugar
10
600
7
95{ Jan
644 Feb
734
Phila-& Erie gen 56.......1920
99
99
7,000 99
Mar 99
Mar
Preferred
10
Jan
300
11
846 Feb
931 945
Reading gen 46
1997 78% 78% 79
16,000 78
Feb 81% Jan Chalmers Oil & 0 pref.. -5
3
Mar
334 344
401
344 Mar
Spanish-Am Iron 68....A927 100
9934 100
2,000 9945 Mar 101% Jan Comml Credit prof B _25
2345 2344
10 2241 Feb 25
Jan
United Rye gold tr ctf 4s'49
40
40
1,000 40
Mar 49
Jan Consol Gas E L St Pow_100 99
09 100
372 9534 Feb 10354 Jan
United Rye Invest 56_1926
69
70
2,000 6734 Feb 76
Jan Consolidation Coal_ _100
Jan
Feb 83
8231 83
273 77
Welsbach Co 56
1930
9834 98% 5.500 9845 Jan 98% Mar Cosden & Co
5
835
815 941
1041 Jan
1,214
744 Feb
do
small
1930 9844 9834 9841
Jan 9841 Mar
900 98
Preferred
5
4% 434
434
1,616
434
4
Fob
Jan
West N Y& Pa gen 46_1948
6344 64
Rau ROU
5,000 6231 Feb 64
Mar
2 Odfl
119&4 Nob
3934 Mar
44
Sales
Friday
Last Week's Range for
IVeek.
of Prices.
Sale.
. Price. Low. High. Shares.
Stocks (Concluded) l'ar.
50
Elkhorn Coal Corp
60
Preferred
Houston 011 pref tr etfs_100
Indiahoma Refining
5
Kentucky 011
Preferred
Mfrs Finance Corp_ _ _ _100
Ma& Miners Trans VT100
Mt V-Wood Mills v t r..100
100
Preferred v t r
Pennsyl Wat& Power_ _100
50
United Ry & Elm
5
Wayland Oil de Gas
Bond.
Alabama Cons C&I 52_1933
Chicago lty 1st 5s_ _ _ _1927
City & Suburban 1st 5s '22
Consolidated Gas 56..1939
1954
General 4348
Consol G,EL&P 4346_1935
5 per cent notes
7 per cent notes
Consol Coal ref 5s_ _ _ _1950
1923
Convertible 6s
Cosden dr Co ser A 66_1932
1932
Series B 6s
Elkhorn Coal Corp 69_1925
Lake Roland El gu 58_1942
1942
Monon V Trac 5s
7s
United Ry & E 45_ _1949
1949
Income 46
1936
Funding 5s
MIA
Wil .6 WinleInn Ali
85
9%
5%
4
55
83
11
86
83
9834
98
94
9334
44
5734
Sales
Friday
Last IVeek's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since Jan. 1.
High.
Low.
26%
44
934
103(
534
4
45
61
70
95
8434
15
5
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Mar
23%
42
85
9
4%
334
45
583
5334
8934
83
11
5
23%
44
883.
10%
534
4
45
60
55
8934
84
1134
5
20
450
180
7,359
1,260
250
12
10
109
10
720
225
50
203,
32
76
734
334
334
45
4734
50
8934
74
11
334
Feb
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Feb
Feb
Feb
86
67
95
913j
82
78
95
9834
77
98
94
9334
95
94
6234
0534
62
4334
5734
64t.
86
67
95
92
83
7834
95
9834
7734
98
94
95
95
94
6234
9534
62
44
5735
9414
$8,000
5,000
1,000
2,000
4,000
9,000
10,000
10,000
10,000
1,000
1,000
18,000
1,000
2,000
1,500
2,000
12,000
15,000
2,000
1.000
86
6634
95
9134
82
7734
93%
9834
7434
96
8734
88
9334
94
6234
95
6034
42
56
94
Jan
Mar 88
Jan
Jan 70
Mar 953j Jan
Jan
Mar 96
Fet
Mar 83
Jan
Jan 81
Jan
Feb 95
Feb 10036 Jar
Jan
Mar 79
Fet
Jan 98
Jan
Feb 98
Jar
Feb 98
Feb 9534 Jar
Mai
Mar 94
Mar 6234 Mai
Mar 9634 Jar
Jar
Mar 69
Mar 4834 Jar
Mar 6234 Jar
Jar
Feb 98
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Mar.20
to Mar. 26, both inclusive. It covers the week ending
Friday afternoon. On the "Curb" there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending March 26.
Stocks-
1279
THE CHRONICLE
MAR. 27 1920.]
1
234
Acme Coal.r
Aetna Explosives_ r(no par)
Air Reduction....(no par) 45
Allied Packers....(no par) 27
Aluminum Mfrs-r.(no par)
Amalg Leattihr corn(no par)
034
Am Candy Co,00m(no Par).
Amer Hawaiian S Sr_.-10
Amer Radiator w I
25 1034
Amer Safety Razor
Armour Leather corn-r _.15
Beaver Board Cos pf r(t)
63
Brisco Motor Corpeom -r(t)
Brit-Amer Chem Corp_r 10
19%
Li
Brit Amer Tob ord
%
LI
Ordinary bearer
100
Bucyrus Co_r
Butler Bros _r
25
2%
Oar Mg & Power-r
Case (J I) Plow Wks -r-(t)
Central Teresa Hug corn 10
Cities Serv Bankers shrs(t) 40
Cleve Auto Co. new.
t)
Colombian Em'Id Synd new
46
Cuban-Amer Sugar w I.
Davies(Wm)Co.Ine-r-(t) 42%
Farrell(Wm)&Son corn r (t) 48%
Firestone Tire&Rub corn 10
Gen Asphalt, com_r_..100 101)4
Goldwyn Ploture.r.(no Par) 24
Goody'r Tire<rib corn 100
1%
Grape Ole Prod Corp corn 1
2%
Preferred
Ilsroldes Paper_ r-(no par) 28%
Hayden Chem-r__(no par)
634
Hocking Val Products_100
(t) 36
Hydraulic Steel,
94
100
Preferred _r
Indian Packing Corp r-(t)
Intercontinental Rubb_100 13
1
1%
Kay County Gas-r
Keystone Solother.r- -10
Kirby Lumber com_ r_ _100
Libby,MeNcil&Libby r 10 30
Lima Locom corn _ r.- _ -100 88
Lincoln Mot Co ol A-r -50 49%
L000mobile Co new wl.r.(t) 20%
Malbohm Motors.,_
834
MarconiWirel.Tel.ofAmer5
Mercer Motors_ r....(no par) 21
Monte Ward & Co.cow (1)
Nat Fireproofing pref_r_60 15%
100 4234
Nat Ice & Coal_r
N Y Shipbldg---(no par)
113
Niles-Bement-Pond
5%
Nor Am Pulp & PaPer.(t)
Orpheum Moult oorn-r -1
Patnhogue-Plym Mills.(t) 41)4
Peerlem Truck & Motor_r 10
3%
Perfection T & Ft r
Phillips -JonesCorp com(t)
100
Preferred,
5)4
Pressman Tire & Rub r..10
10
Pyres() Mfg.
Radio Corp Of Am w 1-r(t1
Preferred_r
Ranier Motor.,..(no par) 44
Reis(Root)& Co corn r (t) 18
84
Preferred.,
Republic Rubber r (no par)
Rockaway 11011
Root dc Van Dervoort r 100 50
25
Havold Tire Corp
100
Spicer Mfg pref_r
19
Stand Gas & Eleo,com.r.50
50
Preferred.r
Stanwood Rubber Co-See Note b
Submarine Boat v t 0-(t) 15%
Sweets Co of Amara_ _10
Swift International.r
Temtor Corn&Frult pf A(t)
14%
'1 hlinket l'ack
28
Times Square Auto Supp._
2% 234
9% 0%
45
45
26
27%
29
29
6% 634
9% 9%
75
74
83
82
10
lom
um 17
57
54
68
63
8
8
19% 1914
19% 20%
30
29
51% 54
2% 2%
23
19
eg 7
30% 40%
01
72
934 10%
47%
46
42% 42%
48%
38
170 170
91% 10734
24
22
410 410
1% 1%
2% 2%
14% 28%
4% 6%
17% 17%
36
33
98
94
16
15
13
12
1% 2
1334
13
3234
31
30
26
88
86
50
49
20% 21
834 8%
5% 5%
21
21
40
38
16
15
41
45%
42
40
110 115
5% 5%
30% 30%
40% 41%
45
44
354 4
65
59
8934 90
514
4
12%
12
234 2%
2% 2%
42
44
17% 18
83% 84
4)4
4
9
6
51
48
7
5
115 115
19
19%
39% 40
olow
16)4
15
4)4 5%
46
43
40% 41
14% 15
30
28
Range since Jan. 1.
Low.
I% Jan
29,700
Mar
7
19,200
Feb
100 44
300 20% Feb
Feb
100 20
6% Mar
600
Feb
8
1,800
Feb
2,600 71
Mar
500 75
934 Mar
5,500
Feb
2,200 15
Mar
200 54
Mar
500 63
7% Feb
2,200
Jan
300 zy18
2,400 ry17% Jan
Mar
3,000 22
Mar
1,200 51
2% Feb
300
Mar
6,600 17
4% Feb
800
13,700 37% Feb
Feb
10,200 55
8% Feb
3,800
Mar
1,600 39
Feb
1,200 39
Feb
9,400 35
Mar
100 170
Feb
48,000 76
6,400 21 Mar
Mar
100 410
1
Jan
17,300
Jan
1
7,200
49,600 14% Mar
Mar
4
29,500
Feb
100 13
1,500 30% Feb
Mar
300 97
3,400 12% Feb
Feb
2,250 10
1% Feb
3,300
Feb
2,150 13
Mar
700 21
Jan
3,200 19
Feb
500 72
Mar
1,600 45
700 19 Mar
Mar
400
8
4% Feb
11,000
Mar
600 17
Feb
8,500 32
1,100 1334 Mar
Mar
2,800 41
Mar
400 37
Mar
400 110
4,400
434 Feb
1,600 28% Feb
Feb
400 39
400 43
Mar
6,020
2% Feb
400 58
Mar
300 89
Mar
14,800
1% Jan
Mar
230 12
2,300
Jan
2
2% Feb
2,000
Feb
4,700 30
200 18
Mar
200 83% Mar
8% Feb
600
Mar
6
800
600 45
Mar
600
Mar
5
100 110
Jan
400 17% Mar
400 37)4 Mar
15,500
3,000
2,400
800
1,600
300
12)4
44
38%
35
1434
28
Feb
Mar
Feb
Feb
Mar
Mar
High.
2
9
5434(
7
115
2634
41%
Mar
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Jan
Jan
19
6%
59
4834
15
32
Mar
Jan
Jan
Jan
Mar
Mar
49
36
40
6%
11)4
76%
83
175(
18
57
68
93.4
28
28%
30
53
3)4
23
934
44%
91
25
47%
60
48%
170
130
34
410
1%
234
28%
634
17%
43
101
20
17
23(
14%
32%
30
92
53
25
11%
6%
39
41
16%
46
50
115
6%
37
42
45
53,4
68
95
5%
13
a
454
44
28
84
a
9
Tobacco Prod Exports.. t)
Todd Shipyards Corp-r-(t)
Triangle Film Corp v t c.5
United Motors_ r_(no par)
UntdPlotureProdOorP-r(t)
United Proilt Sharing_25e
Un Retail St's Candy-r-(t)
5
United Zinc_r
U S Distributing corn _50
US HighSpeedSteel&Toolt
10
U S Steamship
10
U S Transport.,
V Vivadou, Inc_r_(no par)
100
Warren Bros_r
Wayne Coal
5
White Rock Wat corn r 100
Willys Corp,com.r.(no par)
First preferred _r _..100
Second preferred_ r_ _100
Former Standard 011
Subsidiaries
El
Anglo-Amer Oil.r
100
N Y Transit_r
25
Ohio 011_,
100
South Penn 011.r
Standard Oil (Cann_ r-100
1 Standard 01101 N
Standard 011 of N Y.r.100
100
Swan & Finch
100
Vacuum 011_r
34
64
15
234
15
81%
3
10%
22%
73%
19)4 22
173 180
54
34
13034 64
16)4
13
2%
2
15
14
2% 2%
55
53
31%
30
2% 3%
1034 10%
19% 23
60
60
3% 3)4
6
6
18% 24
9534
95
72% 74%
26% 26
185
185
363
320
820
854
842
440
100
100
420
420
2734
185
375
325
355
895
470
100
443
Range since Jan. 1.
Low.
4,000 15
410 151
27,100
)4
1,100 59
9;4
9,400
1%
16,100
30,900 13
2m
400
4(10 47
2,700 27
2%
62,800
3,000 10
7,000 1634
100 54
3%
1,200
6
100
1,800 18%
1,300 94
1,600 72
5,200
10
150
20
35
727
345
10
60
High.
Mar 32
Feb 200
%
Jan
Jan 64
Feb 18%
834
Feb
Feb 19
2%
Mar
Jan 55
Jan 4034
4%
Feb
Feb 12%
Feb 2434
Mar 70
5%
Feb
7
Feb
Mar 20%
Mar 100
Mar 85
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2434 Feb
81
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Mar
388
355
355
905
480
100
448
Jan
Mar
Mar
Mar
Mar
Mar
Mar
318
290
305
655
377
130
375
Other Oil Stocks
1
2% 3
2%
Allen 011_ r
1
7-16
Allied 011_ r
34
54
1
5
134
Alto Gasoline & 011
42c
370
Amalgamated Royalty _r_l 390
74c
65o
1 730
Anna Bell
30% 32%
Arkansas Nat Gas new wi 10 31
Bigheart Prod & Ref_...10 11% 11% 11%
4% 5%
5%
5
Boone 011,
2% 2%
2%
Boston-Mex l'etrol.r _ _1
134
1
Boston-Wyoming 011_,_1 1 1-16
16%
16
Brazos 011 Corp_ r _(no par)
1% 1%
Burknett Van Cleav 011-5
134
29% 32%
Carib Syndicate r new w !- 31
3% 4
334
Circle 01i_,
834 934
8%
Cosden & Co., com_r-- _5
10 14% 13% 16%
Dominion 011.r
634
Duquesne 011.r
634 7
934 10%
9%
1
Elk Basin Petrol.,
134 1%
1%
1
Engineers Petrol Co_r
% 7-16
Eameralda 011 & Gas_r__ _1
3% 3%
334
5
Federal Oil
7% 7%
Fensland Oil
(no par)
42% 45
Gilliland 011oom_r-(nopar)
953.4 97
100
Preferred_r
3% 3%
3%
10
Glenrock OH,
33%
31
Gufiey-Glilespie Oil-r.-(t) 32
2% 2%
Gum Cove Oil new,
134 23,4
10
Homes 011,1E Itcf r
112 119
Houston 011 com_r _ _100
7-10 11-16
1
34
Hudson ou_r
43%
El 43% 40
Internal Petrol_ r
38% 41
50 40
Invincible 011_ r
4% 5
5
10
Island 011 & Transp
234 3%
3
King Perroleum Corp_ r--1
43c
30o
Lance Creek Royaltles_r_l 32c
1%
1
.1
Corp_r_
Livingston 011
36
33
25 33
Lone Star Gas_r
4%
4
434
Magna oil &
23
10
Manhattan 011_r_(no pat) 15
18% 20
Maracaibo 011 Explor-r(t)
6%
63( 634
McKenzie Oil
19% 21%
10 20
Merritt 011 Corp
4% 5
4%
Metex Petrol Corp_ r _ _ _5
3
2% 3%
Metropolitan Petroleum _25
16
Mexican Panne° 011_ _10 1554 11
1% 1;4
10
Mexico Oil Corp
176
166
Refining
Midwest
_r- -50
3-16
%
Midwest-Texas 011- r---1
2% 3%
Morton Petrol of Me_r_ _1
4)4
4%
4
North American 011.r-5
1
Ohio Ranger_ r
40
4234
40
Oklahoma Nat Gas_ r
4% oi
5%
Omar Oil& Gas new
Panhandle Pr&Refcomr(t) 17% 17% 19
100 8034 80)4 81
Preferred _r
7
73,4
7
10
Pennok Oil.r
30c
30o
Pennsylvania Gasoline _1
40
87
Phillips Petrol. com-r -(t) 37
8%
8% 934
10
Producers & Ref.,
% 1
Red Rock 011 & Gas
13,4 1%
8
Ftlekard Texas Co_ r
4
3% 4%
1
Ryan Petroleum r
20% 21
Salt Creek Cons 011
Salt Creek Producers r--25 4934 48% 52%
5%
5% 5%
5
Sapulpa Refining
6%
6
5
Savoy 011
7-16
1
34
%
Sequoyah Oil& Ref
Simms Petroleum r(no Par) 34)4 3334 36
1014 11%
10 11
Skelly Oil Co_r
134
1 1-16 13(
South States Cons Corp r 1
2234
10 20% 20
Spencer Petrol Corp_
1
34
34
Stanton 011-r
5%
5%
5
Steiner 011 Corp-r-(no Par)
17% 19
Superior 011 Corp.(no par)
22%
20
10
Texas Chief 011.r
_-25 53% 51% mut
Texas Company, new..
101 116
Texas Pac Coal & 011.r..10 111
134
1%
1
Texas-Ranger Prod & R.-.
3)4
3% 4
5
Tex-Ken Oil Corp_r
34 15-16
14
1
Texon 011 & Land.**
34
%
1
Taraman 011.,
1
Trinity Olt Corp_r
21%
25 20;4 20
Tropical 011.r
1
134
1
United Tex Petrol_ r
9%
9
Valverd 011 Prop-r(t)
134 2)4
154
10
Victoria 011.r
634 7)4
634
5
Vulcan 011.r
1
1
Whelan Oil_ r
22
21
White Eagle Oil & Ref_r(t)
32%
83
28%
Whlto Oil Corp _ r (no par)
7
6
Woodburn Oil Corp_ r_(t)
11,800
37,000
1,000
24,400
32,600
1,700
600
03,700
2,000
48,000
200
1,500
4,900
1,700
4,700
78,000
3,200
10,200
10,800
29,500
20,800
400
1,700
500
7,900
1,900
200
5,000
2,000
23,700
11,300
31,000
12.000
7,500
15,000
5,400
2,700
3,400
5,200
700
2,300
5,800
14,200
5,400
4,900
1,500
5,800
2,800
3,000
5,700
4,500
3,100
3,100
1,000
400
1,100
1,000
7,200
8,400
5,100
1,300
69,000
600
5,300
2,000
1.300
13,700
20,100
8,250
2,800
8,900
2,200
200
4,300
1,000
53,900
6,200
6,300
1,000
48,200
1,200
2,000
4,000
40,100
2,400
17,800
5,200
2,200
800
38.000
2,400
8% Mar
Jan
15-16 Jan
Mar
Jan
3
Feb
Mar
13.4 Jan
Mar 850 Mar
Jan
Feb 45
Mar 1131 Mar
7% Jan
b
Feb
Feb
354 Jan
1;4 Mar
Jan
Jan
Mar 24
Jan
3
Mar
Jan
Feb 53
5% Jan
Feb
Feb 10% Jan
Feb 39% Jan
Jan
Feb 10
Mar 11% Mar
1% Feb
Jan
Jan 5-16 Mar
4% Jan
Feb
7% Mar
Feb
Feb 6034 Jan
Jan
Feb 120
314 Jan
Feb
b 39% Jan
en
ja
F
Feb
3
Jan
9
Mar
Jan
1% Feb 151
90;4
1% Jan
7-16 Mar
Jan
Mar 77
o37
Jan
Febr 45
N4a
7
24
6% Jan
334 Feb
Feb
2
650 Feb
300 M1
2% Jan
Mar
Feb
Feb 38
31
Jan
9
4
Mar
Jan
Mar 41
10
Jan
Feb 27
16
63( Mar
63,4 Mar
Feb 22% Jan
17
Mar
4% Feb
2% Jan
45,4 Jan
Jan
Feb 21
9
4% Jan
Mar
Jan
Feb 180
141
34 Jan
Mar
3% Feb
2% Feb
5% Jan
r
mis.4ara
Feb
38%
3
1% Jan
42% Mar
7% Jan
Mar
17
Jan
Mar 26
Jan
Feb 90
80
Feb
6
934 Jan
Jan
Jan 42c
30c
Feb 89% Jan
z32
10% Jan
744
1% Jan
Mar
Jan
1% Feb
4% Jan
2% Mar
Jan
2034 Jan 23
Feb
44
Feb 56
7% Jan
5% Feb
Feb
6
634 Mar
Jan
6-16 Jan
Feb 731 Jan
83
eb 13% Jan
un
F
1
9
1% Jan
17% Jan 22% Mar
7-10 Jan
9' Jan
Feb 1534 Jan
Mar
20
134
13
Mar 47% Jan
19
43% Feb 59% Jan
Mar
Feb 115
80
1% Jan
Feb
1
4
Mar
Feb34
2
1% Jan
Jan
3% Jan
% Mar
Jan
1
34 Feb
23% Jan
Feb15
1% Jan
34 Mar
9% Mar
Mar
8
134 Jan '23,4 Jan
9% Jan
63( Jan
Jan
1
% Jan
Jan
Feb 24
19
Jan
Feb *50
26
8% Jan
Feb
6
Mining Stocks1%
1)4 15-i8
Alaska-Brit Col Metals-1
1)4 134
13.4
1
America Minos_ r
34
% 134
1
Arizona Silver.,
30
30 334o
1
Atlanta Mined.,
9540 120
100 110
Belober-Divlde.r
150
110
100 140
Belcher Extension
5-16 7-16
34
Big Ledge Copper Co___5
60
Go
6o
1
Ilooth_r
75c
680
Boston & Montana Dev--5 680
34
34
Butte & N Y Copper_ r_ _1
36o
330
1 340
Caledonia Mining
3-16 3-16
3-16
Calumet & Jerome Cop.r _1
1% 1%
Canada Copper Co.Ltd-.5 1 5-16
fi
34
34
1
Oandalaria Silver.,
70.500
2,600
7,600
18,600
18,600
25,4(10
23,600
15,100
41,400
1,100
19,350
15,200
5,200
24,300
1)4 Mar
% Feb
Jan 1 3-16 Mar
1
1334 Jan
% Mar
40 Mar
1340 Jan
Jan
90 Mar 380
go Mar 490 Jan
9-16Jan
5-16 Mar
70 Jan
4310 Jan
600 Mar 700 Mar
34 Feb
Jna
Jan
30c Feb 42e
3-16 Jan
3-16 Jan
1% Jan . 13,4 5. Jun
34 Mar 1 1-161Jan
A
A
134
%
1
310
(10o
21
11%
3
2
1
15
%
25
3%
7)i
11%
4%
7%
134
%
3
5
3234
84%
3
1 34
26
Sales
leriaay
Last Weck s Rangi for
Sale.
Week.
ol Prices.
Mining fronclyded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
New York City Realty and Surety Companies.
Low.
Feb 40
Jan
1
23
2,800 20
28
Carson Hill Gold_r
27
Jan
120 Mar
12c 40,900
(10
Sc
Cash Boy Como'
1 10%c
le Feb
1,700
% Jan
Cons Arizona Smelt
5
%
4
Mar
53% Jan
4%
ci,nner Mines_
4% 5% 21,800
Jan
33% Mar 10
3%
3% 4.
Coneol Virginia 811ver_r-5
1,350
Mar
56
Mar
53
50
55,100 52
56
Corm, Silver_ r
Jae
40
41% 6,000 373% Feb 48
De Beers Cons Mines, Ltd_
40
7-16 Mar 115-16 Jan
11-16 % 57,800
Divide Extension
2% 2% 7,150
Dolores Esperanza
5
25% Feb
23% Mar
2
Mar
34 Jan
2% 3
3
12,000
El Salvador Silver Min_r
Mar
16
Mar
12
11
15
38,700 11
Emma Silver
1% Jae
1% 1% 34,000 11.16 Feb
Eureka Croesus Min_ r_ I 1 9-16
9-16 Feb
1 13-16 47,800
13% Mar
1%
Eureka Holly r
Jan
1
1
1% 10,700
23% Jan
Forty-nine Mining_ r
Mar
3
Jan
1%
1
1
600
Gadsden.r
5
1
% 1
214 Jan
3,500
Golden Gate ExPlor'n-r - -5
31 Mar
13c 20,200 100 Feb
15c
Jan
11c
Goldfield Consol'd
10 13c
6c Mar 15c
7c 28,700
Feb
Sc
Sc
Goldfield Dove] _r_---10,
2c
Jan
4c
Jan
3c
2%c 3%c 18,500
Goldfield Merger_ r
1
Jan
25c
30c 49,000 220 Mar 40c
28e
Gold Zone Divide_r
1
1%c 4%c 9,400 13%c Mar 43%c Mar
3e
Great Bend _r
1
43% Mar
4% 49-16 5,385 3 15-10 Jan
4%
Heel& Mining
25c
20
Feb
18
19
1,100 173% Feb
Honduras Amer Synd _ r it)
3% 4
43% Feb
800
Howe Sound Co
35% Mar
% Feb
% 7-16 2,120
7-16 Feb
7-16
Iron Blossom_ r
lot
24c 13,900 20c Mar 270
Jan
22c
24c
Jim Butler_r
11c 14,700
Jan
120 Mar
So
9e
10c
Jumbo Extension
1
4% 5% 2,900
4
Feb
43% Jan
Kerr Lake
134c Jan
3%c 4c 16,600
4c
Jan
4c
Kewanus_r
1
Jan
93ec 12c 15,600
6c Mar
150
Ile
Knox Divide _ r
10c
Jan
300 5-16 Mar
La Rose Mines, Ltd
% Jan
% Jan
%
% 32,500
Louisiana Congo!
1
3-16
3-16
%
Jan
Feb
2,000
%
MacNamara Crescent_ r_ _1
Jan
% Feb 970
1
9-16
MacNamara Mining_ r
3% 11-16 50,500
18c 17,400 150 Mar 32c
Jan
100
18e
Mandl hlining_r
2% 3
23% Feb
33% Jan
1,250
Mason Valley
5
Sc
Jan
4%c Mar
Sc 5%c 5,000
5%c
Motherlode, new _r
76c
77c 2,500 74c
Jan
78c
76e
Jun
Murray-Mug M Ltd
1
10
11%
93% Feb
4,800
123% Jan
Nipissing Mines
5 10%
15c
150
23e
Jan
1,000 12c Feb
1
Nixon Nevada
% 15-16 2,350
17% Feb
% Mar
1
OPhir Silver Mines_r
% 13-16 7,800
% Mar
1 3-18Jau
2 11-16
Prince Cons
37
Mar
42
37
Jan
100 37
Rand Mines, Ltd, w
Mar
1
1
I
1,00(1
23% Jan
Ray Hercules..
5
g 7-16 33,000
7-16 Feb
:I Feb
Red Warrior_r
1
7e
Jan
12c
Jan
90 12,000
8c
Pc
Rex Consolidated Min__ _1
1-16 3-16 44,000 1-16 Mar
N Jan
1
Roper Group Mining
% Jan
ee Feb
Sliver Dollar Min r
% 4,000
15-16 Jan
% 9-16 13,200 7-16 Feb
9-16
Silver King of Arizona__
40 Feb
140
Jan
Sc
7c 16,600
7e
Silver King Dividear
1
21c 56,100
2c
Jan
30c Mar
Silver Pick Comed_r
1 19%c 14c
3-16 Jan
% Jan
5-16 5-16 5,500
5-16
Standard Sliver-Lead..
I
3c
Jan
7c
Jan
7e 14,700
6c
7c
Success Mining
1
13%c Feb
7c
Jan
4c
Sc 16,620
4c
Sutherland Divider
1
Mar
2
2% 2%
33% Jan
2,810
Tonopah Belmont Dev_r_l 2 3-16
43% Jan
2 1-1625% 29,320 115-16 Mar
2%
1
Tonopah Divide_ r
2% 2% 2,705 2 1-16 Mar 2 15-16 Jan
2%
Tonopah Extension
1
Mar
3% Jan
2
2
2%
2%
2,640
Tonopah Mining_r
1
3% 4% 6,025
43% Jan
3%
33% Jan
United Eastern
Jan
10e
7c
Mar
7%c
9c
90
13,000
US Continental Mines_ r_l
Jan
7c Mar 290
7c
9c 28,500
7c
Victory Divider
be
15% Mar
Jan
1
1% 17,900 97c
1%
Washington Gold Quartz _1
1%
2
1%
62,000 1 7-16 Jan 2 7-16 Jan
West End Consol'd
5
3c
Jan
13%c Jan
234c 2%c 14,700
White Caps Extension_10c 2%c
18.3 Mar
13c
18c 23,400
73%c Jan
16c
White Caps Mining____1(le
9c
12c Mar
11c 14,300
55%c Jan
10c
Wilbert Mining
1
_1
Bonds115,000
Allied Pack cony deb6s'e21i 773-6 76% 78
95% 95% 17,000
Amer Tel & Tel 6s_ r_ _1922
94% 94%
1,000
1924
8% notes_r
99% 100% 60,000
Anglo-Amer Oil 73%s_r_'25 100
94% 95% 64,000
Belgian Govt Ext bs.r_192a 95
97% 98
2,000
External 6s_r
1921
3,000
100 100
Beth Steel 7% notes_ _1922
3,000
100 100
7% notes_r
1023 100
88
89
21,000
CC C &St LRy 6s_r_1929
99% 99% 110,000
/General Elec 6s_r
1940
95
96
18,000
95%
_1930
Kennecott Cop 7s. _
1,000
Ligg & Myers Tob 6s_r_'21 98% 98% 98%
31
56,000
27
Russian Govt 634s_ r 1919
29
1,000
28
5%s r
1921
90
91
27,000
90
Swedish Govt 63 June 1539
13,000
86% 87
Switzerland Govt 53%0.1029
Texas Co 7% notes_ r_102Q 98% 98% 99% 895,000
98% 95,000
Western Elec cony 7s-r '25 98% 98
75%
94
93%
09%
94%
97
07%
99%
84%
04
05
98%
23%
23
90
86%
913%
98
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Felt
Feb
Feb
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
99N, Mar
98% Mar
89%
97%
96%
100%
97
99%
101%
101%
89
100
98%
99%
39
38
97
93
.Odd lots. t No par value. I Listed as a prospect. 1 Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. w When 183UC(1. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
Dollars per 1,000 lire, flat. k Correction.
Note.-There were no sales of Stanwood as reported last week.
and Trust Companies.
New York City Banks
prices dollars per share.
All
Bid
605
300
215
205
425
146
105
160
145
37
220
445
300
125
595
395
390
250
350
t 175
Commerce
227
Comml Ers_ 425
Common210
wealth•
Continentals_ 120
Corn Exch... 440
Cosmop'tan•_ 95
Cuba (Ilk ot)_ 170
150
East River
110
Europe
16
00
3
Fifth Avenue: 0
Fifth
First
940
Garfield
225
Gotham
215
greanwich'..y270
Hanover
820
Harriman
365
Industrial.
210
Cianks--N Y
America •____
Amer Exch..Atlantic
Battery Park_
Bowery*
Broadway Cen
Bronx Bort)._
Bronx Nat.._
Bryant Parks
Butch de Drov
Cent Mere.....
Chase
Chat & Phen_
Chelsea Each*
Chemical
Citizens
City
Coal & Iron
Colonial•
Ask
3-1-5
215
155
125
160
155
42
4-5-5
310
130
610
315
398
_--2-32
---220
Banks
ma
Imp & Traria. 560
:Irving (UM
certificates) 390
4)10
Liberty
280
Lincoln
Manhattan •_ 260
Mech & Met_ 400
Merchants- 235
490
Mutual.
New Neths_ 205
New York Co 135
460
Now York_
135
Pacific •
740
Park
Prod Exch._ 375
Public
355
Seaboard.... 690
Second
450
1,015
States
Tradesmen's.
-_
- 23d Ward'... 150
180
Union Each
United States* 175
Wash Ins._ 350
375
Yorkville•
4-4-5"
Brooklyn
100
180 Coney Islands
First
130 Greenpoint_
Hillside*
173 Homestead's
960 Mechanics'..
235 Montauk s
225 Nassau
_ National City
830 North Side'..
380 'People's
140
205
150
110
80
87
00
205
115
195
145
Trust Co's
Bid
Ask.
New York
Bankers Trust 378 388
395 Central Union 405 410
345 355
410 Columbia _
290 Commercial.._ 15() 160
300
'265 Empire
420 Equitable Tr_ 360 308
243 Farm L & Tr_ 43) 440
222 232
Fidelity
255 265
215 Fulton
145 Guaranty Tr_ 3:18 372
16()
475.Hudson
Irving
Irving Trust_ (See
INat Bank
780
Law Tit & Tr 122
128
Lincoln Trust 175
Mercantile Tr 235
_
Metropolitan_ 280 295
225 Mutual(West125
chester)___ _ 105
N Y Life Ins
Trust___ 720 740
190
N Y Trust___ 600 615
450 Title Gu & Tr 385 :395
U S Mtg & Tr 405 415
United States 830 860
Ask
575
155
215
165
120
93
95
215
130
205
160
Brooklyn
Brooklyn Tr. 500
210
Franklin
Hamilton
262
Hinge County 650
Manufacturers 205
y270
People's
515
250
272
700
215
Sale at auction or at Stock Ex* Banks marked with a Oa are State banks.
change this week. 3 Includes one-half share Irving Trust Co. t New stock.
x Ex-dividend. y Ex-rights.
[VOL. no.
THE CHRONICLE
1280
Alliance R'ItY
Amer Surety_
Bond & M G.
City Investing
Preferred__
tria
82
73
230
65
75
Ask
86
78
240
75
85
All prices dollars per share.
Bid
Ask
Lawyers Mtge 128
136 Realty Assoc
Mtge Bond_
92
07
(Brooklyn)_ 107
Nat Surety_ 204
210 U 8 Casualty. 150
N Y Title &
U Li Title Guar 75
144 West & Bronx
Mortgage__ 138
Title & M
150
113
170
82
170
Quotations for Sundry Securities
All bond prices arc "and interest'. except where marked "f:'
Public Utilities (Cond.) I Per 8h.
Standard Oil Stocks Per Slim
Ask Jolted Lt & Rye oona____1001 23 27
Par Bid
list preferred_
1001 62 65
Anglo-American 011 new. £1 2611 263
20
Atlantic Refining
100 1500 1545 Western Power common_100 18
Preferrea
Preferred
100 67 6913
100 1121211312
Borne-Scrymser Co
100 470 495
RR. equipments-Pete. Basis
Buckeye Pipe Line Co
50 *98 100
7.00 6.50
Baltimore & Ohio 45%s
Cbesebrough Mfg new
100 225 240
Buff Koch & Pittsburgh 4345 6.25 5.85
Preferred new
100 105 108
6.25 5.85
Equipment 4)
,
Continental 011
100 590 610
0.25 5.85
Equipment Os
Crescent Pipe Line Co
50 .32 34
Canadian Pacific 43%e
7.25 6.50
Cumberland Pipe Line
100 140 150
Caro Cline/Meld & Ohio 151_. 7.25 6.50
Eureka Pipe Line Co..._ _100 138 143
7.00 6.25
8:i
Central of Georgia 43%s
Galena-Signal 011 corn...b00 78
6.75 6.25
Preferred old
100 100 105 Cheeapeake & Ohio
6.75 6.25
Equipment 58
Preferred new
100 94 98
Chicago & Alton 434s
7.75 6.75
Illinois Pipe Line
100 178 183
7.75 6.75
Equipment 59
Indiana Pipe Line Co....80 *100 102
Chicago & Eastern III 53%1-- 7.75 6.50
International Petroleum_ £1 *43 44
7.00 6.25
National Transit Co _.12.50 *31)2 3212 ChM Ind & Louisv 4%i
Chic St Louis & N 0 15.
6.50 6.00
New York Transit Co.._100 183 187
6.25 5.87
Chicago & N W 434s
Northern Pipe Line Co_ 100 101 105
Chicago RI & Pao 45%m
Ohio 011 Co
7.50 6.50
21 *360 355
7.50 6.50
Equipment 58
Penn-Mex Fuel Co
25 *58 62
Colorado & Southern 54___
7.25 6.50
Prairie 011 dr Gas
100 r660 680
7.50 6.75
Prairie Pipe Line
100 z255 260 Erie 15s
7.50 6.75
Equipment 414s
Solar Refining
100 405 450
.
.
Hooking Valley 41211
Southern Pipe Line Co 10() 146 150
7.25 6.25
Equipment 58
South Penn 011
100 315 325
6 30 5.0))
Southwest Pa Pipe Lines_100 85 89 Illinois Central 150
(1.3,) 5.90
Equipment 43es
Standard 011 (California).100 350 355
7.00 6.25
Standard 011 (Indiana) _ _100 845 860 Kanawha A Michigan
Louisville & Nashville tie.... 6.25 5.87
Standard 011 (Kansas)...104. 600 625
6.50 6.00
Michigan Central 5s
Standard 011 (Kentucky)100 420 440
0.50 6.00
Equipment 68
Standard 011 (Nebraska).100 510 35
Minn St P & 8 SM 45%e--. 6.50 6.00
Standard Oil of New Jer_100 825 40
1312 Missouri Kansas & Texas 132. 7.50 6.50
Preferred
100 113
43
Missouri Pacific 15)3
7.50 6.50
Standard 011 of New Y'k 100 438
7.00 6.25
Standard Oil (Ohio)
100 490 al5 'Mobile & Ohio 156
7.00 6.25
107 08 1 Equipment 434s
Preferred
Swan & Finch
100 95 00 New York Central Lines 8s__ 6.75 6.00
28
6.75 6.00
Equipment 4348
Union Tank Car Co__ 100 1'24
N Y Central RR 4128
7.00 6.00
99 101
Preferred
25
7.00
Vacuum 011
100 420 430 N Y Ontario & West 4
Norfolk & Western 4%
_. 6.25 5.87
Washington 011
10 *37 42
Pennsylvania RR 434s„ .. 6.25 5.85
6.25 5.85
Equipment 413
Ordnance Stocks--Per ,s hare.
6.37 5.90
Reading Co 434s
Aetna Explosives prof_ 10C 65 75
7.50 6.50
Atlas Powder common__ _100 158 163 St Louts Iron Mt & Sou
Preferred
100 83 86 St Louis & San Francisco 5s. 7.50 0.50
7.50 6.50
Seaboard Air Line 50
Babcock & Wilcox
100 119 121
7.50 6.50
Equipment 43.4s
Bliss (E W)Co common- 50 450 500
6.35 5.90
Preferred
50 * 60 80 Southern Pacific Co A
6.75 0.25
Canada nisei & Forgings_100 200 215 Southern Railway ales
6.75 6.25
Equipment 58
Carbon Steel common
100 90 95
1st preferred
100 100 110 Toledo & Ohio Central 4s___ 7.00 6.00
2d preferred.
100 70 75
Tobacco Stocks-Per Sh are.
Colt's Patent Fire Arms
liii
i;
)
. Ask.
P
4 :or B
Mfg....25 .58 62
Arglarrne(
(i'lgar common_10( 128 131
duPont(E I) de Nemours
,
20
,
87
& Co common
100 3
33
80
9 Amer Machine & FdrY - -100
125
100
Debenture stock
19,1i
106 85 00 'British-Amer Totem ord_ei •19
Eastern Steel
Brit-Am Tobao, bearer__ £1 *19
20
Empire Steel & Iron com_10C 30 31
3)0 35()
Pt eferred
10C 70 75 'Conley Foil
Johnson Tin Full & Met_ )
1 110 120
Hercules Powder com
100 220 225
MaoAndrews az Forbes_100 157 :
Preferred
100 99 11)5
511(0
03
5
91 95
14
Preferred
Niles-13ement-Pond com_100 111
14710
7
Preferred
100 95 1110
Reynolds (R J) Tobecoo_ IN 540 5
B common stock
Phelps-Dodge Core
100 220 35
11 7),2
Preferred......
Scovill Manufacturing
100 435 55
1
2g 135
Young (J 8) Co
Thomas Iron
50 .25 35
Winchester Co com___ _ _100 455 80
Preferred
1st preferred
100 95 00
SLort Term Notes-Per Cent.
69 75
2nd preferred
- - - Am Cot 011 Cs 1021. _M&S 2 96 97
Woodward Iron
100 45
80 90
Amer Tel & Tel Cs 1924.F&A 91 9451
Preferred
6% notes 1022
Ads0 953s 9558
Anaconda Cop Min '29_J&J 0113 95
Public Utilities
Amer Gas & Elea corn.... 50 *124 127 Canadian Pao 581924.M&r32 9531 9(114
3812 Del & Hudson 5s 1020_ _F&A 99 9913
Preferred
50 .38
Federal Bug Rfg (Is 1924M&N 951.I 961 1
Amer Lt & Trao corn__ 100 188 192
General Elea Cs 1920___J&J 9978 10018
Preferred
100 89 91
Great North 55 1920_...M&S 9812 99
Amer Power & Lt corn...100 64 (17
Preferred
100 70 72 KG Term Ry 434e 1921_J&J 9412 0612
8
Amer Public Utilities com100
Ile Nov 15 1923__M&N 15 97 97,2
-_ 20
Preferred
Laclede Gas 7s Jan 1929... 95,33 0014
100
Carolina Pow&Ligbt corn 100 35 37 Liggntt&MyeraTob69'21J&I) 98 9812
17
5
1 38
Cities Service Co com
14
100 38
N Y Cent Cs 1920.._M&S 15 09 00,2
Preferred
Penn Co 43es 1921__J&D It 9612 9714
100
1,
:.2 8712
60
Colorado Power coma....100
Pub Her Corp NJ 75 '22.M/ea 8
0
7;
;
1
6
10
9
7 12
Preferred
Sloss-Shet 8 & I (is '21)..F'arA
100 9
03,2
Southern Ry 091922... M&S. 935 941%
Com'w'th Pow Ry & Lt_100
41
Swift&Co Co 1921... F&A If 9858 0918
Preferred
100
495
3
1
8 9
Utah Heo Corp Co'23.M&S lt 85 87
Elea Bond & Share prof._100 d89
Federal Light dc Tractlon.100
Preferred
100
11
Industrial
3 87
Great West Pow ifs 1940_J&J 89
and Miscellaneous
Miss:ssippi Riv Pow 00M-100
220 225
Preferred
100 443, 47,2 American Brass
.1
76
American Chicle com
100
0(1 75 78
First Mtge 55 1951
J&J 712
20
78
Preferred
100 74
Northern Ohio Elm)Corp-(f)
American Hardware___ 100 137 146
1(10 ____ 50
Preferred
Amer Typefounders com_100 42 46
North'n States Pow com_100 50 55
100 85 00
Preferred
100 85 87
Preferred
Borden Company corn _10 109 111
North Texas Elea Co corn 100 67 72
100 05 98
Preferred
Preferred
100 62 6712
100 150 160
Pacific Gas & Eleolst pref 100 83 8412 Celluloid Company
a
100
Puget Sd Tr L & P com._100 1212 1112 Havana Tobacco Co
8
10
100
Preferred
Preferred
100 50 53
1712
let g ifs Juno 1 1922 J-D /50 57
Republic Ry & Light_ _ _10)) 16
100 54 56 Interoontinen Bubb com_100 1212 1312
Preferred
100 eels 7))
South Calif Edison corn 100 8512 8612 International Salt
A-0 70 7212
1st gold 55 1951
Preferred
100 99 103
20
Standard Gas dc El(Del). 80 *19
International Silver pref_100 *05 97
Preferred
50 *3912 4012 Lehigh Valley Cord Sales_ 50 .88 91
1
Tennessee Tty L& P com_100
2 Royal Baking Pow corn_ _100 130 145
Preferred
100
100 85 89
512 612
Preferred
141) 15:3
United Gas & Elea Corp_100
Singer Manufacturing-1
Lb 0212 31a
1st preferred
Singer Mfg Ltd
100
10 108 111
100
---- Texas Pa0 Coal dr 011
ad preferred
12
()g
•Per share. S Basis. 0 Purchaser also pays accrued dividend. e New stock.
71 Nominal. z Rx-dividend. y Ex-rights. (4) Without par value.
I Flat price.
1281
THE CHRONICLE
MAR. 27 1920.]
butestment anti Alailraad intelligenct.
RAILROAD GROSS EARNINGS
weekly or monthly returns
The following table shows the gross earnings of various STEAM roads from which regular or
month, and the last two
week
the
latest
for
earnings
gross
the
give
figures
of
columns
two
first
The
can be obtained.
of the electric railways
returns
The
month.
or
week
the
latest
including
and
to
1
Jan.
from
period
the
columns the earnings for
page.
a
subsequent
on
separately
are brought together
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
IVeek or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
10495227 6.810.631 10,495.227 6,810,631
241,284 Missouri Pacific____ January
296,302
296,302 241,284
Alabama & Vicksb January
305,361
293.970
305,361
January
293,970
Monongahela
789,916
914.110
72.183
53,060
2d wk Mar
Ann Arbor
213,514
224.328
224,328 213.514
20177970 13028539 20,177,970 13,028,539 Monongahela Conn_ January
Atch Topeka & S Fe January
1.15.51)0
158.529
61,432
78,518
February
Gulf Colo) & S Fe_ January
2,591,019 1.4-10,012 2,591.019 1.440,012 Montour
2.154.691 1.513.977
1.513.977
January
L
2,154.691
St
&
Chatt
Nashv
403,437
768.770
768,770 403.437
Panhandle & s PP January
45,108
.17.678
3.527
5.725
Mar
wk
2d
egon.
381,525 Nevacla-(1al-Gr
523,803
523,803 381.525
Atlanta Birrn & Atl_ January
183.830
169.476
169,476 183,836
222,015 Nevada Northern January
277,527
277,527 222.015
Atlanta & West Pt_ January
129.674
127.269
129.674
127,269
January
Sh
Sou
&
Newburgh
295.540
260.864
January
260.864 295,540
Atlantic City
176.213
202,872
202.872 176.213
January
6,820,139 5,887,841 6,820.139 5.887,841 New On Great Nor.
Atlantic Coast Line_ January
505,693
730.236
730.236 505.693
Nor East January
Baltimore & Ohio January
17343668 13332116 17.343.668 13,332.116 New On & &
96.639
172.446
96.639
172.446
January
Mex
Texas
127.686 N 0
214.879
214,879 127.686
B & 0 Ch Term_ _ January
121.862
142.9:16
142,936 121.862
Beaurn L & W.._ January
470,484
591.175
591,175 470,484
Bangor & Aroostook January
400.708
607.936
400.708
607,036
January
M
&
Browns
L
St
16,487
14,421
7.175
7,269
Bellefonte Central February
30197291 24821605 30,197,291 24.821,005
256,233 New York Central January
419,786
419,786 256,233
Belt Ity of Chicago_ January
605.845
654.495
654.495 605.845
Ind Harbor Belt_ January
662,851
639.349
639,349 662,851
Bessemer & L Erie_ _ January
764.567
933.496
January
933.496 764.567
&
West
Erie
Lake
146,136
162.151
152,151 146,136
Bingham & Garfield January
5,900.536
6,979,258
5,900.536
6,979.258
Michigan Central January
56.903
35.147
56,903
35,147
Birmingham South_ January
233.556
224.917
233.556
224.917
January
Nor.__
Cincinnati
5,445,484
6,778,276
6.778,276 5,445,484
Boston & Maine_ _ _ January
7.377.259 5,347.881 7,377.259 5.347.881
Cleve C0 & St L.. January
65.862
92,028
65.862
92,028
Bklyn E D Terminal January
2,784,240 2.792.840 2.784.240 2,792.840
Pitts & Lake Erie January
Buff Roch & Pittsb_ 2d wk Mar 355,291 291,483 3,522.774 3,195,611
600.981
774.010
774.010 600.981
Tol & Ohio Cent_ January
192,810
226,498
January
226,498 192,810
Buffalo & Susq
267.9(34
3:39.985
339,985 267.964
Kanawha & Mich January
Canadian Nat itys_ :id wk Mar 1,577,062 1,487,313 18,676,267 17,391,112
2.069,363 2,193.657 2,009.363
2.193,657
January
Louis
St
&
Chic
Y
N
31,525,000
36.531,000
_
2,832,000
3d
_
wIc Mar :3,283,000
Canadian Pacific_
7,336.773
10.313.075
7,336.773
y
1031:3075
Hartf_lJanuar
NVNH&
310.165
357.394
357,394 310.165
Can Pac Lines in Me January
793,522
735.167
735.167 793,522
487,897 N Y Ont & Western January
616,785
616,785 487,897
Caro Clinch & Ohio_ January
333.068
331.178
331,178 333.066
Central of Georgia.._ February 1,980,62( 1,516,001 4,301,960 3,204,808 N Y Susq & West January
6.100.013
6.835.195
6.100.013
6,835,195
January
January/ 3.672,167 3,612,002 3,672,167 3.612.002 Norfolk & Western_
Central RR of N J
481.422
743,611
743.611 481,422
819.438 Norfolk Southern January
531,710
531.710 819,438
Cent Now England_ January
111,655
148.846
148,846 111,655
432.297 Northern Alabama_ January
536.501
536,501 432,297
Central Vermont_ _ _ January
7,934,352
9,451.062
7.934.352
9.451.062
January
257,979 Northern Pacific_
278.921
278.921 257.979
Charleston & W Car January
76.830
97,327
76.836
January!
97.327
&
Internat_
Minn
6.032,070
6,420,510
_
6,032.070
6,420,510
()hos & Ohio Linos_ January
383.404
580.690
580.690 383.404
Chicago & Alton_ _ _ January
2,541.179 2,032,652 2,541.179 2.032.652 NorthwesternPacific January
489,350
558.591
January
558,591 489,350
16570348 11647080 16.570,348 11.647,080 l'acific Coast
Chic Burl & Quincy_ January
30039972 30477482 30,039.972 30,477.482
January
2,932,417 2,093,216 2,932,417 2,093,216 Pennsylvania RR January
Chicago & East III
88.070
60.009
88.076
January
60.009
Bait Otitis &
2,257,561 1,653,617 2,257.561 1,653,617
Chicago Groat West January
481,047
483,149
483.149 481,047
Cumberland Vail_ January;
867,334
Chic Ind & Louisv_ _ January
1,312,817 867.334 1.312.817
1,499.582
1.656.572
1,499.582
1.656.572
January
Island
Long
314.804
348,064
348,064 314,804
Chicago Junction.. _ January
83,468
45.255
83.468
45.255
Mary Del & Va January
Chic Milw & St Paul January
145:33590 11193868 14,533.590 11,193,868
615.810
580.492
580.492 615.810
N Y Phtla & Nor,. January
Chic & North West_ January
13093062 9,795.841 13.093.062 9.705.841
101.732
180.591
161.732
180,691
January
West_
&
Tol Poor
125.305
201.953
201,953 125,305
Chic Peoria & St L January
735.887
704.232
704.232 735,887
W Jersey & Soash January
12344566 8,002,957 12.344,566 8,002,957
Chic It I & Pacific January
9.506,991 7,472,886 9.506.991 7,472.886
371,329 Pennsylvania Co_ _ _ January
661.042
661.042 371,329
Chic R I & Gulf_ _ January
614.778
835.112
514.778
835,112
Grand Rap & Ind January
Chic St P M & 0m. January
2,910.424 2,314.847 2,910,424 2,314,847
10580512 7.377,273 10.580.512 7.377.273
Pius 0 C & St L.. January
347,389
437.160
January
437,160 347,389
Chic Terre II & S
147.228 '104.721
147.228 104.721
2:33.143 Peoria & Pekin Un_ January
376.155
Chic Ind & Western January
376,155 233,143
3.116.812 2.473,433 3.116.812 2.473.433
January
1,756,312 1,511.116 1.756.312 1,511.116 Pere Marquette
Cin N 0 & Tex Pac_ January
79.503
108,520
79.50:3
January
108.520
Perklomen
4,643,393
Mar
wk
5.347.316
476,676 435,991
Colo & Southern.._ 2d
115.283
83.196
83.196 115.283
773.785 Phila Beth & N E.._ January
Ft W & Don City_ January
1,101,037 773.785 1,101.0:17
6.931,822 5.950.980 6,931.822 5.950.980
January
116.211 Phila & Reading
174,012
Trin & Brazos Val January
174,012 116.211
120.546
128.570
128,570 12(1.546
96.283 Pittsb & Shawmut January
48.876
January
96,283
Colo & Wyoming
48,876
100.502
128.857
128.857 100.502
1.158,101 1.166,271 1,158.101 1,166,271 Pitts Shaw & North January
January
Cuba Railroad
122.254
163.115
163.115 122.254
2.771.965 2.663.954 2.771.965 2.663,954 Pittsb & West Va January
Delaware & Hudson January
224.436
190.989
224.436
190.989
January
Reading
Port
Del Lacic & West_ _ _ February 5,5:111,015 5,716,639 11,428,931 11,80:1,357
84,483
123.104
84.483
123,104
3,420,841 2,568,465 3,420.841 2,568.465 Quincy Om & K O.._ January
Deny & Rio Grande January
760.370
692.558
692.558 760.370
136,684 Rich Fred & Potom_ January
245.670
245.670 136.684
Denver & Salt Lake January
446.805
375.627
446.805
375,627
January
Wash Southern
100.785
118.312
Detroit & Mackinac January
118.312 100,785
327.504
483.992
January
483.992 327.564
362,987 Rutland
351.380
Detroit Tol & iront_ January
351,380 362,987
230.502
291.407
291,407 230.562
205.123 St Jos & Grand IsI'd January
186,360
Dot & Tol Shore L_ _ January
186,360 205,123
5.803.741
7.023.169
5,80:3,741
January
7.023.169
102,527 St Louis-San Fran
127.722
Dui & Iron Range January
127.722 102.527
91.089
185.531
91.089
185.531
Ft W & Rio Gran.. January
192,049
144,691
Dul Miseabe & Nor.. January
144,691 192,049
99.406
134.476
99.466
134.476
St L-S F of Texas_ January
715.907
850,411
Dul Son Shore & At! 2d wk Mar
67.585
69,517
999.276
1.569.739
999.276
1.569.739
166,747 St Louis Southwest.. January
184.454
Duluth Winn & Pac January
184,454 166.747
500.521
762.378
762.378 500.521
St L S W of Texas January
98,596
98,596
115,385
East St Louis Conn_ January
115,385
99.622
146.068
99,622
146.068
Elgin Joliet & East_ January
1,740,539 1,952,204 1,740,539 1,952.201 St Louis Transfer January
349.572
412.151
412.151 349.572
El Paso & So West_ January
1,350.835 1,080,832 1,350,835 1,080,832 San Ant & Aran Pass January
3.340.297
4.795.244
3,340.297
January
4.795.244
Air
Line_
Seaboard
6,954.625
8.193,917
January
Erie Railroad
8.193,917 6,954,625
304,211
171,960
85.413 136,468
February
823.272 South Buffalo
998.352
Chicago & Erie_ _ January
998.352 823,272
January
1611025:3 1292:3801 16.110.253 12,923.801
Florida East Coast_ January
1.189.953 1.008,152 1,189.953 1,008.152 Southern l'acific
370.881
369,867
370.881
January
369.867
Eastern_
Arizona
93.504
108.521
Fonda Johns & Glov January
93,504
108.521
2.125.560 1.815.651 2.125.560 1,815.651
Galv Harris & S A January
114,334
154.495
Ft Smith & Western January
154.495 114,334
685.035
1.07:3.261 685.635 1,073,261
Hous & Tex Cont._ January
86,013
88,287
88,287
86,013
Galveston Wharf_ _ _ January
192.977
217.179
217,179 192.977
Maus E & W Tex_ January
545,491
January
484,603
Georgia Itallroad
484,603 545,491
338.091
480.675
480.675 338,091
Louisiana Western January
78.845
114.132
78,845
Georgia & Florida_ _ January
114,132
696.359
902.925
696.359
902.925
January
Texas
&
La
Morg
336,770
343.165
Ord Trk L in Now E January
343,165 336,770
580.959
837.319
8:37,319 580.959
Texas & New On.. January
Grand Trunk Myst_ _ 3(1 wk Mar 1,320,407 1,235,013
14045676 10126429 14.045.076 10,126,429
Ord Trunk West_ January
1,842,009 1,623.464 1,842,009 1,623.464 Southern Railway January
813.239
919.017
813,239
January
919.017
South..
Ala
Great
Groat North System January
10151935 8,874.400 10,151,935 8,87.4,400
January
1.590.717 1,215.143 1,590.717 1,215.143
Mobile & Ohio
121,249
11,655
Green Bay & West_ January
115,655 121.249
480.907
561.918
561,918 480.907
Georgia Sou & Fla January
194.666
327,688
Gulf Mobile & Nor_ January
327,688 194,666
145.356
222,146
222,146 145,356
January
Miss_
South By in
175,865
273,119
273,119 175,865
Gulf & Ship Island_ January
77.707
137.157
77.707
1:37.157
• 1,121,113
509.763 Spokane Internat.... January
_ _ January
Hocking
553.083
700,287
553.083
760.287
January
Seattle
&
Portl
Spok
8,503.956
.2
12,255,892
January
Illinois Central_
1225g89. 8,503,956
184.506
168.175
184.506
168.175
Internat & Grt Nor_ January
1.728,575 1,105.735 1,728.576 1,105,735 Staten Island R T January
26.785
29.944
2,507
2,179
60.791 Tenn Ala & Georgia 2d wk Mar
60.791
149.575
Ran City Mox & Or January
149,576
243,037
288.700
288.760 243,037
75.004 Tennessee Central January
159.500
75,004
159,500
KG Max & 0 of Tex January
300.710
364,500
364.506 300.710
Kansas City South_ January
1,498,995 1.263,651 1.498.995 1,263,651 ferm RR Assn ofStL January
255.874
333.848
333.848 255.874
St L Met Bridge T January
98,108
157,771
98,108
157.771
Texark & Ft Sm_ _ January
0.260,70(3
107,669 Texas & Pacific........ 2d wk Mar 720,885 588.930 7,884,245
126,818
126.818 107,669
Kansas City Term_ _ January
575.022
813.446
813.446 575.622
206,405 Toledo St L & West- January
197,499
107.499 206,405
Lehigh & 110d River January
57.989
90.990
57,989
90.990
307.127 Ulster & Delaware January
368,360
005,000
Lehigh & Now Eng_ January
8,594.474
11,726.007
8.594.474
11726007
January
5,487,476 5.062,564 5.487,476 5,062.564 Union Pacific
Lehigh Valley_ _ _ _ January
4,168.426 2,945,532 4.168.426 2,945.532
Oregon Short Line January
1,631,856 1.300.741 1.631.856 1.300,741
Los Ang & Salt Lake January
2,900.244 2.03:3,603 2,900.244 2.033.003
Ore-Wash RR &N January
156.192
318,052
318.052 156,192
Louisiana & Arkan_ January
582.956
587.058
587.658 582,956
273.244 Union Mt (Penn)„ January
313,762
313,762 273.244
Louisiana fly & Nay January
101.670
169,314
January
169,314 101.670
10269714 8,256,212 10,269,714 8.256,221 Utah
Louisville & Nashv.. January
271.580
390.282
271.586
390,282
January
&
238.687 Vicks Shrove Pac251.341
Loulsv blend & St L January
251,341 238,687
957,410
1,298,987 957.410 1.298.987
January
.January
Maine Central
1,604,345 1,416.415 1.604,345 1,416.415 Virginian RR
4.622,171 4.550,981 4.622,171 4.556.981
January
304,452 Wabash RR
385,987
January
Midland Valley
385,987 304.452
1.417.548 1,331,008 1,417.548 1,331,668
205,462 Western Maryland.. January
131,725
17,452
13,238
20 wIc Mar
Mineral Range
870,857
1,346,473 870.857 1,346,473
January
925,821 Western Pacific
1,502,750 925,821 1,502,750
Minneap & St Louis January
225.898
263,690
January
26:3.690 225,898
Ala
of
fly
Western
Minn St 1' & S S M_ January
3,492,201 3,175,355 3,402,201 3,175.355
770.410
1.034,541 779,410 1.034,541
74,705 Wheel & Lake Erie.. January
75,814
74,705
75,814
Mississippi Central_ January
131,655
201,070
3,473,857 2,623,357 3,473,857 2,623,357 Wichita Falls & N W January
Missouri Kan & Tex January
1.860.107
2.604,769
1.800,187
January
2.004:769
Valley
2,584,698 1,740,154 2,584,698 1.740,154 Yazoo & Miss
Mo K & T By of Tex January
167,544
139,884
167,544 139,884
Mo A North Arkan_ January
174,084
101,088
January
174,084 101,088
Mo Okla & Gulf_ _
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.
*1Veeklu Summaries.
Previous
Year.
Increase or
Decrease.
%
$
$
$
11,528,338 10,498,450 +1,029,888 9.83
4th week Dec (11 roads1
+743,086 14.42
5,894,615 5,151,529
1st week Jan ( 6 roads ____
24 week Jan (13 roads ____ 8,048,890 6.827.044 +1.221.646 17.89
+154,716 2.20
7,184,286 7.029,507
ad week Jan (13 roads ____
+777.233 8.77
14 roadl____ 9,838,583 8.861,350
4th week Jan
7,839.859 6,689,392 +1,150,467 17.50
let week Feb 1:3 roads ____
8,175,583 6,960,566 +1,215.017 17.45
2(1 weelc Feb 14 roads ____
+212,937 3.16
3d week Feb 13 roads ____
6,949,253 6,736,316
9 roads ____ (3,689,056 5,278,306 +1,410,750 26.73
4th week Feb
7.594,843 6,487,501 +1,107,342 17.07
1st week Mar 14 roads ..- - _
-4-030 10‘z'
7 701 01'1 I; 7111 0 11
qd Ivet-k Mar 14 rom64
*We no longer Include Mexican roads In any of our totals.
........
*llIonthly Summaries.
Curr.Yr
Mileage.
226.086
March
232,708
April
233,931
May
232,169
June
226,654
July
233,423
August
September ....232,772
233,192
October
November _233,032
December.. 233.899
January __ _ _232 M1
Current
Year.
Previous
Year.
Increase or
Decrease.
%
8
S
l'rev.Yr.
$
225,631 375,772,750 365,096,335 +10,676,415 2.90
233,251 388,697.894 370,710.999 +17.986,895 4.85
234,339 413,190,468 378,058,163 +35,132,305 9.29
232.682 424,035,872 393.265,898 +30,769,974 7.83
226,934 454,588,513 469,246,733 -14,658,220 3.13
2:33,203 469,868,678 502,505,334 -32,636,656 6.40
232,349 495,123,397 185,870,475 +9,252,922 1.97
233.136 508,023,854 489,081,358 +18,942,496 3.87
232,911 436.436,551 139,029,989 -2,593,4:38 0.59
2.61
23:3.814 451,991,330 440,481,121 +11,510,209 211011
232 210 404.700.12A 102 027 RIIR -1-1017787M
1282
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of March. The table covers 14 roads and shows 13.84%
increase in the aggregate over the same week last year.
Name of Road
or Company.
[VOL. 110.
Latest Gross Earnings.
Month.
Current Previous
Year.
Year.
Jan..1 to Latest Date.
Current
Year.
Previous
Year.
8
Pacific Power & Light December 197,842 170,378 2,175,922
1,858.936
Pensacola Electric Co December
41.828 50,756
543,592
506,050
Phila & Western...... _ December
58,864 57.863
732,301
619,151
Phila Rapid Trans Co November 3055,953 2717.881 32,216.937 28.253,423
Ann Arbor
53,000
72,183
Portland
19,123
Gas
Coke_
&
December
2A,239 173,233 2,185,367 1.797,461
Buffalo Rochester & Pittsburgh_
355,291
291.483
63,808
Port(Ore) Ry,L&PCo January
168,808 703,547
768,808
703,547
Canadian National Rys
1.625,485 1,480,946 144,539
Puget Sd Tr, Lt & P.. January
890,488
699,488
Canadian Pacific
3,130.000, 2.645,000 485,000
Republic By & Lt Co November 875.153 436,978 5,593,128
5,027.196
Colorado & Southern
476,676
435,991
40,685
Richmond Lt & RR_ October
44,551 33,249
455,154
372,523
Duluth South Shore & Atlantic_
69,5171
67,585
1,932
St L Rocky Mt & Pee October
392.828 449.085 3,406,343 4.366.541
Grand Trunk of Canada
Santiago El Lt & Tr.._ December
68.530
53,502
705,026
665,250
Grand Trunk Western
1,248,993 1,159,337
89,656
Second Avenue (Bee) October
86,778 68,478
772,539
Detroit Grand Haven & Mi
698,713
Southern Cal Edison_ January
857.830 800,493
857,830
800,493
Canada Atlantic
Staten Island Midl'd. October
28,401 20,728
306,617
Mineral Range
239,263
13,238
17,452
4,214
Tampa
Electric
Co-January
132,398
104,648
132,398
Nevada-California-Oregon
104,648
5.7251
3,527
2,198
Tennessee Power.._ _ _ January
204,837
221,788
204,837
Tennessee Alabama & Georgia_ _
221,788
2,179!
2,507
328 kTenn By,Lt & P Co December 592,980 607,241 6,380,126 6,146.619
Texas & Pacific
720,885, 588,930 131,955
Texas Power & Lt Co December 371,156 345,813 3,482,417 3,248,180
Third Avenue System.. January
941,063 800,552
941.063
800,552
Total (14 roads)
7,701,049 6,764,941 959,773
23,665
Twin
City Rap Tran_ January
1057,084 874,584 1,057,084
Net increase (13.84%)
874,584
936,108
Virginia fly &-Power_ February
809,415 688,288 1,692.848 1,413,739
Wash Balt & Annan_ _ December
135,871 240,054 2,168,120 2,902,015
Youngstown & Ohio_ January
43,825 37,300
43,825
37,300
Net Earnings Monthly to Latest Dates.-The table
a
Includes
Milwaukee
Light,
Heat
&
following shows the gross and net earnings with charges and f Earnings given in mitre's. g IncludesTraction Co. b Includes all sources.
constituent or subsidiary companies.
surplus of STEAM railroad and industrial companies re- h Subsidiary companies only. k Includes Tennessee
Light & Power
Co.. the Nashville By. & Light Co., the Tennesseefly.,
Power Co. and the
ported this week:
Chattanooga By. & Light Co. 1 Includes both elevated and subway
lines.
-Gross Earnings--Net Earnings
- Of Abington and Rockland (Mass.).
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
Electric Railway and Other Public Utility Net Earn$
$
$
Cent RR of Georgia_b__Feb 1.980,626 1,546,001
278,460
84,039 ings.-The following table gives the returns
Jan 1 to Feb 29
of ELECTRIC
4,391.969 3,204,808
881,601
154.397
Central RR of N J_b____Jan 3,672,167 3,612,002 def27,000
626,654 railway and other public utility gross and not earnings with
Del Lack & Western_ b__Feb 5,536,045 5,716,639
231,172 1,234,953 charges and surplus reported this week:
Jan 1 to Feb 29
11,428,931 11,803,357
847,879 2,433,732
Green Bay & Western_b_Jan 115,655
-GrossEarnings--NetEarnings
121,249
17,341
29,776
Current
year.
Previous
Louisiana fly & Nav_ b_ _Jan 313,762
Current
Previous
273,244
48,477 def10,273
Companies.
Year.
Year.
Ye
s
ar.
Montour b
Feb
78,518
61.432 def8,228 def47,443
$
Jan 1 to Feb 29
158,529
145.590 def27,355 def76,031 American Power & Light Co
South Buffalo_ b
Feb
85,413
136,468
1,371
(sub cos only)_a ____Dec 1,706,313 1,392,292
47,172
731,748
545,354
Jan 1 to Feb 29
171,960
304,211
12,587
Jan 1 to Dec 31
100,863
16,307,363 13,700,647 6,161,946 5,244,669
Brazilian
Traction,
Light
&
earnings
Net
b
here given arc before deducting taxes.
Power Co. Ltd
Jan c9,655,000 c8,522.000 c5,110.000 c4,283,000
Gross
Net after
Fixed
Balance, Nor States Power Co_ _ _ _Jan 1,045,758
901,484
431,145
389,394
Feb 1 to Jan 31
Earnings.
Taxes.
Charges. Surplus.
10,020,208 8,535,913 4,159.063 3,645,212
$
SantiagoElLt&TracCo_a_Dec 68,530
53,502
27,029
20,621
Bellefonte Central Feb '20
Jan 1 to Doc 31
7,269
417
111
765,026
306
665,250
297,698
269,394
Railroad Co
'19
7,175
308
159
149 Southwestern Power & Lt Co
2 mos '20
14,421
238
222
(subsidiary cos only) a_ Doc 717,698
16
571,988
350,938
233,022
'19
16,487
2,298
318
Jan 1 to Doc 31
1,980
6,482,819 5,091,777 2398,095 2,102,846
Gross
Net after
Other
Gross
Fixed
Balance.
a Net earnings hero given are after deducting taxes.
Earnings.
Taxes.
Income.
Income. Charges. . Surplus.
c Given in milreis.
•
•
$
Cuba ER CoGross
Net after
Jan '20 1,158,101
Fixed
288,933
Balance,
14,318
303,254
197,078
106,1743
Earnings.
Taxes.Charges.Surplus.
'19 1,166,271
264,844
12,256
277,100
107,113
169,987
7 mos '20 7,480,237 1,810,608
$
82,713 1,893,321
708,990 1,184,331
'19 6,132,696 1,283,925
Elec
Feb '20
188,066
88,721 1,372,646
31,904
748,375
26,117
624,271 Adirondack
5,787
Power Corp
'19
134,804
42,447
21,958
20,489
12 mos '20 1,838,243
646,466
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
305,841
340,625
'19 1.800,277
446,882
262,553
184,329
Federal Light 8c
Jan '20
414,843
152,626
56,043
96.583
Traction Co
Latest Gross'Earnings.
'19
333,629
Jan. 1 to Latest Date.
97,756
57,213
40,543
Name of Road
12 mos '20 3,978,732 1,290,651
812,159
478,492
or Company.
Current Previous Current
'19
3,520,516
Previous
1,051,724
789,344
262,380
Month.
Year.
Ft Worth Power & Doc'19
Year.
Year.
Year.
172,847
95,827
13,285
x84,547
Light Co
'18
116,199
57,870
12,696
:45,683
$
$
8
$
12 mos '19 1,398,321
643,189
158,048
x490,906
Adirondack El PowCo February
188,066 134,804
380,582
283,576
'18 1.305,160
591,078
143,254 :450,631
Alabama Power Co__ January
304,224 269,141
304.224
269.141 Idaho Power Co
Dec '19
163,897
69,988
Atlantic Shore Ry___ December
38,958
:38,004
15,951 13,371
184,106
171,773
.780
55,007
Bangor By & Electric January
37.037
:21,684
105,284 82,595
105,284
82,595
12 mos .
qg
1,816,949
883,054
Baton Rouge Elec Co January
461,236
:486,228
1
39,069 31,272
39,069
31,272
1,500,999
698,343
Blackstone'V G & El_ January
445.966 z300,271
287,066 235,183
287,066
235,183
7Brazilian Trac,L & P January
293,255
96,890
1965500018522000 19,655,000 18.522.000 Kansas Gas & Elec Dec'19
45,118
z51,212
Co
Oape Breton Elec Co.. January
'18
254,720
49,082 52,190
91,331
:51,104
49,082
44,591
82,190
Dent Miss V El Prop_ December
12 mo.s '19 2,667,516
41.923 30,700
783,998
424.475
478,411
z306.680
339.076
Dhattanooga By & Lt December 188,865 177,162 1.915,817 1,843,947
'18 2,123,556
691,593
401,800 2307,634
Ditios Service Co....- January
Dec '19
1905,781 1853,598 1,905.781 1.853,598 Nebraska Power
232,650
85,584
32,131
z54,179
()ley° Painesv & East November
Co
55,068 51,442
'18
633,061
192,899
511,630
56,371
29,756
z67,021
Dolorado Power Co_October
91.485 109,350
12 mos '19 2,407,120
908.280 1,060.971
863,073
350,970 :570,956
/Columbia Gas & Elec January
1402,312 1188,807 1,402,312 1,188.807
'18 1.908,630
680,448
281,240 x441,717
Coltunbus(Ga) El Co January
141,805 121,785
141,805
121,785 New England Co
Jan '20
483,238
133,160
66,317
66,843
Oom'w'th P. By & Lt January
2598,960 2149.563 2,598,960 2.149,553
Power System
'19
318,033
130.787
64,715
66,072
Oonnecticut Pow Co.. February 2476,027 2036,430 5,074,9874,1
85,983
12 mos '20 4,384,173 1,514,462
766,327
748,135
Consum Pow (Mich).. January
848,934 682,7311 848,934
682,731
'19 3,613,956 1,400,806
679,688
721,118
Klumb Co (Me) P&L January
259,179 215.7221 259.179
215,122 Pacific Power &
Doc'19
197,842
Dayton Pow & LIght.. January
88,005
43,593
z45,351
329,419 271,626
329,419
271,626
Light Co
'18
:Detroit Edison
170,378
88,548
February 1821,937 1309,879 3,676,919 2,780,558
44,145
x46,777
12 mos '19 2,175,922 1,039,595
hDetroit United Lines November 2203,587 1606,536 22.422,746 17,278,782
540,890 :508,797
'18
1,858,936
Duluth-Superior Trac January
869,052
496,960 z376,124
167,432 148,669
167.432
148,669
East St Louis & Sub December 423,985 406,855 4.258,919 4,215,887 Paducah Elec
Jan '20
43,837
15,521
9,933
5,588
Co
Eastern Texas Elec January
'19
130,648 110,965
130,648
110,965
Edison El of Brockton January
4 mos '20
159,996
122,424 93,120
122,424
54,931
22,719
93,120
32,212
Elec Light & Pow Co January
'19
30,978 26,842
30,978
26,842
7 El Paso Electric Co.. January
154,975 127,963
Dec '19
154.975
127,963 Portland Gas &
224,239
92,713
28,334
z64,359
Pall River Gas Works January
Coke Co
74,983 63,035
74.983
63,035
'18
173,233
59,491
29,491
30,000
[federal Light & Trac January
414,843 333,629
414,843
12 mos '19 2.185,367
333,629
947,456
351,625 x595,881
Fort Worth Pow & Lt December 172.847 116.199 1,398,321 1.305,160
'18 1,797,461
795,307
351.747
443,560
4Halv-Hous Elec Co.._ January
273.782 242,487
273,782
242,487
Puget Sound Trac, Jan '20 *899,488
414.507
y Great West Pow Sys January
219,178 :257.828
496,221 441.425
496,221
Light & Power Co & '19
441,425
Harrisburg Railways_ December 153,169 135,264 1,603,339 1,301.116
Subsid Cos
12 mos'20 9,534,690 3,379,202 2,512,628 z1,491,573
Havana El By,.L & P January
883.118 726,358
883,118
726,358
'19
Haverhill Gas Lt Co_ December
39,571 31.007
386,632
336,294 Sierra Pacific Bloc Jan '20
Honolulu R I`& Land December
67,684
33,364
67.159 61.915
5,899
27.465
754,620
706.676
Co and Subsidiary
'19
Houghton Co El L Co January
56,526
23,696
4,680
52,016 44.713
19,016
52,016
44,713
Companies
12 mos '20
Eloughton Co Trac Co January
693,050
311,807
30,625 24,455
72,447
239.360
30,625
24,455
'19
Hudson & Manhattan October
708,658
351,715
558,452 387.371 5,012,703 4,007,905
289,392
62,323
y Illinois Traction.. January
Doc '19
1729,733 1461,036 1,729,733 1.461,036 Texas Power &
371,156
173,243
55,139 :118,656
' Interboro Rap Tran January
Light Co
4444,137 3813,648 4,444,137
'18
345,813
76,066
137,340
:72,095
Kansas Gas & Elec Co December 293,255 254,720 2,667,516 3,813,648
12 mos '19 3,482,417 1,171,928
2,123,556
662,698 :516,990
Keokuk Electric Co._ December
30.097 22.985
'18 3,248,180 1,076.088
317,237
264,236
653,215
:424,734
Key West Electric Co January
22,136 19,589
22,136
19,589 Utah Power &
Dec '19
558,794
277,473
136,692 :150.208
',Ake Shore Elec By.... November 218,796 178,819 2,381,308
Light Co
1,988,688
'18
528,247
312,064
172,046 :182,914
:Jong Island Electric_ October
24,714 16,693
223,499
195,766
mos
12
'19
5.655,960
2,786,415 1,668,820 :1,230,207
r,oulsville Rallway...._ December 332,207 333.899 3.537,234 3.707,689
'18
5,574,805
2,952,276 1,710,025 :1.378,698
Lowell Electric Corp_ January
112,499 95,954
112,499
95,954
VIanhat Bdge 3c Line October
21.614 12,374
z After allowing for other income received.
141,178
119,476
IMilw El fly & Lt Co January
1526,627 1233,918 1.526.627 1.233,918
* Gross earnings from street railway lines in Seattle eliminated by sale
141ssissippi Riv P Co.. January
205,677 181,139
205,677
181.139 of property to the city March 31 1919.
jashville Ry & Light January
306,903 272,317
306,903
272.317
Jebraaka Power Co.... December 232,650 192.899 2.407.120 1,908,630
Gross
Net
Fixed Chgs. Balance,
Jew England Power_ January
483,238 318,033
483,238
Earnings. Earnings. ct Taxes. Surplus.
318,033
jewPN&II Ry,0 & E December 208,044 171,566 2,718,837 2,168,487
$
3
Jew York Dock Co.._ February
435,451 410,918
884,509
851,374 Com'w'th Pow, fly Feb '20 2,476,027
960,731
258,696
702,035
1J Y & Long Island October
46,759 42,636
480,896
& Light(3o
420,251
'19 2,036,430
855,516
674,603
180,913
1J Y & North Shore_ October
15,580 12.829
118.067
127
,545
2 mos '20 5,074,987 2,007.147 1,395,741
611,406
1jY & Queens County October
108,846 83.675
945,253
805.675
'19 4,185,983 1,761,728 1,343,892
417.836
Jew York Railways_ October
953,075 934,683 11,289.033 9.329,746 New York Dock
Feb'20
1Jorthern Ohio Elec._ January
435,451
156,260
94,391
882,013 696,194
61,869
882.013
696.194
Co
'19
410,918
1lorth Texas Electric.. January
159.720
68,016
91.704
310.002 244.490
310,002
244,490
2 mos '20
)cean Electric (L 1)_ October
884,509
319,232
185,452
133,780
11.071
7.880
185.488
144.001
'19
851,375
328,086
181.860
146,226
Second Week of March.
1920.
1.
I
1919.
Increase. Decrease.
MAR. 27 1920.]
1283
THE CHRONICLE
last report. (V. 108, P. 1929.) A further hearing, after an original disallowance of this claim, was granted by the Director-General. The matter
is row under review by the Director-General, who has signified his intention
,is
handing down his decision as soon as he receives the certificate from the
Inter-State Commerce Commission as to the amount of the standard return
Annual, &c., Reports.-The following is an index to all (V.
•
109, p. 2264.)
annual and other financial reports of steam roads, street
Judgment Against Predecessor Company.-By a decision rendered by the
U. S. Circuit Court of Appeals at St. Louis on Nov. 24 1919, a deficiency
railways and other companies published since March 6.
obtained against the former Wabash RR. Co. by the Equitable
This index, which is given monthly, does not include judgment
Trust Co. of N. Y., as trustee of the First Refunding & Extension Mtge. of
that company, in the amount of about $51,000,000. was affirmed. The
reports in to-day's "Chronicle."
Supreme Court of the United States on March 8 1920 denied motion for a
Full-face figures indicate reports published at length.
writ of certiorari in this case, declining to review the above mentioned dePage.
(Miscellaneous) Concluded-, __Pare ficiency judgment, which thus becomes a finality. As the present Wabash
Steam Roads1003
1197 Kentuckey Solvay Coke Co
Canadian Pacific fly
Co. owns practically all of the First Refunding & Extension MortRailway
Chicago North Shore & Mita,. RR__ 969 Keystone Telephone Co
over to it in the completion of the reorganiza10
2 gage bonds which were turned
84
19
969 (S. H Kress & Co
Eastern Pennsylvania Rya
judgment of which this company is practically
967 tion, the affirmance of this
1186 (S. S.) Kresge Co
Evansville .Sc Indianapolis RR
should assure its full participation in any
owner,
the
beneficial
exclusive
1093
1187 La Belle Iron Works
Grand Trunk fly, of Canada
if any, of the former company as were not con1079 distribution of such assets,
964 Lackawanna Steel Co
Pennsylvania Co
acquired by it under the foreclosure proceedings. (V. 110,
and
veyed
to
93
87
0
0
1
Co
964 Lee Rubber & Tire
Pennsylvania ItR
p. 1090: V. 109, p. 2172.)
Pittsb. Cincinnati Chic. 6c St. Louis_ 965 Lehigh Coal & Navigation Co
Trackage Rights.-The contract heretofore existing with the Grand Trunk
1188 Loft, Incorporated
Porto Rico It.Co., Ltd
Railway Co. of Canada, covering the joint use of tracks and facilities be19
8
0
1
66
P. Lorillard Co
Alecirlc Roadstween
Windsor, Ont., and Fort Erie, Ont., and betwen Welland Junction,
974, 1084
1186 McCrory Stores Corp
American Rys. Co
Ont., and use of their Black Rock Station in Buf1093 Ont., and Niagara Falls,
1186 Merchants Heat AG Light Co
Boston Elevated 'Lys
Y., Including yard and terminal facilities, expired by limitation on
N.
falo,
1093
1179 Mexican Telegraph Co
Chicago City fly
was executed under date of Dec. 10 1919,
contract
new
A
1919.
Jan.
24
1179
Chicago & Interurban Traction Co._1186 Midvale Steel Sr Ordnance Co
Railway Co. the joint use of above mentioned
1183 granting to the Wabash
1186 Montana Power Co
Colorado fly. It. & Power Co
end
of Federal control, with an option of
the
from
years
21
for
facilities
1192
1088 Motor Wheel Corp
Federal Lt. & Traction Co
period of 21 years.
974 renewal for an additional
1088 Montreal Cottons, Ltd
Georgia fly & Power Co
of earnings, but figures furnished by
statement
no
contains
report
[The
1084
1188 National Candy Co
Louisville (Ky.) fly
and published in our "Railway Earnings
975 the U. S. Railroad Administration
1079 National Conduit & Cable Co
Mohawk Valley Co
13, show for the calendar year 1919 railway
p.
1920,
13
March
of
Section"
Co-1085
Stamping
1078 National Enameling &
N. Y. State Rys
against $48,246,411 in 1918; net after
974 operating revenue of $48,847,085,
1188 National Utilities Co
Philadelphia Rapid Transit Co
taxes $3,143,048, against $6,785,397; net after rents, $831,151. against
1189 New England Co. Power System---1182 $3,715,517 in 1918.-Ed.)
Richland Public Service Co
1079 New York & Richmond Gas Co
Toronto fly
99
10
75
4
1090 Niagara Falls Power Co
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
Union Traction Co. of Ind
1917.
Nor. Ontario Lt. & Pow. Co., Ltd.-1094
1918.
Industrial Companies-1919.
1094
1189 Nova Scotia Steel & Coal Co
Air Reduction Co. Inc
accrued under Fed*Compensation
1094
1090 Ohio State Telephone Co
$5,786,352 $5,867,268
All America Cables Inc
control
eral
1193
1083 Oklahoma Gas & Electric Co
$10,543,882
American Bank Note Co
operating income
1094 Railwayfrom lease of road
972 corpheum Circuit Inc
4.000
4.000
4,000
American Cigar Co
975 Income
1090 pacific Gas & Electric Co
21,539
73,620
American Gas Co
86,873
income
rent
Miscellaneous
1184
1184 Pacific Mail SS. Co
88,113
74,234
American Hardware Corp
74,751
physical property_ _ _
non-oper.
Misc.
1094 Separately operated properties
966 Penick & Ford Ltd., Inc
50,000
American Locomotive Co
972 penmans Ltd
78,824
78.824
American Radiator Co
74,824
19
85
17
1 Dividend income
7,580
14,207
American Ship &Commerce Co.___1086 (J. C.) Penney Co
40,657
securities
funded
1087 Income from unfunded sec. & accts
968 Pettibone-Mulliken Co
52,142
17,351
American Snuff Co
29,386
from
Income
1079 (Albert) Pick & Co
319
American Steel Foundries Co
1.006
18.099
Miscellaneous income
FINANCIAL REPORTS
19
18
3
75
1081 ptttsburgh Coal Co
American Sugar Refining Co
1193
American Sumatra Tobacco co_ __ _1090 pittaburgh Rolls Corp
965 pittsburgh Term., Warehouse &
American Tel. & Tel. Co
1094
1090
Transfer Co
American Tobacco Co
g() Rican-American Tobacco Co
Associated 011 Co
)% Poo
11)
974, 1084
(Walter) Baker & Co., Ltd
1179 Providence Gas Co
Barnsdall Corp
19
7
85
07
1182 Quaker Oats Co
Barrett Co
976, 1083
1091 Railway Steel Spring Co
Beatrice Creamery Co
_
0
_110
_
3
8
9
Ltd
Co.,
Paper
1190 Riordan Pulp &
(E. W.) Bliss Co
Brit. Columbia Fish. & Packing Co-1190 Robert Reis & Co
972 Rockhill Coal & Iron Co
Brooklyn Edison Co
Bucyrus Co
1091 Rome Wire Co
10
918
2
6
973
1091 Savage Arms Corp
Ily-Products Coke Corp
1095
(Robert) Simpson Co., Ltd
-Campbell, Wyant & Cannon Foun1095
1091 Sloss-Sheffield Steel dr Iron Co
dry Co
10
04
195
Carbo-IIydrogen Co.of America_ ___1091 (Howard) Smith Paper Mills, Ltd--1
1180 Solar Refining Co
Case Threshing Machine Co
1179
1001 Southern California Edison Co
Certain-teed Products Corp
976
1087 Spicer Mfg. Co
Chandler Motor Car Co
1
85
09
976. 10
Chic.June. Rye.& Union Stock Yds.1091 Standard 011 Co. of Calif
1095
1190 Standard Oil Co. of Ind
Chicago Pneumatic Tool Co
976
1190 Standard Oil Co.of KY
Chicago fly. Equipment Co
1182 Standard Screw Co
Colorado Fuel & Iron Co
1095
Columbia OraphoPhollo Mfg. C0-1181 Stern Bros
1086 Stover Mfg. & Engine Co
Commonwealth Edison Co
1095, 10
94
18
2
80
Studebaker Corp
Computing-Tabulating-Recording
973, 1180 Stutz Motor Car Co.of Amer.,Inc- -1095
Co
1092 Submarine Boat Corp
Consolidated Cigar Corp
965
Consol. Gas, Elec. Lt. & Power Co_ _1181 superior Steel Corp
1001 Taylor-Wharton Iron & Steel Co.- - 976
Consolidated Textile Corp
1182, 1194
1180, 1191 Texas Co
Consolidation Coal Co
967
1085 Tobacco Products Corp
Continental Motors Corp
976
Corn Products Refining Co9
68 Tonopah Mining Co
1195
1092 Trumbull Public Service Co
Davis-Daly Copper Co
1090668
1092 Underwood Typewriter Co
Dayton Power Sr Lt. Co
967 union Natural Gas Corp
Deere & Co
968
Detroit Edison Co
973 Union Tank Car Co
(E.I.) dtt Pont de Nemours & Co.-- 966 United Cigar Stores Co. of America
84
087
977. 11
1181
Electric Storage Battery Co
Emerson-Brantingliam Co., Inc....1086 united Drug Co
1184
(H. II.) Franklin Mfg. Co
973 United Fruit Co
1195
Freeport Texas Co
1191 United Profit-Sharing Corp
968 United Retail Stores Corp__ _977. 1085
Galena Signal Oil Co
977
General Electric Co
1191 United Service Co
Great Lakes Dredge & Dock CO.... 974 U. S. Cast Iron Pipe & Foundry Co.
1096. 1180
Great Western Power Co. of Calif_ _1092
1083
967 U.S. Worsted Co
Gulf 011 Corp
1195
1092, 1185 Virginia Iron, Coal & Coke Co
Gulf States Steel Co
977
Habirshaw Electric Cable Co
1191 Warren Bros
1195
1085 Welsbach Co
(Oen. W.) Helene & Co
977
Co
an
Wellman-Seaver-Morg
Co
Herschell-Spillman Motor
1184
977
Heywood liros. & Wakefield Co_...1192 West Penn Steel Co
977
Hollinger Consolidated Gold Mincs.1092 Wheeling Steel & Iron Co
969
Hood Rubber Co
1092 Willys Corporation
1195
International Motor Truck Corp_ __1084 Wilson & Co., Inc
1079
Co
Co
Winchester
Silver
1085
International
966 Worthington Pump & Machinery
Kelly Springfield Tire Co
077, 1080
1083
Corp
Kelsey Wheel Co
Wabash Railway Company.
(4th Annual Report-Year ended Dec. 31 1919.)
Pres. William H. Williams, N.Y.,Feb.25, wrote in subst.:
$6.114,943 $6,130,511 $10,846,399
Gross income
Deductions-
Rent for equipment-net
Rent for joint facilities-net
$214,321
Rent for leased roads
24,281
Miscellaneous rents
41,081
Misclianeous tax accruals
Separately oper. properties-loss
3,081,653
Interest on funded debt
34,187
Interest on unfunded debt
181
Amort. of disc't on funded debt
3.523
Income tax on int. on funded debt...
200,241
Corporate expenses
142,603
Railway tax accruals
$212,848
28,518
42,736
3,092,874
15,638
181
3,031
99,338
62
$1.710,113
1.622,495
72,767
25,541
20,978
58,230
3,104,872
1,038
181
3.078
Total deduc. from gross income..__ $3,742.073 $3,495,226 $6,619,294
$2.372,870 $2,635,285 $4,227,105
Net income
55,060
53,960
53,960
Detroit and Chicago sinking fund
Settlement by U. S. RR. Admin. of
1,948,620
573,951
1918
1
Jan.
accounts prior to
Credit income bal. to profit & loss__ $1,747,228 $632,705 $4,172,045
* Subject to change when contract is executed definitely fixing the
amount of annual compensation.
1918.
1919.
1918.
1919.
$462,000
Credit bal. Jan. 1.58,130,721 57,938,388 Less-Div. appro.
do trans. fr. Inc_ 1,747,228 2,581,325 by,in phys. prop_
Settle. accts. prior
Profit on road and
26,574 to Jan.1'18 made
924
equipment sold_
883 by U.S.RR.Adm
8,289
Donations, &c...__
MIscell. debits....
86,319
Mlscell. credits...
$1,842,760 $2,608,782
1.887
$33,311
1,498,620
3,942
$33,311 81,966,449
89,940,170 88,580,721
Credit balance
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
1918.
1019
1918,
1919.
Liabilities-$
Assets-Common stock_ 59,551,825 58,828,903
Invest, in road
5c equipment_208,243,417 207,612,112 Prof."A"stock_ 62,187,100 59,464,500
325,444 Prof."B" stock_ 16,754,012 22,199,134
417,465
Sinking funds__
65,800.359 66,055,359
Funded debt
500,000
375,000
Loans&bills pay.
7,346
798
33,435 Traffic &c., bal.
171,858
41,283
3318,138 Accts. Sr wages
27,275
13,027
2,387,348 Misc.accts. pay.
338,769
296,815
562,715 Int. mat'd unp'd
882
441
571,197 Divs. unpaid-5,172 Fund, debt ma113,200
118,200
tured unpaid_
662,364
666,497
28,870 Unmatured int.
10,621
502
613,058 Unmat'd rents.52,200 Due U. S. RR.
67,200
Int. dr dive. rec.
2,238 Adm.,Inelloans 15,865.253 14,878,792
Rents receivable
23,274
20,693
Deferred Habit's
Due from U. S.
1,753,443
RR. Admin.- 10,929,998 15,412,843 Unad). credits__ 2,217,208
189,791
241,887
26,927 Approp. surplus
5,213
Deferred assets..
1,163,768 Profit and loss- 9,940.170 8,580,721
Unadj. debits_ 1,055,990
Dep. In lieu of
mortgaged
4,378
property soldMisc. phys.prop. 2,999.357
Inv.in affil. cos. 2,619,020
562,857
Other Investm'ts
733,425
Cash
2,725
Special depositsTraffic,do.,bal.
3.100
receivable......
438,723
Mho.accts. roe.
234,082,867 231,815,365
Total assets_234,082,867 231,815,365 Total
Note.-The general balance sheet is submitted in tentative form and is
subject to adjustment when final settlement is made with the U.S. Railroad
Administration.-V. 110, P. 1090.
Capital Stock.-115,445.200 of 5% Convertible Preferred stock B was surConsolidated Gas, Elec. Lt. & Pow. Co. of Baltimore.
rendered and exchanged for $2,722,600 Common stock and $2,722.600 5%
Profit Sharing Preferred stock A.
(Report for Fiscal Year ending Dec. 31 1919.)
of
retirement
and
Bonds.-Tho funded debt was reduced by the purchase
$258,000 bonds, viz.: Gold Equipment bonds of 1901. $203,000; Detroit
The remarks of President Herbert A. Wagner, together
& Chicago Extension bonds. $55,000.
and balance sheet, as of Dec. 31
Additions. &c.-The expenditures for additions and betterments made with the income account
during the year as reported to us by the U. S. RR. Administration aggre- 1919, will be found on subsequent pages of this issue. The
equipment.
of
improvement
gated $577,337, chiefly $87,719 for
account and balance sheet were cited
New Rolling Stock-Equipment Trust.-In 1918 the Director-General pur- comparative income
chased 100,000 freight cars and 1,930 locomotives, of which 2,800 40-ton in V. 110, p. 1181.
hopper
double
all-steel
steel underframo double-sheathed box cars, 1,000
United Gas Improvement Co.
self-clearing 55-ton cars and 20 light Mikado locomotives have been allotted
to the Wabash Railway Co., at prices to be determined after final settleYear Ended Dec. 31. 1919.)
went is made between the United States Railroad Administration and the (Preliminary Report for Fiscal
manufacturers but coming within the following ranges; Per box car,
Samuel T. Bodine, together
President
of
remarks
The
locomotive
per
$2,829;
$2,_725 and $2,932; per hopper car $2,505 and
with the income account and balance sheet as of Dec. 31
549,400 and $53,050.
This equipment involves a total charge to capital account of Wabash 1919, will be found in the advertising pages of this issue.
said
which
of
all
Railway Co. of between $11,123,000 and $12,111,160,
1917.
1916.
1918.
1919.
Calendar Yearsequipment will be placed under an equipment trust covered by an issue of
$6.481,687 $5,777,537 $7,654,806 $8,817,880
0% notes, maturing in fifteen annual installments, said notes being taken Regular income
622,576
508,638
2,089,500
income
Other
trust
equipment
over by the U. S. Railroad Administration at par. The
agreement between the Director-General, the Guaranty,Trust Co. as trus$9,440,556
$8.163,444
$7,867,037
$6.481,687
income
Total
form.
standard
the
in
executed
the
and
is
Wabash Railway Co..
tee,
2,770,528 2,247,939 2,171.225
Exp..tax..int.& skg.fd. 2,696.347
(See V. 110. P. 922.)
4,882.384 4,882,384 4,582,755 4.440,236
Federal Compensation.-Application was made to the Director-General Dividends (8%)
in
return,
standard
the
of
for an allowance of just compensation in excess
$214.125 $1.332,750 $2,829.095
Balance.surplus-def41.097.044
view of certain exceptional and abnormal conditions during the first 16
months of the teat period which were set forth with some fullnesnin the -V. 110. D. 977.
1284
THE CHRONICLE
[voL. 110.
United States Steel Corporation.
Public Service Corporation of New Jersey.
(11th Annual Report-Year ending Dec. 31 1919.)
(18th Annual Report-Year ending Dec. 31 1919.)
The remarks of President Thomas N. McCarter will be
The annual report, signed by Elbert H. Gary, Chairman
of the Board, will be found at length on subsequent pages found at length on subsequent pages, together with the
of to-day's "Chronicle," together with many important income account and balance sheets of the company and its
subsidiaries, and numerous interesting statistical tables covtables of operations, balance sheet, &o.
ering a number of years. A map showing the corporation's
INCOME ACCOUNT, INCLUDING SUBSIDIARY COMPANIES.
electric railway lines will be found in the "Electric Railway"
1919.
1918.
1917.
1916.
Section of Nov. 15 1919.
$
EARNINGS OF PUBLIC SERVICE CORPORATION OF NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
1919.
1918.
1917.
1916.
Gross earnings of leased
and controlled cos____$59,136.763 $52,097,839 $47,291,342 $42.548.775
Oper. exp.and taxes__ 40,821.282 33,824,8261 30.529,369 25,863,854
Amortization charges___ 2,803,808 3,113.559j
Net earnings
$15,511,673 $16,059,454 $16,751,973 $16,684,921
Non-operative Income
344,229
472,518
516,529
397.706
P. S. Corp. of N. J. Inc.
from seems. pledged
867,782,218
(excl. of diva, on stks.
363,711,561
of oper. cos.). & from
mind'. sources
1,891,667 1,729.865
*1,952,883
1,802,536
4,566,577
163,570
Total
$17,808,784 $18,423,639 $18,879,544 $10,003,986
DeductBd..&c.,int. ofsub.cos.$12.443,377 $12,320,520 $12,209,838 $11,963.114
Fixed
charges of Public
368,441,708
Service Corp. of N. J_ 4,351.506 4,282,680 4,202.307 4.099.005
Gross sales and earnings_ _1,448,557,835 1,744,312,163 1,683,962,552 1,231,473,779
Mfg. cost & oper.exp...._ _1,140,988,637 1,178,032,666 1,046,376,568 810,501,470
Administration, selling &
general expenses, excl.
gen.exp.of trans. cos__
31,632,076
29,786,578
26,336,813
24,458,377
Taxes (ordinary)
29,594,337
23,367,214
26,599,721
18,800,260
Allowance for est. amt. of
Fed. inc., war inc. and
war excess profits taxes 52,000,000 274,277,835 233,465,435
Commercial disc'ts & int_
9,062,142
9,646,361
9,332,460
6,202,650
Total expenses
1,263,277,192 1,515,110,651 1,334,311,536
Balance
185,280,642 229,201,512 349,651,016
Misc, net mfg. gains, adjust.in invent. val.,&c,
3,402,410
2,840,639
18,530.959
Rentals received
323,282
255,568
222,617
Compensation accrued _ c _
15,582,724
15,510,511
Total net income
204,027,238
Net prof.of prop't'sowned
whose oper. are not incl.
381,795
Int., &c., on investments
and on deposits, &c...._
12,764,371
Total income
Net bal. profits sub. cos
Total
DeductReserve for excessive cost
of inventory
Proportion of extraordinary cost of facilities
installed
Int. charges of sub.cos. on
secure. held as invest_
In t. on bonds& mortgages
subsidiary companies
Net earnings
Deduct Charges, etc.,Depr. dc extraor. replace't
and sk. funds on bonds
of subsidiary cos
Charged off for adJustm't
Int.on U.S.St'l Corp.bds.
Sk.fd.,&c., U.S.StiCorp.
Prem. on bds.red.sub.cos.
Exp.made& to be made on
auth. approp. for addl
prop.,new pl'ts & const.
Amortien of war facilities
Preferred dividend (7%)_
Common dividend
Rate on common divs
248,370,000
366,404,592
349,192
489,566
512,312
20,957,143
11,305,301
5,922,148
217,173,443 269,676,336 378,199,459 374.876,167
12,125,446 deb.1,098,232 deb.14,118,890 d0.15,825,711
229,298,889
268,578,104
384,080,569
359,050,456
38,710,396
20,297,000
29,748,302
15,624,794
38,297,854
40,000,000
29,785,000
385,795
428,570
8,701,577
8,930,424
8,869,292
9,422,916
143,589,062
199,350,680
295,292,180
333,574,177
37,608,819
Cr.194,219
20,509,321
8,751,526
119,032
33,117,398
43,296,038
Cr.629.454 Cr.!.600,808
20.891,118
21,256,303
8,369,107
8,003.167
70,135
117,915
32,762,072
Cr.124,969
21,602,853
7,656,214
148,277
25,219,677
25,415,125
(5%)
12,215,000
25,219,677
71,182,350
(14%)
55,000,000
25,219,677
91,494,450
(18%)
25,219,677
44,476,469
%)
Total deductions
117,429,281 170,415,329 242,786,742 131,738,592
Balance, surplus
26,159,781
52,505,438 201,835,585
28,935,350
-c For use of subsidiary railroads under Federal control (estima ted).
GENERAL BALANCE SHEET OF UNITED STATES STEEL CORPORAT ION
AND ITS SUBSIDIARY COMPANIES DEC. 31.
(For details of 1919 Balance Sheet see a subsequent page.)
Net income
$1,013.902 $1,820,430 $2,377,400 $2,941,868
Deduc'ns from net inc_a
406,537 Cr.841,866 Cr.117,161
Cr.5,826
Common divs. paid__(431)1,349,982(6)1,799,976(8)2,399,968(7M)1937500
Pref. dividends____(6 2-3%)669,771
Bal., sur. or def_ _def.ii.412,389 sur.$862,320 sur.$94.593 sill.010,194
* After dedueGing-in 1919 $207,968, In 1918 $148,575, and In 1917 $223.232 for expenses and taxes. a Includes in 1919 appropriation accounts (1)
of sub. cos., viz., amortization of new business expenditures prior to Jan. 1
1911, $40,330, and adjustments (debit) of surplus account, $369,354; (2)
appropriations accounts of Public Service Corp. of N. J., exclusive of dividends (credit), $3,146.
(Last week a quarterly dividend of 1% was declared on the Common
stock, payable March 31 to holders of record March 26. No payment was
made on the Common shares for the last quarter of 1919. (See V. 110, IL
1188; V. 109. p. 2357.)1
PUBLIC SERVICE CORPORATION BALANCE SHEET DEC. 31.
1919.
1918.
AssetsPerpetual interestbearing certifs._ 917,835
867,485
Securs. of subsid.
and leased cos 102,940,877102,768,300
Other securities__ 1,356,665
437,815
Gen.M.5sin ureas.12,500,000 12,500,000
Advances to cos..- 1,455,000
40,001)
Real estate, &o_
363,488
181,911
Cash
365,020
240,066
Accr. int. & rents_
175,346
245,994
Accts. receivable
10,788
12,013
Ohersusp.,&c..
8,826
Sinking fund
1,783,369 1,481,496
Other spec. funds_ 615,778
977,083
Unamortized debt
discount & exp. 4,395,322 3,899,929
128,563,829123,896,475
Total
-V. 110. D. 1188.
1919,
1018.
Liabilities$
Common stock-29,009,600 20,999,600
Preferred stock _10,957,400
Gen. M.5% M8_50,000,000 50,000,000
Perpetual interestbearing certits_20,053,773 20,050,770
3-yr.5%coll.notes 12,442,800 7.500,000
Adv.from 0th. cos.
4,000,000
Bills payable
45,000 7,111.000
Accounts payable
2,025
23,550
Accrued taxes__
17,669
3,338
Accrued interest- 950,546
883,111
Other accr. items_
102,321
102,633
Prem,on stks. res_
1,500
1,500
Contractual res___ 454,328
831,632
Profit and loss- - 2,418,535 3,410,865
Total
126,563,829123.896,475
(J. I.) Case Threshing Machine Co., Racine, Wis.
(Report for Fiscal Year ending Dec. 31 1919.)
The report of President Warren J. Davis is cited at length
on subsequent pages of this issue, together with the income
account for the year 1919 and the balance sheet of Dec. 31.
The four-year comparative income account was published in
V. 110, p. 1180.
1919.
1918.
1917.
AssetsProperties owned and operated by the
several companies
BALANCE SHEET DECEMBER 31.
1,573,661,547 1,563,937,123 1,521,836.792
Advanced mining royalties
21,638.489
20,666.735
20,562,090
1919.
1918.
1919.
1918.
Deferred charges, future operations, dce2,220,398
1,751,649
1,857,661
AssetsLiabilities$
Mining royalties
32,559,197
33,912,076
35,098,189 Real est.,plants,&e.10.669,130 0,651,986 Pref. stock (auth..
Cash held by trustees on acct. of bond
Pat'ts. designs,&o. 1.038.346 1,037.950 820,000.000) _13,000.000 12350,000
sinking funds (in 1919 $128,710,000
Inventories
18,314,081 16,050.092 Corn, stock (auth.,
par value of red. bonds held by trusNotes receivable_ -*3,662,407 5,504,096 320,000.000) -_ 9,100,000 8,300.090
tees not treated as an asset)
1,638,663
1,662,732
1,445,265 Notes rec. for capilet M.6% bonds_z
3,206,01)0
Deposits with trustees of mortgages (protal stock purch_ 207,026
Bills payable
1,450.000 1,785.000
ceeds from sale of property)
93,297
1,298.319
1.348,921 Ace'ts receivable.... 510,750
618,165 Audited vouchers_ 1,345,422 1,177,393
Investments outside real estate and other
Cash
763,409 Accounts payable
839.887
property owned
8,745,227
4,947,973
4,355,759 Prop. held for sale_
91,515
138,955 (dealers, &c.).._
249.049
287,953
Depr'n & them% fund assets dc purchased
y Investments- _ 714,322
388,622 Accrued int., &a_ - 675,277
498,016
bonds available for future bond sinkU. S. Liberty and
Provision for Fedi
ing fund requirements
49,723,127
42,024,684
54,741,190
Can. Vict. bonds
872,009 income & excess
89,835
Inventories
226,796,678 274,753,600 223,668,086 Due from property
702.012
profits taxes_ _
850,000
Accounts receivable
88,192,692 113,810,679 102,416,125
sold
105,000
140,000 Reserve for continBills receivable
4,613,308
3,045,076
6,275,804 Funds accum.& re2,300.000 2,300.000
gencies,ao
Agents' balances
1,271,397
1,267,873
4,456,994
tained In Europe
73.624
1,251,068 Other reserves,&c.
9,037
Sundry marketable secur. (incl. U. S.
Bond discount,&o.
97,621 Profit and loss
7,558,960 6,260,728
Liberty bonds and Treasury ctfs.)
159,069,671 277,745,969 233,047,223 Prepaid int., &o._ 230,943
269,450
Time bank depos.& seed demand loans_
869,807
15,869,807
48,527,676
Due from U.S. RR.Administration-_ 24,755,028
19.647,696
36.473.247 36.785.223
Total
30.473.247 36,785.223
Total
Cash
166,726,806 173,806,259 184,794,611
* Represents customer's notes receivable for agricultural machinery &c.,
10,710,074
Contingent fund and miscellaneous
10,983.420
8,204,297 including interest accrued thereon, $4,227,443, less commission certificates
Total assets
2,365,832,3S2 2,571,617,175 2,449,550,206
Common stock
508,302,500 508,302,500 508,302,500
Preferred stock
360,281,100 360,281,100 360,281,100
Bonds held by public
568,727,932 582,646,169 588,786,348
Stock subsidiary companies not held by
434,643
U. S. Steel Corp. (par value)
431,343
480.313
Non-interest bearing notes, sub. cos
33,912,076
32,559,197
35,098,189
174,800
Mortgages of subsidiary companies
171,153
42,528
95,305
Purchase money obligations of sub. cos
65,537
121,073
254,564
381,847
Mining royalty notes
509,129
68,687,648
Current accounts payable tic pay-rolls_ _ _ 61,497,954
57,041,957
Employees'installments on Lib. bonds_
4,660,396
15,226,873
Accrued taxes not due (including reserves
70,574,346 288,078,865 247,463,231
for Federal taxes)
8,046,371
Accrued in & unpresented coup., Sco
7,689,867
7,938,619
6,304,919
Preferred stock dividend
6,304,919
6,304,910
11,436,806
6,353,781
21,602,858
Common stock divd
Appropriation for additions & construc'n 110,898,914 110,898,914 110,000,000
Insurance funds
17,649,734
19,245,355
20,629,084
113,441,594
Conting., misc.& other reserve funds__
90,574,562 f 50,266,876
Pension fund
8,000,000
Undivided surplus of U. S. Steel Cor493,048,202 466,889,421
431,660,804
poration and subsidiary companis
outstanding, 1565,036. x After deducting $8,794,000 bonds redeemed and
canceled. y Investment in and advances to Compagnie Case de France.
S. A.-V. no, p. 1180.
Remington Typewriter Co., Ilion, N. Y.
(Report for Fiscal Year ending Dec. 31 1919.)
The text of the report signed by President Frank K.
Kondolf, together with the income account and consolidated
balance sheet for 1919, will be found on a subsequent page.
INCOME ACCOUNT FOR CAL. YEARS,' INCL. SUBSIDIARIES.
1916.
1010.
1917.
1018.
Net earnings
$3,327.457 $2.469.031 $2,256,134 $2,015,946
Dedud- '
Interest
$297,000
$116,540
$322,387
$264.000
Depreciation of plant
282,000
300,200
278,100
286,560
First preferred divs (7%)352,063(28)1100,000
Second pref. divs__x(42%)2,100,000
Balance, surplus
$458,646
$728,471 $1,677,134 $1,415,459
x On Oct. 1 1018 accumulated dividends on 2d Pref. stock aggregated
32%. This was paid. 6% in cash, 6% in Liberty bonds and 20% in first
Pref. Series "8" stock, obtained by buying $1,000,000 6% bonds and con2,365,882,382 2,571,617,175 2,449,550,206 verting the same Into stock, which was then distributed as a dividend.
Total liabilities
Since Oct. 1918 regular quarterly dividends of 2% have been paid. During
Note.--That part of the surplus of sub. cos. representing profits accrued on sales, 1919 the company paid the aforesaid 32% of accumulations, and the five
of materials and products to other sub, cos, and on hand in latter's inventories is quarterly distributions due Oct. 1 1918 to Oct. 1 1919, both inclusive.
in the above blance sheets, deducted from the amount of Inventories included making 42% in all; and at tho same time the total accumulated surplus
under current assets.-V. 110, p. 1195.
was increased from $5,611,893 to 16.670,540.
1285
THE CHRONICLE
MAR. 27 1920.]
SUB. COS.).
CONSOL. BALANCE SHEET AS OF DEC. 31 (INCL.
1918.
1919.
1918.
1919.
IAabiluiea$
Assetsstock..c_ 5,189,560 4,071,000
Real est.,bldgs.,&e.a2,832,363 3,140,576 lst pref. stock_c__
4,994,000 4,994,000
Tr.mks.,pats.,&e_12,965,275 12,965,275 2d pref.
Common stock _ _ 9,996,000 9,996,000
U.S. Lib. L'n bds.
bonds
and
Stocks
058,225
2,040,181
lndebt.
of
otfs.
&
46,791
d28,799
of sub. cos
See. of this co.,&c. 309,062 1,285,243
First mtge. bonds_ 1,650,000 4,327,000
Inventories, at or
1,003,157
1,525,769
payable_
Accounts
5,476,049
0,273,525
below cost
1,086,997
Aetna rm.,less res. 4,701,585 4,131,661 Accrued charges_ .. 1,816,806
70,000
188,904
b3,689,734 4,784,310 Prof. div. payable_
Cash
1,558,093
1,723,538
reserves
Sundry
68,336
02,907
Prepaid charges
6,070,540 5,611,895
255,247 Surplus
279,284
Insurance fund
1919) amounted to $1,232,anco for Federal taxes, which for 1918 (paid in$315,000.
Allowing for the
at
861, and for 1919 are officially estimatedFederal
taxes for 1918 as above,
the
$78,327,
claims,
&c.,
of
adjustment
cost of new
and
commission
and
$1,232,861, miscel. reserves, $35,500,
1919. the
financing (balance). $363,617, as well as the surplus for the year
$1,433,849.
31
1919
on
Dec.
was
surplus
profit and loss
INTERNATIONAL COTTON MILLS BALANCE SHEET.
1918.
1919.
Assets$4,905,547
$5,381,663
Real estate, buildings, plant and machinery
pref.
2d
she.
3,215
$497,700;
4,977 shs. 1st pref.,
(entire issue), $321,500, and 3,906 she, common 1,209,800
stock (entire issue), $390,600; total
200,000
Boston Yarn Co.,1,000 shs. corn. stk.(entire iss.) 4,670,813
Good-will account
Cosabs.
32,764,933
4,704
33,183,917
ownership:
g
Total
representin
Securities
33,183,917 32,764,933
Total
mos Cotton Co., Ltd., stock (par $470,400).
for depredation. b In$399,840; 2,949 she. Imperial Cotton Co., Ltd.,
a After deducting in 1918 $2,029,502 reserve
foreign
in
and
Canada
pref. (par $294,900). $264,525; and 2,264 abs.
cludes cash on hand in banks in United States,
$17,440 1st Pref.,
Imperial Cotton Co., Ltd., common (par $226,countries at current rates of exchange. c After deducting
738,415
Ded
treasury.
in
held
stocks
Common
400), $74,050; total
$1,006,000 kd Prof. and $4,000
entire issue of common
notes stocks and bonds of subsidiary companies not held by the Remington J. Spencer Turner Co.,
(par
stock
pref.
shares
1,897
and
$175,000)
(par
771.
p.
110.
Typewriter Co.-V.
364,700
$189,700); total
Mt. Vernon-Woodberry Mills, Inc., 20,000 shares
American International Corporation, New York.
500,000
common (par $2,000,000)
286,326
Amount due from Bay State Cotton Corp
(Report for Fiscal Year ending Dec. 31 1919.)
Co. account
Turner
Spencer
J.
$3,568,901;
Cash,
receivable,
accounts
sundry
On a subsequent page will be found the remarks of Presi$4481,956;
sales.
4,064,938
$14,081; total
dent Charles A. Stone, along with the consolidated balance Inventory
-Cotton yarn, &c., $485,230; goods in
finished
$651,946;
goods,
sheet and income account for the late fiscal year.
3937,691;
process,
2,317,866
supplies, $242,999; total
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
82,209
Prepaid Insurance and estimated dirs. receivable
1916.
1917.
1918.
1919.
stamps
Savings
War
bonds,
$3,337,450 Liberty and Victory
1,725,000
s
of
Earnings from oporatIon_$8,153.112 $5.388,228 $3,803,915
indebtednes
certificates
S.
U.
and
502,427
68,282
Int. & dive,. received_ _ -- 4,174,668 2,458,319 3,026.480
Interest, &c., accrued and prepaid accounts
Securities of sub. cos.-Bay State Cotton Corp.,
712,100
200,000
4,670,813
738.415
364,700
500,000
655,644
2,464,562
2,130,153
110,305
908,336
$21,610,012 $18,360,577
$12,327,780 17,848.547 $6,830,394 $3,839,877
Total income
Total
$102,777
$260,403
033,272
Interest
Liabilaties447,656
403,762
876,310
$5,000,000 $3,735,400
611,204
taxes..
Domestic & foreign
cumulative) issued
908.278 Preferred stock (7%,
2.993,455 2.577.733
4,758,733 4,832,744
Miscellaneous expenses.._ 6,064,137
Common stock issued
3,000,000
1920
1
Feb.
due
Two-year 7% notes
$2,483,943
$3,746,122
$3,716,379
5,000,000
$4,719,167
Net earnings
notes due Dec. 1 1929
375,000 Ten-year 7% gold
1,574,175
1,817 325
notes,
on
int.
2,397,600
accrued
x Dividends
$3,767,500;
payable,
3,247,069
(6%)(134Dec.30) Notes
4,034,373
(6%)
(6%)
Rate on amt, paid in
$29,166; accounts payable, $237,707; total
500,000
500,000
Reserve for contingencies
641,326
883,055
$2,321,567 $1,899,054 $2,171,947 $2,108,943 Reserve for depreciation of plant, machinery, &c
Balance, surplus
def19,024
.539
2,404,038
,923
sun
l
1,433,849
.507,513
sur3
stir
.0,743.410
Previous balance
Surplus
$21,610,012 $18,360,577
$8,064,977 $5,406,567 $4,095,486 $2,089,919
Total
Total
166,380
587,973
101,926
495,434
Sundry adjustments
-V. 109, p. 2076.
Cr.438,769
Burp. bal. of acquired cos_
Total surplus
$7.509,543 $5,743.410 $3,507,513 $1.923.539
x In 1918 paid $3 60 on both the Preferred and Common stock, compared
with $3 12 in 1917 and 75 cents each in 1916.
Note.-All the stock of G. Amsinck & Co., Inc., Allied Construction
Co., Ltd.,
Machinery Corp., Allied Sugar Machinery Corp., and Horne
having been acquired, the accounts of these companies aro now included in
d
the consolidate statements.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Western Electric Co.
(Report for Fiscal Year ending Dec. 31 1919.)
The remarks of President Charles G. Du Bois, together
with the income account and balance sheet as of Dec. 31
1919, will be found on a subsequent page of this issue.
See offering of $25,000,000 Five-Year 7% Cony, bonds
on a subsequent page.
1918.
1919,
1918.
RESULTS FOR CALENDAR YEARS.
570,000
2,040,255 Preferred stock... 1,000,000
Electric Co., Inc., of Del., and
Common stock...49,000,000 29,400,000 (Including the Owned Subsidiaries, Western
Western Electric Co., Inc., of Calif.)
27,847,508 Notes & accounts
1916.
1917.
2,280,935 6,364,390
1918.
1919.
receivable
1,419,235
$
Bank loans secured 2,222,650
106,986,677
150,340,359
145,226,119
135,722,489
Sales
7,474,400 Bank acceptances_ 8,300,000
1,229,636
1,309,192
664,910
854,578
Other income
3,395.493 Trade acceptances. 2,975,616
Bills receivable__ 1,704,151
108,216,313
151,649,551
136,577,067 145,891,038
Unsec. bank loans 1,173,057
Gross income
95,936,433
Customers' credit
Cost of merchandise_ _ 118,420,440 128,219,691 135,427,053
9,999,965 8,487,527 7,014,254
5,553,700
10,986,139
balance
Expenses
587,050
1,073,411
1,520,533
1,518,399
Taxes
128,812 Deferred credits_ 768,706
Reserve for taxes. 1,039,444 1,783,903
4,678,576
6,661,560
6,150,849
5,652,089
Net income
1,557,001 Profit & loss, Burp_ 7,569,543 5,743,410
880,094
1,309,844
1,540,528
1,263,180
Interest paid
500,000
2,000,000
'1,000,000
83,587,803 43,871,703 Reserve for conting_ _ _ _
Total
83,587,803 43,861,703
Total
973,866
500,000
100,000
pavm't to employ's
900,000
Note.-Thero are contingent liabilities aggregating $751,776 on account Spec.
1,350,000
1,800,000
1,800,000
(67)
dividends
Preferred
of liabilities of affiliated companies.-V. 110, P. 563.
0
0
(8)1,200,00
(8)1,200,00
)1,500,000
Common dividends- _(310)1 ,500.000(10
1919.
Assets-$
Real estate, &L.__ 2,432,976
660,282
Goodwill
30,815,836
Securities
Cash & call loans- 7,767,794
Inventories of mer15,049,126
chandise
Acc'ts receivable_ 5,214,496
Bills, notes, &e.,
7,427,861
receivable
Due from custom12,936,809
ers
Int. accrued reedy.
Working and deferred a.ssets__ _ 1,282,563
International Cotton Mills (Massachusetts Corp'n).
(Annual Report for Year ending Dec. 311919.)
The annual report for the calendar year 1919, showing
properties owned and controlled and the Auditor's report of
earnings, balance shoot, &c., for the company and subsidiaries, will be found at length on subsequent pages.
CONSOLIDATED INCOME ACCOUNT.
(Incl. Int. Cotton it(ills, Bay State Cotton Corp., Boston Yarn Co., Imperial Cotton Co., Ltd., and Cosmos Cotton Co., Ltd., but not the J. Spencer Turner Co.)
1917.
1918.
1919.
Calendar Years-
Balance, surplus
1.088,909
210,321
301,716
BALANCE SHEET DEC. 31.
1919.
1918.
1919.
$
AssetsReal est.& bldgs._14,704,310 13,541,253 Preferred stock - _30,000,000
Mach'y & equip__15,839,796 14,430,339 Coin.stk.(150,000
sh., no par val.) 27,054,594
45,097,345 45,047,290
Merchandise
4,914,238 5,547,402 First Mtge. bonds,
Cash
due 1922_15,000,000
5%,
694,758
1,335,015
131113 receivable
13,500,000
Accts. receivable.. _29,526,549 23,838,621 Bills Payable
Lib.bds.(mkt.val.) 2,303,391 3,904,920 Bilis pay., secured 2,020,000
by Lib. bonds
Sundry investm'ts
(market value). 1,396,639 11,452,316 Accounts payable.14,217,480
Res've for depree_20,264,379
Internat. Western
Reserve for empl.
Elec. Co., Inc_13,372,642
benefit fund.. _ _ _ 1,600,000
Res've for conting.. 4,833,472
224,616
1918.
30,000,000
25,965,685
15,000,000
10,600,000
2,172,250
9,710,743
18,424,058
Trading, &c., profit
Miscellaneous income
Interest earned
$4,051,320 $5,662,918 $4,363,261
43,109
94,386
2,159
89,098
161,736
Gross profits
Depreciation reserve
Debentures redeemed
Premium on bonds, &c
Current Interest
Miscellaneous
128,489,925118,456,899
$4,256,960 $5.859,681 $4A08,618
Total
128,489,925118,456,889
Total
$239,383 -V.
$404,216
$375,361
110, p. 1096.
27,000
27,000
27,000
17,640
15,045
13,425
Bethlehem Steel Corporation.
110,016
453,237
340,831
14,000
(15th Annual Report-Year ended Dec. 31 1919.)
Not profit
Contingencies, See
$3,500,342 $4,900,183 $4,000,580
1,267,661
472,269
147,225
Div, received on J. S. Turner stock
43,904
13,279
$3,353,117 $4,487,914 $2,732,919
Balance of net molts
Proportion accrued to Internat. Cotton Mills on basis of earnings and
stock ownership in subsidiary cos.._ $3,262,216 $4,349,058 $2,595,779
Lass-Interest on Gold notes
239,167
262,206
240,000
$3,023,049 $4,087,752 $2.355,779
Note.-No provision has been made for Federal or Canadian taxes. It is
profit
be
will
by approximately $700,000.
above
reduced
the
est, that
Net profit
INCOME ACCOUNT FOR CAL. YEARS (EXCLUDING SUB. COS.).
Manufacturing, &c., profit
Interest earned
Miscellaneous income
1917.
1918.
1019.
$1,917,266 $2,837,170 $1,740,593
56,069
117,254
138,989
41,827
72,368
Gross profits
Depreciation reserve
Current interest, &c
$2,056,255 $3,026,792 $1,838.489
134,624
261,110
241,729
65.691
395,269
267,787
Not profit
Dividends received
Total
Interest on notes
U. S. war taxes
Preferred dividends (7%)
Common dividends
$1,540,738 $2,370,413 $1,638•173
52,530
81,774
121,776
$1,668,514 $2,452.187 $1,690,703
240,000
262.206
239,167
See note
300,000
See note
258,158
258,158
305,739.
(8%)383,498 (6)290,056
$892,545
$740,110 $1,641,767
Surplus (see note)
Note.-The items of surplus for the years 1918 and 1919 are shown after
deducting the dividends paid on both classes of stock, but without allow
1,600,000
4,984,163
The report signed by Charles M. Schwab, Chairman, and
Eugene G. Grace, President, under date of March 22, says
in substance: •
Results.-The cessation of war activities resulted in a large contraction
and deliverin the business as compared with 1918. The value of shipments
$281,641,908, comies as represented by the gross sales and earnings was
paring with $448,410,809 for the preceding year. The not income was
$15,356,860, or substantially the same as in 1918.
Full dividends were paid during the year upon the Preferred stocks and
stock
regular quarterly dividends of 1 h% were paid upon the Common
the first
and Class "B" Common stock, with extra dividends of Uí% for
quarter, paid April 1 1919, and X of 1% for the second quarter of the year
(paid July 11919).
The continuance of many of the wartime measures of control of industrial
operations made the period one of many uncertainties and difficulties in
resuming operations on a normal basis.
Orders.-The value of unfilled orders on hand Dec. 31 1919 was $251.422,545, and this figure reflects all the cancellations made by our Government a so-called war contracts.
Year-
Value of Orders Received and on Hand.
Received.
On Hand.
YearReceived.
On Hand.
$39,935,874 $24,865,560
69,163,720 46,513,190
275,433,501 175,432,895
234,225,909 193,374.249
559,364,041 453,808,759
323,548,116 328,946,066
204,118,387 251,422,545
Employees and Pay-Rolls in U. S.-The average earning per hour of all
selling force, was 64.3
ive
and
employees, exclusive of general administrat
of our
cents in 1919, against 54.6 cents in 1918. The average number
salaries and wages in
as
paid
the
and
U.
amount
S.,
total
the
in
employees
,
the U. S. were as follows:
1906
1907
1908
1909
1910
1911
1912
816,216,670 $13.300,885 1913
23.602,858 8,425,737 1914
7.592,503 1915
15,849,409
28,696,517 14.073,834 1916
29,530,562 17,370,660 1917
28,607.561 15,885,199 1918
47,030,504 29,282.182 1919
1286
THE CHRONICLE
[voL. no.
No. EmWages I
No. ErnWages
Yearployees.
Paid. I YearWilson & Co.
ployees.
Paid.
1912
11,975 $10,034,265 1916
47,013
$51,499,773
(Report
for
Fiscal
Year ending Dec. 27 1919.)
1913
15,052
13,366,400 1917
64,782
83,978,313
1914
15,586
14,312,9491918
93,964 167,118,484
President Thos. E. Wilson says in substance:
1915
22,064 2 , 00,66411919
81,695 135,316,987
Not in many years, if ever, has the meat packing industry undergone so
Claim on War Contracts.-The cancellation of war contracts has resulted
unusual a period as during 1919.
In claims against our Government by your Corporation,
but it is hoped that
Live stock prices in 1919 reached the highest levels in the history of the
the major portion of them may be settled during 1920.
industei due to a demand for meat animals to fill
Bonds-.Acquisitions.-During the year there were issued $70,000,000
expected requiremenes
of from hurope. Enormous stocks, accumulated the
Series "A" Consol. Mtge. 30-year Sinking Fund 0% Gold
at high prices, failed to
and these move because of the curtailment of
the
were pledged as collateral for our [$50,000,0001 SecuredBonds,
purchasing
powers of European
Serial 7% Gold nations, due to an unsatisfactory exchange. This with
Notes of 1918[see V. 107, p. 293,405. 7471. Prior to Dec. 31
1919 $646,000 upon the industry resulted in large and quick declines the attacks made
of these bonds were delivered under the conversion privilege
in the live stock
to
of market which reflected naturally in the stocks on hand.
the Secured Serial 7% Gold Notes [and only this amount ofholders
Consols,
We have, notwithstanding these very unusual conditions, through the
$646,000, was held by the public on Dec. 31 1919, the remainder
of
the
$70,000,000 being either still pledged as collateral or held as a free asset development of other lines of our business, by practising strictest economies
and by efficiently operating,added somewhat to our surplus during the year.
In the Treasury.-Ed.].
I feel that inasmuch as our industry has gone through a substantial reUpon maturity or by redemption or conversion, $22,517,000 of the
adjustmenc In values that the year 1920 should be more satisfactory
Secured Serial 7% Gold Notes have been retired or provided
to the
ment of the redemption price to the trustee. [Series "A" notes,for by pay- industry as a whole. We cannot expect heavy export orders, however.
until European countries recover a more normal basis of exchange.
matured July 1 1919, and Series "B" and "C," $7,500,000 $7,500,000.
each, were
called for payment July 301919,a total of$22,500,000, which $19,967,000
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
had actually been redeemed to Dec. 31 1919, while aoffurther
$17,000 of
1919.
1918.
Series "D" and "E" had been converted into Consol. 30
1917.
-year 6s on a 6X% Total sales
Not stated, $400,000,000x$225,000,000
income basis for the bonds at time of conversion. The $30,016,000
of these Profits, after deducting deprecianotes still outstanding Dec. 31 1919 included $2,533,000 called for redemption,
Federal
taxes, &c
$5,165,889 $8,563,911
tion July 31 1919, $7,497,000 due July 15 1922, and $19,986,000 due Interest on
$7,408,172
bonded debt
2,394,563
932,376
July 15 1923.-Ed.]
903,750
Preferred dividends (7%)
733,294
733,348
Penn-Mary Coal Co., a subsidiary, issued $5,000,000 First Mtge.
713,188
5% Common diva. ($33i per share)
750,000
20-year Sinking Fund Gold Bonds, guaranteed by your corporation, in part
payment for the purchase of the property of Elkins Coal & Coke Co., which
Balance, surplus for year
$1,288,032 $6,898.187 $5,791,234
Includes about 46,000 acres of coal lands in West Virginia, together with
x These are "net sales" and in contrast with $122,000,000 in 1915 and
mines and mining equipment(V. 109, p. 1611;see also page 151 of"Railway
$91,000,000
in 1911.
and Industrial" Section).
The Bethlehem Steel Company issued during the year a total of $2,341,000 CONSOLIDATED BALANCE SHEET
(INCL. SUB. COS.) DEC. 31.
% 20-year Purchase Money Mortgage bonds in part payment for a
1919.
1918.
9.77% undivided interest in the Cornwall Ore Banks
1919.
1918.
Mine Hills, 960 • AssetsLiabilities
acres of land adjoining the ore property, the balance,and
5,333 shares, of Plant & equIp't-.31,281,446 29,704,062 Common stock_
the capital stock of Cornwall Iron Co. not previously or
20,000,000 20,000,000
acquired,
and
the
Trade-mks.,pat's
Preferred stock_ 10,369,900 10,476,400
entire capital stock of Cornwall RR, Co. Your corporation
owns an
good-will, &c_ 11,362,628 11,371,284 Mortgage bonds.x20,018,0
80.22% undivided interest in the Cornwall Oro Banks andnow
47 20,080,000
Mine Hills Inv. In cos. con10-year conver(V. 108, p. 173: see also page 151 of "Railway & Industrial" Sec.)
trolled
&
atilt.,
tible bonds_ _ _ 20,000,000 20,000,000
Debt Reduced $25,232,827.-The net result of the new financing, the
but not wholly
Accrued Interest
payment or redemption of outstanding notes and bonds and the operation
393,955
384,018
owned
5,574,482 5,481,081
of sinking funds during the year is a reduction of $25,232,827
payable_ 25,659,445 30,397,576
in the funded hierchandlse,&c. 50,990,067 43,762,852 Notes
Accounts payaand secured debt of your corporation and its subsidiary companies.
Stock.-The 4,140 shares of Class"B" Common stock held in the treasury Acc'ts & bills rec. 18,767,408 26,243,084 ble, tte
6,540,654 5,518,081
U. S. Govt. and
Res.for Fed,taxes
Dec. 31 1918 were sold during the year.
misc. scours__ 2,516,496 3,144,808 Conting., &e_ 3,007,484 2,500,000
Additions, &c.-The not additions to property account for plant construc5,854,760 8,844,052 Surplus
tion and properties acquired amounted to $34,021,089. The amount Cash
21,027,265 19,789,233
659,526
604,012
estimated to complete the construction in progress at Dec. 31 1919 is Prepaid Ins., &c.
$19,000,000.
Total
127,006,814
129,155,245
Total
The major portion of the expenditure for new construction was made at
127,005,814 129,155,249
the Maryland plant of Bethlehem Steel Co., increasing the output
* After deducting mortgages and purchase money obligations payable,
of steel $410,500.
during the current year from completed improvements, principally
x After deducting $626,953 for bonds held in sinking fund.in
an
additional tonnage of plates and sheets (compare V. 108, p. 1158)•
V. 110. p. 1195.
The shipbuilding plants have been improved both as to capacity and
economy of operations. A plant at Redington. Pa., formerly
American Smelting and Refining Company.
used
on
war
materials, has been converted for the production of standardized ship
(21st Annual Report-Year ended Dec. 31 1919.)
accessories. Developing our repair facilities, we have put
use the new
dry dock at Sparrow's Point and an additional dock at thisinplant
and one
President Simon Guggenheim writes in substance:
at the Fore River plant are being built.
Results.-Since copper, lead and zinc formed an indispensable part of
The additional ore and coal properties referred to above are producing
the
actual munition supply, their production was tremendously stimulated
properties and are being developed to an increased production as rapidly as
by the war, that of copper being nearly doubled. Our smelting and refining
possible.
Vessels for Carrying Ore from Company's Chilean Iron Ore Property.-Tho capacity was greatly enlarged, and our production at the time of the armidevelopment of transportation facilities for this important source of raw stice had increased to a record point. The immediate result of the armimaterials was suspended during the war, but will now proceed as rapidly stice was an almost complete cessation of demand for copper, load and zinc.
The price of copper dropped from 26c. to 144c., load from 8.05c. to Sc.,
as deemed expedient. Under arrangements made with important
oil- and zinc from 8.35c.
to 6c. All lows were reached in first half of 1919.
producing interests, orders have been placed with Bethlehem Shipbuilding
The termination of the war affected us in the following important
Corporation, Ltd., for two vessels of a cargo capacity of 20,000 tons each,
recarrying either oil or ore. Those arrangements will assure cargoes of oil spects: (1) The reduction in mine production (which in the first six months,
was nearly double that in the last six months) curtailed the operations of
southbound, balancing the northbound ore tonnage.
Outlook.-Present indications are that your steel plants will be working our smelters and ultimately the refineries proportionately, and this great
decrease in volume of business tremendously increased the cost of operation
to full capacity during the current year. All of the shipbuilding
plants per ton treated. (2) The cessation
of demand for the metals locked
have booked their entire capacity for the current year and a considerable
our liquid capital, and compelled a greatly increased metal carry forup
tonnage for 1921 delivery.
a
Our export business as developed through Consolidated Steel Corporation considerable period. (3) Our entire experience prior to the war had shown
has shown a steady increase throughout the year, all of the tonnage allotted the benefit of long-time contracts, but many of these made on the basis
of pro-war costs, became exceedingly burdensome, owing to the phenomenal
by your corporation for export having been sold.
Increase in wages, cost of fuel and supplies, the tremendously decreased
Sale of Plant.-The Titusville plant of Bethlehem Steel Co. was
in efficiency of labor, and higher freight
rates.
December 1919. Since its acquisition in March 1913, this plant hassold
shown
This situation compelled drastic measures. Every possible economy was
a very substantial profit, but the extension of our larger plants in similar
effected, and we strove to increase the profitable portions of the business.
lines made its retention unnecessary (V. 110, P. 263)•
Earnings reached their lowest point in March Apr.and Mar(Apr. being the
poorest month),and thereaftedshowed continuous improvement.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Results for Period Named1919.
Net Income. For Corn. Db.
1918.
1917.
1916.
First
six months, 1919
$2,149,159
$24.496
$
$
Gross sales
281,641,908 448,410,809 298,929,531 216,284,556 Last six months, 1919
1.329,766
3,446,425
Net, before deprec., &c.,
Mexico.-The rising price of silver in 1919 turned attention particularly
after all taxes
35,147,749 53,417,719 51,002,772 60,092,551 to Mexico (as silver constitutes a large part of the value of Mexican ores)
Other income
2,293,469
3,771,051
2;976,588
1,624,758 and every effort was made to develop the Mexican output to the greatest
possible point. A serious interruption occurred during the Villa activity
Total income
37,441,218 57,188,769 53,979,360 61,717,309 of the late Spring (culminating in the battle of Juarez), which curtailed
Deductoperations in our most profitable and important mines for several months.
Bond, &c., interest, &c_ 9,518,206 9,748,013 8,746,982 3,772;556 The close of 1919 saw all of our smelters in Mexico
in operation. Many
Depreciation & depletion 12,566,152 31,510,366 17,911,641
of the mines were worked throughout the year and their earnings were an
Preferred dividends._ _(8.7)2,400,000(8)2,397,800 (2)594,480 14,350,786 important factor in profits, but we wore
not able to commence shipments
Preferred dividends(7%) 1,043,560
1,043,560
1,043,560
1,043,560 from some of the most important mines until early in 1920 and hence the
Common dividends_ _(7%)1,040,340(10)1486,200(10)1486,200(30)4458.600
full effect of the year's work in Mexico is not apparent in the outcome for
Common "B" diva_ (7%)3,126,195(10)4458,600(10)4458,600
the year 1919.
Red Cross dividend_
If revolution or bandit activity do not interfere with the operations during
594,480
1920, a considerable increase in earnings from the Company's Mexican
Balance, surplus
7,746,765 6,544,230 19,143,417 38,091,808 mines and smelting department is anticipates!.
Previous surplus
10,057,845 11,013,615 9,370,198 6,278,390
New Properties.-The company has realized the desirability of increasing
its mining operations, and has conducted an active compaign of search for
Total
17,804,610 17,557,845 28,513,615 44,370,198 desirable properties.
Approp. for and invest.
A substantial interest was purchased in the promising Premier Mine, In
in add'ns to prop, and
British Columbia, and options have been taken on several properties In
working capital
7,500,000 7,500,000 17,500,000 35,000,000 that country.
The company also completed the acquisition of over 90% of the Sabinas
Total surplus
10,304,610 10,057,845 11,013,615 9,370,198 Coal Co., which owns a largo deposit of coking coal situated about 100 miles
south of the Mexican border. Development of this property will enable
CONDENSED BALANCE SHEET DEC. 31.
us to supply all our Mexican operations with a satisfactory quality of coke
at a much lower cost than heretofore.
1919.
1918.
1919.
1918,
AssetsDtvidends.-Even during the first six months of the year, when earnings
$
I lAabilitiesProperty acct--235,212,150 182,508,7877% pref.stock- 14,003,000 14,908,0)0 were at the lowest point, the company's large surplus warranted the conFunds for mtge.
tinuation of the 4% dividend upon the Common stock, and this policy
'8% convertible
&e. redemp'n 3,822,384 12 794 571; pref. s ock_- 30,002,300 30.100,000 was justified by the increase in earnings during the latter half of the year.
ContIng.& depr.
ICommon stock_ 14,862,000 14,862,000 During the first six months there was earned only four cents per share on
fund
1,023,381
1,113,094 Class 11 common 45,000,300 44,586,003 the Common stock as against the $2 paid, but during the last six months there
Investments
was earned $2 18 per share on the Common stock, or a rate in excess of the
x2,704,232 39,834,036 Funded dr secur.
Inventories
67,499,811 79,596 148 debt_ y
118,770,892 143,956,967 $2 paid. The close of the year saw the earnings progressively improving.
Ace s. & notes
The ability to pass through so serious a situation without more drastically
tgs otsub.cos.
743,213
789,965
receivable_ _
27,550,992 49,130,023 Notes payable_ - 2,217,723 10,618,790 reducing the Common stock dividend, is ample justification of the conMarket'le see.,
servative policy of establishing a large surplus to be drawn upon during
(Accts. pay.(incl.
Incl., Lib. ods.
times of adversity.
I a(lv. pay. on
dc Treas. Ce:t. 32,514,029 2,996,227i contracts,&e.) 49,352,919 63,201,418
GROSS RECEIPTS FOR CALENDAR YEARS
Cash for coups.
'Bond tut. accr'd 1,518,458 2,168,674
1919.
191/.
1916.
1918.
payaole
1,154,916 1,365,729 Coups. payable- 1,154,916 1,305.729 From sales of metals$
Cash in banks,
IConting.,
Gold
44,777,927 40,624,998 51,471,459 51,653,120
&c
14,166,523 24,511,9781 reserves
5,903,497 5,490,374
Silver
64,105,416 54,547,361 49,011,505 41,179,791
Deferred charges 1,591,811 3,188,170 Approp.for & InLoad
21,573,831 34,955,070 43,772,391 37,421,880
vest. In add's
Copper
81,281,842 208,840,411 248,552,763 185.919,397
to property &
Zinc
2,797,445
7,558,556
4,544,170 4,341,130
working cap_ 62,500,000 55,000,000
Tin
8,537,900 14,635,032 6,499,1117
1 ,730.811
Unapprop. miry. 10,304,610 10,057,845
Other metals
2,039,790
1,919.510
1.9:13.4•1•4
1,811,397
Total
Total
357,236,228 397,005,762 Total
225,107,151 360,0,30,487 405,616,167 330,'497,952
357,230,228 397,005,762
From mining properties_ 7,682,394 10,117,0E19
5,661,198
8,788,455
x Includes in 1918 securities and cash pledged as collateral, $37,708,456, From manufae'd prod'ts 8,255,468 14,006,145 22,785,291 16,304,914
and stocks and sundry securities, incl. real estate mtges., $2,125,579, against From mis
,
. inc., rents,
$2,704,232 in 1919. y After deducting in 1919 $103,102,600 in treasury
int.. commissions, &c_ 1.309,489
3.407,018
9,818.082
2,390.017
pledged as collateral and $88,614,033 purchased for sink,fund or canceled.
Total from sales and
-V.110, p. 1190.
misc. Income
242,354,502 386,574,618 440,597,604 355,082,140
MAR. 27 1920.]
OPERATING STATISTICS FOR CALENDAR YEARS.
1916.
1917.
1918.
1919.
No. of men employed,
21,073
24,698
21,765
13,939
excluding Mexico.. _ _ _
Total wages & salaries,
excluding Mexico_ __ _$18,146.548 $25,516 467 $24,497,836 $17,047,944
$2.70
$3.31
$4.91
$4.34
Av. wages imr8-hour day
4,789,474
5,918,924
5,658,232
Charge smelted (tons)_ _ 3,835,864
677,463
706.875
680,099
545,782
Bullion refined (tons)_ _ _
2,318,925
2,525,280
1,735,048
1,638,566
Ore mintx1 (tons)
224,807
259,499
168,140
163,978
Coal mined (tons)
140,961
186,107
171,245
94,236
Coke produced (tons)_ _ _
2,496,693 2,662,011
1,994,015
2.191,041
Gold produced (oz.).
78,200,298 72,572,506 69,841,061 71,868,451
Silver produced (oz.)_
Platinum and paladium
868
1,597
1,516
1,824
produced (oz.)
279,144
275,266
260,192
208,439
Lead produced (tons)_ _ _
Copper produced (lbs.) 705,676,000 868,540,000 916,974,000 789,438,000
Speiter produced (lbs.) 33,375,301 41,238,000 52,522,000 47,807,547
1,224,328
682,715
626,085
662,637
Nickel produced (lbs.) _ _
4,522,000
15,340,000 19,868,000 12,130,000
Tin produced (lbs.)
Sulphuric acid produced
40,362,000 87,338,000 66,174,000 25,842,000
(lbs.)
7.837,063 9,132,000 9,090,000
Arsenic produced (lbs.)_ 9,359,541
Copper sulphate pro7,898,000 13,046,000
3,675,499 5,164,0)0
duced (lbs.)
5,671,827
1,870,662 4.131,709
884,438
By-product metals (lbs.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
(Incl. Amer. Smelting & Refining Co. and Amer. Smelt. Securities Co.)
1916.
1917.
1918.
1919.
Net EarningsSmelt.& ref. plants, &c..1111,569,384 $13,234,711 324,125.684 $22,574,527
2,725,222
4,069,243
2,686,840
1,816,869
Mining properties
Total not earnings
Other income (net)
1287
THE CHRONICLE
$13,386,253 $15,021,551 $28,194.027 $25,299,749
2,818.082
2,390,017 3,407,689
1,309,489
f
Removal to New York.-The directors have authorized the removal o
headquarters from Chicago to New York, where the main office staff will
the
shortly be housed in a 50-foot 10-story building erected especially for
company at 6 East 44th St. This building is designed for the future conduct of the business on a more advantageous and efficient basis.
Subsidiaries.-The subsidiaries have steadily developed throughout the
year. The English plant has been tripled, and the sales of our products
in England and Continental Europe have also expanded, but the present
condition of foreign exchange has made necessary the setting aside of
liberal reserves.
RESULTS FOR CALENDAR YEARS.
1916.
1917.
1918.
1919.
Net profit.; before Fed.
$2,006,372 31,577,980
taxes
Net profits aft. Fed. tax. $2,647,642 $1,210,197
73.017
28,324
Other income
$2,675,966 $1,283,214 $2,006,372 $1,577,980
Total
$130,499
Int. on borrowed money 3108,236
$119,375
3121,725
178,168
262,631
Bond interest
(00419,172 (6)386,928 (4)257,952 (4)257,962
Dividends
50,000
50,000
31,161
168,000
Sinking fund
455,182
437,582
407,551
376,427
Depreciation,&c
Loss from sale of motor
1,095,271
truck dept
227,674
Res. for Federal taxes_
176,350
Loss on exchange
$2,606,086 31,134.307 $1,094,934
Total deductions
$911,438
$148,907
$69,880
Undivided profits
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
Liabilities$
Assets.6,448,,00
Capital stock
Real est.,ant,patFirst M.5s issued_ 2,967,500
cots, good-will,
&c., less reserve 8,658,322 7,662 177 1st M.serial 6s..
50,787
Int. on bonds.-Stock 0th. cos.,&c.
130,390
58,309 Div. payable
58.309
(cost) less res.._
Accts., &c., Pay.
Investments ____ 150,000
31,161 res. for Fed. taxes 1,298,463
Bond redemption_
199,162
46,318 Sinking fund
Liberty bonds__
592,483 Notes payable____ 2,400,0)0
British Govt. secu.
674,627 Contingent res___ 309,392
Cash
780,388
Loss on exchange_ 176,350
Bills & accts. rel.,
&c., less reserves 2,112,450 2,799,373 Appropriated sur_ 2,030.000
2,851,986
393,306 Surplus
301,477
Deferred charges
Empl. sub. to cap.
269,500
stock
11.000
Can.5% War Loan
6,491,292 4,961,094
Inventories
Gross income
$14,695,743 $18,311.587 $31,602,816 $28,117,831
$923,121
Deductions---Adm. oxp_
$932,693 $1,149,399 $1,235,888
239,266
246,572
156,535
Research & exam. exp_
83.759
Corp. taxes (incl. est.
985,965
3,849,971
1,252,356
Federal tax)
814,276
Jot, onAin.Sm.Sec.Co.
677,182
25,480
deb.bils.with public
Int. on Am.Sm.& Ref
1,208,798
1,616,109
Co. hes. with public 1,605,949
Int. on Resits 0.& C.
Co.6% col. Tr. bds.
11,414
with public
500,000
Life insurance fund_
Depree. & depletion of
1,990,048
4,954,483
5.439,631
5,201,980
ore reserves
50,000
18,832,738 17.218,839
Total
Amort,of disc. on bds.
1,000.000 -V. 110, P. 1190.
100,000
250,000
Employees'bonuses,&c
100,000
985,831
740,038
450,087
Miscellaneous
$9.100,158 $10.604,089 $13,109,990 $5.965,5S2
Total deductions
Net income
$5,505,585 $7,707,498 $18,495,625 $22,152,249
Preferred dividends:
Am. Sm. & Ref.(7%) 3,500,000 3,500,000 3,500,000 3,500,000
Am.'Sm. Sec. Co993,258
699,572
582,555
580,146
Pref."A"(8%).._ _ _
1,500,000
513.094
165,119
161,176
Pref."B"(5%),__,
A. S. & R. corn. divs(4%) 2,439.920(53')3354890(7)4,269,860(6)3,140,576
$104.834 $9,513,099 $13,018,415
Income balance- -- -der.S1,085,658
Previous surplus
27,060,229 26,955,394 23,442,295 19,560.438
Total
$25,974,571 $27.060,229 332,955.391 $32,578,854
Special approp. for prop.
$3,136,559
account, &c
Reserve for enlargement
6,000,000 6.000,000
and extension
Profit and loss surplus
Dec.:ii
$25,974,571 $27,060,229 $26,955.394 $23,442,295
CONSOLIDATED BALANCE SHEET DECEMBER 31.
(Incl. American Smelting & Refining Co.and Amer. Smelters Socur. Co.)
1919.
1913.
1918.
1919.
LiabilitiesAssets$
Am. Stn. & Ref.
*Cost of plants,
pref. stock -- 50,001,090 50,003,000
pro. At subskl.
cos., &v.
131,804,898 133,245,835 Common do 63,998,000 60,998,000
Secs, of oth. cos. 1,826,615 1,742,604 Amer. S. B. Co.:
Prof. "A" stk. c9,599,700 9,733,130
Ore bullion, &a.,
Pref. "B" stk.. d3,144,300 3,437,000
on hand and in
transit
48,781,108 40,927,155 Bonds4,573,236 12,633,672 Am. S. & Ref _c31,756,800 31,061,790
Cash
Secured loans
476,326 Rosita C. &
853,141
Co. Col. 6s- 1,200,000
Notes and accts.
11,706,796 16,146,808 Accounts,drafts,
receivable
426,851
&c., payable_ - 21,419,046 29,053,441
Acceptances -_
416,525 Int., &c., un459,800
Adv. to affixes.
43,198
162,494
Mater.& Hupp__ 6,782,006 8,623,411 claimed
Liberty bonds_ _ 6,193,100 5,807,350 Accr. bond int.
399,586
409,853
not due
Prepaid insuece,
1,744,700 1,674,078
442,066 Divs. payable_
346,336
taxes, &c
884,679 Accr. taxes not
884,679
Pension fund_ _
478,924
478,924 due (war taxes
Life insur. fund_
2,088,779 2,360,133
estimated)
Sink, fund cash
5,735 Ins., &c., ras've 2,010,432 2,039.627
3,910
with trustees__
Res. for enlargement & exten.... 3,000,000 3,000,000
Other reserves_ _ 1,763,217 2,095,693
Profit and loss_ - 25,974,571 27,060,229
215,251,400 221,3a,,035
215,251,400 221,886,085
Total
Total
Includes additions and improvements, loss depreciation and additions and improvements written off to profit and loss. c After deducting
56.21,1,600 held In treasury and 61,185,700 deposited with trustees for redemption under stock retirement agreement. c1 After doductinx $26,851.700 bald in treasury. e After deducting $985,000 held by trustees in sinking fund, and $499000 hold in treasury.--V. 110. p. 873.
Chicago Pneumatic Tool Co.
(18th Annual Report-Year Ended Dec. 31 1919.)
President H. A. Jackson writes in substance:
$882,509
$695,471
1918.
$
6,448,800
3,250,009
56,413
96,732
1,236,626
31,161
941,000
377,000
2,000,000
2,782,107
18,832,738 17,218,839
Total
Indian Refining Co., Inc.
(Report for Fiscal Year ending Dec. 31 1919.)
Pres. Theodore L. Pomeroy, N. Y., Mar. 18, wrote in sub.:
Earnings.-The earnings for 1919 amounted to $2,467,980, less $725,000
reserve for taxes: net profits, $1,742,980. These figures compare with
$3,703,988 gross earnings, $2,500,000 reserve for taxes and $1,203,988 net
profits for 1918. The earnings were less than in 1918, but the net addition
to surplus was greater, duo to the reduction in taxes.
Taxes.-Federal taxes have been paid to date, but the final amount of
such taxes is still subject to adjustment. For the current year a total of
$725,000 has been reserved from earnings to provide for the largest amount
estimated as due under the present tax rates without any reduction which
may be obtained under Sections 327 and 328 of the Income Tax Law.
Additions.-The growth of business has necessitated a continuous increase in both our refining and distributing facilities, and nearly $1,200,000
has been expended from current earnings on various properties, notably at
the Lawrenceville Refinery, where a number of new steel storage tanks as
well as six new tower stills for crude oil; also additional land and two 55,000barrel tanks thereon to provide additional crude oil storage, the motorizing
of delivery equipment and the purchase of land on which several of our
stations are located.
Bonds All Paid-Bank Loans.-During the year the last of our bonds
were called for redemption, and there is now no mortgage outstanding; but
it has been necessary to increase the bank loans on account of expenditures
t
romerot‘,
oncioin
I Q -Since Dec. 31 1919
your company has contracted to acquire practically all of the stock 1'
Central Refining Co., which operates a refinery adjoining your company's
at Lawrenceville, Ill. The Central's producing properties also are near
your company's producing properties and substantial- economies in operation are thereby assured. Plans for financing this purchase will be presented to the stockholders in due course.
[The shareholders on Nov. 11 1919 authorized $8,000,000 Class B 7%
non-cum. Pref. stock, none of which has been issued to Dec. 31 1919. Soo
V. 109, p. 1704, 1896.l
STATEMENT OF INCOME FOR CALENDAR YEARS.
1917.
1918.
1919.
$2,467,980 $3,703,988 $2,878,395
earnings
Net
1,200,000
2,500.000
725,000
Reserve for taxes
x312,500
(770)210,000 (7)210,000
Preferred dividends
(12%)360,000 (12)360,000 (3)90,000
Common dividends
Xgr,iiiiwitMeiggir ov.estixannsfinorigenntcorni....
$633,988
$1,172,980
Balance, surplus
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
Liabilities$
$
3
A ssas334,950 Preferred stock___ 3,000.000
481,854
Cash
Common stock__ 3,000,030
Mote. & notes reMy.(less tcs'e) 1,410,862 1,705,287 Accts. payable...... 1,301,318
1,500,000
Bank loans
Advances to Sta'n
91,359 Res.forFed.tax.,&c 1,708,056
agts., salesm.,&0 106,610
4,999,082 3,867,419 Gen. res. agst.exh
Inventories
of oil depos., &c 1,656,895
Invest. in Lib'ty
317,330 1st M. serial 6%
bonds (at cost).
3,009 gold bonds
9,162
Stocks & bonds
2,168,315
Capital assets.. 7,202,14186,571,121 Surplus
3i6,160
S. F. Is, M. 6s_
159,625
De.. & susp. Items 124,873
Total
14,334,585 13,366,251
Total
$275,895
1918.
$
3,000,000
3,000.000
955,579
653,000
2,900,000
1,402,336
463,000
995,335
14,334,585 13,366,251
a Capital assets include oil-producing properties, pipe lines,' storage
against $2,641,336; refinery, $2,199,906, against
Sale.-Rarly in the year the directors authorized the sale of the un- tanks, &c., $2,680,348,
$1,743,701; tank cars, $1,799,137, against $1,751,927 selling stations,
profitable motor truck department, including the plant at Chicago Heights. $1.763,973,
against $1,356,205; metal containers, $56,889, against $56,047;
This side necessitated absorbing the extraordinary IOSS of $1,095,271.
developing new oil-producing properties not yet transferred to
Results.-Bublnms for the year has been most satisfactory, totaling a advances for
$644.485, against $450,972; total, $9,144,738, against $8,000,193;
volume and yielding gross revenue oven in excess of 1918-our prosious company,
reserve
for depreciation. $1,942,597, against $1,429,072.
Less,
record. A liberal amount has been provided for depreciation. We also
Note.-There is also $8,000,000 Preferred "B" 7% cumulative stock
transferred to its sinking fund reserve $168,000, as compared with $31,161 authorized
Nov. 1919 but not issued. See V. 109, p. 1704, 1896.
in 1918. (V. 109, p. 2359.)
The total earnings from operations before providing for the extraordinary
Harbison-Walker Refractories Co.
loss mentioned and sinking fund charges, but after fixed charges and provision for depreciation and accruing renewals, amount to $1,752,323, or
(17th Annual Report-Year ending Dec. 311919.)
$27 17 per share on its outstanding capital stock.
Quarterly Statements.-The management intends to provide stockholders
President H. W. Croft, Pittsburgh, Pa., March 9, wrote
each quarter hereafter with a balance sheet and statement of operations.
New Stock-Extensions.-Provision for increased business has made in substance:
necessary additional expansion, requiring the investment of substantial
Our profits were considerably lower, duo largely to the close relation of
sums of money. To provide these funds and redeem outstanding bonds
and current notes, tho authorized capital stock was increased to $13,000.000 the refractory brick industry to the steel industry. Following the reduction
in the selling price of steel, two reductions of 10% each were made in the
by vote of stockholders Dec. 5 1919. (V. 109. p. 1794, 2075, 2266.)
As the money from this source becomes available, it will make possible selling price of our product, the first taking effect on Jan. 1 ana the second
the completion of important extensions to our compressor and engine plant on April 1. Against this, however, there were no compensating reductions
at Franklin, Pa., to its pneumatic hanuner plant at Detroit, Mich., and to In operating expenses, as wages were maintained during the entire year at
the highest level.
,its numerous sales and service branches throughout the world.
1288
THE CHRONICLE
PROFIT AND LOSS ACCOUNT.
Year to
15 Mos. to -Sept. 30 Years
Dec. 31 '19. Dec. 31 '18. 1916-17.
1915-16.
Net earns, aft, all taxes- $5,002.457 $9.419.037 $8,865,386 $4,991,233
In DeductOrdinary repairs,&c_ - $1,021,335 $2.211,315 $1,343,081
$685,783
Extraor.exp.,impts. &c..
675,614
626,347
Deprec. plant & equlg__
677,166 1,357 239
Deprec. of mining, c.,
outfits
141.197
282,454
59,511
139,338
Depletion of clay, coal
and ganister proples_
48,282
63,073
29,721
30,803
Total deductions
$1,887,980 $3,914,081 $2,139,569 $1,450,629
Net profits
83,114,477 $5,504,957 $6,725,817 $3,540,604
Divs. on pref. stk.(6%)
576,000
576,000
576,000
720,000
Divs.on com.stk.*(12%)2,160,000(133)2,430,000(8)1,440,000(7)1,260,000
Balance, surplus
Previous surplus
$378,477 $2,354,957 $4,709,817 $1,704,604
12,372,032 10,017,075 8,547,258 6,842,654
Total
$12,750,509 $12.372,032 $13,257,076 $8,547,258
Common diva.(18%)-a3,240,000
Total surplus
$12,750,509 $12,372,032 $10,017,075 $8,547,258
a Declared and paid from surplus prior to March 1 1913. * Includes
6% on Common stock and 2% of Common stock in 1916-17; in 1918, 73i%
with 6% extra, and in 1919 6% with 6% extra.
BALANCE SHEET DECEMBER 31.
1919.
1918.
1919.
AssetsProp. & french. of
Common stock...._18,000,000
constituenG cos_28,117,944 28,121,212 6% cum. pref. stk. 9,600,000
Bet'ts completed_ - 3,056,009 2,935,824 Clay, coal & ganBet ts uncomplet'd 132,561
149,083 later properties
Deferred chgs. to
depletion fund__ 363,718
future opera'ns 1538,696
467,154 Pay-rolls
224,240
Inventories
1,450,866 1,521,606 Aoc'ts payable-- - 856,370
Cash
1,313,341 1,731,975 Sundry reserves 3,513,640
Acols receivable.._ 2,198,649 3,281,007 Surplus
12,750,509
Notes receivable
289
64,404
Invest, of reserves 2,004,716 1,781,399
Other securities
6,490,406 6,733,049
• Total
45,308,477 46,786,711
Total
1918.
$
18,000,00o
9,600,030
312,043
296,089
875,607
5,330,940
12,372,032
45,308,477 46,786,711
x Includes clay coal and ganister outfits ($379,119), advanced royalties,
stripping, prospecting, &c.-V. 108. P. 1940.
[voL. 110.
PROFIT AND LOSS ACCOUNT FOR CALENDAR YEARS.
1919.
1918.
1917.
Volume of business
$6,889,942 $11,525,780 $12,359,114
Profit from operations
$2,193,305 $3,535,525 $3,069,449
Discount, depreciation, war tax, &c
554,593
1,206,969
976.113
Bond interest
608,835
612,065
752,858
Preference dividends(8%)
80,000
80,000
80,000
Ordinary dividends (cash)
(5%)750,000 (5)750,000(234)562,500
Prof. divs. East. Car Co., Ltd., for
years 1917 and 1918 at6% per ann_
90,000
Balance, surplus
Previous surplus
$109,877
2,616,584
$866,492
1,730,092
$697,978
3,532.115
Total surplus
Ordinary dividends (stock)
$2.726,461 $2,616,584 $4,230,093
(20)2500,000
Profit and loss surplus
$2.726,461 $2,616,584 $1,730,093
BALANCE SHEET DEC. 31 (INCL. SUBSIDIARY COMPANIES).
1919.
1918.
1918.
1919.
AssetsMabilizies (Con.)Mining prop., real
6% 1st M. sk, Id.
est.,b1dgs.,plant,
gold bonds East.
mach'y & equip_23,824,221 23,229,766
Car Co., Ltd.,
Inv. in cap. stk. of
due July 11952- 941,700
955,400
other cos
1,968,400
6% 1st M. bonds
Co.'s bonds purch.
N. S. Land Co.,
for sinkg. fund_ 211,165
86,937
Ltd., due July 1
Def. bal. recelvle..
79,209
67,404
1924
22,800
22,300
Inventories
3,547,944 3,158,661 6% Mortgage deAccts.& bills roe.. 1,382,594 2,703,827
benture debt... 4,500,000 4,500,000
Canada Vict'y bds. 2,045,712 2,025,134 Accts.&wagespay. 875,217
883,655
Call loans
963,582 Int. neer& on bds.
557,536
Cash
1,529,297 2,527,625 & debent.stock. 308,807
312,595
Comm.& discount
Prof. div. payable
on securities_ _ _. 250,000
20,000
Jan. 2
300,000
20,000
Develop.exp.,&e_ 240,622
72,564 Ordinary dividend
Prepaid accounts_
187,500
78,207
63,418
payable Jan.2._ 187,500
471,249
Deferred credits 1,014,997
Total
35,714,907 35,288,917 Reserves for renewLiabilitiesals, &c., and
8% cum. pref. stk. 1,000,000 1,000,000 income taxes... 278,848
340,728
Ordinary stock_ _15,000,000 15,000,000
536,995
For conting.,&c. 450,630
6% cum;pref.stk.
General reserve_ 2,000,000 2,000,000
Eastern Car Co.,
2,726,461 2,616,585
Surplus
Ltd
a750,000
750,000
5% 1st M. sk. fd
gold bonds duo
July 1 1959
5,638,437 5,691,420
35,714,007 35,288,917
Total
a Dividends paid on this stock up to Dec. 311918.-V. 110, P. 1094.
Nova Scotia Steel & Coal Co., Ltd.
(19th Annual Report-Year ended Dec. 31 1919.)
President D. H. McDougall writes in substance:
Business in 1919.-The volume of business was smaller than for several
years, reaching a total of $6,889,942, as compared with $11,525,779 in 1918.
During the depression it was found necessary to accept a considerable
amount of business even below cost in order to furnish employment and
hold the organziation together, so that our profits were affected not only
by the decreased output but also by lower prices obtained for our products.
Collieries.-The temporarily decreased demand for coal which followed
the close of the war, persisted until autumn, when the European demand
and the impending strike of coal miners in the United States permitted
operation to capacity during the remainder of the year. The output was
550,965 tons, compared with 502.051 tons in 1918.
Undersea Coal Leases.-Recent legislation by the Provincial Legislature
(V. 108, p. 2246) empowers the Government to make such rearrangement
of the undersea leases as is considered advisable. Pending such adjustment,
permission was granted us to mine on the north side of the Florence Slope,making it possible to continue this mine in operation. Further improve
ments were made in the Princess Colliery.
Iron Ore Mines.-The operations at Wabana were directed to the extension of the submarine workings, and to increasing the capacity of the mines
for output, with a view to resuming the sale of ore on a largo scale as soon
as shipping conditions will permit. We raised 213,410 tons against 76,767
tons in 1918; only 51,460 tons was shipped to North Sydney, because of the
cessation of steel production at Sydney for about six months. It is hoped
by mechanical loaders and other mechanical devices to overcome the
inadequate supply of experienced labor. During the past year four largo
electric shovels were used for main face work and two smaller shovels for
development; several others are now on order.
Iron and Steel Manufadure.-The blast furnace and open-hearth plants
were operated only about five months of the year, and while the rolling mills
were totally shut down but for a short time, the average monthly production
of steel was very much curtailed, as the annual figures below show:
Tons of1919.
1918.
1917.
Coke made
45,462
106,617 110,829
Limestone quarried
33,410
77,162
76,659
Dolomite quarried
7,827
6,573
2,187
Pig iron made
86,153 92,174
35,676
Steel ingots made
127,808 129,506
58,238
Steel ingots cogged
122,745 125,161
54,645
Steel billets re-rolled
122,869 104,753
44,468
Total shipments of finished steel, forgings, &c.,
from New Glasgow
101,609
93,343 44,051
Shipbuilding.-One of the two 2,800-ton steamers for the Canadian
Department of Marine was delivered just before Dec. 31. The second
steamer will be launched probably about March 30. The third was begun
early in January. We have contracts to build a fourth steamer for said
Department, and the hull of a large steel cruising yacht for a private
purchaser.
Lumber Properties.-In order to supply the car plant, as well as our general
requirements, we have secured valuable lumber areas in Pictou and Guysborough counties, and those, with our holdings in Nova Scotia and Newfoundland, will supply our needs for many years.
Bunker Coaling Plant at Halifax.-Shipping activity at Halifax has created
a largely increased demand for bunker coal at that port. The company
was able to secure at a very advantageous price the modern coal discharging
and bunkering plant erected there the first of the year by the British
Ministry of Shipping. In addition two large barges were purchased and
equipped with rapid handling cranes. The bunkering business is growing
rapidly and for some considerable time will provide a profitable outlet for
any additional coal the company may have to dispose of.
Eastern Car Co.-1,800 cars wore constructed during the year. These
orders were completed early in July and the plant was idlo for the remainder
of the year, except for the manufacture of some snowplow;for the Canadian
National Railways. Orders have just been secured for a substantial number of box and general service cars, which will keep the plant employed for
some months (See Eastern Car Co. in V. 109, p. 1191).
Acadia Coal Co.-During the past year we purchased the First Pref. stock
of the Acadia Coal Co.. Ltd. This purchase carried with it the control of
the company, whose coal holdings have recently been proven to be very
extensive and valuable. As a large portion of the coal supply for the Now
Glasgow works is obtained from the Acadia Co., this purchase should prove
mutually advantageous (V. 109, p. 2362).
Capital Expenditure.-During the year $839,332 was expended on extensions and renewals chargeable to capital account, chiefly in connection with
the surface plant at Wabana, the purchase and further equipment of the
coaling plant at Halifax, the acquisition of lumber properties and in various
extensions and additions.
Outlook.-The demand for steel which was very limited for the first ten
months of the year, improved just at the close, and this improvement has
continued until at present the tonnage of unfilled orders on the cempany's
books is larger than it has been at any time since the signing of the armistice
and the prices at which orders are being booked should show substantial
profits.
The demand for our various products is now more active than at any
time since the armistice was signed, and the company is in an excellent
position to handle the business offering.
1.11
GENERAL INNESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fe Ry.-Officer.-
0. W. Cooper has been appointed Treasurer, with office in New York.
-Nr. 110, p. 969, 560.
Atlanta & West Point RR.-Federal Compensation.-
A contract was signed between this road and the Railroad Administration
on March 20, fixing the annual compensation at $252,995 for each year of
Government control.
See Georgia RR. below.-V. 107, P. 1383.
Atlantic & Suburban Ry.-Fare Increase.-
The New Jersey P. U. Commission has authorized the company to put
Into effect an increased schedule of rates beginning April 15.-V. 107, p.290
Bangor & Aroostook RR.-New Officers.-
John Henry Hammond, of Brown Brothers & Co., New York, recently
Acting-President, was elected Chairman of the Executive Committee;
Percy R. Todd, President; Frank C. Wright, Vice-Pros.; Wingate F. Cram,
Treas.; F. A. W. Field, Asst. Treas.; W. IC. Hallett, Gen. Mgr. and Henry
J. Hart as General Counsel.-V. 109, P. 1460.
Binghamton (N. Y.) Ry.-Fare Increase.-
The Binghamton Common Council has permitted the company to increase its fare to 6 cents until Jan. 15 1923, when it must return to a 5-cent
fare.-V. 109, p. 1985.
Blue Hill Street Ry.-Operation Suspended.-
Operations having suspended receiver George Spalding has announced
that he will have the road sold for junk.-V. 110, p. 560.
Buffalo Rochester & Pittsburgh Ry.-New Officer.-
Thomas F. Brennan, formerly Federal Manager, has been elected Vice'
President in charge of operation.-V. 110, p. 871, 969.
Canadian Northern Railway.-Offering of 53.% Guaranteed Notes.-Wm.A. Read & Co. and the Canadian Bank
of Commerce, New York, are offering, at prices to net
6.90%, by advertisement on another page,$12,000,000 532%
gold notes. Bankers state:
Offering Price.-$6,000,000 notes due Dec. 1 1922,96.64 and int.; $6,000.000 notes due Dec. 1 1924 94.50 and int.
Guaranteed.-The Dominion of Canada, which owns the entire $100,000.000 stock, guarantees those notes, principal and interest, by endorsement.
Notes.-Dated Dec. 1 1919; due $6,000,000 Dec. 1 1922 and $6,000,000
Dec. 11924. Interest payable J. & D. in gold in New York at the agency
of The Canadian Bank of Commerce. Donom. $1000 (c*). Authorized
and issued, $12,000,000. Callable as a whole, or in amounts of not less
than $500,000 by lot, at 101 and int. on any int. date on 60 days' notice.
Company agrees to pay the U. S. normal income tax up to 2% if exemption
Is not claimed 1,3 the noteholdor. United States Mottgage & Trust. Co.
New York, trustee.-V. 110, p• 100. 053.
Canadian Pacific Ry.-Offering of Equipment Trust Certificates.-The bankers named below are offering at prices
5 and int. to 94% and int., to yield from
ranging from 994
6Yi% to 6%,by advertisement on another page, $12,000,000 Equip. Trust 6% Gold Certificates. Bankers state:
To be dated April 11920;to mature $500,000 semi-annually Oct. 1 1920 to
April 1 1932. To be issued under Philadelphia plan. Denom. $1,000.
Divs. payable A.& 0. at Union Trust Co., Pittsburgh, trustee, and Guaranty Trust Co., N. Y., in U. S. gold coin. Auth. and issued, $12,000,000.
Security.-Secured by standard now railway equipment costing $15,000,000 delivered. Title to this equipment is to be vested in the trustee and it
will be leased to the railway company.
Income Account Years ended December 31.
1919.
1917.
1918.
Gross earnings
$152,389,335 $157,537,698 $176,929,060
Net earnings
$46,546,018 $34,502,388 $32,933,036
Total income
55,290,635 42,437,163 41,982,379
Fixed charges
10,161,510
10,177,513
10,229,143
Balance after charges
$45.061,492 $32,259,650 $31,820,869
Times charges earned
4.13
5.4()
4.17
Dividends.-Dividends have been paid on the ordinary stock since 1883
and since 1910 the rate has been 10% per annum. The equity junior to
funded debt and equipment issues is represented by over $80,000.000 Of4%
Preference stock and by ordinary stock having at present quoted prices an
indicated market value of $320,000,000.9a
1289
THE CHRONICLE
MAR. 27 1920.1
Union Trust
Bankers Making Offering.—Guaranty Trust Co. ,New York;
White, Weld &
Co., Pittsburgh; Bankers Trust Co., Brown Brothers & Co.,
York.
New
Co., and Colgate Parker & Co.,
and Indus(See maps showing the system on pages 22 and 23 of"Railway
trial" Section.)—V. 110, P. 1179.
Wilmington, N. C.—
Delaware Lack. & Western RR.—New Officer.—
P.J. Flynn has been elected Vice-Pros.in charge of traffic.—V. 110,p.1088
Denver & Salt Lake RR.—New Officer.—
A. F. Dodd has been elected Treasurer.—V. 110, p. 561.
Tramways Co.—Wages.—
Denver
Carolina Beach Railway
Coupon bonds.
The board of arbitration which has been considering the wage question
The company is offering $500,000 6% 10-Year Gold
payable A. & 0. at for the past four months, has awarded the employee: an increase of ten
Red. at $110. Denom. $100, $500 and 31,000. Int.
C. The purpose cents an hour, based on a nine-hour day and retroactive to Nov. 1 1919.
American Bank & Trust Co., Trustee, Wilmington, N.
to Carolina Beach, This brings the maximum wage up to 58 cents an hour. The union officials
of this issue is to construct a railway from Wilmington
owned by have accepted this award, but whether the company will accept is not yet
about 13 miles, and further other improvements on property
Beach, 3 4 miles known.—V. 109, p. 1986.
company. Property consists of 5,000 lots at Carolina
electric
and
water
of steam road and complete equipment, dancing pavilion, Officers include:
Detroit Toledo & Ironton Ry.—New President.—
light plant and other buildings—and right of way.
0.
N.
,
Wilmington
of
City
the
J. A. Gordon,recently Gen. Mgr., has been elected Pres.—V. 110,0.969.
of
P. Q. Moore (Pres.), present Mayor
Carolina Clinchfield & Ohio Ry.—New Officer.—
John W. Saunders has been elected Treasurer.—V. 110, p. 764, 969.
Georgia RR.—New Officers.—
Central of
C. Askew as
Alex. R. Lawton has been appointed Vice-President, W.
Treasurer, and W. B. McKinstry, Compt.—V. 110, p. 658.
sits—Refunding Proposed.—
Central Vermont Ry.—Depo
large amount of the First Mtge. 4%
•
The committee representing a
Chairman, and Lloyd
gold bonds, duo May 1 1920, Henry E. Cooper, of
March 5, calling for
Church, 24 Broad St., N. Y., Secretary, in circular Equitable
Trust Co.,
deposit of these bonds on or before April 5, with 50 State St.,
Boston,
Co.,
Trust
American
or
depositary,
37 Wall St., N.Y.,
Its agent, says in brief:
railroads of the country
"Federal control has just terminated and the
which it is expechave been returned to their owners under new legislation,
condition of the carriers.
ted will in the future greatly improve the financialas
it practically
render
to
such
present
at
are
conditions
general
However,
immediately maturing
impossible for the railroad companies to meet theirfor
those falling due.
debt except through the exchange of new securities
May 1 next. While
"The above-mentioned ($12,000,0001 bonds mature
will be able in the near
there is no probability that the Central Vermont Co.
from preliminary
cash,
in
bonds
above
the
of
prinepial
the
pay
to
future
and of the Grand Trunk
conferences had with officials of that company the
stock,it is the opinion
Railway Co.of Canada, which owns a majority of of substantiall
y all of the
of the undersigned that by the concerted action
therefor new
holders of the bonds it will be possible to secure inaexchange
of interest,
rate
higher
beating
Co.
Vermont
Central
the
of
bonds
ten-year
the Grand Trunk Co.
guaranteed both as to principal and as to interest by
controlling interest in
"As the Dominion of Canada is about to acquire awould
greatly enhance
the stock of the Grand Trunk Co., such guaranty
guaranty of the
the value of tho new bonds. The Grand Trunk Co.'s
interest thereon,
present bonds is merely a conditional guaranty of the
interlimited to 30% of the Grand Trunk Co.'s earnings from business
changed with the Central Vermont Co.
the
submitting
first
without
exchange
in
be
accepted
will
bonds
"No now
approval.
terms of the proposed exchange to the depositors for their
1 1920 coupons of the
"As there is no reason to expect that the May requested
to detach the
Present bonds will not be paid at maturity, you are
accruing on the
coupons and collect them in the usual manner. Interest
be
committee,
the
by
received
as
and
when
will,
1920
1
May
bonds after
bonds."
paid to the holders of certificates of deposit representing the 5% Ref.
$15,000,000
(The stockholders have authorized an issue ofyears,
to be guaranteed
Mtge, bonds dated May 1 1920, and payable in 10
969.
both prin. & int. by the Grand Trunk Ry. of Canada.1—V.110, p.1088,
on & Western Carolina Ry.—Officers.—
Charlest
George B. Elliott has been made Chairman of the Executive Committee,
Tress.
A. W. Anderson, 2nd Vico-Pros. and Gen. Mgr.; John T. Reid,
—V. 110, p. 969.
Chicago Great Western RR.—New Officer.—
J. P. Coykondall. recently Pod. Treas., has been elected Treasurer.—
V. 110, p. 561, 969.
•
Chicago Milw. & St. Paul Ry.—President.—
Ry.—Bonds Payable.—
Detroit United
5% gold bonds of
Three hundred ninety ($390,000) First Mtge. 20-year
due April 1, will be paid
the Detroit & Lake St. Clair Ry., which become
DetroiG, at par.
on that date upon presentation at the People's State Bank,
764.
Coupons should be presented to Union Tr.Co.Detroit.—V. 110,p.760.
& Iron Range RR.—New President, &c.—
Duluth
H.
F. E. House, recently Fed. Mgr., has been elected President, and165.
Johnson, Sec, and Auditor, and F. C. Marshall, Treas.—V. 110,p.
Missabe & Northern Ry.—Officer.—
Duluth
—
J. W. Kenyston, recently Fed. Treas., has been elected Treasurer.
V. 110, p. 74.
Eastern Wisconsin Electric Co.—Notes Offered.—McCoy & Co., Chicago, and Grossman, Lewis, Frear & Co.,
Milwaukee, are offering, at 98 and int., yielding over 74%
by advertisement on another page, $1,200,000 Three-Year
7% General Mortgage Gold Notes, Series "A." Dated
March 1 1920, due March 1 1923. Interest payable without
2%.
deduction of normal Federal income tax up to are
secured by
and
Those notes are a direct obligation of the company,
rights and franchises
general mortgage upon all of the fixed property, of
this issue. No furnow owned or hereafter acquired with the proceedsannual
net earnings are
ther issues of these notes may be made unless the
on all prior mortsufficient to provide the interest charges for that period
to three times the entire
gage debt, and leave a remainder at least equal of
these notes now to be
interest charge for one year on the $1,200,000 description
of these note;
issued, together with those applied for. For full
see V. 110, p. 1186.
Joliet & Eastern Ry.—New Officers.—
Elgin
and F. L.
S. M. Rogers, recently Gen. Mgr., has become Arice-Pres.,
Koontz, recently Fed. Treas., Sec'y. & Treas.—V. 107, p. 1192.
Pres. deC.
Empire State RR. Corp. (Syracuse).—New
late H. S. Holden;
J. C. Nelson has been elected President, succeeding theL.
Odell is now
L.
Morgan;
0.
W.
succeding
W. D. Andrews, as director,
Treasurer and Assistant General Manager.—V. 109, p. 72.
Worth & Denver City Ry.—Officers.—
Fort
as follows:
The officers of this road and also the Wichita Valley are now Ex. Vice.
Hale Holden, Pres. and Ch. Ex. Committee; C. G. Burnham,
and Gen.
Vice-Pres.
Pres.; H. It. Safford, Asst, to the Pres.; F. E. Clarity,
Mgr.; W.0. Hamilton, Sec.y. & Treas.—V. 110, p. 970.
RR.—To Unify Operation.—
Georgia
& West Point
It has bean announced that the Georgia RR., the Atlanta
be operated in close
RR. and the Western Ry. of Alabama will hereafter
three properties will be
organization rather than independently. The A.
Wickersham is General
directed as to operation from Alabama. Charles
110, p. 970.
Manager of Georgia RR. and Pros, of the other two roads.—V.
Railway & Electric Co.—New President.—
Georgia
late Frank E.
H. E. Byram, recently Federal Manager, has been elected President,•
J. K. Glenn has been elected President, succeeding the
succeeding It. M. Calkins, who becomes VicoPreident in charge of traffic. Block.—V. 110, p. 970.
—V. 110, p. 969.
e Agreement.—
Georgia Railway & Power Co.—Wag
men employed by the comChicago Rock Isl. & Pacific Ry.—New Officers.—
An agreement between the company and thelines
during 1920 was signed
car
the
of
operation
T. II. Beacom has been made Vice-President and Gen. Mgr. Other
pany concerning wages and
Vicc-Pros.:S. H.Johnson, L. M.Allen and F. 1). Recd.—V.110, p.969, 658. on March 17. Under the contract the company will maintain an open shop.
for the year
conductors
and
motormen
the
for
fixed
wages
of
schedule
first three months of
Chicago St. Paul Minn. & Omaha Ry.—New Officer.— The
1920 by the arbitration board is as follows: For the
A. W. Trenholm, formerly Federal Manager, has been elected 'Vice Prost- ;orrice, 42 cents per hour. For the next nine months of service, 44 cents
is 15% over
dent.—V. 110, p. 969.
per hour. After one year, 46 cents per hour. This increase
by the War Industhe present scale of 36,38 and 40 cents, which was made
Co.—Wages.—
Columbus Ry., Light & Powerconsidering
in 1918, to be effective for 1919. The new scale is retroactive
Board
tries
grievances arising to Jan. 1.—V. 110, p. 1088, 970.
The arbitration board which has been
to which
out of the strike of last September has submitted a report according
ident.—
of their service,
months
three
first
the
hour
an
cents
45
Gulf Mobile & Northern Ry.—Pres
receive
will
the men
—
an
advance
is
This
B. Tigrett has been elected President, and J. J. McEwen,Treasurer.
48 cents the next three months, and 50 cents thereafter.
of the V.I.
1187.
of 5 cents per hour in all three classes. In addition, other employees
110,
P.
approxito
amounting
in
wages
increase
a
horizontal
company aro granted
e Increase.—
Hartford & Springfield St. Ry.—Far
mately 12%.
at Hartford has authorized
Judge Lucien F. Burpee in the Superior Courtfares
Although the agreement signed by the men and the company terminatthe lines. effective
on
Sept.
to
the
be
retroactive
snould
increase
to
increase
receiver,
the
ing the strike provided that
Harrison B. Bremen
effective upon the April 1. The zone distances will be lengthened to 3 1-3 miles and the zone
2 1919, the board's grant makes the advanced scale
p. 2439.
of
award
109,
the
by
10
cents.—V.
to
1918,
November,
cents
in
7
made
from
increased
agreement
be
of
the
will
termination
1 fares
the war labor board. The new scale, therefore, goes into effect April
Confiscatory.—
Houston (Tex.) Electric Co.-5o.inFares
1920, is retroactive to Jan. 11920, and runs until March 311921.—V. 110.
the case of the Houston
Judge Otis P. Hamblen, master in chancery,
p. 1186, 658.
a report to Judge
Electric Co. against the city of Houston, has rendered
that 5 cent fares in Houston
s.
stating
Court,
Certificate
Trust
Federal
t
the
of
Equipmen
of
Hutcheson
C.
ering
J.
.--Off
Cuba Railroad
therefore are in
and
property
company's
car
street
the
confiscatory of
. Judge IIutcheson
—White, Weld & Co. New York, and Boston, are offering, are
violation of the fourteenth constitutional amendment
issue an injunction
will
in
page,
another
concurred
is
on
it
if
ment
and
report
advertise
by
the
7.50%,
consider
will
yield
to
at a price
in car fares
against the city, restraining it from interfering with the increase
value of the
$1,700,000 Equip. Trust 7% Gold Certificates of 1920.
by the company. The report of Judge Hamblen places the
Oct. 11920 company's
110, p. 464.
.—V.
$6,000.000
at
Dated April 11020. Maturing $85,000 each six months from$1,000
plant
(CS).
to April 1 1930, inclusive. Int. payable A. & 0. Denom.
Asked.—
Interborough Consolidated Corp.—Deposits
Certificates are issued by the Central Union Trust Co., New York, acting
has requested
the
equipment.
of
as !Ewer
The committee, of which Charles H. Sabin is Chairman,
Trust
Collateral
Co.
tan
h-Metropoli
the holders of undeposited Interboroug
Data from Letter of Pres. II. C. Lakin. New York, March 16. of 4
or before March 26 1920 with
3. % Gold Bonds to deposit their bonds onAgainst
$2,266,700,
dethe
deposits
such
depositary.
Securtty.—Secured on the following equipment, costing
Y.,
N.
Co.,
Guaranty Trust
which $566,700, or 25%, was paid In cash: Boxcars,300;first-class passenger positary will issue its negotiable certificates, which are listed on the Now
cars, 5; secand-class passenger cars, 10; baggage and mall cars, 5; express York Stock Exchange—V. 110. P• 764.
cars, 5; locomotives, 13; sleeping cars, 6; flat cars, 200.
RR.)
Interstate Public Service Co.—Capital Increase.— from
Earnings Fiscal Years Ended June 30 (Not Ind. Camaguey & Ntavitas
Surp. over
Fixed
Total Net
The company on or about March 11 increased its capital stock
Charges.
Charges.
Income.
$5,_500,000 to $8,000,000.
Year—
Prior Lien
$550,799
$399,290
$950,089
"rho company is receiving subscriptions for its 7% Cumulative
1908-00
1,059,862 stock at $100 per share, payable 10 with subscription and $10 monthly
758,998
1,818,860
1911-12
561.
p.
110,
1,873,684 thereafter until final payment. Diva. Q.-J.—V.
853,856
2,727,540
1914-15
793.816
1,140,716
1,934,532
1916-17
Joplin & Pittsburgh Ry.—Fare Increase.—
1,311,4872,625,591
3,937,078
1917-18
2357.
2,197,320
1,269,640
3,466,960
Soo TCansas City Kaw Valley & Western Ry. above.—V. 109, P.
1174)
p.
1918-19 (V. 109,
e
Increase.
Ry.—Far
&
Western
In the six months ended Dec.311010,total net income increased $494,522
Valley
Kansas City Kaw
this road and the Joplin
as compared with the wane period in 1918. the rate of 6% per annum
The Court of Industrial Relations has allowed
Dividends.—SInce Aug. 1 1912 dividends at
3 cents a mile, with a minimum 10stock. The dividends & Pittsburgh Ry. to charge a straight
234 cents a mile, with a
for
have been regularly paid on the 610,000,000 Pref.redeemable
sold
in Feb. and cent fare. Commutation tickets are to be
due Feb. 1 and Aug. 1 1918 were paid in 6% scrippaid off in Feb. 1920.
minimum charge of 8 cents.—V. 110, p. 561.
Aug. 1921. The installment due -Feb. 1921 was
RR.) Is
Basis.—
Property.—The company (including the Camaguey & Nuovitas
Kansas City Ry.—Settlement on Businessservice-at
having 705 miles of
-cost with
one of the more important railway systems of Cuba,the
The Kansas City Chamber of Commerce proposes
island, where it
of
t of electric
improvemen
the
main track railroad. It serves the eastern half
for
charges
of much additional remission of paying and other
traverses a rich and populous territory which is capable
"Electric Railway Journal" for March 20,
See
city.
in
that
on
transportati
Pastelillo
at
and
Antilla
at
development. It has substantial terminals
for ocean vessels, with page 614.—V. 109, p. 2172.
(Nuevitas), at which ports it owns deepwater piers
has an
ample wharfage and warehouses for the storage of sugar. It also
Dividend.—
Kansas City Southern Ry.—Preferred
important terminal at Santiago.— v.110, p.77.
on the Prof. stock from
A quarterly dividend of 1% has been declared
to holders of record
15
April
payable
year,
fiscal
current
the
of
income
net
Cumberland & Pennsylvania RR.—Officers.—
from the U. S. GovernMarch 31: provided, there shall have been received
O. W. Watson is now President, and T. K. Stuart, Secy. and Treas. ment
sum sufficient to pay the same.—V. 110, p. 970, 1089.
a
—V. 108, p. 1610.
1290
THE CHRONICLE
Kansas City Terminal Ry.-President.-
William M. Corbett, former President, during
control, has been
re-elected, succeeding E. F. Swinney.-V. 110, p.Federal
871. 970.
Lake Erie & Western RR.-Officer.
[VOL. no.
New York New Haven & Hart. RR.-Traction Properties.
See Rhode Island Co. below.-V. 110, p. 1188. 1089.
Norton Taunton & Attleboro St. Ry.-Municip.Oper
It has been announced that during operation
A. D. Thomas, recently Fed. Treas., has been elected Treasurer
road for first 3 months
.-V. of municipal operation has resulted in a deficitof
110. P. 562, 970.
$1,920. The road is
owned by the cities of Taunton and Attleboro andofthe
towns of Mansfield
and Norton.-See V. 109, p. 2357.
Lehigh Valley RR.-To Extend $6,000,
000 Guaranteed
Bonds for Two Years to May 1 1922 at 5%.
-
The company offers to extend the 36,000,000 1st mtge. 5% bonds
of
the Easton & Amboy RR., dated April 13, IMO,
maturing May 1 1920 to
May 1 1922 with interest at 5% per annum, payable
& N. at office of
company in Phila., in U. S. gold coin of the presentM.
of weight
and fineness, the present lien of the mortgage to remain standard
unimpaired.
Payment of the principal and interest of the
as extended will be
unconditionally guaranteed by the Lehigh Valley bonds
RR. by a writing endorsed
on the bond.
The extension privilege applies only to bonds deposited with
Drexel &
Co_, Phila., on or before May 1 1920.
Upon such deposit, temporary receipts will be issued exchangeable
for
bonds of an equal principal amount with an extension
endorsement thereon.
when ready, and the sum of 427.71 will
paid in cash in consideration of
the extension of each $1,000 bond. Thebe
investment yield of the extended
bonds will thus be 63i% per annum.
On May 1 1920 Drexel & Co. will buy, their office in Phila. at
par the
bonds of holders who do not desire to availat
themselves of the above privilege
of extension.-V. 110, p. 1089. 970.
Norwood Canton & Sharon Street Ry.-Suspende
This road has suspended operations. The road was rescued fromd.the
junk pile last July by the citizens and is being run
by the city of Sharon.V. 109, p. 371.
Philadelphia Co.-Not Liable for Default
by Sub. Cos.The U. S. Circuit Court of Appeals, in an
by Anise Buffington,
refuses to hold this company liable for accruedopinion
and
accruing
interest on the
bonds of the United Traction Co. of Pittsburgh. The Philadelp
hia Co., a
holding company, owns the entire stock of the Pittsburgh Railways
Co.
The latter company in turn controls the United Traction
Co. and has defaulted on the interest payments of that company'
s bonds. Benjamin C.
Allen, of Colorado Springs, a bondholder in the United
a suit seeking to hold the Philadelphia Co. responsible forTraction Co., filed
the defaults of its
subsidiary.-V. 110. P. 78. 770.
Pittsburgh Cincinnati Chicago & St. Louis Ry.-To
Vote on $35,000,000 5% General Mortgage Bonds.-
The stockholders will vote May 27 on authorizing the issue
of $35,000.000
5% General Mortgage bonds, $20,000,000 of which
be issued at once
to reimburse the Pennsylvania Co. for advances madewill
1st Vice-Pres.-V. 110. p. 1089.
ment and extension of the "Panhandle" property. to cover the improveThe $20,000,000 of "Panhandle" bonds so turned over to the PennsylLouisville Henderson & St. Louis Ry.-Officers.---vania Co. will be used in the acquisitio
n of the minority,stock of the "PanThe following officers have been elected: R. N. Hudson, recently
Gen, handle" company under the terms of offer made to the minority stockholders
Supt.. as President; W. L. Mapother, recently
March 15 by the Pennsylvania Co. The bonds will be secured by a
and Ridgely Cayce, Seey.-V. 108, p. 1165. Fed. Mgr., as Vice-Pros., on
new
general mortgage on the Panhandle property,
which constitutes that portion
of the Pennsylvania system extending with its
Maine Central RR.-Annual Report.lino and branches be
tween Pittsburgh and St. Louis. The general main
will also provide
Income Statement Showing in 1918 and 1919 Combined Results,
the refunding of the existing loans on this mortgage
Federal and for
property as they mature.
Corporate, Excluding United States Rental.
See V. 110, p: 1188. 1089.
Calendar Years•
1919.
1918.
1917.
1916.
Operating revenues
Pittsburgh (Pa.) Railways.-Fares Upheld.$17,525,178 $16,415,178 314,125,577 312,824,6
76
Operating expenses.
The Public Service Comm!sion has dismissed all complaint
17,611,806 16,059,998 10,675,876
filed by the
8,800,761 City
of Pittsburgh and other communities against the rate of sfaro,
and has
Net revenue
def$86,628
$335.150 33,449.701 $4,023,915 upheld 754-cent rate of tire. Rebate slips held by car ilders are made
Taxes, &c
valueless by the fare decision. The Commissi
1,099,206
87.,606
727,322
on values the linos at
621,318 $62,500.000, being a
compromise between city and company figures, which
Operating income_ _def.$1,185,835 def$518,426 $2,722,37
were $48,000,000 and 70,000,000, respectively.
9 $3,402,597 of
rehabilitation
Other income
Eno system is expected at cost of $10,000,000. Complete
424,829
383,672
441,534
Litigation between the
620,240 city and
the company, perhaps, is ended. See Philadelphia Co.
above.Gross income
def$761,005 def$134,754 $3,163,913 $4,022,837 V. 110, P. 971. 872.
Interest on funded debt.. $941,641
$805,872
$816,609
$848,992
Rentals, &c
Public
Service Corp. of N. J.-Dividend-Report.1,642.219
1,474,600
1,245,779
1,577,093
Preferred dividends(5%)
Referring
tee resumption of dividends on the Corn. stock, with the
150,000
150,000
150,000
150,000 payment of atoquarterly
Common dividends(6%)
distribution of 1% on March 31,
720,888
720,888
720,888
Thomas H.
720,888 McCarter, in
his statement of March 17, already citedPros.
in this column.
Balance,sur. or def_def$4,215,753df$3.286.114
further says: "The early months of the year are relatively lean
the public
in
$724,370 utility business,
The corporate income account shows: Income from$230,637
the profits being made in the latter part
lease of road to U. S.
the year. The
Government, $2,998,417; non-operating
however, of the corporation as a whole for so of
$490,865, comparing with showing,
much of the year
$145,726 in 1918: operating expenses, income,
as
has
elapsed
is
so
satisfacto
ry and the es.imato of the earnings for the year
against $99.653: groan
income, $3,222,968, against 33,044,490;$266,314,
net income, $1,085,971, against is so promising that the directors felt justified in taking the action above
$972,193; balance, surplus, after
dividends, $185,884, against $85,259.- set forth. The pending quarter will be only the second time in the history
V. 110, p. 970.
of the corporation that a dividend declared at this season of the
year will
have been earned by the corporation in the specific quarter
to which the
Marshall & East Texas RR.-Sale Authorized.dividend is applicable."
The U. S. Court at Jefferson, Tex., has directed
The
annual
report
is published at length on following pages. See "Annual
shall be made in several parts, viz.: from Gilmer tothat the sale of the road Reports" above.-V. 110, p. 1188;
V. 109. p. 2357.
Gilmer to Marshall, 43 miles; Marshall to Elysian Winnsboro, 3134 miles:
Fields, about 17 miles.
The Marshall terminals are also
Puget
Sound
Traction, Light & Power Co.-New
to be sold separately. It is expected that
the Texas & Pacific By., which connects with the lines
at Marshall, will take Name-Authorized $10,000,000 Prior Preference Stock.
the terminals and also the line south
Elysian Fields. All sections are to
The stockholders on March 23 voted to authorize an issue of $10,000,0
be operated by those who buy them.toBryan
00
Snyder
is
receiver.-"Manu- 7% Cumulative Prior Preference Preferred stock and to change
facturers' Record."-V. 108. p. 2629.
the name
of the company to Puget Sound Power & Light Co. Compare
V. 110,1).971.
Los Angeles & Salt Lake RR.-New Officer.Carl R. Gray has been elected
Maryland Delaware & Virginia Ry.-Prot
Rhode Island
ective Comm.Co.-Plan of Reorganization as submitted
A bondholders protect ve comnfttee has been
formed consisting of by Receivers of United Traction &
Wiliam B. Skeleton, Lewiston.
Electric Co. and Rhode
Me.,
; Joeiah S. Maxcy
Gardiner, Me., and Franklin P. Chesley,Chairman
Island
Suburba
n Ry.Saco, Me.. and is calling for
deposits of the 42,000,000 1st M.5s of 1905 with
Cornelius S. Sweetland, receiver of the United Traction & Electric Co.,
the
Maine
Trust
&
Banking Co., Gardiner, Me., as depositary.
Benjamin A. Jackson and Harold J. Gross,
of Rhode Isl. Suburban
The committee, in circular dated at Lewiston, Me.,
By. have submitted the following plan ofreceivers
March 22, says:
reorganization to Governor R.
"Notice was given in July 1919 that
Livingston Beeckman and the protective committee
the
Aug.
1st
coupons
would
not
be
s representing the bondpaid by the company and that the Pennsylvania RR. Co.
holders.
The
purpose
of the plan is to
would purchase
a comprehensive system of
them. A very large majority in amount of the holders
transportation under one company, whichassure
shall operate
of the properties
The Feb. 1 1920 coupons were treated in the same accepted this offer. heretofore
operated by the Rhode Island Co. The planallcontempla
manner. Banking
institutions holding more than $400,000
manageme
vate
of
these bonds were represented at
nt under State supervision. The plan provides. tes pria meeting held in Portland, Aug. 5 1919, which
Consolidation.-All of the properties comprising the trolley system within
finally resulted in the creation of this committee.
the State of Rhoda Island watch are now operated
by the receivers of the
"The Pennsylvania controls the M.D.& V. through
indirect stock owner- Rhode Island Co. to be acquired by the United Electric Rys.
ship, but disclaims any moral or legal
New Securitles.-The United Electric Rys. to issue $16,000,000 bonds,
respecting the bonds.
At organization of the company inobligation
secured
by
mortgages
1905
the
of
Baltimore
all of its properties, and 38,000,000 common stock.
Chesapeake &
Atlantic Ity. took $300,000 of the $1,500,000 Pref.
stock and all of the Of the bonds $500.000 to be issued as provided below (under New Haven
$1,500,000 Corn. in return for its guaranty
of the M. D. & V. bonds. The properties), $15.500,000 to be given in exchange
for cash and existing
Pennsylvania acquired all of this Cora, stock
bonds,
as
follows:
and nearly or quite all of the
Pref. stock of the B. C. & A., hence its indirect
stock control of the M.
New Securities.
D.& V. By.
Cash and Existing Bonds.
Prior
lien 25-year mortgage bonds: 32,000.000 new money for rehabUi"The B. C. & A. is a Maryland
on, and under the laws of that
Series A $2,000,000 bear. int. 6%
State Pref. stock stands ahead of corporati
tation.
liabilities. Therefore, the B. C.
Series B
0 bear. int. 4% $2,000,000 R. I. Sub. By. 45
& A. guaranty cf the M. D. & V.contract
bonds is claimed to be subiect to $1,250- 4% General$2,000,00
Refunding 30-year Mtge. bonds:
000 of the former company's bonds and $1,500,000 of its Pref.
stock. If
$2,500,000
this is true, the guaranty Is probably
$2,500,000 R. I. Suburban By. 4s
9000.000
is not earning Its own fixed charges. of no value, because the B. C. & A.
9,000,000 United Trac. & Elec. 511
To Waive Interest.-Interest accrued on all bonds
"The operating history of the M. D. Sr V. By. Co.
of Rhode Island Suburdeducting operating expenses, hire of equipment, wharfshows deficits after ban By. and United Traction & Electric Co. (amounting to about $1,200,rentals
and
000)
be
to
interest
waived.
charges, during every year of-its existence ranging from
New Aro-neg.-The $2,000,000 Series A, prior lion 6% bonds (callable at
$15,922 in 1909
upwards, approximately for 1915 $82,000, for
1916 3133.000 and for 1917 101, convertible into stocic
par) to be purchased for $2,000,000 cash,
$97,500. Figures for 1918 and
show railway operating deficits of to be used in rehabilitation at
of the properties. Those bonds to be under*59,227 and $83,753,respectively,1919
to
which should be added interest charges written by a committee of tho
stockholders of United Traction & Electric
in excess of *100.000 per annum. According
to figures furnished us Oct. 7 Co. or by an underwriting syndicate. Stockholders the
1919, the accrued deficit made up through the B.
United Traction
of
C.& A. By.Co.amounted & Electric Co. to have the right to purchase said bonds
to $985,785.
in the proportion
of their holdings of stock, and to pay for the same in four
"There are about 300 holders of these bonds, and it is
equal installthought
ments,
that
payable
an
quarterly
, commencing with the date of purchase.
early adjustment should be effected. It is not known
The
how long the Pennsyl- prior lien mortgage Is to be an open mortgage.
vania will continue to purchase the coupons, and it
is not desirable that such
Issuance of Stock.-The 88,000,000 common stock to be issued as follows:
a course t,hould continue indefinitely, because
under
the
(a)
terms
exchange
in
of the
for 3500,000 4% bonds of Rhode Island Sub. Co- _$500,000
mortgage overdue coupons are a first lien on any proceeds
from a sale of (b) for purchase of property as provided below (under Now
the property."-V. 110, p. 562, 465.
Haven
properties)
(c)
in exchange for $8,000,000 stock of United Traction & Electric 500.000
Memphis Street Ry.-Fares.Company
x7.000,000
Although the Utilities Commission had authorized a 7 cent
cash faro or
x(1) in the proportion of new shares for 8 Traction Co. shares to holdera
10 tickets for 65 cents, an order issued
Federal Judge John E. McCall of Traction Co. stock who 7
exercise their rights to purchase series A bonds;
and agreed upon by all parties csncernedby
,
provides
that
on
the
adoption
one
new
of
share
(2)
for two old shares to holders of Traction Co. stock who
the new plan of operation, the fare of 6
now being charged shall be fail to exercise their rights to purchase
continued, as a test fare, for a period of cents months
series A bonds; (3) the balance, if
from April 1. If at any, to the stockholders' underwriting committe
the end of 3 months the 6 cent cash fare three
e.
shall
not
produce
enough
Stockholders of the United Traction & Electric
evonue
to meet the charges as provided for in the order of the Commissi
Co. are to have the
on, then the privilege of selling their rights to purchase series A bonds.
rate of fare shall automatically go to the cash fare of
Provision to be
7
cents,
or
made
10
underwrit
tickets
by
the
ing
committee or syndicate to loan to stockholders,
for 65 cents. If at the end of the second 3 months
this
rate
of fare shall not desiring to exercise their right to purchase bonds, 70% of the purchasa price
produce sufficient revenue to meet the charges as
provided for by the with the bonds as collateral.
order of the Commission, then thereafter
New Eaten Properties.-The United Electric Rys. pay for the properties
the Commission.-V. 110, p. 36%), 970. the fares are to be regulated by
of Sea View RR., Providenca & Danielson By. andtothe
Rhode Island Co.
(when
the same shall be offered for sale free from the claims of creditors)
Missouri & North Arkansas RR.-New Receiver.with (1) said $500,000 of its consolidated 4% mortgage
bonds; (2) said
Charles A. Phelan, of Harrison, Ark., Gen.
Mgr., has been appointed $500,000 of its common stock; and (3) an assignment or release of all money
receiver to succeed Festus J. Wade,-St. Louis, resigned.
claims of the Union RR., Pawtucket Street By. and Rhode Island Suburban
-V. 108, P. 480.
By. against the Rhode Island Co.(arising prior to Jan. 30 1919) for breaches
Muskegon Traction & Lighting Co.-Rate Increase.- of their respective
leases by tho Rhode Island
The company has been granted a temporary rate
Management.-The company to be managed Co.
by a board of directors
increase
to
$1.40
per
constituted as follows: 5 elected by stockhold
1,000 Cu. ft.-V. 109. p. 1700.
ers, 2 appointed by the Governor, 1 appointed by the Mayor of Providence, 1 elected
by the employees.
Nashville Ry. & Light Co.-Fare Increase.Conditions.-The execution of plan, including the payment
of the $2,b00,000 now money,to be on the condition that legislation
The Tennessee P. U.Commission granted
Is passed:(a) abolishpermission, effective March ing all
franchise
taxes,
8,to increase fare to 7 cents and sell 4 tickersco.
State
and municipal, (b) abolishing all obligations
for 25 cents.-V.109, p. 2357. for street improvements
and all paving obligations, except a fair proportion
THE CHRONICLE
MAR. 27 1920.]
be required by necesof the cost of such improvements and paving as may
the primary jurisdiction to
sary changes in street railway lines: (c) vesting
(d) making jitneys and
regulate street railways in the P. U.Commission;
n; (e)
motor buses common carriers and subject to the P. U. Commissiomotor
authorizing street railway companies to acquire, own and operate
n.
buses, subject to the control of the Commissio
a comparison of
The receivers have prepared the following table showingproposed:
the fixed charges as compared with the other two plans
Total.
ts.
Reptiremen
Fixed Charges Dividend
$8,000,000.$1,340,000
State owner. pl. $1,020,000 rental $320,000, 4% on
1,074,680
_.._
$8,500,000
on
4%
$340,000,
int.
plan
*734,680
rs'
Bondholde
and sinking fund.
720,000 int. $320,000, 4% on $8,000,000-- 1,040,000
This plan
and sinking fund.
Compare Rhode
*Estimated on the basis of $1,000,000 new money.
rs plan in V.
Island Co. receivers' plan in V. 110, p. 971 and Bondholde
110, p. 1188.
1291
and Series "B," due
Permanent bonds, Series "A," due Jan. 1 1931,
Trust Co., 16 Wall Ste•
Jan. 1 1941, are now ready for delivery at Bankers
872.
79,
on surrender of temporary bonds.-V. 110, P.
Ahmeek Mining Co.-Dividend Decreased.-
payable
The directors have declared a quarterly dividend of 50c. a share,
$1 a
Mar. 31 to holders of record Mar. 18. The previous payment was
share in Dec. last. Dividend record:
1920.
Mar.
1919.
1918.
1917.
1916.
*1915.
1914.
1911. 1912. 1913.
50c.
$3
$6 $15.50 $12.50 $12 $10
$18 $22
$2
on
wore
payments
previous
shares;
* This dividend was paid on 200,000
50.000 share capital-V. 109, p. 777.
Alvarado Mining & Milling Co.of Maine.-Stock Offered.
-Knauth,Nachod & Kuhne are offering at $22.50 per share,
by advertisement on another page, 130,000 shares, par $20.
Plan.
authorized 1,200,000 shares; issued, 350,000 shares.
on
Total
ganizati
Ry.-Reor
an
Rhode Island Suburb
has no bonded debt except $51,000 1st Mtge. bonds re-
The company
retirement of which
maining from an authorized issue of $1,000,000, the
stock. After
will be effected on July 1 1920. It has no notes or preferred
have net quick assets
giving effect to the present financing company will
President E. W.Sampson has stated that
.
operations
its
of
nt
basis
as
enlargeme
the
further
the
for
properties
the
0
on
$2,000,00
$765,760
excess of
Moore, of Seattle, placing a value of
con- in
Mar. 12 1920.
of negotiation for the purchase of the road by the city, would not be
Data from Letter of Pres. A. J. McQuatters New York,
Republic
lathe
ized
isprotocol
'
and
in
1910
in
Maine
Organizod
Company.sidered.-V. 110, p. 79.
silver mines. Proof Mexico. The property is one of the world's greatounces
s.of silver each
of 2,000,000
Tennessee Central RR.-Officer
duction for 1918 and 1919 was in excess mines
and
mill site,
Stanley
W.
H.
including
which,
Treasurer.
of
appointed
groups
been
n
owns four
H. L. Williamso has
Company
year.
Parral, State
of
District
W. K. McAlister are now the receivers. -V. 107, p. 1748.
comprise approximately 700 acres, situated in the
& Durango
Parral
the
by
reached
are
Properties
Mexico.
,
of Chihuahua
with the National Railways of Mexico at Parral.
Toledo St. Louis & Western RR.-New Officer.tric
. Ry., whichofconnects
modern steel construction, and are operated by dydro-elec
George S. Ross, formerly Federal Treasurer, has been elected Sec.-Treas
Plants are
of Nov.
contract. The ore reserves, estimated as grade
under
972.
-V. 110, p.
power purchased
of
average
an
of
ore
21 1919, amount to 2.086,000 tons of positive ore averaging 8.7 ounces
w Officers.probable
Toledo & Ohio Central Ry.-Ne
9.2 ounces silver, and 2,592,000 tons of
N.
E.
silver.
oz.
8.9
Vico-Pros.
of
elected
grade
been
has
average
an
Mgr.,
of
tons
Fed.
metric
recently
F. B. Sheldon,
silver, a total of 4,678,000
Mine to a
Bennett, recently Fed. Tress., has been elected Treasurer.-V.110, p. 971.
The principal ore shoot, which is developed in the Presena
1,300 feet in fully
depth of approximately 600 feet, has a length of about
•
.limits
The
Officers
feet.
-New
47
RR.
of
l
width
Termina
Toledo
ore, with an average workable
Pres. and Gen. developed
The following officers have been elected: A. B. Newell,Treas.-V
have not yet been determined.
back
. 107, of this shoot.-Since
dates
L.
properties
Schulte,
W.
these
of
and
some
of
Aud.,
&
operation
Sec'y.
the
Follas,
0.
D.
Mgr.;
Produaion
the total production thereof.
p. 2188.
to 1645, it is impossible to state accuratelycredited
with having produced
the Palmilia, is
owned,
mines
the
of
One
about 625,000
United Light & Railways.-Earnings.0 ounces silver and 100,000 ounces of gold, from under
previous
ending February the 26,000,00
President Hulswit states that for the 12 months
of ore from 1898 to 1906. Another, the Presna, while
ounces
in its history and that tons
9.000,000
about
containing
ore,
of
tons
313,000
produced
,
company shows tho largest gross and net earnings
ownership
never
was
company
the
by
served
,
territory
ounces of gold.
business conditions in the
in of silver and 2,800
first of the current
better than at present and further that he looks for continued increase
This company began operations in 1911, and up to the
ounces of
both gross and net earnings.
year produced 923,000 tons of ore, containing about 15,000,000
es for silver and 12,500 ounces of gold.
Consolidated Earnings Statement for the Company and Its Subsidiari
338% days and milled
During 1919 the plant operated the equivalent ofounces
Twelve Months ending Feb. 29 1920.
of silver and 1,Increase 176,095 metric tons of ore. This yielded 2,038,736
1919.
1920.
of silver and
$958,698 591 ounces of gold, equivalent to a yield per ton of 11.6 ounces
$10,398,337 $9,439,639
Gross earnings, all sources
tons, and in Feb.
17,168
was
1920
in
Jan.
treated
Ore
gold.
84,211
3
ounces
0.01
$1,175,854 $1,091,64
under way,
now
Balance available for dividends
program,
on
2,424 in excess of 18,000 tons. The corAtructi
607,104
604,680
per day. or
Pro-rata Preferred dividend
calls for an increase in the capacity or the plant to 1,200 tons
month.
86,635 36,000 tons per
$484,539
$571,174
funds for
provide
Surplus earnings
to
n
Purpose.-Present financing is being undertake
the scope
-V.109, p. 2357.
doubling the present milling capacity and to otherwise enlarge
e..
Operativ
of the company's operations
United Railroads of San Francisco.-Plan
on and
operative. Holders
Costs c% Profits.-Net earnings before depletion and depreciati
and after
Tho modified plan of reorganization has been declaredand
holders of more interest on the bonds (all of which are shortly to be retired)
0,
earnings
Not
of $22,660,000 4% bonds, outstanding $23,858,00
.
$1,150,000
about
in
1919
been extended to or taxes, were in 1918,$767,558, and
than 95% of $5,200,000 (the time for deposits has be
upon silver at $1.10
laid in each $1,000 for 1920 are estimated in excess of $1,250,000, based of
only.
about Apt1126, after which date a penalty of b20 will Foreclosur
e by agree- per ounce, and based also upon the present capacity H. plant
bond received) underlying bonds having assented.
S. Brown, George
Beebe,
holders. See modified
Directors.-A. J. McQuattors, Pres.; Junius
W. Clifford, Gordon
ment will be carried out through underlying bond
Fred
Clark,
J.
Dudley
Carstairs,_
James
H.
Carnahan,
1189.
Elton Parks,
plan in . 109, p. 1367, 2074; V. 110, p. 262,
Dexter, John R. Hall, Lucius W. Mayer, George J. McCarty,
-Decision.E. A. Potter, Jr., Franklin Remington.
United Traction Co., Pittsbup.rgh.
share on the Capital
per
50c.
of
a
dividend
declared
have
directors
[The
2023.
110,
Soo Philadelphia Co. above.-V. 108,
stock (par $20). payable Apr. 15. to holders of record Mar. 3I.1-V.
-Reorganization Plan.- P. 168.
United Traction & Electric Co.
l Report.
Soo Rhode Island Co. above.-V. 110, p. 1189, 972.
American Brake Shoe & Foundry Co.-Annua
xCal. Year x15 Mos. to -Sept. 30 Years
Virginian Railway.-Offering of Equip. Trust Certificates.
1915 16.
17.
1916
'18.
31
Dec.
1919.
-National City Co., Kissel, Kinnicutt & Co. and Lee, *Net protits
$2,324,884 $3,260,694 $1,661,619
$2,587,471
34,312
28,452
30,340
99,700
Higginson & Co., are offering, at a price to yield 7% for all Interest(not)
'71.165
maturities, by advertisement on another page, $5,200,000 Sale of plants
$2,758,336 $2,294,544 $3,232,242 rl.627,307
Equip. Trust 6% Gold Certificates. Bankers state: Due
Net profits
400.000
150,000
150,000
hia plan."
Contingent, &c., reserve
Dated April 1 1920. Issued under so-called "Philadelp
incl.
1
1930,
on
April
loss
to
1920
and
1
Oct.
interest
Bond
in 20 equal semi-annual installments from
110,290
$1,000 (c*). Divs. payt
Liberty bonds
Commercial Trust Co., Phila., trustee. Denom.
419,474
dividends un, Federal taxes (est.)
able A. & 0. in New York and Philadelphia. Principal and
(12 )592,584 (15)750,000 (18)898,158 (8)400,000
nt on each certif- Divs. paid-Pref
conditionally guaranteed by Virginian Ry., by endorseme
(7%)311.689(834)402,500 (7)321,531 (7)322.000
75% of the noCommon
Security.-These certificates will be issued against about steel
4,707
4,910
coal cars. Divs. paid by sub. cos.._
120-ton
cost of the following standard equipment: 1,000
combina4
6 Pacific typo passenger locomotives, 10 steel passenger coaches,
$905,307
$987,337 $1,612,553
8
$1,169,38
surplus
Balance,
car.
club
1
cars,
mail
and
tion baggage
about $6,860,000, of
The not cash cost of the above equipment will be
manufacdeducting
after
plants,
of
operations
or
,
* Includes earnings from
which the company will make an initial payment of about $1,715,000
on, Federal taxes.
administrative and selling expenses, depreciati
about 257o. These are the only equipment trust certificates now outstand- turing,
of subsidiary companies.
&c., and including other income and earnings.-V.
ing.-V. 110, p. 972.
p. 2435.
108,
x Including results of subsidiary companies
See Rhode Island Co. above.-V. 110, P. 1189. 971.
sal.Seattle & Rainier Valley RR.-Apprai
the figure of Councilman W. II.
RR.-Annual Report.Wash. Bait & Annap. Elec. 1918.
1916.
1917.
1919.
$2,168,120 $2,902,015 $1,560,125
738,597
1.740,282
1,513,078
Cr.25,575
Cr.69,310 Cr.127,188
$946,202
511.617
Cr.12,680
Not operating revenue.. $724,351 $1,288,921
523,426
128.345
Taxes
Cr.17,953
Non-operating income_ _ _ Cr.18,595
288,912
Interest and other charges 295,202
$847,103
129,052
Cr.12,893
268,293
$447,266
50.934
Cr.13,341
262,578
$494,536
$462,651
$147,095
59.96%
47.35%
54.07%
Calendar YearsOperating revenues
Operating expenses
Auxiliary operations
$319,400
Net income
Percentage railway oper.
69.80%
exp. to ry. over. revs
-V. 110. p. 1189.
Western Ry. of Alabama.-To Unify Operation.-
Soo Georgia RR. above.-V. 108, p. 1276.
INDUSTRIAL AND MISCELLANEOUS.
-Control.Acadia Sugar Refining Co., Ltd., Halifax.
follows:
An authoritative statement relating to this company
Sugar
An interest which carries control of one of the largest Canadian
the corporation
refineries has passed to Imbrie & Co., who will refinance
their
directs
which
nt
manageme
the
of
n
the
supervisio
under
it
place
and
condition, and with a
other sugar interests. The refinery is in first class
pounds a day, and later to
small expenditure can be increased to 1,000,000
to 1,000,000
a full capacity of 1,500,000 lbs. per day. It is being increased
and it is expected
lbs. per day from its former capacity of about 500,000,
Canada is at present exto be able to turn out this full melt by midyear.
has prevailed in this country.
periencing much the same sugar shortage which in
Scotland and the concern
The controlling interest was formerly held
and its predecessor have been in business since 1879. It is one of the oldest
refineries.
Canadian
and best known of the
Imbrie & Co. financed and built the Savannah Sugar Refining Corporation at Savannah, with an initial capacity of 1,000,000 pounds a day,
which is now being increased to 1,500,000.
of the company and
It is expected that the financing of the extensions
This purchase is one of
its now capitalization will be shortly announced.have
been made psosible
several that have been announced lately which
:toy the present rate of exchango.-Compare V. 109, p. 1793, 2358.
Aetna Explosives CO., Inc.-Compensation Award, &c.
Judge Julius M. Mayor in the U. S. District Court, on Mar. 18, made an
order granting awards totaling $431,171 for compensation and expensos
under the terms of settlement, approved May 23 1919.
American Hawaiian Steamship Co.-Stock OfferedStatus-Outlook.-W. A. Harriman & Co., Inc., Hayden,
Stone & Co. and Kissel, Kinnicutt & Co., New York are
offering at $75 per share yielding over 103% at current rate
of dividend the unsold balance • of 48,830 shares of stook,
par $10. A circular shows:
and operates an
Company.-Incorp. in Now Jersey in 1899, and owns
a general freight carryextensive fleet of cargo carrying ships and conducts
in 1899 with an original
ing business throughout the world. Beginning
additional vessels being
fleet of two ships, the fleet has steadily grown,
consisted of 28 ships
largely financed out of earnings until in 1915 the fleetand
1916, seven ships
1915
with an aggregate capacity of 300,000 tons. In
five vessels, fully
additional
an
and
were sold at very satisfactory prices
action, reducing the
covered by insurance, were destroyed through enemy
fleet to 16 ships. Company emerged from the war period in an extraordin
arily strong cash position.
of the Capital stock of
On March 3 1920, company acquired over 95%
owning and operating
the Coastwise Transportation Co.(V. 110, p. 972),
This fleet is time chartered
a fleet of ten colliers aggregating 76,500 tons.
satisfactory earnmost
in
result
should
which
basis
a
upon
years,
throe
for
ings on the purchase price.
of highest rating, built
The American Hawaiian fleet consists of 16 ships deadweigh
t tonnage of
for the company before the war, with an aggregate
American, 8,850; Arisonian,
174.330 tons as follows: Alaskan,
10,310; Hawaiian, 8,060; Panaman,
14,240; Dakotan, 10,165; Floridan, 14,185''
n,9,950; Mexican, 13,795;
10.185: Texan, 13.890; Iowan, 10.165; Kentuckia
, 8.850; Pennsylvanian,
Minnesotan, 10,165; Ohioan, 10,165; Oregonian
fleet are oil burning.
present
of
three
but
All
11.212.
Virginian,
10,165;
sh. of $100 par. The
7,500
of
Capitalization.-Original capital consisted
offering subscription rights
capital has been increased from time to time by
of serial bonds to
issues
two
sold
been
have
There
rs.
to the stockholde
have been paid off from
finance the purchase of vessels and both issues
any funded debt. On
earnings, leaving the entire property free from
shares
Feb. 9 1920, the stockholders voted to reduce the par value of the
from $100 to $10 and to increase the number ofsharesfrom 50,000 to 500,000.
Approximate Treasury Position as of Mar. 3 1920.
Current assets: Bonds & stocks (at market value), $8,839,000:;
U. S. Treasury certificates, $3.750,000: cash, $1,437,500 $15,601,500
accounts receivable,83,575,000
Current liabilities: Accounts payable, $343,000; reserve for;
taxes (1919). $3,880,000; reserve for taxes (1920). $1,000,000 $6,223,000
extraordinary reserve, $1,000,000
$9,378,500
Net current assets (exclusive of tonnage)
1292
THE CHRONICLE
[VOL. 110.
Dividends.-Since 1903 when dividends were inaugurated, corporatio
n
has an unbroken dividend record, and has
Bigheart Producing & Refining Co.-Cash Dividend.d $817 50 per share in
the 17 years. These dividends were upondistribute
A regular quarterly dividend of 2%% has been declared on the stock,
of $100 par value. On
the new shares of $10 par value the present shares
dividend rate is $8 per annum. payable in cash Apr. 1 to holders of record Mar. 26. A scrip dividend of
Earnings.-The American Hawaiian fleet is time chartered
on an average 2%% was declared payable Mar. 1 to holders of record Feb. 25. See
of over 7 months and the Coastwise fleet is chartered for 3 years,
so that V. 110, p. 873, 169.
future earnings are well assured. The manageme
nt estimates that net
earnings after taxes for 1920, including American Hawaiian'
Bonanza Development Co.-Listed.s
proportion
ate
Interest in the earnings of the Coastwise Transportation Co.,
The
Stock Exchange on Feb. 28 placed on the list 20,000 shares
$8.5_ 00,000 and $10,500,000 or from $17 to $21 per share. will be between capital Boston
stock, par $5, being the total auth. and outstanding stock.
Directors.-George S. Dearborn (Pres.), W. A. Harriman (Vice-Pros.
The company was incorp. June 9 1919 in Mass. as a reorganiza
&
tion of a
Treas.), James H. Post, Henry G. Lapham, Charles
Seger, H. E. D. Colorado corporation of the same name having 300,000 shares of
Jackson, Henry Dearborn, Silas W. Howland, WarrenB.
stock.
D. Clark.
Par $10. The stockholders of the old company on Feb. 5 1919 voted
Coastwise Transportation Co.-Incorporated in New Jersey
to
sell,
transfer
in
1903, has
and convey all its property to the new company in consideraoutstanding 35,000 shares of stock, par $50. Company has no
funded tion of the is.sue of the entire capital stock of the new corporation to the
debt, all bonds issued to finance construction of vessels having
stockholde
been
of
rs
paid
the
old
company
of record on Dec. 10 1918. pro rata, in the
off from earnings. In addition has paid regular dividends since
1909. ratio of one share in new corporation for every 15 shares held in old comOwns and operates a fleet of ten colliers having an aggregate capacity
of pany. The new company takes over as the chief asset a timber tract of
76,500 tons, made up as follows: Coastwise, Transporta
about
tion
Bristol,
and
20,000
acres
situated
in New Mexico about 52 miles northeast of
of 7,000 each; Suffolk, Middlesex and Hamden, of 8,000 each; Norfolk, Albuquerque.
5.700; Franklin and Fairmont, of 9,000 each; and
For the period July 5 1919 to Dec. 31 1919, inclusive, the company
Clarksburg, of 7,800.
The average ago of the fleet is five years, and is universall
showed
a
loss of $1,536. President, Benjamin A. Norton.
y recognized as
the best fleet of colliers ever built in this country.
During 1919 company paid $31 per share in dividends and in addition
Booth Fisheries Co.-Annual Report.paid for the 'Clarksburg" out of current earnings.
Calendar Years1919.
1918.
1917.
1916.
Earnings for the Year ending Feb. 28 1920(Two Months
Net profit
$1,43.3,h38 $..:,217,677 $3,388,829 $1,659,295
Estimated.)
Gross earnings
Interest
$6.085,4191Net before taxes
707,728
719,876
531,904
378,919
$3,793,50
3
Federal taxes
On Mar. 3 1920, the American Hawaiian Steamship Co.
48,000
260,000
625,000
acquired over Depreciation,&c
95% of the outstanding Capital stock, simultaneo
245,676
498,442
354,632
-2
-71;024
usly
arranging
a
threePreferred
year charter to transport coal to Europe.
dividends(7%)
344,947
275,834
236,110
214,270
upon the charter rate for
the first year, not earnings for 1920, afterBased
allowing for depreciation and
Balance, surplus
taxes,should exceed $2,506,000. The proportion
*86,887
$473,525 $1,641,522
$792,082
accruing to the American -V. 109, p. 890.
Hawaiian Co. is included in the above estimate.-V.
110, p.660,972, 1090
American Piano Co.-Stock Dividend.-
Brooklyn Borough Gas Co.-Earnings.-
An extra dividend of5% in stock has been declared on
Calendar Yearsthe Common stock Total
in addition to a quarterly dividend of 1%% on
receipts
Common and the regular Operating
quarterly dividend of IN % on the Pref. stocks,the
expenses
all
payable
April
1
to
holders
of record. Mar. 24. Three months ago an initial quarterly
dividend of
1%% and a stock dividend of 5% was declared on the
Net earnings
Common
stock.
V. 109, p. 2358.
Net rate reserve account
80 cent gas rate
1919.
$647,415
494,711
1918.
$518.078
427,449
1917.
$434,645
.419,937
1916.
$394,072
244,615
$152,704
$90,629
$114,708
$149,555
173,040
81,628
66,874
33,708
Net income
dividend of 6% has been declared on the stock,
def.320,336
$9,001
$47,834
$115.847
payable Apr. 15 to holders of record Apr. 5.
Other
income
29,257
16,365
Dividends were put on a 12%
20,676
30,360
basis in Apr. 1918. Dividend record (unofficial
):
Total income
1911. 1912-'13. 1914. 1915. 1916. 1917. 1918-'19.
$8.921
$25,366
$68,510
$146,207
Apr. '20. Interest, taxes & amort_
2% 2% P. a 3%
175,007
534%
17a.418
8%
151,951
152,411
5%
12% p. a.
6%
The shareholders were officially informed
last October that the profit
Balance, deficit
and loss surplus on June 30 1919 was $1,038,08
2166,086
$148,047
8 and that there was "every -V.
$8.,441
$6,204
reason to believe that this surplus will
110, p. 766.
be paid to the shareholders in the
shape of stock dividends if the Supreme Court
confirms the present belief
Brookly
that such dividends are not liable to Federal income
n
Union
Gas
Co.-Sub. Co. Withdraws Suit.Supreme Court Justice Greenbaum has granted conditionally
this effect in V. 110, P. 1049).-Compare V. 109, P. tax" (see decision to
the motion
2265.
of the Jamaica Gas Light Co., a subsidiary of Brooklyn
Union Gas Co., for
Amoskeag Manufacturing Co.-Proposed Stock Dividend. permission to withdraw
its suit against State, county and city officials for
A stock dividend of 100% (calling for
additional Common shares, an order restraining them from enforcing the provisions of the 80 cent gas
no par value), is recommended to the172,800
shareholders by the trustees. A law as against the petitioned.-See V. 110, p. 766, 873.
meeting of the shareholders will be held shortly
to
vote on this recommendation. The balance sheet for the year ending
Caddo Central Oil & Refin. Corp.-New President, doe.
1 1919 shows a profit
and loss surplus,including reserves, of$37,481.0June
Lawrence B. Dunham has been elected President, succeeding
09,
compared with $22,902,E. Kirby
228 in 1918 and $13,543,603 in 1917. See annual
Smith,
who has been elected Chairman.
report
for 1918-19.V. 109, p. 1462.
Not earnings after interest, Federal taxes and other charges, are reported
for the nine months ended Dec. 31 1919 as $483,337, equal to $3 22 a share
Anglo-American Oil Co., Ltd.-Notes Sold.-J.P. Mor- on
the 150,000 shares outstanding (Dar $100).
is at the annual rate
of $644,448, compared with $705,734 earned. in This
Morgan & Co., First National Bank, National
1918.-V. 110. p. 766.
American Thermos Bottle Co.-Dividend.A (semi-annual) cash
City Co.
Guaranty Trust Co. New York, announce the sale at and
100
and int. to yield 7
by advertisement on another page,
of $15,000,000 Five-Year 73/2% Sinking Fund Gold Notes.
Dated April 1 1920, duo April 11925.
Interest payable A. & 0. at office of
P. Morgan & Co., New York.
Denom. $1,000 and $500 (c*). Red. onJ.any
int. day, all or part, or for
sinking fund, at par and int., plus a premium
of 1% for each year or portion
of year from date of call to maturity. Guaranty
Trust Co. N. Y. trustee.
A semi-annual sinking fund of not less than $1,250,00
0 begins
April 11922.
Data from Letter of Chairman F. E. Powell, N.
Y., March 23 1920.
Company.-Chartered in 1888 in the United Kingdom
and
represents the
so-called Standard 011 interests in that country. Is the
largest distributor
of petroleum products in the United Kingdom and obtains
its supplies from
the refineries of the Standard Oil Co.(New Jersey), Atlantic
Refining Co.,
Magnolia Petroleum Co. and others.
Coin
Copany.
-Owns marine equipment consisting of 30 tank steamers
of
over 200,000 tons dead weight capacity, also barges, tugs
and coasting
vessels which are employed in carrying
company's products at remunerative rates. The replacement value isthe
estimated at £8,000,000, and the
book value is £1,066,000. Also owns storage
tanks, railway tank cars,
wharves, and other property employed in its business,
the present replacement value of which is estimated at .£1,850,00
0, with a book value of
£753,999.
Purpose.-Proceeds will be used in connection with the
development of additional land and equipment, to pay for acquisition and
new tank steamers and barges, &c.
Earnings.-During thelast eight years the earnings have
been as follows:
Year1916.
1917.
1918.
1919(est.).
Gress profits
£1,122,979 .C1,396,730 £1,647,907 £1,800,000
Income tax and exchange_
235,373
244,101
318,296
375,000
Depreciation
282,715
348,687
289,900
300,000
Surplus for dividends_
604,891
803,842
1,039,711
Capital.-Capital stock outstanding is £3,000,000, which 1,125,000
at
present
quotations has a market value of 381000,000. Dividends
of not less than
25% have been paid regularly since dissolution
the old Standard Oil Co.
and the present rate of 30% has been paid sinceof1914.-V.
109, p. 2358.
Associa
California Petroleum Corporation.-Earnin
gs.Calendar Years1919.
1918.
1917.
1916.
Gross earnings
$4,621,634 $4,154,354 ti,18o,327 $2,081,154
Net earnings
$3,128,711 53,056,883 $2,462,278 $1,511,658
Depreciation,&c
1,340,505
1,160,773
67.,877
381,778
Interest on bonds, &c.._
104,582
120,725
102,219
110,480
Reserve for Federal taxes
and contingencies __250,000
296,261
217,808
.._ __Preferred dividends_ 7P(7%)846,512(84)1018300 (4)493.721 (4)493,721
'Special reserve net prod..
165,980
157,542
189,876
207,450
Balance, surplus
$431,132
$303,282
$784,775
$318,229
xPreferred dividends paid in 1919 in addition to the regular 7% were as
follows: Jan. and April, 2% each on accumulations,'
and Oct., 2% on
accumulations, clearing up all accumulated dividendsJuly
on the Pref. stock.
Total p & I. surplus Dec. 31 1919 after crediting $1,359,372
adjustments
and debiting 3864,012 Prof. dividends in arrears, aggregates
$926,492,
against $1,318,602 in 1918.-V. 109. p. 1989.
Canada Iron Foundries, Ltd.-Listed-Initial Pref. Div.
The Montreal Stock Exchange has admitted to list (1)$1,800,000 Coramon stock, par $100, being the total authorized
and outstanding, and
(2) $3,965,800
non-cumul. Preference stock, par $100; authorized
.
$4,500,000; issued, $3,965,800. The Preference
shares have equal voting
power with the Common shares. The company
has also outstanding
$809,298 6% debenture stock.
Annual Statement1915-16
1916-17.
1917-18.
1918-19.
Output yrs. end. Oct. 31_ ..$1.979771 $2,850,83
3 $3,740,174 $3,502,456
The directors have declared an initial semi-annu
dividend
al
2% on
of
the 6% non-cum. Pref. stock, payable April 21 to stock of record March
31.
placing this issue on a 4% annual basis-V. 109, p. 2266.
Chace Cotton Mills Co.-Dividend Increased.-
A quarterly dividend cf 10% has been declared on the stock, payable
April 1 to holders of record March 17. This
compares with 6% paid in
Jan. last, 5% in Oct. 1919, 3 % in July,
13i% in April and 3% in Jan.
1919.-V. 109, p. 2412.
ted Welding Cos., Inc.-Sub. Co. DivsCleveland (0.) Metal Products Co.-Notes Offered.The following dividends have been declared
by the company's subsidi- Lee, Higginson & Co., New York, &c., are offering
aries: (1) Electric Welding Co. of America,
at 97M
Md., on Pref. stock and int.
for the 8 months ending Dec. 311919, 6% Baltimore,
yielding about 7.35%, by advertisement on another
cash (at rate of 8% per ann.),
and on Common stock, 10% in cash and 25%
in
stock,
of record March 15. (2) Electric Welding Co. of Boston,payable to holders page, $4,000,000 Ten Year 7% Sinking Fund Gold notes.
Inc.,for 6 months
Mar. 11920. Duo Mar. 11930. Int. payable M. S. at offices
ending Dec. 311919, on Pref. stock
% in cash, and on Common stock of Dated
Lee, Higginson & Co., in Boston, New York or Chicago or&at
6%_ cash and 50% in stock, payable 33
to holders of record March 15.
Guardian
Savings
&
The Electric Welding Co. of America,
Trust Co., Cleveland, truestee, without deduction for
normal
Norfolk, Va., has acquired the Federal income
business and equipment of one of the largest
tax up to 2%. Donom. $1,000, $500 and $100
(0).
welding
organizati
ons south Callable as a whole (or in part for sinking fund only)
of Baltimore.-V. 110, p. 467.
any int. date, on
20 days' notice at 105 and int. until Mar. 1 1922; 104on
thereafter
and
Mar. 11924: 103 until Mar. 11926: 102 until Mar. 11928: 101 until until
Atlantic City Gas Co.-Jan. 1 1920 nterest
1 1929. Sinking fund, commencing 1922, sufficient to retire at leastSept.
Announcement has been made that the companyIhas
70%
deposited
of
this $4,000,000 issue before maturity.
with
the
Girard Trust Co., Phila., trustee, unaer the First Mortgage
5% bonds,
Data from Letter of Pres. F. W. Ramsey,dated Cleveland, Mar. 1920.
dated Jan. 1 1910, funds for payment of interest coupons maturing
Jan.
1
1920.-V. 108, p. 582.
Company.-From a small beginning In 1888, company has grown to be
the largest producer in this country of oil stoves
and oil heaters. It now
Atlantic Gulf Oil Corporation.-Stock Offered.supplies more than half of the oil cook stoves
and oil heaters sold in this
Moore, Leonard & Lynch, New York, &c.
offering at 87.50 per share country, under the trade names "New Perfection" stoves and "Perfection"
25,000 shares of Capital stock, par $100. are
heaters.
addition
In
manufacturers a large lino of aluminum and enAtlantic Gulf & West Indies
Steamship Lines owns 55% of the $20,000,000
Capital stock, and together ameled-steel cooking utensils under the trade name of "Aladdin."
with its directors owns the entire bonded debt
The present company was incorp. in Ohio in 1916, as a merger of three
consisting of $5,000,000
First Mtge. S. F. 6s and $2,500,000
companies
controlled
,
by the same Interests, which had previously owned
2d. Mtge. 68 outstanding.-V. 109,
p. 478.
separately the several departments of the business.
Sales of oil cook stoves and heaters are made direct to dealers in 24 States
Autocar Co., Ardmore, Pa.-40% Stock Dividend.by the company's own marketing forces. In the
remaining states, chiefly
A stock dividend of 40% has been declared on the $3,000,000
outstanding the east and south, sales are made through the various Standard 011 ComCapital stock, payaole to holders of record March
31. A stock dividend panies. "Aladdin" aluminum and enameled steel cooking utensils are sold
of 20% was paid in Juno 1916 and one of 40%
to dealers throughout the United States. Tho Canadian
Dec. 1915. The surplus direct
trade,
and reserve account as of Dec.•31 1918, beforeinproviding
which is very large, is supplied by the Perfection
for the Federal Ont.
Stove Co., Ltd., Sarnia,
taxes of 1918, was reported as $1,891,527.-V.
(a subsidiary), which manufactures stoves
109, p. 1794.
and
heaters.
Manufacturig plants are in Cleveland, Ohio. Branch offices
and warehouses are in New York, Chicago, Detroit,
Barnsdall Corporation.-Listing.Indianapolis, Minneapolis,
Des Moines, Kansas City, St. Louis, Denver, Oakland,
The New York Stock Exchange has authorized the listing
Los Angeles, andof
temporary
Seattle. Warehouses are being built at Chicago and Kansas
interchangeable certificates for $13,000,000 Class "A" voting
City. To a
stock (auth., total floor space of 690.756 sq, ft. is being
$15,00),000, par $25) on official notice of issuance in exchange
added 125,616 sq. ft.
for present
Purpose.-About :31,000,000 of the proceeds will
outstanding certificates. See V. 110, p. 1190, 1179,
be used for warehouses
1091.
and plant additions and the remainder will be added
to working capital.
THE CHRONICLE
MAR. 27 1920.1
1293
J. I. Case Threshing
Voile, Lexington, Paige Detroit, Westcott, Auburn,
Selden, Stewart, StandMachine Co., Federal, Repuolic, General Motors,
located at Muskegon and
ard, &c., motor car and truck cos. Plants are1,130,000
sq.ft.,
Detroit, Mich., with a total floor area of about
our books are sufficient to keep
Unfilled Orders.-"The unfilled orders on
of 1920 without
part
remaining
for
operation
s
continuou
in
our plants
for continued operation
taking another order. The prospects are brightfacilities
to insure producto our full capacity, and if we had manufacturing motors per
annum. To
tion, we could close orders for at least 300,000
motor plant at Muskegon,
meet this demand, we are enlarging our truckthis
plant 100%. Our annual
at
which will increase our production capacitytime
is in excess of the combined
production of truck motors at the present
production."
output of all other cos. in this country engaged in similar
Authorized. Outstand.
Capitalization after this financing
$5,000,000 $5,000,000
7% Serial Gold notes (this issue)
3,500,000 2,265,900
Preferred stock 7% Cumul.(V. 104, P. 259)
15,000,000 14,596,750
Common stock (par $10)
l cash reserves
substantia
maintain
to
used
be
will
Purpose.-Proceeds
larger
after providing for additional plant extensions and equipment for
materials.
of
supplies
reserve
extra
&c.
for
s
Control,
and
inventorie
Co.-New
Coastwise TransportationCo.
Net profits after Depreciation and Federal Taxes.
above.-V.110, p. 362.
See American Hawaiian Steamship
y1918-19.
y1917-18.
y1916-17.
x1915-16.
x1914-15.
$3,425,725
-New Directors.$1,939,785
$1,800,806
$2,356,063
Colorado Fuel & IronofCo.
159,486
$1
been
year 1919
has
for
fiscal
Bank,
report
National
annual
Denver
For
the
year.
x June 30 year. y Oct. 31
John C. Mitchell, President
1182.
set V. 110, P. 363, 468. 1085.
elected a director. succeeding John D. Rockefeller Jr.-V. 110, P.
Outstdg.
Auth.
Capitalization After This Financing$7,500,000 $4,000,000
Ten Year 7% S. F. Gold notes (this issue)
3,936,300
5,000,000
Preferred stock, 7% cumul.(V. 104, p. 166)
Corn. stock (par $100), ($185,600 has been issued 5,000,000 4,202,200
since Jan. 1 to employees)
Sales and Net Profits Calendar Years.
1919.
1918.
1917.
1916.
1015.
79
$4,599,300 $7,546,837 $9,524,210 $11,200,607 $13,913,2
Sales
Net before Fed.
3,013,901
1,789,898
1,206,629
1,174,115
881,782
taxes
Net after Fed.
2,037,179
1,120.537
873,474 1,151,083 1,047,207
taxes
those of the
Sales for Jan. and Fob. 1920 increased more than 50% over
same period of 1919.
paid not less than
Diridends.-Since consolidation in 1916 company has
Prior to that the Cleveland
10% dividends annually on its Common stock.
regularly on
Foundry Co. had paid cash dividends of not less than 10%
Its Common stock since 1903.-V. 104, p. 166.
a Graphophone Factories Corp. of Maryland.
Columbi
1894.
See Columbia Graphophone Mfg. Co. below.-V. 109, P. 1990,
phone Manufacturing Co.-Listing.
Columbia Grapho
the listing of temporary
The New York Stock Exchange has authorized
of Common stock, no par value
certificates for 41,667 additional shares
for stock option warrants
(authorized. 1.500,000 shares), upon exchange
one Factories Corp. of Maryheld by stockholders of Columbia Graphoph
after April 1 1920 of temporary
land, and in addition the listing on and stock,
no par value, to be issued
certificates for 45,758 shares of Common
payable April 1 to holders of record
as a stock dividend of 1-20th of a allure.
for 1,004,031 shares.
applied
March 15 1920. making the total amount
109. p. 1894), was incorp. in
Columbia Graphophone Factories Cot p.(V. construct
large and modern
and
acquire
wit)
and
Maryland Jan. 5 1920.
Capitalizamanufacturing plants in Baltimore, Md., and Toronto, Can.
follows:
as
is
tion
Issued.
Authorized.
50,000 shs. 12,225 shs.
Common stock (no par value)
shs.
19,250
sits.
00
105_50,0
at
callable
(par
$100),
stock
Prof.
8% Oum.
First Mtge.6% Serial Gold Bonds(V.109,p. 1894)-$5,00.000 $1,750,000
ne
Graphopho
Columbia
by
bought
been
has
stock
All of the Common
Preferred
Mfg. Co. for cash. There have been Willed with respect to the
stock option
stock of Columbia Graphophone Factories Corp., negotiable
stock of Columbia Graphowarrants which are exchangeable for Commonof
an agreement dated as of
phone Mfg. Co. in accordance with the termsMfg.
Co., Columbia Graphoone
Graphoph
Columbia
between
1919
Nov. 1
N. Y. In accordance
of
Co.
Trust
phone Facuories Corp. and Franklin
has delivered to Franklin
with these terms Columbia Graphophone Mfg.Co.stock
representing 41,667
Common
its
of
s
certificate
Trust Co. as trustee
of the stock option
shares to bo issued upon the presentation and surrender
Corp.
warrants of Columbia Graphophone Factories
upon presentation
bearer
the
entitle
and
negotiable
These warrants are
of Pref. stock with respect
and surrender thereof to purchase for each shareof
stock of ColumCommon
shares
issued,
been
have
warrants
such
which
to
Jan. 1 1920 to and incl.
bia Graphophono Mfg. Co., as follows: (a) From
per share or fraction thereof:
Dec. 31 1921, 1 2-3 shares at the rate of $601922,
1 3-7 shares at the rate
31
(b) From Jan. 1 1922 to and incl. Dec.
Jan. 1 1923 to and incl.
of $70 per share or fraction thereof; (c) From share
or fraction thereof.
per
Dec. 31 1923, 1% shares at the rate, of $80 pay
for the shares of Common
These warrants further entitle the bearer to
or by the delivery
cash
in
either
stock of Columbia Graphophone Mfg. Co.stock of Columbia
Graphophone
and transfer of a like par amount of Pref.
Factories Corp.
tenders
Rho Franklin Trust Co.,Now York, will, until March 30,receive
110
for tho sale of $214,199 stock for the Sinking Fund at not exceeding
and interest.J-V. 110, p. 1181.
dated Textile Corp.-Board Increased.-
Consoli
directors
Allen F. Johnson and Alfred L. Ferguson have been elected-V.
110.
and Vice-Presidents, increasing the board from 9 to 11 members.
p. 468, 1091.
Corn Products Refining Co.-Extra Dividend.-
% of 1% on the Common
The company has declared an extra dividend ofon
the Common,Fable
stock in addition to a quarterly dividend of 1%quarterly
div. of 1 % 011
regular
The
5.
Apr.
Apr. 20 to stock of record
Apr. 15 to stock o record
the Prof. stock has also been declared payable
extra dividend
an
and
1%
of
dividend
initial
an
ago
months
Apr. 5. Three
264, 968.
of % of 1% was declared on the Common stock.-V. 110, p.
Co., Baltimore.-Dividends-Listing.-
Cosdon 465
of record Mar.31,
The directors have declared payable on May 1 on stock
on the Common stock (no par
a quarterly dividend of 62% cents per share
on the Common
share
per
cents
12%
of
rate
value), and a dividend at the
cash dividend (2) %)as paid
stock of $5 par value, being the same rate of the
paid for each
extra
%
2%
without
but
quarters,
preceding
for the two
of those quarters in Common stock.
Stock Exchange has recom
The Listing Committee of the Baltimorestock
and also the S8,204,600
mended the listing of the $3,595,040 Prof.
468.
15 year convertible gold sinking fund 6% bonds.-V. 110, p. 767,
Dayton Power & Light Co.-Bonds Offered.-Harris
Forbes & Co., Equitable Trust Co. and E. H. Rollins &
Sons, New York, are offering at 98% and int. to yield over
Mtge. Three-Year 7s.
73% $2,000,000 First Lien & Gen.Int.
payable M. & S. In New
Dated Mar. 11920. Duo Mar. 11923.
Federal income tax net exceeding
York, without deduction for any normal
source. Company agrees to refund
2% which it may lawfully pay at the of
resident in Penn. Callable
the present Penn. 4-mill tax to holders bonds
on or prior to Mar. 1 1921;at
as a whole on 30 days' notice at 101 and int.
at
100% and int. thereafter.
and
100% and int. thereafter to Mar. 11922:
Denom. $1,000, $500 (c*). Central Union Trust Co., N. Y., Trustee.
Dayton, Mar. 12 1920.
Dated
Data from Letter of Pres. F. M. Tait,
light and power
Compang.-Does the entire central station gelectric
es in a highly
communiti
neighborin
56
in
and
Ohio,
business in Dayton,
a present estimated
developed agricultural and industrial territory having
the sale
population of 325,000. Company also derives some revenue from
of steam heat and water.
Outstdg.
Auth.
gFinancin
this
After
ion
Capitalizat
$14,000.000 $3,053,000
Common stock (paying 4% divs.)
6,000,000 3,386,900
Preferred stock (6% cumul.)
5,000,000 2,000,000
issue)
(this
7s,
3-Y.
Mtge.
First Lien & Gen.
0 *2,540,000
20,000,00
First & Refunding Mortgage 5s, due 1941
ing-Co.-Listing.2,717,000
closed
Computing-Tabulating-Record
issues)
(two
public
with
bonds
Divisional
g
after
Underlyin
and
on
lirting
The New York Stock Exchange has authorized the
value (authorized,
March 25 of 104,827 shares of capital stock without parsharespre
& Ref. Mtge. 5% bonds will be pledged to
First
additional
0
out$2,667,00
sent
*
104,827
will provide that no further
200,000 shares, no par value), in exchange forp. 973, 1180, 1190.
secure these Three-Year 7%, bonds. Indenture
as additional
standing capital stock, par $100. See V. 110.
First & Ref. Mtge.5% bonds may be issued except for deposit
.
.
thereunder
Directors
security
-New
d).
Marylan
for the refunds
Consolidation Coal Co. (of have been elected directors, sucprovide
to
(1)
be
employed
will
s
-Proceed
Purposes.
1 1920; and
Starr J. Murphy and A. W. Calloway
tirement at maturity of $1,750,000 General Mtge. 7s, duo Apr.
ceeding Carl R. Gray and the late Jere II. Wheelwright.-V. 110, p. 1180. (2) to reimburse company in part for expenditures made for additions and
1191.
extensions to its property.
ures.
Earnings Years ended Jan. 31.
Consol.Iron-Steel Mfg. Co., Cleveland,0.-Debentoffering
1919.
1920.
are
,
Cleveland
Co.,
Ilerrick
,
and
Bonbright
Co.
&
ller
$3,028,028 $2,539,659
Hayden-Mi
earnings
Gross
$600,000
to
maturity,
851,818
1,100,613
taxes
at prices to yield from 7.10% to 7.50%, according
and
on
depreciati
ce,
maintenan
$100,000 annually Net after
7% Cony. Gold Dab. Dated Feb. 15 1020. Due
Savings & Trust Co., Annual int. charges on outstdg. bonds, incl. this issue 402,850
Feb. 15 1921 to 1925, incl. Int. Q.-F. at Superior
the
reimburse
to
agrees
$697,763
Cleveland, trustee. Denom. $1,000. Company
Balance
income tax or both to
holder of these notes for any Federal or Ohio State
Electric
Net
Gross
K.W.H.
is made within 30 days' of Calendar
an aggregate not exceeding 4%, providing claim
Customers.
Earnings.
Earnings.
int.
any
Output.
on
part
int., all or
Year.
such income tax payment. Red. at 101 and
7,241
$365,577
$686,890
Pref.
2
Cumul.
24,499,06
7%
the
into
par
for
par
1912
Cony,
notice.
days'
30
date upon
13,687
427,012
943,321
35,897,902
1914
stock at any time after such Prof. stock has been authorized.
22,238
620,531
1,613,874
0
72,790,81
1916
28,508
802,080
Data from Letter of Vice-Free. H. F. Seymour, Dated Feb. 17 1920.
95,413,543 2,430,729
1918
Hardware Co.. organized in
33.591
109,360,871 2,932,868 1,093,498
Company.-A consolidation of Columbianorganized
1919
Taylor
and
in
1905,
Co.,
Works
Iron
Its business under franchises
1901, Republic Structural
Franchises.-Company conducts over 80% ofin
varied line of
time; the remainder, with
& Boggis Foundry Co., organized in 1862. Manufactures a
which, in the opinion of counsel, are unlimited from
their respective dates,
iron and steel products and of building hardware.n of Taylor & Boggis a
extend for 25 years
exception,
minor
single
acquisitio
the
for
Purpose.-To provide funds
p. 1092, 874.
110,
-V.
of
Ohio.
laws
present
the
by
limited
as
Foundry Co. and for other corporate purposes.
Earnings of Consolidated Companies Calendar Years.
Depew & Lancaster Light, Power & Conduit Co.Yrly. Affix.
1019.
1918.
1917.
The company recently increased its capital stk. from $500,000 to $1,250.$340,508
$437,373
$399,842
2531.
Profit before taxes & int_ $184,309
69,415 000.-V. 108, p.
95,000
90,887
22,357
Federal taxes
Div.75,067
Navigation Co.-Plans Stock
71,922
49,261
Detroit & Cleveland
Interest
rs will vote
267.205
237.034
112.690
A press dispatch from Detroit states that the stockholde
Balance, surplus
from $5,000,000 to_110,000,000, and
stock
Issued.
.
capital
the
Authorized
increasing
on
12
April
Capitalization$600,000 on approving the declaration of a 25% stock dividend.-V.102, P. 525.
$600,000
7% Convertible Gold Debentures be
authorized)_ 1,750.000
7% Cumulative Preferred stock (to
gs.shs.
12,500
shs.
Diamond Match Co.-Earnin1918.
12,500
Common stock (no par value)
1916.1%4
1917.
on
Calendar Years-1919.
Company has outstanding two mortgages amounting to $135,000
7 $5,631,925 $2,925,806
$3,679,16
8
$3,556,39
Earnings
plants taken over.
1,295,685
2,309,440
1,264,940
882,883
res've
deprec.
&c.,
Gen.,
1,103,098
550,000
500,000
Res've for Inc. taxes, &c_
Continental Candy Corporation.-Earnings.279,475
194,400
Bryant & May stk. div_
Income account for the eight months ending Dec. 31 1919 shows:
1,314,795
526859
8 Dividends,
1,357,20
1,357,208
$3,155,58
Net sales
2,280,433
sales
of
Cost
31,315,326
$978,003
$701,419
516,283
$816,307
surplus
Balance,
expenses
general
Selling, administrative and
3520,056
1748,060
$2,265,787 $1,449,480
Total surplus
$358,872 -V. 110, p. 564.
Net profit after providing for Federal taxes
-V. 109, p. 2442.
Montreal.-President.Dominion Steel Corp., Ltd.,
elected President, succeeding Mark Workman,
Roye M.Wolvin has been
Continental Motors Corp., Detroit.-Notes Offered.- who
of the London Advisory
member
a
and
board
the
of
Chairman
becomes
Halsey, Stuart &Co., Inc., F. S. Moseley & Co., Now York Committee.-V.110, p.662,874.
&c., and Continental & Commercial Trust & Savings Bank,
nd.Eastern Manufacturing Co. of Mass.-Divide
on the Common
Chicago, are offering at 100 and int. yielding 7%, $5,000,000 . A quarterly dividend of 50c. a share has been declaredinitial
dividend of
An
20.
pages.)
ing
Mar.
of
record
advertis
holders
(See
to
1
Apr.
notes.
Gold
payable
stock,
7% Serial
April 1 1922..series "B' the 50 cents was paid on Jan. 2, last.-V. 110, P.81.
Dated April 11920; due series "A" $500,000
series
$3.
"D"
11924,
April
$750,000
"0"
$750,000 April 1 1923, series
Elder Steel Steamship Co., Inc.-Notes Offered.& 0., New York or Chicago, with
000,000 April 11925. Int. payable A.
to and including 2%. De
Baker, Ayling & Young, Boston, are offering the unsold
out deduction for any Federal income taxes up
int
and
101
at
notice,
days'
60
upon
part
or
all
nom. $1,000 (c*). Red.
balance of $1,500,000 7% Serial .Gold notes, as follows:
No mortgage while any of these notes are outstanding.
March 20. $250,000 Series B, at 98.60 and int.; and $250,000 Series C
Data from Letter of Pres. R. W. Judson dated Detroit,
(V. 104, p. 259). Is at 97.75 and int.
Company.-Incorp. January, 1917, in Virginia
building organization in the
the largest and most successful gasoline motor exclusively, and its product
Interest payable A. & 0. at Guaranty Trust Co., New York, beginning
United States. Manufactures gasoline engines passenger cars, commercial Oct. 1 1920, without deduction for Federal income taxes now or hereafter
of
rers
manufactu
among
is widely distributed
deductible at the source, not in excess of 2%. Denom. $1.000 and $100
trucks and tractors. Included in the 170 customers are: Jordan Motor Co..
1,294
THE CHRONICLE
(c5)• Red. all or part at any time upon 30 days' notice at par and int
Dated Jan. 15 1920, due $500,000 each Oct. 1 1920 to 1922.
Data from Letter of Pres. Geo. R. Elder Jr., New York, Mar. 6 1920.
Company.-Incorp. in Del. as successor to the Eldorado Steamship Co.,
doing a general maritime and steamship business with headquarters at
New York.
CapitalizationAuthorized and Outstanding.
First Mtge. Serial 7% Gold bonds, due 1921-1930
$2,150,000
Serial 7% Gold notes, due 1920-1922
1,500,000
Capital stock (no par value)-no divs. while these notes are
outstanding
50,000 sh
Purpose.-Proceeds were used in part payment for the purchase of the
two oil burning steel steamships, Deerfield and West Catanace, and to
provide about $400,000 additional working capital. The appraised value
of the two vessels is $4.381,800. The S. S. Deerfield is a refrigerator ship
of 9,725 deadweight tonnage and is one of the two largest American meat
carrying steamers. The S. S. West Catanaco, of8,453 deadweight tonnage,
a general corm carrier. Both are of the most modern construction and
of the highest classification.
Earnings.-The Deerfield is operating under a trip charter expiring in
about 9 months and the West Catanace is chartered for 4 trips covering a
period of about 8 months. In accordance with the charter terms, the gross
receipts of the company from Jan. 15 to July 20 1920, will amount to about
$2,010,000. For the calendar year 1920 the gross receipts are estimated at
$2,730.000, and the net profits after Federal taxes (estimated at $225,000)
should amount to $1,335,000.
$2,150,000 Bonds Listed.-
The Boston Stock Exchange on March 20 admitted to list temporary
certificates for $2,150,000 7 1st mtge. serial gold bonds, dated Jan. 15
1920, due serially Jan. 1 191 to Jan. 1 1930 Int. payable J. & J. at
Guaranty Trust Co. New York, trustee, without deduction for Federal
income taxes now or
'hereafter deductible at the source, not in excess of
27o, and without deduction for any other taxes which Company may now
or hereafter be required to pay by any taxing authority in the United States,
except succession, inheritance and State income taxes. Denom. $1,000
(c*). Red. all or part at any time upon 30 days' notice at a premium of
1% for each year or portion thereof of unmatured lire. These bonds have
all been sold by the company, and the proceeds used in part payments for
the purchase of the steamships "Deerfield" and "West Catanace."-V.
110, p. 767.
Fairbanks Company, New York.-Sales.-
Herschell-Spillman Motor Co.-Extra Dividend.-
An extra dividend of
of 1% has been declared on the Common stock
in addition to the regular quarterly dividend of 2%; the regular quarterly
dividend of 2% has also been declared on the Pref. stock; all payable Apr. 1
to holders of record Mar. 25. An initial dividend of 2% was paid on both
the Common and Prof. stocks on Jan. 2,last.-V.110. P. 1184.
Holden Evans Steamship Co.-Bonds Offered.-
Tillotson & Wolcott Co., Cleveland, are offering at price
7%
to 74%,according to maturity, $460,000 First Mtge. 7%to not from
bonds,
dated Jan. 1 1920. Denom. $1,000 and $500. Due seriallyMarine
from
J.
J.
&
Jan. 1 1921 to Jan. 11925. Guaranteed p. & I. by Empire Transportation
& Oil Corp. Interest payable J. & J. at Guardian Savings & Trust Co.,
Cleveland, trustee. Redeemable at 102. Company covenants to pay int.
without deduction for income taxes up to 4%. Tax refund in Pennsylvania.
Company.-Is a Delaware corporation, closely affiliated with Cities
Service Co.'s interests. Owns and operates the modern oil tanker
Holden
Evans, of 5,040 d. w. tons capacity, in the transportation end of Empire
Transportation & 011 Corporation s business.
Empire Transportation & Oil Corp.'s subsidiaries and operating companies
include Tampascus Oil Co., Lagunita 011 Co., National Petroleum
Corp..
Gulf Coast Corp., Southern Fuel & Refining Co.. Holden Evans Steamship
Co., and John M. Conelly Steamship Co. These companies own
of
oil lands in Mexico, pipe lines, terminals with unloading facilities, leases
two
ocean-going tankers of which the Hoiden Evans is one. This boat and
operates
from Florida points, Louisiana, Texas and Mexico. The capital stock of
Holden Evans Steamship Co. is owned by Empire Transp. & Oil Corp.
Robert E. Barrett has been elected Treasurer,succeeding tholate Wallace
E. Sawin.-V. 106. p. 818.
Hood Rubber Co.-66 2-3% Stock Dividend.-
The company has called a special meeting of stockholders for April 8.
Approval will be asked to increase capital from $1,000,000 to $2,000,000.
The increase is to be distributed in the form of a 100% stock dividend.
The regular monthly dividend of 3% was also declared on the stock, payable April 7 to holders of record March 24.-V. 110, p. 874.
Federal Oil Co.-Stock Dividend.-
General Railway Signal Co.-Annual Report.-
Calendar Years1919.
1918.
1917
1916.
Not earnings
$658,438
1815,948 $1,006;904
$354.960
Preferred dividends(6%)
120,000
120,000
120,000
120,000
Common dividends..---(6%)180,000 (6)180,000(7%)225.000 (6)180,000
Den143C. & other reserve
x96,241
169,507
246,928
78,776
Interest
9,454
39,296
28,200
28,200
Reserve
222,252
259,331
62,957
54,600
Balance, surplus
$30,491
$47,814
$323,819 def$106,616
Total surplus
$949,777
$919,286
1974,923
$651,104
x Includes Federal taxes of $52,127 paid in 1919.-V. 109. ro. 2175.
Holyoke (Mass.) Water Power Co.-New Officer.-
Sales for the first two months of this year are understood to have totaled
$3,400,01.0, or nearly twice the total of$1,750,000for January and February
of a year ago.-"Boston News Bureau." March 24.-V. 110, P. 170,662.
Federal Motor Truck Co.-New Stock.-
[VOL. 110.
The stockholders will vote April 2 on increasing the Common stock from
$3,000.000 to $5.000,000 by the issuance of $2,000,000 new Common
stock.
The new stock will be distributed to stockholders of record (date not
announced) in the ratio of one new share for every 134 shares of old stock now
held to represent accumulated earnings. Total profit and loss surplus
Dec. 31 1919, $2,863.953. See V. 110, P. 1092.
Hood Rubber Prod. Co., Inc., Watertown
, Mass.A dividend of 3% has been declared on the Common stock payable in
Brown Brothers & Co., Boston, &c., in February offered at 100 and div.
Common stock May 15 to holders of record Apr. 15. An initial dividend $1,000,000 7% Cuml. Pref. (a. & d.) stock,
par $100. Divs. Q.-M.
of 2% and an extra of 3% were paid on Feb. 15 last. No fractional shares Callable all or part at $115 and diva.
will be issued but will be paid for in cash at the rate of $5 per share.- Datafrom Letterof Treas.Frederi
ckC.1-food,Watertown,Mass..Feb.20.
V. 109, P. 2443.
Capitalization.-Auth. and outstanding Pref. stock, 11000,000;
Common
1500.000. All of the common stock is owned yhood
Galena Signal Oil Co.-Plan to Offer at Par to Stockholders stock,
which has paid for the same in cash at par. No funded debt. Rubber Co..
of Record May 31 $6,000,000' 7% Convertible Debentures,
Company.-Incorp. in Mass. Business consists in the sale and distribution of Hood Rubber Co. products, both footwear and
Convertible into Corn. Stock $ for $-Underwriting-Stock
tires, and this company is the sole medium for distribution of the Hood company's
products
The stockholders will vote May 17 on:
takes the place of numerous subisdiary selling companies, whose
busi(a) Increasing the authorized Common stock from $20,000,000 1116,- and
ness
has
been
transferred
to
This
it.
business
is carried on by the Products
000,000 recently outstanding] to $22,000,000, par $100.
Co.
under
with the Hood Co. This use of one soiling company
(b) The issuance of $6,000.000 7% Convertible Debenture bonds, con- is expectedatocontract
result in many economies in administration matters, corporate
vertible into Common stock at the rate of one share of stock for each $100 organization, &c.
in debenture bonds.
Earnings.-The contract between the Hood Rubber Co. and Hood
(c) Approving the resolution to offer said obligations to the stockholders Rubber
Co., Inc. provides for net earnings of 1% on sales after
of record May 311920, at the rate of $100 In obligations for each full share paymentProducts
of all expenses and liabilities incurred by the Products company
and $100 in obligations for such fraction of a full share of the $6,000,000 of in
the conduct of its business under the contract.
Common stock to be reserved for conversion, to which each such stockBased on sales of about $25,000,000 for each of years 1918 and 1919
holder may have the preemptive right to subscribe at the price of the face the
net yearly earnings would be $250,000. Sales in 1920 are expected to
value of said obligations and accrued interest to the date of payment.
exceed $25,000,000 by a substantial amount. The Products
company
(d) To act upon the underwriting of the whole Issue of said obligations. Is protected by the agreement for
minimum net earnings of $100,000 a
See V. 110 • p. 663. 968. 974.
year in any event.
Management.-The directors of the Products company include all of the
Galena Signal Oil Co. Organized in Canada.of the Hood Rubber Co. and 6 of the staff identified
The Galena-Signal 011 Co. of Canada, Ltd., was incorp. in Canada Mar. directors
toe
Hood Rubber Co. in merchandising and distribution. See Hoodwith
8 1920, with an authorized Capital stock of $500,000, par $100, for the Co.
Rubber
in V. 110, p. 470, 1092.
purpose of producing, manufacturing, refining, selling, &c., oil and its
products.-V. 110, p. 663, 968. 974.
Howe Rubber Corp., New Brunswick, N. J.-Notes
Stanley & Bissell, Cleveland, are offering at par and int.. to yield 870,
General Electric Co.-Bonds Listed-Balance Sheet.$400,000
Serial Coupon Gold notes. Dated Mar. 1 1920, due $40,000
The Boston Stock Exchange on March 19 placed on the list temporary
bonds for $15,000,000 20-yr. 6% Debenture bonds, dated Feb. 1 1920. semi-annually Dec. 1 1920 to June 11925. Denom. 31,000,$500 and $M.
Int.
payable
(J. & D.) at office of Citizens Savings & Trust Co., Cleveland,
due Feb. 1 1940. See offering in V. 110, p. 663,874, 1191.
trustee. Reel. all or in part on any int. date at 102
The N. Y. Stock Exchange has authorized the listing of temporary cer- agrees
and int. Company
to pay normal Federal income tax to an amount
tificates for 115.000,000 6% Debenture bonds, due Feb. 1 1940.
of 4%, and also
agrees to refund the Pennsylvania 4 mill tax.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Data from Letter of Pres. John Tenney Jr.. New Brunswick, Feb. 17.
Company.-Business was incorp. under name of Howe Rubber Co. in
I As Reported to the New York Stock Exchange.11
1905. At present has a production of about 1,000
and 250 tires per
1919.
1918.
1919.
1918.
day, but with proceeds of this note issue productiontubes
will be brought up to
Assets$
Liabilities-$
2,000 tubes and 350 tires per day. Plant located at New Brunswick, N.J.,
aPat'ts,fran.,&c.
1
1 Capital stock_ _120,557,200 115,874,800 contains
76,000 sq.ft. of floor space.
Mfg. plants.... 50,813,546 44,040,154
% debentures 2,047,000 2,047,000
Net Sales and Net Profits After Taxes.
Real estate, &c_
713,736
672,486 5% deb. of 1912 10,000,000 10,000,000
Stks., bonds,&c. 51,142,310 40,830,213 Accrued interest
Years1916.
281,269
1917.
284,269
1918,
1919.
1920(MI
Cash
30,994,397 24,010,024 Notes payable__ 15,000,000 25,000,000 Net sales
$492,543 $929,440 $1,516,823 $2,250,000 13,600,001
Notes&accts.ree. 4.5,385,528 41,548.688 Accounts payable 12,906,272 9,716,157 Net after taxes
58,157
46,328
82,302
135,000
400,000
Work In progr'ss 4,974,174 6,526,304 Accr.taxes(est.) 18,956,408 15,099,185
Hurley Machine Co., Chicago.-Stock-New Interests.
Adv.to sub. cos. 4,675,712 7,997,689 Div. pay.in stk. 2,410,098 2,316,472
It is reported that stockholders of record March 13 are given the right to
Inven.(factories) 70,346,291 71,841,203 Adv. on contr'ts 13,054,419 22,336,551
Inven. of offices
Divs. pay. Jan. 2,410,098 2,316,472 subscribe to 60,000 shares, no par value, Common stock
$35 per share.
on consIgn.4c 13,632,172 16,464,472 General reserve.. 10,700,000 6,100,000 The General Electric Co., it is stated, is negotiating for theatpurchase
of this
44% U.S.ars_
7,500,000 U.S. Govt. loan 1,500,000 1,500,000 block of stock and that in all probability the stockholders will waive their
'Abbey Glass Co. 2,265,000 2,205,000 Libbey Glass bds 2,265,000 2,265,000 subscription rights in favor of the General Electric Co., elieving
that
the
property
Def. charges.... 1,298,141 4,410,346 Surplus
will be greatly benefited by the entrance of deneral Electric Co.
64,010,245 53,250,661
Sales of Hurley Machine Co. are reported to have increased 100%
so far
this
Total assets...276,741,009 268,106,567
year
over
the
corresponding
Total liabils_ _276,741,009 268,106,567
period last year, and officials
the company predict that business for the entire year will be three toof
four times
a After deducting $4,296,498 patent reserve.-V. 110, p. 1191.
that of 1919.-V. 109. p. 2175.
General Motors Corporation.-Quarterly Dividend on
Common Stock Increased from 12% to 20% Basis, Payable
Half in Stock.-
Illinois Brick Co.-Dividend Increased.-
An extra dividend of 114% had been declared on the stock along with the
quarterly dividend of 1X%, both payable April 15 to
of record
April 3. In Jan. last, an extra of 134% was paid, alongholders
with the regular
quarterly of 134%, before which dividends were discontinued
since Oct.
1918.-V. 110, 1). 875.
The directors on March 25 declared, along with the regular distribution
on the Preferred and Debenture stocks, a dividend of 25 cents a share in
cash and 1-40th of a share in stock on the new Com.stock without par
•
The dividend on the old Common stock of the par value of $100 avalue.
Indiahoma Refining Co.-Listing-Earnings.
share
is at the rate of $2 50 a sham in cash and one-fourth of a share
The New York Stock Exchange has authorized the listing, on and after
of
Common
stock without par value. This rate of dividend, if continued, would be at April 1 1920, of temporary interchangeable certificates
for $2,173.495
the annual rate of 20%,as compared with a 12% cash dividend rate on the capital stock, with authority to add $2,826505
on official
of issuance,
old shares at the present time.
in exchange for present outstanding certificates, making notice
the total amount
The new no par value Common stock has been selling in the neighborhood applied for $5,000,000 (par
$5), being the total authorized issue.
of $40 a share, which would make the cash value of the dividend now de- Consolidated Income and
Profit and Loss Account, Year ended Dec. 311910
clared equal to $12 50 on the old shares, or a 50% annual basis.
The dividends are payable on May 1 1920 to holders of record at the close Gross earnings
$1,249,113 yCommon divs.(14%)
$298,025
Interest,&c
266,235
of business April 5 1920.
Future dividends on the Common stock will be paid only on the new Deproc'n, depletion, itzt
480,351 Surplus
1115.617
shares without par value, which are being issued in exchange for the present
Previous surplus
654,244
Net earnings
Common stock on the basis of ten new shares for each $100 share.-V.
$502,527
110, Federal taxes
75,000 Total surplus
P. 875. 565.
$769,861
Adjustments
242.370
Net income
(H. W.) Gossard Co.-Annual Report.$427,527
xPreferred divs. (5%)--.... $12,985 Profit & loss, surplus__
Calendar Years1919.
_ _$527.491
1918.
1917.
Net sales
x
Preferred
stock,
retired
July 1 1919. y 1% regular monthly and 2%
14,803,820 $3,418,639 $2,743,719
Net after preferred dividends
4548.009
4304,048
3219.012 extra paid Sept. 30.-V. 110, p. 1192.
Common dividends
150,000
150,000
Indiana
Pipe
Line.
-New Director.Balance, surplus
$398,009
$154,048
$219,012
E. T.P. Greenidge has been elected a director, succeeding Edwardirort-V. 109. D. 891.
mann.-V. 110, P. 768.
MAR. 27 1920.]
1295
THE CHRONICLE
.--
Minneapolis Gas Light Co.-Valuation.-
Inspiration Consolidated Copper Co.-Acquisition
William A. Baehr of Chicago, consulting engineer, has appraised the
The Warrior property of 11 patented claims has been sold by the Warrior
valuation of the company's properties as of Jan. 1 1920 at $19,371,063
Copper Co. of Miami, Ariz., to the Inspiration Consolidated Copper Co.
and
fixed the valuation at $13,792,831 as of July i 1918, at a date when
&
for a consideration reported to have been $500,000.-"Engineering
Dr. Milo R. Maltbie of New York, public utilities expert employed by
Mining Journal."-V. 110, p. 1092.
the city of Minneapolis, fixed $6,000,000 as a fair valuation.
Mr. Baehr used the figure in testifying before John F. McGee,Special
Inter-Coast Steamship Co.-Initial Dividend, &c.
in Chancery in Federal Court, where the company and its receiver.
An initial quarterly dividend of 2% has been declared, payable April 1 Master
R. Rand, are contending for an upward revision of 1920 ordinance
Rufus
to holders of record March 20.
rates of 83 cents a 1,000 cu.ft. to private consumers and 72 cents a 1,000
Tnis company was organized by Capt. Arthur L. Crowley, formerly gas
started Cu. ft. to the municipality.-V. 110. p. 876, 769, 664.
V.-Pres. & (Ion. Mgr. of the Coastwise Transportation Co. andW.
tons
'D.
operations Nov. 1 1919. It owns four steamships of 3,600
Montgomery Ward & Co., Inc.-Listing.each and is engaged in the Coastwise and Gulf trade; it also operates for
The New York Stock Exchange has authorized the listing of permanent
private interests 11 barges,4 tugs and 3steamers. Capt. Arthur L. Crowley interchangeable
certificates for $8,000,000 7% Cumulative Prof. stock (par
is Pres. & Con. Mgr., and is planning to increase the company's fleet of $100) In exchange
for outstanding temporary certificates; and temporary
steamers by the acquisition of larger tonnage.
interchangeable certificates for 850,000 shares of Common stock (no par
add 150,000 shares additional on official notice of
International Mercantile Marine Co.-Pref. Dividends. value), with authorityintofull.
See annual report in V. 110,P.655,876,974.
After the postponed meeting of the directors of the International Morcan- issuance and payment
tileMarine Co. President P. A.S. Franklin, it is reported, said in substance:
Nashua Mfg. Co.-100% Stock Dividend Proposed."There has been no change in the company's policy regarding accumulated
Treasurer Frederick Amory under date of March 19 says in subst.:
preferred dividends. It is still proposed to pay off back dividends on the
issued and outstanding,
Preferred as earnings warrant such action, and the board has no plan for The total authorized common stock is $5,000,000,
last
earnings
Net
A substantial surplus has been accumulated by reason of the
issue.
$2,500,000.
security
new
a
through
paying the accumulations
in additions and improfits
of
the
surplus
years
Regarding
investment during past
year will show an increase of about 33 1-370 over those of 1918.
return provements to equipment and plant.
Present earnings there has been some falling off due to a decrease in weeks.
by transferring
surplus
this
of
capitalize
to
$2,500,000
now
recent
proposed
is
in
It
improved
have
cargoes, although shipments from Europe
it on the books from surplus account to capital account, and by issuing to
-V. 110, p. 82, 664.
common stockholders of record April 2 the balance of the authorized and
unissued common stock, in the proportion of one new share of common
International Salt Co.-Annual Report.stock then held, thus making the holdings
Results of Subsidiary Companies for Ten Months Ending Dec. 31 1919. stock for each share of common
the common stockholders more nearly represent their interest in the
of
10 Mos. to -Years Ending
corporation.
of the
Dec. 31 '19. Feb. 28 '18. Feb. 28 '17. assets
The directors believe that the recently adopted dividend policy can be
Gross earnings of sub. companies..--- $1,074,503 $1,102,976 $1,206.132 continued,
so that the annual dividend on the total outstanding common
Bond int.-Retsof Mining Co.,$104.will vote
185,000 stock as increased would be at the rate of 10%. [The stockholders
185,000
154,167
167; Detroit Rock Salt Co.,$50,000
on this plan on March 30.1
$917,976 81,021,132
RESULTS FOR YEARS ENDING OCTOBER 31.
Balance available for diva., &e....- $920,337
Ave. 10 yrs.
2,657,022 2,668,971
4,060,498
Previous surplus
1909-18.
1917-18.
1,099,000
1918-19.
iteduc. cap. stk., Rotsof Mining Co_
$18,463.455 $20,014,082 $9,069,534
Sales for year
547,041
3,689,903
$1,426,647
84,673,998
$1,820,424
$4,980,835
Net profit after U. S. taxes
Total
Not
613,500 1,027,500 Common dividends
(20%)290,000 (16)232,000
685,190
Divs. to International Salt Co
stated
5,380
16,250
%)126,875
Salt
Co.(33
Rock
dividends
Preferred
Detroit
of
div.
Pref.
4,279,395 $4,060,498 $2,657,023
Total surplus
1919
The income account of the International Salt Co. itself for the yeartotal,
shows: Divs,from sub. cos., $685,190; int. on bonds owned,$80,434;
$765,624; admin. and legal expenses and taxes, $46,019; int. on collateral
trust 57. bonds, $170,508; dividends for 10 months (3 quarterly diva. of
13i %), 8273,471; balance surplus, $1.582,759.-V. 110. P. 566.
$1,403,549 $1,194,647
Balance, surplus
BALANCE SHEET-OCTOBER 31.
1918,
1919.
1918.
1919.
$
$
Liabilities-Assets3.825,000
stock
Prof.
9,477,093 7,249,912
Plant
1,450,000 1,450,000
Corn, stock
26,138
Investment, &c___
474
1,750,3953 3,092,046 Accounts payable_
Invincible Oil Corp.-Notes Sold.-J. S. Bache & Co. Cash
Nolen payable.... 3.970,000
3,509,351J
Accounts recelv
and Cochrane, Harper & Co., New York, recently sold at Inventaries
3,825,000
5,717,449 4,323,011 Floa.ing debt_
507,800 Res, for taxes__ 1,274,645 2,500,000
98 and int., to yield 9%, $1,800,000 One-Year 7% notes IA b.bds.& U.S.cert
for deprec___ 1.779,930 1,640,642
Res.
273,191
157,383
Prepaid
accounts.
A circular shows:
8,536.858 6,231,918
Surplus
Dated March 2 1920, due March 2 1921. Int. payable at Chase Nat.
Bank, N. Y., and Metropolitan Trust Co., Boston. Denom. $1,000.
20,638,808 15,448,560
20,838,808 15,448 560 Total
Total
Outstanding.
CapitalizationCompare V. 108, p. 2438; V. 109. p. 2444; V. 110, p. 974. 82.
$18,700,090
Capital stock (par $50)
7 1-yr. notes ($1,800,000 due Mar.2'21; $200,000 Feb.20'21) 2000,000
National Tire & Rubber.Co., East Palestine, O.4,900,000
6 0_ Serial Secured notes,(due June 1920-Jan. 1924)in excess of $10,250.000.
The following has been pronounced correct for the "Chronicle": "StockEarnings.-Earnings for 1920 are estimated to be
have approved plans of directors for a reorganization of National
holders
wells.
305
day
from
per
barrels
Total potential production over 35,000
Tiro & Rubber Co. Under the now arrangement the company's capital
For full description of properties, &c., see V. 108, p. 2437. 2531; V. 109. will consist of $1,000,000 of 7% Pref. stock and 75,000 shares of no-par
p. 76. 1704.
Common. Half of the Preferred will be issued at once and will carry a
Common
bonus of four shares of Common for each ten shares. Presenteach
Passed.Isle Royale Copper Co.-Dividendcurrent
share
of the new Common for
quarter. Previous shareholders will be given three shares
The company has omitted the dividend for the
at $1,000,000,$250,000
capitalized
was
company
The
of
Common.
old
the
$1
50;
1919.
$2
Mgr.
dividends paid wore: 1913, $1; 1916, $3; 1917, $6; 10113,
Gen.
and
Pros.
is
Warner
L.
S.
Common.
Pref. and $750.000
(paid 50 cents Sept. 30 and 50 cents March 30).-V. 109, p. 779.
Lake Superior Corporation.-Guaranty Settlement.-
The newspaper report cited in last week's "Chronicle" has been confirmed, with the exception of some figures which should road as follows:
"The above in effect reduces the guaranteed obligations of the Lake Superior
Corp. from $15,080,000 to $6.032,000 in principal and from $754,000 to
in consideration
$300,800 in annual interest. The Lake Superior Corp.,bonds
and in full
of its being relieved of its guarantee on $9,048,000 of said
approximating
interest
guaranteed
accumulated
unpaid
of
liquidation
to
$3,000,000, or a total of $12,000,000, agrees to deliver for distribution
Superior
said bondholders . . . Under the above settlement Lake
and
railway
the
of
management
and
control
in
Corp. is to be reinstated
terminal companies and the bondholders' committee is to surrender free
and unencumbered its holdings of $3,000,000 out of an issue of $5,000,000
5% Prof. stock of the Algoma Central & Hudson Bay Ry. to the Lake
Superior Corp. as its solo property." See V. 110, p. 1192.
f. Stock Offered.(Chas. H.) Lilly Co., Seattle.-Preand
Blyth, Witter & Co.,
i
Ferris & Ilardgrove, George H. Burr & Co.
to
Seattle, &c., are offering $350,000 7% Cum. Pref. stock, at 98 and div.
t
yield
over 7i%. Div. .-F. Red. for sinking fund at 108. Auth. pref.
750,000; Common $4 0,000; outstanding, Pref. $350,000; Common
00.000. No bonds. The company manufactures flour and mixed
cods; also deals in seeds, grain, farm, garden and poultry supplies. Owns
and operates a largo plant in Seattle, with branches at Ellensburg, Yakima
and Wapato, Wash., Portland, Ore. and Kobe, Japan.have averaged for
Annual net earnings, after payment of Federal taxes,
the past 5 years, over 3 times dividend requirements on the total amount of
this stock. President, Chas. F. Lilly.
Logan Coal Co.-Preferred Stock Offering.-
Cum.
Moron & Co., Phila., recently offered at 98 and div.. $450,000 7%
dividend
Prof. (a. & d.) stock, par $100. Redeemable, all or part, at anyaside
each
sot
to
agrees
Period at 102 and diva. 131vs. Q.-F. Company
year 60% of its net earnings for the retirement of Prof. stock at not exceeding
pref.,
outstanding,
$450,000;
and
auth.
Capitalization
102 and divs.
Common, $300,000. No bonds.
Altoona
Property.-Property is located in Cambria County, Pa.between
owned in fee,
and Johnstown, consisting of about 1,027 acres of coal landson between
6,000
equipment, &c., and in addition has perpetual leaseholds
and 7,000 acres of coal lands in Cambria County, estimated to contain
coal.
30,000,000 tons of marketable
income
Earnings.-Not earnings for past three years, after reserves for
for 1919,
taxes, have shown a yearly average of mere than nine times, and
dividend
the
times
eight
than
more
after estimating Federal taxes, were
requirements of the Preferred stock.
Directors.-William J. Faux, Pres.; Guy L. Wheaton, Sec.; Caleb F. Fox,
Howard Cooper Johnson and Walter II. Lippincott, Phila.-V. 110. p.769.
McCord Manufacturing Co.-Dividend.-
on the Common
A quarterly dividend of $1 per share has been declaredPref.
stock, both
stock along with the usual dividend of 1.l% on the
places the
declaration
This
2.
March
payable April 1 to holders of record
Com, stock on a $4 p. a. basis, an increase of 1% over the previous rate.
-v. 110. IL 366.
New Bedford Gas & Edison Light Co.-Securities Auth.
The stockholders have authorized an increase in the capital stock ky
$447,000 and the issuance of $447,000 6% mortgage bonds of 1928to (V.
the
109, p. 583.) Proceeds will be used to cover the cost of extensionselectric
plant which are necessitated by the increase in the demand for
current for power purposes.
1918.
1919.
1918.
Cal.Years- 1919.
Gross earns___$2,399,971 $2,072,254 Bond interest_ $143,100 $143,100
$291,110
$571,809
sur-Balance,
$434,210
aft.
taxes
$714,909
Net,
Outstanding.
Capitalizationx$2,385,000
Common stock (127 in 1918)
1,500,000
Five-Year 6% Gold Coupon Debentures
885,000
First Mortgage 6s, Jan. 1 1928
x Not including the additional sum of 81,381,271 received in premiums.
Compare V. 109, p. 583.
New York & Honduras Rosario Mining Co.-Obituary.
Washington S. Valentine, Chairman of the boards of directors of the
Now York & Honduras-Rosario Mining Co., and the Central American
Petroleum Corp.. is dead, following an operation.-V. 110, P. 267.
New York Telephone Co,-10-Cent Hotel Rates Forbidden.
The Now York P. S. Commission has handed down a decision forbidding
hotels and apartment houses in New York City to fix rates for telephone
service other than those on file with the commission.
The decision was made after hearings on complaints that certain hotels
and apartment houses were charging 10 cents for local calls.-V.109. P. 2444
New York Transportation Co.-Earnings.
30 '18. June 30'17.
Years EndedGross earnings
Net after operating expenses
Other income
Dec. 31 '19. June
$4,222,907 $2,660,747 $2,243,816
522,032
645.987
1,245,447
102,681
127,433
82,948
$624.713
$733,420
$1,328,395
235,697
*517,272
562.600
(734)176,250 (10)235,000 (10)235,000
8154,061
$21,148
8589,545
Balance, surplus
Profit and loss surplus, $1,362,055, against $636,148 in 1918.
*Incl. $136,043 not charges applicable to prior period.-V.108, p. 1394.
Total income
Charges and all taxes
Dividends
Niagara Falls Power Co.-Water Powers of the U. S.-
The "Electrical World" of Mar. 20 has an illustrated and very elaborate
article under the above caption, dealing with the developed and undeveloped
water power of the United States.-V.110, p. 1094, 975.
Nipissing Mines Co., Ltd.-Cash, &c., Dividend.-
The usual quarterly dividend of 57. has been declared payable April 20
to holders of record March 31. In Jan. & July, 1919, and Jan. 1920 an
extra dividend of 5% was paid, but in April and Oct., 1919, the extra was
omitted.
Financial Statement Showing Total Cash, etc., $4,609,966, March 13.
$3.568,536
Inc.-Listing-Earnings.Cash in bank,including Canadian and U.S. war bonds
._(H. R.) Mallinson & Co.,
1,041,430
of
listing
$5,000,000
the
and ore in transit and at smelters, ore on hand
authorized
has
Bullion
Exchange
Stock
Tho New York
Common
of
shares
-V. 109, p. 2362.
7% Cumulative I'referred stock (par $100) and 200,000
stock (no par value).
Ohio Cities Gas Co.-To Issue 8% Pref. Stock.Earnings.-Ineemo account (including operations of Erie Silk Mills and
Pussy Willow Co.) for 3 months ending Jan. 31 1920: Gross profit on sales,
The directors have decided to issue 310,000.000 87,Pref. stock, par 8100.
$1.735,726; net earnings, 81,292,612; total income, $1,362,187; net profits Convertible into Corn. stock within three years from July 1 at $50 per share.
Co. and the
(subject to Federal taxes), $1,273,116.-V. 110, p. 1192.
This stock will be offered exclusive to the Ohio Cities Gas will
probably
Oklahoma Producing & Refining Corp. stockholders. Rights
Directors.Middle States Oil Corporation-New
20.
close
April
will
books
subscription
and
1
April
about
Betpes accrue on or
George A. Muir, William Rosenfeld, E. S. Lawrence and H. S.
Jan. 29 to increase the limit of Prof. stock
on
voted
shareholders
The
and
Falk
Arthur
Haskell,
$9,002,100
have boon elected directors, succeeding L. E.
from $10,000,000, consisting of the old 534% Prof. of which
Of the new stock $10,000,W. N. Patterson.
who has recently been outstanding, to $90,000,000.
$ for $
P. D. Saklatvala was elected President, succeeding 0. J. Haskell,have
000 6% cumulative it was provided should be issuable in exchange
new Pref. was to be
becomes Chairman of the board,' C. J. Haskell and William Murdoch
$70,000.000
remaining
the
and
Prof.
%
for the 534
been elected Vice-Presidents and Col. 0. A. Eastman chosen Sec. & Treas. reserved for future requirements.
-V.110, p. 869, 876, 1192.
1296
THE CHRONICLE
It is stated that the directors have also decided to change the name to
Pure Oil Co.
A quarterly dividend of 1 y,% has been declared on the 53,1% Pref.stock,
payable Aprfl 1 to holders of record March 15.-V. 110, p. 472.
Oklahoma Natural Gas Co.-Rate Increase.-
The company has been granted permission to increase the price of natural
gas supplied for domestic uses from 40 cents to 48 cents per 1,000 cu. ft.
-V. 109, P. 2444.
Osceola Cons. Copper Mining Co.-Dividend Decreased.
The directors have declared a quarterly dividend of 50c a share, payable
March 31 to holders of record March 18. Three months ago a dividend
of $1 was paid
Dividends since 1906 embracing-Nos. 59 to 97 Inclusive.
'07. '08. '09. '10. '11. '12. '13. '14. '15. '16. '17.'18. '19. '20.
$13 $2 $8 $10467.50 $12.50 $10.50 $3 $8 $16 $20 $10 $3 50c
-V. 109. p. 780.
Otis Elevator Co.-To Increase Stock.-
The stockholders will vote April 19 on increasing the authorized Common
stock from $10,000,000 to $15,000,000.
The notice to stockholders states that the increase is desired "that Com.
stock ofthe company may be issued and disposed offrom time to time in such
amounts and in such manner as may be determined by the board."V. 110, p. 1094.
Otis Steel Co.-Earnings, New Plant, &c.-
Operations this year are reported as showing consistent improvement,
the tonnage output of finished products for February running in excess of
30,000 tons. -While the annual report has not yet been issued, the figures
available at this time indicate earnings last year of $1 91 per share on the
Common stock.
Excavation work has begun for the new sheet mills and their initial
operations are scheduled for about Oct. 15.-V. 110, p. 876. 1193.
Panhandle Producing & Refining Co.-Dividend.-
A quarterly dividend of 2% has been declared on the Preferred stock,
payable April 1 to holders of record March 20. An initial dividend of 2%
was paid on Jan. 2 last.-V. 109, p. 2362.
Parish & Bingham Corporation.-Dividend Increased.-
The directors have declared a quarterly dividend of 31 per share, payable
April 20 to holders of record April 10, placing the stock on a regular $4 per
annum basis. Three months ago 75c. regular and 25c. extra per share were
ordered paid.-V. 109, P. 2362.
Pierce Arrow Motor Car Co.-Earnings.-
Calendar YearsNet earnings
Federal taxes
1919.
1918.
1917,
1916.
$3,161,122 $4,273,172 $4,791,274 $4,076,167
600,000
1.200,000
1,161,802
Balance
$2.561,122 $3,073,172 $3,629,472 $44,076,167
Other income
$326,144
$15,601
$11,858
$63,842
Gross income
$2,587416 $3,088,773 $3,641,330 $44,140,009
Interest
96,196
3..,3
42,582
69,750
Preferred dividends(8%)
800,000
800,000
800.000
Common dividends..alI1)312.500($5)1562,500(3234)625000
Balance, surplus
$1,378,570
$4403,241 $2,173,748 $4_,070,259
Profit and loss,surplus- 43,571,631 32.819,204 $2,415,963
3242,215
*After deducting depreciation of properties $501,326. x After debit
adjustment of inventory of $126,142 and $500,000 transferred to reserve
for inventory.-V. 109. P. 1705.
Phillips-Jones Corporation.-Listing-Earnings.-
[VOL. no.
Scovill Manufacturing Co.-Balance Sheet Dec. 31.1919.
AssetsLand, buildings &
machinery
a8,472,031
Cash & cert.of dep. 1,509,886
U. S. Gov't sec
6,637,596
Other bonds & inv. 4,402,635
Stocks in other cos.
75,058
Acc'ts & bills rec.._ 2,125,733
Merchandise
7,037,956
1918.
8,870,079
2,791,403
4,265,077
2,524,425
5,058
2,841,966
6,672,936
1919.
Liabilities,
$
Capisal stock
5,000,000
Surplus
16,227,007
Reserves
6,000,000
Acc'ts & bills pay_ 877,864
Unliquid'd adv. on
contracts
Net earnings
2,156,025
1918.
$
5,000,000
15,096,104
4,000,000
168,124
1,575,814
2,130,903
Total
30,260,896 27,970,945
Total
30,260,896 27,970,945
a After crediting 3855,747 for additions during 1919 as against $4,114,010
in 1918; and deducting $1,253,795 for depreciation as against $2,996,623 in
1918.-V. 108, p. 1279.
Security Oil Corp.-Bonds Offered.-E.R. Diggs & Co.,
syndicate managers, are offering $5,000,000 Collateral Trust
6% Gold Bonds. Price, $100 bond and 1 share stock, $100;
$500 bond and 5 shares stock, $500; $1,000 bond and 10
shares stock, $1,000, and int. Bankers state:
Dated March 15 1020, duo June 15 1924. Denom. $1,000, $500. $100
(0). Red., all or part, on 30 days' notice at par and int. Int. payable
M. & S. without deduction for normal Federal income tax not exceeding
2%. Penna. 4-mills tax refunded. Guaranty Trust Co., N. Y., trustee.
Capitalization (upon Completion of Present Financing) Outstanding.
Collateral trust 6% gold bonds
$5,000,000
Capital stock (no par value)
100,000 shares
Company.-Organized to drill for oil on leases selected from acreage now
held by Empire Gas & Fuel Co. (a subsidiary of Cities Service Co.) in the
Mid-Continent Oil Field-including Kansas, Oklahoma, Texas and Louisiana, and has acquired under most favorable terms the privilege of drilling
in certain of these locations.
Security, etc.-To provide necessary working capital for this development
and to safeguard the investment, the purchase by Security Oil Corp. from
Empire Gas & Fuel Co. of 35,000,000 Sinking Fund 6% notes due June 15
1924 (V. 108, p. 2436), has been arranged at a price of 90% and interest.
These notes will be deposited with the trustee, par for par, as security for
payment of Security 1011 Corporation's bonds.
Purpose.-10% of the cash proceeds from sale of these bonds thus becomes
available to Security 011 Corp. as working capital-all of it to be used for
development and to increase the production of oil.
This Issue.-When Empire Gas & Fuel Co. notes held in this trust are
called for payment from sinking fund, the trustee under the Security Oil
Corporation's trust deed will Immediately ask for tenders of bonds of this
Issue or will-call bonds by lot for payment at par and interest in amount
approximate to the total amount to be realized from the Empire Gas &
Fuel Co.'s notes under call. On and after March 15 1922 holders of Security 011 Corp. bonds may deposit their bonds with the Guaranty Trust
Co. and take down out of the collateral deposited a like amount, par for
par, of the notes of Empire Gas & Fuel Co. upon the expressed condition
that such notes are to be immediately converted into the 8% Pref. stock of
the Empire Co.
The Collateral.-Over $1,000,000 of Empire Gas & Fuel Co. 8% notes
have been retired through the sinking fund of 1% monthly, and an additional 32,783,000 have been retired through conversion into Empire Co.
8% Cumulative Pref.stock,leaving at present outstanding only $21,217,000.
Combined Earnings Empire Gas & Fuel Cos. for 12 Mos. end. Feb. 28 1919
(inter-company sales eliminated.)
Gross earnings
$64,504,491/Annual interest on 6%
Net, after maint. & taxes 23,121,297 notes
$1,500,000
Int.on divisional bonds
1,126,320 Balance,surplus
20,494,977
Management.-F. H. Blackburn, President, Cleveland, 0.; Edward D.
Brown and E. R. Diggs, New York.
The New York Stock Exchange has authorized the listing of temporary
certificates for $2,500,000 7% Cum. Pref. stock (auth. $4,000,000), par
$100. and 85,000 shares of Common stock, no par value (auth. 100,000
shares), with authority to substitute permanent engraved certificates, in
Shattuck Arizona Copper Co.-Passes Dividend.exchange for outstanding temporary certificates.
The directors have passed the quarterly dividend for the current quarter.
Income account for the six months ended Dec. 31 1919 shows: Sales,
Previously
quarterly dividends of 25 cents were disbursed.-V. 110.
$3,025.168; gross profits, $813,946; profit after Federal income and excess
profits taxes(estimated.$100,000),3.338,850. Compare V.109,P.780.684, 1095, 665.
Pocahontas Fuel Co., Inc.-Bonds Called.-
All outstanding Sinking Fund 5% First Mtge, bonds of Pocahontas Collieries Co. due May 1 1937 have been called for payment on May 1 at par
and interest at the Columbia Trust Co.-V.105, p. 185.
Price Brothers & Co., Ltd.-Listed.
(Howard) Smith Paper Mills., Ltd.-Listed.-
The Montreal Stock Exchange has admitted to list 32,500,000 Common
stock and $1,500,000 8% Cum.Pref.stock, par 3100, with authority to add
$1,500,000 Common and $1,500,000 Pref. stock.-V. 110. p. 1095. 367.
Standard Oil Co. of New Jersey.-Listing, &c.-
The New York Stock Exchange has authorized the listing of $98,338,300
The Montreal Stock Exchange on March 11 authorized the listing of
$1,534,200 ordinary stock, making the total authorized to be listed $8,534,- (authorized,$100,000,000)7% Cumulative Non-Voting Preferred stock, par
$100,
and $98,33d,300 (authorized,1,100,000,000) Common stock, par 3100.
200. This stock was issued as a 22% stock div., payable Feb.28.-V. 110,
Products of Company's Own Refineries, Calendar Years (bbls. 50 gals.).
1). 877. 665.
Naphtha & Refined Gas &Fuel Lubricating Scale
Other
Providence (R. I.) Telephone Co.-To Increase Capital.
Gasoline.
Oils.
Oils.
Oils.
Wax. Products.
The company has asked the Rhode Island General Assembly for authorYear(bbls.)
(bbls.)
(bbls.)
(bbls.) (tons). (bbls.)
ity to increase the capital stock from 35,000,000 to 310,000,000.-V. 110, 1915
4,962,213 8,702,906 7,382,399 2,202,857 62,073 918,989
P. 83.
1916
6,100,636 6,137,705 7,147,707 2,646,685 55,792 1,481,136
1917
6,3/1,751 6,918,332 6,432,101 2,455,315 55,675 1,673,688
Puget Sound Power & Light Co.-New Name.1918
7,285,619 6,318,811 0,514,319 1,978,783 54,773 1,040,280
See Puget Sound Traction, Light & Power Co. under "Railroads" above
1919
8,812,457 8,108,634 12,647,259 1,857,576 39,686 1,781,144
and V. 110, P. 971.
The estimated output a the company's own refineries for the year 1920
Reelcraft Pictures Corp.-Class "A" Pref. Dividend.- israbout 10% in excess of that for 1919.-V. 110, p. 1194, 1095.
A quarterly di idend of 2% has been declared on the Prof. stock, Series
Standard Parts) Co., Cleveland.-Notes Offered.-The
"A," payable April 1 to holders of record March 20.-V. 110, P. 1193.
bankers named below are offering, at 99 and int., to yield
Republic Distilling Co.-Bonds Paid.-
The $700.000 7% bonds due March 1 1920, were paid off at office of
Equitable Trust Co., N. Y. City.-V. 109, p. 781.
about 83/2%, $6,000,000 7% Gold Notes.
Dated March 5 1920, due Sept.5 1920. Red. June 5 1920 at par and int.
upon ten days' notice. Cleveland Trust Co., trustee. Denom. $1,000.
Data from Letter of President J. 0. Eaton. Cleveland. Mar, 9.
Rockhill Coal & Iron Co.-Bonds Offered.-Brown Bros.
Company.-Incorp. in Ohio in 1916. Consolidation of Standard Welding
& Co. and W. H. Newbold's Son & Co., Phila., announce Co.,
Perfection
Co., American Ball Bearing Co., Bock Bearing Co.,
the sale at 96 and int., yielding 6.35%, by advertisement on Western Spring Spring
& Axle Co., &c.. Output includes springs, axles, bearings,
tubing, wheel rims and other parts for bicycles, passenger cars, motor
another page, of $3,000,000 First Mtge. & Coll. Trust 20- trucks,
agricultural tractors and airplanes. Company employs over 8,000.
Year 6% S. F. gold bonds. Bankers state:
Balance Sheet.-Balance sheet as of Dec. 31 1919 adjusted to show comDated March 1 1920. Due March 1 1940. Red. all or part or in part pletion of this financing and proceeds from the sale of the Flint plant,shows
for sinking
at 102 and int. Int. payable M.& S. Denom. a500 and net current assets equal to $1,550, and total net assets equal to $3,569 for
$1,000 (c5 . Pennsylvania Co. for Ins. on Lives & Granting Annuities, each ;1,000 of these notes. Net earnings for the past four years average
trustee.
ee from personal property tax in Penna. and normal Federal $1,386,399 annually.
Purpose.-Pay off floating debt and provide additional working capital,.
Income tax up to 2%. Annual payments of $260,000 will be provided for
Bankers Making Offering.-First Nat. Bank, Otis & Co., Guardian Savthe payment of interest charges and a sinking fund for the redemption of
bonds at not to exceed 102 and int. Through the operation of the sinking ings & Trust Co. and Berton & Dorton, Cloveland.-V. 110, p. 1095.
fund the entire 1ESUO of bonds should thus be retired at or before maturity.
Standard Sanitary Mfg. Co.-100% Stock Dividend.Security.-Secured by a first mortgage on the properties and improvements
A dividend of 100% has been declared on the $6,000,000 Common stook,
of the company. Also secured througa the deposit of substantially all the
outstanding bonds and stock, by a lien on the property and equipment of payable in Common stock April 10 to holders of record March 29. A cash
the East Broad Top RR. & Coal Co. Total valuation for both properties, dividend of 2% together with an extra of 2% on the Common, was paid in
$5,025,000. in addition co. will have net quick assets of over $750,000. Feb. last. The balance sheet for year ending Dec. 31 1919 shows total
surplus and reserves amounting to 38.614,370. compared with $7,385,846
For description of property, earnings, &c., see V. 110 p. 1193.
in 1918.-V. 110. p. 473, 877.
Scholtz Mutual Drug Co., Denver.-Notes Offered.-
Wright-Swan & Co., Denver, are offering at prices ranging from 98.08
and interest to 97.62 and interest, to net 73 %, according to maturity,
$300,000 7% Secured Serial notes.
Convertible at any time into 8% Cumul. Pref. stock, with a bonus of
10 shares of Common stock for each $100 par value of Pref. stock so exchanged. Dated Feb. 15 1920. Due serially Feb. 1922 to 1926. Int.
payable in Denver or New York. Denom. $100 $500 and $1,000. CalIable at any int. period at 102 and int. International Trust Co., Denver,
Trustee. Exempt from Colorado 02y, County and State taxes and from
normal Federal income tax up to 2 0.
Company.-Is a consolidation of S oltz Drug Co. and Mutual Drug Co.
and owns and operates 14 stores of which 9 are in Denver and 5 are located
at Greeley, Loveland, Longmont, Windsor and Brighton, Colo. Outstanding stock consists of $432,000 Prof. stock and $500 Common stock.
(Par of Common 1 mill.)
Profits.-Combined net earnings for the year 1919, after depreciation.
$106,648; interest charges on 3300,000 secured notes, $21,000: balance for
income taxes. diva. and surplus, 385,648. Pres., George G. Gregory.
Stanley Rule & Level Co.-Merger.-
See Stanley Works below.-V. 108, p. 487.
Stanley Works, New Britain, Conn.-Pending Merger100% Stock Dividend-60% New Common at Par.The company's shareholders were to vote yostrday on a plan described
in the official circular substantially as follows:
"It is proposed that your company purchase the manufacturing business
and assets of the Stanley Rule & Level Co. for approximately 36,000,000,
paying therefor cash or Preferred stock. The assets to be purchased Include plants at New Britain, Newark, Plantsvillo, Bridgeport, South Shaftsbury, and in Canada, all materials of every kind, together with all finishes
goods, timber and other lands, tenements, patents, good-will, trade-marks.
&c. The cash, bonds and accounts receivable of the Stanley Rule & Level
Co.are to be reserved by that company and not to be included in the sale.
"The products of both companies, while not competitive,are sold through
the same channels and ho side by side, labeled with the Stanley name.
THE CHRONICLE
MAR. 27 1920.]
The Stanley Rule & Level Co .'s business is the result of three generations
of manufacturers of great ability applying themselves to the task of making
the best carpenters' and other tools and creating a market for them.
"The plan contemplates providing funds for the purchase by the issue of
$6,000,000 of 7% [cumulative non-voting] Preferred stock. Any shares of
this Preferred stock that the Stanley Works stockholders do not subscribe
for will be used at par for payment to the Stanley Rule & Level Co. on
this purchase.
"The proposed issue of $1,500,000 of[Common]stock is intended for the
purpose of furnishing capital for continuing and developing the business
purchased and for needed extensions in the Stanley Works plants. It is
proposed to offer said issue of $1,500,000 of stock to the stockholders of this
company at par. In addition it is proposed to issue to the stockholders of
this company a stock dividend of 100% of their present holdings in common stock, namely $2,500,000 of Common stock, and to pay for the same
out of the present surplus of this company."
[The Stanley Rule & Level Co. is capitalized at $2,000,000 and has been
paying 20% dividends.-Ed.-V. 110, p. 976.
Superior Steel Corporation.-Dividend Increased.A regular quarterly dividend of 1M % has been declared on the Common
stock, payable May 1 to holders of record April 15. Dividend record for
Common shares Nov. 1 1917, 15i %:Feb. 1918 to May 1919,6% per annum
(1H% guar.); Aug. 1919 to Feb. 1920, X% (75c. quer.); May 1920. 13%.
-V. 110, p. 965.
Temple Coal Co.-Bonds Called for Redemption.Eighty ($80,000) First & Coll. Trust Mtge. bonds of 1914 have been
called for payment April 1 at 101 and int. at Penna. Co. for Insurances,
&c., Philadelphia.-V. 109, p. 1186.
Temtor Corn & Fruit Products Co.-Listing, &c.-
The New York Stock Exchange has authorized the listing of temporary
interchangeable certificates for 137,500 shares of Class "A" stock and
55,550 shares of Class"B"stock,of no par value. Dividends of$4 per share
per annum are being paid quarterly Jan., &c., on both classes of stock.See V. 110, P. 1194.
Steel & Tube Co. of America.-Earnings.-
The company reports the largest monthly earnings in Its history for Feb.
Profits after taxes wore $946,141, and net income available for Preferred
dividends $811,349. For the first two months, earnings were at the rate
of nearly 9 times interest on funded debt, and balance was equal to about
times Prof. diva. Wm.A. Read S: Co. further reports:
One of the company's furnaces established a world's record in February,
producing an average of 612 tons per day.
It is expected that the annual report for 1919 will be ready about April
15. Preliminary figures show net profits after taxes of $6,024,817, and
balance for dividends of $3,985,258, from which Preferred dividends of
$537,639 were paid.
The regular quarterly div. on the $17,500,000 Prof. stock has been declared, payable April 1 to stock of record March 20.-V. 110. p. 368, 568.
Stevens-Duryea Inc., Chicopee Falls, Mass.-Stock
Offering.-H. W. Dubiske & Co., Chicago, recently offered
$3,000,000 7% Cum. Pref. (a. & d.) stock, par $100; and
30,000 shares, Class A (no par value) Common stock, in
units of one share of Class A. Common with each share of
Pref., at $100 for Pref. and $50 for Common shares.
Preferred stock redeemable all or part at $105 and diva. Prof. divs. Q.-J.
The Common Class A stock shall have priority as to assets in liquidation
up to $75 per share: Class B will then receive $75, and any balance will
then be shared equally. Clacs A shares shall have priority as to diva. up
to $3 per share in any one year, then Class B shares will receive $3 per share
and after that they shall share equally in any div. distribution. Class A
shares are not cumulative.
Data from Letter of Pres. R.S. Deering, Dated Chicopee Falls, Nov. 20.
Outstdg
Authorized.
Capitat'n Before this Financing(No Bonds)None
$5,000,000
Preferred stock (Par $100)
30,000 sh. 30,000 sh.
Common stock (no par value);Class Al
70,000 sh. 70,000 sh.
101asm Bf
Purpose.-Proceeds h; to be used to complete new modern plant under
capital.
working
construction and to furnish additional
Company.-Ineorp. on Nov. 10 1919, in Delaware, to acquire all the property, trade name, good will &c. of Stevens-Duryea Co. of Mas,organized
in May 1906, with a capital of $3i0,000. Manufactures WO grade automobiles. During the war the old company suspended the automobile production and engaged in war work. The property consists at present of a
complete equipment of machinery, drawings, jigs, tools, fixtures, patterns,
valuable patents, license.; and an inventory of raw and finished materials
for the manufacture of its product as well as a largo stock of parts. It
developed that the old plant was not suitable for present day methods, and
in the judgment of the management it was desirable to operate the old plant
excellent
a few months for producing the first cars, and in the meantime, an &
Maine
site was acquired in Chicopee Falls on the main line of the Boston
new and
a
which
on
acres,
32
of
tract
level
a
of
perfectly
consisting
RR.,
thoroughly modern plant covering 100,000 sq. ft. or about three acres is
being erected. This plant, which is of fireproof construction, is the result
of much thought on the part of the best available engineers and will be
ready on or about Jan. 1 1920,to handle the production of a program calling
for 2,000 cars per year.
The new car will be very similar to the last model produced, except embodying such changes (minor in character) as have been developed during
the past four years. The entire car has been lowered approximately three
inches. Directly from the present owners and drivers of Stevens-Duryea
cars, the company has been offered without advertising or solicitation on
its part more business than it can possibly accept.
Earnings, &c.-On Aug. 31 1906, company had a surplus of $277,796.
On Aug. 31 1914 (shortly before it ceased active production), and after
having set aside as reserve for depreciation, the total sum a $744,804,
to
company had a net surplus of $2,148,150. During the period from 19(16
of nearly
1915,sales amounted to more than $27.000,000 on which earningsduring
the
repairs
parts
and
on
sales
gross
$3,200,000 were made. The
inactive period from 1916 to 1919 were $888,910. The net profits from these
transactions were $149,402.
Dividend Record of $300,000 Capital Stock of Old Company: Total 500 1-3%.
1917. 1918.
1907. 1908. 1909. 1910. 1911. 1912. 1913-14. 1915. 1916.
20
30
nil
14311 50
10
10
100
60
60
17
the
activities
when
1919,
the
in
year
-Early
Organization & Management.
Deerof the gun plants ceased, and after the signing of the armistice, R. S.
affairs,
ing became interested in taking an active part in the company's
of engineers,
and was in Juno elected President. Tho old organizations
superintendents, foremen and mechanics were assembled and production
of men who
started in August. The executive management now consists
have had more than twenty years' experience in the selling and production
of high grade cars. The °dicers are R. S. Deering, Preq.; Earl Palmer,
Vice-Pros.; William S. Fish, Sec.; and M. R. Leathers, Treas. Fish, Paul
The directorate includes the officers named and Frank F.
A. Frank and Frank D. O'Neill.-V.90, p. 106.
Texas Company, New York.-New Officers.-
Amos L. Beatty has been elected President, succeeding E. C. Lufkin,
who becomes Chairman of the Executive Committee and of the board.
C. N. Scott was elected a Vice-Pros. W. W. Bruce was advanced from
Assistant Treasurer to Treasurer.-V. 110, P. 1194, 1182.
Texas Pacific Coal & Oil Co.-Increase in Capital Stock.
The stockholders will vote April 21 on authorizing the directors,from time
to time, to increase the authorized and issued capital stock from $6,000,000.
par $10, to $10,000,000, par $10, and authorizing the directors to issue such
increased capital stock as they shall determine.-V. 110, p. 1195.
(John R.) Thompson Co., Chicago.-Prob. Stock Div.-
A Chicago dispatch states that stockholders will take up the question
of a stock dividend of 33 1-3% at a special meeting on Mar. 30. It is proposed to increase the Capital stock from $4,500,000 to $6,000,000 and it is
the intention of the directors to put the increase into a stock dividend.
The par value of the stock will remain at $25 a share.-V.110, p. 473.
1917.
1918.
1919.
$7,274,249 $3,536,558 $4,483,315
3,375,981
2,b91,r,38
5,570,099
77,637
69,736
212,130
Not earnings
Interest and discount earned
$1,492,020
105,128
$574,984 $1,029,697
45,081
19,064
Not profit
War Chest contribution
Federal taxes (estimated)
Dividends
$1,597,148
$594,048 $1,074,778
12,000
x600,000
375,000
375,000
$207,048 $1,074,778
$622,148
Balance, surplus
x Federal taxes for 1919 est at 3600,000,later determined to be $585,869.
capital stock
The stockholders on?March 26 authorized an increase in the
par value. The
from 100,000 shares of no par value to 120,000 shares of no
of 1-5 of
dividend
stock
the
pay
to
used
additional 20,000 shares are to be
a share, recently declared payable April 15 to stock of record April 5. See
V. 110, p. 1095.
Submarine Boat Corp.-Directors-New Business.-
been
Thomas Cochran, of J. P. Morgan & Co., and E. 0. Jameson haveOther
elected directors, succeeding Thomas C. Dawson and G. W. Hoyt. off
On
retiring directors were re-elected. About 2,000 workers wereoflaid
the comMar. 13 at the Port Newark shipyard as a necessary part
pany's peace-time program.
linos of
Officials, it is stated, aro considering plans for entering other is
no inbusiness in addition to shipbuilding. It is understood that there
is far-sighted
tention to drop shipbuilding, but the plan of the management
so
organization
the
balance
to
being
considered
are
and various now lines
work the corporation
that should there be a decided falling off in shipyard
would have other activities to keep the organization intact.-V.110,p. 1082
ullivan Machinery Co. (of Mass.)-Extra Dividend.-
outstanding
The directors have declared an extra dividend of 1% on the
, both payable
capital stock, along with the quarterly payment of 1 %
in
April 15 to holders of record April 1. An extra of 1% has been paid
arm quarter since July 1916.-V. 110, p. 83, 772.
Tonopah Extension Mining Co.-No Extra Dividend.-
The regular quarterly dividend of 5% has been declared on the stock,
payable Apr. 1 to holders of record Mar. 11. This rate has been paid
quarterly since Oct. 1918. An extra of 5% has been paid quarterly since
July 1919.
The following statement has been issued by the company: "In view of
present labor conditions in Tonopah and losses in earnings resulting from
the two recent strikes there, the declaration of an extra dividend would have
necessitated encroaching upon the company's surplus and was therefore
omitted."-V. 109, p. 987.
Stutz Motor Car Co.-Annual Report-Stock Increase.
Calendar YearsNet sales
Cost of manufacture
Selling and general expense
1297
Union Bag & Paper Corp.-Annual Report.Year Ending-Net earnings
Depreciation
Other income
Interest
Deduction
Federal taxes
Dividends
Dec. 13' 19.xDec. 31 '18. Jan. 31 '18. Jan. 31 '17.
$2,335.255 $2,619,173 $3.131,106 $2,832,277
240,199
261,006
460,710
348,221
Cr.46,375
Cr.140,625
187,523
211,619
187,151
188,812
821,523
555,765
601,467
258,228
(831)836,062 (6)589,074 (10)988,438(33)350,000
$827,645 $1,114,278 31,232,792
$844,557
Balance, surplus
Profit and loss surplus_ _*$3,948,987. $3,174,715 $2,347,070 $1,232,792
* After adjustment of $70,286 Federal taxes for 1918. x Eleven months.
-V. 109, P. 1994.
Union Oil Co. of Delaware.-Acquisition.-
The company has bought the properties of the Wayland Oil & Gas Co.,
comprising 13,939 acres in West Virginia. Oil from these leases comes
largely from 13ig Injun and Berea Sands and is classed as Pennsylvania
crude, the posted price of which to-day is $6 10 a barrel. Production is
settled and averages at this date 265 net barrels daily.
Oil rights on 9,523 additional acres in Putnam and Lincoln counties are
included in this purchase. Production on and after March 16 1920 comes
into the possession of the company. See Wayland Oil & Gas Co. below.V. 110, p. 368.
United Hosiery Mills Corp.-Pref. Stock Offered.-
Harrison & Co., Phila.; Trust Co. of Georgia, Atlanta; and Hamilton
Trust & Say. Bank, Chattanooga, are offering, at 97 and diva., to net
7.22%, $1,000,000 7% Cum. Pref. (a. & d.) stock, par $100. Divs. Q.-F.
cumulative from Feb. 15 1920. Red. at 105 and div. on 30 days' notice.
Sinking fund retires $20,000 Prof. stock on Jan. 1 1921 and Jan. 1 1922,
and thereafter $40,000 annually.
Corporation was organized and started business 15 years ago with a total
capitalization of $100,000. Total sales for first year were $132,000, and
net earnings $20,000. Total sales for 1919 were about $7,000,000, and production in excess of 10,000 dozen pairs per day. It is estimated that output
for 1920 will be 2,250,000 dozen pairs. Average earnings for the past ten
years were $259,924, or 3% times dividend requirements on the Pref. stock.
Net earnings for 1919 were $773,357 (before Federal taxes).
United Iron Works, Inc., Kansas City, Mo., &c.Common Stock Sold-Earnings--Dividends Begun.Imbrie & Co., Now York, and Paul II. Davis & Co., Chicago, recently
announced the sale at $50 per share of $1,000,000 Common stock voting
trust certificates. Stock listed on Chicago Stock Exchange.
Earnings.-Earnings for the six months ending Nov. 30 1919, after bond
interest, depreciation, Federal taxes and preferred dividend requirements,
are at the annual rate of $17.26 per share for the Common stock. Average
earnings for the 4-year period ending May 31 1919, after allowing for similar
charges, were at the rate of about $15 per share annually. The Common
stock has been placed on a $5 per share annual dividend basin by the initial
payment of $1.25 a share on March 10. See V. 108,P. 2638; V. 110, p.568.
For other investment News see page 1828.
CURRENT
NOTICES
-Wm.L. Ross & Co., Inc., announce the opening of their offices in the
Merchants' Loan & Trust Co. Building, 112 W. Adams St., Chicago, to
deal in high grade investment bonds, and preferred stocks. The firm consists of the following members: William L. Ross, Leroy Woodland, Kenneth S. Dickson, Phil S. Dickinson and William J. Hay, Jr.
-Austin Penchoen, formerly Assistant Secretary of the Brooklyn Trust
Co. of Brooklyn, has become associated with Whitehouse & Co. of this city
and will be stationed at their Brooklyn office at 186 Remsen Street.
-Spencer Trask & Co.have issued a circular on American Car & Foundry
Co. outlining its strong financial position, its record of earnings, dividends, &c.
-Pouch & Co.. members of Now York Stock Exchange and Standard
Oil specialists, announce that Frederick G. Cunningham and Royal F.
Herdeg have become associated with them.
-Lybrand, Ross Brass. & Montgomery accountants and auditors,
announce that the telephone number at their New York office has been
changed to "2600 Rector."
-Rodney Powers & Co. have opened an unlisted securities department
under the management of H. P. Montanye, to trade in unlisted stocks
and bonds.
-At a meeting of the directors of the American Exchange Securities
Corporation, H. W. Talbott of Dayton, Ohio, was elected to the board.
-Brumley. Chamberlain & Co., members of the Now York Stock Exchange, have opened enlarged offices at their branch 503 Fifth Avenue.
-II.Bentz & Co.,22 William St., are distributing copies of their circulars
on Montgomery Ward & Co., Inc., and Kelly Springfield Tire Co.
J. K. Rice Jr. & Co., 36 Wall St., New York, have prepared a circular
regarding the Winchester Company.
1298
THE CHRONICLE
[VOL. 110
geports anti Documents.
UNITED STATES STEEL CORPORATION
EIGHTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER
311919.
Office of United States Steel Corporaiton,
51 Newark Street, Hoboken, New Jersey,
March 23 1920.
'To the Stockholders:
The Board of Directors submits herewith a combined report
.of the operations and affairs of the United States Steel
Corporation and Subsidiary Companies for the fiscal year
which ended December 31 1919, together with a statement
.of the condition of the finances and property at the close
-of that year.
INCOME ACCOUNT FOR THE YEAR 1919.
The total earnings of the properties after deducting all
.expenses incident to operations, comprising those for ordinary repairs and maintenance (approximately $110,000,000).
.employees' compensation under merit plan, allowances for
-proportion of extraordinary cost, rot ulting from war requirements and conditions, of facilities installed and of inventories
.of materials on hand, also taxes (including an estimate of
451,,000,000 for account of Federal income and excess
profits taxes payable in 1920) amounted to
$152,290,639 24
Less, Interest on outstanding bonds, mortgages and
purchase money obligations of the subsidiary companies 8.701.576 72
Balance of Earnings in the year 1919
$143,589,062 52
;Less, Charges and Allowances for Depletion
and Depreciation applied as follows, viz.:
To Depreciation and Replacement Funds
and Sinking Funds on Bonds of Subsidiary Companies
$37,608,819 42
To Sinking Funds on Bonds of U. S. Steel
Corporation
7,937,107 01
45,545,926 43
Net Income in the year 1919
$98.043,136 09
:Deduct:
Interest on U. S. Steel Corporation Bonds
outstanding, viz.:
Fifty Year 5 per cent Gold Bonds
$11,665,004 17
Ten-Sixty Year 5 per cent Gold Bonds
8,844,316 68
$20,509,320 85
;Premium paid on Bonds redeemed, viz.:
On Subsidiary Companies'
Bonds
$119.032 43
,On U. S. Steel Corporation
.Bonds
814.418 93
933,451 36
21.442,772 21
Balance
$76,600,363 88
Add: Net Balance ofsundry charges and credits, including
adjustments of various accounts
194,218 67
Balance
$76.794,582 55
Dividends for the year 1919 on U. S. Steel
Corporation Stocks, viz.:
Preferred 7 per cent
$25.219,677 00
,Common,5 per cent
25,415,125 00
50,634,802 00
'Surplus Net Income in the year 1919
$26.159,780 55
'UNDIVIDED SURPLUS OF U. S. STEEL CORPORATION AND
SUBSIDIARY COMPANIES.
(Since April 1 1901.)
Surplus or Working Capital provided in organization____ $25,000,000 00
Balance of Surplus accumulated by all companies from April 1 1901 to December 31
1918, exclusive of subsidiary companies'
inter-company profits in Inventories, per
Annual Report for year 1918
$441,888,421 38
Add,Surplus Net Income in the year 1919,
as above
26,159,780 55
468,048,201 93
Total Undivided Surplus December 311919, exclusive of
Profits earned by subsidiary companies on intercompany sales of products on hand in Inventories (see
note below)
$493,048,201 93
Nole.—Surplus of Subsidiary Companies amounting to $39,027,110 34,
representing
Profits
and
accrued on sales of materials and products to other
subsidiary companies which are on hand in latter's Inventories December 31
1919, is deducted from the amount of Inventories included under Current
Assets in Consolidated General Balance Sheet.
COMPARATIVE INCOME ACCOUNT.
For the Fiscal Years ending December 31 1919 and 1018.
+Increase.
1919.
—Decrease.
1918.
Earnings—Before charging interest on Bonds
and Mortgages of Subsidiary Companies:
$
$
First Quarter
35,729,326 96 59,138,1)31 37 —23,408,704 41
Second Quarter
36.520,341 16 64,821,521 22 —28,301,18006
Third Quarter
42,327,714 20 45,211,708 47 — 2,883,994 27
Fourth Quarter
37,713,256 92 39,109,843 17 — 1,396,586 25
Total for year
*152,290,639 24 208,281,104 23 —55,990,464 99
Less. Interest on outstanding bonds and
mortgages of the Subsidiary Companies
8,701,576 72
8,930,424 33 — 228,847 61
Balance of Earnings_143,589,062 52 199,350,679 90 —55,761.61738
Loss, Charges and Allowances for Depletion and
Depreciation applied as
follows, viz.:
To Depreciation and Replacement Funds and
Sinking Funds on Bonds
of Subsidiary Companies
37,608,819 42 33,117,398 16 + 4,401,421 20
To Sinking Funds on
U. S. Steel Corporation
Bonds
7,937,107 01
7,601,425 54 + 335,681 47
Net Income in tho
year
98,043,136 09 158,631,856 20 —60,588,720 11
Deduct:
Interest on U. S. Steel
Corporation
Bonds
outstanding
20,509,320 85 20,891,116 24 — 361.705 39
Premium paid on Bonds
redeemed, viz.:
On Subsidiary Companies' Bonds
119,032 43
70,135 35 +
46,897 08
On U. S. Steel Corporation Bonds
814,418 93
767,681 25 +
46,737 68
Balance
76.600,363 88 136,902,923 36 —60,302,559 48
Add: Net Balance of sundry charges and credits,
including adjustments
of various accounts_ _ _ _
194,218 67
629,453 06 — 435,235 29
76.794,582 55 137.532,377 32 —60,737.794 77
Dividends on U. S. Steel
Corporation Stocks, viz.:
Preferred, 7%
25,219,677 00 25,219,677 00
Common1919, Regular 5%,
1918, Regular 5%,
Extra 9%
25,415,125 00 71,162,350 00 —45,747,22500
26,159,780 55 41,150,350 32 —14,90,569 77
Less, Additional allowance
to cover amortization of
part cost of facilities installed for production of
articles contributing to
prosecution of the war_
12,215,000 00 —12,215.000 00
Surplus Net Income_ 26,159,780 55 28,93o,350 32 — 2,775,569 77
* Balance of Earnings after making allowances for estimated amount of
Federal income and excess profits taxes.
MAINTENANCE, RENEWALS AND EXTRAORDINARY
REPLACEMENTS.
The expenditures made by allc ompanies during the year
1919 for maintenance and renweals, including the relining
of blast furnaces, and for extraordinary replacements, in
comparison with expenditures for the same purposes during
the preceding year, were as follows:
1919.
Increase or Decrease. %
1918.
OrdinaryMaintenance and
Repairs ____$110,243,852 39 $96,675,859 17 $13,567,993 22 Inc. 14.03
Extraordinary
Replacements 4,462,369 55
4,598,968 33
136,598 78 Dec. 2.97
Total ____3114,706,221 94 3101.274,82750 $13.431,394 44 Inc. 13.26
The entire amount of the foregoing expenditures was
charged to current operating expenses and to depreciation
and replacement funds reserved from earnings.
1299
THE CHRONICLE
MAR. 27 1920.]
The following table shows the amount of the expenditures made during the year for above purposes on the respective
groups of operating properties:
Expenditures During the Year 1919.
Ordinary Maintenance and Repairs, including
Blast Furnace
Relinings.
Expended on—
Manufacturing Properties:
Total, except Blast Furnace Relinings and Renewals
Blast Furnace Relining and Renewals
Coal and Coke Properties
Iron Ore Properties
'Transportation Properties:
Railroadsf
Steamships and Docks
Miscellaneous Properties
Total
Expenditures
in 1918.
Increase
in 1919.
Extraordinary
Replacements.*
Total.
$84,794,729 48
6,733,245 39
9,030,267 17
2,343,384 06
*3.400,069 83
329,365 67
101,493 70
$88,194,799 31
6,733,245 39
9,359.632 84
2,444,877 76
$80,058,444 85
2,549,458 25
9,956,528 12
2,184,817 72
*8,136,354 46
4,183,787 14
Dec.596,895 28
260,060 04
4.958,593 09
1,125,161 56
1,258,471 64
44,334 88
563.841 15
23,264 32
5,002.927 97
1.689.002 71
1,281,735 96
4,015,729 79
1,572,586 37
937,262 40
987,198 18
116,416 34
344,473 56
$110,243,85239 $4,462,36955 $114,706.221 94 $101.274,827 50 $13,431,394 44
Total
4, These expenditures wore paid from funds provided from earnings to cover requirements of the character included herein, as see below.
1' Expenditures on railroads under Federal control are not included in this table.
DEPLETION. DEPRECIATION AND REPLACEMENT FUNDS.
The allowances made during the year 1919 from earnings and through charges to current operating expenses for accoun
of these funds; the income received by the funds from other sources; also the transfers and payments made therefrom and the
charges made thereto during the year, together with the balances to credit of the funds at December 31 1919 are shown in
the subjoined table.
(Balances shown at close of year do not include depreciation funds reserved from Income, which have been transferred to Trustees of Bond Sinking Funds and
used or to be used in retiring bonds.)
Credits to Funds
Other
Set Aside DurIncome
ing 1919from
and
Income and
Balances
Credits,
Dec. 31 1918. by Charges to
including
Current
Salvage.
Expenses.
Funds—
Total.
Balances to
Credit of
Funds
Dec. 311919.
Payments from
and Charges
to Funds
in 1919.
Applicable for Sinking Fund on U. S. Steel Corporation
$11,647.280 90 $7.831,975 64(a) *3,815.305 26
$3.710,173 89 *7,937.107 01
Bonds
Depletion, Depreciation and Replacement Funds, including amounts of same to be applied to Sinking
175,089,142 77 37,608,819 42 122,787 37 212,820,749 56 10,403.729 00(b) 202,417.020 56
Funds on Bonds of Subsidiary Companies
18.519,711 17 6,733,245 39 (c) 11.786.465 78
12,482,210 84 6,037.500 33
Blast Furnace Relining and Renewal Funds
$191,281,527 50351.583,426 76 $122,787 37 $242,987,741 63 $24,968,950 03
Total
$218,018,791 60
$7.831,975 64
(a) Amount transferred to Trustees of Bond Sinking Funds
(b) This total covers the following, viz.:
*2.153,725 52
Amount transferred to Trustees of Bond Sinking Funds
4,462,369 55
Expenditures made in 1919 for extraordinary replacements
investment
for
in
Account
report)
Property
(see
pamphlet
improvepage
17,
credited
Amount charged off and
1,950,536 30
ments and equipment dismantled and retired
423.992 06
Amount charged off and credited Property for depletion of investment in minerals
1.413.105 57
For adjustment of previous years' allowances for depreciation
10.403.729 00
6,733.245 39
(c) Expenditures made during the year for relinings and renewals at blast furnaces
$24.968,950 03
SUMMARY OF DEPLETION AND DEPRECIATION PROVIDED FROM GROSS EARNINGS FOR THE YEAR 1919 •
The aggregate amount of charges to and allowances from gross earnings during the year to cover exhaustion of minerals, deterioration arising
from wear and tear of improvements, and for obsolsecence, was as follows:
Outlays for repairs and renewals (other than blast furnace relinings and renewals) charged to current operating expenses and deducted
$103,510,607 00
before stating Earnings
6,037.500 33
Allowances for blast furnace relinings and renewals charged to current operating expenses and deducted before stating Earnings_
Allowances made from Earnings and Income for exhaustion of minerals and for depreciation and replacements funds (includes deple45.545,926 43
tion and depreciation allowances used for bond sinking funds)
3155.094.033 76
140.671.214 88
Total for year 1919
Total for preceding year
$14,422,818 88
Increase
TRUSTEES OF BOND SINKING FUNDS.
The Trustees' transactions for account of the Bond Sinking Funds of the United States Steel Corporation and Subsidiary Companies for the year, and the condition of the funds on December 311919, are shown in the following table:
Installments Received.
Funds—
U. S. Steel Corporation Bonds
8ubsIdiary Companies' Bonds
Total.
Provided from
Income Account
and General
Resources.
$816,27093
822,391 77
*7,831.97584
2,153,725 52
$814,418 93
1,234,884 47
$9,462,665 50
4,211,001 76
$7,826,000 00
3,250,000 00
$814,418 93
120.516 11
*822.246 57
840,485 65
$1,638,66270
39,985,70116
$2.049.303 40
*13,673.667 26
$11,076.000 00
$934.9'35 04
$1.662,732 22
REDEEMED BONDS AND CASH RESOURCES HELD BY TRUSTEES OF BOND SINKING FUNDS.
(An amount equal to the annual interest charge on the redeemed bonds held
by:the Trustees as below is currently paid into the sinking funds as part of the
installments required by the respective indentures under which bonds are
issued.)
Subsidiary
U. S. Steel
thim
Total.
Corp'n Bonds. Cos.' Bonds.
at
Bonds
Total Redeemed
par, held by the Trustees
on December 31 1918_ —389,072,000 00 *28,841.00000 *117.913,00000
11076,000 00
Redeemed in 1919 as above 7,826,000 00 3,250,000 00
$96,898,000 00 332,091,000 00 *128,989,000 00
Less. Canceled or retired
279,000 00
279,000 00
during the year
Bonds Redeemed and Other
Payments.
Provided
from
Depreciation
Funds.
Cash Resources
in Hands of
Trustees,
Dec. 31 1918.
Cash Resource
Net Premium in Hands of
Paid on Bonds
Trustees.
Redeemed. Dec. 311919.
Total.
Par Value
of Bonds.
Leaving Redeemed Bonds
held by the Trustees of
Sinking Funds, December 31 1919
$96,898.000 00 $31,812,000 00 3128,710.000 00
Add, Cash resources held by Trustees
1,682,732 22
Total Redeemed Bonds at par and Cash Resources held by
Trustees of Bond Sinking Funds, December 31 1919-- $130,372,732 22
The foregoing total represents the following:
Depreciation allowances set aside from
Income Account and used or to be
used in the retirement of bonds
$123,112,886 16
Deposits made under terms of trust
deeds which do not represent depreciation allowances charged to or set
aside from Income Account
7.259,846 06
$130,372,732 22
1300
THE CHRONICLE
CAPITAL STOOK.
[VOL. 110.
Toni
Including
Bonds in
Sinking
Funds,
The amount of outstanding capital stock of the United
States Steel Corporation on December 31 1919 was the same
as at the close of the preceding fiscal year, viz.:
Less Redeemed
and Held by
Trustees
of
Sinking Funds.
Balance
Outstanding.
Subsidiary Companies'
$508,302,500 00
Bonds—Guaranteed by
360,281,100 00
U.S. Steel Corporation$122,188,000 00 $22,961,000 00 $99,227,000
00
Subsidiary Companies'
BONDED, DEBENTURE AND MORTGAGE DEBT.
Bonds—Not
GuaranThe total bonded, debenture and mortgage debt of the
teed by U.S. Steel CorUnited States Steel Corporation and Subsidiary Compaporation
71,236,770 29
8,851,000 00 *62,385,770 29
nies outstanding on January 1 1919 was
$582,820,969 39 Debenture Scrip, Illinois
"Issues were made during the year as follows:
Steel Company
13,161 24
13,161 24
In lieu of other bonds surrendered for exchange:
Total Subsidiary ComUnion Steel Co. First Mortgage and Colpanies' Bonds
$193,437,931 53 $31,812,0,10 00 $161,625,931 53
lateral Trust Bonds (Issued in exchange
Total
for Sharon Coke Co. Bonds retired)-__
Bonded
and
De$24,000 00
Tennessee Coal, Iron & Railroad Co. Genbenture Debt
$697,437,931 53 $128,710,000 00 $568,727,931 53
Sundry Real Estate Morteral Mortgage Bonds (Issued in exchange
gages
for Cahaba Coal Mining Company First
171,152 65
171,152 65
Mortgage Bonds retired)
679,000 00
Grand Total Bonded,
Pittsburgh Bessemer & Lake Erie RR. Co.
DebentureandMortConsolidated First Mortgage Bonds
gage Debt
$697,609,084 18 $128,710,000 00 $568,899,084 18
(Issued in lieu of P. S. & L. E. RR. Co.
* Includes only 52.179% of the outstanding bonds of P. B. & L. E. RR.
First Mortgage Bonds retired)
6,000 00
Co., being the same proportion of the total bonds as the stock of P. B. &
709,000 00 L. E. RR. Co., owned by U. S. Steel Corporation
bears to the total issue
of stock.
$583,529,969 39
Bonds and mortgages were retired during the year as BONDS AND MORTGAGES PAID AND RETIRED APRIL 1 1001
TO DECEMBER 31 1919.
follows, viz.:
Common Stock
Preferred Stock
Clairton Steel Co. issues, viz.:
St. Clair Furnace Co. First Mortgage
Bonds
St. Clair Steel Co. First Mortgage Bonds_
American Sheet & Tin Plate Co.—W. Dowoes Wood Co. First Mtge. Bonds
T.0.1.& RR.Co.-Cahaba Coal Mining Co.
First Mtge. Bonds
H. C. Frick Coke Co. issues, viz.:
First Mortgage Bonds
Pittsburgh-Monongahela First Lien Purchase Money Mortgage Bonds
Continental Coke Co. Purchase Money
Mortgage Bonds
Sharon Coke Co. First Mortgage Bonds_ __ _
Union RR. Co. Duquesne Equipment Trust
Bonds
Bess. & Lake Erie RR. Co. issues, viz.:
Bessemer Equipment Trust Bonds
Girard Equipment Trust Bonds
Conneaut Equipment Trust Bonds
Pittsburgh Shenango & Lake Erie RR. Co.
First Mortgage Bonds
Pittsburgh Bessemer & Lake
Erie RR. Co. Debenture
Gold Bonds
$1,999,000 00
Pittsburgh Bessemer & Lake
Erie RR. Co. Greenville
Equipment Trust Bonds..
100,000 00
From April 1 1901, to December 311919, the amount of
bonds and mortgages paid and retired by all companies
was as follows:
$95,000 00
100,000 00
Bonds and Mortgages paid and retired exclusive of bonds
"
retired with sinking funds specially provided from earnings or depreciation funds
$56,376,720 51
Bonds redeemed with bond sinking funds provided from
income
120,187,472 53
100,000 00
679,000 00
9,000 00
Total
590,000 00
BONDS AND MORTGAGES ISSUED.
During the same period there were issued, sold and assumed by subsidiary companies, bonds and mortgages to
provide funds for new property and construction work and
for refunding maturing bonds, as follows:
37,000 00
24,000 00
115,000 00
For Pittsburgh-Monongahela coal purchase_$17,673,000 00
By Union Steel Co. to provide funds for part
payment of cost of completing construction work on its properties which was
under way when U. S. Steel Corporation
acquired that. company's stock
9,168,727 79
By sundry subsidiary companies
97,487,024 99
110,000 00
240,000 00
300,000 00
6,060 00
Total
$124,328,752 78
Bonds have also been issued by subsidiary companies for
funding unsecured indebtedness and for working capital
to the amount of
985,000 00
There were also issued and sold during the period named
(1901-19191 U. S. Steel Corporation 10-60 year 5% bonds
as follows:
For account construction and capital
expenditures
$20,000,000 00
For account purchase of stock of Tennessee Coal, Iron & Railroad Co30,000,000 00
50,000,000 00
$2,099,000 00
Less, Proporcion account of
minority interest in stock of
P. B. & L. E. RR. Co. not
owned
1,003,762 79
1,095,237 21
Sundry Real Estate Mortgages of various
Subsidiary Cos
3,66800
Bonds redeemed by Trustees of Sinking
Funds, viz.:
U. S. Steel Corporation
50-Year 5% Bonds_ --$5,866,000 00
U. S. Steel Corporation
10-60-Year 5% Bonds._ 1,960,000 00
Sundry Bonds of Subsidiary Companies
3,250,000 00
il,076,000 00
TREASURY BONDS SUBJECT TO SALE.
$14,579,885 21
Potter Ore Co. First Mortgage Bonds retired by that company (T. C. 1. & RR.
Co.'s proportion)
51,000 00
14,630,885 21
Bonded, Debenture and Mortgage Debt, December 31,
1919
$568,899,084 18
Net Decrease during the year 1919
$13,921,885 21
The following is a summary by general classes of the total
bonded, debenture and mortgage debt:
Total
Including
Bonds in
Sinking
Funds.
Less Redeemed
and Held by
Trustees
of
Sinking Funds.
Balance
Outstanding
U. S. Steel Corporation
50-Year Five Per Cent
Bonds
$304,000,000 00 $73,291,000 00 $230,709,000 00
U. S. Steel Corporation
10-60-Year Five Per
Cent Bonds
200,000,000 00 23,607.000 00 176,393,000 00
Total U. S. Steel Corporation Bonds.._ _8504,000,000 00 $96,898,000 00 1407,102.000 00
$176,564,193 04
There were on hand at the close of the year in the treasury,
available for sale, bonds and debentures of subsidiary companies of the par value of $14,851,000. The foregoing bonds
were issued by subsidiary companies to provide funds for
construction and for refunding maturing bonds. The bonds
have been purchased from the subsidiary companies issuing
the same by the U. S. Steel Corporation or are held in the
treasuries of the subsidiary companies, and, therefore, are
not included in the schedule of outstanding bonds, nor in
the assets of the organization as shown by the General
Balance Sheet.
There may also be issued at any time to cover capital expenditures made, Union Steel Co. First Mortgage and
Collateral Trust Bonds, to the amount of $362,000.
PRODUCTION OF RAW, SEMI-FINISHED AND FINISHED PRODUCTS BY SUBSIDIARY COMPANIES IN THE YEAR 1919
COMPARED WITH THE YEAR 1918.
1918.
Pro
Iron
duc
Ore Mined—
• ts.191T
9.nso .
Tons.
In the Lake Superior Region:
Missabe Range
18,603,498 21,574,526
Vermilion Range
797,393
808,994
Gogebic Range
1,975,959 1,916,220
Menominee Range
1,263,092 1,172,319
Marquette Range
346,208
338,344
In the Southern Region:
Tennessee Coal, Iron & R. R. Co.'s Mines
2,436,943 2,522,536
Total
25,423,093 28,332,939
Limestone Quarried
5,835,289 5,141,365
Coal MinedFor use in the manufacture of coke
R.! For steam, gas and all other purposes
Total
1918.
1919.
Tons.
Tons.
22,955,636 25,393,155
6,354,980
5,937,487
28,893,123 31,748,135
Coke ManufacturedIn Bee-Hive Ovens
In By-Product Ovens
Total
Blast Furnace ProductionPig Iron
Spiegel, Ferromanganese and Ferrosilicon
Total
1301
THE CHRONICLE
MAR. 27 1920.]
5,933,056 9,962,403
9,630,593 7,795,233
$89,042,050 97
Brought forward
1,950,536 30
Less, Written off to Depreciation and Replacement Funds..
$87,091,514 67
Balance of capital expenditures in the year 1919
On account of expenditures made on capital investment accounts, there were charged to Income for amortization of
Proportion of extraordinary cost, resulting from war requirements and conditions, of facilities and additions in38,297,853 74
stalled
15,463,649 17,757,636
13,481,738 15,700.561
240,393
165,766
13,637,504 15.940,954
Steel Ingot ProductionBessemer Ingots
Open Hearth Ingots
Total
Rolled and Other Finished Steel Products for SaleSteel Rails (Heavy and Light Toe and Girder)____
Blooms, Billets, Slabs, Sheet and Tinplate Bars___
Plates
Heavy Structural Shapes
Merchant Bars, Hoops, Skein, Light Shapes, &c
Tubing and Pipe
Wire Rods
Wire and Wire Products
Sheets (Black and Galvanized) and Tinplates
Finished Structural Work
Angle Splice Bars and All Other Rail Joints
Spikes, Bolts, Nuts and Rivets
Axles
Steel Car Wheels
Sundry Steel and Iron Products
Leaving a net addition to Property Investment Account for
$48,793,660 93
the year for capital expenditures of
The total net amount expended since April 1 1901 (the date
of organization of United States Steel Corporation), to
January 11920,including expenditures by T. C., I. & R.
R. Co.from November 1 1907, only, for additional property and construction,and for net unabsorbed outlays for
stripping and development work at mines, &c., equaled_$888.301,354 61
4,788,242 5,630,246
12,412,131 13,953,247
17,200,373 19,583,493
EMPLOYEES AND PAY ROLLS.
The average number of employees in the service of all
companies during the year, and the total salaries and wages
paid were as follows:
1,471,508
Number of Total Salaries
1,480,737
Employees. and Wages.
2,171,362 Of all companies except of subsidiary railroads
1,079.601
236,387 $454,467.014
under Federal control
2,159,279 Of subsidiary railroads under Federal control
25.081.026
15,719
1,190,594
209,350
$479,548.040
262,106
Total
1,445,567
1,356,119
503,380
N OF TOTAL NUMBER OF EMPLOYEES AND TOTAL
145,305 COMPARISO
PAY ROLL FOR CALENDAR YEARS 1919 AND 1918.
67,514
141,480
1919.
1918.
84,331
Number
Number.
Employees of
334,356 Manufacturing Properties
188,550
199,029
24,595
28,378
Coal and Coke Properties
11,997,935 13,849,483 Iron Ore Properties
12,426
12.619
Total
23,132
25,058
Transportation Properties
41,715
45,949
3,404
3,629
Spelter
Miscellaneous Properties
42,321
35,197
Sulphate of Iron
12,022
24,450
268.710
Phosphate"
252.106
Basic
plex
Fertilizer-"Du
Total
$479,548,040 $452,663,524
Bbbi.
'Ibis.
Total salaries and wages paid
7,287,000
9,112,000
Universal Portland Cement
Average Salary or Wage per Employee per Day:
All employees, exclusive of General Adminis$5.33
$6.12
trative and Selling force
• INVENTORIES OF MANUFACTURING AND OPERATING MAFINAND
-FINISHED
SEMI
AND
Total employees, including General AdminisTERIALS AND SUPPLIES
$5.38
$6.17
trative and Selling force
ISHED PRODUCTS, INCLUDING NET ADVANCES ON
CONTRACT WORK, &c.
GENERAL.
1,361,358
975,020
1,578,360
855,118
2,270,711
1,192,582
161,053
1,438,439
1,381,515
351,704
188,707
39,009
75,494
36,946
91,919
The net book valuation of the inventories of the above classes
of assets for all the subsidiary companies, after allowing
credit for reserve of $90,000,000 for account of actual cost
or market value of inventory stocks in excess of normal
prices therefor, equalled at December 31 1919 the sum of
$226,796,678, a decrease of $47,956,922 in comparison with
the total at close of preceding year.
The conditions in the iron and steel industry during the
year 1919 as reflected by the operations of the subsidiary
companies were varying. During the first five months a
comparatively small amount of new business was offered.
This was followed by an increasing demand and broadening
market for steel products. During the second half of the
year, however, owing to shortage in labor, labor difficulties
CAPITAL EXPENDITURES.
a number of the mills, the general strike in,the bituminous
at
The expenditures made during the year 1919 by all comindustry and insufficiency of transportation service,
coal
panies for the acquisition of additional property and for
properties,
and
actual mill operations were seriously handicapped, the outadditions and extensions to the plants
loss credits for property sold, including net outlays'for
put during this period averaging only 67 per cent of normal
stripping and development work at ore mines, equaled
of October it was still lower.
$89,042,050 97 capacity, and in the month
the net sum of
For the entire year of 1919 the output of, finished steel
Lest, amount written off to Depreciation and Replacement
Funds for investment cost of improvements and equipproducts for sale averaged 74.5 per cent of capacity.
1,950,536 30
ment dismantled and retired
On March 21 1919 the Industrial Board of the Department
67
during
the
$87,091,514
year
of Commerce announced a schedule of prices for the principal
Balance of expenditures on capital account
standard steel products which, after extended investigation,
The following is a classification of the total expenditures by property it had concluded was fair and reasonable under prevailing
groups, viz.:
conditions. These prices were a substantial reduction from
Manufacturing Properties, except Shipbuildthose which had previously been quoted by steel manufac$43,177,793 97
ing
5,934,730 49
turers generally. The subsidiaries of this Corporation
Shipbuilding Plants
12,9o8.647 86
Coal and Coke Properties
promptly accepted this schedule and have since followed it,
2,028,943 07
Iron Oro Properties
ding there has been a steadily increasing cost of
notwithstan
Properties:
Transportation
operation and production, and that the demands of customers
Federal controlled railroads_$1,447,683 08
Other subsidiary railroads
for materials would have permitted higher prices. The
2,774,972 32
and dock properties
decision of the Corporation in this particular has been
6,080,795 53
Ocean steamers
10.303,450 93
influenced by the heretofore announced reasons which from
Housing facilities for employees, including
time to time in the past have decided its policy in respect of
development of townsites and construction
prices under conditions where the necessities of consumers
26
7,530,125
therewith_
in
connection
utilities
of public
genof
them to bid up the market. At the close of 1919 the
purchase
including
induce
Properties,
Sundry
eral office building and site in New York
of unfilled orders of the subsidiary companies for
tonnage
4.770,429 67
City
products was 8,265,366 tons, in comparison with
steel
rolled
25
$86,704,121
tons at December 31 1918.
7,379,152
of
total
a
stripfor
the
year
during
expenditures
Tote;
ping and development work at mines and
for additional logging and structural erec$7,404,114 79
tion equipment
Less, Credit for expenditures of this character absorbed in 1919 in operating expenses- 5,066,185 07
Total expenditures
PRODUCTION.
2,337,929 72
$89,042.050197
The total production during the year 1919, in comparison
with results for the preceding year, of basic raw materials
and of semi-finished and rolled steel and other products for
sale to customers was as follows:
1302
THE CHRONICLE
Rm.. 110.
1919.
1918. Dec.(-)or Inc(-(-)
Tons.
Ton S.
Tons.
%
25,423,093 28,332,939 -2,909,846 10.3
compared with $23,367,213 in the preceding year, an
increase
of $6,227,124. An estimated allowance of $52,000
,000 was
made from the income for 1919 for account of
Federal income and excess profits taxes which may be payable
for that •
year. It is thought the amount reserved for this
purpose
28,893,123 31,748,135 -2,855,012 9.0 will be sufficient
to cover the amount which upon final
Coke manufactured
15,463,649 17,757,636 -2,293,987 12.9
Limestone quarried
5,835,289 5,141,365 +693,924 13.5 compilation of the tax returns will be shown to be due.
Pig iron, ferro and spiegel
In continuance of the practice observed during
13,637,504 15,940,954 -2,303,450 14.4
the preSteel ingots (Bessemer and open
ceding three years an additional reserve was
hearth)
made from
17,200,373 19,583,493 -2,383,120 12.2
earnings for 1919 of $38,710,397 to cover increas
Rolled and other finished steel proed look-up
ducts for sale
11.997,935 13,849,483 -1.851.548 13.4 of working capital in inventories arising from
appreciation
For classification see table above.
in value of inventory materials compared
with December 31
Barrels.
Barrels.
1915, unit values. At December 31 1919 the
Barrels.
Universal Portland cement
total amount
9,112,000 7,287,000 +1,825,000 25.0
of inventories was $316,796,678, an increase of
Ocean steamers completed and de$155,682,778,
livered from shipyards:
compared with the amount at December 31 1915,
against
Number of vessels
27
3
which increase there has been accumulated a
D. W. tonnage
reserve for
263,807
28,392
account of increased unit values of $90,000,000.
At the close of 1919 there were in course of construction
The expenditures made during the year by
the Corporaat
the shipbuilding plants of the subsidiary compan
tion and the subsidiary companies for the acquisi
ies 16
tion of
freight steamers of various types, having a total
additional property, new plants and extensions and
construcD. W.
tonnage of 147,903 tons.
tion, including net stripping and development
expense at
The shipments of all classes of products during
1919, in mines, equaled the net sum of $87,091,515, classified genercomparison with the shipments during the precedi
ally
as
follows:
ng year,
were as follows:
For Manufacturing properties,
Iron ore mined
Coal mined:
For use in making coke
22,955.636 25,393,155 -2,437,519 9.6
For steam, gas .36 other purposes. 5,937,48
7 6,354,980 -417,493 6.6
except shipbuilding plants
$43,177,794
1919.
1918. Inc.( +)orDec.(-) For Shipbuilding plants
5,934,730
Domestic ShipmentsFor
Coal
and
Coke properties
Tons.
Tons.
Tons.
%
12,958,648
Rolled steel and other finished
For Iron Ore properties, including net additiona
l
expendit
ures
products
for mine stripping and development
10,310,729 12,384,169 -2,073,440 16.7
4,366,873
Pig iron, ingots. spiel, ferro and
For Transportation properties:
scrap
Railroad
s
and
Docks
320,560
307,482
-76,922 25.0
$4,222,655
Iron ore, coal and coke
Ocean Steamers
1,767,504 1,009.919 +757.585 75.0
6,080,706
Sundry materials and by-products 167,044
192,925
-25,881 13.4
10,303,451
For Housing facilities for employees,improve
ment
of
town
sites
Total tons all kinds of materials,
and establishing necessary public utilities
in
connecti
on
except cement
therewith
12,475,837 13,894,495 -1,418,658 10.2
7,530,125.
Universal Portland cement(bbls.)_ 9,618,61
1 7,707,595 +1,911.016 24.8 For Sundry properties, including purchase of general office
building and site in New York
4,770,430
Export ShipmentsRolled steel and other finished
$89,042,051
products
1,932,454 1,740.817 +191,637 11.0 Less: Credit for write-off to Depreciation and Replacement
Pig iron, ingots and scrap
Funds of original cost of improvements and
86,395
17.120 +69,275 404.6
equipme
nt
disSundry materials and by-products
mantled and retired
48,157
2,305 +45,852 1,989.2
1,950,535
Total tons all kinds of materials.. 2,067,006
Balance
of
expendit
ures
for
1,760,242 +306,764 17.4
the year
$87,091,515
Aggregate tonnage of rolled steel
There was charged to income for tho year the amount
of
and other finished products
$38,297,854 on account of expenditures made for additio
shipped to both domestic and
ns,
extensi
ons and improvements, for amortization of the estiexport trade
12,243,183 14,124,986 -1,881,803 13.3
mated
extraordinary cost (resulting from war requirements
and conditions) of facilities and additions install
ed, leaving
TOTAL VALUE OF BUSINESS.
a balance of $48,793,661 of capital expenditures made
during
(Covering all of above shipments, including cement
and completed steam- 1919, which have been carried to the
Property Investment
ships delivered and other business not measured by
the ton unit.)
Account.
Inc.(÷)or Dec.(-)
The expenditures during the year for extensions and con1919.
1918.
Amount.
%
Domestic(not including
structi
on, particularly in the case of the manufacturing and
inter-company sales) $909,081,769 $1,125,161,264
-3216,079,495 19.2 shipbuilding
properties, and to some extent in the other
Export
165,167,876
162,867,991
+2,299,885 1.4
properties, covered very largely work in complettng various
Total
$1,074,249,645 31,288,029,255 -3213.779,610 16.6 additions and extensi
ons commenced in the preceding two
years, notwithstanding the comparatively high cost for
The prices received during 1919 averaged in respect of the increasing and developing capacit
y to meet the demand for
total tonnage of rolled and other finished products shipped steel products induced by
war conditions. At the conclusion
$6 16 per ton less than in the preceding year on domesti of the war in 1918, important
c
extensions and improvements
shipments, and $12 41 less on export shipments, and
for were under way which were primarily undertaken for the
domestic and export combined the average was $7 15, or reasons stated and many of which
were at the solicitation of
8.27 per cent less than received in 1918.
Governmental departments and agencies. It was believed
The sum total of charges to and allowances from gross that if prosecuted to their completion
these improvements
receipts and income for the year 1919 to cover exhaustion with some changes would in due
course of time be required
of minerals and deterioration and obsolescence arising from to meet the growing demands on the
industry for steel prowear and tear of improvements was $155,094,034, in com- ducts. Practically no abandonments
were, therefore, made
parison with a total in the preceding year of $140,671,215, of improvements under way, the work being
continued to
an increase of $14,422,819, or 10.25%.
completion of the several units and the cost of the same over
The expenditures made during the year for repairs, main- what the estimated cost of constructing and
installing would
tenance and general up-keep of the properties, in comparison have been in the pre-war period was
charged off to income.
with similar outlays made in 1918, were as below, the totals During the three years ending Decemb
er 31 1919 the aggrein both years being exclusive of expenditures for these pur- gate amount absorbed in income and
earnings for excess cost
poses on subsidiary railroads under operation by the United of construction outlays over the
estimated pro-war period
States Railroad Administraion.
cost has been $120,297,854.
Inc.(+)or Dec.(-)
Reference is made to previous pages of this [pamphlet)
1919.
1918.
Amount.
%
Ordinary repairs and mainreport for a statement in considerable detail of the purposes
tenance
$110,243,852 $96,675,859 +313,567,993 14.03
for which capital expenditures in 1919 were made. Some
Extraordinary replacem'ts
Jr general rehabilitation_
4,462,369
4,598,968
-136,599 2.97 of the more important items are as follows:
There were fully completed and placed in operation during
$114,706,221 $101,274,827 +313,431,394 13.26
the year 128 additional by-product coke ovens at the Clairton
plant of Carnegie Steel Company and 154 additional ovens
The total charges for the year for taxes, exclusive of Federal and an extensi
on to the Benzol plant at Fairfield works of
income and excess profits taxes for 1919, were $29,594,337, Tennes
see Coal, Iron and Railroad Company.
MAR. 27 1920.]
THE CHRONICLE
1303
the coal service transporting coal from mines to
At South Chicago plant of Illinois Steel Company the pally in
in intra and inter-mill service.
and
plants
was
improvement of the 90-in. and 132-in, plate mills
line of railroad connecting the Clairton bybranch
The
At
mills.
these
of
capacity
the
g
finished, largely increasin
Carnegie Steel Company with the furnace
of
plant
product
on
Gary works of the Indiana Steel Company the installati
latter was completed and placed in operation
of a third duplexing 0.H.furnace and of 3 additional electric plants of the
The expenditures in 1919 for construction year.
the
during
d.
generating units at power station No. 4 were complete
totaled $2,114,426.
At Carrie furnace plant of Carnegie Steel Company the of the line
by the summary of capital outlays there was
shown
As
and
ed,
installation of a 15,000-K. W. station was commenc
in 1919 a total of $7,530,125 for housing facilities
at National works of National Tube Company there was expended
s,improvement of town sites at which the houses
employee
for
completed a 10,000-K. W. station.
for establishing necessary public utilities in
and
At the Christy Park works of National Tube Company were built
. These outlays covered work on
therewith
on
connecti
"Horn"
a
or
construction was commenced on the installation
for employees.
houses
3,800
ately
welding plant for welding steel pipe from 20-in. to 96-in. approxim
Building and site, a 20-story modern office
Empire
The
in diameter.
at 71 Broadway, New York, was purchased
At the Gary works of American Sheet & Tin Plate Com- building, located
the organization of the Corporation in
Since
1919.
June
in
24
of
d
complete
pany the construction was substantially
have been in this building. It is
offices
York
New
its
additional tin mills. These mills will be put into operation 1901,
the entire building above the street floor will
that
expected
early in 1920.
be occupied by offices of the Corporation and
Expenditures aggregating in the total $3,075,576 were in due course
companies.
y
subsidiar
its
furnace
blast
made for improvements and added facilities to
year there were paid $13,900,653 of bonds,
the
During
,
National
Farrell,
e,
Duquesn
,
Thomson
Edgar
at
plants
purchase money obligations of the Corporaand
s
mortgage
were
plants
Lorain and Ensley works. Flue dust sintering
y companies. Of this total $11,076,000
subsidiar
tion and the
completed at Farrell and Donora works.
the sinking funds of the mortgages
through
redeemed
were
of
plant
Fairfield
the
to
The large program for extensions
were also paid during the year
There
bonds.
the
the Tennessee Coal, Iron and Railroad Company which was securing
notes of the subsidiary comroyalty
mining
of
61
$1,480,1
durd
complete
ly
practical
started in the Summer of 1917 was
were made in the year.
bonds
of
issues
new
No
ing the past year. These extensions consist of a 45-in, bloom- panies.
s in the service of the Coremployee
of
number
total
l
The
structura
ion
combinat
mill,
ing mill, 110-in, sheared plate
s during the year
companie
y
subsidiar
the
and
and bar mill, structural shop for fabricating ship material and poration
under Federal
railroads
y
subsidiar
of
s
employee
g
(includin
shops,
with
together
the building of steel railroad cars,
average wages
and
roll
pay
total
the
with
together
foundries and other accessory works. The cost of these control),
for the preceding year,
data
similar
with
on
comparis
in
paid,
completheir
believed
is
It
improvements has been large.
•
tion will afford an outlet for the raw steel capacity of the were as follows:
Decrease.
1918.
1919.
tonnage
the
of
excess
in
Tennessee Company which has been
Number. %
July.
Feb.
employees
of
number
Largest
8,577 3.03
283,414
of finished lines which that company has heretofore been
274,837
in any one month
Jan.
Oct.
equipped to manufacture and dispose of in markets which it Smallest number in any one
28.409 11.78
241.490
213,081
month
could profitably reach.
Average number ofemployees
the
of
capacity
g
producin
steel
16.604 6.18
268.710
To make full use of the
252.106
during entire year
Increase.
Duluth plant of the Minnesota Steel Company in excess of
what it can normally convert into finished products with its Total amount of annual pay$479,548,040 $452,663,524 $26,884,516 5.94
rolls
present equipment and dispose of in markets contiguous to Average salary or wage per
a
$.79 14.68
of
it
by
ion
$5 38
construct
the
d
$6 17
authorize
employee per day
Duluth, there has been
wire plant, including rod mill. The construction will proNo general increases in wage rates and salaries of all embably commence in the spring of 1920. The work will necwere made during the year 1919. But on February'
ployees
for
essitate also the expenditure of a considerable amount
increase was made of about 10% in the common
an
1920
1
additions to the existing steel works, together with conthe rates for other classes of employees of the
rates,
labor
emof
struction of housing facilities for the added number
and iron mining companies being advanced
uring
manufact
ployees which will be required for the enlarged 'operations.
advance in wage rates will entail in estiThis
.
equitably
in
made
Additional expenditures totaling $5,934,730 were
the annual pay roll of about $45,000,000,
in
increase
mated
1919 in the completion of the construction of modern shipent for full time of a complement of ememploym
on
based
w
building plants at Kearny, N. J., and on the Chickasa
to operate at normal capacity. This
necessary
ployees
river near Mobile, Ala. These plants are now completed.
1 1920 is the ninth general increase in
February
on
advance
delivered
To the close of 1919 there had been finished and
1914 and results in establishing the
since
made
rates
wage
from the plants 30 ocean-going steamers, total D.W.tonnage
at 144% above the rate in effect
labor
wage rate foe common
302,199 and at December 31 1919 there were 3 vessels in
average increase in the average
general
a
and
1915,
January
in
the fitting out basins nearing completion and 13 on the ways
per employee,,for all employees, including
day
per
earnings
in various stages of construction.
the administrative force, of 130%, in comparison with the
Additional payments totaling $6,857,430 were made during
earnings at the earlier date.
the year on account of the purchases of acreages of steam coal
In January 1920 employees of the United States Steel
coal
of
coking
and
ania,
Pennsylv
gh
District,
Pittsbur
in the
Corporation and the subsidiary companies were again offered
in Letcher and Harlan Counties, Kentucky, which were
privilege of subscribing for shares of Common Stock of
the
referred to in previous years' annual reports. In this last
the Corporation under substantially the same conditions
named district largo additional outlays were made in comand terms as those which attached to previous years; offerpleting the development of the properties. The mines
ings, except that the price for 1920 subscriptions was $106
opened in this district produced 1,242,639 tons of coal in
share. At the date of writing of this report subscriptions
1919, all for use in by-product coke ovens of the subsidiary per
have been received from a total of 66,477 employees for
companies.
aggregate number of 167,407 shares. This is the largest
an
There was expended during the year $6,080,796 on account
subscription received under any offer and compares with
of the construction of 21 ocean cargo steamers designed to
subscriptions in preceding year from 59,833 employees for a
• be operated by Corporation's subsidiaries in connection with
total of 155,186 shares. There was also made in 1919 the
their export business and trade. These ships are being
usual distribution to employees of special compensation
constructed at the ship yards before mentioned. There
under the plan adopted in 1903.
was added during the year to the fleet of freight boats operatThe trustees of the United States Steel and Carnegie
ing on the Monongahela River, principally in the transportaPension Fund disbursed during the year 1919 in pensions
tion of coal from the mines of the subsidiary companies to
retired employees the sum of $733,707. Pensions were
their coke ovens and manufacturing plants, 3 towing steam- to
granted during the year to 337 retiring employees. At the
ers, 48 steel coal barges, 2 ice-breaking river craft and 2
of the year there were 2,940 names on the Pension
close
service boats, at a cost of $1,224,655.
a net increase of 79 compared with December 31 1918.
During the year the subsidiary manufacturing and coal Rolls,
inauguration of the Plan, the average age at which
the
Since
companies added to their railroad equipment 924 steel railhave been granted to retiring employees has been
road cars of various kinds. These cars are employed princi- pensions
1304
THE CHRONICLE
[vol.. no.
65.64 years, and the average term of service rendered by these APPROPRIATED SURPLUS
TO COVER CAPITAL EXPENDITURES
pensioners 30.22 years.
DECEMBER 31 1919.
Accident Prevention. The total expended by the Corpora- Amount of appropriations made from Surplus
Net Income
prior to January 1 1908, applied in payment of capital
tion and the subsidiary companies during the year
for
expenditu
res,
and
in
the
Consolida
ted
General
Safety Work was $1,131,446, compared with $1,110,064 in
Balance
Sheetformally written off to credit of the Property Investthe preceding year. No material reduction in number
ment Account
of
serious and fatal accidents per 100 employees was made in Amount of appropriations made from Surplus Not Income$162,795,509 45
since January 11908, applied in payment of same class of
1919,but the low record of 1918 was maintained. This shows
expenditures, but in the Consolidated General Balance
a decrease in serious and fatal accidents of 46.47% as comShoot carried in the account "Appropriated Surplus
to
cover Capital Expenditures"
pared with the record of 1906. The entire time of 112 em110,898,914 10
ployees is devoted to Safety Work, while 5,694 employees
Taal
$273,694,423 55
are now serving on Safety Committees.
Accident Relief. The total amount disbursed by all companies during 1919 in connection with Work Accidents UNITED STATES STEEL CORPORATION AND SUBSIDIARY
COMPANIES CONDENSED GENERAL PROFIT
AND LOSS
was $4,267,355. Of this amount 83.28% was paid directly
ACCOUNT FOR YEAR ENDING DECEMBER
31 1919.
to injured employees or their families or in taking care of Gross
Receipts—Gross Sales and Earnings
$1,448,557,834 78
them. These payments were made under the Corporation's
Operating Charges, viz.:
Voluntary Accident Relief Plan, and the provisions of the Manufacturing and Producing
Cost and
Workmen's Compensation Laws of the several States in
Operating Expenses, including ordinary
maintenan
ce and repairs and
which the subsidiary companies are operating. To provide
provisional charges by subsidiary
prompt and adequate treatment for employees in case of
companies for depreciation
$1,178,597,456 17
accidents the subsidiary companies have built and are main- Administrative, Selling and General Expenses, employees' compensation
taining 286 emergency stations, 25 base hospitals, with
under merit plan and pension paya
staff of 162 surgeons and physicians, whose entire time is
ments (not including general expenses
of transportation companies)
given to company work, and 104 outside surgeons retained
31,632,076 28
Taxes (except as included in following
on a salary; all without any charge to employees. There
item)
are
29,594,336 89
also being conducted 63 stations for training employees in Allowance for estimated amount of Federal income and excess profits taxes
first aid and rescue work.
52,000,000 00
9,062,142 40
Sanitation. In furtherance of the established policy of Commercial Discounts and Interest..
providing modern sanitary facilities for the health and com81,300,886.011 74
fort of the employees, much additional equipment was
Less, Amount included in the above
charges
for provisional allowances
installed throughout the plants and mines during the year.
for depletion and depreciation here
To date 1,496 comfort stations have been installed with
deducted for purpose of showing
16,999 washing faucets or basins, 2,619 showers and 113,291
the same in separate item of charge,
as see below
lockers. The cost of sanitary work during the year 1919
37,608,819 42
1,263,277.192 32
was $3,208,661 73.
Housing. In addition to providing employees with housBalance
$185.280,642 46
ing facilities through the construction of a large number
Net Manufacturing and Operatof Sundry
ing Gains and Losses, including idle
houses as previously mentioned in this report, there is in
plant expenses, Royalties received,
force a form of Home-Owning Plan under which employees
adjustments in inventory valuations,
may purchase or have erected for them on easy and favorable
&re
$2,840,639 27
terms homes of type and design selected by them. It is Rentals received
323,282 40
Compensation accrued for use of subsibelieved this plan affords employees a satisfactory method
diary railroads under Federal control
of securing homes adapted to their individual desires at
(estimated)
15,582,723 76
low cost.
18.746,645 43
• The efforts of the Corporation and its subsidiary companies
Total Net Manufacturing, Producing and Operating
toward the improvement in the material welfare of the emIncome before deducting provisional charges for depreciation
ployees and their families referred to in previous Annual
$204,027,287 89
Reports have been consistently continued.
Other Income—
The Board takes pleasure in expressing its grateful appre- Net Profits of properties owned, but
whose operations (gross revenue, cost
ciation to the officers and employees of the Corporation and
of product, expenses, &c.) are not
the several subsidiary companies for the loyal and faithfful
classified in this statement
$381,794 64
service rendered in the efficient management and general Income from sundry investments and
interest on deposits, Sze
results secured during the past year under conditions which
12,764,360 70
13,146,155 34
were unusually exacting and trying.
Total
By order of the Board of Directors,
$217.173,443 23
Add, Net Balance of Profits earned by subsidiary comELBERT H. GARY,
panies on sales made and service rendered account of
Chairman.
materials which were on hand at first of year in purPROPERTY INVESTMENT ACCOUNT DECEMB
ER 31 1919.
Balance of this account as of December 31 1918, per Annual Report
$1,851,698,914 27
Sundry adjustments during 1919 in the foregoing balance
Cr.1,900,205 70
Net addition to Property Investment Account for the year
for capital expenditures, as see previous page
46,455,731 21
Less, Charged off in year 1919 to Depreciation Funds$1,896,254,439 78
(account Mineral Depletion)
424,992 06
Expenditures for Stripping and Development at Mines$1,895,829,447 72
and Investment in Structural Erection and Logging
Plants, viz.:
Balance at December 31 1918
$19,562,983 48
Expended during the year
1919
$7,404,114 79
Less, Charged off in
1919 to operating expenses
5,066,185 07
Net Increase in the year 1919
2,337.929 72
21,900,913 20
Balance of Property Investment Account, December
31 1919, per Consolidated General Balance Sheet_ $1.917,73
0,360 92
chasing companies' inventories, and which profits have
since been realized in cash from the standpoint of a
combined statement of the business of all companies
12,125,446 16
Total
$229,298,889 39
Less the following adjustments and charges, viz.:
Reserved for amount of actual cost or
market value in excess of normal
prices of inventory stocks on hand
at close of year
$38,710,396 41
Allowance for proportion of extraordinary cost, resulting from war requirements and conditions, of facilities installed
38,297,853 74
77,008,250 15
Total Earnings in the year 1919 per Income Account $152,290,
639 24
Less, Interest Charges on Subsidiary Companies' Bonds,
Mortgages and Purchase Money Obligations
•
8,701,576 72
Balance of Earnings for the year before deducting provisional charges for depreciation
$143,589,062 52
Less Charges and Allowances for Depletion and Depreciation, viz.:
By Subsidiary Companies
$37,608,819 42
By U. S. Steel Corporation
7,937,107 01
45,545,926 43
Net Income in the year 1919
$98,043,136:09
1305
THE CHRONICLE
MAR. 27 1920
ER 31 1919,
CONSOLIDATED GENERAL BALANCE SHEET DECEMB
ASSETS.
Property Account—
Properties Owned and Operated by the Several Companies:
$1,917,730,360 92
a previous page
Balance of this account as of December 31 1919, per details on
1919:
31
December
at
Balances
Fund
on
Less, Depletion and Depreciati
$218,018,791 60
Balances in various Funds per table on a previous page
as follows:
applied
and
Income
from
ed
appropriat
n
depreciatio
General
but not treated as assets, and in cash
Invested in redeemed bonds held by Trustees of Sinking Funds,
123,112,886 16
as below, per table on a previous page
2,937,136 26
Invested in retired bonds redeemed with Sinking Funds
344,068,814 02
$1,573,661,546 90
Advanced Mining Royalties—
328,636,489 32
Payments for Advanced Mining Royalties
7,000,000 00
all of the foregoing
Less, Fund reserved from Surplus to cover possible failure to realize
issued—
been
have
companies
subsidiary
the
Mining Royalties—In respect of which non-interest bearing notes of
Soo Contra '
Deferred Charges (Applying to future operations of the properties)—
Mine exploration expenses and other charges
Discount on subsidiary companies' bonds sold (Net)
21,636,489 32
32,559,197 22
$1,268,531 28
951,867 21
2,220,398 49
8,745.227 83
Investments—
Mortgages and Land Sales Contracts
Outside Real Estate and Investments in sundry securities,including Real Estate
Assets—
Sinking and Reserve Fund
$1,662,732 22
Cash resources held by Trustees account of Bond Sinking Funds
are not treated as an asset.)
(In addition Trustees hold $128,710,000 of redeemed bonds, which
10,983,420 48
Contingent Fund and Miscellaneous Assets
93,296 79
Deposits with Trustees of Mortgages (proceeds from sale of property)
bond sinking fund requirements, viz.:
Insurance and Depreciation Fund Assets and purchased bonds available for future
$52,714,162 91
Securities
5,965,996 39
Cash
$58,680,159 30
Companies issued for
Less, Amount of foregoing represented by obligations of Subsidiary
16,655,475 00
capital expenditures made
42,024,684 30
54,764,133 79
Current Assets—
representing Profits earned by subsidiary
Inventories, less credit for Reserve and for amount of inventory values
December 31 1919. (See note below)$226,796,678 39
companies on Inter-Company sales of products on hand in Inventories
88,192,692 49
Accounts Receivable
4,613,308 33
Bills Receivable
1,271,396 97
Agents'Balances
24,755,02r 30
Duo from United States Railroad Administration
159,069,671 02
Certificates)
Sundry Marketable Securities (including U. S. Liberty Loan Bonds and Treasury
869,807 24
Time Bank Deposits and Secured Demand Loans
166,726,805 84
cheque)
to
subject
,
Companies
Trust
and
Bankers
Cash (in hand and on deposit with Banks,
672,295,38858
$2,365,882,382 13
LIABILITIES.
Capital Stock of U. S. Steel Corporation—
Common
Preferred
(Par Value)
Capital Stocks of Subsidiary Companies not held by U. S. Steel Corporation
pages)—
Bonded and Debenture Debt Outstanding (For detailed statement see preceding
United States Steel Corpbration 50-Year 5% Bonds
United States Steel Corporation 10-60-Year 5% Bonds
$508,302,500 00
360,281,100 00
8868,583,600 00
431,342 50
$230,709,000 00
176,393,000 00
$407,102,000 00
99,227,000 00
Subsidiary Companies' Bonds, guaranteed by U. S. Steel Corporation
62,398,931 53
Subsidiary Companies 'Bonds, not guaranteed by U. S. Steel Corporation
(held
Made
res
Expenditu
Capital
for
Created
Capital Obligations of Subsidiary Companies Authorized or
$15,213,000 00
in Treasury subject to sale, but not included in Assets or Liabilities—see preceding pages)
previously
for
substituted
yeses,
38
of
a
period
over
uring
Subsidiary Companies' Non Interest Bearing Notes—Mat
Contra)
existing mining royalty obligations—Guaranteed by U. S. Steel Corporation (See
Mortgages and Purchase Money Obligations of Subsidiary Companies—
$171,152 65
Mortgages
65,536 67
Purchase Money Obligations issued in acquirement of Fixed Property
254,564 37
n)
Mining Royalty Notes (Interest Bearing—Guaranteed by U. S. Steel Corporatio
Current Liabilities—
Current Accounts Payable and Pay Rolls
Accrued Taxes, not yet due, including reserve for estimated Federal taxes
Accrued Interest, Unprosented Coupons and Unclaimed Dividends
Preferred Stock Dividend No. 75, payable February 28 1920
Common Stock Dividend No. (12, payable March 30 1920
Installments received on Employees' Liberty Bond subscriptions
$61,487,954 40
70,574,345 84
7,689,866 84
6,304,919 25
6,353,781 25
4,660,396 05
568,727,931 53
32,559,197 22
491,253 69
157,071,263 63
$1,627,864,588_57
Total Capital and Current Liabilities
Sundry Reserve Funds—
Contingent, Miscellaneous Operating and Other Reserve Funds
Insurance Funds
$113,441,593 58
20,629,083 95
134,070,677 53
page)—
previous
on
statement
(See
res
Expenditu
Capital
Cover
to
Surplus
Appropriated
110,898,914 1
Invested in Property Account—Additions and Construction
s—
Undivided Surplus of U. S. Steel Corporation and Subsidiary Companie
325,000,000 00
Capital Surplus provided in organization
per table on previous page 468,048,201 93
311910,
December
to
1901
1
April
from
all
companies
by
d
Surplus
of
accumulate
Balance
on Inter-Company salts of products on hand
Total Surplus, exclusive of Profits earned by Subsidiary Companies
493,048,201 93
below)
note
(see
1919
31
December
Inventories
in
$2,365,882,382 13
subsidiary corn
Profits accrued on sales of materials and products to other
NOTE.—That part of the Surplus of Subsidiary Companies representing
included under Current Assets.
Inventories
of
amount
the
from
deducted
Sheet,
Balance
panics and on hand in latter's Inventories is, in this
properly drawn up so as to show the:true
We have audited the above Balance Sheet, and certify that in our opinion it is
on December 31 1919.
es
Compani
ry
Subsidia
and
ion
Corporat
Steel
States
financial position of the United
USE & CO.. Auditors.
PRICE. WATERHO
New York, March 15 1920.
1306
THE CHRONICLE
[VoL. 110
PUBLIC SERVICE CORPORATION OF NEW JERSEY
ELEVENTH ANNUAL REPORT—FOR YEAR ENDING
DECEMBER 31 1919.
To the shareholders:
The combined results of operations of Public Service Corporation of New Jersey and subsidiary companies for the
twelve months ending December 31 1919 were as follows:
that, notwithstanding the economic facts, these companies
must continue to function at pre-war rates. Upon the
ability of the railroads, when restored to private management, and of the public utilities to attract capital for their
Operating Revenue of Subsidiary Companies
$59.136,762 67 necessary and proper expansion depends in large measure
Operating Expenses and Taxes
the future development of the localities served by them
$40,821,282 09
Amortization Charges
2,803,807 71
respectively and of the country generally. Sooner or later
43,625,089 80 the public
will realize that the allowance to this class of
Operating Income
$15,511,672 87 properties of a return sufficiently large to induce the investNon Operating Income—
ment of further capital is fully as necessary for the welfare
Interest on advances to Public Service Corof the public as it is for the prosperity of the particular
poration of New Jersey
$81,369 87
utility. When by a continual process of starvation in earnOther non-operating income
262,858 70
ings the credit of these corporations is destroyed, two things
344,228 57
happen: first, they cannot distribute satisfactory returns to
$15,855.901 44 existing investors; second, they cannot
Income Deductions of Subsidiary Companies (Bond
obtain further
Interest. Rentals and Miscellaneous Interest Charges)
ment of capital. Without such further expenditure of investcapital
12,443,377 21
no additional service can be provided and the develop
Net Income of Subsidiary Companies
ment
$3,412,524 23 of the territory served is stagnated.
There
is no more vital
Public Service Corporation of New Jersey
question before the American people to-day than the creation
Income from Securities Pledged (exclusive
of a proper public sentiment in reference to this problem,
of dividends on stocks of operating comwhich shall reflect itself in the decisions of regulating bodies.
panies) and from Miscellaneous Sources___ $2,160,85
1 32
Less Expenses and Taxes
Conditions that have existed for the past two years make
207,968 47
1,952,882 85 it imperative that commissions should act in such a crisis in a
more or less summary manner. Protracted hearings, extend$5,365,407 08
ing over months or years, defeat their object. When
Public Service Corporation of New Jersey Income Deductio
a pans—
Interest Charges
tient is attacked by serious appendicitis an operation at the
$3.972.268 50
Amortization of Debt Discount and Expense
moment is often the only recourse.
339,932 43
Other Contractual Deductions from Income
To the extent that the prosperity of the corporation for the
39,304 63
4,351,505 56 year 1919 was imppired, it was duo to difficult
ies encountered
Net Income of Public Service Corporation of New Jersey
by the railway company and the gas company during the
and
Subsidiary Companies •
$1,013,901 52 year. The electric company, because of the raise in rates
Appropriation Accounts of Subsidiary Companies—
granted it by tho Public Utility Commission in the year 1918
Amortization of New Business Expenditures
and which prevailed during 1919, was prosperous. The
prior to January 1 1911
$40,329 61
troubles of the railway company through the year are fully
Adjustments of Surplus Account
369,354 01
409,683 62 described herein and abundantly account for the unsuccessful
results obtained. The rate of a seven-cent fare, with a one$604,217 90 cent charge for a transfer, now
Appropriation Accounts of Public Service Corporati
in effect, was designed by the
on of
Commission to produce sufficient revenue to the company
New Jersey (exclusive of dividends) (credit)
3.146 41
to meet its operating expenses and pay its fixed charges,
$607.364 31 thus enabling the company to exist, but it was
Dividends on Preferred Stock of Public Service Corporati
not calculated
on
to produce any substantial return upon the approximately
of New Jersey, exclusive of that owned by Public
Service
$50,000,000 of capital stock of the railway company, issued
Electric Company
468,918 11 and
outstanding and owned by the corporation. It is beNet Increase in Surplus before payment of Common
Stock
lieved that over a period of twelve months' operation this rate
Dividends
$138,446 20 will accomplish the intended purpose,
but the day is at hand
Dividends amounting to four and one-half per cent and when, through the medium of a valuation of the railway company's
property devoted to the public use or through the
aggregating $1,349,982 00 were paid in the first three quarapplication of other lawful princiiiies, a rate must be auters of the year on $29,999,600 00 outstanding common
stock
thorized
that will yield a fair return to the railway company.
of the Corporation from the accumulated surplus of the company. No dividend was paid for the last quarter of the year. It was hoped that such a rate would be worked out through
the
zone
system, which was tried last fall and proven to be a
This course was decided upon when it was found that the experimentally imposed zone mile system of fare on the rail- failure as applied to this property.
When
the
credit of the railway company is thus restored
way, put into effect September 14, and discontinued Deso that it may procure the capital necessary for its expansion,
cember 7, had resulted in a serious decrease in earnings
and
which
it
cannot
now obtain, it will be its privilege to take
an increase in expenses as compared with the seven-cent cash
fare plus one cent for initial transfers, and that the increase a large part in the further development of the State.
d
gas rate, made imperative by rapidly increasing
RATE CASES.
and
applied for June 24, did not become operative costs,
The
until
railway
rate
Decase
which began in March 1918, was
cember sales.
continued during the last year and volumes of testimony
On March 1, Public Service Corporation of New Jersey were recorde
d. March 11 1919, in compliance with an
issued $12,500,000 00 of Three-Year, Secured,
ible order of the Utility Commission, the railway company sub7% Gold Notes and $10,000,000 00 par value of Convert
Cumu- mitted a comprehensive report on a plan for a zone system
lative Preferred Stock. Of the proceeds $7,500,8%
000
was of fares on the railway. At that time the rate in effect was
used to retire 5% Three-Year Collateral Gold Notes00
dated seven cents cash faro with one cent fbr initial transfers.
March 1 1916; 86,850,000 00 to retire floating indebtedness,
April 1 this rate was changed, under a ruling made by the
and the balance for general corporate purposes. During the commiss
September 25 1918, to six cents cash fare with
year $57,400 00 of the notes were converted into preferred one cention
for initial transfers, but it was so obvious that the
stock, there being outstanding at the end of
the year $12,- lower figures would not produce sufficient revenue that the
442,600 00, par value, of the convertible notes and $10,057,- company applied
to have the ruling modified and the com400 00, par value, of the preferred stock.
mission restored the seven cent cash fare as of May 4, the
No capital stock of Public Service Electric Company, transfer charge
Public) Service Gas Company, or Public Service Railway being taken as being retained. July 10, while testimony was
to the valuation of the company's property,
Company was issued during the year, nor were any
of the commission authorized the trial of the zone plan of chargthe subsidiary leased companies issued during the bonds
ing fares, fixing the rate at three cents for.the first zone mile
year.
The operating revenues of subsidiary companies increased and two cents for
each additional zone mile or part thereof.
$6,138,923 94, or 11.58 per cent.
It was decreed that the new rate should become effective
Septemb
er
14. The best use of the limited intervening
GENERAL CONDITIONS.
The public utilities of the country have been passing time was made by the company in getting ready for the radical
changes
operation. The zone plan was put into effect
in
through a crisis in their history. As a result of the war, an
but did not prove popular with the public. In some sections
economic revolution has taken place in this country
as else- disorder and near-rioting ensued. The rate of "three-ai:idwhere. The cost of labor and materials has
lly two" bore rather heavily on long distance riders,
doubled, or, to put it in another way, the purchaspractica
ing power a diminution in that class of business. The company.causing
sought
of the old dollar has depreciated nearly fifty per cent.
Un- a return to the flat rate of fare, but the commission insisted
regulated industries have been able to adjust themselves
to
on
a
further
trial
of
the zone plan, modifying the rates to
the new conditions more or less easily. The railroads of the make
them five cents for the first two zones and one cent
country during this period have been under
Govern
ment
for
each
addition
al
zone. From a financial standpoint the
control and operation, the Government absorbing their second
stage was worse than the first, and upon presentation
deficit; but the regulated public utilities have had to look of
proof
by
compan
the
y the commission restored the seven
solely to commissions for relief from the well-nigh intolerable cent
cash fare and initial transfer charge, effective as of
burdens imposed upon them by,these conditions. An un- Decemb
er
7.
Thus
ended
the zone fare experiment and
reasonable public sentimentihas manifested itself, insisting a
plan which was sound in theory but did not work out in
MAR. 27 19201
THE CIIIIONICili
1307
The New Jersey Transportation Company, a subsidiary,
practice had cost the company a large sum of money and
buses from the terminus of the Englewood line
was responsible in large measurefor the unfavorablefinancial which operated
at Tenafly to Camp Merritt, discontinued operation March
showing made by the railway for the year.
camp by the Government was virMeanwhile the hearingsin the railway rate case have proceed- 30, when the use of the
ed before the commission and,as of this writing,the company tually ended.
The ferries operated by the company from Edgewater
and such municipalities as were represented before the comBergen Point respectively, showed substantial
mission have concluded their submission of testimony rela- and frombusiness
during the year. The operation of both
tive to the value of the company's property devoted to the gains in
strikes of harbor workers, January 9-12,
public use. Nothing remains to complete the valuation was affected by
suspended, and March 3-8, when a curexcept the presentation of certain testimony being collated when service was
was kept going at Edgewater.
by the commission itself as to real estate values, the summing tailed service
The Railway Claim Department spent, including the cost
up by counsel and the fixing of the value of the property by
of administering the department during the year $1,194,the commission.
per cent, of the gross receipts. This expendiActing on its own initiative, the Public Utility Commission 270 86, or 5.3
excess of the total of the preceding year and is a
on April 30 gave notice of a proposed inquiry as to whether ture was in
continued increasing use of the highways by
its previous order allowing Public Service Electric Company reflection of theparticularl
y motor trucks, and the advancing
to make a surcharge of approximately twenty-five per cent motor vehicles,
for repairs to damaged vehicles.
on certain classes of power bills should be continued. After cost of labor and materials
several hearings the commission on July 31 modified its order
THE ELECTRIC COMPANY.
to the extent of eliminating the retail power and the elevator
Public Service Electric Company was called upon during
rates from the scope of the surcharge, beginning with Sept- the year to supply power demands which taxed the capacity
ember sales, but the surcharge was retained so far as its of its generating stations and exceeded in volume the output
application to wholesale power bills was concerned.
energy produced in 1918. War industries, which had
On June 24 Public Service Gas Company filed with the of
taken approximately 90 per cent of the commercial power
Public Utility Commission a new schedule of rates graduated load in 1918 ceased, but the power they had utilized was
from a base rate of $1 15 per thousand for the first 20,000 absorbed by other industrial activities as rapidly as it was
cubic feet per month to a minimum of eighty cents per thous- released from war work. In the Northern zone the day load
and for all over 800,000 cubic feet per month. A hearing of the 60-cycle service ran as high as 126,000 K.W. as
was ordered and after taking voluminous testimony, which compared with a maximum of 109,000 K.W. in 1918, while
'
was largely based on the principles settled in the Passaic
the Southern zone the day load reached a maximum of
gas &so of 1912, the commission under date of November 18, in
K.W., as against 22,000 K.W. the year before.
handed down a formal order, approving the rates and direct- 24,000
With the increase in maximum demand came a material
ing that they become effective with the December 1919 change
in operating conditions. Plants that had been
sales. The rates accordingly were put into effect.
working twenty-four hours a day in 1918 went back to an
The fact that the company was not able to obtain the eight
or ten-hour basis and there was a general shortening
benefit of this increased rate prior to the December sales
the working day which increased the Kilowatt demand
accounts for the gas company earning for the year only about of
producing a corresponding increase in total output.
three per cent upon its capital stock instead of approximately without
The year brought an unprecedented amount of new busieight per cent,as has generally been the case. The new rate, ness
in small installations, particularly during the later
however, on the basis of present costs, has restored tho com- months.
The number of additional meters placed in the
pany to a normal basis of earnings.
during 1919 was 26,177, which was more than twice
system
•
THE RAILWAY COMPANY.
the number for the preceding year and 92 per cent of them
An unusually trying year for Public Service Railway were of the 5-ampere type, the smallest size used by the
Company came to a close with conditions showing signs of company.
Two 1,373 h.p. boilers, of a battery of four,were installed
better times ahead. After-effects of the war, labor difficulties, unbridled jitney competition and the costly zone at the Essex Power Station, with the necessary bunker exan
of
tensions and other equipment. This battery will bring the
fare experiment were the chief disturbing elements
unhappy twelvemonth. The labor shortage was not so acute Essex boiler installation up to sixteen boilers and adequately
as during 1918, and as the year wore on was relieved some- meet the full capacity of the generating units of that station.
what by men returning from war service and by special
At the Burlington Station a 12,500 KVA turbo generator
efforts at recruiting. Unrest over wages and other condi- was installed, replacing a 3,000 K.W. unit, and at Camden
which
12,
March
tions brought about a strike of trainmen on
the completion of the mechanical stoker installation under
lasted six days and practically tied up the system for that the eight large boilers was effected. This has resulted in an
period. The questions at issue were referred to the National increased capacity of the boilers of 2,000 K.W. for all-day
War Labor Board under a provision of a previous award of service and further economy in operation.
that body and the men returned to work. The War Labor
Transformer additions for commercial service were made at
Board rendered a decision June 25 covering certain working the Irvington, Garfield, Athenia, Hoboken, Perth Amboy
conditions, and July 1 gave an award which resulted in a and Rahway sub-stations, and additional rotary equipment
wage scale of 46 cents per hour for the first three months, for railway service was installed at the Edgewater, Atlantic
48 cents per hour for the next nine months, and 50 cents per Avenue, Bordentown, Camden, Gloucester and Haddon
hour after the first year, with time and a half for overtime, Heights sub-stations.
for trainmen, and proportionate increases for collateral emImprovements in the transmission system included the,
ployees. The company accepted the new rate, which was establishment of higher voltage lines to the Carteret submade retroactive to May 1. One of the demands made by station in the Central Division, and between Burlington and
the employees was for the recognition of their union. On Liberty Street, Trenton, and Burlington and Camden in
this point the National War Labor Board decided against the Southern Division.
them, but later the company on its own initiative entered
The difficulty in securing labor was diminished but little
into an agreement with its employees,membersof the Amal- as compared with 1918, the labor turnover in the production
gamated Association of Street and Electric Railway Employees department being nearly as great as the year before, when
covering wages and working conditions for a period of two it reached 280 per cent.
years from August 1. It was principally the successive
Commercial sales of energy increased 1,965,155 kilowatt
increases in wages to keep the labor situation composed that hours, representing a gain of 0.45 per cent. The gain in
made it necessary for the company to appeal to the Public connected power load was 15,566 h.p., as against 67,720 h.p.
Utility Commission for higher fares.
gain in 1918. The revenue from electric sales showed a
No constructive steps were taken by State or local authori- gain of 14.34 per cent, with an average price of 4.43 cents
ties to fairly or adequately regulate jitney traffic during the per kilowatt hour sold, compared with an average price of
year. Bus operators were permitted to run pretty much 3.90 cents per kilowatt hour sold in 1918.
when, where and how they pleased without regard to the
There was an improvement in the coal situation over the
needs of the traveling public. As pointed out in a previous preceding two years to the extent that the company was able
report this unbridled competition is extremely unwise from to get in excess of daily needs a reserve supply of approxithe standpoint of public advantage because the unnecessary mately 220,000 tons of coal on its property by November 1.
overlapping of facilities costs the public, in the aggregate, This enabled the eompany to meet the conditions brought
several million dollars more each year than they would be about by the coal strike, which started November 1 and
called unon to pay if jitneys were regulated in the same man- continued until December 13. While the strike lasted the
ner and by the same authority as street railways, on the company was not compelled to curtail its output for want of
basis of public convenience and necessity. Present condi- fuel, although its reserve supply was reduced to 73,000 tons
tions cannot endure without materially affecting the further on December 31, which quantity was further diminished in
development of many communities in the State.
the first months of this year. During the strike the United
With no new capital available, no new cars were added to States Fuel Administration resumed its activities and the
the equipment during the year. The company now has diversion of coal was handled in much the same manner as
1,777 closed and 595 open revenue cars. In August a fire in war time. Dr. Garfield's resignation put the burden of
at Camden destroyed or damaged eighteen cars and a por- the Fuel Administration on the Director of Railroads
tion of the carhouse, but the loss was fully covered by insur- and after the strike situation was cleared up there still
ance. There was reconstructed during the year 23.284 remained a handicap in the form of a shortage of cars.
miles of 'track on which 15.779 miles of new rail were laid.
THE GAS COMPANY,
Track extensions of .604 of a mile were made. The total
Company experienced in a modified
Gas
Service
Public
operating
The
miles.
898.240
is
trackage of the system
to that which obtained during the
similar
situation
a
70,
4
degree
$3,308,59
increased
properties
revenues of the railway
abnormal demands were made
when
1918,
of
part
early
carried
passengers
total
The
per
cent.
representing 15.88
During spells of severe winter
plants.
company's
the
upon
cent.
decreased 12.09 per
1308
THE CHRONICLE
weather the public turned to gas for heating
,
causing unusual increases in consumption for limitedpurposes
periods,
all of which were fully met.
An addition was constructed at the Roseville holder station
in which were installed two gas pushers driven by 250
p.
engines to increase and improve the supply in the Orangeh.
and
Montclair districts.
A water gas set of a capacity of approximately 2,500,000
cubic feet was erected at the Camden works, and steel
for dehydrating tar were installed at the Paterson stills
and
Trenton works to facilitate the shipment of tar.
Sales of gas during the year increased 117,473,044 cubic
feet, a gain of 0.79 per cent.
WELFARE WORK.
The Welfare Department's expenditures during the year,
including payments made under the Workmen's Compens
ation Act, amounted to $219,953 46,, which was $15,243 70
higher than the previous year. Of the total $112,955 36
was for welfare work under the following items:
Insurance
Sick Benefits
Pensions
Expenses
325,360 95
23,804 59
48,562 48
15,227 34
Total
3112.955 36
There were nine additions to the pension roll and
removals by death, the number listed at the close of thethree
being ninety-seven. Eighty-three deaths were recordedyear
as
against 102 for the preceding year. Cases in which sick
benefits were paid numbered 1,014, a decrease of 493 from
1918, when an epidemic of influenza prevailed.
Disbursements on account of injuries to employees who
came within the provisions of the Workmen's Compensation
Act totaled $106,998 10, an increase of $19,073 04 over the
figure of 1918. The cost was divided as follows:
!Vol,. 110.
Brought forward
Public Service Corporation of New Jersey Income Deduction $5,385,407 08
s:
Interest on Perpetual Interest-Dearing Certificates
$1,203,046 20
Interest on Public Service General Mortgage 5% Bonds
1,812,500 00
Interest on 5% 3-Year Collateral Notes_ _ _
62,500 00
Interest on 3-Year Secured Convertible 7%
Gold Notes
726,450 64
Interest on Miscellaneous Obligations
167,771 66
Amortization of Debt Discount and Expense
339,932 43
Other Contractual Deductions from Income
39,304 63
4,351,505 56
Net Income of Public Service Corporation of New Jersey
and
Subsidiary Companies
$1,013.901 52
Appropriation Accounts of Subsidiary CompaniesAmortization of New Business Expenditures
prior to January 1 1911
340,329 61
Adjustments of Surplus Account
369,354 01
409.683 62
Appropriation Accounts of Public Service Corporation
of
New Jersey (exclusive of dividends) (credit)
Dividends on Preferred Stock of Public Service Corporation
of New Jersey, exclusive of that owned by Public Service
Electric Company
Net Increase in Surplus before payment of Common Stock
Dividends
$604,217.90
3,146;41
$607,364 31
468,918 11
3138.446 20
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
BALANCE SHEET DECEMBER 31 1919.
ASSETS. •
InvestmentsSecurities of subsidiary and leased companies
$102,949,877 07
Perpetual interest-bearing certificates
$106,998 10
(par $920,485 00)
917,835 00
The figures above indicate the continuation of the comGeneral Mortgage 5% Sinking Fund 50pany's liberal policy in conducting its Welfare Departm
year Gold Bonds (par $1,500,000 00)-ent,
1,275,000
00
giving assistance to its employees beyond the actual requireOther securities
81,665 00
ments of the law. The increase in expenditures of the deAdvances to Public Service Gas Co
700,000 00
Advances to Public Service Railway Co.
partment was due in part to amendments to the Workmen's
700,000 00
Advances to Public Service Railroad Co.
Compensation Act, which increased the percentage of wages
35,000 00
Advances to New Jersey Transportation
payable, the maximum weekly rate of pay and allowances
Co
20.000 00
for medical services rendered to injured employees.
Real estate
181,911 05
INSURANCE.
3106,861,288 12
Continuing the revision of fire insurance carried on prop- Treasury BondsGeneral Mortgage 5% Sinking Fund 50erties of the subsidiary companies to conform to higher
Year Gold Bonds
12,500,000 00
replacement costs and to provide for new buildings and
Sinking Funds and Other Special Fundsequipment brought the total amount of insurance carried
Sinking Fund of General Mortgage 5%
December 31 1919 up to $47,326,488, as compared
Sinking Fund 50-Year Gold Bonds_ _ _ $1,783,369 31
$45,718,623 for the corresponding period in 1918, anwith
Other special funds
in615,775 75
crease of $1,607,865. The total premiums for the past
2,399,145 06
year were $152,563 18, as against $144,452 56 for the pre- Current AssetsCash
vious year, the increase being ,110 62. There was but a
3240,066 24
Accounts receivable
slight change in the average rate paid, the cost in 1919 for
12,013 49
Interest and dividends receivable
each $100 of insurance being 32.2 cents, compared with 31.6
245.994 00
498,073 78
cents, the average 1918 rate.
Deferred ChargesPrepayments
TAXES.
$14,544 18
Unamortized debt discount and expense_
State and local taxes assessed during the last year showed
4,290,777 73
an increase of $332,569 58 over similar taxes for 1918, and
4,305,321 91
Payments required by law
Additional payments not required by law
Expenses of department
Total
381,418 80
12,316 34
13,262 96
although there was some offset against this in the form of
reduced Federal taxes, the total tax bill was $4,740,258 57.
FINANCIAL STATEMENT AND STATISTICS.
Attention is called to the balance sheets and statemen
of earnings and expenses of the corporation and its subsidiats
ry
companies, which have been verified by Niles & Niles,
certified public accountants, of New York, and to the usual
statistical information and other statements herewith submitted.
THOMAS N. McCARTER,
President.
COMBINED RESULTS OF OPERATIONS PUBLIC SERVICE
FORATION OF NEW JERSEY AND SUBSIDIARY COMPANI COR.
ES.
FOR THE TWELVE MONTHS ENDING DECEMBER
31 1919.
Operating Revenue of Subsidiary Companies
$59,136,762 67
Operating Expenses and Taxes
$40,821,282 09
Amortization Charges
2,803,807 71
43,625,089 80
Operating Income
Non-Operating IncomeInterest on advances to Public Service Corporation of New Jersey
Other non-operating income
315,511,672 87
$81,369 87
262,858 70
344,228 57
$15,855,901 44
Income Deductions of Subsidiary Companies(Bond Interest,
Rentals and Miscellaneous Interest Charges)
12,443,377 21
Net Income of Subsidiary Companies
$3.412,524 23
Public Service Corporation of New Jersey Income from Securities Pledged (exclusive of
dividends on stocks of operating companies)
and from Miscellaneous Sources
$2,160,851 32
Less Expenses and Taxes
207,968 47
1,952.882 85
$5,365,407 08
$126,563,828 82
LIABILITIES, CAPITAL STOCK AND SURPLUS.
Funded DebtGeneral Mortgage 5% Sinking Fund 50Year Gold Bonds
$50,000,000 00
Perpetual interest-bearing certificates_
20,050,770 00
Three-Year Secured Convertible 7%
Gold Notes
12,442,600 00
$82,493,370 00
Bills Payable
45,000 00
Current LiabilitiesTaxes accrued
$17,668 50
Interest accrued
950,546 28
Other accrued liabilities
102,321 49
Accounts payable
23,559 19
1,094,095 46
ReservesPremiums on stocks
$1,500 00
Contractual reserves
454,328 24
455.828 24
Capital StockCommon capital stock
$29,999,600 00
8% Cumulative preferred capital stock
10,057,400 00
40,057.000 00
Corporate SurplusBalance December 31 1918
$3,410,865 10
Net income year ending Dec. 31 1919
1,024.27629
Additions to surplus
3,146 41
Total
$4,438,287 80
Less dividends paid during yearCommon capital stock_ _31,349,982 00
8% Cumulative preferred
capital stock
669,770 68
$2,019,752 68
Balance of surplus December 31 1919
2,418.535 12
3126,563,828 82
MAR. 27 1920.)
1309
THE CHRONICLE
LIABILITIES. CAPITAL STOCK AND SURPLUS.
Funded debt-$233,16667
Real estate mortgages
291,730 56
Advances for construction
$524,897 23
ASSETS AND DEFICIT.
Advances from other corporationsRoad and equipment700,000 00
Now
Jersey
of
Public Service Corporation
3100,022,190 74
Balance December 31, 1918
Construction-Year ending December
Current Liabilities1.335.223 71
$655,710 32
31, 1919
Taxes accrued
11,016 97
Interest accrued
3101.357,414 45
467,658 94
Total
Other accrued liabilities
19
_
_
197,967
979,113 23
Loss property written off during year_ _
Consumers' deposits
1,138,045 27
Other accounts payable
$101,159,447 26
31,833 88
Balance December 31. 1919
Other unfunded debt
975,380 34
3,283,378 61
Investments in affiliated companies
Current assetsReserves3727,991 98
3715,378 20
Materials and supplies
Permanent reserves
628,518 59
673,450 58
Cash
Accrued amortization of capital
286,227 33
debt
on
31 77
premium
Miscellaneous accounts receivable
Unamortized
3,681 82
60.930 26
Interest, dividends and rents receivable_
Casualty and insurance reserve
49,268 33
10,924 47
Special deposits
Other optional reserves
48,935 00
1,460.715 28
Other current assets
1.744,623 05 Capital stock
14,100,000 00
12,62028 Corporate surplusDeferred assets
$6,594 88
Deferred chargesBalance December 31 1918
Net income year ending December 31
Rents and insurance premiums paid in
370,488 11
587,870 19
advance
1919
702,526 07
Discount on funded debt
773,014 18
$594,465 07
Total
49,499 91
Corporate deficitSundry deductions from surplus
$32,103 13
Balance-Deficit December 31, 1918__..
707.48289
311919
$544,965 16
Netdeficit year ending December
423,000 00
Less dividends paid during year
$739,586 02
Total
32,169 76
121,965 16
Profit and loss adjustments (credit)
Balance of surplus December 31 1919PUBLIC SERVICE RAILWAY COMPANY and PUBLIC SERVICE
RAILROAD COMPANY.
BALANCE SHEET DECEMBER 31 1919
707,416 26
Balance-Deficit December 31 1919_ -
$20,190,956 28
$105,372,501 37
PUBLIC SERVICE ELECTRIC COMPANY.
LIABILITIES AND CAPITAL STOCK.
Funded debt unmatured346.000,000 00
Mortgage bonds
833,000 00
Equipment obligations
Miscellaneous obligations263.43500
Real estate mortgagee
1,826,754 63
Advance for construction
$48,923,189 63
Non-negotiable debt to affiliated companiesAdvances:
Public Service Corporation of New
$735,000 00
Jersey
Port Richmond and Bergen Point Ferry
65,000 00
Company
205,000 00
Riverside & Fort Leo Ferry Co
for
issued
companies
affiliated
Bonds of
1.643,000 00
construction expenditures
$34,251,270 37
Total
437,765 73
Less property written off during year__ _
2,648,000 00
Current liabilities31,182,001 95
Tax liability
Accrued interest, dividends and rents
622,006 41
payable
2,049,843 44
Accounts payable
40,795 32
Other current liabilities
Deferred liabilities
ReservesAccrued depreciation-road and equipment
Premium on funded debt
Injuries and damages reserve
Other unadjusted credits
BALANCE SHEET DECEMBER 31 1919.
ASSETS
Fixed capital331.474,32023
31
1918
December
Balance
Construction-Year ending December 31
2,776,950 14
1919
3,894,647 12
275,342 08
$98,820 70
9,403 91
416,574 11
71,523 82
$33,813,504 64
Balance December 31 1919
2,347,069 22
Investments
23.593 26
Sinking funds and other special funds
Current assets31,593,883 46
Materials and supplies
1,441.340 55
Cash
Accounts receivable$2,379,790 63
Customers
1,178,561 26
Miscellaneous
3,558,351 89
21,293 86
Interest and dividends receivable
79,780 00
Other current assets
6,694.649 76
Deferred chargesPrepayments
Unamortized debt discount and expense_
Other suspense
$115.101 64
7,377 55
22,078 64
144,557 83
$43,023,374 71
596,322 54
49,035,000 00
Capital stock
LIABILITIES, CAPITAL STOCK AND SURPLUS.
$105,372,501 37
Note: New classification of accounts in effect January 1 1919.
PUBLIC SERVICE OAS COMPANY.
BALANCE SHEET DECEMBER 31 1919.
ASSETS.
Fixed capital$14,810,516 GI
Balance December 31 1918
Construction-Year ending December 31
1,197,931 19
1910
Total
Less property written off during year
310.008,447 80
87,418 16
Bills payable
Current liabilitiesTaxes accrued
Interest accrued
Other accrued liabilities
Consumers' deposits
Other accounts payable
Other unfunded debt
$324.033 33
512,939 34
$836,072 67
453.666 00
$764,692 98
66,931 28
247,852 45
617,225 97
734,915 91
28,913 80
2,460,532 39
315,921,029 64
Balance December 31 1919
530,522 65
Investments
14,463 37
funds
special
other
and
funds
Sinking
Current assets31,578,882 48
Materials and supplies
73.886 64
Cash
800 00
receivable
Bills
Accounts receivable$1,782,784 65
Customers
156,095 76
Miscellaneous
1,938,880 41
2,729 21
Interest and dividends receivable
7,175 00
Other current assets
3.602.353 74
Deferred charges
328.975 01
Prepayments
70,467 34
Unamortized debt discount and expense_
23,144 53
Other suspense
122,586 88
Funded debtReal estate mortgages
Advances for construction
320.190,956 28
ReservesPermanent reserves
Accrued amortization of capital
Unamortized premium on debt
Casualty and insurance reserve
Other optional reserves
Capital stock
Corporate surplusBalance December 31 1918
Net income year ending December 31
1919
$850,568 11
6,345,004 97
24 71
144,550 65
8,015 75
7,348,164 19
30.000,000 00
31,623.581 44
3,676,627 93
Total
Sundry deductions from surplus
$5,300,209 37
376,169 91
Less dividends paid during year
$4,924,039 46
3.000,000 00
Balance of surplus December 31 1919-
1.024,03046
$43,023,374 71
1310
TILE CHRONICLE
Henry A. Niles, C.P.A.
Charles E. Niles, C.P.A.
35 STATE STREET.
Norman E. Webster, C.P.A.
BOSTON.
Henry A. Horne, C.P.A.
NILES & NILES
Certified Public Accountants
111 Broadway. New York
CERTIFICATE OF ACCOUNTANTS.
New York, March 5 1920.
We have examined the books and accounts of the Public
Service Corporation of New Jersey, and of its subsidiary
operating companies for the year ending December 31 1919.
We certify that the statement shown on page 18[pamphlet
report] correctly presents the combined income and profit
and loss of the Public Service Corporation of New Jersey
[VOL. 110.
and its subsidiary companies for the year ending December 31
1919, and that the balance sheets, as of December 31 1919, of
Public Service Corporation of Now Jersey,
Public Service RailwayiCompany and Public Service Railroad Company (consolidated),
Public Service Gas Company, and
Public Service Electric Company,
shown on pages 19 to 22[pamphlet report], are in accordance
with the books, and correctly show the financial condition
of those companies at that date.
NILES & NILES,
Certified Public Accountants.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND
SUBSIDIARY COMPANIES.
STATEMENT OF FUNDED DEBT DECEMBER 31
1919.
Authorized.
Outstanding.
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
Public Service Corporation of New JerseyPublic Service Corporation of New Jersey 5% General Mortgage. Due October 11959.
Fidelity Trust Company (Newark),Trustee. Interest Payable April and October__
Perpetual Interest Bearing Certificates of Public Service Corporation of New Jersey. $50,000,000 00 $50,000,000 00 $14,000,000 00 *$36,0 )0,000 00
Fidelity Trust Company (Newark), Trustee. Rate 6%. Interest Payable May
and November
20.200,000 00 20,050.770 00
020,485 00 19.130,285 00
Public Service Corporation of New Jersey Three-Year Secured Convertible
Gold
Notes. Due March 1 1922. Fidelity Trust Company (Philadelphia),7%
Trustee.
Interest Payable March and September
12,500,000 00 12,442,800 00
12,442,600 04
Public Service Gas Company.
Public Service Electric Company.
$82,493,370 00 $14,920,485 00 $67,572,885 00
Companies Leased by Public Service Gas CompanyNewark Consolidated Gas Company 5% Consolidated Mortgage. Due December 1
1948. Fidelity Trust Co. (Newark). Trustee. Interest Payable June and December
Newark Gas Company 6% First Mortgage
$6.000,000 00.
Due April 1 1944. National New- $10,000,000 00 $6,000,000 00
ark and Essex Banking Co., Trustee. Interest Payable July, October,
January
April
4,000,000 00
3,999,700 00
Hudson County Gas Company 5% First Mortgage. Due November 1 1949. New
3,999,700 00 •
Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable May and November
10,500,000 00
New Brunswick Light, Heat & Power Company 4% First Mortgage. Due Decem- 10,500,000 00 10,500,000 00
ber 15 1039. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
December
600,000
00
500,000
00
500,000 00
Ridgewood Gas Company 5% First Mortgage. Due June 11925. Equitable Trust
Co., Trustee. Interest Payable June and December
100,000 00
100,000 00
100,000 00
Ridgewood Gas Company 5% Second Mortgage. Due April 11925. Fidelity Trust
Co. (Newark). Trustee. Interest Payable April and October
100,000 00
85,000 00
85,000 0()
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. Interest Payable June and
December
683,000 00 17,934.500 00
Consumers' Light, Heat & Power Company 5% First Mortgage. Due June 1 1938. 20,000,000 00 18,617,500 00
New Jersey Title Guarantee & Trust Co.. Trustee. Interest Payable June and
December
1.000,000 00
308,000 00
308.000 00
North Iludson Light, Heat & Power Company 5% First Mortgage. Due October 1
1938. New Jersey Title Guarantee & Trust Co., Trustee. Interest Payable
April and October
2,000,000 00
367,000 00
367,000 00
Middlesex Electric Light & Power Company 5% First Mortgage. Due January 1
1955. Fidelity Trust Co.(Newark), Trustee. Interest Payable July and January
200,000 00
181,000 00
21,000 00
160,000 00
Weehawken Contracting Company 6% First Mortgage. Due February 20
1928.
Weehawken Trust Co., Trustee. Interest Payable August and February
30,000 00
30,000 00
30,000 00
Companies Leased by Public Service Gas Co.and Public Service Electric Co.
Paterson & Passaic Gas & Electric Company 5% Consolidated Mortgage. Due
March 1 1949. The Paterson Safe Deposit & Trust Co., Trustee. Interest Payable September and March
5.000.000 00
4,049.000 00
4,049,000 00
Edison Electric Illuminating Company of Paterson 5% First Mortgage. Due July 1
1925. The Paterson Safe Deposit & Trust Co.. Trustee. Interest Payable January and July
600,000 00
585,000 00
585,000 00
Passaic Gas Light Company 6% First Mortgage. Due June 11922. The Paterson
Savings Institution, Trustee. Interest Payable June and December
50.000 00
50,000 00
50,000 00
Passaic Lighting Company 5% Consolidated Mortgage. Due May 1 1925. Guaranty Trust Co., Trustee. Interest Payable May and November
450.000 00
316.000 00
316,000 00
South Jersey Gas, Electric & Traction Company 5% First Mortgage. Due March 1
1953. Fidelity Trust Co. (Newark), Trustee. Interest Payable September and
March
3.507,000 00
9,385.000 00
Burlington Gas Light Company 5% First Mortgage. Due May 1 1921. Burlington 15,000,000 00 12.892,000 00
City Loan & Trust Co., Trustee. Interest Payable May and November
100.000 00
100.000 00
100,000 00
Trenton Gas & Electric Company 5% First Mortgage. Due March 11949. Equitable Trust Co.. Trustee. Interest Payable March and September
2.000.000 00
2,000,000 00
2,000.000 00
Somerset Union & Middlesex Lighting Company 4% First Mortgage. Due December 1 1943. Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
December
2.750,000 00
1,974.481 24
573,181 70
1,401,299 54
Central Electric Company 5% Consolidated Mortgage. Due July 11940. Fidelity
Trust Co. (Newark). Trustee. Interest Payable January and July
750.000 00
750.000 00
20,200 00
729.800 00
Plainfield Gas & Electric Light Company 5% General Mortgage. Due April 11940.
Guaranty Trust Co., Trustee. Interest Payable April and October
500,000 00
500.000 00
500,000 00
Somerset Lighting Company 5% First Mortgage. Due February 1 1939. Fidelity
Trust Co. (Newark), Trustee. Interest Payable February and August
150.000 00
150,000 00
21.000 00
129.000 00
The Gas & Electric Company of Bergen County 5% General Mortgage No. 2. Due
November 1 1954. Fidelity Trust Co. (Newark). Trustee. Interest Payable
May and November
5,000.000
00
3.271,000 00
1,616,000 00
1.655,000 00
The Gas & Electric Company of Bergen County 5% General Mortgage No. 1. Due
November 1 1954. Equitable Trust Co., Trustee. Interest Payable May and
November
5,000,000
00
38,000 00
38.000 00
The Gas & Electric Company of Bergen County 5% Consolidated Mortgage. Due
June 1 1949. Fidelity Trust Co.(Newark), Trustee. Interest Payable June and
December
1.500,000 00
1.443,000 00
1,443,000 00
Hackensack Gas Light Company 5% First Mortgage. Due July 1 1934. G. W.
Conklin, D. W. Chamberlain, Trustees. Interest Payable July and January at
Fidelity Trust Co.(Newark)
42,000 00
24,000 00
24,000 00
Hackensack Gas & Electric Company 5% Gen'l Mortgage, Due July 11935. G. W.
Conklin, E. A. Pearce, Trustees. Interest Payable January and July at Fidelity
Trust Co. (Newark)
40,000 00
10,000 00
10,000 00
Englewood Gas & Electric Company 5% First Mortgage. Due January 1 1939.
Geo. W.Conklin, Trustee. Interest Payable January and July
200,000 00
23,000 00
23,000 00
Princeton Light, Heat & Power Company 5% 30-year Sinking Fund Mortgage. Due
February 1 1939. Equitable Trust Co., Trustee. Interest Payable February and
August
250,000 00
170,500 00
170,500 00
Shore Lighting Company 5% First Mortgage. Duo April 1 1951. Fidelity Trust
Co. (Newark), Trustee. Interest Payable April and October
400,000 00
400,000 00
400.000 00
Total Public Service Gas Company and Public Service Electric Company
$69.434,181 24 $6,480,381 70 $62,953,799 54
Public Service Railway Company-North Jersey Street Railway Company 4% First Mortgage. Due May 1 1948.
Bankers Trust Co., Trustee. Interest Payable May and November
Jersey City Hoboken & Paterson Street Railway Company 4% First Mortgage, Due $15,000,000 00 $15,000,000 00 $7,230,000 00 $7,770,000 00
November 1 19-19. Now Jersey Title Guarantee & Trust Co., Trustee. Interest
Payable May and November
1.498,000 00 12,583,000 00
North Hudson County Railway Company 5% Consolidated Mortgage. Due July 1 20,000,000 00 14,061,000 00
1928. S. B. Dod, Trustee. Interest Payable January and July at First National Bank, Hoboken
3,000,000 00
2,998,000 00
2.998.000 00
North Hudson County Railway Company 5% Improvement Mortgage. Due May 1
1924. Fidelity Trust Co. (Newark), Trustee. Interest Payable May and November
1,292,000 00
1,291,000 00
1,291,000 00
North Hudson County Railway Company 5% Weehawken Extension Mortgage.
Due February 1 1945. Fidelity Trust Co.(Newark), Trustee. Interest Payable
February and August
100.000 00
100,000 00
100,000 00
Paterson Railway Company 6% Consolidated Mortgage. Due Juno 1 1931. Columbia Trust Co.. Trustee. Interest Payable June and December
1,250,000 00
1.250.000 00
1.250,000 00
*Includes $2,069,000 purchased by the Sinking Fund.
1311
THE CHRONICLE
MAR. 27 1920.]
Authorized.
Brought forward
1 1944. FiPaterson Railway Company 5% 2nd General Mortgage. Due October
and October...
delity Trust Company (Newark), Trustee. Interest Payable April
Due
Elizabeth Plainfield & Central Jersey Railway Company 5% First Mortgage.
December 1 1950. Fidelity Trust Co. (Newark). Trustee. Interest Payable
Juno and December
11922. Fidelity
Plainfield Street Railway Company 5% First Mortgage. Due JulyJuly
Trust Co. (Newark), Trustee. Interest Payable January and
General Mortgage. Due
Elizabeth & Raritan River Street Railway Company 5%Interest
Payable May and
May 1 1954. Fidelity Trust Co. (Newark), Trustee.
November
Brunswick Traction Company 5% First Mortgage. Due July 11926. Fidelity Trust
Co. (Newark), Trustee. Interest Payable January and July
East Jersey Street Railway Company 5% First Mortgage. Due May 11944. Perth
Amboy Trust Co., Trustee. Interest Payable May and November
11950.
Middlesex & Somerset Traction Company 5% First Mortgage. Due January
July__ _ _
Fidelity Trust Co. (Newark), Trustee. Interest Payable January and
June
Due
11955.
First
Mortgage.
5%
Co.
Railway
Terminal
Public Service Newark
Fidelity Trust Co.(Newark). Trustee. Interest Payable June and December JanuPublic Service Series "B" Equipment Trust 5% Certificates. $22,000 due each
ary 1st. $23,000 due each .Tuly 1st. Fidelity Trust Co. (Philadelphia). Trustee.
Interest Payable January and July '
each March
Public Service Series"C" Equipment Trust 5% Certificates. $25,000 due on
Lives &
for Insurances
1st and September 1st. The Pennsylvania Companyand
September
Granting Annuities, Trustee. Interest Payable March
each
due
$44,000
5%
Certificates.
Trust
Equipment
"D"
Series
Public Service
November 30th and May 31. Philadelphia Trust Co., Trustee. Interest Payable
November 30th and May 31
Outstanding.
$34,709,000 00
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
$8,728,000 00 $25,972,000 00
300,000 00
$300,000 00
300,000 00
2.500,000 00
2.400,000 00
100.000 00
100,000 00
3.800.000 00
1,500,000 00
500,000 00
500.000 00
500,000 00
500,000 00
500,000 00
1,500.000 00
1.000,000 00
1,000,000 00
5,000,000 00
5.000,000 00
5,000,000 00
450,000 00
23.000 00
23,000 00
500.000 00
150,000 00
150,000 00
880,000 00
154,000 00
2,246.000 00
100,000 00
274,000 00
1.220,000 00
500,000 00
660.000 00
660,000 00
$46.833,000 00
$9,156,000 00 $37,677.000 00
Total Public Service Railway Company
Companies Controlled by Public Service Railway CompanyJune 1 1933. Bankers
Consolidated Traction Company 5% First Mortgage. Due
$15,000,000 00.
Trust Co., Trustee. Interest Payable December and June Due January 11923. $15.000,000 00 $15,000,000 00
Jersey City & Bergen Railroad Company 4)4% First Mortgage.July
at Bankers Trust
Edmund Smith, Trustee. Interest Payable January and
258.000 Oa
258,000 00
1,000,000 00
Co. or First National Bank, Jersey City
Due July 1 1930. New
Newark Passenger Railway Company 5% First Mortgage.Payable
6,000.000 00.
6,000,000 00
6.000,000 00
January and July
Jersey Title Guarantee & Trust Co., Trustee. Interest
Due June 1 1937.
Passaic & Newark Electric Traction Company 57 First Mortgage. Payable
June and
New Jersey Title Guarantee & Trust Co., Trustee. Interest
550,000 00.
550,000 00
1.000,000 00
December
Due April 1 1921.
Rapid Transit Street Railway Company 5% First Mortgage.
500,000 00,
00
500,000
00
500,000
Fidelity Trust Co. (Newark), Trustee. Interest Payable April and October__ _ 1_
Due December
Orange & Passaic Valley Railway Company 5% First Mortgage. Interest
Payable
1938. New Jersey title Guarantee & Trust Co., Trustee.
750.000 00.
83,000 00
833,000 00
1.000,000 00
June and December
July 11946. New
Camden & Suburban Railway Company 5% First Mortgage. Due
00..
1.940.000
00
1,940,000
00
3,000.000
Jan. & July
Jersey Trust & Safe Deposit Co.(Camden), Trustee. Interest Payable New
Jersey
1 1951.
Bergen Turnpike Company 5% First Mortgage. Duo July January
00
1,000.000
00
1.000,000
00
1,000,000
_
and
July..
Payable
Title Guarantee & Trust Co., Trustee. Interest
1939. Newersey
People's Elevating Company 5% First Mortgage. Due October 1and
175,000 00•
175,000 00
250,000 00
_
October__
Title Guarantee & Trust Co., Trustee. Interest Payable April
June 1 1964.
Paterson & State Line Traction Company 5% First Mortgage. DueDecember__
150.000 00.
'I
00
150.000
300,000
Fidelity Trust Co. (Newark), Trustee. Interest Payable June and
Due
New Jersey & Hudson River Railway & Ferry Company 4% 50-year Mortgage.
March 1 1950. United States Mortgage & Trust Co., Trustee. Interest Pay4.011.000 00,
4,011,000 00
5,000,000 00
able March and September
United
Hudson River Traction Company 5% First Mortgage. Due March 11950.
*564,000 00
00
631.000
00
1.000.000
_
States Mortgage & Trust Co., Trustee. Interest Payable March and September_
1960. West End
00.
1.500,000
Riverside Traction Company 5% First Mortgage. Due June 1 and
00
1,500.000
00
1,500.000
June
Trust Co., Philadelphia. Trustee. Interest Payable December
$83,000 00 $32,398,000 00.
00
$32.548,000
Co.
S.
P.
Rs'.
Total Companies Controlled by
$79,381,000 00 $9,239,000 00 $70,075,000 00
Total Public Service Railway Co. and Subsidiary Companies
Co.Companies Controlled by Public Service Railroad Due
April 1 1962. Logan
Elizabeth & Trenton Railroad Co. 570 First Mortgage.April
$990,000 00
.3990,000 00
$1,200,000 00
and October
Trust Co., Philadelphia, Trustee. Interest Payable
$990.000 00
$990,000 00
Co
Railroad
Service
Public
by
Controlled
Total Companies
24 $30,639,866 70 $201,591,684 54
232,298.551
TOTAL FUNDED DEBT
River Railway & Perry Company.
•$67.000 Hudson River Traction Company bonds owned by New Jersey & Hudson
REAL ESTATE MORTGAGES
Authorized.
Public Service Railway Company Real Estate Mortgages
Public Service Oas Company Real Estate Mortgages
Public Service Electric Company Real Estate Mortgages
Tntal
Outstanding.
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
$263,435 00
233,166 67
324,033 33
$263,435 00
233,166 67
324,033 33
8820.635 00
*820.83500
OF PUBLIC SERVION
LEASE BY SUBSIDIARY OPERATING COMPANIES
LIST OF STOOKS OF COMPANIES OPERATED UNDER
PAYMENTS GUARANTEED FROM RENTALS.
CORPORATION OF NEW JERSEY, WITH THE RATES OF DIVIDEND
COMPANY
R.
44'fF.
1:
6,2 "
. ...
i, IFF.
,c 11,13,4122°'
....X!
-, i 44444.1ttc!, 44,4,1,1 44,.
. ,.1,,'rood
41 ,4,14
v.614
•-,
Bordentown Electric Co
Burlington Electric Light & Power Co
The Camden Horse Railroad Co
The Camden & Suburban Railway Co
Cinnaminson Electric Light, Power & Heating Co
Citizens' Electric Light,Beat & Power Co
Consolidated Traction Co
The East Newark Gas Light Co
Preferred
Elizabeth & Trenton Railroad
Co., Common
Elizabeth & Trenton Railroad Co.
Essex & Hudson Gas Co
The Gas Light Co. of the City of New Brunswick
The Gas & Electric Company of Bergen County
Hudson County Gas Co
Middlesex Electric Light & Power Co
The Morristown Gas Light Company
Newark Consolidated Gas Co
New Jersey & Hudson River Ry. & Perry Co., Preferred
New Jersey & Hudson River fly. & Ferry Co. Common
The Nichols Electric Light & Power Co. of Nutley, N. J
Orange & Passaic Valley Railway Co
The Paterson & Passaic Gas & Electric Co
Princeton Light, Heat & Power Op
Rapid Transit Street R_y. Co. of the City of Newark
The Ridgewood Gas Company
Riverside Traction Co., Preferred
Riverside Traction Co., Common
Shore Lighting Co
Somerset Union & Middlesex Lighting Co
South Jersey Gas, Electric & Traction Co
The South Orange & Maplewood Traction Co
United Electric Company of New Jersey
Weehawken Contracting Co., Preferred
Weehawken Contracting Co., Common
RENTALS
Amount
Amount
Owned bit in Hands of Equivalent Per Cent on
Date
Capital Stock.
Public,
Capital Corooratiot
of
and Pledge Including
SWck
Outstanding Under Gets. Directors' Ann. Rate 12-31-19 Lease.
and thereafter.
Shares,
Mortgage.
1-5
$50,000
$50,000
500
12.82
817.050
17,550
24 10
250,000
250,000
4
3,000,000
3,000.000
,
20,000
20,000
1,
225
41.171
41,400
4',
15,000,000
15.000,000
6',
t59,975
25
60.000
5',
180.300
180.300
4',
811,350
811,350
8',
6,500.000
6,500,000
5',
400.000
400,000
5',
2,000,000
2,000,000
',
8
10,500.000
10,500.000
5*,
500
174,5
175,000
5',
350
367l5t
367.500
5',
6,000,000
6,000,000
6',
2743,867
4,633
750.000
6',
53.650
2,500,000 2,446,35
10',
250
24.7501
25,000
1 4-5',
76,500
•923,500
1,000,000
5',
4,730,300
269,701
5,000,000
2',
6,650
115,85
122,500
11 Vt',
504,000
504,000
'
2
100,000
100,000
5'
266,500
266,500
2.7
747,150
747,150
5
7,100
104,901
112,000
4
627,600
422,401
1,050,000
8
6,000,000
6,000,000
2 2-3
225,000
225,000
5
395,500
20,000,000 *19.604.500
6%
41,05
41,050
550
69,450
70,000
58.1.888.300 S24.628.983259.257.817
Perpetual Interest-Bearing Certificates.
*Pledged under agreement securing Public Service Corporation of New Jersey
and Newark Consolidated Gas Company.
t All of this stock except directors' shares is owned by Essex & Hudson Gas Company
$1,500 reserved to retire stock of consolidated companies.
Term
of
Lease.
Years.
46
900
999
999
48
999
999
999
999
900
900
999
900
999
999
999
900
999
900
900
900
999
999
999
900
....i i
911
Perpetual
999
---
1312
THE CHRONICLE
[VOL. 110.
* $324,999,000 pledged under Public Service Corporation of New Jersey
General Mortgage: $4,978,900 pledged as security to
Convertible Gold Notes: $21,100 in hands of Treasurer.3-Year Secured
t Pledged under Public Service Corporation of N. J. General Mtge.
t Of this amount $18,400 is reserved to retire outstanding stock
of
Amountin Hands consolidated companies.
$ $47,470,000 pledged under agreement securing Public Service Corporaof the Public.
tion
of
New
Jersey
Perpetual
Interest-Bearing Certificates.
(Inc. Directors'
pledged under Public Service Corporation of New Jersey General$1,250,000
Shares).
Mortgage.
a Includes stock of merged companies.
31.000
SUMMARY OF SECURITIES OWNED BY THE CORPORATION.
1.100
Par Value.
a21,000
Bonds
$30,639,866 70
900
Stocks of Leased Companies
24,626,983 00
Stocks of Subsidiary Operating Companies
93.111.000 00
$24,000
Total
$148,377,849 70
LIST OF STOCKS OF SUBSIDIARY OPERATING COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Capital
Stock
Outstanding.
Amount
Owned by
P. S. C.
of N. J.
Public Service Electric Co. $30,000,000
Public Service Gas Co____
14,100.000
Public Service Railway Co. :48,750,000
Public Service Railroad Co
285,000
*329.999,000
t14,098,900
$48.729,000
t284,100
$93.135,000
$93,111,000
OPERATING REVENUE AND NON-OPERATING INCOME OF SUBSIDIARY
COMPANIES AND MISCELLANEOUS INCOME OF PUBLIC/
SERVICE CORPORATION OF NEW JERSEY.
Electric
Properties.
YEAR.
1903 (Seven Months)
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913*
1914
1915*
1916
1917
1918
1919
*Change in classification of accounts effective Jan. 1.
$1,776,557 65
3,502,811 92
3,721,631 68
4.161,917 81
4,647,219 18
4,584,682 27
5,117.728 04
5,872,237 86
6,689,731 57
7,582,373 58
8,545,845 06
9,340.749 47
10,487,281 33
12.898.064 75
15,240.114 06
17,745.869 50
20.190.376 12
Gas
Properties.
$3,026,993 50
5,378,440 63
6,059,446 56
6,526,316 01
7,251.480 50
7,349,930 23
7,870,878 58
8,491,882 46
8,985,688 42
9,809,669 83
10.222.668 39
10,555.556 53
. 10,764,877 94
11.911,625 83
12,954,256 69
14.823,424 01
15.078.500 46
Railway
Properties.
P. S. C. Miscellaneous Income.
Total.
$4,471,244 37
8,415,278 79
9,488,358 45
10,086,933 92
10,705,392 77
11,086,353 43
12,114,412 19
13,290,431 99
14.450,088 44
15,262,426 49
16,201,932 56
16,379,309 53
16.638.141 73
18,255,613 80
19,494,677 70
20,001,063 24
$187,403 74
463,249 75
640,405 91
723,658 34
1,023,951 44
1,246,721 36
1,457,432 29
1,532.347 57
1,890,512 55
1,939,338 57
2,308,873 59
2,484.644 82
2,437.874 08
1.965.421 58
1,953,097 19
2,040,242 71
$9,462,199 26
17,759,781 09
19,909,842 60
21,498,826 08
23,628,043 89
24,267,687 29
26,560,451 10
29,186.899 88
32,016,020 98
34,593,808 47
37,279,319 60
38.760,260 35
40,328,175 08
45.030.725 96
49,642.145 64
55,510,599 46
24 219.1194 1111
2.160.851 29
111 641 842 58
EXPENDITURES CHARGED TO FIXED CAPITAL ACCOUNTS BY Crossings,
Fences and Signs
$750 36
SUBSIDIARY COMPANIES OF PITBLIO SERVICE CORSignals and InterlockingtApparatus
8,160 67
PORATION OF NEW JERSEY, YEAR 1919.
Telephone
and Telegraph. Lines
559 25
ElectricDistribution
Poles and Fixtures
4,306 34
Land Devoted to Electric Operations
$13.420 71
Underground Conduits
2,794 57
General Structures
5,698
85
Distribution
System
16,464 04
General Office Equipment
24,600 56
General Office Buildings (credit)
734 13
General Store Equipment
220 35
Shops and Car Houses
25,304 82
General Automobile Equipment
56,385 90
Stations,
Miscellaneous
Buildings and StrucGeneral Motorcycle Equipment
328 62
tures
46,910 89
General Stable Equipment
50 00
Passenger and Combination Cars
116,248 02
Power Plant Buildings
206,563 54
Electric Equipment of Cars
31,870
63
Furnaces, Boilers and Accessories
566,310 60
Shop Equipment
10,412 20
Steam Engines
177,388 50
Furniture
10,419 45
Electric Generators
88.883
87
Miscellaneous Equipment
23,213 09
Accessory Electric Power Equipment
142.765 60
Power Plant Equipment
71,618 54
Miscellaneous Power Plant Equipment
13,466 36
Substation Equipment
93,911 96
Substation Buildings
5.910 89
Transmission System
39,229 93
Substation Equipment
198.262 89
Miscellaneous
Construction
Expenditures
Poles and Fixtures
155.518 61
(credit)B at
536 09
Underground Conduits
Ferry Slips, Buildings and Piers
64,769 59
801 87
Transmission System
Ferry Boats
29,089 54
1.22957
Overhead Distribution System
161,122
63
Elevator
Construction
310 44
Other Underground Distribution System
19,155 21
Fixed Capital Installed in Other Departments_ _
1,01949
Line Transformers and Devices
80,689 10
Fixed capital installed during year
Electric Services
$1,337,843 38
370,057 81
Less property written off during year
Electric Meters
241,185 67
177,409 62
Electric Meter Installation
1,096,657 71
33,237 47
Municipal Street Lighting System
65,294
57
$4,546,355 15
Electric Tools and Implements
171
00
ELECTRIC
STATIONS
-RAILWAY
AND
LIGHTING.
Electric Laboratory Equipment
563 41
Other Tangible Electric Capital
June 11903. Dec.31 1919
1,915 00
Number of Generating Stations
Engineering and Superintendence
14
18
117,699 34
Capacity of Generators in K. V A
40,075
277.555
Fixed capital installed during year
Number of Substations
$2,776,950 14
c
71
Less property written off during year
Capacity of Rotaries in Kilowatts
437,765 73
69,400
5,400
32,339,184 41 Capacity of Motor Generator Sets in Kilowatts_
17,784
OwKilowatt Hours Produced (years 1903 and 1919)_129,614,180 796,345,125
Land Devoted to Gas Operations
$351 26
k,
ELECTRIC
CONDUITS
General Structures
AND
TRANSMISSIO
LINES;
N
128 84
General Office Equipment
(Railway and Lighting Combined.)
2,275 47
General Store Equipment
Longth:of Transmission Linos (in miles)
149 25
47
925
General Automobile Equipment
Longth.of Conduits (in street miles)
15,958 90
25
157
General Motorcycle Equipment
413 62
ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
General Stable Equipment
1,156143
Number
Works and Station Structures
of
Poles
45,059
170.079
92,335115
' Miles of Wire
Holders
18,731
4,244
733105
Number of Transformers
Furnaces, Boilers and Accessories
27,061
5,330
25,782)14
Number
Meters
Steam Engines
of
16,000
196.807
2,535
08
Total Commercial Load Connected (in 50 w.
Miscellaneous Power Plant Equipment
187(43
Water Gas Sets and Accessories
equivalent)
9,292,096
710,000
63,995 39
Purification Apparatus
109,390 75
ELECTRIC LIGHTING AND POWER STATISTICS.
Accessory Equipment at Works
126,666,75
Trunk Lines and Mains
217,84196
Kilowatt
Gas Services
No.of Street Arc No.of Street In- Total Connected
289,23648
Year.
Gas Meters
Hours
Lamps Supplied candesc't Lamps Load in K. W.
147,743 91
Gas Meter Installation
Sold.
December 31. Supplied Dcc.31
December 31.
25,993
79
Municipal Street Lighting Fixtures
1,606:90
1903___
Gas Engines and Appliances (credit)
7,745
5,733
45,380
45 19
1904-Gas Tools and Implements
8.121
55,748
8,538
18 99
1905._
48,191,568
Gas Laboratory Equipment
8,681
68,331
12,351
15 00
1906___
56,666.749
Other Tangible Gas Capital
9,150
81,873
13,168
1,915100
1907......
65,472,561
Fixed Capital in Other Departments
9,671
92.143
13,821
71.544 84
1908___
69,274.132
10,397
102,104
14,352
Fixed capital installed during year
$1,197,931 19
1909..__
78,911,840
118,138
10,863
15,175
Less property written off during year
87,418 16
1910___
89,742,689
137.058
11,441
16.640
1,110,513 03 1911___
103.144,595
156,202
11,726
18,006
Railway1912_
122,543,747
180,942
12.297
20,347
Enneering and Superintendence
$6,239
29
1913- _
141,936,243
209,835
12.787
22,339
Right of Way
4,026 87
1914-__
159,044,648
13,187
239,719
24,214
Other Land used in Electric Railway Operations
12,206 83
1915-- 197,079,581
12,619
277,652
26,062
Grading
5,069 11
1916___ 280.871.843
29,033
10,954
326,019
Ballast
25,072 05
1917-.__ 371,509,459
10,073
31,376
367.021
Ties
48,903 38
1918_ -- 440,670,475
32,080
9,367
430,485
Rails, Rail Fastenings and Joints
197,018 49
1010
442 f141 fmn
A :Itin
23.415
4114.605
Special Work
21,986 26
Track and Roadway Labor
174,103 92
The increases shown above are somewhat, but not very
Paving
247.360 04
materially, affected by properties acquired between June 1
Roadway Machinery and Tools
948 46
Bridges, Trestles and Culverts
1903 and January 1 1920.
90,642 77
GAS STATISTICS.
1910.
Gas Sold-M.Cubic Feet
Miles of Mains in use Dec.31
Meters in Service Dec. 31
Services Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
Gas Arcs Installed
Welsbach Lamps Sold
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed
House Piping Orders
Gas Fixtures Installed
No. of Gas Engines Installed
Horse Power of Gas Engines
1911.
1913.
1912.
1914.
1915.
1916.
1919.
1918.
1917.
8.404,760 8.894,5719,637,55510,221,097 10,907,541 11,231,828 12,390,852 13,610,865 14,783,231 14,900.704
2,456
2,637
2,844
2,741
2,977
2,906
3,096
3,041
3,089
3,126
360,101 388,606 410,649 435,383
473,644
454.389
496,885
516,745
526,213
538,574
15,232
15,327
14,154
13,192
10.787
11,452
11,037
3,227
7,629
7,166
18,152
20,608
20,855
23,437
23,296
23,071
27,613
27,901
9.524
12,209
4,690
5,971
6,753
8.792
9,587
9,963
11,766
11,468
5.317
7,496
3.912
3,606
3,044
3,135
2,421
1,945
2,221
1,608
707
499
2.949
2,423
3,703
3,403
7,477
8,383
11,094
19,442
6,119
7,059
3.952
4,505
3,815
4,787
5,222
4,021
5,405
4,918
1.556
1.563
21,689
80,986 46,096
49,805
33,634
68,908
59,277
41,828
18,835
14,622
82,489 146,894 123,977
136,367
121,254
185,285
314,303
327,868
157.468
213,832
4,029
9,431
22,608
24,011
16,731
15,335
34,190
42.737
14,614
24.854
621
682
686
927
1,134
1.175
1,778
2,444
1,205
824
3,469
3,942
3,487
3,431
2,962
2,560
3,035
2,874
496
229
32,689
32,179 30,208
27,419
20,008
15.817
15,760
1/2,883
5.780
5.854
53
39
38
32
40
29
48
47
5
9
. 684W
233W
300W
268;4
50534
20212
77414
514;4
35
133
THE CHRONICLE
MAR. 27 1920.1
1313
RAILWAY TRAFFIC STATISTICS.
YEAR.
Revenue
Passengers.
Transfers
and
Passes.
Total
Passengers.
Percentage of Average
Passengers
Fare
Per
Car
Using
Transfers. Passenger. Mileage.
1904
165,400,000 50,000,000215,400.000
1905
180,000,197 55,079,789235,079,986
1906
198,326,467 62,986,021 261,312.488
1907
211,025,386 71,638,588282.663,974
1908
219,421,974 74,688,628294,110,602
1909
238,171,257 81,548,978319,720,235
1910
258,746,130 82,652,558341,398,688
1911
277,730,238 84,820,157362,550,395
1912
293,085,287 90,018,960383,104,247
1913
308,985,240 95,425,865404,411,105
1914
310,308,661 96,969,254407,277,914
1915
313.923,383100,498,677414,422.040
1916
842.205.993109.492,019451.698.012
1917
361,187,782115,787,201476,974,983
1918
*353,190,897 98,029,909451,220,806
1919t
*327.619.606 59.069.62R 141(1.6110.234
•Excluding passengers paying for transfers.
t Mile zone system in effect from September 14 to December 7.
MILEAGE-DECEMBER 31 1919.
First main track
Second main track and turnouts
Connections, crossovers, wyes and loops
Carhouse and yard tracks
539.031
300.495
12.784
45.930
21.8
21.2
22.1
23.2
23.0
23.0
22.1
21.4
21.2
21.1
21.2
21.5
21.8
21.9
20.0
15.4
miles
"
"
"
Total
898.240 "
Total number of passenger cars available for operation:
Closed
Open
1,777
695
Number of now passenger cars since 1903:
Closed
Or?
1,193
3.83c.
3.83c.
3.76c.
3.70c.
3.70c.
3.72c.
3.78c.
3.82c.
3.82c.
3.82c.
3.83c.
3.820.
3.820.
3.82C.
4.310.
5.71e.
Car
Hours.
Passengers Per
Day.
32,168,888 4,003.614 588,525
35.068,223 4,228,344 644,055
37,462.804 4,464.162 715,925
39,178,277 4,671,246 774,422
39.519,972 4,598,714 803.581
40,890,360 4.747,729 875,946
42.632,760 4,961,608 951,721
44,561,141 5.159,073 993,289
47.355,292 5,465,926 1.046,733
49,853,408 5,696,066 1,107,976
50,792.889 5,665.119 1,115,830
51.873.660 5.573.670 1.135.403
54,964,708 5,911.131 1.234.147
56.087.403 6,021.225 1,306,781
54.039,150 5,698,089 1.236,221
57.544.027 6.0:11).452 11015.520
Track reconstructed with new rail during 1919
Track reconstructed with same rail during 1919
Extensions built during 1919
Passenger
Receipts
Per Car
Mile.
Passenger
Receipts
Per Car
Hour.
25.59c.
25.73c.
26.29c.
26.75c.
27.56c.
29.08c.
30.290.
31.07c.
30.87c.
30.97c.
30.72c.
30.49c.
31.370.
32.44c.
36.00c.
59.29e.
$2.06
2.13
2.21
2.24
2.37
2.50
2.60
2.68
2.67
2.71
2.75
2.84
2.92
3.02
3.41
n 75
15.779 miles
7.505 "
.604 "
MUNICIPALITIES SERVED By sUBSIDIARY COMPANIES OF
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
Municipalities
Population
Served.
(1915 Census).
Electric
191
2,196,509
Gas
166
2,038,574
Railway
146
2,125,356
Total Number
222
2,297,017
J. I. CASE THRESHING MACHINE COMPANY
1919 ANNUAL REPORT.
Racine, Wisconsin, March 15 1920.
To the Stockholders of the J. I. Case Threshing Machine Co.:
The Board of Directors submits the following statement of
the Company's financial position at December 31 1919,
together with a report on the results of the business for the
fiscal year ending on that date:
INCOME ACCOUNT FOR 1919.
Profit from sale of manufactured product and Income from
other sources, after deducting all operatfig expenses and
ordinary losses, but before deducting Interest Charges,
Bond Discount applicable to the year, provision for Depreciation on Plant and Branch Properties and other Charges_.$6,021.607.40
Deduct:
Interest on Bonds and Notes, and proportion
of Bond Discount applicable to the year
$416,046.40
Provision for Depreciation on Plant and other
Properties
625,350,15
Provision for Federal Taxes
675,000.00
Premium on $2,599,000.00 of unmatured Bonds
retired during the year, and deferred discount
charge applicable to such bonds
143,760.60
European -Assets Written Off
1,251,968.18
3,112,125.33
Net Profits and Income for the year available
for Dividends and carried to Surplus as shown
on the Balance Sheet
152,909,482.07
SALES.
when we realize that there are 6,000,000 farms under cultivation in the United States alone, of which about one-half
are farms of over 100 acres, and nearly 1,000,000 of these
are farms of over 200 acres.
The fact that in 1919 there were over 25,000,000 horses
and mules upon the farms of the United States is an indication of the amount of power required to operate the farms.
Sales are now made more largely on a cash basis than in
former years. Improvement in this direction is illustrated
by the fact that the Company realized cash during the year
to the extent of 96% of the year's business, i. e., it had notes
receivable outstanding on December 31 1919, on account of
such business, to the amoung of only 4% thereof. In every
case where credit is extended a careful and systematic investigation into the financial responsibility of the prospective customer is first made. A lien on the machinery sold
is always reserved as security for deferred payments, and
when necessary, other security is required.
In view of the adverse exchange conditions and general
unsettled conditions in foreign countries it was deemed
advisable to curtail the foreign trade during the year.
Gross Sales for the year amounted to $32,342,653.26, an
FINANCIAL POSITION.
increase of 28% over the sales of 1918. Gross sales for the
The Company's financial position has been materially
past five years have been as follows:
strengthened during the year by a reduction of $3,324,794.64
1915
$14,058,631.89
in its indebtedness (referred to on page 12 of this report)
1916
13,047,256.71
and an addition to surplus of $1,448,232.07 of the Net
1017
17,657,753.99
1918
25,162,769.57
Profits for the year.
1919
32,342,653.26
A comparison of the Company's Balance Sheet at DeThe breadth and stability of the market for this Company's
product is limited only by the extent and productivity of cember 31 1913, with that submitted herewith will show
the farming industry. The Company is serving directly the improvement made during that period. The following
the largest, most important and most stable industry in the summary will illustrate such progress:
RESULTS BETWEEN DEC. 31 1913 AND DEC. 31 1919.
country.
(The business of the years 1914. 1915, 1916, 1917, 1918 and 1919)
In this connection, and as a matter of general interest, a
Current Assets liquidated
$4,502,543.69
table is printed below showing the value of all farm products Surplus
increased
4,701,984.36
Reserves increased
3,502,981.35
in the United States during a period of years, based on re- Capital
Stock Issued
1.650,000.00
ports of the United States Department of Agriculture:
$14,357,509.40
Year,
1880
1897
1899
1901
1003
1005
1907
309
1911
1913
1915
1917
1918
1919
Value.
$2,460,000,000
3,961,000,000
4.717,000,000
5.302,000,000
5,887,000,000
6,274,000,000
7,488,000,000
8,558,000,000
8,819,000,000
9,850,000,000
10,775,000,000
21,386,000,000
22,480,000,000
24,982,200,000
The increasing quantity and value of farm products creates
a need on the farm for more and better machinery and equipment, as well as the ability to purchase and pay for the same.
The Company maintains the leadership in the manufacture of certain essential machinery needed to handle and
prepare the important farm crops for market. Farm
tractors form an important part of this Company's product.
An idea of the wide market for this product may be had
Additions to Plant and Equipment
$2,826,130.18
Additions to Branch House Property and
Equipment
566,514.82
Additions to Patents, Designs and Devices....12,227.99
Investment and Miscellaneous Assets increased 527,771.46
Debt Decreased
10,424,855.95
$14,357,509.40
Earnings for the period of 6 years, after making current
provision for depreciation and other necessary reserves,
amounted to $17,046,076.40, out of which the Company
paid interest and discount charges incidental to its bonded
and other indebtedness of $4,880,342.04, and Dividends of
85,713,750, made special appropriations to Reserves of
$1,600,000, charged off the Good-will of the Grand Detour
Plow Company,$150,000,leaving the net addition to Surplus
$4,701,984.36, as shown above.
In reports of previous years we have referred to the Impracticability of estimating profits for the year or for any
part of the year in advance, as well as to the difficulty of
THE CHRONICLE
1314
attempting to furnish monthly statements of earnings. The
most active manufacturing season occurs during the winter
and spring months, while the active sales and delivery season
for a largo part of our product comes in the summer and early
fall. Consequently the manufacturing and selling expense
accounts increase during the first half of the year entirely
out of proportion to sales for the same period. It will there-
(VOL 110.
fore be readily understood by our Stockholders that monthly
statements of earnings would have a tendency to mislead
rather than to convey useful information. It should also be
pointed out that several unavoidable causes make it impossible to publish the annual statement before March, the
principal one being the audit of the books by public accountants.
BALANCE SHEET, DECEMBER 31 1919.
LIABILITIES.
Capital Stock—
Authorized:
Ih.rii:snTfa4i1v
0e
0.Zegrecied Stock-200.0O0 2000000000
ASSETS.
Properties—
Land, Buildings, Plant and Equipment
$13,072,822.00
Deduct—
Reserve for Depreciation and accruing re2,403,692.45
newals
Patents, Designs, Devices, &c
Common Stock-200,000 Shares of $100.00
each
20,000,000.00
$10,669,129.55
1,038,346.28
$11,707,475.83
Current Assets—
Inventories of Raw and Worked Materials,
Supplies and Finished Stocks of Agricultural
Machinery, Automobiles. &c., on hand_ _318,314,080.70
Customers' Notes Receivable
for Agricultural Machinery,
&c., including Interest Accrued thereon
$4,227,442.97
Less—Commission Certificates
outstanding
565,036.02
3,662,406.95
Miscellaneous Accounts Receivable—due by
Dealers, &c
510,755.80
Investment in and Advances to Compagnie
Case de France, S. A., Paris
714,322.25
Notes Receivable due from Officers and Employees for Capital Stock Purchased (Fully
secured)
207,025.90
Unmatured purchase money installments. on
Property Sold
105,000.00
United States and Canadian Government Securities, &c
89,834.54
Real Estate and Properties acquired under
91,514.74
Foreclosure and held for sale
839,887.49
Cash in Banks and on Hand
•
24,534,828.37
Deferred Charges to Future Operations:
Selling and Publicity Expenses on account of 1920 Season
Unmatured Advertising, Prepaid Interest and Insurance
Premiums, &c._
230,943.03
$40,000,000.00
Issued and Fully Paid:
7% Cumulative Preferred Sotck-130,000
Shares of $100.00 each
$13,000,000.00
Common Stock-91,000 Shares of $100.00
each
9,100,000.00
$22,100,000.00
Current Liabilities—
Bills Payable
1,450,000.00
Accounts Payable—
Audited Vouchers
$1,345,421.91
Dealers,&c
267,952.93
$1,613,374.84
Interest, Taxes, Wages and
Royalties Accrued
$675,276.59
Provision for Federal Income
and Excess Profits Taxes
702,012.01 1,377,288.60
2,990,663.44
Surplus and Reserve—
Reserves:
For Contingencies and Future Collection Expenses.$2,300,000.00
For Industrial Accident
Liability
73,624.17
$2,373,624.17
Surplus:
Balance January 1 1919_36,260,727.55
Deduct — Grand Detour
Plow Company Goodwill
written off
150,000.00
for,110,72755
$6.
Add—Surplus Net Profits
the year as
per this report
$2,909,482.07
Less—Dividends Paid—
Preferred
Stock $880,250.00
Common
Stock 581,000.00
1,461,250.00
1,448,232.07
7,558,959.62
9,932,583.79
$36,473,247.23
PROPERTY ACCOUNT.
Additions to Land, Buildings, Plant, Branches, etc. during the year, representing extensions and improvements and
the Grand Detour Plow Company Plant and Equipment,
were as follows:
Land
Buildings and Equipment
Machinery and Equipment
Patents
Net Additions
$194,097.03
362,814.70
1,045,637.51
396.25
$1,602,945.49
Properties have been maintained in first class working
order. Provision for Depreciation was made by a charge
to Earnings for the year of $625,350.15 as shown under the
heading of Reserves.
$36,473,247.23
The decrease in this account during the year is due to
efficient collection work, the increased prosperity of the
farmer (resulting from the high prices obtained for his crop)
and the important fact that the Company's product is now
sold more largely on a cash basis than in former years, reference to which was made under the heading of Sales.
The marked reduction in the volume of Notes Receivable
during the past three years may be shown by comparison
of the net balance at December 31 1915 with the balance
at* December 311919.
December 31 1915
December 31 1919
Decrease
$15,737,141.40
3,662,406.95
$12,074,734.45
FUNDS ACCUMULATED AND RETAINED IN EUROPE.
INVENTORIES.
The entire amount carried in the Balance Sheet at DeThe 1920 Manufacturing Schedule, approved by the Board cember 31 1918, under this heading, representing the Comin 1919, involved large purchases of material, which, with pany's investment in Russia, has been written off.
the high cost thereof, and the increased labor costs entering
CAPITAL STOCK.
into the work in process and finished product, account
During the year . 50,000 of Preferred Stock and 00,000
largely for the increase in Inventories. The latter were of Common Stock was issued in
connection with the merger
constituted as follows:
of the Grand Detour Plow Company, of Dixon, Illinois, into
Finished Product—
Machines and Repair Parts
$7,785,350.98 this Company.
Work in Process, Raw Material, &c., for 1920 Product—
@FedFRASER